Compliance Bits and Pieces for January 20

These are some of the compliance-related stories that recently caught my attention.

Bruce Carton’s “2011: The Year in Enforcement” in Securities Docket

2011 was another difficult year for the Securities and Exchange Commission, even though another Madoff or Stanford-like scandal didn’t emerge to bring new embarrassment. Indeed, the SEC seemed to be under attack from all sides throughout the year—by Congress, by the judiciary, by its own inspector general, by private litigation, and, of course, by the media. Here is my look back at 2011, including the good, the bad, and the ugly in the world of securities enforcement.

California Proposes Private Fund Adviser Exemption in Hedge Fund Law Blog

As a general proposition, managers who are located in California must register as an investment adviser if they are providing investment advice for compensation.  There are exemptions from the registration requirement which we have detailed previously.  Because of the changes in the statutes and regulations at the Federal level, the states are changing their laws with respect to adviser registration.  Some states, such as California (see post), have adopted interim orders for certain advisers to address gaps in the Federal and state laws until state laws or appropriate regulations can be adopted.  California is proposing to adopt laws which would exempt many hedge fund managers from registration with the California Securities Regulation Division.

TRACE Global Enforcement Report (.pdf)

International anti-bribery enforcement continues to increase worldwide, as more countries move slowly from
enacting anti-bribery laws to initiating actions to identify and prosecute the individuals and companies who break
them. The TRACE GER 2011 summarizes known international enforcement actions by countries to date. New
developments and ongoing trends are highlighted below…

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