Victorious Goldstein Aims For A Second Regulatory Win

Sep 14 2006 | 12:00am ET

The man who more or less single-handedly (with an assist from the federal courts) killed the Securities and Exchange Commission’s hedge fund registration requirement has seemingly developed a taste for blood. Phillip Goldstein of Bulldog Investors, who filed the registration suit against the SEC, is taking aim at the regulator’s portfolio disclosure requirement.

Funds and firms managing more than $100 million in equities are currently required to disclose their holdings in 13F filings with the SEC. Having recently reached that plateau himself, Goldstein has decided he doesn’t like that rule, either.

According to Goldstein, the rule forces funds to give up their trade secrets, and “investors are relying on your trade secrets to earn money.” He said he would seek an exemption from the requirement as a pretext for a lawsuit, since the SEC is unlikely to take the bait and make his fund an exception.


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