You may not violate any local, state, national or international law or regulation.

你不可以违反任何本地区、本州、本国和国际法律。

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Second, these funds are not subject to comprehensive federal regulation such as ERISA. Rather, they are governed by state or local statutes that differ dramatically and many of which offer little guidance.

FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )