March 02, 2007
Insider Trading Scandal Hits Top Wall Street Firms and Hedge Funds
On February 23rd, this blog indicated its disappointment with the Bush Administration's decision not to pursue additional compliance legislation for Hedge Funds. We indicated that all it would take is a fraud to possibly revisit this decision.
Even we did not think it would just a little more than a week to have a fraud emerge. March 1st, the SEC arrested fourteen Wall Street officials including some Hedge Fund officials.
If this is not enough to revisit this issue and bring the Hedge Funds under SOX, I do not know what is. Hedge Funds have a profound effect on our economy and if there is a major fraud/bankruptcy, this could rock US markets to their core. Surely we do not need the equivalent of Enron for Hedge Funds to take a closer look at the practices of Hedge Funds and impose some needed regulations now.
If your company needs assistance in the effective and sustainable compliance in SOX 404 or MI 52-109, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
Even we did not think it would just a little more than a week to have a fraud emerge. March 1st, the SEC arrested fourteen Wall Street officials including some Hedge Fund officials.
If this is not enough to revisit this issue and bring the Hedge Funds under SOX, I do not know what is. Hedge Funds have a profound effect on our economy and if there is a major fraud/bankruptcy, this could rock US markets to their core. Surely we do not need the equivalent of Enron for Hedge Funds to take a closer look at the practices of Hedge Funds and impose some needed regulations now.
If your company needs assistance in the effective and sustainable compliance in SOX 404 or MI 52-109, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
