Delivering a speech at the Practising Law Institute's 2005 'SEC Speaks' conference, chairman of the US Securities and Exchange Commission, William Donaldson condemned hedge fund lawyers for failing to prevent the late trading and market timing scandals which dominated 2004.
"Think how much anguish we could have avoided if a few more lawyers had pointed out to their hedge fund clients that late trading of mutual fund shares is illegal, as are duplicitous market-timing arrangements," Mr Donaldson observed, going on to add that:
"Those of you who advise hedge funds have a particularly good opportunity to help your clients by promoting their ethical business behaviour."
Under new regulations designed to crack down on such abuses which were narrowly approved by SEC commissioners in October, hedge funds are obliged to register with the securities regulator by February 2006.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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