The article argues that a better approach for hedge fund regulation in the U.S. would be for law to regard private fund investors as clients of the managers of those funds. It discusses the regulatory regime governing investment advisers. The Investment Advisers Act of 1940 is tasked to regulate investment advisers and to require some investment advisers to be registered with the Securities and Exchange Commission (SEC).
Anita K. Krug,
Moving beyond the Clamor for Hedge Fund Regulation: A Reconsideration of Client under the Investment Advisers Act of 1940,
Vill. L. Rev.
Available at: https://digitalcommons.law.villanova.edu/vlr/vol55/iss3/5