Quick…What’s the similarity between California and Connecticut?
| Jun 8th, 2009 | Filed under: Hedge Fund Regulation, Today's Post | By: Alpha Male |
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California and Connecticut are separated only by Colorado on an alphabetical list of US states. But when it comes to hedge fund regulation they may be attached at the hip.
As we have over the past month in Europe, Hedge fund regulations are easier to talk about than to actually create. That may also be the lesson learned by Connecticut state regulators last week. After much ballyhoo earlier this year, the legislature decided to quietly abandon its efforts to regulate hedge funds residing in the Constitutional State. This was yet another in a long line of abandon regulation bills that litter the pages of hedge fund history books. In fact, long-time AllAboutAlpha.com readers may remember this AAA post about the same sort of thing in California called “Requiem for another attempt at hedge fund regulation“.
Blame Game
In October 2007, HedgeWorld reported that “California Wants to Register Hedge Fund Managers”. Wrote HedgeWorld’s Chidem Kurdas:
“If the proposal to amend California corporate securities law goes through, most managers that have an office in the state and are not voluntarily registered with the U.S. Securities and Exchange Commission will have to register with the department.”
Fast forward to Connecticut last week and not much has changed. Like California’s legislators, those in Connecticut point a finger at the SEC for having huge holes in its fishing net. For example, Forbes reported recently that: More…
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