SEC To Leave Hedge Fund Comment Period Open

Following its successful two-day Hedge Fund Roundtable, held in Washington, D.C., on May 14 and 15, 2003, the Commission today announced that it will leave the public record open for approximately 45 more days, until July 7, 2003. The Roundtable was a part of the SEC's formal fact-finding investigation of the hedge fund industry, which was launched in the spring of 2002. The Roundtable covered a number of topics, including: (1) the structure, operation and compliance activities of hedge funds; (2) marketing issues; (3) investor protection issues; (4) the current regulatory scheme; and (5) whether additional regulation is warranted. As part of that effort, the Commission sought public input on the hedge fund industry.

"It is essential that the Commission have the benefit of all relevant information about the hedge fund industry, including the perspectives of those who were not among the many knowledgeable experts at last week's Roundtable. Therefore, I have asked that the period for public comment be extended to July 7, allowing for all interested parties to express their views," said William H. Donaldson, Chairman of the Securities and Exchange Commission.

Members of the public may submit relevant materials to be included in the public record by sending them electronically to hedgefunds@sec.gov or submitting them in hard copy to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0609. All submissions should refer to File No. 4-476. Copies of submitted materials are available by contacting the Commission's Public Reference Room, 450 Fifth Street, N.W., Washington, DC 20549.

The archived Webcast of the Roundtable can be accessed at http://www.sec.gov.