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CALIFORNIA CORPORATE & SECURITIES LAW

Video: Dodd-Frank Act To Increase State Oversight Of Hedge Fund Advisers

Watch the video In enacting the Dodd-Frank Act, Congress significantly altered the regulatory landscape for hedge fund advisers by eliminating (effective July 21, 2011) the fewer-than-fifteen client exemption from registration pursuant to Section 203(b)(3) of the Investment Advisers Act of 1940.  At the same time, Congress increased the assets under management threshold for registration as an investment adviser…

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Can CalPERS Keep a Secret?

Last week, I wrote about Judge Woolard’s decision to order the California Public Employees Retirement System to disclose documents to the First Amendment Coalition about a real estate investment.  This isn’t the first time that CalPERS has tangled with the First Amendment Coalition.  A few years ago, the First Amendment Coalition sued CalPERS in an…

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The Dodd-Frank Act’s Impact on California’s Restrictions on Investment Adviser Performance Compensation

Prior to the enactment of the Dodd-Frank Act, Section 205 of the Investment Advisers Act of 1940 prohibited the receipt of performance compensation by an investment adviser unless the adviser was exempt from registration under Section 203(b) of the Advisers Act.  Performance compensation is compensation based on the capital gains or capital appreciation in a client’s account.  Performance compensation has been a…

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