Download or read book When is a Mutual Fund Director Independent The Unexplored Role of Professional Relationships Under Section 2 A 19 of the Investment Company Act written by Larry D. Barnett and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investment company that must register with the Securities and Exchange Commission is required by the Investment Company Act to have a specified percentage or number of directors who are not quot;interestedquot; in the company. To be not interested (i.e., to be independent), a director of an investment company is barred by section 2(a)(19) of the Act from inter alia having had, during the last two completed fiscal years of the company, a material business relationship or a material professional relationship with specified parties. The Commission, in interpreting section 2(a)(19), has not clearly distinguished the two types of relationships and has not focused on professional relationships apart from business relationships. The article contends that this is contrary to the intent of Congress. Accordingly, the article (i) identifies both the elements of a business relationship and the elements of a professional relationship; and (ii) reviews three no-action letters in each of which the Commission staff could have found that a proposed arrangement would have created a professional relationship for an investment company director.

Download or read book The Place of Law written by Larry Barnett and published by Routledge. This book was released on 2017-09-08 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this stimulating volume, Larry D. Barnett locates a fundamental defect in widespread assumptions regarding the institution of law. He asserts that scholarship on law is being led astray by currently accepted beliefs about the institution, and as a result progress in understanding law as a societal institution will be impeded until a more accurate view of law is accepted. This book takes on this challenge. The Place of Law addresses two questions that are at the heart of the institution of law. Why is law an evidently universal, enduring institution in societies characterized by a relatively high level of economic development and a relatively high degree of social complexity? And why do the concepts and doctrines of the institution of law differ between jurisdictions (states or nations) at one point in time and vary within a particular jurisdiction over time? These two questions, Barnett believes, should be prominent in any study of law. The framework for law Barnett proposes is concerned with activities that are fundamental aspects of social organization, that is, activities that are deeply embedded in social life. His viewpoint is grounded on a body of quantitative research pertinent to the societal sources and limits of law. Barnett argues that this perspective applies only to law in sovereign, democratic nations that are economically advanced and socially complex. In other environments, law's place as a societal institution is less secure. This innovative perspective will do much to enhance understanding and appreciation of the role of law in modern societies.

Download or read book Regulation of Money Managers written by Tamar Frankel and published by Wolters Kluwer. This book was released on 2015-09-16 with total page 4826 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Money Managers (with the original subtitle: The Investment Company Act and The Investment Advisers Act) was published in 1978 and 1980. The Second Edition, subtitled Mutual Funds and Advisers, was published in 2001 and has been annually updated since then. It is a comprehensive and exhaustive treatise on investment management regulation. The treatise covers federal and state statutes, their legislative history, common law, judicial decisions, rules and regulations of the Securities and Exchange Commission, staff reports, and other publications dealing with investment advisers and investment companies. The treatise touches on other financial institutions such as banks, insurance companies, and pension funds. The work also discusses the economic, business, and theoretical aspects of the investment management industry and their effects on the law and on policy. The treatise contains detailed analysis of the history and development of the Investment Company Act and the Investment Advisers Act. It examines the definitions in the Acts, including the concept of ‘‘investment adviser,’’ ‘‘affiliates,’’ and ‘‘interested persons.’’ It outlines the duties of investment company directors, the independent directors, and other fiduciaries of investment companies. The treatise deals with the SEC’s enforcement powers and private parties’ rights of action.

Download or read book Research Handbook on the Regulation of Mutual Funds written by William A. Birdthistle and published by Edward Elgar Publishing. This book was released on 2018-10-26 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds. This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds. Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche

Download or read book Corporate Governance and Directors Independence written by Yuan Zhao and published by Kluwer Law International B.V.. This book was released on 2011-06-22 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: More and more, the agenda of corporate governance reform has been calling for a dramatic change in the composition and structure of boards of publicly traded companies, with particular criticism reserved for the role of independent directors. This timely, ground-breaking book takes a new and rigorous approach to this important issue. Investigating board independence from a distinctly original perspective, the author’s systematic analysis explores the effective interaction of such aspects as the following: What specific functions are expected of independent directors? How these functions fit with the unitary board structure? Why independent directors are seen as inherently necessary for corporate governance? Whether board independence can be compatible with other governance mechanisms? How mainstream company law is applied to independent directors. The analysis leads to a series of solutions designed to eliminate the real and perceived obstacles to the proper functioning of independent directors. In the process, the author discusses such critical ‘moments’ in corporate governance as monitoring, public relations, social responsibility, shareholder activism, the danger of ‘groupthink’, remuneration, collective liability, and codes of conduct. The discussion and analysis chart a course through which independent directors can better serve the goal of improving the system of corporate governance. As such, it will be greatly appreciated by investors, corporate counsel for institutional investors, and policymakers and academics in relevant areas of both business and law.

Download or read book Mutual Funds Hedge Funds and the Public Private Dichotomy in a Macrosociological Framework for Law written by and published by Cisdig. This book was released on with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book DePaul Business Commercial Law Journal written by and published by . This book was released on 2005 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Download or read book Fund Governance Legal Duties of Investment Company Directors written by Robert A. Robertson and published by Law Journal Press. This book was released on 2001 with total page 906 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Statutes and Statutory Construction written by Norman J. Singer and published by . This book was released on 2009 with total page 2468 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fund Director s Guidebook written by Federal Regulation of Securities Committee and published by American Bar Association. This book was released on 2006 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for directors of both open-end investment companies (typically referred to as mutual funds) and closed-end funds, this new Third Edition offers suggestions to assist directors in their roles and obligations. The new edition has been updated to reflect key legal developments that have emerged since the second edition appeared in 2003 including the impact of the Sarbanes-Oxley Act and initiatives undertaken by the SEC in response to the mutual funds scandals occurring in 2003 and 2004.

Download or read book What Independent Directors Should Request of Mutual Fund Advisers written by John A. Haslem and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The background to this study is the failure of mutual fund independent directors to fulfill their obligations as ldquo;shareholder watchdogs,rdquo; as defined in the Investment Company Act of 1940. Normative transparency of information is fund adviser disclosure proactively ldquo;requestedrdquo; by independent directors to enable their fiduciary roles as ldquo;shareholder watchdogs.rdquo;U.S. District Judge Feess's opinion in a mutual fund case of excessive fees provides a candid assessment of independent director performance. He supports the view that directors are likely to ldquo;go alongrdquo; with mutual fund adviser plans and actions. This view suggests directors are unlikely to ldquo;requestrdquo; normative information required to serve the ldquo;primary interestsrdquo; of fund shareholders.The judge's opinion includes numerous revealing insights on the performance [poor] of independent directors. These revelations and other relevant issues in the opinion provide case-based support for independent directors to ldquo;requestrdquo; fund advisers to provide normative transparency of information for their analysis. To achieve normative transparency of information Independent directors and advisers of major funds known for shareholder stewardship must strongly, vigorously, and proactively work together to gain approval in Congress and/or the SEC. The outlook is not bright, but the goal is worthy of the challenge.

Download or read book Duties and Responsibilities of Directors of Mutual Funds written by Alfred Jaretzki and published by . This book was released on 1964 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Current Law Index written by and published by . This book was released on 2007 with total page 1192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mutual Funds written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment Companies written by and published by . This book was released on 1990 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fund Director s Guidebook written by and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "[This Guidebook] is intended to assist directors of investment companies registered under the Investment Company Act of 1940 (the "1940 Act") in fulfilling their responsibilities. The Guidebook should be useful to directors of mutual funds, exchange-traded funds and closed-end funds." --