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SEC Adopts New Rule to Register Hedge Fund Advisers

December 14, 2004

By Investment Management Practice Group

As expected, on October 26, 2004 the members of the Securities and Exchange Commission voted 3-21 to approve new Rule 203(b)(3)-2 and related changes to certain existing rules under the Investment Advisers Act of 1940, effectively requiring nearly all hedge fund advisers with assets under management of $30 million or more to register with the SEC.

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