So, despite the odds, one man, Phillip Goldstein, has won his case against the SEC (see Euromoney, March 2005 issue, “Hedge funds register scorn at SEC ruling”). Goldstein argued that the SEC’s 2005 ruling requiring registration for hedge fund managers that had more than $30 million in assets under management and more than 14 US clients was beyond its realm of duty. Congress, not the SEC, he argued, has the power to alter or introduce law. The three judges in a federal appeals court in Washington in June effectively backed this view, finding that the SEC...
