Its official name is Section 203(b)(3)-2 of the Investment Advisers Act of 1940, as amended, and amended sections 203(b)(3)-1, 203A-3, 204-2, 205-3, 206(4)-2 and 222-2 of the Investment Advisers Act, and Form ADV–but you can just call it “The New Rule and the Amendments,” or just “The Rule.”

Whatever you call it, if you’re in the hedge fund industry, it’s part of your life now. And whether you regard it as friend, enemy or distant relative, you’re likely to be spending part of the next year and a month or so getting to know it better.

When the Securities and Exchange Commission issued a Dec. 2 (No. IA-2333 in the scorebook) making the Rule final (after voting to adopt the proposed rule Oct. 26) it closed out an extended drama that had its suspenseful moments, especially in some of the opening scenes, but that concluded rather predictably and to the dissatisfaction of many in the hedge fund audience.

And now, whatever the outcome one might have hoped for, the Rule stands, and hedge funds face a new requirement for registering with the SEC as investment advisers. And to help you prepare for the imposition date of Feb. 1, 2006, HedgeWorld has compiled this special supplement. In it, you will find past and current articles from HedgeWorld.com that track and analyze SEC activity and its implications. You’ll also find a valuable and easy-to-use collection of interpretative articles and client memos as written and contributed by some of the leading law firms serving the hedge fund industry, along some tips on business management from a consulting firm.

To view stories individually, click on titles in the table of contents below. To view this supplement in a pdf format that contains the articles as well as the contributed pieces–which you can view and print out as one document–click on the attachment below.

We hope that this supplement will serve as a helpful guide and resource to you as you navigate the new terrain of SEC regulation.

Click here to download:

(You will need to view this file)

Contents

Section One

Reporting and Analysis from HedgeWorld

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Section Two

Interpretation from Law Firms

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o McDermott Will & Emery LLP page 66

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Section Three

Management Issues

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Contact Bob Keane with questions or comments at bkeane@investmentadvisor.com.