MultiCorp International Inc (MCIC)

[Iggy_Bot]

OT" SEC Votes to Adopt Antifraud Rule Under Investment Advisers Act
FOR IMMEDIATE RELEASE
2007-133
Washington, D.C., July 11, 2007 - The Securities and Exchange Commission today voted unanimously to adopt a new antifraud rule under the Investment Advisers Act that will clarify the Commission's ability to bring enforcement actions under the Advisers Act.

"This rule applies to investment advisers not only of hedge funds, but also of private equity funds, venture capital funds, and mutual funds. Collectively, these funds hold trillions of dollars of investors' assets and play an important and growing role in our capital markets," said SEC Chairman Christopher Cox. "The rule will give the Commission an important tool to help us police this market — to deter misconduct and to call to task those who breach their obligations to investors."

The new rule will make it a fraudulent, deceptive, or manipulative act, practice, or course of business for an investment adviser to a pooled investment vehicle to make false or misleading statements to, or otherwise to defraud, investors or prospective investors in that pool. The rule will apply to all investment advisers to pooled investment vehicles, regardless of whether the adviser is registered under the Advisers Act. Under the new rule, a pooled investment vehicle will include any investment company and any company that would be an investment company but for the exclusions in Sections 3(c)(1) or 3(c)(7) of the Investment Company Act.

The new rule will take effect 30 days after its publication in the Federal Register.

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The full text of the detailed release concerning the new rule will be posted to the SEC Web site as soon as possible.

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Additional materials: Video of Chairman's Statement
Windows Media Player (10 MB)
QuickTime (10 MB)



http://www.sec.gov/news/press/2007/2007-133.htm