July 18, 2007

SEC Enacts New Anti-Fraud Rule for Funds

On July 11, 2007, the Securities and Exchange Commission (“SEC”) approved new anti-fraud Rule 206(4)- 8 (the “Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The new Rule is a direct response to a possible regulatory gap in the SEC’s enforcement authority suggested by the Court of Appeals in its opinion overturning the SEC’s highly controversial rule requiring hedge fund managers to register as investment advisers (the “hedge fund rule”).

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