To describe State of California Attorney General Bill Lockyer's approach to securities enforcement and to explore the national implications of a state attorney general assuming such authority.
Describes Attorney General Lockyer's recent investigations targeting the mutual fund industy and four resulting enforcement cases, explains Lockyer's intentions not to be constrained by the SEC's actions or applicable federal securities laws if he believes a violation of state law has occurred, and makes practical suggestions as to future developments for securities firms with operations in California.
Makes it clear that, as a result of the expanded authority granted to Attorney General Lockyer by the California state legislature, securities firms must comply with California securities laws even when those laws differ from SEC regulations and federal laws.
Important guidance on recent developments from a California‐based investment compliance lawyer.
