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On July 28, 2004, the Securities and Exchange Commission published for comment in Release No. IA-2266 rules to require hedge fund advisers to register with the SEC under the Investment Advisers Act of 1940. The release cited three general areas as the basis for the proposed rule: (1) the growth of the hedge fund industry, (2) the incidence of fraud in the industry and (3) the “retailization” of the industry. The proposed rule was approved by a 3 to 2 vote that reflected a sharply divided commission.

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