It emerged last week that the US Securities and Exchange Commission (SEC) is facing legal action brought against it by the manager of the New York-based Opportunity Partners LP hedge fund.
Speaking to Dow Jones Newswires regarding the lawsuit, which was filed last Monday, and seeks to block the SEC's proposed hedge fund registration rule, Phillip Goldstein explained that legal action is "really the only route you can go when you feel that an agency is abusing its authority".
Under the new regulations, narrowly approved by SEC commissioners in October, hedge funds are obliged to register with the securities regulator by February 2006.
In a statement issued last week on behalf of the SEC, the Commission's general counsel, Giovanni Prezioso announced that:
"The Commission carefully complied with its legal obligations in adopting these rules, and we expect to defend them vigorously in court."
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