Politics as usual, unless the unusual happens

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Does hedge fund registration matter? At presstime, opponents were crossing their fingers that the D.C. Circuit Court of Appeals would at any moment strike down the controversial U.S. Securities and Exchange Commission rule requiring most hedge funds to register.

The court heard arguments back in December and, according to hedge fund attorneys, seemed receptive to the plaintiff's line of reasoning. A ruling against the SEC on its mutual fund governance rule by the same court only a few weeks earlier also gave many registration opponents hope for a decision in their favor.

If the court moves against it, the