{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/2998097-002",
 "identifier": "kaal:claim:2998097-002",
 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
  "datePublished": "2017",
  "url": "https://ssrn.com/abstract=2998097",
  "sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Private%20Investment%20Fund%20Regulation%20-%20Theory%20and%20Empirical%20Evidence%20from%201998%20to%202016.pdf"
 },
 "keywords": [
  "securities-law",
  "private-funds",
  "dynamic-regulation"
 ],
 "about": [
  "goldstein",
  "hedge-fund-registration",
  "arbitrary-rulemaking",
  "statutory-authority"
 ],
 "abstract": "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.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "failure"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "United States",
    "Goldstein v. SEC, July 2006"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": true
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/9a6736e60595723a70f37a23548953383109ceb5aaf6da4d079c1ac46dd2f20d.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": [
    {
     "rel": "restates",
     "to": "https://wulfkaal.github.io/claims/2714974-006",
     "to_id": "kaal:claim:2714974-006",
     "similarity": 0.798
    },
    {
     "rel": "restates",
     "to": "https://wulfkaal.github.io/claims/2150377-006",
     "to_id": "kaal:claim:2150377-006",
     "similarity": 0.594
    },
    {
     "rel": "extends",
     "to": "https://wulfkaal.github.io/claims/2739479-002",
     "to_id": "kaal:claim:2739479-002",
     "similarity": 0.359
    },
    {
     "rel": "extends",
     "to": "https://wulfkaal.github.io/claims/2732915-008",
     "to_id": "kaal:claim:2732915-008",
     "similarity": 0.356
    }
   ]
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "9a6736e60595723a70f37a23548953383109ceb5aaf6da4d079c1ac46dd2f20d",
 "canonicalForm": "https://wulfkaal.github.io/claims/2998097-002.md"
}