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Alternative Market Briefing

Other Voices: New, massive, burdensome regulation is on the way, and the battle for experienced first rate compliance talent has started...or has it?

Thursday, June 18, 2009

The article was written by David Claypoole, principal of Parks Legal Placement in Summit, NJ.

As an executive recruiter focused narrowly on the legal and compliance needs of alternative asset managers, I expected to see an uptick in the demand for compliance professionals at funds towards the end of the first quarter of this year with the waning of the redemption cycle.

For some time, politicians and regulators have pegged hedge funds and private equity funds as significant contributors to the financial crisis. Even prior to the events of earlier this week which saw Senate Banking Subcommittee Chairman Jack Reed introduce a bill that would require all advisors to private pools of capital to register with the SEC and the President call for a massive overhaul of the regulatory structure which will subject nearly everyone with as much as a piggybank to expanded regulations, the writing was on the wall: New, Massive, Burdensome Regulation is on the Way!

The additional regulation will undoubtedly be accompanied by increased surveillance, examination and investigation by regulators and law enforcement. The SEC is unlikely to soon forget the very public beating it took at the hands of Bernie Madoff and will almost certainly be looking for someone to punch, most likely a high profile hedge or private equity fund. So why haven’t the managers of private funds begun to address the inevitable regulatory onslaugh......................

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