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 行业动态：马多夫诈欺案重创对冲基金业，骗自家人也毫不手软（转帖）——犹太人，让我如何相信你？ |
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行业动态：马多夫诈欺案重创对冲基金业，骗自家人也毫不手软（转帖）——犹太人，让我如何相信你？ -- 安普若 - (960 Byte) 2008-12-15 周一, 11:40 (3330 reads) |
not_a_CTA
头衔: 海归准将
声望: 讲师
加入时间: 2005/07/03
文章: 600
海归分: 133607
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作者：not_a_CTA 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
根据1940年投资公司法案 条款3(c)(7) 符合标准要求条件(其中包括少于500个投资者)的对冲基金公司可不必在美国证券交易委员会 (SEC) 登记,因而可以合法的不受监管.
Y的券商经纪业务是和对冲基金分开的，只有经纪业务是受 SEC 监管的. Y 钻了这个法律的空子.
所以"就算加入后也没有人知道他的投资策略到底是什么,麦道夫从不解释,而如果你问得太多,他会把你踢出局。" Y并不希望人太多.
Exemption From Registration As An Investment Company
Hedge funds are not required to register as an investment company with the SEC in reliance upon an exemption pursuant to either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940. Section 3(c)(1) of the Act, in part, provides an exemption from the Act's registration requirement for an investment company whose securities are owned by not more than 100 "persons." Section 3(c)(7) of the Act, in part, exempts investment companies from the Act's registration requirement without limitation as to the number of its beneficial owners as long as the securities are owned exclusively by "qualified purchasers" as defined in the Act. A hedge fund with 500 or more investors, however, is required to register its securities with the SEC. Sections 3(c)(1) and 3(c)(7) of the Act have different investor qualification requirements. See "QUALIFICATION OF INVESTORS IN A SECTION 3(C)(1) HEDGE FUND" and "QUALIFICATION OF INVESTORS IN A SECTION 3(C)(7) HEDGE FUND."
Hedge fund managers most commonly rely upon the exemption from registration as an investment company available under Section 3(c)(1) of the Act. A hedge fund operating pursuant to an exemption under either Sections 3(c)(1) or 3(c)(7) of the Act, however, may not make any public offering of its securities under the Securities Act of 1933. There are numerous restrictions against advertising and general solicitation by hedge funds relying on either the Section 3(c)(1) or Section 3(c)(7) exemption, and managers should exercise proper caution in their selling efforts to ensure that the fund's exempt status is not compromised.
Qualification Of Investors In A Section 3(C)(7) Hedge Fund
Section 3(c)(7) of the Investment Company Act exempts a hedge fund from having to register as an investment company without limitation as to the number of its beneficial owners as long as its securities are not publicly offered and its investors qualify as "qualified purchasers". A Section 3(c)(7) fund with 500 or more investors, however, is required to register its securities with the SEC. A person may not invest in a hedge fund relying on the Section 3(c)(7) exemption unless such person meets the definition of a "qualified purchaser."
The Act defines the term "qualified purchaser" to include, in part:
·Any natural person who owns at least $5 million in investments; and
·Any other person (e.g., an institutional investor) that owns and invests on a discretionary basis at least $25 million in investments.
Knowledgeable employees of a hedge fund and certain of its affiliates are not required to meet the definition of a "qualified purchaser" for purposes of investing in a Section 3(c)(7) hedge fund. A "Knowledgeable Employee" is defined to include the directors, executive officers or general partners of the hedge fund or an affiliated person of the fund that oversees the fund's investments, as well as persons who serve in capacities similar to directors, such as trustees and advisory board members.
作者：not_a_CTA 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
上一次由not_a_CTA于2008-12-16 周二, 09:54修改，总共修改了1次
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