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The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government,created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
A stockbroker is a regulated broker,broker-dealer,or registered investment adviser who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks and other investments to financial market participants in return for a commission,markup,or fee,which could be based on a flat rate,percentage of assets,or hourly rate. The term also refers to financial companies,offering such services.
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States,Canada,and India,while similar structures across the globe include the SICAV in Europe and open-ended investment company (OEIC) in the UK.
An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product,i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds,except that ETFs are bought and sold from other owners throughout the day on stock exchanges whereas mutual funds are bought and sold from the issuer based on their price at day's end. An ETF holds assets such as stocks,bonds,currencies,futures contracts,and/or commodities such as gold bars,and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value,although deviations can occasionally occur. Most ETFs are index funds:that is,they hold the same securities in the same proportions as a certain stock market index or bond market index. The most popular ETFs in the U.S. replicate the S&P 500 Index,the total market index,the NASDAQ-100 index,the price of gold,the "growth" stocks in the Russell 1000 Index,or the index of the largest technology companies. With the exception of non-transparent actively managed ETFs,in most cases,the list of stocks that each ETF owns,as well as their weightings,is posted daily on the website of the issuer. The largest ETFs have annual fees of 0.03% of the amount invested,or even lower,although specialty ETFs can have annual fees well in excess of 1% of the amount invested. These fees are paid to the ETF issuer out of dividends received from the underlying holdings or from selling assets.
The Vanguard Group,Inc. is an American registered investment advisor based in Malvern,Pennsylvania with about $7 trillion in global assets under management,as of January 13,2021. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. In addition to mutual funds and ETFs,Vanguard offers brokerage services,variable and fixed annuities,educational account services,financial planning,asset management,and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management. Along with BlackRock and State Street,Vanguard is considered one of the Big Three index fund managers that dominate corporate America.
David Sturtevant Ruder was the William W. Gurley Memorial Professor of Law Emeritus at Northwestern University School of Law,where he served on the faculty since 1961,and where he served as dean from 1977 to 1985. He served as chairman of U.S. Securities and Exchange Commission from 1987 to 1989,and later practiced with the Chicago-based law firm Baker &McKenzie. He served as chairman of the Mutual Fund Directors Forum,an organization providing education to independent directors of mutual funds,from 2002 to 2010 and was the organization's chairman emeritus.
The Investment Company Act of 1940 is an act of Congress which regulates investment funds. It was passed as a United States Public Law on August 22,1940,and is codified at 15 U.S.C. §§ 80a-1–80a-64. Along with the Securities Exchange Act of 1934,the Investment Advisers Act of 1940,and extensive rules issued by the Securities and Exchange Commission;it is central to financial regulation in the United States. It has been updated by the Dodd-Frank Act of 2010. It is the primary source of regulation for mutual funds and closed-end funds,now a multi-trillion dollar investment industry. The 1940 Act also impacts the operations of hedge funds,private equity funds and even holding companies.
Value Line,Inc. is an independent investment research and financial publishing firm based in New York City,New York,United States,founded in 1931 by Arnold Bernhard. Value Line is best known for publishing The Value Line Investment Survey,a stock analysis newsletter that is among the most highly regarded and widely used independent investment research resources in global investment and trading markets,tracking approximately 1,700 publicly traded stocks in over 99 industries.
Roger G. Ibbotson is Professor Emeritus in Practice of Finance at the Yale School of Management. He is also chairman of Zebra Capital Management LLC. He has written extensively on capital market returns,cost of capital,and international investment. He is the founder,advisor,and former chairman of Ibbotson Associates,now a Morningstar Company. He has written numerous books and articles including Stocks,Bonds,Bills,and Inflation with Rex Sinquefield,which serves as a standard reference for information and capital market returns.
Robert Charles Pozen known as "Bob" is an American financial executive with a strong interest in public policy. Pozen currently teaches executives about how to be more productive and serves as an executive coach and mentor,www.bobpozen.com. He is the former chairman of MFS Investment Management,the oldest mutual fund company in the United States. Previously,Pozen was the President of Fidelity Investments. As of 2020 he is a senior lecturer at MIT Sloan School of Management,and a senior fellow at the Brookings Institution.
BlackRock,Inc. is an American multinational investment management corporation based in New York City. Founded in 1988,initially as a risk management and fixed income institutional asset manager,BlackRock is the world's largest asset manager,with US$10 trillion in assets under management as of January 2022. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.
A proxy statement is a statement required of a firm when soliciting shareholder votes. This statement is filed in advance of the annual meeting. The firm needs to file a proxy statement,otherwise known as a Form DEF 14A,with the U.S. Securities and Exchange Commission. This statement is useful in assessing how management is paid and potential conflict of interest issues with auditors.
State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager,with nearly $4.14 trillion (USD) in assets under management as of 31 December 2021.
Gary Gensler is an American government official and former investment banker serving as the chair of the U.S. Securities and Exchange Commission. Gensler previously led the Biden–Harris transition's Federal Reserve,Banking,and Securities Regulators agency review team. He is also a professor in the practice at the MIT Sloan School of Management.
The Thouron Award is a prestigious postgraduate scholarship established in 1960 by Sir John R.H. Thouron,K.B.E.,and Esther du Pont Thouron. It was created to strengthen the "special relationship" between the United States and the United Kingdom through educational exchange between British universities and the University of Pennsylvania. Through the programme the Thourons sought to nourish and develop Anglo-American friendship by ensuring that,in the years to come,a growing number of the leading citizens of these two countries would have a thorough understanding of their trans-Atlantic neighbours. In the years since its founding,the Thouron Award has sponsored programs of graduate study for more than 650 fellows,known as Thouron Scholars.
Louis Loss,William Nelson Cromwell Professor of Law,Emeritus at Harvard Law School,was a legal scholar considered by many to be the intellectual father of modern securities law. He is best known for his treatise Securities Regulation,which is still considered to be the definitive authority on the subject and which has been cited over 50 times by the Supreme Court of the United States. The Oxford English Dictionary credits him with having coined the word tippee, to refer to someone who trades stock after getting a tip from a corporate insider.
Luis Alberto Aguilar is an American lawyer and former U.S. government official.
Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking,asset management,capital markets services,and insurance services.
Robert J. McCann is an American businessperson with Irish dual citizenship. McCann is now chairman of UBS Americas,where his duties involve strategic initiatives around clients and business priorities. He was formerly President Wealth Management Americas and President Americas of UBS Group AG. He had led the Wealth Management Americas division since 2011 and had served as a member of the UBS Group AG executive board since 2009. He relinquished both roles when he stepped down in 2015,with Tom Naratil assuming his previous roles.
David E. Goel is an American hedge fund manager. Goel is the managing general partner of Matrix Capital Management,which he co-founded with pioneering investor Paul Ferri in 1999. Goel is also a protégéof hedge fund manager Julian Robertson.
References
- ↑ "William Birdthistle Named Director of Division of Investment Management". Securities and Exchange Commission. 21 December 2021. Retrieved 18 February 2022.
- ↑ "William A. Birdthistle" . Retrieved November 10, 2021.
- 1 2 3 4 "William A. Birdthistle curriculum vitae" (PDF). www.kentlaw.iit.edu. Retrieved November 10, 2021.
- ↑ "William Birdthistle Teaching Award UChicago 2019" . Retrieved November 10, 2021.
- ↑ Kiernan, Paul (21 December 2021). "SEC Taps Academic to Oversee Mutual Funds Amid Push for Stricter Rules". Wall Street Journal. Retrieved 18 February 2022.
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