Monday, 30 November 2015
Last updated 17 min ago
Aug 10 2011 | 10:52am ET
Massachusetts has become the first state to impose new regulations on the use of expert-networks in the wake of the Justice Department's crackdown on insider-trading.
Beginning Dec. 1, Massachusetts investment advisers, including hedge funds, will have to certify that the expert-network consultants they speak to won't provide any confidential information and lay out all "relevant confidentiality restrictions" they must adhere to.
According to Massachusetts Secretary of the Commonwealth William Galvin, whose office imposed the new regulation, it is "designed to thwart the misuse of inside information improperly obtained by these expert network consultants and ensure that information they provide was properly obtained."
Massachusetts' action follows a Justice Dept. investigation that has ensnared 14 people, including hedge fund managers. All 14 were clients of expert-network Primary Global Research, beneficiaries of information those clients received, or employees or consultants of the company. Thirteen have either pleaded guilty or been convicted.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…