United States DC Circuit

A petition for review of the Securities and Exchange Commission's (SEC) regulation of "hedge funds" under the Investment Advisers Act is granted and a regulation, or "Hedge Fund Rule," is vacated and remanded pursuant to petitioners' challenge to the regulation's equation of "client" with "investor" for purposes of a registration requirement.

Appellate Information

• Argued 12/09/2005
• Decided 06/23/2006
• Published 06/23/2006

Judges

• Before:  RANDOLPH and GRIFFITH, Circuit Judges, and EDWARDS, Senior Circuit Judge.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• Philip D. Bartz argued the cause for petitioners.   With him on the briefs were Cameron Cohick and Gregory E. Keller.


• For Appellees:
  
• Jacob H. Stillman, Solicitor, Securities & Exchange Commission, argued the cause for respondent.   With him on the brief were Giovanni P. Prezioso, General Counsel, Randall W. Quinn, Assistant General Counsel, and Dominick V. Freda, Senior Counsel.