Section 206 of the Investment Advisers Act prohibits fraud, deception or manipulation, regardless of whether the fund manager is registered. Once registered, Rule 206(4)-1 imposes additional restrictions on advertising that the SEC has determined would be fraudulent, deceptive or manipulative. The first item on the list of fraudulent, deceptive or manipulative practices is testimonials, which [...]
Tag Archives: Rule 204-2
SEC Releases Proposed Custody Rules for Investment Advisers
On May 14, the Securities Exchange Commission said they were proposing New Custody Rules for Investment Advisers. They summarized the proposed rules but did not release the actual text of the proposed rules. Now the proposed rules are available in Release No. IA-2876 (.pdf). Comments must be received on or before July 28, 2009. SUMMARY: [...]
Books and Records Requirement for Investment Advisers
The proposed Hedge Fund Transparency Act would require private investment funds to maintain books and records that the SEC requires. Presumably, if the Act passes the SEC would promulgate some regulations addressing what it would require. One place to look would be Rule 204-2 under the Investment Advisers Act. The other place would be Rule [...]
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