The author contends that current legislative proposals that would require hedge fund managers to register as Investment Advisers with the SEC are necessary but insufficient. In order to protect investors and reduce systemic risk, hedge fund operations and investment strategies should be subject...

Note that this paper is an early discussion draft and is under substantial revision for a book project. Please consult author before referencing.This paper explores certain legal acts and omissions that facilitated the over-leveraging and near collapse of the global financial system. These...