The rules requiring hedge fund managers to register as investment advisers, which were vacated last week by the D.C. Circuit Court of Appeals, are “dead,” according to Securities and Exchange Commission member Paul S. Atkins.
Speaking at a conference sponsored by the American Society of Corporate Secretaries, Atkins said today that the SEC would not pursue rehearing at the D.C. Circuit Court of Appeals or review by the Supreme Court. Thus, when the Court of Appeals issues its formal mandate in Goldstein v. Securities and Exchange Commission, the entire package of rules adopted in December 2004 and set forth at 69 Fed. Reg. 72,054 (Dec. 10, 2004) is expected to be rescinded formally by the SEC.