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US Chamber of Commerce May Weigh Into Hedge Fund Registration Fight

by Glen Shapiro, LawAndTax-News.com, New York

12 January 2005

Following the revelation in December that the US Securities and Exchange Commission (SEC) is facing legal action brought against it by the manager of New York-based Opportunity Partners LP over its plans to oblige hedge funds to register with it from February 2006, the US Chamber of Commerce has said that it may file an amicus brief supporting the lawsuit.

The Chamber is currently engaged in its own legal action against the securities regulator over a rule which will require mutual funds to appoint an independent board chairman. That case is set to be heard by the US Court of Appeals in Washington this April.

However, speaking to the Pensions & Investments Online news service, David Hirschmann, senior vice president of the Chamber of Commerce suggested that should its challenge to the mutual fund rule succeed, the SEC may be obliged to dismantle the hedge fund registration rule anyway, observing that:

"Many of the grounds on which the lawsuit challenging the hedge fund rule are filed are similar to our lawsuit."

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

 

 






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