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Opalesque Exclusive: California regulatory agency abandons scheduled requirement for investment advisors to register with the state Kirsten Bischoff, Opalesque New York: In October 2007, we covered the news that the state regulatory agency California Department of Corporations proposed to cancel a rule that exempted hedge funds to register with the state as investment advisors. (see: coverage).

On May 1, citing public comments that it had received since the October announcement, the California Department of Corporations announced its decision to take a back seat to the expected overhaul of the alternative investment industry by federal regulators and abandon this proposal. In a statement released by the Department it was deemed “premature” to initiate required registration at this time.

Opalesque spoke with Don Davidson, Partner at law firm Bingham about this announcement and what it means for hedge funds. Davidson pointed out that by abandoning the proposed change to the registration requirements California will remain one of the few states (along with New York and Connecti......................

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