By Ray Russell
This consultant explains what mutual money are, how they've got constructed and the way they're used, regulated and administered around the globe. either open-ended and closed-ended money are defined and the diversities among the overseas markets, rather united states, Europe and united kingdom are addressed.Written by means of profitable coach and advisor, Ray Russell, the cloth displays the expansion and value around the globe of mutual money as a method of making an investment in world wide financial improvement, even if to construct a fund for retirement or another way. Readers will achieve a simple appreciation of Mutual cash of their many kinds, advocating using the mutual fund as a smart, effective and eventually lucrative technique of funding. It covers the origins, function, improvement, makes use of, operation and rules of mutual money and attracts recognition to similarities and changes among significant jurisdictions, commenting on their special good points and methods.
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Additional info for An Introduction to Mutual Funds Worldwide (Securities Institute)
Regulations typically require that the manager does not perform the function of custodian of fund assets, and that this is the responsibility of an independent custodian, depositary or trustee, in whose name the fund’s assets are to be held or registered. Though these third parties are usually regulated firms themselves and appointed by the manager, they are accountable to the shareholders and the regulators for THE MANAGEMENT OF FUNDS 27 the safe-keeping of the fund’s assets, whether under their control directly or via the services of a sub-custodian.
In fact, the only addition to US legislation affecting all companies since 1940 is the Sarbanes-Oxley Act of 2002 and that has only an indirect bearing on mutual funds themselves, being more concerned with accounting, auditing and REGULATION 47 disclosure practices of trading companies, following the Enron and Worldcom scandals. The Investment Company Act requires all funds to register with the SEC and to meet certain operating standards; the Securities Act mandates specific disclosures; the Securities Exchange Act sets out anti-fraud rules covering the purchase and sale of fund shares; and the Investment Advisers Act regulates fund advisers.
Investors wishing to buy or sell shares or units must do so by transacting with other investors, typically through a stock exchange. Regulators usually insist upon a stock exchange listing for closed-ended funds that are to be publicly marketed, such as investment trusts in the UK. Closed-ended 30 AN INTRODUCTION TO MUTUAL FUNDS WORLDWIDE mutual funds often have a fixed duration, typically 10 or 20 years. Most open-ended funds have no fixed end date. 3 BENEFITS OF MUTUAL FUNDS Institutions obtain administrative and, sometimes, taxation benefits by using mutual funds to manage their own assets.
An Introduction to Mutual Funds Worldwide (Securities Institute) by Ray Russell