MSNBC – Fresh from his June victory against the Securities & Exchange Commission — in which a federal appeals court tossed out a controversial SEC rule requiring hedge funds to register with theagency — Phillip Goldstein is gearing up for another battle. Within the next month or so, the activist hedge fund manager at Saddle Brook [N.J.]-based Bulldog Investors will file an application toexempt his fund from the SEC’s so-called 13F rule that requires money managers with more than $100 million in stocks to disclose all holdings each quarter.
Goldstein contends that his stock holdings are “trade secrets,” much like the protected formula used to make Coke (KO). His application states that complying with the 13F rule “constitute[s] a ‘taking’ of [the fund’s] property without just compensation in violation of the Fifth Amendment to the Constitution.”
