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There is no rush to de-registration, the “momentum toward compliance” has not reversed and there has been no mass exodus of CCO’s from hedge funds, says David Claypoole from Parks Legal Placement:
An article was reprinted from Moneylaundering.com in Opalesque on August 4th entitled “AML, SEC compliance a rollercoaster ride for hedge funds”. The article perpetuates some common misconceptions about the effect of the Goldstein decision on the demand for CCO’s at hedge funds and promotes the erroneous notion being voiced by many in the industry that a trend has developed of CCO’s leaving hedge funds to return to more institutional settings as a result of the Goldstein decision and what some may believe are harsh working conditions.
In the article, Mr. Monroe writes, “Compliance officers are leaving the hedge fund sector - feeling unwanted after being courted with big money, and then dumped when the regulatory regime reversed and their usefulness came into question” and that the “momentum toward compliance reversed - creating a void for experienced compliance professionals during a time of uncertainty in the industry.” Mr. Monroe also quotes my peer Andrea Stern as saying, “Now funds are de-registering and it's not a very hot place to be.” Later in the article Monroe states that “funds are de-registering”. The fact of the matter is that, at this point, there has been no rush to de-registration, the “momentum toward compliance” has not reversed and there h...................... To view our full article Click here
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