Client Alerts

NASD Issues Interpretative Letter Regarding Hedge Fund Marketing

October 01, 2003

Investment Management Practice Group

The National Association of Securities Dealers, Inc. issued an Interpretative Letter to the Securities Industry Association on October 2, 2003 addressing several important issues concerning the sale of hedge funds by NASD broker-dealers. Most significantly, the NASD prohibited the inclusion of related performance information in hedge fund marketing materials used by broker-dealers to recommend hedge funds.

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