Congress acts on hedge funds


On June 23, the US Court of Appeals for the Washington, DC circuit suspended the SEC rule that required hedge fund advisers to undergo SEC registration and monitoring.

The decision hinged on the argument that the SEC had no authority to change the meaning of the word "client". The new regulation applied to hedge-fund advisers that have more than 14 "clients".

The court determined that the Commission misinterpreted Section 203(b)(3) of the Act, which exempts from registration any investment

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