# kaal:claim:2714974-004

**Claim.** 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.

**Type.** mechanism  **Support.** asserted

**Holds when.**

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

**Source quote.**

> 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, page 8

**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

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

**Topics.** securities-law, private-funds

**Keywords.** safe-harbor, registration-exemption, investment-advisers-act, hedge-funds

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/2998097-001

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.