Saturday, June 24, 2006

APPEALS COURT OVERRULES S.E.C. -- "A federal appeals court ruled yesterday that the Securities and Exchange Commission lacks the authority to regulate hedge funds, dealing a possibly fatal blow to the commission's efforts to oversee a rapidly growing industry that now has $1.1 trillion in assets." See also WaPo.

This seems to be a blow and the court appeared to set a high bar for the regulator to overcome in the future.