More lip service to oversight

The latest installment in the US government's ongoing effort to avoid any meaningful hedge fund regulation came in mid-July, when SEC commissioners unanimously approved a new anti-fraud rule aimed at hedge fund and other investment advisors to "clarify the Commission's ability to bring enforcement actions under the (Investment) Advisers Act", according to a statement on the regulator's web site.

Specifically, the rule stipulates that any adviser to a pooled investment vehicle making false or

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