Hedge Fund Rule Overturned

Today, the U.S. Court of Appeals for the District of Columbia Circuit overturned an SEC rule that has required many hedge funds to register with the Securities and Exchange Commission. According to reports quoting Circuit Judge A. Raymond Randolph, "The Commission has failed to adequately justify departing from its own prior interpretation of the Investment Advisers Act."


In response, the SEC plans to evaluate the court's decision, reevaluate the agency's approach to hedge fund activity and consider alternatives. Additional information on this recent decision will be forthcoming in future Reports.


Click here to read a statement by SEC Chairman Christopher Cox Concerning the Decision of the U.S. Court of Appeals.


AMD's July Calendar at a Glance:

Monday, July 10:

GASB Hearing in NYC on Muni Derivatives Accounting Policies

The AMD will offer views as part of TBMA's comments.


Wednesday, July 12:

Conference call meeting of AMD members with representatives of European High Yield Association (9:00 a.m. Eastern)

AMD members will provide input to EHYA concerning price transparency developments in Europe in light of MiFID.


Wednesday, July 12:

Roundtable with Dealers and Vendors/New CDS Processing Products/DTCC's Electronic Warehouse (12:15 p.m., NYC, by invitation)

AMD members will review CDS workflows being adopted by Major Dealers followed by new products discussion with vendors. James Wallin, Senior Vice President of AllianceBernstein Fixed Income, will serve as Roundtable moderator.


Tuesday, July 18:

Meeting with ICI concerning Swaps Processing Developments (12:15 p.m., NYC)

Operations professionals affiliated with AMF and AMD members will meet with their Investment Company Institute counterparts to assess common goals.


Thursday, July 20:

TBMA Board of Directors Meeting in Washington, D.C.

John Gidman, Loomis Sayles & Company, and Dave Murphy, Fidelity Investments, will represent the AMD. John and Dave serve as Chair and Vice Chair, respectively, of the Executive Committee of the Asset Managers Division.


Tuesday, July 25:

AMF/AMD Annual Golf Outing at Hollow Brook Golf Club, Cortlandt Manor, NY

Over 50 golfers are already registered and all sponsorships have been taken. Click here to register.


Wednesday/Thursday, July 26/27:

AMD Executive Committee Meeting, Torrey Pines Golf Club, La Jolla, CA

Networking and business meeting involving representatives of all AMD member firms. Senior executives will discuss collaboration with the CFA Institute regarding a policy position on fixed income best execution guidelines for managers.