SEC decides not to appeal hedge fund setback

The US Court of Appeals ruled in June that the SEC had no power to force US hedge fund advisers to register for supervision. In February this year, the SEC started requiring all advisers with more than $30 million in assets and 15 clients to submit audits and keep records on their clients, but the court decided that this requirement was discriminatory.

Taking the appeal further would have little chance of success, Cox said: "Since the appellate court's decision was based on multiple grounds and

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