Congress acts on hedge funds
WASHINGTON, DC – Attempting to reverse a recent judicial blow to the hedge fund rule, US House of Representative Democrats have introduced a bill that seeks to amend the Investment Advisers Act of 1940 to authorise the Securities and Exchange Commission (SEC) to require the registration of hedge fund advisers under the Act.
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
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