●目錄TABLE OF CONTENTSCHAPTER 1 CONCEPT OF INVESTMENT COMPANYSECTION 1.1 PRIMARY ENGAGEMENT: MANAGING INVESTMENTS VS OPERATING BUSINESSTopic 1 Operating Company vs Investment Company Topic 2 Industrial Holding Company vs Spe Situation Investment Company SECTION 1.2 TYPES OF REGISTERED INVESTMENT COMPANIES Topic 1 “Redeemable Security”: Open-End/Closed-End DichotomyTopic 2 Interval Funds: Periodic Repurchasability vs Limited Redeemability Topic 3 Exchange-Traded Fund: Open-End/Closed-End Hybrid Topic 4 Money Market Fund: A Type of Open-End Investment Company CHAPTER 2 MUTUAL FUND STRUCTURAL CONFLICTS; GOVERNANCE; OVERREACHING RISK SECTION 2.1 FIDUCIARY NATURE OF ADVISER-FUND INVESTORS RELATIONSHIP Topic 1 Structure of the Investment Company Industry Topic 2 Fiduciary Duty in Respect of Management Fees Topic 3 Fiduciary Restrictions on Profitable Transfer of Advisory ContractSECTION 2.2 INDEPENDENT WATCHDOG FOR FUND INVESTORS Topic 1 Role of tual Fund Board Topic 2 Fund’s Independent Directors: Watchdogs and the Watched SECTION 2.3 REGULATORY STRICTURES PROTECTING FUNDS FROM AFFILIATE OVERREACHINGTopic 1 Prior Exemption Required of Affiliate “Acting as Principal” Involving FundTopic 2 Remuneration Limitation on Affiliate “Acting as Broker” for Fund Topic 3 Prohibition of Affiliate “Acting as Agent” Compensated by Third Party CHAPTER 3 MUTUAL FUND DISTRIBUTION; TRADING; INVESTMENTS SECTION 3.1 MUTUAL FUND DISTRIBUTION Topic 1 Structure of tual Fund Distribution FinanceTopic 2 Prohibited Distribution Arrangement: IA Revenue Sharing for BD Shelf Space SECTION 3.2 TRADING IN MUTUAL FUND SHARESxiv Table of ContentsTopic 1 Late Trading: Insider？6？8s Illegal Profits Topic 2 Abusive Market Timing: Unfair Short-Term Arbitrage ProfitSECTION 3.3 MUTUAL FUND TRADING IN PORTFOLIO SECURITIESTopic 1 Soft Dollar Practices SECTION 3.4 MUTUAL FUND INVESTMENT AND LEVERAGE RESTRICTIONS Topic 1 Fund of Funds: Pyramid vs Hub-and-Spokes CHAPTER 4 INVESTMENT ADVISER REGULATION AND ENFORCEMENT UNDER ADVISERS ACT SECTION 4.1 INVESTMENT ADVISER CONDUCT REGULATIONTopic 1 Statutory Investment Adviser and ExclusionsTopic 2 Registration, Exemption, and Reporting Regime for Statutory Advisers Topic 3 Standards of Conduct: Investment Adviser vs Broker-Dealer SECTION 4.2 INVESTMENT ADVISER ANTIFRAUD ENFORCEMENT Topic 1 Antifraud Statute of Advisers Act Topic 2 Fraudulent “Pay to Play” PracticesTopic 3 Misleading Investment Performance Advertising CHAPTER 5 CERTAIN POOLED INVESTMENT VEHICLES BEYOND MUTUAL FUNDSSECTION 5.1 INSURANCE COMPANY, SEPARATE ACCOUNTS, AND VARIABLE CONTRACTSTopic 1 Ectoplasmic Theory: Insurance Company vs Variable Separate AccountTopic 2 Issuer of Securities: Insurance Company vs. Non-Unitized Separate AccountSECTION 5.2 BANK COMMON TRUST FUND AND COLLECTIVE INVESTMENT FUND Topic 1 Fiduciary Trust Services vs Investment Management Services Topic 2 Trust Funds and Pension Funds Maintained by BankSECTION 5.3 POOLED INVESTMENT VEHICLES FUNDING PENSION PLANSTopic 1 Defined Benefit vs Defined ContributionSECTION 5.4 STRUCTURED FINANCING VEHICLESTopic 1 Mortgage-Related PoolsSECTION 5.5 PRIVATE INVESTMENT COMPANIES Topic 1 Hedge Fund Topic 2 Performance Fee

本書收集了美國投資管理中的諸多經典案例，栩栩如生、如同在昨、發人深省。案例本身頗具代表性，作者分析入木三分，剖析了投資管理中的得失錯漏。通過案例分析痛思前非、深鋻未來，纔能更好地實現美國證券交易委員會的目標與宗旨：保護投資者利益，維護公平、有序、高效的市場秩序，加強信息披露。本書作者長期在美國從事證券交易工作，具有很豐富的市場經驗。本書對美國投資管理的經典案例進行了梳理，並對案例進行了點評，有助於實務工作者、研究人員學習和了解美國投資管理法律。

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