SECTION 1．1 PRIMARY ENGAGEMENT： MANAGING INVESTMENTS VS OPERATING BUSINESS Topic 1 Operating Company vs Investment Company Topic 2 Industrial Holding Company vs Spe Situation Investment Company SECTION 1．2 TYPES OF REGISTERED INVESTMENT COMPANIES Topic 1 “Redeemable Security”： Open-End/Closed-End Dichotomy Topic 2 Interval Funds： Periodic Repurchasability vs Limited Redeemability Topic 3 Exchange-Traded Fund： Open-End/Closed-End Hybrid Topic 4 Money Market Fund： A Type of Open-End Investment Company
CHAPTER 2 MUTUAL FUND STRUCTURAL CONFLICTS; GOVERNANCE; OVERREACHING RISK
SECTION 2．1 FIDUCIARY NATURE OF ADVISER-FUND INVESTORS RELATIONSHIP Topic 1 Structure of the Investment Company Industry Topic 2 Fiduciary Duty in Respect of Management Fees Topic 3 Fiduciary Restrictions on Profitable Transfer of Advisory Contract SECTION 2．2 INDEPENDENT WATCHDOG FOR FUND INVESTORS Topic 1 Role of Mutual Fund Board Topic 2 Fund’s Independent Directors： Watchdogs and the Watched SECTION 2．3 REGULATORY STRICTURES PROTECTING FUNDS FROM AFFILIATE OVERREACHING Topic 1 Prior Exemption Required of Affiliate “Acting as Principal” Involving Fund Topic 2 Remuneration Limitation on Affiliate “Acting as Broker” for Fund Topic 3 Prohibition of Affiliate “Acting as Agent” Compensated by Third Party
CHAPTER 3 MUTUAL FUND DISTRIBUTION; TRADING; INVESTMENTS
SECTION 3．1 MUTUAL FUND DISTRIBUTION Topic 1 Structure of Mutual Fund Distribution Finance Topic 2 Prohibited Distribution Arrangement： IA Revenue Sharing for BD Shelf Space SECTION 3．2 TRADING IN MUTUAL FUND SHARES xiv Table of Contents Topic 1 Late Trading： Insider？6？8s Illegal Profits Topic 2 Abusive Market Timing： Unfair Short-Term Arbitrage Profit SECTION 3．3 MUTUAL FUND TRADING IN PORTFOLIO SECURITIES Topic 1 Soft Dollar Practices SECTION 3．4 MUTUAL FUND INVESTMENT AND LEVERAGE RESTRICTIONS Topic 1 Fund of Funds： Pyramid vs Hub-and-Spokes
CHAPTER 4 INVESTMENT ADVISER REGULATION AND ENFORCEMENT UNDER ADVISERS ACT
SECTION 4．1 INVESTMENT ADVISER CONDUCT REGULATION Topic 1 Statutory Investment Adviser and Exclusions Topic 2 Registration， Exemption， and Reporting Regime for Statutory Advisers Topic 3 Standards of Conduct： Investment Adviser vs Broker-Dealer SECTION 4．2 INVESTMENT ADVISER ANTIFRAUD ENFORCEMENT Topic 1 Antifraud Statute of Advisers Act Topic 2 Fraudulent “Pay to Play” Practices Topic 3 Misleading Investment Performance Advertising
CHAPTER 5 CERTAIN POOLED INVESTMENT VEHICLES BEYOND MUTUAL FUNDS
SECTION 5．1 INSURANCE COMPANY， SEPARATE ACCOUNTS， AND VARIABLE CONTRACTS Topic 1 Ectoplasmic Theory： Insurance Company vs Variable Separate Account Topic 2 Issuer of Securities： Insurance Company vs． Non-Unitized Separate Account SECTION 5．2 BANK COMMON TRUST FUND AND COLLECTIVE INVESTMENT FUND Topic 1 Fiduciary Trust Services vs Investment Management Services Topic 2 Trust Funds and Pension Funds Maintained by Bank SECTION 5．3 POOLED INVESTMENT VEHICLES FUNDING PENSION PLANS Topic 1 Defined Benefit vs Defined Contribution SECTION 5．4 STRUCTURED FINANCING VEHICLES Topic 1 Mortgage-Related Pools SECTION 5．5 PRIVATE INVESTMENT COMPANIES Topic 1 Hedge Fund Topic 2 Performance Fee 查看全部↓
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