# kaal:claim:2739479-002

**Claim.** The SEC's 2004 attempt to require hedge fund adviser registration failed: after the D.C. Circuit vacated the rule in Goldstein v. SEC, the overwhelming majority of private fund advisers that had registered under the 2004 requirements deregistered.

**Type.** failure  **Support.** evidenced

**Holds when.**

- SEC rulemaking under the Investment Advisers Act before Dodd-Frank
- after the 2006 Goldstein decision

**Source quote.**

> High- lighting the significant opposition of the private fund industry to the rule, the over- whelming majority of private fund advisers that had registered under the SEC's 2004 registration requirements deregistered after Goldstein.

**From.** Wulf A. Kaal, *The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2* (2016), I. Private Fund Oversight Under the Dodd-Frank Act, page 7

**Cite as.** Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Failure mode.** Vacated rule reversion  (family: enforcement-gap)

**Topics.** securities-law, dynamic-regulation, regulatory-failure

**Keywords.** goldstein-v-sec, adviser-registration, deregistration, sec-rulemaking, regulatory-failure

**Related claims.**

- restates: https://wulfkaal.github.io/claims/2732915-008
- extends: https://wulfkaal.github.io/claims/2150377-006
- extends: https://wulfkaal.github.io/claims/2714974-006
- restates: https://wulfkaal.github.io/claims/2150377-002
- extended_by: https://wulfkaal.github.io/claims/2998097-002

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