Appeals Court Rules Against SEC on Hedge Fund Oversight

U.S. Court of Appeals for the D.C. Circuit, 04-1434a Goldstein, Phillip vs. SEC

  • SEC, 17 CFR Parts 275 and 279,[Release No. IA-2333; File No. S7-30-04] RIN 3235-AJ25, Registration Under the Advisers Act of Certain Hedge Fund Advisers, Final Rule.
  • “In a controversial move in late 2004, the Securities and Exchange Commission (SEC) decided to require hedge fund managers to register with the agency as investment advisers. Until then, the SEC had largely refrained from ramping up hedge fund regulation, even after the collapse of Long-Term Capital Management in 1998.” Paredes, Troy A., On the Decision to Regulate Hedge Funds: The SEC’s Regulatory Philosophy, Style, and Mission (March 24, 2006). Washington U. School of Law Working Paper No. 06-03-02.
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