kaal:claim:2150377-006

The SEC's 2004 attempt to reach hedge fund advisers failed as a matter of administrative law: in July 2006 the D.C. Circuit vacated the hedge fund rule in Goldstein v. SEC as an instance of arbitrary rulemaking, because the SEC had no authority to define a term the Advisers Act left undefined.

Eventually, in July 2006, the D.C. Circuit in Goldstein v. SEC vacated the hedge fund rule as an instance of arbitrary rulemaking by the SEC.71

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012), A. Attempts To Register Hedge Funds
https://ssrn.com/abstract=2150377 · source PDF

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

• SEC rulemaking under the Investment Advisers Act
• where the statutory term client is not otherwise defined

failuresupport: evidencedfailure: arbitrary-rulemaking-vacaturfamily: enforcement-gapsecurities-lawdynamic-regulation

• restated_by kaal:claim:2998097-002 The 2004 registration rule failed in court because the term client was not defined in the Investment Advisers ...
• restated_by kaal:claim:2714974-006 The SEC's 2004 hedge fund adviser registration rule failed in court because the agency lacked authority to def...
• extended_by kaal:claim:2739479-002 The SEC's 2004 attempt to require hedge fund adviser registration failed: after the D.C. Circuit vacated the r...
• extended_by kaal:claim:2732915-008 After the D.C. Circuit vacated the SEC's 2004 hedge fund adviser registration rule in Goldstein v. SEC, the ov...

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