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Real Estate, China and the FCPA

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...

What is a Security? Is Real Estate a Security?

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...

When is Real Estate a Security?

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...