LONDON, ENGLAND � The Alternative Investment Management Association (AIMA), the leading global hedge fund and alternative investment association, will consider the proposed rules for the registrationof hedge fund managers in the USA, as voted for by the Securities and Exchange Commission�s (SEC) yesterday. AIMA will focus on the implications for funds and managers domiciled outside of the USA.

The SEC has proposed the adoption of a rule under the Investment Advisers Act which will require hedge fund managers with 15 or more investor clients in a fund � with the manager required to �look through� a fund and count each investor in a fund or fund of funds as a client � and more than US $25 million under management to register under that Act and be subject to the SEC�s authorisation, oversight and supervision.

AIMA will consider the detailed rule, when published by the SEC, and anticipates making a submission in response to the SEC�s public consultation on behalf of its members.

AIMA will not make any further comment until it has made its submission to the SEC, the deadline for which we understand will be 15th September, 2004.

AIMA�s previous response to the SEC Staff Report can be found at http://www.aima.org/uploads/SECResponseAIMA.pdf.