On October 30, the Financial Crimes Enforcement Network (FinCEN) withdrew its proposed anti-money laundering rules forinvestment advisers, unregistered investment companies and commodity trading advisers. FinCEN proposed these rules in 2002 and 2003 and determined that it will not proceed without first publishing new proposals and allowing for industry comments.

While FinCEN continues to consider the extent to which Bank Secrecy Act (BSA) requirements should be applied directly to these entities, their activity will not be entirely outside BSA regulation. FinCEN noted that the financial transactions of investment advisers, unregistered investment companies and commodity trading advisers must be conducted through, and their assets maintained by, other financial institutions currently subject to BSA regulations (e.g., broker-dealers).

http://www.fincen.gov/news_room/nr/html/20081030.html