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The Securities and Exchange Commission has published the text of its proposed new rules for advisers to hedge funds and private equity funds.

The SEC is proposing to adopt a new antifraud rule under the Investment Advisers Act of 1940 that would clarify, in light of the recent court decision in Goldstein v. SEC, the ability of the SEC to bring enforcement actions under the Advisers Act against investment advisers who defraud investors or prospective investors in a hedge fund or other pooled investment vehicle. The SEC is also proposing a rule that would revise the requirements for determining whether an individual is eligible to invest in certain pooled investment vehicles. This would be accomplished by defining a new category of accredited investor called “accredited natural person,” which is designed to help ensure that investors in these types of funds are capable of evaluating and bearing the risks of their investments.

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