In the January 29, 2007 issue of Bloomberg Law Reports: Securities Law, Baker Botts partners Yasho Lahiri (New York) and Joanne Rutkowski (Washington, D.C.) provide a thorough review of the proposed SEC hedge fund rules in the article “First, Do No Harm: The SEC Proposes New Hedge Fund Rules.”
“Six months after the D.C. Circuit struck down its registration rules for hedge fund managers, and largely as promised by Securities and Exchange Commission (SEC) Chairman Christopher Cox in his Congressional testimony this past summer, the Commission voted to propose a new round of rulemaking on December 13, 2006,” Lahiri and Rutkowski write in the article’s opening.
“The initial proposals from this round, if adopted, may well prove relatively benign. The first proposed rule would broadly proscribe fraud against investors and prospective investors in all registered funds and substantially all private funds by investment advisers, whether registered as such with the SEC or not. The second set of proposed rules would raise the qualification bar for individuals seeking to invest in certain hedge funds and other pooled investment vehicles, other than ‘venture capital funds’.”
To read the complete Bloomberg Law Reports article, please click here.
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