Hedge Fund Entry Still $1 Million

The Securities and Exchange Commission decided not to vote on increasing the amount an investor must have to participate in a hedge fund from $1 million to $1.5 million at an open meeting December 4. The SEC was set to vote on the matter but it was deleted from the agenda for an unexplained reason. The Commission was also to consider whether to propose a new rule under the Investment Advisers Act of 1940 to prohibit advisers from making false or misleading statements to investors in certain pooled investment vehicles they manage, including hedge funds. Another open meeting is scheduled for December 13, and the issue is on the agenda.