Mark Amorosi, George Zornada, Todd Gibson, Joel Almquist and Pablo J. Man
To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without…
Abstract
Purpose
To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without complying with all of the conditions of Section 12(d)(1)(E) of the Investment Company Act of 1940.
Design/methodology/approach
This article discusses the various conditions that a non-US investment company investing as a foreign feeder in a US registered open-end management investment company must satisfy in order to avoid complying with certain provisions of Section 12(d)(1)(E) of the Investment Company Act of 1940. In addition, the article analyzes certain potential tax and regulatory challenges facing firms seeking to rely on the relief.
Findings
This article concludes that the SEC no-action relief is an incremental step in reducing barriers to global distribution of US registered funds and may marginally increase the use of cross-border master-feeder arrangements as contemplated by the no-action letter. Nevertheless, this article cautions that significant impediments to global distribution of US registered funds remain, including tax withholding and non-US law issues.
Originality/value
This article contains valuable information about the regulatory impediments to global distribution of US registered funds, as well as learned assessments of the impact of recent developments in this space by experienced securities lawyers.
Details
Keywords
Vittorio Capocasale, Maria Elena Bruni and Guido Perboli
Blockchain and distributed ledger technologies are increasingly prominent, yet their adoption remains complex. This paper addresses the common misalignment between blockchain…
Abstract
Purpose
Blockchain and distributed ledger technologies are increasingly prominent, yet their adoption remains complex. This paper addresses the common misalignment between blockchain technology and actual needs, often leading to project failure. It introduces a decision-making framework focused on the technological aspects of blockchain adoption.
Design/methodology/approach
We designed the framework by analyzing key decision drivers from existing literature and applied it to a real-world use case in the electric vehicle supply chain. The blockchain solution was tested with live production data.
Findings
Blockchain is beneficial for use cases requiring decentralized governance, but it often needs to be supplemented with additional technologies in industrial applications.
Originality/value
The framework provides a set of managerial-level questions that simplify the decision-making process for those without deep technical expertise, helping determine when blockchain is appropriate, valuable and superior to other technologies.