The forced registration of hedge funds in the United States

This article recounts the history of hedge fund regulation in the United States over the last century, including Congressional legislation as well as legal cases mounted both by and against the Securities and Exchange Commission. Traditional arguments for and against hedge fund regulation are discussed. The article argues that neither hedge funds nor their managers should be regulated—whether directly or indirectly. Rather, financial or trusted advisors who recommend these products to investors should bear the regulatory burden.