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The purpose of this paper is to analyze new SEC Rule 206(4)‐8 under the Investment Advisers Act of 1940 and discuss its practical implications.

The paper describes the new rule, the types of advisers and funds to which the rule applies, examples of topics on which advisers might make statements that run afoul of the new rule, the application of the rule to both existing and potential investors, the application of the rule beyond statements made in the context of a securities transaction, and the application of the rule to any conduct that is fraudulent, deceptive, or manipulative, including negligent conduct. The paper explains that the scope of the new rule extends beyond Section 34(b) under the Investment Company Act of 1940, that the rule creates no new fiduciary duty, and that it creates no new private right of action against fund advisers.

The new rule signals that the SEC continues to focus intently on the fund activities of both registered and unregistered investment advisers, in particular with respect to their unregistered funds.

The new rule is an indicator of the SEC's enforcement intentions. Advisers should review their compliance programs, particularly as they relate to communication and other interaction with current and prospective fund investors, in light of the new rule.

The paper provides an helpful rule description and practical guidance from experienced securities lawyers.

The purpose of this paper is to explain restrictions on nonqualified deferred compensation arrangements contained in Section 409A of the Internal Revenue Code.

The study explains the background to Section 409A, how Section 409A applies to hedge funds, how deferral elections may be made, permissible payment events, and back‐to‐back deferral arrangements.

The paper finds that, to avoid current taxation, the penalty tax, and interest, a deferral arrangement must comply with the technical provisions of Section 409A. These provisions generally govern the timing of initial and subsequent deferrals, the form and time of distributions, and the acceleration of distributions under certain circumstances.

Section 409A places specific requirements on certain deferred amounts which, if not followed, will cause the amounts to be subject to current taxation and a 20 percent penalty tax plus interest charges.

The paper is a practical guide written by a team of lawyers with experience in advising hedge funds on the full range of legal issues that affect their business and investments.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Ancient and universal, fantasy was most likely the first mainstream literature rather than the naturalism later recognized as mainstream. Every generation of every culture tells and retells tales based on psychological archetypes, the elements of fantasy. For instance, the Celtic tale “Leir and His Daughters” has been reworked and updated by authors ranging from Shakespeare to Diana Paxson (The Serpent's Tooth, Morrow, 1991). One of the old English/Scottish ballads collected by Francis James Child in the late 19th century (Child ballad No. 37) has recently reappeared as the novel Thomas the Rhymer by Ellen Kushner (Morrow, 1991). Similarly, retellings of the Arthurian legend are legion, from Geoffrey of Monmouth to Malory to Tennyson to such modern writers as T.H. White, Mary Stewart, Marion Zimmer Bradley (The Mists of Avalon, Knopf, 1982), and Guy Gavriel Kay (The Wandering Fire and The Darkest Road, Collins, 1986).

Purpose – Trust and justice are generally considered distinct but closely related constructs. Individual perceptions of procedural justice and trustworthiness have been shown to reciprocally influence one another, each independently promoting trust (Colquitt & Mueller, 2007). We consider instances where these may instead diverge: how intentional efforts to build trust may unintentionally erode justice, and how the use of fair procedures may reduce trust.

Approach – We argue that the anomalous divergences between trust and justice are evident only when simultaneously considering judgments at two levels: the interpersonal level (i.e., within dyads inside the team) and the team level (i.e., shared perceptions of all team members).

Implications for research and practice – The unintended effects described in this chapter describe a “dark side” to a number of taken-for-granted practices in organizational life (favor-paying, punishment processes, and approaches to redress). We expect that this chapter should promote new research using the team context to bridge the trust and justice literatures, and provoke a careful reconsideration among practitioners of these approaches.

Originality – We propose three previously overlooked disjunctures between trust and justice. First, we show how procedurally unfair approaches to allocating favors may be beneficial in building dyadic trust between team members. Next, we describe how fair (open and transparent) group processes for punishing perpetrators may erode trust by skewing group members’ perceptions of the prevalence of trust violations. Finally, we describe how the most effective forms of redress at the interpersonal level may provoke perceptions of injustice at the team level.

Amidst continued calls for the democratization of access to higher education for historically underrepresented populations alongside the first global health crisis in a century lies the opportunity to address persistent societal needs: increasing access for underrepresented minority students to educational pathways that lead to careers in lucrative fields of science, technology, engineering and math (STEM).

Student participants enrolled in the biotechnology pathway Associates, Bachelors and Masters programs share programmatic experience in an accelerated biotechnology program through a bi-annual survey grounded in the central tenets of social-cognitive career theory aimed at understanding requisite academic, social and financial support for student success.

The pathway program described in this paper emerged to address the need to support underrepresented students in degree attainment and taking on roles in the growing field of biotechnology through a novel, multi-degree, multi-institutional pathway to STEM degree attainment and career success.

This work has advanced understanding about how to effectively align higher education institutions with each other and with evolving STEM labor market demands while documenting the impact of essential academic, career and social supports recognized in the literature as high impact practices in broadening participation and increasing retention of underrepresented minority students in lucrative STEM careers.

Pathway programs which best support student success include robust mentoring, experiential learning and robust student scholarship support, part of the design of this unique pathway program. The authors share how this program utilizes high impact practices to provide low-income, underrepresented minority students with supportive, accelerated biotechnology degrees in preparation for success in the job market. What's more, of all our BS-level graduates thus far, 100% are employed and 93% within the biotechnology field. For many, the opportunity to raise their family out of poverty via a stable, high paying job is directly tied to their successes within this program.

The very large number of books at present being issued relating to, or connected with the War, conclusively shows to what a great extent the intellectual as well as the material strength of the nation is engrossed by the terrible struggle in which we are engaged. But without abating any of our own interest in the supreme events now taking place, we may well pause to remember that things will not always be thus, and consider carefully before we crowd our shelves with works that are in many cases of very ephemeral value.

Role-taking, perspective taking, and empathy have developed through parallel literatures in sociology and psychology. All three concepts address the ways that people attune the self to others’ thoughts and feelings. Despite conceptual and operational overlap, researchers have yet to synthesize existing research across the three concepts. We undertake the task of theoretical synthesis, constructing a model in which role-taking emerges as a multidimensional process that includes perspective taking and empathy as component parts.

We review the literatures on role-taking, perspective taking, and empathy across disciplines. Focusing on definitions, measures, and interventions, we discern how the concepts overlap, how they are distinct, and how they work together in theoretically meaningful ways.

The review identifies two key axes on which each concept varies: the relative roles of affect and cognition, and the relative emphasis on self and structure. The review highlights the cognitive nature of perspective taking, the affective nature of empathy, and the structural nature of role-taking. In a move toward theoretical synthesis, we propose a definition that centers role-taking as a sociological construct, with perspective taking and empathy representing cognition and affect, respectively.

Role-taking is an important part of selfhood and community social life. It is a skill that varies in patterned ways, including along lines of status and power. Theoretical synthesis clarifies the process of role-taking and fosters the construction of effective interventions aimed at equalizing role-taking in interpersonal interaction.