In a setback to the Securities and Exchange Commission, a federal appeals court last week overturned a rule bringing hedge funds under new supervision by the agency. The decision by the U.S. Court of Appeals for the D.C. Circuit sent the rule -- which bitterly divided the five-member SEC when it was adopted in October 2004 -- back to the agency to be reviewed. Meanwhile, a major hedge fund that is under SEC investigation for possible insider trading denied that there was any improper activity by the fund.
June 26, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In a setback to the Securities and Exchange Commission, a federal appeals court on Friday overturned a rule bringing hedge funds under new supervision by the agency.
The decision by the U.S. Court of Appeals for the D.C. Circuit sent the rule — which bitterly divided the five-member SEC when it was adopted in October 2004 — back to the agency to be reviewed.
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