On July 25, 2006, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (“Committee”) held a hearing on the regulation of hedge funds in the wake of the D.C. Circuit’s de...

On June 20, 2006, the SEC adopted three new rules — Rules 12d1-1, 12d1-2 and 12d1-3 (collectively, the “New Rules”) — and amended five registration statement forms — Forms N-1A,...

On May 2, 2006, the SEC announced the settlement of insider trading charges against hedge fund adviser Deephaven Capital Management, LLC (“Deephaven”) and its former portfolio manager...

Enforcement Actions … … … …1 Litigation … … … … … … …8 Industry Update … … … … …10

SEC Rules & Regulations … … . .1 SEC Enforcement Actions … … . .4 Litigation … … … … … … …8 Industry Update … … … … …12

SEC Enforcement Actions … … . .1 NASD Developments … … … . .4 Industry Update … … … … … .5