Compliance Bits and Pieces for March 2

These are some stories that recently caught my attention:

Behind the Crackdown on Insider Trading by Peter J. Henning in the’s DealBook

One reason prosecutors have pursued it is the explosive growth of hedge funds and investment advisory firms, which trade billions of dollars worth of securities and have a voracious appetite for information about companies. The investment horizon for some firms can measured in hours or days, not years, and rapid-fire trading of large volumes of securities has become more of the norm as they try to squeeze out the last little bit of profit. Any informational advantage can mean enormous gains, and the pressure to perform is relentless, so trading on inside information is a short step for some.

Blackstone dominates 2011 PERE Awards

The flurry of investment and fundraising activity by The Blackstone Group last year has convinced the private equity real estate industry to vote the New York-based private equity and real estate titan to eight wins in the 2011 Global PERE Awards. Other winners include CBRE, Fortress and APG.

This 8-Word Social Media Policy Could Save Your Job by David Coursey in

Don’t lie, don’t cheat, don’t steal, don’t reveal.

Legislative Package Combines Financial Services Committee Bills into JOBS Act

The JOBS Act is designed to help startups and entrepreneurs get off the ground, access investors and create jobs. These initiatives are supported by bipartisan members on both sides of the Capitol, as well as the President’s Jobs Council and the business community.

  • H.R. 3606: Reopening American Capital Markets to Emerging Growth Companies Act
  • H.R. 2940, the Access To Capital For Job Creators Act
  • H.R. 1070, the Small Company Capital Formation Act
  • H.R. 2167, the Private Company Flexibility and Growth Act
  • H.R. 4088, the Capital Expansion Act
  • H.R. 2930, the Entrepreneur Access To Capital Act

[March 1 Was] the Deadline for MA Data Privacy Law  by John H. Lacey in Massachusetts Data Privacy law Blog

On March 1, 2010, two years ago, the regulations associated with the Massachusetts Data Privacy Law went into effect. The regulations, found at 201 CMR 17, require business who possess “Personal Information” (PI) of Massachusetts’ residents to protect that data in fairly specific ways. Arguably, the most important aspect of the regulations was the requirement that all businesses have a “Written Information Security Program” or WISP. …

March 1, 2012 is the deadline for those businesses who possess “PI” to address any third-party contracts where the third-party possesses or otherwise maintains PI on behalf of the business.

SEC Releases Risk Alert on Unauthorized Trading

The Risk Alert issued by the agency’s Office of Compliance Inspections and Examinations (OCIE) notes that although broker-dealers and investment advisers are subject to different regulatory requirements, both face similar risks of financial and reputational losses arising from unauthorized trading.

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