Out Of State Regulations:
Cal. Corp. Code, Section 25200-25209: "Any investment advisor shall be exempt from securing a certificate if the investment adviser does not have a place of business in this state and during the preceding 12 month period has had fewer than six clients who are residents of this state."
In State Regulations:
Generally, no exemption, based on examiner's comments. But hedge funds are encouraged to request no-action letter.
Comments on this regulation:
Exemption based on an exemption to the registration requirements. Still may be subject to other rules applying to investment advisers.
State Regulations Website:
Click to view
News on California and Hedge Funds
California Investment Agent Pleads Guilty in NY Probe
A Los Angeles businessman has pleaded guilty to corruption charges in a pension fund scandal that began in New York and is heading west.
Julio Ramirez Jr.’s guilty plea to securities fraud, revealed Tuesday in New York, tightened the connection between that state’s scandal and the pension fund industry in California.
CalPERS tightening its control over hedge funds
CalPERS is boldly going where no pension fund has gone before with hedge funds.
The $175 billion California Public Employees’ Retirement System, Sacramento, will be the first pension fund to move its $4.6 billion portfolio of 26 direct hedge funds to separately managed vehicles (managed accounts in hedge fund parlance) from commingled hedge funds, according to sources.
Cal. Corp. Code, Section 25200-25209: "Any investment advisor shall be exempt from securing a certificate if the investment adviser does not have a place of business in this state and during the preceding 12 month period has had fewer than six clients who are residents of this state."
In State Regulations:
Generally, no exemption, based on examiner's comments. But hedge funds are encouraged to request no-action letter.
Comments on this regulation:
Exemption based on an exemption to the registration requirements. Still may be subject to other rules applying to investment advisers.
State Regulations Website:
Click to view
News on California and Hedge Funds
California Investment Agent Pleads Guilty in NY Probe
A Los Angeles businessman has pleaded guilty to corruption charges in a pension fund scandal that began in New York and is heading west.
Julio Ramirez Jr.’s guilty plea to securities fraud, revealed Tuesday in New York, tightened the connection between that state’s scandal and the pension fund industry in California.
CalPERS tightening its control over hedge funds
CalPERS is boldly going where no pension fund has gone before with hedge funds.
The $175 billion California Public Employees’ Retirement System, Sacramento, will be the first pension fund to move its $4.6 billion portfolio of 26 direct hedge funds to separately managed vehicles (managed accounts in hedge fund parlance) from commingled hedge funds, according to sources.
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