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Asset Management Standards: Corporate Governance for Asset Management 2003 ed. [Kõva köide]

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  • Formaat: Hardback, 292 pages, kõrgus x laius: 216x140 mm, kaal: 525 g, XX, 292 p., 1 Hardback
  • Sari: Finance and Capital Markets Series
  • Ilmumisaeg: 16-Oct-2002
  • Kirjastus: Palgrave Macmillan
  • ISBN-10: 1403904499
  • ISBN-13: 9781403904492
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Asset Management Standards: Corporate Governance for Asset Management 2003 ed.Suurem pilt
  • Formaat: Hardback, 292 pages, kõrgus x laius: 216x140 mm, kaal: 525 g, XX, 292 p., 1 Hardback
  • Sari: Finance and Capital Markets Series
  • Ilmumisaeg: 16-Oct-2002
  • Kirjastus: Palgrave Macmillan
  • ISBN-10: 1403904499
  • ISBN-13: 9781403904492
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781403904492.html
Märksõnad:
Asset management standards are crucial for building trust between investors and capital market experts. The issue of corporate governance has been thrown into the spotlight by the disastrous collapse of Enron and the implications for the industry. The proposed standards are relevant for the entire fund industry, regulators, providers of pension plans, and portfolio managers. Produced in association with the European Federation of Financial Analysts Societies, this book aims to provide a well-founded basis for development of the content of asset management standards in the UK, the US, and the EU. It contains a detailed overview of the current position, outlines planned developments and discusses underlying problems.
Preface to the First English Edition v
Illustrations xi
Executive Summary xvii
Chapter 1 Setting the Scene 1(4)
1.1 Introduction 1(1)
1.2 The problems 2(1)
1.3 Structure of the study 2(3)
Chapter 2 The Scenario Today 5(48)
2.1 Structural change in the asset management business in the EU 5(29)
2.1.1 Inherent weakness in pay-as-you-go state pension schemes increases the need for personal retirement planning
5(16)
2.1.2 The pioneers in mutual fund-based retirement planning
21(3)
2.1.3 Harmonisation of the European capital markets and the Single Currency
24(3)
2.1.4 No traditional equity culture in German-speaking countries
27(7)
2.2 The need for asset management standards in the euro zone 34(3)
2.2.1 Avoiding capital misallocation
34(1)
2.2.2 The US asset management industry as the prime competitor
34(1)
2.2.3 The risk of impracticable legislation and opaque case law
35(2)
2.3 The basis for asset management standards in the euro zone 37(16)
2.3.1 Existing and planned legislation in the EU and Germany
37(4)
2.3.2 Existing US standards
41(12)
Chapter 3 A Description of the Structural Components of the Systematic Classification of the Synopsis 53(5)
3.1 Investor risk 53(1)
3.1.1 Management risk- Confidence risk
53(1)
3.1.2 Investment risk - the risk inherent in the investment
54(1)
3.2 Rules for reducing the investor's risk 54(4)
3.2.1 Investment rules
54(1)
3.2.2 Separation of functions
55(1)
3.2.3 Disclosure
56(1)
3.2.4 Control and enforcement of rules
56(2)
Chapter 4 The Regulation of Management Risk 58(21)
4.1 Investment rules 58(7)
4.1.1 Prohibition of transactions in the USA involving conflicts of interest
58(6)
4.1.2 Prohibition on transactions involving conflicts of interest in the EU and Germany
64(1)
4.1.3 The essence of future standard-setting
64(1)
4.2 Separation of functions 65(11)
4.2.1 Institutional separation of the management company, the fund, the board of directors and the custodian in the EU and the USA
65(2)
4.2.2 Assuring the effective separation of the board of directors from the management company by means of independent directors
67(5)
4.2.3 Chinese walls and firewalls at the management company
72(1)
4.2.4 Proxy voting
73(2)
4.2.5 The essence of future standard-setting
75(1)
4.3 Disclosure 76(3)
4.3.1 Disclosure of all material facts in the USA, in particular in conflict of interest cases
76(1)
4.3.2 Valuation of fund assets
77(1)
4.3.3 The essence of future standard-setting
78(1)
Chapter 5 The Regulation of Investment Risk 79(66)
5.1 Investment rules 79(44)
5.1.1 Prudence, not extensive quantitative restrictions, in the EU and the USA
79(11)
5.1.2 Modern Portfolio Theory
90(5)
5.1.3 Active portfolio management as an example of a structured portfolio management approach to implementing qualitative investment rules
95(8)
5.1.4 Style management
103(2)
5.1.5 The use of financial derivatives
105(3)
5.1.6 Quantitative restrictions
108(6)
5.1.7 Special criteria for defined benefit plans
114(7)
5.1.8 The fiduciary's responsibility in defined contribution plans
121(1)
5.1.9 The essence of future standard-setting
122(1)
5.2 Disclosure 123(22)
5.2.1 SIP - Statement of Investment Principles Policy
123(7)
5.2.2 Content of a prospectus
130(5)
5.2.3 Annual and half-yearly reports to shareholders and supervisory authorities in the EU and the USA
135(1)
5.2.4 Stricter disclosure requirements for pension funds in the EU
135(1)
5.2.5 Performance Presentation Standards (PPS)
136(7)
5.2.6 Consideration of the effects of taxes on returns in the USA
143(1)
5.2.7 The essence of future standard-setting
144(1)
Chapter 6 Control and Enforcement of Rules and Regulations 145(46)
6.1 Board of directors 145(20)
6.1.1 Definition
145(1)
6.1.2 Organisational structures
146(1)
6.1.3 Compensation
147(1)
6.1.4 Prohibition on delegating the board's fiduciary duties in the EU and the USA
148(1)
6.1.5 Transactions requiring approval in the USA
148(2)
6.1.6 Oversight of internal fund procedures in the USA
150(1)
6.1.7 Personal liability of fund directors in the USA
151(1)
6.1.8 Fees and Expenses
152(11)
6.1.9 The essence of future standard-setting
163(2)
6.2 Supervisory authority 165(17)
6.2.1 Responsible authorities in the EU and the USA
165(1)
6.2.2 A-priori and a-posteriori controls in the EU and the USA
166(2)
6.2.3 The regulatory regime in the EU
168(1)
6.2.4 Conscious focusing on the board of directors as the primary instance in the regulatory
169(1)
6.2.5 The new Financial Services Authority (FSA) Handbook providing the regulatory framework in the UK
170(11)
6.2.6 The essence of future standard-setting
181(1)
6.3 The management company's compliance department 182(4)
6.3.1 Definition
182(1)
6.3.2 Legal basis
183(1)
6.3.3 Design
184(1)
6.3.4 The essence of future standard-setting
185(1)
6.4 Shareholders 186(1)
6.4.1 The possibility of reporting perceived anomalies to the supervisory authority in the EU
186(1)
6.4.2 The right to sue personally liable board directors in the USA
186(1)
6.4.3 Direct influence on fund management
186(1)
6.4.4 The essence of future standard-setting
187(1)
6.5 Other parties involved in supervision 187(4)
6.5.1 Obligations of auditors and actuaries to the supervisory authority in the EU
187(1)
6.5.2 The duties of the custodian in the EU
188(1)
6.5.3 Professional bodies
189(1)
6.5.4 The essence of future standard-setting
190(1)
Chapter 7 Summary of Findings 191(4)
Annex A Replacement Migration 195(4)
Annex B FSA Handbook Timetable 199(2)
Bibliography 201(10)
Notes 211(60)
Index 271
OTTO LOISTL is Chairman of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria. He is author of numerous publications on the capital markets.

ROBERT PETRAG is a member of staff of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria.