Pruning the Hedge: Who is a 'Client' and Whom Does an Adviser Advise?

Abstract:     
An analysis of the U.S. Court of Appeals for the District of Columbia Circuit's decision regarding Phillip Goldstein's challenge of the Securities and Exchange Commission's hedge-fund adviser registration regime within The Investment Advisers Act of 1940, 15 U.S.C. ý 80b-1 (hereinafter Advisers Act), the so-called "Hedge-Fund Rule." See, Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. 2006).

Number of Pages in PDF File: 63

Keywords: Hedge-Fund Rule, SEC,Phillip Goldstein, Investment Advisers Act

JEL Classification: K22

Accepted Paper Series