The document is an application for private asset managers to apply to become pre-qualified fund managers for the Treasury's Legacy Securities Public-Private Investment Fund program. It outlines the criteria for being pre-qualified, including a minimum of $10 billion in eligible assets under management and a demonstrated capacity to raise at least $500 million in private capital. It provides details on the information required to be submitted in the application, including organizational qualifications and performance history, the proposed fund structure and terms, investment strategy, governance, and confirmation of tax and legal compliance. Applications must be submitted by April 10, 2009.
IDFC Asset Allocation Fund of Funds Conservative Plan_Scheme information docu...IDFCJUBI
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investments in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the investment strategy, benchmark, fund manager details and various other scheme-related information.
In this PPT I have explained the Taxation of income received from Investment funds (Private equity, Hedge Funds etc.). I have discussed the provisions of Section 115UB of Income Tax Act, 1961 and categorization of Investment funds as per SEBI (Alternative Investment Fund) Regulations, 2012.
Alternative investment funds (AIFs) are privately pooled investment vehicles that cover areas like venture capital, infrastructure, private equity, hedge funds, and debt funds. AIFs are categorized into 3 types in India - Category I funds invest in socially or economically desirable sectors, Category II funds do not receive incentives but also prohibit leverage, and Category III funds have diverse strategies but are taxed at the fund level. The AIF industry in India is expected to double in size over the next few years, with Category III funds becoming increasingly popular due to new long-short strategies.
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
The Poliwogg Regenerative Medicine Fund is a new business development company seeking $60 million in an initial public offering to invest in public and private regenerative medicine companies. The Fund will be managed by Poliwogg Advisers and aims to maximize long-term capital appreciation by investing in equity and equity-linked securities of companies involved in stem cell science and regenerative medical technologies. Investing in the high-growth regenerative medicine sector provides exposure to innovative healthcare companies addressing unmet medical needs through cell therapies, gene therapies, and other regenerative technologies.
Edelweiss Prime Brokerage Services provides an integrated suite of services for asset managers, including fund setup advisory, securities custody and clearing, fund accounting, research and execution services. The document describes Edelweiss' offerings for alternative investment funds, which include fund registration assistance, custodial services, research coverage of over 500 companies, and investor management services like drawdown tracking and statements. Edelweiss aims to be a one-stop-shop for asset managers seeking support across the lifecycle of their funds.
IDFC Asset Allocation Fund of Funds Conservative Plan_Scheme information docu...IDFCJUBI
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investments in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the investment strategy, benchmark, fund manager details and various other scheme-related information.
In this PPT I have explained the Taxation of income received from Investment funds (Private equity, Hedge Funds etc.). I have discussed the provisions of Section 115UB of Income Tax Act, 1961 and categorization of Investment funds as per SEBI (Alternative Investment Fund) Regulations, 2012.
Alternative investment funds (AIFs) are privately pooled investment vehicles that cover areas like venture capital, infrastructure, private equity, hedge funds, and debt funds. AIFs are categorized into 3 types in India - Category I funds invest in socially or economically desirable sectors, Category II funds do not receive incentives but also prohibit leverage, and Category III funds have diverse strategies but are taxed at the fund level. The AIF industry in India is expected to double in size over the next few years, with Category III funds becoming increasingly popular due to new long-short strategies.
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
The Poliwogg Regenerative Medicine Fund is a new business development company seeking $60 million in an initial public offering to invest in public and private regenerative medicine companies. The Fund will be managed by Poliwogg Advisers and aims to maximize long-term capital appreciation by investing in equity and equity-linked securities of companies involved in stem cell science and regenerative medical technologies. Investing in the high-growth regenerative medicine sector provides exposure to innovative healthcare companies addressing unmet medical needs through cell therapies, gene therapies, and other regenerative technologies.
Edelweiss Prime Brokerage Services provides an integrated suite of services for asset managers, including fund setup advisory, securities custody and clearing, fund accounting, research and execution services. The document describes Edelweiss' offerings for alternative investment funds, which include fund registration assistance, custodial services, research coverage of over 500 companies, and investor management services like drawdown tracking and statements. Edelweiss aims to be a one-stop-shop for asset managers seeking support across the lifecycle of their funds.
The investment company in risk capital (the “SICAR”) governed by the Luxembourg law of 15 June 2004 relating to the investment company in risk capital, as amended from time to time (the "2004 Law") is Luxembourg’s flagship investment vehicle for private equity/venture capital and accommodates qualified investors.
Edelweiss Prime Brokerage Services offers an integrated suite of services for asset managers, including fund setup advisory, securities custody and clearing, fund accounting, research and execution services, and back office support. It aims to build long-term relationships by providing strategic advice and operational support to help clients address investment needs. The services are designed as a "plug and play" model to suit modern asset managers' requirements.
The document summarizes new crowdfunding rules in British Columbia that allow private companies to raise capital online without filing a prospectus. Under the new rules, private companies can raise up to $250,000 every 6 months by issuing shares or debt securities to individual investors who can invest up to $1,500 each through an online funding portal. Funding portals are also exempt from registration requirements if they meet certain criteria like maintaining accurate records and not providing investment advice. The new rules create an opportunity for startups to tap into crowdfunding as a source of capital but companies will need to consider how crowdfunding fits with their overall fundraising plans and capital structure.
This document discusses the sources of business finance. It explains that businesses require funds for fixed capital needs like assets as well as working capital for daily operations and growth. Funds can come from long, medium, or short-term sources; from business owners or borrowing; and internally through profits or externally from suppliers, lenders, and investors. Long-term sources include equity and loans for fixed assets. Short-term sources like trade credit cover current assets. Owners' funds comprise equity while borrowed funds are loans that must be repaid with interest.
This document provides information about a company prospectus for a group project. It defines a prospectus as a document published by a company to induce public investment in its shares. The prospectus contains key terms of the share offering and invites subscription. It lists the group members working on the project and provides details about what a company prospectus typically includes, such as the company's name and address, stock exchange listing details, issue dates, capital structure, use of funds, and outstanding legal issues.
2016-1, AMAC Issues Self Disciplinary Rules For Comments on Private Fund Indu...Bing Lu
The Asset Management Association of China (AMAC) issued new rules for private investment fundraising activities to solicit public comments. The rules establish qualifications for private fund managers and distributors, duties for institutions involved in fundraising including investor protection measures, and limitations on marketing and promotion of private funds. Once finalized, the rules will provide an important framework for self-regulation of China's private fund industry and help further its development over the long run.
VanFUNDING 2016: Mechanics of Securities Crowdfunding RegulationsCraig Asano
Senior Legal Counsel, Corporate Finance, BCSC, Elliot Mak, along with Graham Stanley, General Manager, Community Futures Stuart Nechako discuss crowdfunding regulations BC from a regulator's perspective and a practical portal operators perspective.
VanFUNDING 2016: Cross border and international crowdfinance (Raising capita...Craig Asano
Presentation slides for Panel discussion on Raising Capital in the U.S. What financing exemptions are available to Canadian issuers interested in raising funds in the United States where the market is ten-fold with a significant appetite for risk capital, pros and cons and process. Moderated discussion led by Alixe Cormick of Venture Law Corporation in discussion with New York Securities attorney, George Georgiades, Esq., President of AltFinEsq, and Bob Poole, Principal, CPA, CGA, Davidson & Company LLP and Dylan Connelly, Principal, CPA, CA, Davidson & Company LLP
IDFC Regular Savings Fund_Scheme information documentIDFCJUBI
- The scheme aims to generate regular returns through investments predominantly in debt instruments and provide long-term capital appreciation by investing a portion in equities.
- It is an open-ended hybrid scheme investing in debt and money market instruments for regular income and balance exposure in equities for capital appreciation over medium to long term.
- Investors' principal will be at moderately high risk.
Ifrs 7 presenting financial instrumentsKhalid Aziz
This document provides information about coaching classes offered by Khalid Aziz in Karachi, Pakistan. It lists the various qualifications and subjects covered, including commerce degrees, ACCA, CAT, ICAP, and O/A levels. Contact information is provided to join the classes, which claim to complete syllabi in 3 months and have over 12 years of experience. Coaching is offered for subjects like accounting, economics, business studies, and others. 100% results are claimed for 2011-2012.
Venture capital funds in India must register with the Securities and Exchange Board of India (SEBI) as Alternative Investment Funds. The registration process takes approximately 6 months and funds must have a minimum investment of 20 crore rupees. Individual investors must invest a minimum of 1 crore rupees. Fund managers are typically compensated through management fees of 2% of the committed fund per year and carried interest of 20-30% of profits. Setting up a venture capital fund in India requires initial expenditures of around 10 lakhs for registration and 25 lakhs for setup costs, with monthly operating costs of 5-10 lakhs.
- HUDCO is a wholly-owned Indian government company that provides loans for housing and urban infrastructure projects. Its total outstanding loan portfolio is INR363,858 million.
- It plays a key role in various government schemes to develop housing and urban infrastructure in India. 89.93% of its total loan portfolio are loans to state governments and their agencies.
- HUDCO provides financing for social housing, residential real estate, retail housing loans, as well as loans for water, roads, power and other urban infrastructure projects.
IFRS 7 requires financial institutions to disclose information about financial instruments and the risks arising from them. Disclosures must include:
1) Details of financial assets and liabilities by category on the statement of financial position.
2) Items of income, expense, gains and losses from financial instruments in the statement of comprehensive income.
3) Qualitative and quantitative information about credit, liquidity, and market risks.
This standard provides guidance on disclosure requirements for financial instruments. It aims to enable users to understand the significance of financial instruments for an entity's financial position and performance, as well as the nature and extent of risks arising from financial instruments. Key disclosure requirements include information on classes of financial assets and liabilities, fair value measurements, credit risk, liquidity risk, market risk, and hedge accounting. The standard requires both qualitative and quantitative disclosures to provide a comprehensive picture of an entity's exposure to various risks from its use of financial instruments.
The Securities and Exchange Commission of Pakistan has issued new guidelines to improve the quality of disclosure in prospectuses and rationalize supporting documents. The guidelines aim to help issuers provide full and clear information to common investors. Key guidelines include using simple language in prospectuses, adequately disclosing all material risks, explaining the primary purpose and use of subscription proceeds, providing a meaningful dividend policy disclosure, reporting all material information and expenses to the issue, and encouraging publication of an abridged prospectus in Urdu in addition to English. The prospectus should be laid out simply and not use photos or fancy formatting as it is a legal document.
This document discusses the need for deeper integration of paid and organic search results, ensuring that technologies like Flash, Flex, AJAX and Air are search engine friendly, and creating and optimizing all digital content based on genuine searcher interest.
The document outlines the process for the "Proof by Picture" projects undertaken by the e-Learners Team at Putauaki over weeks 4-6 of term 4 in 2010. It involves identifying a question to answer through observation over one day, developing a visual hypothesis, documenting evidence through photos or video, analyzing the information, and presenting findings using a media creation tool. The e-Learners are a group of 16 students who work with a teacher to participate in online learning communities and complete projects using various ICT tools to answer self-generated questions through image-based observation and analysis.
The document provides an overview of search engine marketing and optimization techniques. It discusses key topics like the importance of keywords, optimal placement in titles, headings and body copy. It also covers technical aspects like sitemaps, indexing, and barriers that can prevent proper crawling. The goal is to educate on changing a site to maximize elements search engines use to score and rank pages.
Este documento contiene una serie de ejercicios relacionados con el desarrollo de binomios newtonianos. Se piden calcular diferentes términos de los desarrollos así como hallar reglas generales.
This document discusses enabling success in enterprise SEO programs. It recommends adopting an ecosystem approach to improve SEO and increase findability. This includes integrating search engine style guides into development and contracts, talking to all stakeholders, and creating a centralized keyword management system and knowledgebase to share best practices. Monitoring SEO and PPC collaboration and implementing business unit performance metrics can also help scale search programs and increase performance across organizations.
IDFC Asset Allocation Fund of Funds Moderate Plan_Scheme information documentJubiIdfcHybrid
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investments in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the investment strategy, benchmark, fund manager details and various other scheme-related information.
The investment company in risk capital (the “SICAR”) governed by the Luxembourg law of 15 June 2004 relating to the investment company in risk capital, as amended from time to time (the "2004 Law") is Luxembourg’s flagship investment vehicle for private equity/venture capital and accommodates qualified investors.
Edelweiss Prime Brokerage Services offers an integrated suite of services for asset managers, including fund setup advisory, securities custody and clearing, fund accounting, research and execution services, and back office support. It aims to build long-term relationships by providing strategic advice and operational support to help clients address investment needs. The services are designed as a "plug and play" model to suit modern asset managers' requirements.
The document summarizes new crowdfunding rules in British Columbia that allow private companies to raise capital online without filing a prospectus. Under the new rules, private companies can raise up to $250,000 every 6 months by issuing shares or debt securities to individual investors who can invest up to $1,500 each through an online funding portal. Funding portals are also exempt from registration requirements if they meet certain criteria like maintaining accurate records and not providing investment advice. The new rules create an opportunity for startups to tap into crowdfunding as a source of capital but companies will need to consider how crowdfunding fits with their overall fundraising plans and capital structure.
This document discusses the sources of business finance. It explains that businesses require funds for fixed capital needs like assets as well as working capital for daily operations and growth. Funds can come from long, medium, or short-term sources; from business owners or borrowing; and internally through profits or externally from suppliers, lenders, and investors. Long-term sources include equity and loans for fixed assets. Short-term sources like trade credit cover current assets. Owners' funds comprise equity while borrowed funds are loans that must be repaid with interest.
This document provides information about a company prospectus for a group project. It defines a prospectus as a document published by a company to induce public investment in its shares. The prospectus contains key terms of the share offering and invites subscription. It lists the group members working on the project and provides details about what a company prospectus typically includes, such as the company's name and address, stock exchange listing details, issue dates, capital structure, use of funds, and outstanding legal issues.
2016-1, AMAC Issues Self Disciplinary Rules For Comments on Private Fund Indu...Bing Lu
The Asset Management Association of China (AMAC) issued new rules for private investment fundraising activities to solicit public comments. The rules establish qualifications for private fund managers and distributors, duties for institutions involved in fundraising including investor protection measures, and limitations on marketing and promotion of private funds. Once finalized, the rules will provide an important framework for self-regulation of China's private fund industry and help further its development over the long run.
VanFUNDING 2016: Mechanics of Securities Crowdfunding RegulationsCraig Asano
Senior Legal Counsel, Corporate Finance, BCSC, Elliot Mak, along with Graham Stanley, General Manager, Community Futures Stuart Nechako discuss crowdfunding regulations BC from a regulator's perspective and a practical portal operators perspective.
VanFUNDING 2016: Cross border and international crowdfinance (Raising capita...Craig Asano
Presentation slides for Panel discussion on Raising Capital in the U.S. What financing exemptions are available to Canadian issuers interested in raising funds in the United States where the market is ten-fold with a significant appetite for risk capital, pros and cons and process. Moderated discussion led by Alixe Cormick of Venture Law Corporation in discussion with New York Securities attorney, George Georgiades, Esq., President of AltFinEsq, and Bob Poole, Principal, CPA, CGA, Davidson & Company LLP and Dylan Connelly, Principal, CPA, CA, Davidson & Company LLP
IDFC Regular Savings Fund_Scheme information documentIDFCJUBI
- The scheme aims to generate regular returns through investments predominantly in debt instruments and provide long-term capital appreciation by investing a portion in equities.
- It is an open-ended hybrid scheme investing in debt and money market instruments for regular income and balance exposure in equities for capital appreciation over medium to long term.
- Investors' principal will be at moderately high risk.
Ifrs 7 presenting financial instrumentsKhalid Aziz
This document provides information about coaching classes offered by Khalid Aziz in Karachi, Pakistan. It lists the various qualifications and subjects covered, including commerce degrees, ACCA, CAT, ICAP, and O/A levels. Contact information is provided to join the classes, which claim to complete syllabi in 3 months and have over 12 years of experience. Coaching is offered for subjects like accounting, economics, business studies, and others. 100% results are claimed for 2011-2012.
Venture capital funds in India must register with the Securities and Exchange Board of India (SEBI) as Alternative Investment Funds. The registration process takes approximately 6 months and funds must have a minimum investment of 20 crore rupees. Individual investors must invest a minimum of 1 crore rupees. Fund managers are typically compensated through management fees of 2% of the committed fund per year and carried interest of 20-30% of profits. Setting up a venture capital fund in India requires initial expenditures of around 10 lakhs for registration and 25 lakhs for setup costs, with monthly operating costs of 5-10 lakhs.
- HUDCO is a wholly-owned Indian government company that provides loans for housing and urban infrastructure projects. Its total outstanding loan portfolio is INR363,858 million.
- It plays a key role in various government schemes to develop housing and urban infrastructure in India. 89.93% of its total loan portfolio are loans to state governments and their agencies.
- HUDCO provides financing for social housing, residential real estate, retail housing loans, as well as loans for water, roads, power and other urban infrastructure projects.
IFRS 7 requires financial institutions to disclose information about financial instruments and the risks arising from them. Disclosures must include:
1) Details of financial assets and liabilities by category on the statement of financial position.
2) Items of income, expense, gains and losses from financial instruments in the statement of comprehensive income.
3) Qualitative and quantitative information about credit, liquidity, and market risks.
This standard provides guidance on disclosure requirements for financial instruments. It aims to enable users to understand the significance of financial instruments for an entity's financial position and performance, as well as the nature and extent of risks arising from financial instruments. Key disclosure requirements include information on classes of financial assets and liabilities, fair value measurements, credit risk, liquidity risk, market risk, and hedge accounting. The standard requires both qualitative and quantitative disclosures to provide a comprehensive picture of an entity's exposure to various risks from its use of financial instruments.
The Securities and Exchange Commission of Pakistan has issued new guidelines to improve the quality of disclosure in prospectuses and rationalize supporting documents. The guidelines aim to help issuers provide full and clear information to common investors. Key guidelines include using simple language in prospectuses, adequately disclosing all material risks, explaining the primary purpose and use of subscription proceeds, providing a meaningful dividend policy disclosure, reporting all material information and expenses to the issue, and encouraging publication of an abridged prospectus in Urdu in addition to English. The prospectus should be laid out simply and not use photos or fancy formatting as it is a legal document.
This document discusses the need for deeper integration of paid and organic search results, ensuring that technologies like Flash, Flex, AJAX and Air are search engine friendly, and creating and optimizing all digital content based on genuine searcher interest.
The document outlines the process for the "Proof by Picture" projects undertaken by the e-Learners Team at Putauaki over weeks 4-6 of term 4 in 2010. It involves identifying a question to answer through observation over one day, developing a visual hypothesis, documenting evidence through photos or video, analyzing the information, and presenting findings using a media creation tool. The e-Learners are a group of 16 students who work with a teacher to participate in online learning communities and complete projects using various ICT tools to answer self-generated questions through image-based observation and analysis.
The document provides an overview of search engine marketing and optimization techniques. It discusses key topics like the importance of keywords, optimal placement in titles, headings and body copy. It also covers technical aspects like sitemaps, indexing, and barriers that can prevent proper crawling. The goal is to educate on changing a site to maximize elements search engines use to score and rank pages.
Este documento contiene una serie de ejercicios relacionados con el desarrollo de binomios newtonianos. Se piden calcular diferentes términos de los desarrollos así como hallar reglas generales.
This document discusses enabling success in enterprise SEO programs. It recommends adopting an ecosystem approach to improve SEO and increase findability. This includes integrating search engine style guides into development and contracts, talking to all stakeholders, and creating a centralized keyword management system and knowledgebase to share best practices. Monitoring SEO and PPC collaboration and implementing business unit performance metrics can also help scale search programs and increase performance across organizations.
IDFC Asset Allocation Fund of Funds Moderate Plan_Scheme information documentJubiIdfcHybrid
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investments in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the investment strategy, benchmark, fund manager details and various other scheme-related information.
IDFC Asset Allocation Fund of Funds Conservative Plan_Scheme information docu...JubiIdfcHybrid
The document provides information on the IDFC Asset Allocation Fund of Funds scheme. It offers 3 plans - Aggressive, Moderate and Conservative - with the objective of generating capital appreciation and income through investment in equity and debt funds of IDFC Mutual Fund based on a defined asset allocation model. The scheme benchmarks its performance against the CRISIL Hybrid 35+65 - Aggressive Index. The minimum investment amounts are Rs. 5,000 for lumpsum investments, Rs. 1,000 for additional purchases, Rs. 500 for redemptions, and Rs. 1,000 for SIP with 6 installments.
IDFC Asset Allocation Fund of Funds Aggressive Plan_Scheme information documentIDFCJUBI
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investment in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes such as market risks, liquidity risks and risks associated with underlying schemes. The document provides details on features of the scheme including asset allocation, investment strategy, benchmark, fund manager and performance.
IDFC Asset Allocation Fund of Funds Aggressive Plan_Scheme information documentJubiIdfcHybrid
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investments in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the investment strategy, benchmark, fund manager details, load structure and other scheme-related information.
IDFC Asset Allocation Fund of Funds Moderate Plan_Scheme information documentIDFCJUBI
The document provides details about the IDFC Asset Allocation Fund of Funds scheme, which is an open-ended fund of funds scheme investing in equity and debt schemes of IDFC Mutual Fund. It offers 3 plans with different risk-return profiles. The scheme aims to generate capital appreciation and income through investment in underlying IDFC schemes based on a defined asset allocation model. It carries risks associated with investing in mutual fund schemes, such as market risks, liquidity risks and risks associated with underlying schemes. The document outlines the features of the scheme including asset allocation, investment strategy, benchmark, fund manager details and expense ratios.
Preparing for the Crowdfunding Revolution Dara Albright
A wave of financial innovation and regulatory reform is revolutionizing Wall Street and popularizing new asset classes aimed at democratizing the flow of capital and giving smaller investors and businesses greater opportunities to prosper. As a result, the financial services industry is undergoing a dramatic transformation that is rapidly rendering traditional banking and brokerage revenue models obsolete, conventional capital raising strategies unfeasible and typical asset class returns negligible. This is a must-view presentation for all broker-dealers, investment bankers, financial advisors, issuers and investors looking to capitalize on this surge of industry disruption. This presentation helps prepare investors, asset allocators and issuers for the forthcoming Crowdfunding Revolution. It is loaded with the latest financial and legal knowledge from renowned crowfund industry experts.
The document discusses various long term financing options for companies including venture capital, initial public offerings, rights issues, private placements, preferential allotments, and term loans. It provides details on the process and requirements for each type of financing. Some key points covered include the roles of merchant bankers and underwriters in IPOs, the pricing and allotment process for rights issues, and the steps involved in applying for and disbursing a term loan.
EarlyShares SEC Comment Letter 2 - February 2014EarlyShares
The document provides comments on proposed rules for Regulation Crowdfunding. Some key points made include:
1) The proposed financial disclosure and ongoing reporting requirements will be too costly for many issuers, potentially deterring participation. Costs could exceed 100% of funds raised for some smaller offerings.
2) Issuers should have more control over sensitive information and who can access it, rather than all information being publicly available. A permission-based system would provide more protection and trust.
3) Funding portals should have flexibility to limit offerings based on both objective and subjective criteria, and to highlight certain offerings, to differentiate their platforms and services.
The commenter provides recommendations to address these concerns,
Financial statements of a Company are the introductory and formal periodic reports through which the commercial operation communicates fiscal information to its possessors and colourful other external parties which include investors, duty authorities, government, workers, etc. These typically relate to (a) the balance distance ( position statement) at the end of the counting period, and (b) the statement of profit and loss of a. company. Nowadays, the cash inflow statement is also taken as an integral element of the financial statements of a company.
The Capital Assistance Program (CAP) is a new Treasury program that provides capital to qualifying financial institutions, and does not replace the Capital Purchase Program (CPP). To be eligible for CAP, an institution must be considered viable by its federal banking regulator and be a bank, bank holding company, or savings and loan holding company organized in the US. CAP applications will be accepted until May 25, 2009, and Treasury will work with the regulators to process applications quickly while determining final investment decisions. The terms of CAP investments will vary depending on the amount and needs of the institution.
Underwriting involves guaranteeing that shares offered to the public will be fully subscribed. Venture capital firms provide funding to start-ups and become involved in management. They aim to reduce information problems through long-term focus, board representation, staged funding, and diversification. Private equity buyouts involve taking public companies private to avoid regulation and attract talent while pursuing tax advantages.
Mutual funds pool together money from investors to invest in stock markets and other assets. This allows small investors to participate in a more diversified portfolio than they could on their own. Key players in mutual funds include the sponsor who establishes the fund, the asset management company that manages the investments, trustees who oversee the fund, and unit holders who are the beneficiaries. Benefits of mutual funds include diversification of risk, professional management, lower costs than direct investing, liquidity, and transparency.
EisnerAmper LLP Explains the new California custody ruleKeith Miller
Get ready investment advisers registered in California. The State has a new asset custody rule for you. In plain English, here is what you need to know.
This document outlines the investment objectives, strategies, and restrictions of the Javelin Global Emerging Markets Segregated Portfolio fund. The fund aims to provide capital growth through investments in emerging markets like India, China, and Latin America, as well as some developed markets. It will focus on undervalued stocks, funds, small-to-medium businesses, and real estate. Investments must be held for at least 5 years to avoid redemption fees, which are as high as 5% in the first year. The minimum investment is $100,000.
This document provides an overview of hedge fund activism and analyzes the abnormal returns and benefits for shareholders. It includes definitions of hedge funds and activist shareholders. Historically, legislation like Dodd-Frank and Sarbanes-Oxley fueled more active investing by hedge funds by limiting banks and increasing disclosure. The document discusses the "Wolf Pack" tactic used by some hedge funds to delay disclosure of their stakes in target companies. While some research has found benefits to target firms, others argue benefits do not extend to all stakeholders. The analysis will examine abnormal returns for different hedge fund investment strategies and whether shareholders overall benefit from activist investments.
What Plan Fiduciaries can Expect with 404(a)(5) DisclosuresBroadridge
This document discusses the Department of Labor's 404(a)(5) disclosure regulations for participant-directed retirement plans. The regulations aim to provide plan participants with sufficient information about fees, expenses, and investment options so they can make informed decisions. Key requirements include disclosing:
1) General plan information like investment instructions and restrictions
2) Administrative and individual expenses allocated to participant accounts
3) Investment-related information for each option like name, type, performance history, benchmarks, and fees.
Plan administrators must provide this information initially and annually, as well as upon request or if any details change. The regulations seek to help participants while not overburdening plan administrators by allowing reliance on information from service
Alternative Investment Fund Regulation 2011Karthik Deep
The proposed SEBI AIF regulation aims to regulate alternative investment funds in India while allowing qualified investors access to alternative assets. It defines high net worth individuals, sets minimum investment amounts, and categorizes different investment strategies. The regulation imposes reporting requirements on funds related to risks, conflicts of interest, financial statements, and investments. It also clarifies tax treatment and ensures harmonization with other regulations to provide a consistent framework for alternative investments while protecting retail investors.
SEBI (Alternative Investment Funds) Regulations, 2012 defines AIF as a privately pooled vehicle for investments with a defined policy. AIF can be a company, trust, or LLP.
IDFC Focused Equity Fund_Key information memorandumRahulpathak154
The document provides a key information memorandum for the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate long-term capital appreciation by investing in a concentrated portfolio of equity and equity-related instruments. It is suitable for investors seeking to create wealth over the long term through a moderately high-risk investment in a focused portfolio of up to 30 companies. The fund will be actively managed with a focus on investing in quality companies with strong growth potential available at reasonable valuations.
IDFC Focused Equity Fund_Key information memorandumRahulpathak154
The document provides a key information memorandum for the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The following information is highlighted:
- The fund aims to generate long-term capital appreciation by investing in a concentrated portfolio of up to 30 equity and equity-related instruments.
- The asset allocation is 65-100% in equities and equity-related instruments, and 0-35% in debt and money market instruments.
- The investment strategy focuses on investing in quality companies with the ability to generate above-average returns through capital appreciation and growth.
- The risk profile is high given the focus on
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
GE reported preliminary results for its first quarter of 2009. The global economic downturn continued, but GE is navigating through the recession by aggressively cutting costs, driving orders where possible, and maintaining a solid industrial cash flow. Earnings were consistent with previous guidance, with the infrastructure and media businesses flat and the Capital Finance segment reporting a profit of $1.1 billion. GE remains focused on running the company for the long term through investing in growth areas.
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
This document is an early 20th century U.S. federal income tax form (Form 1040) from 1913. It contains instructions for reporting various types of individual income, deductions, exemptions, and calculating the tax owed. Key details include reporting gross income, dividends, deductions for expenses, taxes paid, losses, and worthless debts. The form must be filed by March 1st to avoid penalties and includes an affidavit certifying the accuracy of the reported information.
This document discusses several issues that arise in mortgage foreclosure cases when the original promissory note has been sold and transferred multiple times during the securitization process.
It notes that a high percentage of notes have been "lost or destroyed" during securitization. While UCC §3-309 provides a process for enforcing lost notes, the foreclosing party must prove they are the holder of the note. However, in many cases the chain of assignments is broken and it is impossible to prove who the real holder is.
The document examines issues of standing, pleading requirements that the real party in interest be named, and evidentiary problems when witnesses cannot directly testify to facts of the default but only what is stated in computer
This document provides an overview and assessment of the U.S. Treasury's strategy for addressing the financial crisis through the Troubled Asset Relief Program (TARP). It discusses Treasury's stated goals of addressing bank solvency, increasing credit availability, and assessing financial institution health. The report also evaluates Treasury's current programs and initiatives in light of these goals. Additionally, it examines historical examples of approaches to financial crises to provide context and alternatives if Treasury's strategy requires modification.
Timothy Geithner is poised to become the largest shareholder of US bank stocks in 2009 as his plan to deal with bank losses requires injecting hundreds of billions of additional capital into the largest banks. The document estimates total remaining losses for US banks to be between $650-1000 billion, exceeding banks' current capital levels. For the largest banks to avoid nationalization, Geithner will need to raise $500-750 billion in additional common equity, surpassing the total market capitalization of financial stocks. This suggests US bank stock prices, particularly those with low capital levels, will continue declining significantly.
The document outlines the Treasury's framework for regulatory reform, focusing first on containing systemic risk. It discusses establishing a single independent regulator to oversee systemically important firms and critical infrastructure. It also calls for higher capital and risk management standards for large, interconnected firms. Additionally, it proposes requiring hedge funds above a certain size to register with regulators to increase transparency and oversight of these investment vehicles.
The document outlines Treasury Secretary Geithner's testimony on regulatory reform which focuses on addressing systemic risk. It discusses establishing a single regulator for systemically important firms, higher capital and risk management standards for such firms, requiring registration of large hedge funds, regulating over-the-counter derivatives, strengthening money market funds, and creating a resolution authority for failing complex institutions. The goal is to modernize financial regulation to prevent future crises and ensure stability.
The document outlines the Treasury's framework for regulatory reform, focusing first on containing systemic risk. It discusses establishing a single regulator for systemically important firms, higher capital and risk management standards for such firms, requiring registration of large hedge funds, regulating over-the-counter derivatives markets, strengthening money market fund regulation, and creating stronger resolution authority for failing complex institutions. The framework aims to modernize financial oversight and prevent future crises.
GE Capital held an investor meeting on March 19, 2009 to discuss its funding and liquidity position, portfolio risk management, business reviews and stress testing results, and financial outlook. Key messages included that GE Capital's 2009 long-term funding needs were 93% complete, it had $60 billion in liquidity, and stress testing indicated it was well capitalized and expected to remain profitable even in a severe economic downturn. The presentation addressed questions about GE Capital's commercial real estate, mortgage, consumer credit and other investment exposures.
AIG was contractually obligated to pay about $165 million in retention pay to AIGFP employees according to a 2008 retention plan. About $55 million had already been paid in December 2008. AIG was also obligated to pay $6 million in guaranteed pay outside the plan. Failing to make the legally required retention payments could result in AIG owing double damages plus penalties, and risked significant business and legal issues due to the complexity of AIGFP's derivatives portfolio.
The Stanford Financial Group broke ground on a new global management complex in St. Croix, US Virgin Islands. The 105,000 square foot complex will house Stanford's worldwide management functions and incorporate local architecture. It is planned to be LEED certified and will create over 500 construction jobs and numerous permanent positions. The facility is scheduled for completion in July 2009 and will serve as the headquarters for several of Stanford's business departments and initiatives.
This document is a complaint filed by the Securities and Exchange Commission against Stanford International Bank and others alleging an ongoing fraud. The SEC seeks emergency relief to halt a scheme where Stanford International Bank sold $8 billion in fraudulent certificates of deposit by falsely claiming high, stable annual returns between 15-16% despite 90% of its portfolio being undisclosed. The complaint outlines how the bank, its affiliates, and executives misrepresented the safety, liquidity, and auditing of the investment portfolio to mislead investors and continue the alleged fraudulent scheme.
1) The document discusses concerns about the safety of investing money in offshore banks due to the potential for fraud.
2) It outlines some red flags or "duck traits" that could indicate a financial institution is actually a fraud, including returns that seem too good to be true, inconsistent with market performance, or executed with very few people overseeing everything.
3) It analyzes the returns and operations of one particular offshore bank that a friend invested in, finding patterns of consistency in returns that seem unusually high and executed with few employees, raising suspicions it could be fraudulent.
The document contains monthly housing price index data from 1987 to 1997 for 5 major US cities: Phoenix, Los Angeles, San Diego, San Francisco, and Denver. It shows that housing prices generally increased over the decade for all cities, with Los Angeles and San Francisco seeing the largest gains and Phoenix having more moderate growth. The West Coast cities of Los Angeles, San Diego, and San Francisco tended to move in tandem with each other in terms of price changes.
- Existing home sales decreased in 2008 compared to 2007, with 4.912 million homes sold nationwide. Sales were down across all regions of the country.
- The median sales price of existing homes declined 15.3% nationally from 2006 to 2008, with prices falling over 7% in the Northeast, 11.4% in the Midwest, 8% in the South, and 31.5% in the West.
- Inventory levels and months of supply remained high in 2008, indicating a slow market with more homes on the market than buyers.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
South Dakota State University degree offer diploma Transcriptynfqplhm
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Application for Treasury Investment in a Legacy Securities Public-Private Investment Fund
This application (this “Application”) is for private assets managers (“Applicants”) to apply to the
U.S. Department of the Treasury (“Treasury”) to be pre-qualified to serve as a manager (a “Fund
Manager”) of a Legacy Securities Public-Private Investment Fund (each, a “Fund”) that will invest
in legacy securities (“Eligible Assets”) on behalf of taxpayers and private investors pursuant to
terms set forth in Attachment I.
Fund Managers will be pre-qualified based upon criteria that are anticipated to include:
• Demonstrated capacity to raise at least $500 million of private capital.
• Demonstrated experience investing in Eligible Assets, including through performance
track records.
• A minimum of $10 billion (market value) of Eligible Assets currently under management.
• Demonstrated operational capacity to manage the Funds in a manner consistent with
Treasury’s stated Investment Objective while also protecting taxpayers.
• Headquarters in the United States.
All Applications must be submitted no later than 5:00 p.m. ET on April 10, 2009.
I INFORMATION REQUIRED
This section identifies the primary information the Applicant must provide.
A. Qualifications and Performance History
1. Organizational Background. The Applicant must provide information and/or charts
showing its business entities or units, with particular detail on entities or units that currently
manage portfolios of Eligible Assets. The Applicant must describe any changes in ownership or
major changes in corporate structure in the last 3 years, and any anticipated future changes to its
ownership or corporate structure.
2. Personnel. The Applicant must provide information regarding the relevant expertise of its
personnel. In particular, the Applicant must provide specific detail on personnel that currently
manage funds, accounts or other investment vehicles managing portfolios of Eligible Assets, the
names and experience of the personnel who will be assigned to manage the Fund and the
percentage of business time that each such person will devote to the Fund.
3. Assets Under Management. The Applicant must provide information showing in detail the
number of funds, accounts or other investment vehicles it manages and the total assets under
2. management, with relevant totals and subtotals. The Applicant must include particular details on
Eligible Assets under management.
4. Fundraising. The Applicant must describe its expectations for fundraising from private
investors for equity capital commitments to the Fund (including the amount of equity capital
proposed to be raised and anticipated timing). The Applicant must note whether, and if so how, it
plans to structure the Fund to facilitate the participation of retail investors in the Fund. In addition,
the Applicant must provide examples of its experience fundraising for funds, accounts or other
investment vehicles that primarily invest in Eligible Assets within the past 5 years. The Applicant
must include its expectations as to the composition of the private investor base (e.g. financial
institutions, foundations, public pension plans, university and other endowments, high net worth
investors and/or retail investors).
5. Past Performance. The Applicant must provide a table showing the gross and net returns
for its funds, accounts or other investment vehicles that invest primarily in Eligible Assets for each
of the past 5 years ending December 31, 2008. The Applicant must describe in detail how its
returns are calculated.
6. References. The Applicant must provide reference contacts for the 3 largest limited
partners in aggregate invested in its funds, accounts or other investment vehicles that invest
primarily in Eligible Assets over the last 3 years, including name, title, organization and phone
number.
7. Custodians. The Applicant must list the top 3 custodians with which it currently processes
assets.
8. Small, Veteran-, Minority- and Women-Owned Businesses. If the Applicant is a small,
veteran-, minority- or women-owned business, it must provide evidence of such status and
describe the structure of the partnership it expects to form with other private asset managers, if
necessary, in order to meet the criteria outlined in Attachment I, if applicable.
B. Proposed Fund
1. Structure. The Applicant must describe the proposed structure of the Fund and include a
proposed structure chart.
2. Summary of Terms. The Applicant must provide a summary of proposed material terms of
the Fund, including a proposed drawdown schedule and whether it plans to (i) recycle realized
capital; (ii) have voluntary withdrawal rights (which withdrawal rights will be subject to
limitations agreed with Treasury); (iii) make use of Treasury Debt Financing as defined in
Attachment I and (iv) finance the purchase of Eligible Assets through Legacy TALF, any other
Treasury program or debt financing raised from private sources, subject to the restrictions
described in Attachment I. In addition, the Applicant must describe proposed covenants relating to
allocation of investment opportunities, competing funds and investments away from the Fund.
3. Debt Financing. The program currently contemplates the Treasury will provide Treasury
Debt Financing in an amount up to 50% of a Fund’s total equity capital; provided that Treasury
Debt Financing will not be available to any Fund Manager in respect of a Fund in which the private
3. investors have voluntary withdrawal rights. Treasury will consider requests for Treasury Debt
Financing of up to 100% of a Fund’s total equity capital subject to restrictions on asset level
leverage, withdrawal rights, disposition priorities and other factors Treasury deems relevant. To
the extent the Applicant is interested in receiving Treasury Debt Financing above 50% of total
equity capital, it must provide a description of the amount of the leverage requested along with the
terms as noted above.
4. Proposed Fees. The Applicant must describe any fees it proposes to charge to private
investors in the Fund, including but not limited to management fees and incentive fees.
Additionally, the Applicant must provide information on a proposed fee structure for Treasury
consistent with the terms in Attachment I.
5. Tax Considerations. The Applicant must describe its proposals for efficient tax structuring
for Treasury and private investors.
C. Investment Strategy
1. Asset Management Strategies. The Applicant must describe the asset management
strategies it utilizes to manage its existing portfolios of Eligible Assets. In addition, the Applicant
must describe the following: (i) the application of its asset management strategies to the
management of the Fund in furtherance of the Investment Objective of the Fund pursuant to the
Investment Strategy (each as described in Attachment I); (ii) Applicant’s methodology for
evaluating, pricing and purchasing Eligible Assets, (iii) Applicant’s expectations as to the use of
leverage and (iv) potential considerations that may argue for a deviation from a long-term buy and
hold strategy.
2. Risk Management. The Applicant must describe the risk metrics and limits it employs to
manage portfolios of Eligible Assets. The Applicant must include particular details on the risk
metrics and limits to be employed in managing a Fund investing in Eligible Assets on behalf of
taxpayers and private investors.
D. Governance and Management
1. Principal Transactions. The Applicant must describe the safeguards it intends to employ to
ensure that the Fund does not, directly or indirectly, acquire Eligible Assets from or sell Eligible
Assets to its affiliates, any other Fund Manager or their respective affiliates or any private investor
that has committed 10% or more of the aggregate private capital raised by the Fund.
2. Other Conflicts of Interest. The Applicant must identify any other real or potential
conflicts of interest it may have in managing a Fund as described in Attachment I, and explain how
it will avoid or ameliorate any such conflicts. The Applicant must include the interests of its
affiliates in the answer. In addition, the Applicant must describe its philosophy for fulfilling its
duty to the Treasury and the taxpayers as investors in the Fund in light of its proprietary interests,
those of the private investors in the Fund and those of its other clients. The Applicant must
describe any covenants it has to allocate purchases of Eligible Assets to existing funds, accounts or
other investment vehicles it manages.
4. 3. Prevention of Waste, Fraud and Abuse. The Applicant must describe its proposals to
minimize waste, fraud and abuse.
4. Alignment of Incentives. The Applicant must describe any additional proposals to ensure
that incentives for investing private capital and Treasury capital are aligned.
5. Oversight. The Applicant must indicate if its organization employs a risk oversight officer
that operates independently from private asset managers and other investment-policy decision
makers. The Applicant must identify the most important attributes of its particular risk oversight
framework.
6. Taxes. The Applicant must indicate the following: (i) whether it and each of its affiliates
have paid all material federal, state and local taxes in the United States (“Taxes”) and filed
all material Tax returns required to be filed through the date hereof; and (ii) that there is
no material Tax deficiency that has been, or could reasonably be expected to be, asserted against it
or any of its affiliates, except any Taxes the amount or validity of which are currently being
contested in good faith.
7. Regulatory and Legal Actions. The Applicant must identify any Federal or State citations
or enforcement actions its organization or any affiliate has received or been warned of, and any
litigation or legal proceeding involving its asset management or investment consulting services
involving fraud, negligence, criminal activity, or breach of fiduciary duty.
8. Investor Due Diligence. The Applicant must describe its due diligence process for
assessing potential investors. In particular, the Applicant must describe its anti-money laundering
and “know your client” policies and procedures.
E. Valuation, Monitoring and Reporting
1. Valuation. The Applicant must describe the methodology it intends to employ for
determining the fair market value of the Fund’s Eligible Assets.
2. Monitoring. The Applicant must describe the methodology it intends to employ for
monitoring acquisitions and dispositions of Eligible Assets on behalf of the Fund, including
tracking and maintaining records of (i) trades executed (all pertinent financial and settlement
information) and (ii) notifications of principal and interest payments.
3. Reporting. The Applicant must describe the format whereby it intends to provide the
reporting information required by the Treasury, as described in Attachment I (including
transaction reports, monthly reports and audited and unaudited financial statements). In particular,
describe how it will ensure sufficient transparency while protecting the commercial interest of its
investors.
II DEADLINE AND COMMUNICATIONS
All Applications for investment by Treasury must be submitted by 5:00 p.m. ET on April 10,
2009.
5. All Applicants are responsible for seeking clarification on any issues in this Application that the
Applicant does not fully understand. All questions should be directed to the following:
Treasury Contact:
U.S. DEPARTMENT OF THE TREASURY
Office of Financial Stabililty: Legacy Securities Public-Private Investment Fund
1500 PENNSYLVANIA AVENUE NW
WASHINGTON, DC 20220
Phone Number: 202-622-9911
E-mail Address: SecuritiesPPIF@do.treas.gov
Treasury, in its sole discretion, may respond orally to any questions about the Application.
Substantive questions should be submitted as soon as possible. No other channel of
communication between the Applicant and an officer, employee, or agent of Treasury regarding
this Application is permitted, and no information gained from any such communication may be
considered in any way binding or limiting on the Treasury.
The Treasury, in its sole discretion, may change the deadline for submission of Applications.
III SUBMISSION OF APPLICATIONS
All Applications must be delivered by courier, or in PDF format via email to Treasury by the
deadline.
Treasury has no obligation to consider an Application received after the deadline provided above.
The only acceptable evidence of the time of receipt is the Treasury’s time/date stamp on the
Application or other evidence of receipt maintained by the Treasury.
The Applicant, by submitting an Application to be a Fund Manager, warrants and represents that it
understands and agrees to all terms of this Application and the selection process, including the
following:
1. Treasury, in its sole discretion, will select a Fund Manager to perform the services in this
Application, based on its determination of what is in the best interests of the United States.
2. No communication, question, response or clarification, whether oral or written, about the
requirements of this Application shall in any way serve to limit the Treasury’s complete and
sole discretion in selecting a Fund Manager and in making decisions in connection with this
Application.
3. Treasury may select, reject, or request additional clarifying information about an Applicant’s
Application without further discussion with the Applicant.
6. IV APPLICATION FORMAT
All Applications must include a 1 page cover letter, executed by a person legally authorized to
represent the Applicant, that includes the following information: name, title, address, e-mail, and
office and mobile phone numbers of the individual designated to receive communications from
Treasury and a certification statement that the Applicant (i) understands and agrees to the terms
and selection process set forth in this Application; (ii) understands and agrees to the confidentiality
provisions in Section V; (iii) understands and agrees that it will have a fiduciary duty to perform
all services in the best interests of the Fund; and (iv) is capable of providing the services identified
in this Application. The cover letter must also indicate whether the Applicant is a small, veteran-,
minority- or women-owned business.
All Applications must include a document not to exceed 40 one-sided pages, in 12-point font with
1 inch margins, addressing the items in Section I above.
Applications must not include any other documents or attachments. Applications must not include
any generic marketing or sales information, or rely on cross-references to other documents.
V CONFIDENTIALITY
Treasury considers any information provided to an Applicant in evaluating its Application to be
strictly confidential and must not be disclosed to any third party outside the Applicant’s corporate
organization, nor duplicated, used or disclosed in whole or in part for any purpose other than to
prepare an Application. Under no circumstances shall any information received in connection with
an Application be disclosed to any third party outside the Applicant’s corporate organization
without the express prior written consent of the Treasury.
VI RESERVATION OF RIGHTS
The release of an Application and Treasury’s receipt of any information or responses shall not, in
any manner, obligate the Treasury to perform any act or otherwise incur any liabilities.
Treasury assumes no obligation to reimburse or otherwise compensate the Applicant for expenses
or losses incurred in connection with this Application.
Treasury shall have the unlimited right to use, for any governmental purpose, any information
submitted in connection with this Application.
Treasury reserves the right to: (1) modify the requirements in this Application or withdraw this
Application at any time; (2) decide not to select any Applicants; (3) reject an Application without
inviting the Applicant to submit a new Application; (4) negotiate with and select any Applicant
considered qualified; (5) request, orally or in writing, clarification of or additional information on
a response; (6) waive minor informalities or irregularities, or a requirement of this Application; (7)
accept any Application in part or in total; and (8) reject an Application that does not conform to the
specified format or other requirements of this Application.
Any selection and designation of a private manager pursuant to this Application shall be
contingent upon and subject to availability of funding.
7. Attachment I:
Legacy Securities Public-Private Investment Funds
Summary of Terms
The United States Department of the Treasury (“Treasury”) will
Summary of Program
participate in Legacy Securities Public-Private Investment Funds
(“Funds”) that will invest in legacy securities that will initially include
securities backed by mortgages on residential and commercial properties
(“Eligible Assets”) on behalf of taxpayers and private investors.
The Funds are one component of a broader array of measures targeting
legacy assets in order to encourage new credit formation. This program
contributes to that effort by improving the health of financial institutions
through removal of legacy assets from their balance sheets and by
helping to increase the liquidity and functioning of markets for these
securities.
Private asset managers (“Fund Managers”) will apply to be pre-qualified
to raise private capital to invest in joint investment programs with
Treasury.
Fund Managers will raise equity capital from private investors and
receive matching Treasury equity funding (as described below).
Taxpayers (through the Treasury) and private investors will generally
share any profits or losses on a pro rata basis in accordance with equity
capital investments, except as described under “Treasury Warrants”
below.
To generate attractive returns for taxpayers and private investors through
Investment Objective
long-term opportunistic investments in accordance with the Investment
Strategy.
The Funds will seek to achieve the Investment Objective by following
Investment Strategy
predominantly a long-term buy and hold strategy, but Treasury will
consider other strategies involving limited trading.
Treasury and a vehicle controlled by the applicable Fund Manager
Fund Structure
through which private investors will invest in a Fund (each, a “Private
Vehicle”) will be the sole investors in a Fund. Except as described under
“Asset Purchases / Dispositions” below, Treasury and the applicable
Private Vehicle will invest and divest proportionately at the same time
and on the same terms and conditions in the Eligible Assets. Additional
detail with respect to Fund Structure can be found under “Fund Structure
Detail” below.
8. Private asset managers wishing to participate in this program should
Pre-Qualification of
submit the application found at http://www.financialstability.gov/ to
Fund Managers
Treasury as part of the selection process. Fund Managers will be
pre-qualified based upon criteria that are anticipated to include:
• Demonstrated capacity to raise at least $500 million of private
capital.
• Demonstrated experience investing in Eligible Assets, including
through performance track records.
• A minimum of $10 billion (market value) of Eligible Assets
under management.
• Demonstrated operational capacity to manage the Funds in a
manner consistent with Treasury’s stated Investment Objective
while also protecting taxpayers.
• Headquarters in the United States.
Other criteria are identified in the application. Treasury will consider
suggestions from Fund Managers to raise equity capital from retail
investors.
An applicant must submit its application to Treasury no later than April
Application Deadlines
10, 2009.
Treasury expects to inform an applicant of its preliminary approval on or
prior to May 1, 2009.
Applicants will have a limited period of time from preliminary approval
to raise at least $500 million of private capital and demonstrate
committed capital before receiving final approval from Treasury.
Applicants will be asked to describe the amount of time they anticipate
needing to raise private capital in their applications. In the event
applicants are not able to so demonstrate, Treasury will consider other
applications.
Treasury expects to approve approximately 5 Fund Managers to raise
Treasury Funding
private capital to invest in joint investment programs with Treasury. The
number of Fund Managers may be increased depending on Treasury’s
evaluation of the applications received and determination of what is in
the best interests of taxpayers. Treasury will consider expanding the
program through additional fundings in the future.
The Eligible Assets will initially be commercial mortgage backed
Eligible Assets
securities and residential mortgage backed securities issued prior to 2009
that were originally rated AAA or an equivalent rating by two or more
nationally recognized statistical rating organizations without ratings
enhancement and that are secured directly by the actual mortgage loans,
leases or other assets and not other securities (other than certain swap
9. positions, as determined by the Treasury). The loans and other assets
underlying any Eligible Asset must be situated predominantly in the
United States, which limitation is subject to further clarification by
Treasury. The Eligible Assets must be purchased solely from financial
institutions from which the Secretary of the Treasury may purchase
assets pursuant to Section 101(a)(1) of the Emergency Economic
Stabilization Act of 2008 (“EESA”).
Treasury equity capital will be drawn down in tranches to provide for
Drawdowns
anticipated investments (subject to limitations to be agreed with
Treasury); provided that, except as otherwise agreed by Treasury,
Treasury equity capital may only be drawn down at the same time and in
the same proportion as private capital is drawn down. Debt financing (as
described below) will be funded concurrently with drawdowns of equity
commitments.
Fund Managers will control the process of asset selection and pricing.
Asset Purchases /
Dispositions
Fund Managers will also control the process of asset liquidation, trading,
and disposition.
Treasury expects to define final terms and conditions for the Funds prior
Governance and
to fundraising.
Management
Funds will be managed by Fund Managers, not the Treasury.
Treasury will retain the right to cease funding of committed but undrawn
Treasury equity capital and debt financing in its sole discretion.
Fund Managers will be required to present monthly reports to Treasury
on Eligible Assets purchased, Eligible Assets disposed, current
valuations of Eligible Assets and profits/losses on Eligible Assets
included in each Fund.
Prices of Eligible Assets for reporting purposes must be tracked using
third party sources and annual audited valuations by a nationally
recognized accounting firm.
Each Fund Manager may only purchase Eligible Assets from sellers that
are not affiliates of such Fund Manager, any other Fund Manager or their
respective affiliates or any private investor that has committed at least
10% of the aggregate private capital raised by such Fund Manager.
Private investors may not be informed of potential acquisitions of
specific Eligible Assets prior to acquisition.
Fund Managers must agree to waste, fraud and abuse protections for the
Fund to be defined by Treasury in order to protect taxpayers.
10. Fund Managers must agree to provide access to relevant books and
records of the Fund for Treasury, the Special Inspector General of the
TARP, the Government Accountability Office and their respective
advisors and representatives to enable appropriate oversight and taxpayer
protection.
Treasury Capital Term Fund Managers will make proposals for the term of a Fund with the
intention to maximize returns for taxpayers and private investors, but no
greater than 10 years, subject to extension with Treasury’s consent.
Each Fund Manager will have the option to obtain for each Fund secured
Debt Financing
non-recourse loans from Treasury (“Treasury Debt Financing”) in an
aggregate amount of up to 50% of a Fund’s total equity capital; provided
that Treasury Debt Financing will not be available to any Fund Manager
in respect of a Fund in which the private investors have voluntary
withdrawal rights. Treasury will consider requests for Treasury Debt
Financing of up to 100% of a Fund’s total equity capital subject to
restrictions on asset level leverage, withdrawal rights, disposition
priorities and other factors Treasury deems relevant. Fund Managers will
have the opportunity to request this additional Treasury Leverage and
propose additional terms in their applications.
Funds may also finance the purchase of Eligible Assets through Legacy
TALF, any other Treasury program or debt financing raised from private
sources; provided that Treasury equity capital and Private Vehicle capital
must be leveraged proportionately from such private debt financing
sources.
The Treasury Debt Financing will be secured by the Eligible Assets held
by the applicable Fund.
Loans made by Treasury to any Fund will accrue interest at an annual rate
to be determined by the Treasury and will be payable in full on the date of
termination of the Treasury Capital Term.
Proceeds received by a Fund will be divided between the Treasury and
Treasury Warrants
the applicable Private Vehicle based on equity contributions, except that
Treasury will take warrants as required by EESA to protect the interests
of taxpayers. The terms and amounts of such warrants will be
determined in part based on the amount of Treasury Debt Financing
taken.
Fund Managers may charge private investors fees in their discretion. The
Fees
Treasury will consider the fees proposed to be charged to private
investors when evaluating applications by private asset managers.
For Treasury equity capital, the Treasury will accept proposals for fixed
11. management fees (“Treasury Fees”) to apply as a percentage of equity
capital contributions for invested equity capital. Treasury Fees and
Treasury’s share of Fund expenses will be paid solely out of distributions
with respect to Treasury equity capital.
Any fees paid to a Fund Manager or its affiliates in connection with a
Fund other than Treasury Fees and management or incentive fees
charged to private investors should accrue to the benefit of the Treasury
and private investors on a pari passu basis based on equity capital
commitments.
To ensure a diversity of participation, the Treasury will encourage small,
Small, Veteran-,
veteran-, minority- and women-owned private asset managers to partner
Minority- and
with other private asset managers, if necessary, in order to meet the
Women-Owned
criteria identified above for assets under management and ability to raise
Businesses
private capital.
Private investors may be given voluntary withdrawal rights at the level of
Fund Structure Detail
a Private Vehicle, subject to limitations to be agreed with Treasury
including that no private investor may have the right to voluntarily
withdraw from a Private Vehicle prior to the third anniversary of the first
investment by such Private Vehicle.
The Treasury will request suggestions on structure from Fund Managers,
including with respect to possible recycling of realized capital.
It is anticipated that Private Vehicles will be structured so that benefit
plan investors, within the meaning of Section 3(42) of the United States
Employee Retirement Income Security Act of 1974, as amended, will be
eligible to participate as indirect investors in the Funds.