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A pooled income fund (PIF) is one of the methods created under the 1969 Tax Reform Act whereby a taxpayer may make a tax‐deductible remainder gift to a charitable organization. The fund, established by a charitable organization to receive irrevocable gifts from at least two donors, pays current income to the individual beneficiaries for life, but at the termination of each income interest, the allocable principal must revert permanently to the charitable organization. In recent years, a number of PIFs have been offered to the public by charitable organizations through broker‐dealers or related entities. There are numerous securities‐law issues implicated by the sales of these PIFs, including: (i) whether broker‐dealers may solicit donations to such funds and receive compensation for their solicitations; (ii) the effect of the broker‐dealers’ solicitation and receipt of compensation have on securities registration for the PIF or units offered therein under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940; (iii) whether staff and persons affiliated with the sponsoring charity, including parties assisting them in the marketing of such pooled income funds, also should be permitted to solicit donations; (iv) whether such charities or persons, or parties assisting them in the marketing of such pooled income funds, then should be required to register as broker‐dealers; (v) what securities licenses may be required of the aforementioned parties; and (vi) whether there are ways to design the manner in which third parties other than broker dealers are compensated to resolve any potential issues arising from answers to the previous questions. This article first sets forth the applicable law involved in the analysis and then attempts to answer each of the issues presented above.

The purpose of this paper is to describe the emergence and current role of Enhanced Cash “Yield Plus” investment pools.

Provides an historical background and describes how Enhanced Cash “Yield Plus” investment pools define their investment strategies and invest their funds, now they are structured, marketed, and credit‐rated.

In just a few years, Enhanced Cash “Yield Plus” investment pools have emerged as a daily liquidity cash management complement to money market funds governed by Investment Company Act Rule 2a‐7. Yield Plus funds are a segment of the larger Enhanced Cash sector, which has been roughly defined as the market space of fund offerings between SEC Rule 2a‐7 money market funds and short‐term bond funds. Yield Plus funds (also known as “Cash Plus” funds) appear to be the most conservative funds in this sector, seeking to provide slightly higher returns for investors than money market funds, while maintaining a stable net asset value with daily liquidity. Only time will tell if “Yield Plus” funds become a true complement to, or perhaps even a replacement for, money market funds for institutional investors' short‐term cash management. In only a few short years, the success of these funds have proven that at least some market participants perceive the possible added risk is worth the potentially better return.

A useful introduction to an emerging class of short‐term investments.

Certain institutional trading operations executives of major broker‐dealers currently are indicating that there is a paucity of guidance from regulators and others on the potential characteristics of anti‐money‐laundering activities in their specific business areas. Because of requirements to file suspicious activity reports with regulatory authorities where these enterprises suspect potential money‐laundering activities, these executives are trying to build and grow the best possible methods of detection to detect potential instances of money laundering, especially where they may have little information as to the identity of the parties who are originating transactions in their institutional contexts. Because of these issues, the existing securities industry AML guidance that is available must be analyzed carefully, keeping in mind the need to construct new scenarios addressing the specific circumstances of the institutional brokerage context.

The purpose of this paper is to provide an introduction to the distribution of mutual funds around the world, including a background on the lack of sales of US funds offshore and initial practical legal and compliance considerations regarding fund structure, multi‐jurisdictional compliance, and strategic approaches.

From the perspective of a legal practitioner with hands‐on experience in this area, the paper analyzes possible legal and compliance reasons why US‐registered funds have not benefited from recent developments in the international distribution of mutual funds and do not yet enjoy widespread investment flows from retail foreign investors. The paper discusses some of the practical issues around offshore‐domiciled fund structural considerations, then outlines a few critical considerations asset management companies that their legal counsel and compliance personnel should engage in prior to launching and selling offshore funds to international investors.

The paper reveals that strong tax considerations appear to be a major reason why US funds have not been successful offshore, effective offshore options have developed as alternatives, and serious compliance and legal traps for the unwary remain in this complex multi‐jurisdictional area.

A synthesized multi‐jurisdictional review reveals an inconsistency among countries due to the varying stages in regulatory maturity. This means there may be further opportunity in sharing and making more consistent such regulatory regimes and optimizing capital flows and investment choices among otherwise likely similar emerging sets of investor classes.

Strong consideration should be given to making US funds more competitive offshore via changes in the tax code. Continuing caution should be practiced as fund managers new to this area find it necessary to compete internationally for assets.

This paper sets forth a summary compendium of multijurisdictional legal and compliance knowledge heretofore contained in multiple practice areas with limited availability of focused resources to business decision makers.

Global sensitivity analysis (SA) by means of Sobol’ indices enhanced with different surrogate modeling techniques is performed in this work. The purpose is to investigate the influence of measurement uncertainties and the environment characteristics themselves on the desired field uniformity in reverberation chambers (RCs). This yields an efficient apparatus for the stirring and chamber design process.

The technique of Sobol’ indices, as a candidate of global SA methods, is suitable for high fluctuations due to its robustness, which can be addressed to the stochastic nature of the RC environment. The aim of using surrogate modeling techniques is to compute the indices efficiently with a moderate number of required simulations. The powerfulness of this approach is introduced in a simple numerical example in which the physical phenomena can be identified more straightforwardly.

This method can provide useful knowledge in the lower frequency range, where the ideal properties of the electromagnetic field in RCs cannot be established, and the importance of the setup parameters can vary from configuration to configuration. In addition, it can serve as a basis for setup adaptation during parallelized electromagnetic compatibility tests, which would result in a more time- and cost-saving option in industrial applications in the future.

Despite the previous attempts, a profound investigation of multiple setup parameters is still a hot topic. The main contribution of this work is the extension of the application area of the method of Sobol’ indices to RCs, which has not been done so far.

The purpose of this paper is performing a global sensitivity analysis for automotive electromagnetic compatibility (EMC) measurements related to the CISPR 25 setup in order to examine the effect of the setup uncertainties on the resonance phenomenon.

An integral equation formulation is combined with Darwin model and special Green’s functions to model the configuration. The method of Sobol’ indices is used to gain sensitivity factors enhanced with a polynomial chaos metamodel.

The proposed model resulted in by orders of magnitude lower number of degrees of freedom and runtime compared to popular numerical methods, e.g. finite element method. The result of the sensitivity study is in good agreement with the underlying physical phenomena and improves the understanding of the resonances.

The fast model supplemented by the sensitivity factors can be used in EMC design and optimization.

The proposed method is original in the sense of combining a polynomial chaos metamodel with a low-cost integral equation model to reduce the computational demand for the sensitivity study.

The purpose of this paper is to investigate the influence of measurement uncertainties and the environment characteristics themselves on the desired field uniformity (FU) in reverberation chambers (RCs) by means of state-of-the-art global sensitivity analysis techniques. There are many quantities to describe the FU. The authors attempted to inspect many of the most important ones in two different orientations of the stirrer (horizontal, vertical).

Surrogate modelling techniques are involved to compute the Sobol’ indices efficiently with a modest number of required electromagnetic (EM) simulations. This can be only achieved if the behaviour of an appropriately chosen output quantity is predictable in such a way, which enables to extract useful information. Therefore, this choice should be made with extra care of the stochastic fluctuations, which have to be as low as possible. To this end, in this paper, various figures of merit are investigated.

This method can provide useful knowledge in the lower frequency range, where the ideal properties of the EM field in RCs cannot be established, and the importance of the setup parameters can vary from configuration to configuration.

Considering the current research tendencies related to RCs, the application of the method of Sobol’ indices to RCs is unique, which has only been done by the authors of this work so far. The main contribution presented in the paper is the thorough investigation of the effect of configuration parameters on the statistical properties of RCs through many output quantities describing the FU.

The purpose of this study is to explore the acculturation caused by the Korean wave among Indonesian Muslim consumers, especially in the food and cosmetic sectors, based on religious grounds.

Data were collected through focus group interviews with 20 Muslim respondents in Indonesia.

The findings specifically highlighted that Muslim consumers’ acceptance of Korean products varied. Muslim consumers’ acceptance was influenced by similarities and differences in values between Islamic and Korean cultures. Consumers categorised into each acculturation mode (assimilation, separation, integration and marginalisation) showed different behavioural patterns in Korean product acceptance. This study proposes that global products can be optimised through specific and targeted marketing campaigns for different types of Muslim consumers with products that comply with their religious values.

Few studies have explored the importance of religious values (e.g. righteousness, compassion and respect for others) with respect to the acceptance of foreign products in the acculturation context. Additionally, how values from other cultures reconcile with the Indonesian Muslims’ affinity for Korean culture has been limitedly studied. This study aims to fill these gaps by identifying the role of religious factors in the acceptance of global products by taking the example of Indonesian Muslim consumers and Korean products.

Defines corporate image and looks at the expectations of the various stakeholders and the message which the image aims to convey to each one.Outlines the details of a study of 200 questionnaires covering the stakeholders perceptions in relation to corporate image and a target market in Singapore. Concludes that corporate image can have significant effects on perception and suggests further areas for research.