Tài liệu miễn phí Quỹ đầu tư

Download Tài liệu học tập miễn phí Quỹ đầu tư

Current Developments for Mutual Fund Audit Committees Quarterly summary - June 30, 2011

The Madoff case brought to the fore an essential development in the UCITS sphere: while the UCITS provisions on depositaries have remained unchanged, the investment environment for UCITS has evolved. UCITS are now able to invest in a wider range of financial assets, which may be more complex and also may be issued and held in custody outside the EU (for instance, in emerging markets); fund portfolios are increasingly diverse and international.

8/30/2018 2:36:08 AM +00:00

Study on Enhancing Investment Adviser Examinations

It must be noted that on 12 July 2010 the Commission proposed the extension of investor compensation schemes to cover investors in UCITS. The amendments to Directive 97/9/EC aimed to cover situations where a depositary is liable for the loss of assets of UCITS but is not able to cover its liabilities. This should serve as an additional means to increase the protection for investors in UCITS. However, at this stage this proposal has not been accepted by the Council and is subject to further negotiations. In addition, the financial crisis also revealed that the remuneration and incentive...

8/30/2018 2:36:08 AM +00:00

ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive

Finally, the analysis of national sanctioning regimes carried out by the Commission, along with the Committees of Supervisors (now transformed into European Supervisory Authorities) has shown a number of divergences and weaknesses which may have a negative impact on the proper application of EU legislation, the effectiveness of financial supervision, and ultimately on competition, stability and integrity of financial markets and consumer protection. Therefore, in its Communication of 9 December 2010 Reinforcing sanctioning regimes in the financial sector 2 the Commission suggested setting EU minimum common standards on certain key issues, in order to promote convergence and reinforcement...

8/30/2018 2:36:08 AM +00:00

2011 Investment Company Fact Book - A Review of Trends and Activity in the Investment Company Industry

This proposal forms part of a wider legislative package dedicated to rebuilding consumer trust in financial markets. The package has two other parts. The first is an extensive overhaul of the Insurance Mediation Directive 2002/92/EC to ensure that customers benefit from a high level of protection when buying insurance products. The final part of the package aims at improving transparency in the investment market for retail investors (a proposal for a Regulation on key information documents for investment products). ...

8/30/2018 2:36:08 AM +00:00

Guidelines on sound remuneration policies under the AIFMD

The current UCITS framework provides little clarity on the institutions that are eligible to act as a depositary for a UCITS fund. According to Article 23(3) UCITS Member States enjoy significant discretion as to the institutions they deem eligible to act as UCITS depositaries, provided that the institutions comply with the requirements of Article 23 (2) (i.e. they are subject to prudential regulation and on-going supervision). This has led to divergent approaches across Member States: out of the 17 Member States that require depositaries to be credit institutions, 12 impose specific capital requirements just for carrying out custody...

8/30/2018 2:36:08 AM +00:00

2012 Investment Company Fact Book - A Review of Trends and Activity in the U.S. Investment Company Industry

Three options emerged for harmonising the scope of institutions that are deemed to provide sufficient guarantees in terms of prudential regulation and capital requirements to fulfil the task of being a depositary. The impact assessment concludes that both credit institutions and regulated investment firms provide sufficient guarantees in terms of prudential regulation, capital requirements and effective supervision to act as UCITS depositaries. Other institutions (such as, e.g., law firms, notaries) are not deemed to provide these guarantees and would have, if they wished to act as UCITS depositaries, to transform themselves into regulated investment firms. As most UCITS depositaries...

8/30/2018 2:36:08 AM +00:00

Right place right time Ireland - the domicile of choice for regulated funds

Changes to the UCITS directive introduced in 2001 extended the scope of eligible assets for UCITS to new classes of assets. 6 As a result, UCITS managers now invest in a much greater number of countries and in more complex instruments than in 1985. As more investment opportunities arise in different third country jurisdictions, the necessity to appoint sub- custodians in these jurisdictions increases. Despite the enlargement of eligible investment instruments, the UCITS Directive does not define the conditions applicable in case a depositary delegates custody to a sub-custodian. The lack of clarity pertains both to the conditions under...

8/30/2018 2:36:08 AM +00:00

UCITS Fund Distribution 2012 PwC Ireland

The impact assessment concludes that the delegation of custody should be governed by rules on diligence in selecting an appointing a sub-custodian, and on the ongoing monitoring of the activities of the sub-custodian. For the rare case in which a UCITS' investment strategy would involve investing in financial instruments issued in countries that require mandatory local custody and where no custodian operates that could comply with the above delegation requirements and prudential standards, delegation should nevertheless be allowed so long as strict circumstances are fulfilled. ...

8/30/2018 2:36:08 AM +00:00

Hedge Fund Report - Summary of Key Developments - Spring 2012

Member States and thus differences in investor protection. Some Member States apply a so- called 'strict' liability regime, where the depositary has an immediate obligation to return the lost asset to the UCITS, while others take the view that the loss of assets does not always imply an unjustifiable failure to perform its duties on the part of the depositary that should lead to liability for that depositary. As a consequence, the liability standard is not the same in all Member States. ...

8/30/2018 2:36:08 AM +00:00

President’s Working Group Report on Money Market Fund Reform Options

The issue of liability is most relevant where custody is delegated. According to Article 22(2), the depositary's liability shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping. The UCITS Directive contains no further provisions governing liability for the loss of a financial instrument where custody has been delegated to a third party. This issue is left to the general principle expressed in Article 22(2), which gives a wide margin of interpretation to Member States. For instance, some Member States only impose an obligation to monitor...

8/30/2018 2:36:08 AM +00:00

Electronic Transmission Docket Number FINCEN-2012-0001

The impact assessment concludes that a 'strict liability' standard obliging depositaries to return instruments lost in custody irrespective of fault or negligence is both conducive to ensuring a high level of investor protection and to achieving a uniform standard across the EU. In line with the needs of retail investors, liability in case of the loss of an instrument held in custody should be based on a uniform EU standard that entails a 'strict liability' for returning lost instruments at the cost of the principal custodian, without any option for the principal custodian to discharge liability in case of...

8/30/2018 2:36:08 AM +00:00

Sterling Investment Bond Investment funds guide

Given that the remuneration of UCITS managers is, at least partly, based on the performance of the fund, there is an incentive to increase the level of risk in a fund's portfolio in order to increase potential returns. However, the higher level of risk exposes the fund investors to higher potential losses than might be expected given the disclosed risk profile of the fund. Remuneration structures might be skewed so that managers participate in materialized returns but do not participate in materialized losses, creating further incentives to take on higher risk strategies. Furthermore, remuneration structures are seldom disclosed in the...

8/30/2018 2:36:08 AM +00:00

A Green Venture Fund to Finance Clean Technology for Developing Countries

Since many social businesses are also SMEs, measures that facilitate access to finance for SMEs could also help social businesses. In this context, of notable importance are the support and regulatory frameworks for venture capital, in particular the steps to be taken to develop a EU passport for Venture Capital funds. The extent to which work on establishing such a passport might aid social businesses is central in considering the effectiveness and efficiency of the options identified in this impact assessment. In general terms, social businesses facing funding shortfalls are SMEs, and investment funds targeting social businesses can...

8/30/2018 2:36:08 AM +00:00

THE PERFORMANCE OF SOCIALLY RESPONSIBLE INVESTMENT FUNDS: A META­ ANALYSIS

As noted, actions foreseen within the Social Business Initiative (and on Corporate Social Responsibility and Socially Responsible Investing) could also contribute to addressing the issues explored in this Impact Assessment. Actions under the Initiative have been laid out in detail in the Social Business Communication adopted on 25th October. 10 These range from introducing as an investment priority social enterprise in the scope of actions under the future ESF and ERDF regulations, and identifying and developing best practices for social businesses or the creation of a database for existing labels and certifications of social enterprises, to measures aiming...

8/30/2018 2:36:08 AM +00:00

Accompanying the document Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds

The Commission, in the Single Market Act 13 (SMA) undertook to put in train several measures to ensure investment funds focused on funding social undertakings can flourish. The current proposal on a European framework for social investment funds is one initiative that delivers on that commitment. The principal aim is to increase the effectiveness of the fundraising by social investment funds, and to achieve a high level of clarity as to the characteristics that distinguish social investment funds from the wider category of alternative investment funds. Only funds that comply with these characteristics shall be eligible to raise ...

8/30/2018 2:36:08 AM +00:00

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

As can be seen from this table, measures on SEF compliment other measures and could amplify their impact too. The impact of the various measures together is likely to be stronger than their impact individual. Notably, measures by the EIF to provide seed finance via fund of fund structures to funds targeting social business could strongly complement steps to create a EU framework for such funds, by increasing investments into such funds. Also, EU steps to create such a framework could increase the effectiveness of the EIF steps, by reducing search costs for the EIF fund of funds and...

8/30/2018 2:36:08 AM +00:00

Old Mutual plc Interim results for the six months ended 30 June 2012 Good strategic and operational progress

On UCITS, ESMA expects to provide input at the relevant stage on the delegated acts and/or technical standards that may be required under the UCITS V Directive. ESMA’s previous work on depositaries and remuneration under the AIFMD will provide useful benchmarks on which to build. In addition, and subject to developments at the level of the EU institutions, ESMA may be tasked with further work in relation to the VC and SEF Regulations. In responding to any requests received in this area, ESMA will have to pay close attention to the specificities of the entities covered by these two initiatives while,...

8/30/2018 2:31:32 AM +00:00

2013 work programme European Securities and Markets Authority

The development of MiFID will strengthen ESMA’s role in product intervention. The proposals seek to strengthen investor protection through an even stronger framework for the provision of investment services to retail clients and possibly a more proactive approach from NCAs. MiFID will also require ESMA and NCAs to revise the current Transaction Reporting Exchange Mechanism (TREM) and the Reference Data System (RDS), to include extensions to financial instruments traded on MTFs, OTFs and to the scope of transaction reporting obligations and suspensions and removals from trading The review of the market abuse regime will also form part of ESMA’s regulatory single rulebook...

8/30/2018 2:31:32 AM +00:00

2013 Private Equity Fund Outlook In search of firm footing

The distribution of this Prospectus and the offering of the Shares may be restricted in certain jurisdictions. It is the responsibility of any persons in possession of this Prospectus and any persons wishing to apply for Shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. Prospective applicants for Shares should inform themselves as to legal requirements so applying and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile. The key investor information document of each Class of each sub-fund (Key Investor Information Document), the latest annual and any semi-annual reports...

8/30/2018 2:31:32 AM +00:00

MANUAL FOR REPORTING UNCLAIMED PROPERTY 2012

The Key Investor Information Documents are available on www.assetmanagement.hsbc.com/globalfunds. Before subscribing to any Class and to the extent required by local laws and regulations each investor shall consult the Key Investor Information Documents. The Key Investor Information Documents provide information in particular on historical performance, the synthetic risk and reward indicator and charges. Investors may download the Key Investor Information Documents on the website mentioned above or obtain them in paper form or on any other durable medium agreed between the Management Company or the intermediary and the investor. Statements made in this Prospectus are, except where otherwise stated, based on the law and practice...

8/30/2018 2:31:32 AM +00:00

Executive Budget Summary FUNCTION 150 & OTHER INTERNATIONAL PROGRAMS - August 2002

The shareholder accepts that the Management Company, being responsible for the processing of personal data, has authorised the HSBC Group as promoter and any distributor that is also a member of the HSBC Group to have access to data concerning him/her for the purpose of shareholder service and the promotion of products relating to the Company or any other products of the HSBC Group and thus process them in accordance with the provisions of the Law of 2 August 2002. By subscribing or purchasing Shares, shareholders also accept that their telephone conversations with the Management Company, any company of the HSBC Group or the Registrar...

8/30/2018 2:31:32 AM +00:00

Plan and Budget: 2013/14 Financial Services Compensation Scheme

The Company seeks to provide a comprehensive range of sub-funds with the purpose of spreading investment risk and satisfying the requirements of investors seeking income, capital conservation and growth. In carrying out the investment objectives of the Company, the Board of Directors at all times seeks to maintain an appropriate level of liquidity in the assets of the sub-funds so that redemptions of Shares under normal circumstances may be made without undue delay upon request by shareholders. Whilst using their best endeavours to attain the investment objectives, the Board of Directors cannot guarantee the extent to which these objectives will be achieved. The value of the...

8/30/2018 2:31:32 AM +00:00

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds (Text with EEA relevance)

Distribution Shares are identifiable by a D following the sub-fund and Class names (e.g.: Class AD), with the exception of Monthly Distribution Shares which are identifiable by an M following the sub-fund and Class names (e.g.: Class AM) and Quarterly Distribution Shares which are identifiable by a Q following the sub-fund and Class names (e.g.: Class AQ). In derogation from the above table, Monthly and Quarterly Distribution Shares are available only in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments....

8/30/2018 2:31:32 AM +00:00

PENSION FUNDS INVESTMENT IN INFRASTRUCTURE A SURVEY

Within a sub-fund, separate currency hedged Share Classes may be issued (suffixed by H and the currency into which the Base Currency is hedged or the currency into which the currency the sub-fund total assets are primarily invested in, is hedged. These currency hedged share classes will be named: ACHEUR or ACHGBP for a Capital-Accumulation Share Class hedged into Euro or Pound Sterling). For the RMB Fixed Income sub-fund, any hedged Share Classes issued shall provide a hedge against the Base Currency of the subfund, i.e. the US Dollar. Whilst the sub-fund has no direct economic exposure to the US Dollar, the aim is to...

8/30/2018 2:31:32 AM +00:00

Market Outlook and Investment Strategy for 2013: Dr. Marvin Appel Signalert Asset Management

The Management Company may decide to issue within a sub-fund Share Classes having a different reference currency (currency denomination) which denotes the currency in which the Net Asset Value per Share will be calculated. In principle, Share Classes may be issued in the following reference currencies: Euro, Hong Kong Dollar and Pound Sterling (Share Class Reference Currencies). Share Classes in other Share Class Reference Currencies may be available on application to the Company. A Share Class Reference Currency is identified by a standard international currency acronym added as a suffix, e.g. ACEUR for a Capital-Accumulation Share Class expressed in Euro. Subscriptions and redemptions are only accepted...

8/30/2018 2:31:32 AM +00:00

Alternative Investment Fund Managers Directive: Survival Kit

Because of the special risks associated with investing in Emerging Markets, sub-funds which invest in such securities should be considered speculative. Investors in such sub-funds are advised to consider carefully the special risks of investing in emerging market securities. Economies in Emerging Markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in...

8/30/2018 2:31:32 AM +00:00

EIF CORPORATE OPERATIONAL PLAN 2011-2013

The relevant sub-funds will therefore only invest up to 10% of their net asset value directly in Russian equity securities (except if they are listed on the MICEX - RTS Exchange in Russia and any other regulated markets in Russia which would further be recognised as such by the Luxembourg supervisory authority) while the sub-funds will invest in American, European and Global Depositary Receipts, respectively ADRs, EDRs or GDRs, where underlying securities are issued by companies domiciled in the Russian Federation and then trade on a Regulated Market outside Russia, mainly in the USA or Europe. By investing in ADRs, EDRs and GDRs, the...

8/30/2018 2:31:32 AM +00:00

The Second Act Begins for ETFs A Disruptive Investment Vehicle Vies for Center Stage In Asset Management

Because a sub-fund's assets and liabilities may be denominated in currencies different to the Base Currency, the sub-fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the Base Currency and other currencies. Changes in currency exchange rates may influence the value of a sub-fund's Shares, the dividends or interest earned and the gains and losses realised. Exchange rates between currencies are determined by supply and demand in the currency exchange markets, the international balance of payments, governmental intervention, speculation and other economic and political conditions. If the currency in which a security is denominated appreciates against...

8/30/2018 2:31:32 AM +00:00

FINANCIAL SERVICES EVOLVING MANAGEMENT REGULATION 2011

The Company on behalf of a sub-fund may enter into transactions in over-the-counter markets, which will expose the sub-fund to the credit of its counterparties and their ability to satisfy the terms of such contracts. For example, the Company on behalf of the sub-fund may enter into repurchase agreements, forward contracts, options and swap arrangements or other derivative techniques, each of which expose the sub-fund to the risk that the counterparty may default on its obligations to perform under the relevant contract. In the event of a bankruptcy or insolvency of a counterparty, the sub-fund could experience delays in liquidating the position and significant losses,...

8/30/2018 2:31:32 AM +00:00

False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas

Certain developing countries and certain developed countries are especially large debtors to commercial banks and foreign governments. Investment in debt obligations (Sovereign Debt) issued or guaranteed by governments or their agencies (governmental entities) of such countries involves a high degree of risk. The governmental entity that controls the repayment of Sovereign Debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its...

8/30/2018 2:31:32 AM +00:00