TY - JOUR T1 - Why the SEC's First Attempt at Hedge Fund Adviser Registration Failed JF - The Journal of Alternative Investments SP - 89 LP - 94 DO - 10.3905/jai.2006.670102 VL - 9 IS - 3 AU - Janie Casello Bouges Y1 - 2006/12/31 UR - https://pm-research.com/content/9/3/89.abstract N2 - In December 2004, the Securities and Exchange Commission, (SEC), by a vote of 3-2, promulgated regulations 203(b)(3)-2, an amendment to the Investment Advisers Act of 1940 (Advisers Act), that required many hedge fund managers to register with the SEC for the first time. In discussing the regulation, the majority wrote that this regulation was necessary because the regulatory program for hedge funds and hedge fund managers in place at the time were inadequate and recent growth in the hedge fund industry had led to several cases of fraud and retailization. On June 23, 2006, the United States Court of Appeals for the District of Columbia overturned this regulation. The purpose of this article is to present the arguments that precipitated the regulation and to discuss the grounds on which the regulation was ultimately overturned.TOPICS: Real assets/alternative investments/private equity, legal/regulatory/public policy ER -