FOLLOWING A RECENT, and problematic, decision of the U.S. Court of Appeals for the D.C. Circuit, the Securities and Exchange Commission has adopted a new rule under the Investment Advisers Act of 1940 to clarify the SEC’s ability to bring enforcement actions under the IAA against investment advisers who defraud investors or prospective investors in a hedge fund or other pooled investment vehicle.
The new rule should put to rest uncertainty over whether the antifraud rules under the IAA cover investors or prospective investors in a PIV.
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