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Investment Company Act Of 1940
 
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An Easy Overview Of The Investment Company Act Of 1940
Views: 2298 Christopher Hunt
The Securities Act of 1933 and the Securities Exchange Act of 1934
 
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This video discusses how the Securities Act of 1933 and the Securities Exchange Act of 1934 affected financial accounting in the United States. These acts created the Securities and Exchange Commission (SEC) and require publicly-traded companies to be registered with the SEC. Publicly-traded companies must file an annual report (the 10-K), a quarterly report (the 10-Q), and a report whenever there is a material event (the 8-K) such as a bankruptcy, change of ownership, etc. This significantly increased the regulation for public companies in the U.S. and increased protections for investors. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 9537 Edspira
Investment Company Act of 1940 | Wikipedia audio article
 
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This is an audio version of the Wikipedia Article: https://en.wikipedia.org/wiki/Investment_Company_Act_of_1940 00:01:14 1 Background 00:02:41 2 Scope 00:04:00 3 Jurisdiction 00:04:32 3.1 Scale 00:05:17 3.2 Type 00:06:24 4 Contents Listening is a more natural way of learning, when compared to reading. Written language only began at around 3200 BC, but spoken language has existed long ago. Learning by listening is a great way to: - increases imagination and understanding - improves your listening skills - improves your own spoken accent - learn while on the move - reduce eye strain Now learn the vast amount of general knowledge available on Wikipedia through audio (audio article). You could even learn subconsciously by playing the audio while you are sleeping! If you are planning to listen a lot, you could try using a bone conduction headphone, or a standard speaker instead of an earphone. Listen on Google Assistant through Extra Audio: https://assistant.google.com/services/invoke/uid/0000001a130b3f91 Other Wikipedia audio articles at: https://www.youtube.com/results?search_query=wikipedia+tts Upload your own Wikipedia articles through: https://github.com/nodef/wikipedia-tts Speaking Rate: 0.7755691190905911 Voice name: en-US-Wavenet-F "I cannot teach anybody anything, I can only make them think." - Socrates SUMMARY ======= The Investment Company Act of 1940 is an act of Congress. It was passed as a United States Public Law (Pub.L. 76–768) on August 22, 1940, and is codified at 15 U.S.C. §§ 80a-1–80a-64. Along with the Securities Exchange Act of 1934 and Investment Advisers Act of 1940, and extensive rules issued by the Securities and Exchange Commission, it forms the backbone of United States financial regulation. It has been updated by the Dodd-Frank Act of 2010. Often referenced as the Investment Company Act, the 1940 Act or simply the '40 Act, it is the primary source of regulation for mutual funds and closed-end funds, an investment industry now in the many trillions of dollars. In addition, the '40 Act impacts the operations of hedge funds, private equity funds and even holding companies.
Views: 82 wikipedia tts
Accessing the US Market Using 1940 Act Funds
 
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The U.S. retail fund market remains the world’s largest, and its regulatory infrastructure remains surprisingly open to non-U.S. asset managers. This webinar analyzes how Asian asset managers can enter the U.S. mutual fund market and provides an overview of day-to-day regulatory and compliance considerations, burdens and risks. Our speakers discuss options to create new mutual funds, interaction with different counterparties and service providers, as well as approaches to fund distribution.
Views: 207 Dechert LLP
Unit 2 9 Investment Companies
 
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SIE Unit 2 9 Investment Companies
Views: 537 Ronald McConico
Celebrating 75 years of the Investment Company Act and the Investment Advisers Act
 
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The SEC will commemorate the 75th anniversary of the Investment Company and Investment Advisers Acts on Sept. 29, 2015. More info: http://www.sec.gov/spotlight/75th-anniversary-iac-ica.shtml
Section 17 of the Investment Company Act of 1940 and Affiliated Transactions
 
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In this webinar, we define what constitutes an “affiliated person,” discuss the finer points of Rule 17a-7, and delve into the topic of cross trades. Our presenters go on to share their knowledge about customary transaction fees, recent enforcement actions, fund advisor and fund board responsibilities, along with the rules that apply to transactions and other affiliated transactions. Originally aired January 25, 2017
Preparing for a Regulatory Exam
 
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This video provides tips for preparing for a regulatory exam. For more compliance tips visit www.ria-compliance-consultants.com. During this video, RIA Compliance Consultants discusses Section 204 of the Investment Advisers Act of 1940, which grants the U.S. Securities and Exchange Commission ("SEC") the authority to conduct, at any time, examinations of registered investment advisers. The SEC deems it necessary to conduct such examinations in efforts to protect an investment adviser's clients and investors. One of our compliance consultants discuss the role of the SEC's Office of Compliance Inspections and Examinations ("OCIE") and the goals the OCIE is hoping to achieve by conducting regulatory examinations. Regulatory examinations may be unique to each audited registered investment adviser; however, during this webinar, our compliance consultant discusses the examination process, providing an overview of the process and recommendations for handling the proceeding. Our compliance consultant outlines a recent OCIE report which identifies the current select focus areas regulators are directing their examinations towards, while also providing an overview of key topics covered during 2010 investment adviser examinations. State registered investment advisers must also be prepared for a state securities administrator examination and our compliance consultant provides tips and information for state registered investment advisers. As indicated this webinar focuses on providing tactical tips for preparing for a regulatory examination and will provide viewers with the OCIE core initial request for information. RIA Compliance Consultants, Inc. is a compliance consulting firm. It is not a law firm and does not provide legal services. This video is offered only for educational purposes, is limited, and may not apply to an investment adviser's specific situation. There is no warranty or guaranty associated with this video. Viewing this video does not constitute an engagement with RIA Compliance Consultants, Inc. and should not be considered a substitute for engaging a compliance professional. For more information about RIA Compliance Consultants, Inc. and our services, please visit www.ria-compliance-consultants.com
Views: 4377 RIACompliance
Alternatives: 1940 Act Funds
 
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Top executives address the rapidly changing world of retail alternative investment funds - and how advisers and their clients can capitalize on the new opportunities.
The SEC's Investment Company Reporting Modernization Rules and Forms: What You Need to Know
 
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The U.S. Securities and Exchange Commission (SEC) recently adopted sweeping new rules and forms to modernize reporting for registered investment companies (funds). The new requirements will dramatically increase the quantity and type of information that funds will provide to the SEC and investors. This webinar examines key components of the new requirements, as well as highlight issues raised by this new reporting regime, and how the new rules and forms may reflect the SEC’s future policy and examination priorities.
Views: 939 Dechert LLP
Start-UP Business: HOW TOs: Investment company registration, Rules and Regulations
 
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Start-UP Business: HOW TOs: Investment company registration, Rules and Regulations The Investment Company Act of 1940 The Securities Act of 1933 Statement of Additional Information By Start-UP Business Subscribe Like us on Facebook: Start-UP Business #howtomakemoney #money #makingmoney #investment # philippines #trending #cash #fastcash #quickloans #business #finance #startupbusiness #startups #entreprenuer #makemillions
Views: 613 Start-Up Business
What is CLOSED-END FUND? What does CLOSED-END FUND mean? CLOSED-END FUND meaning & explanation
 
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What is CLOSED-END FUND? What does CLOSED-END FUND mean? CLOSED-END FUND meaning - CLOSED-END FUND definition - CLOSED-END FUND explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. A closed-end fund (CEF) or closed-ended fund is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund. Unlike open-end funds, new shares in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can be purchased and sold only in the market. This is the original design of the mutual fund which predates open-end mutual funds but offers the same actively managed pooled investments. In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940. Closed-end funds are usually listed on a recognized stock exchange and can be bought and sold on that exchange. The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund. The price is said to be at a discount or premium to the NAV when it is below or above the NAV, respectively. A premium might be due to the market's confidence in the investment managers' ability or the underlying securities to produce above-market returns. A discount might reflect the charges to be deducted from the fund in future by the managers, uncertainty due to high amounts of leverage, concerns related to liquidity or lack of investor confidence in the underlying securities. In the United States, closed-end funds are referred to under the law as closed-end companies and they form one of three SEC recognized types of investment companies along with mutual funds and unit investment trusts. Examples of closed-ended funds in other countries are investment trusts in the United Kingdom and listed investment companies in Australia. Closed end funds are typically traded on the major global stock exchanges. In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds. Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company which will control how the fund is invested. They begin by soliciting money from investors in an initial offering, which may be public or limited. The investors are given shares corresponding to their initial investment. The fund managers pool the money and purchase securities or other assets. What exactly the fund manager can invest in depends on the fund's charter, prospectus and the applicable government regulations. Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).
Views: 1397 The Audiopedia
Class 302 - "What is a Mutual Fund?"
 
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Hello and welcome to 401(k) University Class 302 -- "What is a Mutual Fund?". Here we will discuss in more specific detail the investing options prevalent in 401(k)s. Disclosures: [a] Investing in mutual funds involves risk, including possible loss of principal. [b] An investment in Exchange Traded Funds (ETF), structured as a mutual fund or unit investment trust, involves the risk of losing money and should be considered as part of an overall program, not a complete investment program. An investment in ETFs involves additional risks such as not diversified, price volatility, competitive industry pressure, international political and economic developments, possible trading halts, and index tracking errors. Sources: [1] Investment Company Act of 1940, http://www.sec.gov/about/laws.shtml#invcoact1940/ [2] "What is an ETF?", by Ross Crooks, December 9th, 2011, http://www.mint.com/blog/wp-content/uploads/2011/12/What-Is-an-ETF.png/ Rethin(k) 401(k), Home of 401(k) University http://www.rethink401k.net/education/employee/advanced/class302/ 2116 Parkwood Dr., Bedford, TX 76021 (817) 684-8100 Securities offered through LPL Financial, Member FINRA/SIPC http://www.finra.org/, http://www.sipc.org/. Third-party posts found on this profile do not reflect the view of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. For a list of states in which we are registered to do business, please visit http://www.rethink401k.net/.
Views: 142 Rethin(k) 401(k)
Adam Tracy on Crypto Hedge Funds & Investment Company Act Compliance
 
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Cryptocurrency hedge fund attorney Adam S. Tracy explains how crypto based hedge funds can comply with the requirements of the Investment Company Act --- A former competitive rugby player, serial entrepreneur and, trader attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam's experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives. Bitcoin website: http://www.twofox.io Primary website: http://www.tracyfirm.com Twitter: https://twitter.com/TracyFirm Youtube: https://www.youtube.com/channel/UCVOa8Iy_RIkmRPwuQliPKfw Linkedin: https://www.linkedin.com/in/adamtracy/ Facebook: https://www.facebook.com/thetracyfirm/ Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected]
Views: 80 Adam S. Tracy
Robo-Advisers and Advisers Act Compliance
 
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https://www.mayerbrown.com/experience/Financial-Services-Regulatory-Enforcement/ https://www.mayerbrown.com/experience/Private-Equity-Funds-Investment-Management/ Robo-advisers—investment advisers that use algorithmic and other technology-based programs to provide clients with discretionary asset management services—face certain unique challenges in complying with their fiduciary obligations under the Investment Advisers Act of 1940 given their limited human interaction and typical online delivery of investment advice. On February 23, 2017, the US Securities and Exchange Commission’s Division of Investment Management issued an update (IM Guidance Update No. 2017-02) with guidance on how robo-advisers may meet their disclosure, suitability and compliance obligations under the Advisers Act. Join Amy Pershkow and Stephanie Monaco for a webinar discussion of the update and three specific areas identified in it: The substance and presentation of disclosures to clients about the robo-adviser and the investment advisory services it offers The obligation to obtain information from clients to support the robo-adviser’s duty to provide suitable and individualized advice The adoption and implementation of effective compliance programs reasonably designed to address particular concerns when providing automated advice
Views: 82 Mayer Brown
What Is the Securities & Exchange Commission? Is It Effective? U.S. Finance
 
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Within the SEC, there are five divisions. Headquartered in Washington, D.C., the SEC has 11 regional offices throughout the US. The SEC's divisions are:[10] Corporation Finance Trading and Markets Investment Management Enforcement Economic and Risk Analysis Corporation Finance is the division that oversees the disclosure made by public companies, as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR. The Trading and Markets division oversees self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This division also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives.[11][12] The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federals securities laws.[13] The Division of Investment Management administers various federal securities laws, in particular the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include:[14] assisting the Commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff; responding to no-action requests and requests for exemptive relief; reviewing investment company and investment adviser filings; assisting the Commission in enforcement matters involving investment companies and advisers; and advising the Commission on adapting SEC rules to new circumstances. The Enforcement Division works with the other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. The director of the SEC's Enforcement Division Robert Khuzami left the office in February 2013.[15] Among the SEC's offices are: The Office of General Counsel, which acts as the agency's "lawyer" before federal appellate courts and provides legal advice to the Commission and other SEC divisions and offices; The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set by the SEC. This office has played a role in such areas as working with the Financial Accounting Standards Board to develop Generally Accepted Accounting Principles, the Public Company Accounting Oversight Board in developing audit requirements, and the International Accounting Standards Board in advancing the development of International Financial Reporting Standards; The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-end and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors; The Office of International Affairs, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as mutual recognition, and helps develop international regulatory standards through organizations such as the International Organization of Securities Commissions and the Financial Stability Forum; The Office of Investor Education and Advocacy, which helps educate the public about securities markets and warns investors of fraud and stock market scams; The Office of Economic Analysis, which helps the SEC estimate the economic costs and benefits of its various rules and regulations; and The Office of Information Technology, which supports the Commission and staff in information technology, including application development, infrastructure operations. and engineering, user support, IT program management, capital planning, security, and enterprise architecture. The Inspector General. The SEC announced in January 2013 that it had named Carl Hoecker the new inspector general.[16][17] He has a staff of 22. https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
Views: 6465 Way Back
The 1940 Acts at 75
 
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Panel Discussion on the 1940 Acts at 75 at the Practicing Law Institute
Views: 392 Norm Champ
Do Hedge Fund Managers Manage Systemic Risk? Financial Experts on Market Regulations (2008)
 
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Hedge funds within the US are subject to regulatory, reporting and record keeping requirements.[132] Many hedge funds also fall under the jurisdiction of the Commodity Futures Trading Commission and are subject to rules and provisions of the 1922 Commodity Exchange Act which prohibits fraud and manipulation.[133] The Securities Act of 1933 required companies to file a registration statement with the SEC to comply with its private placement rules before offering their securities to the public.[134] The Securities Exchange Act of 1934 required a fund with more than 499 investors to register with the SEC. The Investment Advisers Act of 1940 contained anti-fraud provisions that regulated hedge fund managers and advisers, created limits for the number and types of investors, and prohibited public offerings. The Act also exempted hedge funds from mandatory registration with the US Securities and Exchange Commission (SEC) when selling to accredited investors with a minimum of US$5 million in investment assets. Companies and institutional investors with at least US$25 million in investment assets also qualified.[140] In December 2004, the SEC began requiring hedge fund advisers, managing more than US$25 million and with more than 14 investors, to register with the SEC under the Investment Advisers Act.[141] The SEC stated that it was adopting a "risk-based approach" to monitoring hedge funds as part of its evolving regulatory regimen for the burgeoning industry.[142] The new rule was controversial, with two commissioners dissenting,[143] and was later challenged in court by a hedge fund manager. In June 2006, the U.S. Court of Appeals for the District of Columbia overturned the rule and sent it back to the agency to be reviewed.[144] In response to the court decision, in 2007 the SEC adopted Rule 206(4)-8, which unlike the earlier challenged rule, "does not impose additional filing, reporting or disclosure obligations" but does potentially increase "the risk of enforcement action" for negligent or fraudulent activity.[145] Hedge fund managers with at least US$100 million in assets under management are required to file publicly quarterly reports disclosing ownership of registered equity securities and are subject to public disclosure if they own more than 5% of the class of any registered equity security. Registered advisers must report their business practices and disciplinary history to the SEC and to their investors. They are required to have written compliance policies, a chief compliance officer and their records and practices may be examined by the SEC. The U.S.'s Dodd-Frank Wall Street Reform Act was passed in July 2010 and requires SEC registration of advisers who represented funds with more than US$150 million in assets, and funds with more than 15 US clients, and investors managing US$25 million. Registered managers must file information regarding their assets under management and trading positions. Previously, advisers with fewer than 15 clients were exempt, although many hedge fund advisers voluntarily registered with the SEC to satisfy institutional investors. Under Dodd-Frank, hedge fund managers with less than US$100 million in assets under management became subject to state regulation. This increased the number of hedge funds under state supervision. Overseas funds with more than 15 US clients and investors who managed more than US$25 million were also required to register with the SEC. The Act requires hedge funds to provide information about their trades and portfolios to regulators including the newly created Financial Stability Oversight Council. Under the "Volcker Rule," regulators are also required to implement regulations for banks, their affiliates, and holding companies to limit their relationships with hedge funds and to prohibit these organizations from proprietary trading, and to limit their investment in, and sponsorship of, hedge funds. Hedge funds posted disappointing returns in 2008, but the average hedge fund return of -18.65% (the HFRI Fund Weighted Composite Index return) was far better than the returns generated by most assets other than cash or cash equivalents. The S&P 500 total return was -37.00% in 2008, and that was one of the best performing equity indices in the world. Several equity markets lost more than half their value. Most foreign and domestic corporate debt indices also suffered in 2008, posting losses significantly worse than the average hedge fund. Mutual funds also performed much worse than hedge funds in 2008. According to Lipper, the average US domestic equity mutual fund decreased 37.6% in 2008. The average international equity mutual fund declined 45.8%. The average sector mutual fund dropped 39.7%. http://en.wikipedia.org/wiki/Hedge_fund
Views: 1206 The Film Archives
SEC Regulation of Investment Advisers…..good news/bad news
 
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7 minute tour of SEC Regulations of Investment Advisers, the bad news, the disguises and deceptions that it allows for most investors to suffer from, and the economic harm to Americans. There are two sets of rules, one protects you from financial predators, and sadly, this one allows financial predators to abuse more than 90% of Americans. Lives harmed, retirement dreams shattered. Some of the special tricks hidden from the public. Tell me @RecoveredBroker if I miss anything or need to correct, and tell your rep in Washington that the SEC owes you your retirement back.
Views: 588 Larry Elford
Net Asset Value NAV
 
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Mutual funds must calculate their net asset value (NAV) daily under the Investment Company Act of 1940.
Views: 159 PlanVestor
Legally, What Makes "Private Equity" Different?
 
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What actually is a "private equity fund"? What makes PE funds different from other funds---who can invest and what are the key exemptions from securities laws? Jeff Tabak a long-time private funds lawyer explains for TalksOnLaw in this TOL Brief. ► http://www.talksonlaw.com for more legal explainers and interviews with the titans of law visit ► Patreon: TalksOnLaw is on Patreon! You can support us directly by signing up at: http://www.patreon.com/talksonlaw ► Facebook: http://www.facebook.com/talksonlaw ► Instagram: http://www.instagram.com/talksonlaw ► Twitter: http://www.twitter.com/talksonlaw TRANSCRIPT "Private equity funds have played a significant role in the economy for some time now. What makes a private equity fund different from other funds that own mutual funds or other stocks? Hi, I'm Jeff Tabak, and I'm going to talk a little bit about what makes private funds different. Bear in mind that a lot of what we're going to talk about is going to be general in nature. So there are some nuances and other differences that we're not going to go into detail about today. One of the major statutes that you have deal with when you’re offering and selling securities is the Securities Act of 1933. But when you're raising a private equity fund, you don't have to worry about registering with the SEC. So there's actually exemption from registering under the 33 Act for private placements for private equity funds. So how does a private equity fund avoid having to register? Well what it relies upon is a safe harbor under the 33 Act that we call "Regulation D." In order to satisfy the safe harbor, the investors will need to satisfy certain requirements. Most private equity funds offer their securities only to "Accredited Investors." That's a defined term under the 33 Act, but it includes (a) individuals with net worths of at least $1 million, excluding their primary residence, or (b) income of at least $200 thousand a year or $300 thousand with their spouse for the last two years with a reasonable expectation of that same income in the current year, or (c) entities with at least $5 million of net worth. Also, the issuer cannot engage in a general solicitation. What I tell clients is that means they can't go into Central Park and suddenly distribute their private placement memorandum to anyone who walks by who might be interested in their fund. Another statute that governs private equity funds is the Investment Company Act of 1940. Private equity funds rely on two exceptions in order to avoid registration. One is called section 3(c)(1), and the other one is section 3(c)(7). Let’s talk about 3(c)(1) first. Under section 3(c)(1), the investment company has to have not more than 100 beneficial owners in order to qualify for that exception. Under 3(c)(7), the issuer can sell only to what are called "Qualified Purchasers." A Qualified Purchaser is an individual with at least $5 million of investment assets or an entity with at least $25 million of investment assets. That makes the group of investors who are eligible to participate pretty limited. The last relevant statute for raising a private equity fund is the Investment Advisers Act of 1940. That governs the registration of investment advisors. Before the financial crisis, managers were generally exempt from registering. But since Dodd Frank and the financial crisis, most large managers have to register with the SEC as an investment advisor. We used to tell managers that it really wasn't a big deal. They just had to file a form and go about their business. But what's happened is that investment advisors now have to have very strict compliance policies and procedures, and the SEC has now come in on a regular basis to examine many private equity fund managers. This has led to an increased amount of enforcement actions by the SEC over the course of the last few years, and has cost fund managers a significant amount of money. That's a big change over the way private equity funds used to operate. So what makes private equity funds different from other investment vehicles? They are still exempt from the 33 Act; they are still exempt from the 40 Act, but now managers have to pay attention to the Advisers Act of 1940. I'm Jeff Tabak. Thanks for watching TalksOnLaw."
Views: 640 TALKSONLAW
Webcast: Advisers Act Regulatory Series – Second Quarter Update
 
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On May 24, please join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Ben Marzouk, Bria Adams and Sue Lee for our quarterly series of complimentary webcasts dedicated to issues affecting investment advisers. This webcast will focus on adviser regulatory developments and examinations and other important trends. The SEC’s proposed fiduciary duty interpretation OCIE’s risk alert on advisory fees and expenses The SEC’s 12b-1 share class initiative FinCEN’s customer due diligence FAQs FINRA’s OBA/PST rule proposal – and what it means for broker-dealer supervision of advisory activity
ETF Securities US, Silver
 
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Argentum. Atomic number 47. The grey metal. Whichever name you prefer, silver is widely regarded as one of the world’s most versatile precious metals.* In 2015, worldwide silver mine production increased for a 13th consecutive year to a record high of 886.7 million ounces. Notable country-level increases included Peru, Argentina, Russia and India.* * Mining Global, 7.15.15 * The Silver Institute, May 2016 For further information, please visit: https://www.etfsecurities.com/institutional/us/en-us DISCLOSURE The ETFS Silver Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Silver Trust are not subject to the same regulatory requirements as mutual funds. These investments are not suitable for all investors. Trusts focusing on a single commodity generally experience greater volatility. There are special risks associated with short selling and margin investing. Please ask your financial advisor for more information about these risks. The value of the Shares relates directly to the value of the silver held by the Trust and fluctuations in the price of silver could materially adversely affect an investment in the Shares. Several factors may affect the price of silver including: (1) A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the Shares; (2) Investors’ expectations with respect to the rate of inflation; (3) Currency exchange rates; (4) Interest rates; (5) Investment and trading activities of hedge funds and commodity funds; and (6) Global or regional political, economic or financial events and situations. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver price, adversely affecting the price of the Shares. Commodities and futures generally are volatile and are not suitable for all investors. Shares in the Trust are not FDIC insured and may lose value and have no bank guarantee. Investors buy and sell shares on a secondary market (i.e., not directly from trust). Only market makers or “authorized participants” may trade directly with the fund, typically in blocks of 50k to 100k shares. The Fund’s net asset value per share (NAV) is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Market Price returns are based on the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Carefully consider the fund’s investment objectives, risk factors, and fees and expenses before investing. For further discussion of the risks associated with an investment in the funds please read the prospectus at www.etfsecurities.com/etfsdocs/USProspectus.aspx. Or visit the ETF Securities website: www.etfsecurities.com. Diversification does not ensure a profit nor protect against loss. ALPS Distributors, Inc. is the marketing agent for ETFS Silver Trust. ETF001053 10/31/2017 thm
SEC Open Meeting: Dodd-Frank Act Amendments to the Investment Advisers Act
 
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Chairman Schapiro's Opening Statement at SEC Open Meeting: Dodd-Frank Act Amendments to the Investment Advisers Act.