{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/goldstein",
 "identifier": "kaal:entity:goldstein",
 "name": "Goldstein",
 "termCode": "goldstein",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "dcc1fbdd42fe8f418e43ee5ec47d6e8e04d90db1aa40c0588408fb87a41bbe70",
 "additionalProperty": [
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   "name": "status",
   "value": "derived"
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   "value": 2
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   "value": 2
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   "@type": "PropertyValue",
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   "value": [
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-006",
   "identifier": "kaal:claim:2714974-006",
   "text": "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.",
   "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.",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies to rulemaking under the Investment Advisers Act of 1940"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@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.",
   "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.",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "United States",
    "Goldstein v. SEC, July 2006"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'goldstein'. Derived node: a roster, not an adjudicated definition."
}