美国投资管理经典案例研究

本书收集了美国投资管理中的诸多经典案例，栩栩如生、如同在昨、发人深省。案例本身颇具代表性，作者分析入木三分，剖析了投资管理中的得失错漏。通过案例分析痛思前非、深鉴未来，才能更好地实现美国证券交易委员会的目标与宗旨：保护投资者利益，维护公平、有序、高效的市场秩序，加强信息披露。本书作者长期在美国从事证券交易工作，具有很丰富的市场经验。本书对美国投资管理的经典案例进行了梳理，并对案例进行了点评，有助于实务工作者、研究人员学习和了解美国投资管理法律。

姚承曦，姚承曦现任中国广东汕头大学商学院金融与证券监管学教授。教学与科研方向为中、美金融市场监管。任职汕头大学之前，姚承曦在美国国家证券监管部门与证券业界工作近二十年。在监管部门，姚承曦历任美国国家金融监管局(FINRA)法律总顾问处律师、纳斯达克(NASDAQ)靠前市场法律顾问、纽约股票交易所(NYSE)券商监管不错律师、纽约股票交易所亚太地区(包括中国)以及加拿大在美上市公司事务经理。在金融与证券业界，姚承曦先后任区域大型券商公司监察副总裁和资本市场法律顾问、区域大型银行控股公司副总裁兼法律顾问。其后在优选很大共同基金富达投资集团任靠前资本市场监管副总裁。

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