I think fairly significant since the Director can exempt, for national security purposes, companies from compliance with Section 13(b)(2) of the Exchange Act, which requires companies to maintain internal accounting controls sufficient to provide reasonable assurances that transactions are recorded to allow the preparation of GAAP- conformed financial statements. The statute also requires companies to keep books and records accurately and fairly reflecting its transactions. The presidential delegation of the power to relieve companies of these duties was made pursuant to section 13(b)(3)(A).

How significant is the delegation of authoruty to the Intelligence Director?

Yes, unless Congress amends the statute

Does the recent DC Circuit decision mean that hedge fund adviser registration is gone for good?

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