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Investment Management Law and Regulation
Harvey E. BinesSteve Thel
出版Wolters Kluwer, 2004-01-01
主題Law / Remedies & Damages
ISBN07355304839780735530485
URLhttp://books.google.com.hk/books?id=itbZXt0dE1cC&hl=&source=gbs_api
EBookSAMPLE
註釋Investment Management Law & Regulation is designed to provide legal personnel, compliance department personnel and other staff with easy-to-read descriptions and act as a reference guide to the laws, regulations and policies governing the management and managers of investment funds. As such, it will focus on the three main areas of investment funds: 1. Public funds, that is, the heavily regulated funds, such as mutual funds 2. ERISA/Pension funds 3. Private equity funds Investment funds encompass a wide range of professionals. Most fund companies employ many professionals for their own staff and also have custodians, fund accountants, distributors, administrators, accounting firms and legal counsel. Each of these groups must have professionals on staff that must understand and comply with all of the requirements. While many have legal backgrounds, others have backgrounds in business or accounting. Investment funds are governed by the Investment Company Act of 1940 (1940 Act), the Securities Act of 1933, and the Securities Exchange Act of 1934, among others. Most funds are distributed by an NASD member firm, which makes a fund subject to NASD regulations.Many funds must also register in states where the fund is marketed, and all funds must obtain a CUSIP number from the New York Stock Exchange. ERISA regulations also apply to funds that hold retirement assets. For funds that invest in commodities, the Commodity Exchange Act applies to certain transactions. Compliance procedures are important at both a fund level and at an organization level. Many provisions of the 1940 Act apply specifically to affiliates or at least apply a different set of rules when affiliates are involved. It is important to have the appropriate procedures in place and the supervision to ensure that the procedures are effective.