Securities and Exchange Commission Chairman Christopher Cox said late Monday he would not appeal a federal court ruling tossing out controversial rules requiring hedge fund managers to open their books to periodic inspection by agency examiners.

Regulatory observers expect Cox to restore some degree of hedge fund industry regulation, however. Cox was required by Monday to decide whether to appeal the court ruling to the Supreme Court. The agency’s hedge fund manager registration rule, which required the investment managers to periodically submit their books, was adopted last year under direction of Cox’s predecessor, William Donaldson.

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