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ARTICLE · 13 DECEMBER 2004

SEC Publishes Adopting Release for Final Hedge Fund Adviser Registration Requirements

Goodwin Procter LLP
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The SEC has issued the formal release (the "Release") adopting a new rule and rule amendments (the "Amendments") under the Investment Advisers Act of 1940, as amended (the "Advisers Act") designed to require "hedge fund" advisers to register under the Advisers Act.

United StatesAccounting and Audit

The SEC has issued the formal release (the "Release") adopting a new rule and rule amendments (the "Amendments") under the Investment Advisers Act of 1940, as amended (the "Advisers Act") designed to require "hedge fund" advisers to register under the Advisers Act. The Amendments narrow the exemption from SEC registration available to certain advisers with fewer than 15 clients under Section 203(b)(3) of the Advisers Act (the "Private Adviser Exemption") by requiring an adviser to "look through" private funds to the underlying owners for purposes of counting clients. The Amendments and the Release also: (a) address the manner in which various aspects of the Advisers Act and its related rules will apply to advisers newly registered as a result of the Amendments, (b) relax the audit requirement under the Advisers Act custody rule for all advisers to funds of funds, permitting the distribution of audited financial statements of funds to investors within 180 days after fiscal year-end

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