6United States Securities and Exchange Commission, "Implications of the Growth of Hedge Funds,"http:// www. sec. gov/news/studies/hedgefunds0903, pdf,2011 - 05 - 29.
7R. Garrett,"The Private Offering Exemption," in R. Mundheim, A. Fleischer & J. Schupper(eds. ), Fourth Annual Institute on Securities Regulation ,New York: Practising Law Institute,1973, pp. 10- 11.
8Securities and Exchange Commission v. Ralston Purina Co. , 346 U. S. 119, 73 S. Ct. 981(1953).
