目錄

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