The Securities and Exchange Commission won't challenge a federal appeals court ruling overturning independence rules for hedge fund directors.

The June ruling, from a three-judge U.S. Court of Appeals panel, unanimously struck down the SEC's hedge fund adviser registration rules made under the Investment Advisers Act. In a statement, Chairman Christopher Cox said that the decision not to appeal further was made for a number of reasons -- noting that the court's decision was based on multiple grounds and was a unanimous opinion.

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