KirklandPEN Kirkland & Ellis LLP

Private Equity Newsletter — June 27, 2006

This issue includes the article “Appeals Court Throws Out SEC Rule Requiring Registration of Hedge Fund Advisers,” which reports that the U.S. Court of Appeals for the District of Columbia Circuit struck down as “arbitrary” the new SEC rule requiring most hedge fund advisers to register as an investment adviser with the SEC. Also featured is “Amendments to the Publication Requirements for New York Limited Liability Entities,” which reports that recent amendments, effective June 1, 2006, have created additional specifications with respect to the publication procedures and added a requirement that such publication be certified.