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16 Cards in this Set
- Front
- Back
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How does an investment adviser register with the SEC |
1. files form ADV 2. pays filing fee 3. submits ADV part 1 annually |
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small/mid/large adviser criteria |
1. small: less than $25 million-regulated by state 2. medium:$25-$100 million- regulated by stateand is subject to examination by state auhtority 3. large advisor: above $100 million must register with SEC 90-110 million has special transaction rules |
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Part 2A of form ADV |
brochure that provides client with backgroun of adviser and any business interests |
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When should adviser give client form ADV part 2a |
48 hours prior to entering into agreement. Client can cancel agreement within 5 days after entering into contract |
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Securities Act of 1933 |
requires registration of new issues of securities and provides applicable procedure for issuing an IPO |
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Prospectus |
discloses material information regarding a particular security |
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Securities and Exchange Act of 1934 |
Extended the regulation of securities to the secondary market or exchanges. Also established the SEC |
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Investment Company Act of 1940 |
Authorized the SEC to regulate certain financial products notably mutual funds and variable annuities |
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McCarran Ferguson act of 1945 |
Made insurance regulated at the state level |
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Maloney act of 1938 |
Brought the OTC market under regulation of the SEC and called for self regulation of OTC securities dealers |
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Federal Bankruptcy Act of 1938 |
requires court appointed trustee to oversee the affairs of a firm for which bankruptcy charges have been filed. provides for liquidation of troubled firms and reorganization of firms that can survivce |
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Securities investor protection act |
insures investors against losses arising from failure of brokerage firm |
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Insider Trading and Securities Fraud Enforcement act of 1988 |
Specified what is considered insider trading and stiffened the penalties for insider trading. Action taking using material, non-public information |
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3 agencies that regulate banks |
1. The comptroller of the currency 2. Federal reserve Board 3. Federal Deposit Insurance Corporation |
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savings and loans assocation |
Also called thrift institution, may not accept demand deposits (checking accounts) they can accept savings to provide home loans. Regulaterd by the office of thrift supervision |
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Trust company |
Specializes in managing estates and serving as trustee for types of trusts owned by an independent partnership, bank or law firm |
