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New Jersey
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- A number of bills relevant to the hedge fund industry have been introduced in the New Jersey legislature over the past 18 months. Included among them are: (i) a bill that would require the registration of any investment adviser which is not registered with the SEC and which has a place of business in the state; and (ii) a bill that would subject the sale of securities to the provisions of the state’s Consumer Fraud Act. Since 2007, MFA has been actively engaged with policy makers in the state, discussing each of these proposed bills and the potential adverse consequences that could result from certain provisions in the current drafts.
- Beginning in late 2007, through the spring of 2008, MFA opposed two proposed bills in New Jersey that would negatively affect the alternative investment industry. One bill, proposed in the New Jersey Senate, would eliminate an existing exemption from registration with the state as an investment adviser. If adopted as proposed, investment advisers who have a place of business in the State of New Jersey and who are not registered with the SEC would be required to register with the state. The second bill, proposed in the New Jersey Assembly, would add hedge funds to the definition of merchandise, and therefore the sale or advertising of hedge funds would be subject to the New Jersey Consumer Fraud Act.
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Industry Pulse
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- . . .
Featured Events
Outlook 2010
October 7-8, 2010
The Pierre Hotel
New York, NY
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