The presentation details a wide range of legislative and regulatory initiatives that are likely to impact the global alternative investment industry in the year ahead.
2014: The Year Ahead for Hedge Funds offers an overview of some of key dates and expected actions associated with market reforms around the globe. MFA is working to ensure that reform is consistent across jurisdictions.
Topics of note in the presentation include:
U.S.:
-Tax Reform
- JOBS Act
-CFTC Nominations and Reauthorization
-CPO/CTA Regulation
-FATCA
EU:
-EU Commissioner Selections
-MiFID II Legislation and Implementation
-Financial Transaction Tax
-EMIR/AIFMD
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
Position Limits: A Brief History and Discussion of Recent Regulatory ChangesManagedFunds
This presentation provides a good understanding of an important issue relevant to the hedge fund industry.
This presentation features:
• A brief history of position limits.
• The regulatory framework for position limits.
• How position limits work, and the various types of position limits.
• Position limits and the Dodd-Frank Act.
• Recent rulemaking regarding aggregation.
• The role of hedge funds as a “buffer” against market volatility.
• MFA’s advocacy role surrounding this issue.
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
Position Limits: A Brief History and Discussion of Recent Regulatory ChangesManagedFunds
This presentation provides a good understanding of an important issue relevant to the hedge fund industry.
This presentation features:
• A brief history of position limits.
• The regulatory framework for position limits.
• How position limits work, and the various types of position limits.
• Position limits and the Dodd-Frank Act.
• Recent rulemaking regarding aggregation.
• The role of hedge funds as a “buffer” against market volatility.
• MFA’s advocacy role surrounding this issue.
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
Non-Banking Financial Companies & MICROFINANCE Completed note for MBA Finance.
It includes Meaning, Classification, Comparison chart, Activities of NBFC, RBI guidelines, etc
Presentation on SEBI:
Contents:
Introduction
Objectives
Organisation
Functions
Powers
Legislations:Acts
SEBI and Central Government
Policy Development: SEBI Regulations on Primary Markets, Capital markets, Collective Investment Vehicles, and Debt markets.
Non-Banking Financial Companies & MICROFINANCE Completed note for MBA Finance.
It includes Meaning, Classification, Comparison chart, Activities of NBFC, RBI guidelines, etc
Presentation on SEBI:
Contents:
Introduction
Objectives
Organisation
Functions
Powers
Legislations:Acts
SEBI and Central Government
Policy Development: SEBI Regulations on Primary Markets, Capital markets, Collective Investment Vehicles, and Debt markets.
Who Invests in Hedge Funds in My State?ManagedFunds
The Hedge Fund Investor Map takes publicly available data from both public and private pension plans, university endowments, and foundations in all 50 states to show what groups are investing in hedge funds. Public pensions such as the AFL-CIO, AFSCME, or Florida Retirement System, and corporate pensions like UPS, 3M, or John Deere all invest in hedge funds. In fact, public pension funds represent the largest portion of capital invested in hedge funds by institutional investors at over 22%.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Accounting Conventions and StandardsStandard-Setting Groups FAS.docxdaniahendric
Accounting Conventions and Standards
Standard-Setting Groups: FASB, SEC, AICPA
There are three main organizations whose work in supporting certified public accountants (CPAs) and upholding standard accounting practices are inextricably linked with the careers of professionals in this field:
· The Financial Accounting Standards Board (FASB) is a private, nonprofit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public’s interest.
· The US Securities and Exchange Commission (SEC) is a federal agency that holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States.
· Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is a professional organization of CPAs in the United States. The AICPA has nearly 386,000 CPA members in 128 countries in business and industry, public practice, government, education, student affiliates and international associates.
The Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board (FASB) is a private, nonprofit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public’s interest.
Under the direction of the SEC, the Committee on Accounting Procedure was created by the AICPA in 1939. It was the first private-sector organization that had the task of setting accounting standards in the United States. In 1959, the Accounting Principles Board (APB) was formed to meet the demand for more structured accounting standards. The APB issued pronouncements on accounting principles until 1973, when it was replaced by the Financial Accounting Standards Board (FASB). The APB was disbanded in the hopes that the smaller, fully independent FASB could more effectively create accounting standards. The APB and the related SEC were unable to operate completely independently of the US government.
The FASB’s mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.
To achieve this mission, FASB has five goals:
1. Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance, reliability, comparability, and consistency.
2. Keep standards current to reflect changes in methods of doing business and in the economy.
3. Consider promptly any significant areas of deficiency in financial reporting that might be improved through standard setting.
4. Promote international convergence of accounting standards concurrent with improving the quality of financial reporting.
5. Improve common understanding of the nature and purposes of information in financial reports.
The FASB sets standards based on their conceptual framewo ...
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
Competition and Consumer Law Update: Every cloud has a silver lining...Martyn Taylor
Overview of developments in competition, antitrust and consumer law in Australia expected over the next 12 months. The presentation covers developments at the ACCC, status of the Harper Competition Reforms, substantive competition litigation, developments under the Australian Consumer Law, and other developments to note
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA up...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
US/ Canada cross-border tax planning could be impacted by the recent finalization of Section 385 regulations by the IRS and Treasury Department. Because most of these new rules apply with an effective date reaching back to April 5, 2016, it is imperative that Canadian companies with U.S. activities assess their potential impact and develop a strategy for managing their exposure to these rules.
Similar to 2014: The Year Ahead for Hedge Funds (20)
Who Invests in Hedge Funds? A Sampling of the Hedge Fund UniverseManagedFunds
This educational infographic takes readers through the many types of hedge fund investors, offering data points along the way to illustrate the importance and magnitude of each class of investors.
MFA's new educational presentation explains the fees associated with hedge funds and how they are used by hedge fund managers. Generally, hedge fund structures incur management fees and performance fees. Other terms explored in the presentation include high-water marks and hurdle rates. Of course, all hedge fund fees charged to any particular investor are based on contractual terms agreed to by the fund manager and the investor. While there is no such thing as a “standard” fee, there are a number of general terms that apply to hedge fund fees.
Measuring Hedge Fund Performance: Investors Weigh In InfographicManagedFunds
Investors in hedge funds look to those allocations to fulfill a number of objectives for their portfolios, according to new data from Preqin. MFA used those data to illustrate a number of important points on how investors measure hedge fund performance in a new infographic.
Measuring Hedge Fund Performance: Investors Weigh InManagedFunds
Institutional investors partner with hedge funds to achieve specific, unique goals within their investment portfolios.
According to the Preqin data, key objectives most frequently cited by investors include:
-Returns that are uncorrelated to equity markets (ie. S&P 500)
-Absolute returns in all markets
-Dampening portfolio volatility and diversifying total portfolio
A Primer on Distressed Debt Investing InfographicManagedFunds
A Primer on Distressed Debt Investing provides easy to understand visual depictions of how distressed debt investing works and explains how these investors often work alongside financially distressed companies to ensure a successful restructuring or bankruptcy proceeding. It also illustrates how distressed debt investments can help provide a number of positive results, including increased liquidity, a positive impact on overall company value, a higher degree of debt recovery, and relief of financial constraints.
Distressed Debt Investing: Resources to Help Investors Better Understand The...ManagedFunds
"Distressed Debt Investing: Resources to Help Investors Better Understand Their Investment Options in this Asset Class" is aimed at helping investors better understand their investment options in the distressed debt space. The presentation gives an overview of distressed debt investment and the role these investors play in the bankruptcy process by creating liquidity in the credit markets, lowering the cost of lending, and helping companies that may be close to bankruptcy or in bankruptcy with additional capital.
The partnership between hedge funds and university and college endowments continues to grow. For many educational institutions, hedge funds are an important tool used to diversify their portfolios, manage risk and produce reliable returns. Hedge fund investments help these institutions fund financial aid, scholarships, operations, research, academics and athletic programs.
The factsheet provides a concise description of the function and benefits of managed futures, while also explaining some of the key differences between public and private pools. This resource explains the purpose of managed futures, their role for investors, how they are regulated, and what fees are charged and disclosed to investors.
Hedge funds were developed to help diversify investment portfolios, manage risk, and deliver reliable returns over time. Many investors use hedge funds as an uncorrelated diversification vehicle. Investors rely on hedge funds to produce “risk adjusted returns” and the most effective way to analyze their performance is to understand what these returns are.
Not only does electronic trading continue to make our financial markets more competitive, but it has brought numerous benefits to all investors This presentation seeks to provide an overview of the evolution of electronic trading, provide clear definitions of often misused terms, and demystify electronic trading strategies like high frequency trading.
Among the topics discussed in this presentation:
The modernization of our financial markets using electronic trading
Definitions of electronic trading, algorithmic trading and high frequency trading
The Securities and Exchange Commission and high frequency trading
The Commodity Futures Trading Commission and high frequency trading
Regulatory framework in place to safeguard investors who invest in markets where electronic trading is prevalent
Short Selling: A Brief Overview and Regulatory UpdateManagedFunds
For those hoping to learn more about this important function in our markets, this new presentation offers helpful information on what short selling is and how it works, different types of short selling, and provides an overview of the regulatory actions taken both in the U.S. and in Europe.
Other topics covered in the presentation include:
The benefits of short selling and how it is used as a hedge
How short selling is regulated in the United States
A brief overview of current EU short selling regulations
The economic effects of short selling bans in the U.S. and Europe
An overview of MFA’s global advocacy on short selling issues
U.S. Regulation 101: Guide to U.S. Oversight of the Hedge Fund IndustryManagedFunds
With many regulations (both new and old), rules, and regulators, it is easy to get turned around when looking for the right answers regarding hedge fund regulation in the United States. Our presentation lays out those answers in a user-friendly format that explains how hedge funds are regulated and by what regulatory entities.
From the Securities and Exchange Commission to the Commodity Futures Trading Commission and more, hedge funds are subject to myriad regulations. And, with the Dodd-Frank Wall Street Reform and Consumer Protection Act still being implemented across many government agencies, the amount of scrutiny placed on hedge funds will only increase.
Included in presentation is information on the European Commission, Council of the European Union, European Parliament, European Council, and European Central Bank, as well as new regulatory entities such as the European Securities and Markets Authority. Information on some of the most important hedge fund-related regulations is also provided, including the Alternative Investment Fund Managers Directive (AIFMD), European Market Infrastructure Regulation (EMIR), short selling regulation, Review of Markets in Financial Instruments Directive (MiFIDII), and the Market Abuse Directive (MAD).
For decades, hedge fund managers have supplied investors and regulators with information measuring Assets Under Management (AUM) painting a clear picture of net investor capital at risk. RAUM is a new and separate measurement developed by the SEC. It is not intended to replace AUM and does not illustrate net investor capital at risk. The Commodity Futures Trading Commission (CFTC) does not use RAUM, rather, it relies upon the traditional calculation which is consistent with U.S. GAAP. RAUM will represent a manager’s gross assets under management, rather than net assets under management, and it will be available through managers’ public filings on Form ADV beginning in March 2012.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. 2014: The Year Ahead for
Hedge Funds
Managed Funds Association | March 2014
2. Overview
2
Financial legislative and regulatory reform is occurring at a
rapid pace globally.
Around the world, leaders are working to ensure that market
reform is consistent across jurisdictions.
This presentation gives a general overview of some of the
key dates – and expected actions – impacting the hedge
fund industry in 2014.
U.S.
Legislative
U.S.
Regulatory
EU
Legislative
EU
Regulatory
3. Key U.S. Legislative Dates and Issues
3
This section provides a timeline and description of key legislative dates and
issues taking place in the United States (U.S.) in 2014:
2014 Key Legislative Dates
Key Dates in the U.S.
• March 4 – President Obama Released FY2015
Budget
• November 4 – Election Day
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4. Key U.S. Legislative Issues
4
Here is a brief overview of key U.S. legislative issues with the potential to
impact the hedge fund industry in 2014:
Tax Reform: In the U.S. House of Representatives, Ways and Means Committee
Chairman Dave Camp (R-MI) released a comprehensive tax reform discussion draft in
February 2014. While the prospects for passage in 2014 are unlikely, elements of the
Camp plan will shape future discussions on the issue.
Transatlantic Trade and Investment Partnership (TTIP): U.S. and EU TTIP
negotiators are expected to continue working toward inclusion of financial services
issues within the agreement. U.S. policymakers are concerned that inclusion of
certain financial services issues could force reconsideration of certain provisions
included in previous legislation, such as the Dodd-Frank Act. EU lawmakers have
recently made a concerted effort to address these concerns, stating in a recent policy
paper that the objective is not to define (or re-define) the substance of international
standards for financial regulation, or negotiate prudential rules, but rather to create a
workable platform for EU and U.S. regulators to ensure their rules are consistent and
coordinated.
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5. Key U.S. Legislative Issues - Continued
5
Here is a brief overview of key U.S. legislative issues with potential to impact
the hedge fund industry in 2014:
JOBS Act 2.0 and Beyond: While the Securities and Exchange Commission (SEC)
continues to implement the Jumpstart Our Business Startups (JOBS) Act, the House
Financial Services Committee continues to work on capital formation legislation,
including a bill to implement a tick-size pilot program, which passed the House of
Representatives in February 2014. Further work on capital formation could form the
basis of a “JOBS Act 2.0” effort for the remainder of the year.
Reform of Government Sponsored Enterprises (GSEs): The Senate Banking,
Housing and Urban Affairs Committee remains focused on housing finance reform.
The House Financial Services Committee has also expressed an interest in issues
related to the structure of the U.S. housing market. This is a sector that is watched
carefully by our industry.
Immigration Reform: To date, the House Judiciary Committee has considered
several individual issues related to immigration reform, while the Senate passed a
comprehensive bill in June 2013. Immigration is likely to remain a key legislative
priority in the House for the remainder of 2014 with a bill possibly reaching the full
House for consideration in the Fall.
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6. Key U.S. Regulatory Dates and Issues
6
This section provides a timeline and description of key regulatory dates and
issues taking place in the United States (U.S.) in 2014:
2014 Key Regulatory Dates
• March – CFTC Expects to Issue Rulings on the following issues:
• Finalize Rule on Governance and Mitigation of Conflicts of Interest of
Derivatives Clearing Organizations, Designated Contract Markets and
Swap Execution Facilities
• Finalize Rule on Market Co-Location Services
• Propose Rule on Part 190 Bankruptcy Rules
• Propose Rule on Block Trading for Futures and Options on Futures
Contracts and Centralized Market Trading on Designated Contract
Markets
• Propose Rule Amendments to Swap Data Recordkeeping and
Reporting Requirements
• Propose Rule on Allocation of Business Conduct Obligations by Swap
Dealers in a Prime Brokerage Arrangement
• May 1st – CFTC No-Action Relief Expires on the
Oral Recordkeeping Requirement under CFTC Rule 1.35(a).
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7. Key U.S. Regulatory Dates and Issues
7
This section provides a timeline and description of key regulatory dates and
issues taking place in the United States (U.S.) in 2014:
2014 Key U.S. Regulatory Dates – Continued
• October – The U.S. Securities and Exchange Commission (SEC) Expects to
Issue the Final Ruling on the following issues:
• Implementing the JOBS Act
• Capital, Margin and Segregation Requirements for Security-Based
Swap Dealers
• Registration and Regulation of Security-Based Swap Execution
Facilities
• Prohibition Against Fraud, Manipulation, and Deception in connection
with Security-Based Swaps
• Ownership Limitations and Governance Requirements for Clearing
Agencies, Security-Based Swap Execution Facilities, and National
Exchanges
• Regulation Systems Compliance and Integrity
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8. Key U.S. Regulatory Issues
8
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Commodity Futures Trading Commission (CFTC) Reauthorization: The House
and Senate Agriculture Committees are expected to turn their attention to CFTC
reauthorization in 2014. Action in this area could also bring about proposed
amendments to Title VII of the Dodd-Frank Act and the Commodity Exchange Act,
both of which help determine regulations governing the hedge fund industry.
CFTC Nominations: The Senate Agriculture Committee will also be tasked with
addressing three nominations to fill positions at the CFTC in 2014. Currently Mark
Wetjen is serving as the Acting Chairman of the Commission, and will continue to do
so until Chairman-nominee Timothy Massad is confirmed by the Senate. Two other
nominees are also pending confirmation as Commissioners – Ms. Sharon Bowen and
Mr. J. Christopher Giancarlo. Their confirmation hearings are expected to occur in the
first quarter of 2014.
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9. Key U.S. Regulatory Issues
9
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Adviser Regulation: In July 2013, the SEC adopted final rules implementing the
JOBS Act by removing the bank on general solicitation for offerings made under the
new Rule 506(c) of Regulation D. At the same time, the SEC also proposed additional
requirements that would apply to issuers who raise capital through general solicitation
activities under Regulation D. The SEC is now considering how to proceed with the
proposals and indicated in its semi-annual agenda that it intends to finalize the
rulemaking by October 2014.
Accredited Investor Definition: As part of the SEC’s release proposing new rules for
entities engaged in general solicitation, the agency requested comment on whether it
should revise the definition of “accredited investors” under Regulation D.
Derivatives: The SEC has yet to finalize a number of key rulemakings related to Title
VII of the Dodd-Frank Act, particularly those related to mandatory clearing and
reporting of security-based swaps (SBS). IN the fourth quarter of 2014, it is expected
to finalize rules addressing: (1) capital, margin and segregation requirements for SBS
dealers; (2) registration and regulation of SBS execution facilities (SBSSEFs); (3) the
prohibition against fraud, manipulation, and deception in connection with SBS; and (4)
ownership limitations and governance requirements for clearing agencies, SBSSEFs
and national exchanges.
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10. Key U.S. Regulatory Issues - Continued
10
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Market Structure: In 2013, the SEC proposed Reg SCI, requiring self-regulatory
organizations and other market utility-type market participants to implement policies,
procedures and testing to ensure their systems are able to maintain operational capability,
promote the maintenance of fair and orderly markets, and operate in the manner intended.
Reg SCI was proposed after a series of systems mishaps in the equities markets, and
meant to ensure that key market participants have comprehensive policies and procedures
in place surrounding their technological systems. The SEC estimates that it will adopt final
rules in October 2014.
Tick Size Pilot Program: The SEC may also propose a tick size pilot program in 2014.
The tick size pilot program is a test program in which stocks would be traded in larger
increments in order to determine whether this change might make it easier for investors to
trade some shares. In 2013, along with some congressional pressure to implement a tick
size pilot program, the SEC held a roundtable on decimilization and tick sizes and began
considering how to construct a tick size pilot program. However, in January 2014, the
SEC’s Investor Advisory Committee issued draft recommendations urging the SEC to
maintain its current decimal pricing policy and not to engage in a pilot program.
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11. Key U.S. Regulatory Issues - Continued
11
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Regulation of Commodity Pool Operators / Commodity Trading Advisers: The
CFTC and / or the National Futures Association (NFA) could address the following
issues in 2014:
• CFTC will likely consider providing no-action relief to the industry with respect to the
ability of certain entities, such as general partners, managing member and board
directors, to delegate CPO functions to a registered CPO.
• CFTC staff will likely propose or issue guidance on compliance with the CFTC’s
rule 4.13 (a)(3) de minimis trading exemption from CPO registration for fund-of-
funds and other funds that invest in products that happen to be CPOs.
• CFTC staff will work on revising and updating CPO recordkeeping rules and eligible
third party record keepers (e.g., Rules 1.31 and 4.23).
• CFTC staff will consider proposing JOBS Act equivalence rules for the CFTC.
• CFTC staff will continue working on providing guidance on Forms CPO-PQR and
CTA-PR.
• The NFA will review responses to its request for comments on capital requirements
for CPOs and CTAs and other customer protection measures; and consider
whether to propose rulemaking in these areas.
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12. Key U.S. Regulatory Issues - Continued
12
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Derivatives: According to the CFTC’s semi-annual regulatory agenda, in 2014, it also
expects to finalize rules addressing the governance and mitigation of conflicts of
interest of derivatives clearing organizations, designated contract markets (DCMs) and
swap execution facilities (SEFs). They are also expected to propose new rules
regarding:
• Part 190 Bankruptcy Rules
• Block trading for futures and options on futures contracts and centralized market
trading on DCMs
• Amendments to swap data recordkeeping and reporting requirements
• Allocation of business conduct obligations by swap dealers in a prime brokerage
arrangement
Position Limits: The CFTC requested comments to its proposed regulations on
position limits and aggregation of limits by February 10, 2014. Rulemaking on this
issue is expected throughout the year.
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13. Key U.S. Regulatory Issues - Continued
13
Here is a brief overview of key U.S. regulatory issues with potential to impact
the hedge fund industry in 2014:
Foreign Account Tax Compliance Act (FATCA): The Internal Revenue Service
(IRS) and the Department of the Treasury expect to continue releasing guidance and
finalizing relevant forms and documents to implement FATCA. Beginning in June, the
IRS will begin posting the list of foreign financial institutions that have registered and
receive a global intermediary identification number. Treasury continues to enter into
inter-governmental agreements with regulators in jurisdictions around the world and
further agreements are expected in 2014.
871(m) Regulations on Dividend Equivalent Payments: The IRS is expected to
work on finalizing its re-proposed regulations to implement Section 871(m) of the
Internal Revenue Code, which imposes withholding taxes on non-U.S. investors that
receive dividend equivalent payments on U.S. source income.
Systemic Risk Regulation: The Office of Financial Research (OFR) is expected to
continue its review of Form PF data. Further, the Financial Stability Oversight Council
is expected to monitor other global regulators’ recommendations with respect to
shadow banking and global systemically important financial institutions.
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14. Key EU Legislative Dates and Activities
14
This section provides an overview of key legislative dates and issues expected
in the European Union (EU) in 2014:
Key Legislative Dates in the EU
• April 14-17 –Final Plenary Session of the 2009-2014 European
Parliament
• May 22-25 –European Parliamentary Elections
• July 1 – First Plenary Session of the 2014-2019 European Parliament;
Italy Assumes the European Council Presidency
• November 1 - New European Commission Takes Office
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15. Key EU Legislative Issues
15
Here is a brief overview of key EU legislative issues with potential to impact the
hedge fund industry in 2014:
EU Commissioner Selections: The European Commission will undertake its selection
process immediately following the Parliamentary elections, first with European Heads of State
selecting a President of the European Commission. This selection is subject to the approval of
the European Parliament (expected action July 14-17). Following that, each EU Member State
will put forward one candidate for a Commissioner position, which will then be assigned to the
various European Commission offices by the European Commission President. After final
approval of all Commissioners by the European Parliament, the new European Commission
will begin its term on November 1.
EU Banking Union: The European Banking Union – actually a number of pieces of legislation,
including the Asset Quality Review (AQR), i.e., stress tests, the Single Resolution Mechanism
(SRM), and the Bank Recovery and Resolution Directive (BRRD) – has remained one of
Europe’s significant issues over the last two years, progressing at a rapid pace despite the
complexity of its scope. These issues will continue to dominate the discussion between the
European Parliament and the Council of the EU in order to meet the goal of implementation by
2015.
Liikanen Follow Up – Europe’s Volcker Rule: On January 29, the European Commission
released a proposal on banking structure reform, colloquially referred to as the Liikanen Follow
Up. This proposal would force the “separation of certain trading activities from credit
institutions and their parents.” Not technically part of the EU Banking Union debate, the
Liikanen Follow Up represents a major legislative undertaking linked to other legislation like the
Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism
(SRM). Furthermore, a proposal on transparency of securities financing transactions
accompanies the Liikanen Follow Up. The final legislation will likely affect transparency
requirements for investment funds as well as the funds’ relationship with banks.
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16. Key EU Legislative Issues
16
Here is a brief overview of key EU legislative issues with potential to impact the
hedge fund industry in 2014:
Markets in Financial Instruments Directive (MiFID II) Level 1 (Legislation): MiFID II
represents one of the EU’s most significant pieces of financial reform following the 2008
financial crisis. It included new rules on a number of areas, including high-frequency /
algorithmic trading, over-the-counter derivatives, third-country registration, and position limits,
among others. Negotiators from the three European Institutions (European Commission,
European Parliament, and Council of the European Union) reached agreement on the
legislation in mid-January. After finalization, the legislation will likely enter into force by the
middle of 2014.
Markets in Financial Instruments Directive (MiFID II) Level 2 (Implementation): Once the
legislation enters into force, the European Markets regulator, the European Securities and
Markets Authority (ESMA), and EU Member States will begin their implementation or
rulemaking phase (Level 2). This phase is expected to last into 2015.
Financial Transaction Tax (FTT): In the EU, taxation issues are decided by individual
Member States, not the European Parliament or the European Commission. In mid-January,
the Greek Presidency circulated its first draft of the tax as well as a working document
discussing the links between taxation and regulation of the financial sector. The document also
provided an overview of legislation relevant to ensure proper implementation of the FTT. EU
Member State Fiscal Attachés resumed discussions on the issue in January. These talks are
expected to continue at regular intervals throughout the year.
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17. Key EU Regulatory Dates and Activities
17
This section provides an overview of key regulatory dates and issues expected
in the European Union (EU) in 2014:
2014 Key Regulatory Dates
Key Dates in the EU
• February 12 – Start Date for Reporting under the European Markets
Infrastructure Regulation (EMIR)
• March – European Supervisory Authorities to Issue Joint Draft
Regulatory Technical Standards on Risk Mitigation Techniques for OTC
Derivatives Contracts Not Cleared by a Central Counterparty
• March / April – UK Financial Conduct Authority (FCA) to Publish Final
Policy Statement of the Use of Dealing Commissions
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18. Key EU Regulatory Issues
18
Here is a brief overview of key EU Regulatory issues with potential to impact
the hedge fund industry in 2014:
Alternative Investment Fund Managers Directive (AIFMD): Member state regulators are
expected to continue finalizing rules and related guidance to adopt and implement the AIFMD
prior to a July 2014 deadline. Member states and the European Securities and Markets
Authority (ESMA) are also working to provide more clarity regarding how managers should
complete the reporting form required under the Directive.
European Markets Infrastructure Regulation (EMIR): The EU is focused on implementing
the EMIR clearing and reporting mandates. Mandatory reporting for derivatives began on
February 12 for EU entities. Further, ESMA expects to issue both a consultation paper and
final regulatory technical standards for clearing in 2014. ESMA is working toward a goal of
implementing EU clearing in the fourth quarter of 2014 or the first quarter of 2015. In early
March, the European Supervisory Authorities (which includes ESMA, EIOPA, and EBA) also
expect to issue joint regulatory technical standards to address margin requirements and other
risk mitigation techniques for uncleared derivatives to align with the Basel-IOSCO international
standards. ESMA is also expected to continue issuing updated questions and answers
covering matters such as the extraterritorial application of EMIR.
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19. Resources
19
As you can see, there are a wide range of legislative and regulatory initiatives underway in 2014
that will shape the further evolution of the global alternative investment industry.
Please click here for additional information on how hedge funds are regulated in the U.S.
Please click here for more information on how hedge funds are regulated in the EU.
Regulatory Agencies:
Securities and Exchange Commission (SEC)
www.sec.gov
Commodity Futures Trading Commission (CFTC)
www.cftc.gov
Internal Revenue Service (IRS)
http://www.irs.gov/
European Securities and Markets Authority
www.esma.europa.eu
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And visit our webpage at www.managedfunds.org