kaal:claim:2714974-004

Expanding the client counting safe harbor in 1997 to cover legal entities generally allowed investment advisers to manage large amounts of securities indirectly for several hundred investors across multiple hedge funds without registering.

Source quote, verbatim

This safe harbor allowed investment advisers to manage large amounts of securities indirectly for several hundreds of investors in several hedge funds.

From

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), SEC Rules Requiring the Registration of Hedge Fund Managers, p. 8
https://ssrn.com/abstract=2714974 · source PDF

Cite as

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

Holds when

requires that advice be based on the objectives of the legal organization rather than of its individual owners

Classification

mechanismsupport: assertedsecurities-lawprivate-funds

Related claims

extended_by kaal:claim:2998097-001 The Investment Advisers Act safe harbor let an adviser count an entire legal organization as one client, provi...

Verify

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Attestation record: colloquium/attestations/5aaee137b7d09c70...json
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