SEC examiners require access to records to determine whether a hedge fund adviser is meeting its fiduciary obligations to a private fund under the Advisers Act and rules. The books and records of a registered hedge fund adviser include records of the private funds for which the adviser acts as investment adviser and the adviser or a related person acts as general partner, managing member or in a similar capacity.
In February 2006, Hedge Fund Advisers were required to comply with SEC Rule 203(b)(3)-2. In accordance with the "written communications" rules under the Investment Advisers Act, Hedge Funds were advised to retain all internal and external email and IM business communications.
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