kaal:claim:2714974-006

The SEC's 2004 hedge fund adviser registration rule failed in court because the agency lacked authority to define the term client, which the Investment Advisers Act had not otherwise defined, and the D.C. Circuit in Goldstein vacated the rule as arbitrary rulemaking.

Because the term "client" had not otherwise been defined in the Investment Advisers Act, the SEC had no authority to determine the meaning of the term.

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), SEC Rules Requiring the Registration of Hedge Fund Managers, p. 9
https://ssrn.com/abstract=2714974 · source PDF

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

• applies to rulemaking under the Investment Advisers Act of 1940

failuresupport: evidencedfailure: Undefined statutory term defeats agency rulemakingfamily: definitional-ambiguitydynamic-regulationsecurities-law

• restated_by kaal:claim:2998097-002 The 2004 registration rule failed in court because the term client was not defined in the Investment Advisers ...
• restates 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...
• 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...
• 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...

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