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The Coming Era of Private Fund Manager Registration

Managers may close their funds to new contributions or impose a two-year lockup on such contributions to avoid registration.

On December 2, 2004, the Securities and Exchange Commission promulgated new rules requiring many private fund managers to register as investment advisers by February 1, 2006. These rules reverse decades-old SEC policy and are a dramatic change for the industry. SEC chairman William Donaldson has said that requiring registration "will afford

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