The rule is a good thing because there are unethical companies out there that may be cutting corners. I think it will raise the bar on industry standards. The SEC has the authority to do it.

The SEC has prepared exam modules for its staff. But it will take a while for the SEC to understand the complexities of hedge funds. Those examiners who have worked on hedge funds in the past will be the first string of examiners.

They'll wait until February and may institute further regulations if they find that lock-up exemptions are widespread.

Take the hard way intentionally to get anything, stop cutting corners.

I don't like laziness or cutting corners.

There are companies that are cutting their costs by over 50% by offshoring.