Section 204A -- Prevention of Misuse of Nonpublic Information
Every investment adviser subject to section 204 shall
establish, maintain, and enforce written policies and procedures reasonably designed,
taking into consideration the nature of such investment adviser's business, to
prevent the misuse in violation of this Act or the Securities Exchange Act of
1934, or the rules or regulations thereunder, of material, nonpublic information
by such investment adviser or any person associated with such investment adviser.
The Commission, as it deems necessary or appropriate in the public interest or
for the protection of investors, shall adopt rules or regulations to require specific
policies or procedures reasonably designed to prevent misuse in violation of this
Act or the Securities Exchange Act of 1934 (or the rules or regulations thereunder)
of material, nonpublic information.
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