WEST PALM BEACH, FL (www.hedgeco.net) –  The Securities and Exchange Commission today issued a relief order for securities firms, hedge funds, investment advisers and investors affected bypowerful Hurricane Katrina which swept across the United States Gulf Shores a few weeks ago. Christopher Cox, the SEC Chairman said, “Individuals affected by Katrina should know that Uncle Samis working to help them get access to their savings. The SEC has reached out in the disaster areas to every public company and every investment adviser, in order to solve problems, eliminateregulatory hurdles, and help re-connect them with their customers.”

The new order conditionally exempts affected persons from the requirements of the federal securities laws with regard to the following: “Exchange Act filing requirements for the period from and including Aug. 29, 2005 to Oct. 14, 2005; Proxy and information statement delivery requirements for companies or other persons attempting to deliver materials to affected areas; Investment Company Act requirements for the transmittal to shareholders in affected areas of the annual and semi-annual reports of registered investment companies for a 90-day period.”

The order also includes, “Transfer Agent compliance with Sections 17A and 17(f) of the Exchange Act; and Auditor independence requirements as they relate to auditors performing bookkeeping services for audit clients.”

The new order further stated that, “For a 90 calendar day period beginning on August 29, 2005, a registered investment adviser will be considered to have satisfied the requirements of Section 204 of the Advisers Act and Rule 204-3(c) thereunder to deliver the written disclosure statement required thereunder to its advisory client, provided that: (1) the client’s mailing address for delivery, as listed in the records of the investment adviser, has a zip code for which the United States Postal Service has suspended mail service, as a result of Hurricane Katrina.”

Any companies, transfer agents, registered investment companies, registered investment advisers, security holders, or other persons requiring additional assistance are encouraged to contact theCommission staff for individual relief or interpretive guidance. The SEC has established new telephone hotlines to help offer assistance to Katrina affected firms and individuals; such persons maycontact (202) 551-3300 or email to cfhotline@sec.gov.

Paul Oranika
Contributing Writer

HedgeCo.Net
Email: Editor@hedgeco.net

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