The reference below comes directly from the SEC website and provides the reader with a good overview of the different laws and rules which govern the hedge fund industry, and the order in which those rules are applied (that is, the securities statutes trump SEC interpretive releases).  This reference is important for hedge fund managers to understand because there are many different types of authority which are cited in this blog and in the hedge fund offering documents and hedge fund compliance manuals.  If you have questions on what sources are the most important for your particular situation, you should discuss this with your hedge fund attorney.  As always feel free to contact us if you have legal questions regarding your hedge fund.  Continue reading →