Hedge Funds

SEC sheds light on two-year lock, extends deadline

by

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