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Bulldog Investors v. Massachusetts

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Title

Bulldog Investors v. Massachusetts

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Under the regulation at issue here, journalists, academics, students and others who are not wealthy or financially sophisticated cannot gain access to truthful, non-misleading information published by hedge funds on websites and in emails for one reason alone: because they are not eligible to buy securities issued by hedge funds. Only people who are able to satisfy government-prescribed criteria of wealth and financial sophistication may do so. These regulations infringe on noncommercial speech protected by the First Amendment, because amici are not persons to whom the issuer proposes a transaction. View the amicus brief filed by CEI and the Cato Institute: