The History of Hedge Fund Regulation in the United States

30 Pages Posted: 15 Jan 2016 Last revised: 10 Jun 2016

See all articles by Wulf A. Kaal

Wulf A. Kaal

University of St. Thomas, Minnesota - School of Law

Dale A. Oesterle

Ohio State University (OSU) - Michael E. Moritz College of Law

Date Written: January 13, 2016

Abstract

The hedge fund industry in the United States evolved from a niche market participant in the early 1950s to a major industry operating in international financial markets. Hedge funds in the United States were originally privately-held, privately-managed investment funds, unregistered and exempt from federal securities regulation. With increasing investor demand and significant growth of the hedge fund industry came a tectonic shift in the regulatory framework applicable to the industry. The book chapter summarizes the regulatory evolution of the hedge fund industry.

Keywords: History of Regulation, Hedge Fund, Regulatory Framework, Registration, Exemptions, Dodd-Frank Act, Securities Regulation

JEL Classification: K2, K20, K22, K23

Suggested Citation

Kaal, Wulf A. and Oesterle, Dale A., The History of Hedge Fund Regulation in the United States (January 13, 2016). Handbook on Hedge Funds, Oxford University Press (2016); Ohio State Public Law Working Paper No. 326; U of St. Thomas (Minnesota) Legal Studies Research Paper No. 16-05. Available at SSRN: https://ssrn.com/abstract=2714974

Wulf A. Kaal (Contact Author)

University of St. Thomas, Minnesota - School of Law ( email )

MSL 400, 1000 La Salle Avenue
Minneapolis, MN Minnesota 55403-2005
United States

Dale A. Oesterle

Ohio State University (OSU) - Michael E. Moritz College of Law ( email )

55 West 12th Avenue
Columbus, OH 43210
United States

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