Not dead and buried by a long shot

By now, most people on the buy side would have learned of the defeat of the SEC's registration rule in the US Court of Appeals in the District of Columbia Circuit last month. The primary reason cited for the defeat hinged on the SEC's assertion that hedge fund investors also qualify as clients, and funds, therefore, are required (as a result of this definition) to register with the US regulator under the Investment Advisors Act of 1940. The SEC will, no doubt, regroup, lick its wounds, and tweak

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