The U.S. Securities and Exchange Commission has cleared up a
good bit of confusion about its new hedge fund registration
rule and extended its application deadline slightly in
recognition of this new guidance.
The clarification came in a December 8 letter from SEC staff
to a subcommittee of the American Bar Association, responding
to the group's June request for interpretive guidance.
According to Jeffrey Tabak, a partner at Weil, Gotshal &
Manges and a member of the ABA Subcommittee on Private
Investment Entities, the SEC response was generally positive.
"They didn't agree with all of our analyses. But the responses
were very thoughtful...