Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, July 23, 2007

Commissioner Atkins on SEC's New Fraud Rule For Advisers to Pooled Investment Vehicles

In his Remarks at the July 11 SEC Open Meeting: An Antifraud Rule For Advisers To Pooled Investment Vehicles, Commissioner Paul S. Atkins disagreed with the text of the SEC press release that stated that the new Rule is negligence-based:

If implemented properly and reasonably, this rule will be a benefit to investors and the marketplace. If, on the other hand, we overreach and turn this rule into nothing more than a negligence-based rule designed to make a federal case out of unintentional mistakes, it will advance no one's interests, and the rule may well end up to be the subject of a legal challenge that will test the bounds, and our interpretation of Sections 206(4) and 15(c)(2).

http://lawprofessors.typepad.com/securities/2007/07/commissioner-at.html

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