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New State Law Targets Advisers, Expert Networks
The popularity of expert networks among hedge fund managers has inspired a new insider trading law in Massachusetts. Secretary of State William Galvin announced the law, adopted yesterday by the state's Securities Division, which requires hedge funds to get a new certificate in order to use expert networks.
The new certificate requires 3 things of hedge funds:
- Statement that the expert network consultant will not offer confidential information to the adviser.
- Description of what confidentiality restrictions apply to the consultant.
- Disclosure of the dates of consultations.
The regulation is the first of its kind in the country, and takes effect 12/1/11. Assuming fund managers follow the law, it should help curb the exchange of non-public information through expert networks and give authorities another tool in prosecuting insider trading. [Boston Herald, 8/8/11]
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