International Survey of Investment Adviser Regulation

Name: International Survey of Investment Adviser Regulation
Brand: Kluwer Law International
Price: 394.99 EUR
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Marcia L. MacHarg Kenneth J. Berman(Herausgeber*in)

Kluwer Law International (Verlag)

3. Auflage

Erschienen am 29. Juni 2012

1298 Seiten

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Inhalt

Cover
Half Title Page
Title Page
Copyright Page
Table of Contents
Preface
List of Abbreviations
Introduction
Argentina
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Introduction
2. Role of the Banco Central de la República Argentina, the Comisión Nacional de Valores and the Mercado de Valores de Buenos Aires S.A.
B. THE REGISTRATION PROCESS
1. Activities or Actions Requiring Registration
1.1. General
1.2. Non-Argentine Advisers
2. Registration Requirements
2.1. Banks
2.1.1. General
2.1.2. Registration of Banks' Representatives
2.2. Brokers and Brokerage Firms
2.3. Over-the-Counter Brokers
2.4. Companies Acting as Managers of Investment Funds
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
Confidentiality
Market Manipulation
3. Contractual Relationships with Clients
4. Compensation Terms
5. Disclosure Requirements
6. Personal Securities Trading
7. Performance-Based Fees
8. Advertising Restrictions
9. Use of Internet
10. Soft Dollar Arrangements
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Regulatory Inspections
15. Regulation of Specified Financial Entities
15.1. Banks
15.2. Brokers and Brokerage Firms
15.3. Over-the-Counter Brokers
15.4. Companies Acting as Managers of Investment Funds
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PROTECTION
1. Anti-money Laundering
1.1. Information Requirements
1.2. Suspicious Activity Reports and Know-Your-Customer Procedures
2. Data Protection
3. Consumers and Users' Protection
E. ENFORCEMENT
F. UNAUTHORIZED FINANCIAL ACTIVITIES
G. EXTRATERRITORIAL APPLICATION
Australia
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Are Financial Services Being Provided?
2.1.2. Is a Financial Services Business Being Carried On in Australia?
2.2. Financial Product Advice
2.2.1. ''Dealing'' in Financial Products
2.3. Financial Products
2.3.1. Financial Products-General Definition
2.3.2. Specific Inclusions as Financial Products
2.3.3. Specific Exclusions From Financial Products
2.3.4. Exclusions from Financial Product Advice
2.3.5. Exclusions from the definition of ''dealing''
2.4. Registration of Associated Persons
2.5. Registration of Affiliates
2.6. Registration of Non-Australian Advisers
2.7. Exemptions
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Reciprocity
1.5. Are There Different or Additional Registration Provisions for Non-Australian Applicants?
1.6. Information Required
1.6.1. ''Proof'' Documents
1.6.2. People Proofs
1.6.3. Other Core Proofs
1.6.4. Non-core Proofs
1.7. Scope of the License
1.8. Substantive Requirements for Registration
1.8.1. General Standards for Granting Registration
1.8.2. Organizational Competence and Responsible Managers
1.8.2.1. General
1.8.2.2. Overseas Qualifications
1.8.3. Adequate Compliance Arrangements
1.9. Jurisdiction of Organization
1.10. Nationals/Residents Serving as Directors, Officers or Employees
2. Withdrawal from Registration
3. Grounds for Denial and Rescission of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
4. Compensation Terms
5. Can the Advisory Contract Be Assigned by the Investment Adviser?
6. Disclosure Requirements
6.1. Wholesale Clients and Retail Clients
6.2. Disclosures to Retail Clients
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Consumer Privacy and Data Protection
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Austria
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.2. Definition of Financial Instruments
2.3. Licensing Requirements
2.3.1. Investment Firms
2.3.2. Investment Services Undertakings
2.4. Associated Persons
2.4.1. Managing Directors
2.4.2. Compliance Function
2.5. Qualifying Holdings
2.6. Advisers from Outside Austria
2.6.1. Member State Investment Firms
2.6.2. Advisers from Outside the EU
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Process for Investment Firms
1.1.1. Essential Requirements
1.1.2. Information Requirements
1.2. Registration Process for Investment Services Undertakings
1.2.1. Essential Requirements
2. Expiration and Revocation of Authorizations
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflicts of Interest and Other Prudential Obligations
1.1. Identifying Conflicts of Interest
1.2. Policies and Procedures
2. Disclosure Requirements
2.1. Information Required
2.2. Classification of Clients
2.2.1. Professional Clients
2.2.2. Eligible Counterparties
2.2.3. Retail Clients
3. Insider Trading
Personal Transactions
4. Compensation and Performance-Based Fees
5. Soft Dollars
6. Agents
7. Record Keeping
8. Custody Regulations
9. Regulatory Inspections
D. ANTI-MONEY LAUNDERING AND DATA PROTECTION
1. Anti-money Laundering
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Belgium
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Self-regulatory Associations
2. Registration Requirements
2.1. Investment Services Requiring Registration
2.2. Ancillary Services
2.3. Definition of Financial Instruments
2.4. Registration of Affiliates
2.5. Registration of Non-Belgian Advisers
2.5.1. EEA Member States
2.5.2. Non-EEA Member States
2.6. Exemptions from Registration
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Application Process
1.2. How Long Does Registration Take?
1.3. Information Required
2. Substantive Requirements for Authorization
2.1. Associated Persons
Personnel Qualifications
2.1.1. Management Personnel
2.1.2. Shareholders
2.2. Compliance, Audit and Risk Management
2.3. Jurisdiction of Organization and Other Obligations
2.4. Capital and Liquidity Requirements
3. Denial and Withdrawal of Licenses
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Duty of Care
1.2. Market Abuse
1.3. Conflicts of Interest
1.4. Codes of Conduct
2. Insider Trading
2.1. Insiders and Inside Information
2.2. Obligations to Prevent Insider Trading
2.3. Administrative and Criminal Offense
3. Conduct of Business Rules
Suitability
3.1. Client Classification
3.2. Disclosure Requirements
4. Advertising
5. Electronic Media and Use of the Internet
6. Personal Securities Trading
7. Compensation of Professionals
7.1. General Requirements
7.2. Performance-Based Remuneration
8. Solicitation by Intermediaries
9. Custody
10. Soft Dollars
Fees
11. Regulatory Inspections
D. ANTI-MONEY LAUNDERING AND DATA PROTECTION
1. Anti-money Laundering
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Brazil
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Role of the CVM
1.3. Self-Regulatory Organization
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Managers
2.1.2. Investment Consultants
2.1.3. Investment Analysts and Autonomous Investment Agents
2.2. Definition of Securities
2.3. Registration of Associated Persons
2.3.1. Officer, Administrator or Managing Partner
2.4. Registration of Non-Brazilian Managers or Consultants
2.5. Exemption from Registration
B. THE REGISTRATION PROCESS
1. How to Register with the CVM
1.1. Investment Manager Registration
1.1.1. Individuals
1.1.2. Corporate Entities
1.2. Investment Consultant Registration
1.3. Registration Fee
1.4. How Long Does the Registration Process Take?
1.5. Reciprocity
2. Information Required
2.1. Individual Investment Managers
2.2. Corporate Investment Managers
2.3. Investment Consultants
2.3.1. Individuals
2.3.2. Corporate Entities
3. Substantive Requirements
3.1. Capital or other Financial Requirements
3.2. Jurisdiction of Organization
3.3. Nationals Serving as Officers, Directors or Employees
4. Withdrawal from Registration
5. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading and Privileged Information
3. Contractual Relationship with Clients
4. Disclosure Requirements
4.1. Reports to the CVM
5. Personal Securities Trading
6. Performance-Based Fees
7. Advertising Restrictions
8. Electronic Media
Use of Internet
9. Client Solicitors
10. Books and Records
11. Custody Regulations
12. Soft Dollars
13. Regulatory Inspections
14. Loans
15. General Responsibility
16. Other Activities
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
1. Administrative Proceedings
2. Penalties
3. Private Rights of Action
F. EXTRATERRITORIAL APPLICATION
Canada
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Self-Regulatory Organizations
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Portfolio Managers and Restricted Portfolio Managers
2.1.2. Definition of Securities
2.2. Exemptions
2.2.1. General Advice
2.2.2. Registered Dealers and Dealing Representatives
2.2.3. Advisers to Private Equity Funds
2.2.4. International Advisers
2.3. Registration of Associated Persons
2.3.1. Representatives and Permitted Individuals
2.3.2. Chief Compliance Officer
Ultimate Designated Person
2.4. Registration of Affiliates
2.5. Registration of Advisers from Outside Canada
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.1.1. Regulator Forms
1.1.2. NRD Forms
1.2. Registration Fee
1.2.1. NRD Fees
1.2.2. Regulator Fees
1.3. Length of the Registration Process
1.4. Reciprocity
1.5. Registration Provisions for Foreign Applicants
1.6. Information Required
1.7. Associated Persons
1.8. Financial Statements
2. Substantive Requirements for Registration
2.1. Working Capital and Insurance
2.2. Jurisdiction of Organization
2.3. Nationals or Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflicts of Interest
2. Insider Trading
3. Contractual Relationship with Clients
3.1. Required Terms and Conditions
3.2. Standard of Care
4. Compensation Terms
5. Assignments of Advisory Contracts
6. Disclosure Requirements
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
16. Tied Settling and Selling
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
3. Consumer Privacy
E. ENFORCEMENT
1. Enforcement Authority
2. Enforcement Powers and Remedies
3. Private Right of Action
F. EXTRATERRITORIAL APPLICATION
Chile
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Introduction
1.1. General
1.2. Regulatory Authorities
2. Investment Advisory Activities of Specially Regulated or Licensed Entities
2.1. Broker-Dealers and Stockbrokers
2.2. Registration of Broker-Dealers and Stockbrokers
2.3. Management of Securities Portfolios
2.4. Ancillary Activities
2.5. Advice with Respect to Non-Chilean Securities
2.5.1. Mandate Agreement
2.6. Advisory Activities by Unlicensed Entities
B. OVERVIEW OF SUBSTANTIVE REGULATION
1. General
2. Insider Trading
3. Conflicts of Interest and Risk Management
4. Contractual Relationship with Clients
4.1. General
4.2. Written Contracts
4.2.1. Portfolio Management Agreements
4.3. Compensation
4.4. Assignments
5. Disclosure Requirements
6. Use of the Internet
7. Books and Records
8. Custody
9. Regulatory Inspection
C. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
1.1. FAU
1.2. AML and Terrorism Regulations
2. Data Protection and Consumer Privacy
D. ENFORCEMENT PROCEEDINGS
E. EXTRATERRITORIAL APPLICATION
People's Republic of China
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Role of the CSRC
1.3. PRC Securities Law
2. Laws Applicable to Advisory Service Companies
2.1. Securities Investment Fund Management Companies (SIFMCs)
2.2. Securities Investment Consulting Companies (SICCs)
2.3. Securities Companies with Asset Management Business Qualification (SCAMBQs)
3. Registration Requirements
3.1. Securities Investment Fund Management Companies
3.1.1. Securities Investment Fund Management
3.1.2. PRC Companies
3.1.3. Registration of Affiliates
3.1.4. Registration of Non-PRC Companies
3.2. Securities Investment Consulting Companies
3.2.1. PRC Companies
3.2.2. Registration of Affiliates
3.2.3. Registration of Non-PRC Companies
3.3. Securities Companies with Asset Management Business Qualification
3.3.1. PRC Companies
3.3.2. Registration of Affiliates
3.3.3. Registration of Non-PRC Companies
B. APPROVAL AND REGISTRATION PROCESS
1. Securities Investment Fund Management Companies
1.1. Requirements for Approval
1.1.1. Shareholder Requirements
1.1.2. Foreign Shareholder Requirements
1.2. Information Required
1.2.1. PRC Applicants
1.2.2. Foreign Joint Venture Applicants
1.3. Qualifications of Associated Persons
1.4. Registration Fee
1.5. How Long Does the Approval Process Take?
1.6. Grounds for Rejection
2. Securities Investment Consulting Companies
2.1. Requirements for Approval
2.2. Information Required
2.3. Qualifications of Associated Persons
2.4. Registration Fee
2.5. How Long Does the Approval Process Take?
2.6. Grounds for Rejection
3. Securities Companies with Asset Management Business Qualification
3.1. Requirements for Approval
3.1.1. Pooled Asset Management Business
3.2. Information Required
3.3. Qualifications of Associated Persons
3.4. Registration Fee
3.5. How Long Does the Approval Process Take?
3.6. Grounds for Rejection
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
3.1. Securities Investment Fund Management Companies
3.2. Securities Investment Consulting Companies
3.3. Securities Companies with Asset Management Business Qualification
4. Compensation Terms
4.1. Securities Investment Fund Management Companies
4.2. Securities Investment Consulting Companies
4.3. Securities Companies with Asset Management Business Qualification
5. Assignment
6. Disclosure Requirements
6.1. Securities Investment Fund Management Companies
6.2. Securities Companies with Asset Management Business Qualification
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Denmark
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Self-Regulatory Associations
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Advice
2.1.2. Investment Services Activities
2.1.3. Investment Advice on a Stand-Alone Basis
2.2. Definition of Financial Instruments
2.3. Registration of Associated Persons
2.4. Registration of ownership
2.5. Registration of Affiliates
2.6. Registration of Advisers from Outside Denmark
2.7. Tied Agents
2.8. Exemptions from Licensing Requirements
2.8.1. General Specific Exemptions
2.9. Stand-Alone Adviser Exemption
B. THE REGISTRATION PROCESS
1. How to register
1.1. The Application Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Are There Different Registration Provisions for Non-Danish Applicants?
1.5. Information Required
1.5.1. Stand-Alone Adviser Applicants
1.5.2. Securities Dealer Applicants
1.5.3. Associated Persons
1.5.4. Stock Ownership
1.6. Financial Information
2. Substantive Requirements for Registration
2.1. Net Worth or Other Financial Requirements
2.2. Jurisdiction of Organization
2.3. Nationals/Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Inducements
3. Conflicts of Interest
4. Governance
5. Insider Trading
6. Contractual Relationship with Clients
6.1. Client Categorization
6.2. Contract Terms
6.3. Portfolio Management
6.4. Client Suitability
7. Disclosure Requirements
Performance Reports
8. Compensation and Fees
8.1. Investment Advisory-Related Fees
8.2. Portfolio Management-Related Fees
9. Assignment of the Advisory Contract
10. Personal Securities Trading
11. Performance-Based Fees
12. Advertising Restrictions
13. Electronic Media
Use of Internet
14. Client Solicitors
15. Books and Records
16. Custody Regulations
17. Soft Dollars
18. Regulatory Inspection
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
2.1. Persons Covered by the PPD Act
2.2. Collection and Processing of Personal Data
2.3. Notification Requirement
2.4. Transfer of Data Outside the EEA
2.5. Disclosure Requirements
3. Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
European Union
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. EU Directives Relevant to Investment Adviser Activities
1.3.1. General
1.3.2. MiFID
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Firms
2.1.2. Investment Services and Investment Activities
2.1.3. MiFID Definition of ''Financial Instruments''
2.1.4. Ancillary Services
2.2. MiFID Passporting Regime
2.3. MiFID Licensing Exemptions
2.4. Certain Exempt Persons
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Process
1.2. How Long Does the Registration Process Take?
1.3. Reciprocity
1.4. Are there Different or Additional Registration Provisions for Foreign Applicants?
2. Substantive Requirements for Registration
2.1. Specific MiFID Requirements
2.2. ''Close-Link'' Relationships
2.3. Scope of Business
Shareholders
Suitability of Personnel
3. Withdrawal from Registration
4. Doing Business in other Member States
4.1. The MiFID Passport
4.2. Passporting Investment Services and Activities
4.3. Establishing a Branch in a Host Member State
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Home Member State Regulation
2. Operational Requirements
Policies and Procedures
3. Conduct of Business Requirements
4. Client Categories
4.1. Professional Clients
Eligible Counterparties
4.2. Retail Clients
5. Capital Requirements
5.1. Applicable Directives
5.2. Initial Capital Requirements
5.3. Risk Capital Requirements
5.4. Liquidity Standards
5.5. Remuneration Policies
6. Insider Trading
6.1. Inside Information
6.2. Market Manipulation
7. Acquiring Interests in Investment Firms
7.1. Notification of Acquisition of Qualifying Holding
7.2. Assessment of Proposed Acquirer
8. Reporting to Member State Authorities
8.1. Changes in Control
8.2. Transactions in Financial Instruments
9. Electronic Media
Use of the Internet
10. Investor Compensation
11. Auditor's Duty to Whistleblow
12. Collective Investment Undertakings
13. Alternative Investment Fund Managers Directive
14. Cooperation among Member States
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
1. Enforcement Reserved to Member States
2. Judicial Review
3. Individual Private Rights of Action
F. EXTRATERRITORIAL APPLICATION
France
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Advice
2.1.2. Related Investment Services
2.1.3. Definition of Financial Instruments
2.1.4. Fund Management
2.1.5. Related Services
2.1.6. Financial Advisers
2.1.7. Exemptions from Registration
2.2. Registration of Associated Persons
2.2.1. Persons Associated with MIF Advisers
2.2.2. Persons Associated with Financial Advisers
2.2.3. Personnel Qualifications for MIF Advisers
2.2.3.1. Compliance Officer
Risk Management Function
2.3. Registration of Affiliates
2.3.1. Qualifying Shareholders
2.4. Registration of Advisers from Outside France
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Authorization Forms
1.1.1. MIF Advisers
1.1.2. Financial Advisers
1.2. Registration Fees
1.2.1. MIF Advisers
1.2.2. Financial Advisers
1.3. Documentation Required
1.3.1. MIF Advisers
1.3.2. Financial Advisers
1.4. How Long Does the Authorization Process Take?
1.4.1. MIF Advisers
1.4.2. Financial Advisers
1.5. Reciprocity
1.5.1. EEA Member States
1.5.1.1. MIF Advisers
1.5.1.2. Financial Advisers
1.5.2. Countries outside the EEA
1.6. Information Required
2. Substantive Requirements for Authorization or Registration
2.1. Capital Requirements for MIF Advisers
2.2. Capital Requirements for Financial Advisers
2.3. Jurisdiction of Organization for MIF Advisers
2.4. Jurisdiction of Organization of Financial Advisers
2.5. Nationals or Residents Serving as Directors, Officers, and Employees
3. Voluntary withdrawal from Authorization or Registration
3.1. MIF Advisers
3.2. Financial Advisers
4. Grounds for Denial of Authorization or Registration
4.1. MIF Advisers
4.2. Financial Advisers
5. Grounds for Termination of Authorization
5.1. MIF Advisers
5.2. Financial Advisers
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. MIF Advisers
1.2. Financial Advisers
2. Client Suitability
2.1. MIF Advisers
2.2. Financial Advisers
3. Conflicts of Interest
3.1. MIF Advisers
3.2. Financial Advisers
4. Insider Trading
4.1. MIF Advisers
4.2. Financial Advisers
5. Contractual Relationships with Clients
5.1. MIF Advisers
5.1.1. Categorization of Clients
5.1.2. Disclosure of Information to Clients
5.1.3. Written Contracts
5.2. Financial Advisers
5.2.1. Categorization of Clients
5.2.2. Disclosure of Information to Clients
5.2.3. Written Contracts
5.3. Can the Contracts Be Assigned?
6. Disclosure Requirements
6.1. MIF Advisers
6.1.1. Disclosure Prior to Service
6.1.2. Ongoing Disclosure
6.2. Financial Advisers
6.2.1. Disclosure Prior to Service
6.2.2. Ongoing Disclosure
7. Personal Securities Trading
7.1. MIF Advisers
7.2. Financial Advisers
8. Performance-Based Fees
8.1. MIF Advisers
8.2. Financial Advisers
9. Advertising
9.1. MIF Advisers
9.2. Financial Advisers
10. Electronic Media
Use of Internet
10.1. MIF Advisers
10.2. Financial Advisers
11. Client Solicitors
11.1. MIF Advisers
11.2. Financial Advisers
12. Books and Records
12.1. MIF Advisers
12.2. Financial Advisers
13. Custody Arrangements
13.1. MIF Advisers
13.2. Financial Advisers
14. ''Soft Dollars''
14.1. MIF Advisers
14.2. Financial Advisers
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
E. ENFORCEMENT PROCEEDINGS, PRIVATE RIGHT OF ACTION
1. MIF Advisers
1.1. Criminal Sanctions
1.2. Professional Sanctions
1.3. Civil Claims
2. Financial Advisers
2.1. Criminal sanctions
2.2. Professional Sanctions
2.3. Civil Claims
F. EXTRATERRITORIAL APPLICATION
Germany
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Role of Financial Supervision Authorities
2. Authorization Requirements
2.1. Activities Requiring Authorization
2.1.1. Financial Services
2.1.2. Investment Advice
2.1.3. Financial Portfolio Management
2.1.4. Collective Investment Management
2.1.5. Contract Broking
2.2. Definition of Financial Instruments
2.3. Ancillary Services
2.4. Qualification of Personnel
2.5. Affiliates
2.6. Authorization of Entities Domiciled in the EEA
2.7. Authorization Requirements for Entities Domiciled Outside the EEA
2.8. Tied Agents
2.9. Exemptions from Authorization
B. THE AUTHORIZATION PROCESS
1. How to Apply for Authorization
1.1. Application Form and Fee
1.2. Duration of Authorization Process
1.3. Information Required
1.4. Authorization of Non-German Applicants
1.4.1. Applicants from EEA States
1.4.2. Applicants from Outside the EEA
2. Substantive Requirements for Authorization
2.1. Capital Requirements
2.1.1. Minimum Capital Requirements
2.1.2. Ongoing Capital Requirements
2.1.3. Guarantee Scheme
2.2. Jurisdiction of Organization
2.3. Non-German Nationals or Residents Serving as Directors, Officers or Employees
2.4. Organizational Requirements
3. Grounds for Denial of Authorization
4. Withdrawal of Authorization
5. Expiration and Revocation of Authorization
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. General
2. Duty of Care and Best Execution
3. Insider Trading and Market Manipulation
3.1. Insider Trading
3.2. Market Manipulation
4. Client Classification
5. Suitability
6. Conflicts of Interest
7. Contractual Relationship with Clients
8. Assignment of Advisory Contracts
9. Disclosure Requirements
9.1. Required Information
9.2. Disclosure to Retail Clients
9.3. Disclosure to BaFin
10. Fees
11. ''Soft Dollars''
Incentive Payments
12. Advertising Restrictions
13. Electronic Media
Use of Internet
14. Client Solicitors
15. Books and Records
16. Custody
17. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and Terrorist Financing
1.1. Client Due Diligence
1.2. Recordkeeping
1.3. Reporting
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
1. Administrative Proceedings
1.1. Corrective Actions
1.2. Administrative Fines
2. Criminal Offenses
F. EXTRATERRITORIAL APPLICATION
Greece
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Advice
Portfolio Management
2.2. Definition of Financial Instruments
2.3. Ancillary Services
2.4. Exemptions
2.5. Certification of Associated Persons
2.5.1. Officers and Directors
2.5.2. Qualified Personnel, Compliance and Internal Audit
2.6. Registration of Affiliates
2.7. Registration of Advisers from Outside Greece
B. THE REGISTRATION PROCEDURE
1. How to Register
1.1. Authorization Form
1.2. Authorization Fee
1.3. How Long Does the Authorization Process Take?
1.4. Reciprocity
1.5. Information Required
1.5.1. Applicant Entity
1.5.2. Board of Directors
1.5.3. Controlling Shareholders
1.6. Financial Information
2. Substantive Requirements for Licensing
2.1. Capital Requirements
2.2. Jurisdiction of Organization
Type of Legal Entity
2.3. Nationals or Residents Serving as Directors, Officers or Employees
3. Termination or Withdrawal of License
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Conflicts of Interest
3. Insider Trading
3.1. Privileged Information Relating to Financial Instruments
3.2. Privileged Information Relating to Derivatives
3.3. Persons Covered
3.4. Policies and Procedures against Market Abuse
4. Contractual Relationship with Clients
4.1. Written Agreements
4.2. Classification of Clients
4.2.1. Professional Clients
4.2.2. Non-Professional Clients
4.3. Notification of Guarantee Scheme
5. Compensation Terms
6. Can the Contract be Assigned?
7. Disclosure Requirements
7.1. Client Disclosures
7.2. Ongoing Disclosure to the CMC
8. Personal Securities Trading
9. Performance-Based Fees
10. Advertising Restrictions
11. Electronic Media
Use of Internet
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Regulatory Inspections
15.1. Role of CMC and BoG
15.2. Inspections of EU and Non-EU Firms
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and Counter-Terrorism
2. Data Protection and Consumer Privacy
2.1. Data Protection
2.2. Consumer Protection
E. ENFORCEMENT PROCEEDINGS
1.1. Regulatory Authorities
1.2. Private Right of Action
F. EXTRATERRITORIAL APPLICATION
Hong Kong
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. The Securities and Futures Ordinance
1.2. The Role of the Securities and Futures Commission
2. Regulated Activities
2.1. Activities Requiring Authorization
2.2. Definition of Securities
2.3. Advising on Securities
2.4. Asset Management
2.5. Licenses for Asset Management and Advising on Securities
2.6. Authorized Financial Institutions
2.7. Authorization of Associated Persons
2.7.1. Licensed Representatives
2.7.2. Responsible Officers
2.8. Associated Entities
2.9. Approval of Substantial Shareholders
2.10. Registration of Entities from Outside Hong Kong
2.11. Provisional Licenses
2.12. Exemptions from Licensing Requirements
2.12.1. Incidental Exemption
2.12.2. Advising Wholly Owned Group Companies
2.12.3. Exemptions from Adviser Licensing
2.13. Activities in Hong Kong
B. THE LICENSING PROCESS
1. How to Obtain a License
1.1. Application Form
1.2. Licensing or Registration Fees
1.3. How Long Does the Licensing Process Take?
1.4. Information Required
1.4.1. Information about Associated Persons
1.4.2. Information on Financial Resources
1.5. Financial Statements
1.5.1. Reciprocity
1.6. No Additional Licensing Provisions for Foreign Applicants
2. Substantive Requirements for Licensing
2.1. Fit and Proper Criteria
2.2. Capital and Other Financial Requirements for Licensed Corporations
2.3. Insurance Requirements
2.4. Competence Requirements for Associated Persons
2.4.1. Individuals
2.4.2. Test of Competence for Responsible Officers
2.4.3. Test of Competence for Licensed Representatives
2.5. Jurisdiction and Form of Organization
2.6. Number of Residents Serving as Directors, Officers or Employees
3. Withdrawal from Carrying on Licensed Regulated Activity
4. Grounds for Denial of License
5. Revocation or Suspension of a License
5.1. Individuals
5.2. Corporations
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Insider Dealing
1.1.1. Duty of Officers to Implement Policies and Procedures
1.2. Market Misconduct
1.2.1. False Trading
1.2.2. Price Rigging
1.2.3. Disclosure of Information about Prohibited Transactions
1.2.4. Disclosure of False or Misleading Information Inducing Transactions
1.2.5. Stock Market Manipulation
2. Contractual Relationship with Clients
2.1. Required Terms and Conditions
2.2. Standard of Care
2.3. Compensation Terms
2.4. Assignment of Client Agreement
3. Disclosure Requirements
3.1. The Securities and Futures (Contract Note, Statement of Account and Receipts) Rules (the ''Rules'')
3.1.1. Receipts for Deposits of Money or Securities
3.1.2. Monthly Statements of Account
3.2. Ongoing Disclosure Requirements for Licensed Persons
3.2.1. Submission of Audited Accounts
3.2.2. Submission of Financial Resources Returns
3.2.3. Submission of Annual Returns
3.2.4. Notification of Certain Events and Changes
3.3. Disclosure of Financial and Disciplinary Action
4. Personal Securities Trading
4.1. Disclosure of Interests in Securities
5. Performance-Based Fees
6. Advertising Restrictions
7. Electronic Media
Use of Internet to Provide or Advertise Services
8. Client Solicitors
9. Books and Records
10. Custody Regulations
10.1. Client Money
10.2. Client Securities/Securities Collateral
11. Soft Dollars
12. Regulatory Inspections
12.1. Who Can Conduct Inspections of Licensed Investment Advisers?
12.2. Inspection Process
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering Regulations
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
1. Enforcement Authority
2. Enforcement Powers
2.1. Disciplinary Action
2.2. Powers of Intervention
2.3. Injunctions and Other Orders
2.4. Securities and Futures Appeals Tribunal (''SFAT'')
3. Civil Liability for Market Misconduct
F. EXTRATERRITORIAL APPLICATION
India
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
2. Licensing Requirements
2.1. Activities or Actions Requiring Licensing
2.2. Definition of Securities
2.3. Reciprocity
2.4. Future Regulation of Investment Advisers
2.4.1. SEBI 2007 Consultative Paper
2.4.2. SEBI 2011 Concept Paper
B. THE REGISTRATION PROCESS
1. How to Obtain Registration
1.1. Application Form for Portfolio Managers
1.2. Registration Fee
1.3. Information Required
1.4. Renewal of Registration
1.5. Registration of Stock Brokers
Merchant Bankers
1.5.1. Stock Brokers
1.5.2. Merchant Bankers
2. Substantive Requirements for Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Insider Trading
2. Conflicts of Interest
3. Contractual Relationship with Clients
4. Disclosure Requirements and Compensation Terms
5. Assignment of Client Contract
6. Client Assets
Custody
7. Advertising Restrictions
8. Client Solicitation
9. Books and Record
10. Soft Dollars
11. Regulatory Inspections
D. ANTI-MONEY LAUNDERING
E. DATA PROTECTION LAWS
F. ENFORCEMENT PROCEEDINGS
1. Penalties under the SEBI (Intermediaries) Regulations, 2008
2. Adjudication Proceedings under Chapter VI A of the SEBI Act
3. Directives under Section 11 and 11B of the SEBI Act
4. Criminal Prosecution under Section 24 of the SEBI Act
G. EXTRATERRITORIAL APPLICATION
H. RECENT LEGISLATIVE DEVELOPMENTS
Indonesia
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.2.1. Bapepam-LK
1.2.2. Minister of Finance
1.2.3. Self-Regulatory Organization
2. Licensing Requirements
2.1. Activities or Actions Requiring Licensing
2.1.1. Investment Advisory Activities
2.1.2. Investment Management Activities
2.1.3. Securities Rating Activities
2.1.4. Definition of ''Securities''
2.2. Licensing of Associated Persons
2.3. Registration of Affiliates
2.4. Registration of Non-Indonesian Advisers
3. How to Apply For a License
3.1. Application Forms
Fees
3.2. How Long Does the Registration Process Take?
3.3. Reciprocity
3.4. Are there Different or Additional Registration Provisions for Foreign Applicants?
3.5. Information Required
3.5.1. Individual Investment Adviser License
3.5.2. Corporate Investment Adviser License
3.5.3. Investment Manager License
3.6. Investment Manager Representative License
4. Substantive Requirements for Registration
4.1. Capital Requirements
4.2. Jurisdiction of Organization
4.3. Nationals or Residents Serving as Directors, Officers or Employees
5. Grounds for Rejection of Application
6. Revocation of License
B. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
4. Compensation Terms
5. Can the Advisory Contract Be Assigned by the Investment Adviser?
6. Disclosure Requirements
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
Reports to Regulators
12.1. Books and Records
12.2. Reports to Bapepam-LK
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
C. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
1.1. Know Your Customer Working Units and Guidelines
1.2. Acceptance and Identification of Clients
1.3. Identification and Verification of Documents Provided by Prospective Clients
1.4. Monitoring Accounts and Transactions
1.5. Risk Management Policies
2. Data Protection and Consumer Privacy
D. ENFORCEMENT PROCEEDINGS
1. Enforcement
1.1. Administrative Sanctions
1.2. Criminal Sanctions
1.2.1. Failure to Obtain a License
1.2.2. Fraud, Market Manipulation or Insider Trading
1.2.3. Management of Reksa Dana
1.2.4. Inspection
E. EXTRATERRITORIAL APPLICATION
Ireland
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Role of the Central Bank of Ireland
2. Authorization Requirements
2.1. Activities Requiring Authorization
2.2. Definition of Financial Instruments
2.3. Ancillary Services
2.4. Authorization of Associated Persons
2.4.1. Director and Manager Qualifications
2.4.2. Employees Generally
2.4.3. Compliance Officer
2.5. Internal Audit and Risk Management
2.5.1. Authorization of Affiliates
2.6. Change of Control
2.7. Registration of Advisers from Outside Ireland
2.8. Exemptions from Authorization
2.8.1. Investment Advice Exemption
2.8.2. Intra-Group Exemption
2.9. Territorial Safe Harbor
B. THE AUTHORIZATION PROCESS
1. How to Obtain an Authorization
1.1. Authorization Form
1.2. Authorization Fees
1.3. Documentation Required
1.4. How Long Does the Authorization Process Take?
1.5. Reciprocity
1.5.1. EEA Member States
1.5.2. Countries Outside the EEA
1.6. Information Required for Authorization
2. Substantive Requirements for Authorization
2.1. Capital Requirements
2.2. Jurisdiction of Organization
2.3. Nationals or Residents Serving as Directors
3. Withdrawal from Registration
4. Grounds for Denial of Authorization
5. Grounds for Withdrawal of Authorization
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Best Results for Clients
3. Client Suitability
4. Conflicts of Interest
5. Insider Trading
6. Contractual Relationship with Clients
6.1. Categories of Clients
6.2. Professional Clients
Eligible Counterparties
6.3. Retail Clients
6.4. Agreements with Retail Clients
6.5. Compensation Terms
6.6. Can the Advisory Contract be Assigned by the Investment Adviser?
7. Disclosure Requirements
8. Personal Securities Trading
9. Performance-Based fees
10. Advertising Restrictions
11. Electronic Media
Use of Internet
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Soft Dollars
16. Regulatory Inspections
D. ANTI-MONEY LAUNDERING
DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
2.1. Fair Collection and Processing
2.1.1. Criteria for Legitimizing the Processing of Personal and Sensitive Data
2.1.2. Security Measures
2.1.3. Accuracy of Personal Data
Retention
2.2. Transfer of Data Outside the European Economic Area
2.3. Processing of Personal Data by Data Processor
2.4. Marketing
E. ENFORCEMENT PROCEEDINGS
1. Criminal Proceedings
2. Administrative Sanction Regime
3. Withdrawal of authorization
4. Extraterritorial Application
The State of Israel
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities Requiring Registration
2.1.1. Definition of Securities and Financial Assets
2.1.2. Investment Advice
2.1.3. Investment Marketing
2.1.4. Portfolio Management
2.1.5. Exemptions from Licensing
2.2. Registration of Associated Persons
2.3. Registration of Affiliates
2.4. Registration of Non-Israeli Providers of Investment Services
2.5. Extraterritorial Application
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Registration Provisions for Non-Israeli Applicants and Reciprocity
1.5. Incorporation and Information Required
1.5.1. Investment Advice License
1.5.2. Investment Marketing License
1.5.3. Portfolio Management License
1.6. Substantive Requirements for Registration
1.6.1. Substantive Requirements for Companies
1.6.2. Substantive Requirements for Individuals
1.7. Jurisdiction of Organization
1.8. Nationals/Residents Serving as Directors, Officers or Employees
2. Withdrawal from Registration
3. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
4. Compensation Terms
5. Can the Advisory Contract Be Assigned by the Investment Adviser?
6. Disclosure Requirements
6.1. Portfolio Manager Disclosures
6.1.1. Investment Advisers and Investment Marketers Disclosures
6.1.2. Licensee Disclosures
6.1.3. Details Concerning Investment Advice
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
13.1. Separation of Assets
13.2. Separate Account Management
13.3. Prohibition of Using Clients' Assets
14. Soft Dollars
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering Regulations
2. Privacy Protection
E. ENFORCEMENT PROCEEDINGS
1. Securities Authority Disciplinary and Administrative Enforcement
1.1. Monetary Sanctions
1.2. Administrative Sanctions
1.2.1. Monetary Sanctions
1.2.2. Payment to the Party Injured by the Violation
1.2.3. Corrective Measures
1.2.4. Prohibition on Serving as Senior Office Holder
1.2.5. Revocation or Suspension of a License
1.2.6. Publication
1.2.7. Responsibility of a General Manager or Partner
1.2.8. Judicial Review
1.2.9. Administrative proceedings and Criminal Proceedings
1.3. Prohibition on Indemnification and Insurance
2. Criminal and Disciplinary Sanctions
3. Client Lawsuits
F. EXTRATERRITORIAL APPLICATION
Italy
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities and Actions Requiring Registration
2.1.1. Definition of Investment Services
2.2. Definition of Financial Instruments
2.3. Definition of Advisory Services
2.4. Definition of Portfolio Management
2.5. Definition of Ancillary Services
2.6. Registration of Associated Persons
2.7. Advisers from Outside Italy
2.7.1. Non-EU Intermediaries
2.7.2. EU Intermediaries
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration of SIMs
1.1.1. Application
1.1.2. Corporate Form
1.1.3. Capital Requirements
1.1.4. Timing of Application
1.1.5. Information Required
1.1.6. Qualification of Shareholders
1.1.7. Qualification of Management Personnel
1.2. Registration of Banks Carrying Out Investment Services
1.3. Registration of SGRs
1.3.1. Information Required
2. Withdrawal from Registration
3. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflicts of Interests
2. Anti-fraud Provisions
3. Insider Trading
4. Client Suitability
5. Contractual Relationship with Clients
5.1. Advisory Services Contracts
5.1.1. Definition of Retail and Professional Clients
5.2. Portfolio Management Contracts
5.2.1. General Requirements
5.2.2. Retail Customers
6. Compensation Terms
7. Can the Advisory Contract Be Assigned by the Investment Adviser?
8. Disclosure Requirements
9. Personal Securities Trading
9.1. Regulations Applicable to Personal Transactions
9.2. Policies and Procedures
10. Performance-Based Fees
11. Advertising Restrictions
12. Electronic Media
Use of Internet
13. Financial Salesmen
14. Books and Records
15. Custody Regulations
16. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering Regulation
2. Data Protection and Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
1. Administrative Sanctions
2. Criminal Sanctions
F. EXTRATERRITORIAL APPLICATION
Japan
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.1.1. General
1.1.2. The Financial Instruments and Exchange Law
1.1.3. The Commodities Investment Advisory Law
1.2. Regulatory Authorities
1.2.1. The Financial Instruments and Exchange Law
1.2.2. The Commodities Investment Advisory Law
2. Registration Requirements
2.1. The Financial Instruments and Exchange Law
2.1.1. General
2.1.2. Definition of Securities and Derivative Transactions
2.1.3. Investment Advisory Business on a Discretionary Basis
2.1.4. Scope of Permitted Business of a Registered Investment Manager
2.1.5. Non-Discretionary Investment Advisory Business
2.1.6. Registration of Associated Persons
2.1.7. Registration of Affiliates
2.1.8. Registration of Advisers from Outside Japan
2.1.9. Exemptions
2.2. The CIAL
2.2.1. Definition of Commodity Investment
2.2.2. Commodity Investment Advice on a Discretionary Basis
2.2.3. Non-Discretionary Commodity Investment Advice
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Application Form
1.2. Application Fee
1.3. How Long Does The Registration Process Take?
1.4. Are There Different Registration Requirements for Non-Japanese Applicants?
2. Required Information
3. Substantive Requirements for Registration
3.1. Investment Management Business
3.1.1. Capital Requirements
3.1.2. Jurisdiction of Organization
3.1.3. Compliance Framework
3.1.4. Human Resources Requirements
3.1.5. Withdrawal and Denial of Registration
3.1.6. Additional Requirements in the Case of Investment in Beneficial Interests in a Trust of Real Estate
3.1.7. Investment Management Business Targeting Only Accredited Investors
3.2. Non-Discretionary Investment Advisory Business
3.2.1. Capital Requirements and Deposit
3.2.2. Jurisdiction of Organization
3.2.3. Compliance Framework and Human Resources Requirements
3.3. Withdrawal and Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
4. Standard of care
5. Compensation Terms
6. Assignment of Advisory Agreements
7. Disclosure Requirements
7.1. Initial Disclosure to Client
7.2. Subsequent Disclosure to Clients
7.3. Regulatory Reports
8. Personal Securities Trading
9. Performance-Based Fees
10. Advertising Restrictions
11. Electronic Media
Use of Internet
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Soft Dollars
16. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
E. ENFORCEMENT PROCEEDINGS AND DISPUTE RESOLUTION
1. Court Proceedings
2. Proceedings by the FSA and LFBs
3. Financial ADR System
3.1. Measures to Deal with Customers Complaints
3.2. Measures to Resolve Disputes with Customers
F. EXTRATERRITORIAL APPLICATION
Korea
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authori
1.2.1. FSC
1.2.2. FSS
1.2.3. KoFIA
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Types of Companies
2.1.2. Exemptions from Registration
2.2. Registration of Associated Persons
2.3. Registration of Affiliates
2.4. Registration of Advisers from Outside Korea
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Reciprocity
1.5. Are There Different or Additional Registration Provisions for Non-Korean Applicants?
1.6. Information Required
1.7. Substantive Requirements for Registration
1.8. Jurisdiction of Organization
1.9. Nationals/Residents Serving as Directors, Officers or Employees
2. Withdrawal from Registration
2.1. Voluntary Withdrawal from Registration
2.2. Denial or Revocation of Registration
2.3. Other Matters to be Approved by FSC
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Regulations Applicable to Regulated Companies
1.2. Regulations applicable to Discretionary Investment Management Companies
2. Insider Trading
3. Contractual Relationship with Clients
3.1. Execution and Delivery of the Client Agreement
3.2. Duties and Obligations
3.2.1. Principle of Trust and Faith
3.2.2. Duty of Care
3.2.3. Duty of Good Faith
4. Compensation Terms
5. Can the Advisory Contract be assigned by the Investment adviser?
5.1. Assignment under Business Transfer
5.2. Client Consent for Assignment
5.3. Delegation
6. Disclosure Requirements
6.1. Delivery of Solicitation Document
6.2. Ongoing or Periodic Disclosure Requirements
6.2.1. Reports to Clients
6.2.2. Reports to Regulators
7. Personal Securities Trading
8. Performance-based Fees
9. Advertising Restrictions
10. Electronic Media
Use of the Internet
10.1. Regulations governing the Use of the Internet or Electronic Media
10.2. Substantive Requirements governing the Use of the Internet or Electronic Media
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering Regulations
2. Consumer Privacy or Data Protection Regulations
E. ENFORCEMENT PROCEEDINGS
1. Enforcement Authority
2. Enforcement Powers or Remedies
3. Private Right of Action
F. EXTRATERRITORIAL APPLICATION
Luxembourg
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Self-Regulatory Organizations
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Non-Discretionary and Discretionary Advisory Activities
2.1.2. Provision of Investment Advisory Services
2.1.3. Provision of Private Portfolio Management Services
2.1.4. Definition of Financial Instruments
2.2. Registration of Associated Persons
2.2.1. Qualifications of Management Personnel
2.3. Audit and Compliance Functions
2.4. Registration of Affiliates
2.5. Registration of Investment Advisors and Private Portfolio Managers from Outside Luxembourg
2.6. Exemptions from Registration
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Authorization Process Take?
1.4. Reciprocity
1.5. Are There Different Registration Requirements for non-Luxembourg Applicants?
1.6. Information Required
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Jurisdiction of Organization
2.3. Nationals or Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud provisions
1.1. Conflicts of Interest
1.2. Duty to Act in Best Interest of Clients
2. Insider Trading
3. Contractual Relationship with Clients
4. Compensation Terms
5. Performance-Based Fees
6. Can the Advisory Contract Be Assigned?
7. Disclosure Requirements
8. Personal Securities Trading
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
16. Other
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
3. Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
The Netherlands
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Definitions in the FSA
1.3.1. Investment Advisory Activities in the FSA
1.3.2. Definitions Relating to Advisory Activities
1.3.3. Definition of Financial Instruments and Financial Products
2. Activities Requiring Registration
2.1. Entities Requiring Registration
2.2. Activities or Actions Requiring a License
2.2.1. Investment Advice
2.2.2. Individual Asset Management
2.3. Licensing of Associated Persons
2.3.1. Tied Agents and MiFID Requirements
2.3.2. Tied Agents Regulated under the FSA
2.3.3. Tied Agents of EEA Member State Firms
2.4. Licensing of Affiliates
2.4.1. Affiliated Enterprises
2.4.2. Acquisition of Shares and Control Acquisitions
2.5. Licensing of Advisers from Outside the Netherlands
2.6. What Constitutes Performing Services in the Netherlands?
2.7. Limitations to the License Requirements
2.7.1. Limitations on Scope of FSA
2.7.2. Exceptions from Licensing for Certain Financial Enterprises
2.7.3. EEA Member State Exceptions
2.7.4. Non-EEA Member State Exemptions
Other Exemptions and Limitations
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Application Form
1.2. Application Fees
1.3. Information Required
1.4. Reciprocity
1.5. How Long Does the Licensing Process Take?
2. License Modification, Withdrawal and Limitations
2.1. Notifications for Licensed Investment Firms
2.2. License Withdrawal or Limitations
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. General
1.1. Compliance Officer
2. Anti-fraud Provisions
3. Insider Trading
3.1. Insider Trading: Price Sensitive Information
3.2. Obligation to Report Insider Trading
4. Conflicts of Interest
5. Contractual Relationship with Clients
5.1. Form and Content Requirements
5.2. Providing Information
6. Clients
6.1. Due Care
''Know Your Customer'' Requirements
6.2. Categories of Clients
6.2.1. Professional Investors
Eligible Counterparties
6.2.2. Non-Professional Investors
6.2.3. Reclassification of Professional Investors
Eligible Counterparties
7. Compensation Terms
8. Transfer of the Advisory Contract
9. Disclosure Requirements
9.1. Initial Disclosures to Clients
9.2. Ongoing Disclosures to Clients
10. Personal Securities Trading
11. Performance-Based Fees
Compensation
12. Advertising Restrictions
13. Electronic Media
Use of Internet
14. Client Solicitors
15. Books and Records
16. Custody Regulations
17. Soft Dollars
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
E. REGULATORY INSPECTIONS AND ENFORCEMENT
1. Regulatory Inspections
2. Enforcement: General
3. Administrative Enforcement
3.1. General
3.2. Issuing an Instruction
3.3. Appointment of a Trustee
3.4. Prohibitions on Activities or Transactions
3.5. Dismissal of an Accountant or Actuary
3.6. Penalty-Backed Duty
3.7. Administrative Fines
3.8. Public Warnings
3.9. Publication of Fines and Penalty-Backed Duties
3.10. Withdrawing a License
4. Administrative Measures and Criminal Prosecution
Norway
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Advisers to Private Equity Funds
2.1.2. Investment Advice
2.1.3. Portfolio Management (Discretionary Advice)
2.1.4. Financial Instruments
2.1.5. Exemptions
2.2. Registration of Associated Persons
2.3. Registration of Affiliates
Tied Agents
2.4. Registration of Non-Norwegian Advisers
2.5. Capital Requirements
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Jurisdiction of Organization
Type of Legal Entity
1.5. Nationals or Residents Servings as Directors, Officers or Employees
1.6. EEA Investment Advisers and Portfolio Managers
1.7. Non-EEA Investment Advisers and Portfolio Managers
2. Withdrawal from Authorization
3. Grounds for Denial or Rescission of Authorization
C. SUBSTANTIVE REGULATIONS
1. Anti-fraud Provisions
1.1. Conflicts of Interest
1.2. Employee Activities
1.3. Best Execution
2. Insider Dealing
3. Contractual Relationship with Clients
4. Compensation Terms
5. Assignment of Advisory Agreement
6. Disclosure Requirements
6.1. The Brochure
6.2. Ongoing Reporting Obligations
6.3. Financial and Disciplinary Disclosure
7. Personal Securities Dealing
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data protection and consumer privacy
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
The Philippines
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.1.1. General Banking Law
1.1.2. Investment Houses Law
1.1.3. Investment Company Act
1.2. Role of the Monetary Board
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Management Activity
2.1.2. Non-Discretionary Investment Advice
2.2. Definition of Securities
B. THE AUTHORIZATION PROCESS
1. The Monetary Board
1.1. Banks
1.2. Investment Houses
1.3. Other Entities
2. SEC Registration
2.1. How to Register
2.2. Authorization Process
2.3. Registration Fees
2.4. How Long Does Registration Take?
2.5. Information Required
3. Application of Authorization Requirements to Non-Philippine Advisers
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions and Conflicts of Interest
2. Insider Trading
3. Disclosures and Other Obligations
4. Taxation
5. Currency for Settlement
6. Management of Investment Companies
6.1. Corporate Form
6.2. Investment Company Service Contract
6.3. Subcontract
6.4. Exclusions
7. Commodity Trading Advisers
D. CONSUMER PRIVACY, ANTI-MONEY LAUNDERING AND DATA PROTECTION
E. ENFORCEMENT
F. EXTRATERRITORIAL APPLICATION
Poland
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Role of Polish Financial Supervision Authority
1.3. Self-Regulatory Bodies
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Brokerage Activities
2.2. Requirement to Employ Individual Professional Investment Advisers
2.3. Definition of Financial Instruments
2.4. Ancillary Activities
2.5. Registration of Associated Persons
2.5.1. Management Board Qualifications
2.6. Compliance, Internal Audit and Risk Management Functions
2.7. Registration of Affiliates
2.7.1. Non-EU Affiliates
2.7.2. Member States
2.8. Acquisition of Shares and Control Acquisitions
2.9. Registration of Non-Polish Firms
2.9.1. Registration of Non-Polish Firms Domiciled Outside the EU
2.9.2. Registration of Non-Polish Firms Domiciled in the EU
2.9.3. Enrollment of Non-Polish Citizens as Individual Investment Advisers
2.10. Exemptions from Registration
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form for Individual Investment Advisers
1.2. Registration Form to Conduct Brokerage Activities
1.3. Registration Fee
1.4. How Long Does the Registration Process Take?
1.5. Reciprocity
1.6. Are There Different or Additional Registration Provisions for Foreign Applicants?
1.7. Information Required for a Brokerage Authorization
1.7.1. The Applicant
1.7.2. Affiliates of the Applicant
1.8. Information Requirements for Investment Advisers
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Jurisdiction of Organization
2.3. Nationals or Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
4.1. General
4.2. Grounds for Canceling a License
4.3. Grounds for Refusal to Enroll an Applicant on the List of Investment Advisers
4.4. Grounds for Removal from the List of Investment Advisers
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflicts of Interest
1.1. Guidelines for Addressing Conflicts of Interest
1.2. Personal Securities Trading
1.2.1. Policies and Procedures
1.2.2. Records of Personal Transactions
1.4. Trading by Research Personnel
2. Insider Trading
3. Contractual Relationship with Clients
3.1. Professional Clients
3.2. Retail Clients
3.3. Best Interest of Client
4. Compensation Terms
5. Can the Advisory Contract Be Assigned by the Investment Adviser?
6. Disclosure Requirements
6.1. Disclosures to Retail Clients
6.2. Disclosure to Portfolio Management Clients
6.3. Reports to the PFSA
7. Performance-Based Fees
8. Advertising Restrictions
9. Electronic Media
Use of Internet
10. Client Solicitors
11. Books and Records
12. Custody Regulations
13. Soft Dollars
14. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and Terrorist Financing
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Portugal
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.2. Investment Consulting
2.3. Portfolio Management
2.4. Definition of Financial Instruments
2.5. Registration of Associated Persons
2.6. Registration of Affiliates
2.7. Registration of Non-Portuguese Entities
2.7.1. General
2.7.2. Use of Internet or Website
2.8. Exemptions from Regulation
B. REGISTRATION PROCESS
1. General
1.1. Registration of Portuguese Entities and Individuals
1.2. Registration of Non-Portuguese Entities and Individuals
1.2.1. Entity Domiciled in the EU
1.2.2. Entity Domiciled Outside the EU
2. Registration Form
3. Registration Fees
4. Length of Registration Process
5. Reciprocity
6. Information Required
6.1. General
6.2. EU Branch
7. Substantive Requirements for Registration
7.1. Capital Requirements
7.2. Personnel Qualifications
7.3. Jurisdiction of Organization
7.4. Nationality of Officers and Directors
8. Withdrawal and Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflicts of Interest
1.1. Qualified Investors
2. Insider Trading
3. Contractual Relationships with Clients
4. Compensation Terms
5. Assignment of the Contract
6. Disclosure Requirements
7. Personal Securities Trading
7.1. Research Personnel
7.2. Trading on Confidential Information
8. Performance-Based Fees
9. Soft Dollars
10. Advertising Restrictions
11. Electronic Media
12. Client Solicitors
Tied Agents
13. Books and Records
14. Custody Regulations
15. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection and Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
PRIVATE RIGHT OF ACTION
F. EXTRATERRITORIAL APPLICATION
Russia
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Role of the Federal Service for Financial Markets
1.2. Self-Regulating Organizations
1.3. Definition of Securities
2. Authorization Requirements
2.1. Activities Requiring Authorization
2.1.1. Securities Trust Management
2.1.2. Unit Investment Trust Management (PIF) and Other Pooled Entity Management (AIF)
2.1.2.1. PIFs
2.1.2.2. AIFs
2.1.3. Bank Common Trust Fund Management (OFBU)
2.2. Licensing of Non-Russian Managers
2.3. Authorization of Associated Persons
2.3.1. Securities Trust Manager Personnel Qualification Requirements
2.3.2. PIF and AIF Managers
2.3.3. AIFs
2.3.4. Financial Controller
2.3.5. Compliance Officer
2.4. Affiliates
B. THE LICENSING PROCESS
C. THE APPLICATION PROCESS
1. How to Obtain a License
1.1. Securities Trust Manager Application Form
1.2. Information Required for Securities Trust Manager License
1.3. PIF/AIF Manager Application Form
1.4. Documents Required for PIF/AIF Manager License
1.5. Application Fee
1.6. Non-Russian Applicants
1.7. How Long does the Application Process Take?
1.8. Term of License
2. Substantive Requirements for Authorization
2.1. Capital Requirements
2.1.1. Securities Trust Managers
2.1.2. PIF and AIF Managers
2.1.3. OFBU Managers
2.2. Personnel Qualification Requirements
2.3. Other Requirements
2.4. Limitations of Ownerships
3. Grounds for Denial of License
D. OVERVIEW OF SUBSTANTIVE REGULATION
1. Conflict of Interest and Other Prohibited Actions
1.1. Securities Trust Managers
2. PIF and AIF Managers' Duties and Obligations
3. Insider Trading
3.1. Definitions
3.2. Policies and Procedures
4. Contractual Terms
4.1. Securities Trust Managers
4.2. PIF and AIF Managers
4.2.1. PIF Managers
4.2.2. AIF Managers and AIFs
4.3. OFBU Managers
5. Continuing Reporting Obligations
6. Disclosure Requirements
7. Reporting to Clients or Shareholders
7.1. Securities Trust Managers
7.2. PIF and AIF Managers
AIFs
7.3. OFBU Managers
8. Fees
8.1. Securities Trust Managers
8.2. PIF and AIF Managers
AIFs
9. Advertising Regulations
10. Segregation of Accounts
Custody
11. Client Solicitors
12. Use of the Internet
13. Assignment of Trust Management
14. Regulatory Inspections
14.1. Types of Inspections
14.2. Inspection Process
14.3. SRO Inspection
15. Books and Records
16. Soft Dollars
E. MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Money Laundering
2. Data Protection and Consumer Privacy
F. ENFORCEMENT
1. Enforcement by the FSFM
1.1. License Suspension and Cancellation
1.2. Grounds for Suspension or Cancellation
1.2.1. Securities Trust Managers
1.2.2. PIF and AIF Managers, AIFs
1.3. Procedure for Suspension or Cancellation
1.3.1. Securities Trust Managers
1.3.2. PIF and AIF Managers, AIFs
1.4. Other Means of Enforcement
2. Criminal Penalties
3. Private Rights of Action
G. EXTRATERRITORIAL APPLICATION
1. Civil Jurisdiction
2. Criminal Jurisdiction
Saudi Arabia
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authority
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Carrying on Securities Business
2.1.2. Investment Advice
2.1.3. Definition of Securities
2.1.4. Customer Categories
2.1.5. Exemptions
2.2. Registration of Associated Persons
2.3. Registration of Affiliates
2.4. Registration of Foreign Advisers
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Are There Different or Additional Application Provisions for Foreign Applicants?
1.5. Information Required by the CMA
1.5.1. Information about Associated Persons
1.5.2. Financial Information
1.6. Substantive Requirements for Registration
1.6.1. Net Worth or Other Financial Requirements
1.7. Jurisdiction of Organization
Type of Entity
1.8. Nationals/Residents Serving as Directors, Officers or Employees
2. Withdrawal from Registration
3. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Confidentiality
3. Conflicts of Interest
4. Market Manipulation and Insider Trading
5. Contractual Relationship with Clients
6. Compensation Terms
7. Assignment of the Advisory Contract
8. Disclosure Requirements
8.1. Disclosure to CMA
8.2. Disclosure to Client
9. Personal Securities Trading
10. Performance Fees
11. Advertising Restrictions
12. Electronic Media
Use of Internet
13. Client Solicitors
14. Books and Records
15. Custody Regulations
16. Soft Dollars
17. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Consumer Privacy and Data Protection Regulations
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Singapore
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Applicable Statutes
1.1.1. The Securities and Futures Act
1.1.2. The Financial Advisers Act
1.1.3. The Commodity Trading Act
1.2. Regulatory Authorities
1.2.1. The Monetary Authority of Singapore
1.2.2. Minister for Finance
1.2.3. Securities Industry Council
1.2.4. International Enterprise Singapore
1.2.5. Accounting and Corporate Regulatory Authority of Singapore
1.3. Definition of Securities
1.4. Definition of Investment Product
2. Registration Requirements
2.1. Actions or Activities Requiring Registration
2.1.1. Fund Management
2.1.2. Boutique Fund Management
2.1.3. Financial Advisory Service
2.2. Registration of Representatives and Directors
2.2.1. Representatives
2.2.2. Chief Executive Officer and Directors
2.3. Exemptions from Registration
2.3.1. Exempt Fund Managers
2.3.2. Exemption for Certain Financial Advisers
2.3.3. Thirty ''Qualified Investor'' Fund Manager Exemption
2.3.4. Proposed Exemption for Managers of Immovable Assets
2.3.5. Exclusions from Fund Manager Registration
2.3.6. Exempt Financial Advisers
2.3.7. Excluded Financial Advisers
2.4. Corporate Form of Organization
B. HOW TO REGISTER
1. The Application Process
1.1. The Application Form
1.2. Fees
1.3. How Long Does the Licensing Process Take?
1.4. Required Information
1.5. Appointment of a Representative
1.5.1. Procedure for Application for a Representative's License
1.5.2. Standards for Approval
2. Substantive Requirements For Registration
2.1. Capitalization
2.2. Minimum Assets Under Management
2.3. Staffing Requirements
2.4. Registration of Non-Singaporean Companies
3. Grounds for Denial of Registration
4. Withdrawal from, or Revocation of, Registration
4.1. Fund Management License Holder
4.2. Chief Executive Officer and Directors
4.3. Representatives
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
Business Conduct Rules
2. Independent Valuations
3. Insider Trading
Market Manipulation
4. Fund Management Agreements: Fees and Confidentiality
5. Assignment of Fund Management Contracts
Change of Control
6. Disclosure Requirements
7. Personal Securities Trading
8. Advertising
9. Solicitors (Introducers)
10. Books and Records
10.1. Customer Records
10.2. Proprietary Transactions
10.3. Register of Employee and License Holder Interests in Securities
10.4. Accounting Records and Financial Statements
Reports to MAS
10.5. Other Information
11. Custody of Client Funds and Securities
12. Brokerage and Soft Dollars
13. Regulatory Inspections
14. Other Laws Applicable to FM License Holders
14.1. Restrictions on Granting of Unsecured Credit and Credit Facilities
14.2. Securities Borrowing and Lending
14.3. Outsourcing
D. ANTI-MONEY LAUNDERING
DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
1.1. General
1.2. Monetary Authority of Singapore (Anti-terrorism Measures) Regulations
1.3. Duty to Report Suspicious Transactions
1.4. Prevention of Corruption Act
2. Confidentiality of Customer Data
E. ENFORCEMENT
1. Criminal Enforcement
2. Civil Enforcement
3. Regulatory Enforcement
F. EXTRATERRITORIAL APPLICATION
South Africa
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Advice
2.1.2. Intermediary Services
2.1.3. Financial Products
2.2. No Distinction Based on Type of Client
2.3. Registration of Associated Persons
2.3.1. Required Personnel
2.3.2. Key Individuals
Representatives
2.3.3. Compliance Officer
2.4. Registration of Affiliates
2.5. Registration of Advisers from Outside South Africa
2.6. Exemptions from Registration
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Reciprocity
1.5. Registration Requirements for Foreign Applicants
1.6. Information Required
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Jurisdiction of Organization
2.3. Nationals/Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Financial Intelligence Centre Act
2. Conflicts of Interest
3. Insider Trading
4. Contractual Relationship with Clients
5. Compensation Terms
6. Assignment of Contracts
7. Disclosure Requirements
8. Personal Securities Trading
9. Performance-Based Fees
10. Advertising Restrictions
11. Electronic Media
Use of Internet
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Soft Dollars
16. Regulatory Inspections
16.1. General
16.2. Inspection Process
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Privacy
E. ENFORCEMENT PROCEEDINGS
1. Actions by the Registrar
2. Private Right of Action
F. EXTRATERRITORIAL APPLICATION
Spain
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities Requiring Registration
2.1.1. Discretionary Management Services
2.1.2. Investment Advisory Services
2.1.3. Ancillary Advisory Activities
2.2. Definition of Financial Instruments
2.3. Registration of Affiliates
2.4. Registration of Non-Spanish Advisers
2.5. Exemptions
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Application Form
1.2. Authorization Process
1.3. Registration of Applicants from Outside Spain
1.4. Registration Fees
1.5. Information Required
1.6. Information About Associated Persons
1.7. Financial Information
1.8. How Long Does Registration Take?
1.8.1. Registration of SVs, AVs, SGCs and EAFIs
1.8.2. Registration of SGIICs
1.8.3. Credit Institutions
1.9. Significant Shareholders
1.10. Reciprocity
1.10.1. EU Member State Firms
1.10.2. Non-EU Member State Firms
1.11. Cross-Border Operations by Spanish Investment Firms
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Personnel Qualifications
2.2.1. Directors and other Employees
2.2.2. Compliance, Audit, and Risk Management
2.2.3. Compliance
2.2.4. Internal Audit
2.2.5. Risk Management
2.2.6. Disqualifications
2.3. Nationals or Residents Serving as Directors, Officers or Employees
2.4. Jurisdiction of Organization
3. Withdrawal from Registration
4. Grounds for Denial of Registration
5. Revocation of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Impartiality and Good Faith
1.2. Other Prohibited Forms of Conduct
1.3. Conflicts of Interest
1.4. Codes of Conduct
1.5. Register of Transactions and Orders
1.6. Accreditation of Clients and Custody of Documents
2. Insider Trading
2.1. Inside Information
2.1.1. Prohibitions on Use of Inside Information
2.1.2. Information Barriers
2.1.3. Criminal Offense
3. Contractual Relationship with Clients
3.1. Forms of Agreements
3.1.1. Standard Forms for Investment Advisory Services
3.1.2. New Standard Forms for Discretionary Management Services
3.2. Standards for Professional and Retail Clients
3.2.1. Professional Clients
3.2.2. Retail Clients
4. Compensation Terms
4.1.1. Fee Disclosure
4.1.2. Information on Costs and Charges
5. Assignment of the Contract
6. Client Disclosure Requirements
6.1. Disclosures to Retail Clients
6.1.1. Information regarding the Firm and Services
6.1.2. Client Statements
6.1.3. Investment Risks
6.1.4. Other Disclosure
6.2. Disclosures to Professional Clients
7. Other Substantive Regulations
7.1. Client Claims
7.2. Investor-Compensation Scheme
7.3. Suitability Determinations
8. Solicitation Fees
Non-Monetary Benefits
9. Personal Securities Trading
9.1. Personal Securities Trading by Advisory Personnel
9.1.1. Policies and Procedures
9.1.2. Exempt Transactions
10. Advertising Restrictions
11. Electronic Media
Use of the Internet
11.1. Substantive Requirements
11.2. Contract Requirements
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Soft Dollars
16. Regulatory Inspections
16.1. Role of CNMV
16.2. Inspection Fees
16.3. Authority to Inspect Controlling Entities
D. CONSUMER PRIVACY, ANTI-MONEY LAUNDERING, AND DATA PROTECTION
1. Consumer Privacy
2. Data Protection
2.1. Scope of Data Protection Laws
2.2. Data Protection Obligations
2.3. Internet Communications
3. Anti-money Laundering and Counter-Terrorism
3.1. Customer Due Diligence
3.2. Examination and Reporting Requirements
3.3. Books and Records
3.4. Policies and Procedures
3.5. Training
E. ENFORCEMENT PROCEEDINGS
1. Authority of CNMV
2. Role of Economy and Competitiveness Minister
3. Remedies
3.1. Sanctions Against Non-Spanish Firms
3.2. Cooperation of CNMV with EU Member State Regulators
3.3. Cooperation by the CNMV with the Non-EU Regulators
4. Administrative Penalties
4.1. Classification of Violations
4.2. Penalties
5. Criminal Penalties
6. Private Claims
F. EXTRA-TERRITORIAL APPLICATION
Sweden
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.3. Relevant Business
2. Registration Requirements
2.1. Activities Requiring Registration under the SMA
2.2. Definition of Financial Instruments
2.3. Definition of Investment Advice
2.4. Ancillary Services
2.5. Registration of Associated Persons
2.5.1. Nationality of Directors, Officers or Employees
2.5.2. Director Qualifications
2.5.3. Shareholders with Qualifying Holdings
Control
2.6. Compliance Function
2.7. Risk Management and Internal Audit Functions
2.8. Tied Agents
2.9. Registration of Non-Swedish Advisers
2.9.1. Entity Domiciled in the EEA
2.9.2. Entity Domiciled Outside the EEA
2.10. Exemptions from Authorization
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Reciprocity
1.5. Are there Different or Additional Registration Provisions for Foreign Applicants?
1.6. Information Required
1.6.1. All Applicants
1.6.2. Contents of Business Plan
1.6.3. Additional Information for Swedish Applicants
1.6.4. Information on Directors, Officers and Shareholders of Swedish Applicants
1.6.5. Information by Applicants Domiciled in the EEA
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.1.1. Investment Advisers
2.1.2. Other Securities Companies
2.2. Jurisdiction of Organization
2.3. Form of Organization
3. Withdrawal from Registration
4. Grounds for Denial of Registration
4.1. Swedish Companies
4.2. Non-Swedish Companies Domiciled Outside the EEA
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Client Suitability Determinations
3. Principal Transactions
4. Conflicts of Interest
4.1. Guidelines for Addressing Conflicts of Interest
4.2. Trading by Financial Analysts
5. Insider Trading
6. Client Categorization
Professional and Retail
7. Contractual Relationships with Clients
7.1. Client Agreements
7.2. Agreements with Retail Clients
7.3. Compensation Terms
7.4. Can the Advisory Contract Be Assigned by the Investment Adviser?
8. Disclosure Requirements
8.1. General
8.2. Disclosure to Professional Clients
8.3. Disclosure to Retail Clients
8.4. Units of Investment Funds
8.5. Information about Investor Protection and Deposit Guarantee
9. Information to Consumers Receiving Investment Advice
10. Reporting to Clients
10.1. Trade Confirmations
10.2. Discretionary Portfolio Management
10.3. Certain Retail Transactions
10.4. Custody
11. Reporting of Transactions to the SFSA
Post-Trade Disclosure
12. Disclosure Obligations for Investment Research
13. Personal Securities Trading
14. Performance-Based Fees
15. Advertising Restrictions
16. Electronic Media
Use of Internet
17. Client Solicitors
18. Books and Records
19. Custody Regulations
19.1. Client Financial Instrument Assets
19.2. Client Funds (Cash)
19.3. External Auditor Reports
20. Soft Dollars
21. Regulatory Inspections
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and Anti-Terrorist Financing
1.1. Customer Due Diligence
1.2. Simplified Due Diligence
1.3. Enhanced Due Diligence
1.4. Reporting Obligations
Record Keeping
2. Data Protection
3. Consumer Privacy
E. ENFORCEMENT PROCEEDINGS
1. Swedish Securities Institutions
2. Non-Swedish Investment Firms
2.1. EEA Investment Firms
2.2. Non-EEA Investment Firms
3. Appeals
4. Private Right of Action
F. EXTRATERRITORIAL APPLICATION
Switzerland
A. INTRODUCTION
B. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Financial Intermediaries
1.3. Independent Investment Advisers
1.4. Other Licensable Activities
1.4.1. Banking or Securities Dealing Activities
1.5. Regulatory Authorities
1.5.1. FINMA
1.5.2. Self-Regulatory Organizations
2. Registration Requirements
2.1. Independent Investment Advisers
2.2. Management of Collective Investment Schemes (CIS)
2.3. Banking and Securities Dealing Activities
C. THE REGISTRATION PROCESS
1. How to Register
1.1. SRO Registration for Financial Intermediaries
1.1.1. SRO Application Form
1.1.2. SRO Registration Fees
Length of Process
1.2. FINMA Registration
1.2.1. FINMA Application Form
1.2.2. FINMA Fees
1.2.3. FINMA Information Required
1.2.4. Form of Organization and Residency Requirements
1.2.5. Reciprocity
1.3. Registration as a CIS Manager with FINMA
1.3.1. Application Form
1.3.2. Fees
1.3.3. Information Required
1.3.4. Personnel Qualifications
1.3.5. Compliance Policies
Auditor
1.3.6. Capital Requirements
1.3.7. Non-Swiss CIS
1.3.8. Reciprocity
2. Withdrawal from Registration
3. Grounds for Denial of Registration
D. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Independent Investment Advisers
1.2. CIS Managers
1.3. Securities Dealers
2. Insider Trading and Market Manipulation
2.1. Insider Trading
2.2. Market Manipulation
2.3. Penalties
3. Contractual Relationship with Clients
3.1. Independent Investment Advisers
3.2. CIS Managers
3.3. Professional Associations
4. Compensation Terms
4.1. Investment Advisers
4.2. CIS Managers
4.3. Third-Party Payments
5. Can the Advisory Contract Be Assigned by the Investment Adviser?
6. Disclosure Requirements
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
15.1. CIS Managers
15.2. Independent Investment Advisers
E. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data protection
Bank Secrecy
2.1. Swiss Federal Data Protection Act
2.2. Banking Secrecy
F. ENFORCEMENT PROCEEDINGS
1. Enforcement Authority and Power to Investigate
2. Enforcement Remedies
3. Extraterritorial Application
G. FUTURE DEVELOPMENTS: PROPOSED CISA REVISION
1. Regulation of Swiss Fund Asset Managers
2. Role of the Custodian Bank
3. Distribution of Collective Investment Schemes
Republic of China (Taiwan)
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
1.2.1. The Financial Supervisory Commission
1.2.2. Self-Regulatory Association
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.1.1. Investment Consulting
2.1.2. Discretionary Investment Business
2.1.3. Other Activities
2.2. Registration Criteria
2.3. Definition of Regulated Products
2.4. Registration of Associated Persons
2.5. Registration of Affiliates
2.6. Registration of Adviser from Outside Taiwan
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Reciprocity
1.5. Are There Different or Additional Registration Provisions for Non-Taiwanese Applicants?
1.6. Information Required
1.6.1. Application to Establish a SICE
1.6.2. Application for an Operating License
1.7. Substantive Requirements for Registration
1.8. Jurisdiction of Organization
1.9. Nationals/Residents Serving as Directors, Officers or Employees
2. Withdrawal from Registration
3. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATIONS
1. Anti-fraud Provisions
2. Insider Trading
3. Contractual Relationship with Clients
4. Compensation Terms
5. Can the advisory contract be assigned by the investment adviser?
6. Disclosure Requirements
7. Personal Securities Trading
8. Performance-Based Fees
9. Advertising Restrictions
10. Electronic Media
Use of Internet
11. Client Solicitors
12. Books and Records
Regulatory Reports
13. Custody Regulations
14. Soft Dollars
15. Regulatory Inspections
Regulatory Reports
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
Privacy
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
Turkey
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Role of the Capital Markets Authority
1.2. Role of Self-Regulatory Organization
2. Registration Requirements
2.1. Activities Requiring Registration
2.2. Non-discretionary Exempt Activities
2.3. Portfolio Management Activities
2.4. Definition of Capital Market Instruments
2.5. Registration of Associated Persons
2.5.1. Personnel Qualifications
2.5.2. Executive and Specialized Personnel
2.5.3. Other Organizational Matters
2.6. Internal Control and Audit Function
2.7. Registration of Affiliates
2.8. Registration of Advisers from Outside Turkey
2.9. Exemptions from Registration
2.9.1. General Exemptions
2.9.2. Exemption for ''Directive Comments and Advice''
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Application Form
1.2. Registration Fees
1.3. Information Required for Authorization
1.4. Financial Statements
1.5. How Long Does Registration Take?
1.6. Reciprocity
1.7. Cross-Border Operations by Turkish Investment Firms
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Type of Legal Entity
3. Withdrawal from Registration
4. Grounds for Denial of Registration
5. Revocation of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Independence
1.2. Conflicts of Interest
1.3. Code of Conduct
1.4. Requirements for ''Directive Comments and Advice''
2. Insider Trading
3. Contractual Relationship with Clients
3.1. Forms of Agreements
3.2. Professional Obligations to Clients
4. Can the Advisory Contract be Assigned?
5. Client Disclosure Requirements
5.1. Delivery of Advertising Form
5.2. Periodic Regulatory Disclosure Requirements
6. Solicitation Fees
Non-Monetary Benefits
7. Personal Securities Trading
7.1. Personal Securities Trading by Advisory Personnel
7.2. Reporting
8. Performance-Based Fees
8.1. Restrictions
8.2. Exemptions
9. Advertising Restrictions
10. Electronic Media
Use of the Internet
10.1. Investment Advisory Activities
10.2. Directive Comments and Advice
11. Books and Records
12. Custody Regulations
13. Soft Dollars
14. Regulatory Inspections
14.1. Role of CMB
D. CONSUMER PRIVACY, ANTI-MONEY LAUNDERING, AND DATA PROTECTION
1. Consumer Privacy
2. Anti-money Laundering and Counter-Terrorism
E. ENFORCEMENT PROCEEDINGS
1. Authority of CMA
2. Authority of ACMIP
3. Remedies
4. Private Claims
F. EXTRA-TERRITORIAL APPLICATION
United Arab Emirates
A. OVERVIEW OF THE REGULATORY REGIME
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. The DIFC
1.3. Definitions of Financial Consultation and Financial Analysis
1.4. Definitions of Securities and Commodities
2. Licensing Requirements
2.1. Activities or Actions Requiring a License
2.2. Authorization of Associated Persons
2.2.1. Licensed Personnel Generally
2.2.2. General Manager or Chief Executive Officer
2.2.3. Financial Analysts
2.3. Internal Control and Audit Requirements
2.4. Exemptions from Licensing Requirement
B. THE LICENSING PROCESS
1. How to Obtain a License
1.1. Authorization Form
1.2. Registration Fee
1.3. Documentation Required
1.4. How Long Does the Licensing Process Take?
2. Substantive Requirements for Licensing
2.1. Corporate Form
2.2. Capital Requirements
2.3. UAE Nationals Serving as Directors, Officers or Employees
2.4. Foreign Applicants
2.5. Companies with Existing Securities/Brokerage Operations
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Standard of Care
2. Anti-fraud Provisions
3. Conflicts of Interest
Disclosure and Notification Requirements
4. Insider Trading
5. Contractual Relationship with Clients
6. Disclosure of Fees
7. Personal Securities Trading
8. Performance-Based Fees and Commissions
9. Advertising
Public Statements and Publication Requirements
9.1. Licensed Company
9.2. Financial Analysts
10. Client Solicitors
11. Books and Records
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and Terrorism Financing
2. Data Protection and Privacy
3. Other Substantive Regulations
E. ENFORCEMENT
1. Investigations
2. Suspension and Cancellation of License
3. Right of Appeal
4. Penalties
United Kingdom
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
1.1. Regulatory Structure
1.2. Regulatory Authorities
2. Registration Requirements
2.1. Activities or Actions Requiring Registration
2.2. Definition of Specified Investments
2.3. Registration of Associated Persons
2.3.1. Directors and Officers
2.3.2. Compliance Officer
Risk and Internal Audit Functions
2.4. Registration of Affiliates
2.5. Registration of Advisers from Outside the UK
2.6. Exemptions from Registration
B. THE REGISTRATION PROCESS
1. How to Register
1.1. Registration Forms
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.4. Information Required
1.5. Reciprocity
1.6. Are There Different or Additional Registration Provisions for Foreign Applicants?
2. Substantive Requirements for Registration
2.1. Capital Requirements
2.2. Jurisdiction of Organization
2.3. Nationals or Residents Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
2. Conflicts of Interest
3. Insider Trading
3.1. Insider Dealing under the Criminal Justice Act
3.2. Market Abuse
4. Contractual Relationship with Clients
4.1. Retail or Professional Clients
5. Compensation Terms
6. Can the Advisory Contract Be Assigned?
7. Disclosure Requirements
8. Personal Securities Trading
8.1. Best Execution
8.2. Personal Securities Trading
9. Performance-Based Fees
10. Advertising Restrictions
11. Electronic Media
Use of Internet
12. Client Solicitors
13. Books and Records
14. Custody Regulations
15. Soft Dollars
16. Regulatory Inspections
17. Other Regulations
17.1. UCITS Directive
17.2. Bribery Act 2010
17.3. Remuneration Code
17.4. Alternative Investment Fund Managers Directive
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering
2. Data Protection
E. ENFORCEMENT PROCEEDINGS
F. EXTRATERRITORIAL APPLICATION
United States of America
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Investment Advisers Act of 1940
1.1. Role of the Securities and Exchange Commission
1.2. Role of State Regulators
1.3. No Self-Regulatory Organization
2. Registration Requirements
2.1. Division of Federal and State Jurisdiction
2.1.1. Eligibility for SEC Registration
2.1.2. Regulatory Assets under Management
2.1.2.1. Securities Portfolios
2.1.2.2. Valuation Methodology
2.1.2.3. Continuous and Regular Supervisory or Management Services
2.1.3. AUM Registration Thresholds
2.1.4. Advisers Required to Register with the SEC
2.1.5. Optional SEC Registration
2.2. Definition of Investment Adviser
2.2.1. The ''Engaged in Business'' Standard
2.2.2. Meaning of Compensation
2.2.3. Definition of Security
2.2.4. Advice to ''Others''
2.3. Persons Excluded from Definition of Investment Adviser
2.4. Financial Planners
2.5. Persons Exempted from Registration
2.5.1. Current Exemptions
2.5.2. Private Fund Adviser Exemption
2.5.3. Venture Capital Fund Adviser Exemption
2.5.4. Foreign Private Adviser Exemption
2.6. Registration of Associated Persons Not Required
2.7. Application of Registration Requirements to Non-US-Based Advisers
2.8. Registration of Affiliates
2.8.1. Independent Subsidiaries
2.8.2. Subsidiaries and Affiliates Sharing Personnel with a Parent
3. State ''Blue Sky'' Regulation
3.1. State Registration of Advisers
3.2. Persons Exempt from State Registration
3.3. Registration of Investment Adviser Representatives
B. THE SEC REGISTRATION PROCESS
1. How to Register with the SEC
1.1. Application Form
1.2. Registration Fee
1.3. How Long Does the Registration Process Take?
1.3.1. Registration of Successor Entities
1.3.2. Registration of Certain Affiliates
1.4. Reciprocity
1.5. Are There Different Registration Provisions for US and Non-US Applicants?
1.6. Information Required
1.6.1. Form ADV
1.6.2. Disciplinary History
1.6.3. Information about Associated Persons
1.7. Exempt Reporting Advisers
1.8. Form ADV Part 2
1.8.1. Form ADV Part 2A
1.8.2. Form ADV Part 2A, Appendix 1: Wrap Fee Brochure
1.8.3. Form ADV Part 2B
1.9. Financial Statements
1.10. Updating Form ADV
2. Substantive Requirements for Registration
2.1. Net Worth or Other Financial Requirements
2.2. Jurisdiction and Form of Organization
2.3. Number of Nationals Serving as Directors, Officers or Employees
3. Withdrawal from Registration
4. Grounds for Denial of Registration
C. OVERVIEW OF SUBSTANTIVE REGULATION
1. Anti-fraud Provisions
1.1. Generally
1.2. Anti-fraud Rules
2. Insider Trading
3. Contracts
3.1. Required Contract Terms
3.2. Hedge Clauses
4. Compensation Terms
5. Assignment of Contracts
6. Client Disclosure Requirements
6.1. The Brochure Rule
6.2. Wrap Fee Programs
6.3. Ongoing Client Disclosure Requirements
6.4. Books and Records
7. Personal Securities Trading
8. Performance-Based Fees
8.1. Exception for Fees Based on Assets under Management
8.2. Exception for Fulcrum Fees
8.3. Exception for Fees Charged to Certain Private Funds
8.4. Exception for Contracts with Qualified Clients
8.5. Exception for Non-US Resident Clients
9. Advertising Restrictions
9.1. General
9.2. Testimonials
9.2.1. Third-Party Ratings
9.2.2. Client Lists
9.3. Specific Recommendations
9.4. Offer of Free Services
9.5. Charts
9.6. Anti-fraud Prohibition
9.6.1. Model Results and Net Performance
9.6.2. Global Investment Performance Standards (GIPS®)
9.7. Compliance Programs and Chief Compliance Officer
9.8. Enforcement Proceedings
10. Electronic Media
Use of the Internet
11. Client Solicitors
12. Books and Records
12.1. General
12.2. Required Records
13. Custody Regulations
13.1. Definition of ''Custody''
13.2. Qualified Custodian
13.3. Surprise Examination Requirement
13.4. Account Statement and Notice Requirements
13.5. Annual Audit Exception
13.6. Related Person Custody
13.7. Inadvertent Custody
13.8. Books and Records
14. Soft Dollars
14.1. General
14.2. Brokerage and Research Services
14.2.1. The Eligibility Finding
14.2.1.1. Brokerage
14.2.1.2. Research Services
14.2.2. The Use Finding
14.2.3. The Reasonableness Finding
14.2.4. Mixed Use Products
14.3. Applicability to Principal Transactions
14.4. Disclosure
15. Regulatory Inspections
15.1. General
15.2. For Cause Examinations
15.3. Routine Examinations
15.4. Special Purpose Examinations
16. Other
16.1. Code of Ethics
16.2. ''Pay-to-Play Rule''
16.2.1. Two-Year Ban
16.2.2. Bundling Ban
16.2.3. Solicitor and Placement Agent Ban
16.2.4. Books and Records
16.3. Proxy Voting
16.4. Business Continuity Plans
D. ANTI-MONEY LAUNDERING, DATA PROTECTION AND CONSUMER PRIVACY
1. Anti-money Laundering and US Sanctions Programs
2. Data Protection and Consumer Privacy
2.1. Regulation S-P and FTC Privacy Rules
E. ENFORCEMENT
1. Division of Enforcement
1.1. Sources of Information
1.2. Types of SEC Investigations
1.2.1. Informal Investigations
1.2.2. Formal Investigations
2. Enforcement Proceedings
2.1. Authority
2.2. SEC Review
3. Types of Remedies
3.1. Civil Actions
3.2. Equitable Remedies
3.3. Administrative Proceedings
3.3.1. Permanent Cease and Desist Order Proceedings
3.3.2. Temporary Cease and Desist Order Proceedings
3.3.3. Monetary Penalties
3.4. Contempt Actions
3.5. Criminal Liability
3.6. Contracts Void
3.7. Private Rights of Action
3.8. Controlling Person Liability
3.9. Aiding and Abetting Liability
F. EXTRATERRITORIAL APPLICATION
1. General
2. The Unibanco Letter
3. Use of US Jurisdictional Means
4. Applicability of Advisers Act
Venezuela
A. OVERVIEW OF THE REGULATORY STRUCTURE
1. Applicable Laws and Regulations
2. Regulated Activities
2.1. Meaning of Investment Advice
2.2. Securities
B. REGISTRATION PROCESS
1. Registration of Venezuelan Entities and Individuals
2. Registration of Advisers from Outside of Venezuela
3. Registration Fee
4. Length of The Registration Process
Index
Back Cover

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