For the last three decades, the SEC has repeatedly yet unsuccessfully attempted to register hedge fund managers. Resolving the tension between the industry and regulators regarding the appropriate level of regulatory oversight, the Dodd-Frank Act mandates hedge fund adviser registration as well...

The hedge fund industry in the United States evolved from a niche market participant in the early 1950s to a major industry operating in international financial markets. Hedge funds in the United States were originally privately-held, privately-managed investment funds, unregistered and exempt...

A common complaint suggests that compliance with financial regulation brings increasing returns to scale and predominantly affects smaller firms. Many studies have shown that an inverse relationship exists between the size of regulated firms and the per-unit cost of compliance. Anecdotal...

Title IV of the Dodd-Frank Act introduced the most significant regulatory change in the history of the hedge fund industry in the United States, boosting the permissible regulatory oversight of the hedge fund industry to an unprecedented level. Title IV and SEC implementation rules introduced a...

Hedge fund advisers' systemic risk disclosure obligations under Title IV of the Dodd-Frank Act and SEC implementation rules may have unanticipated future applications and knock-on effects on other areas of the law and hedge fund practices. Federal Bankruptcy Rule 2019 (Rule 2019) has been the...

The public media and politicians regularly debate the potential for hedge funds to contribute to systemic risk in financial markets. Because the hedge fund industry experienced substantial growth over the past two decades, concerns about hedge funds' systemic risk have increased and regulators...

This Article is a rejoinder to a comment by Professor Romano on an earlier paper I coauthored with Christian Kirchner. Professor Romano suggests regulatory arbitrage, rather than the targeted regulation of bank lending to hedge funds under Basel III, as a hedge against systemic failure. I...