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News November 8, 2004 Issue

Fund of Hedge Funds Custody Position Modified, Finalized

Speaking at the NSCP conference, SEC associate director Robert Plaze confirmed that the SECís hedge fund manager adopting release has finalized the 120 day fund of hedge funds no-action position.

"We did extend the period to 120 days," said Plaze. However, he added that the new position "is just for the underlying hedge funds." When initially issued, the no-action position applied to both hedge funds as well as funds of hedge funds. That, however, gave the underlying fund a full 120 days to provide its financials to the fund of hedge funds, seemingly defeating the purpose of the no-action position.