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News October 31, 2005 Issue

$25 Million Threshold for SEC Registration to be Raised?

Itís definitely on the table. But itís far from being a done deal.

At last weekís NSCP conference, OCIE director Lori Richards was asked whether the SEC anticipates raising the $25 million assets under management threshold for SEC registration of advisers.

"I donít know whether itís likely that it will be raised," replied Richards. "There has been a lot of discussion about that recently, particularly with the growth in the number of investment adviser registrants that we anticipate" with hedge fund manager registration in February 2006. "It is always an idea that should be discussed, and it is an idea that weíve been talking about inside the SEC," she said. However, Richards added, "I canít predict the outcome of those discussions."

Raising the $25 million threshold "is one of among a number of options that the Commission staff is exploring," confirmed Robert Plaze, associate director in the SECís Division of Investment Management.