美国投资管理经典案例研究

　　《美国投资管理经典案例研究》以普惠金融的代表——共同基金的规制为研究重点，同时对从事集合理财的其他类型的机构，如保险资产管理公司、银行集合信托基金、养老与退休基金、资产证券化集合投资基金、私募基金的特殊监管机制进行了阐析。既有对美国《投资基金法》和《投资顾问法》主要监管理念与法规的系统分析，又深入研究了在美国基金监管史上产生重大影响和代表性的经典案例。作者以通俗易懂的英文风格行文，将抽象的理论与具体的案例融合，进行了深入而广泛的理论研究与文献综述，尤其是书中大量的代表性案例，详细地阐述了相关规则的历史背景及其借鉴。

目录

TABLE OF CONTENTS


CHAPTER 1 CONCEPT OF INVESTMENT COMPANY


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