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SEC Proposes to Increase Accredited Investor Standards, to Adopt Rules Prohibiting Fraud by Investment Advisers and to Ease Deregistration Burdens for Private Issuers

December 27, 2006

By Investment Management Practice Group

On December 13, 2006 the SEC voted to propose several new rules that are primarily intended to provide additional protections to investors in hedge funds and other pooled investment vehicles. The SEC also voted to re-propose rules to make it easier for foreign private issuers with securities registered under the Securities Exchange Act of 1934 to terminate their registration and reporting obligations under the Exchange Act.

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