In a July 15 interpretative letter, the SEC staff clarified that Rule 206(4) - 3 (the "Cash Solicitation Rule") under the Investment Advisers Act of 1940 (the "Advisers Act") does not apply to a registered investment adviser's cash payments to a person solely to compensate that person for soliciting investors for, or referring investors to, an investment pool managed by the adviser.
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RegisterSEC clarifies application of cash solicitation rule to payments by investment advisers
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USA
July 22 2008
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