Investment Management Regulatory Update
A Summary of Current Investment Management Regulatory Developments

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After planning to discuss two hedge fund-related measures at an open meeting held on December 4, 2006, the SEC revised its agenda on December 1 to withdraw both items. The withdrawn items are: (1) whether to propose a new antifraud rule under the Investment Advisers Act of 1940 to prohibit advisers from making false or misleading statements to investors in certain pooled investment vehicles they manage, including hedge funds; and (2) whether to propose a new rule under the Securities Act of 1933 to increase the $1 million threshold for natural persons to be considered “accredited investors” for purposes of investing in certain privately offered investment vehicles.