China is hotbed for violations of the Foreign Corrupt
Practices Act. The real estate industry is not immune from the dangers. In
February of 2009 Morgan Stanley's real estate group reported an employee based in China in an overseas real
estate subsidiary that appeared to have violated the Foreign...
Previously, I went through the analysis that a fund manager is considered an investment adviser . But left
open the question of "what is a security?" That's a key question for fund
managers with alternative investments, like real estate.
The Investment Advisers Act gives a very broad...
Fee simple ownership of the "bricks and mortar" of real
estate is not a securities transaction. " The
offer of real estate as such, without any collateral arrangements with the
seller or others, does not involve the offer of a security. " As you move
further away from that model...