Participating Affiliate Agreement Definition

In practice, the requirement for separate personnel from the integration test posed considerable difficulties for unregistered foreign investment advisors with U.S.-registered investment advisors, as in many cases the two related firms should have double the staff. In its 1992 report, “Protecting Investors: A Half Century of Investment Company Regulation,” the General Staff proposed a new approach to foreign consultant regulation, known as the “behavioural and impact test.” Under this approach, the Advisers Act would only apply to a foreign consultant if the consultant`s activities occur in the United States or have an effect in the United States. The Staff also recommended easing the conditions for integration testing for foreign consultants who set up registered consultants to advise U.S. clients. In accordance with this recommendation, following the release of the 1992 report, the Staff issued participating affiliate letters that allow a registered investment advisor to use the staff and resources of an unregant foreign partner (“participating member”) to provide portfolio management and discretionary services to U.S. clients. Below, we summarize some of the key participating affiliate letters that attest to the evolution of the staff`s position with respect to non-registered foreign investment advisors. 4. A representation likely to initiate such a civil action or civil action or administrative proceeding by the meaning of the procedure, and the meaning of a subpoena is an effective service or notification, the authorized representative of the participating member, and this meaning is considered valid and binding in all courts and administrative tribunals, as if a personal service had been provided. 6.

Assurance that, upon receipt of an administrative summons, the participating member will request or request voluntary cooperation during a routine inspection or other way of making available to the SEC or staff all books and records that must be kept in accordance with staff guidelines, and the SEC or staff may request the staff of the participating member (except office staff or departmental staff) who participate in the activities Investment consulting or securities transactions, refer to a location that the SEC may designate in the United States or, at the SEC`s choice, in the country where registrations are held or where staff are present.

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