kaal:claim:2998097-002

The 2004 registration rule failed in court because the term client was not defined in the Investment Advisers Act, leaving the SEC without authority to fix its meaning, and the D.C. Circuit vacated the rule in Goldstein 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.

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017), II.2 Evolution of the Investment Advisers Act Exemption, p. 10
https://ssrn.com/abstract=2998097 · source PDF

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

• United States
• Goldstein v. SEC, July 2006

failuresupport: arguedfailure: Undefined statutory term defeats agency rulemakingfamily: definitional-ambiguitysecurities-lawprivate-fundsdynamic-regulation

• restates kaal:claim:2714974-006 The SEC's 2004 hedge fund adviser registration rule failed in court because the agency lacked authority to def...
• 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...
• extends kaal:claim:2739479-002 The SEC's 2004 attempt to require hedge fund adviser registration failed: after the D.C. Circuit vacated the r...
• extends 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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