GOLDSTEIN v. S.E.C.

No. 04-1434.

451 F.3d 873 (2006)

Phillip GOLDSTEIN, et al., Petitioners v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided June 23, 2006.


Attorney(s) appearing for the Case

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

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.

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


Opinion for the Court filed by Circuit Judge RANDOLPH.

RANDOLPH, Circuit Judge.

This is a petition for review of the Securities and Exchange Commission's regulation of "hedge funds" under the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq. See Registration Under the Advisers Act of Certain Hedge Fund Advisers, 69 Fed.Reg. 72,054 (Dec. 10, 2004) (codified at 17 C.F.R. pts. 275, 279) ("Hedge Fund Rule"). Previously exempt because...

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