tailieunhanh - INVESTMENT ADVISERS ACT OF 1940

A more sophisticated technique to measure portfolio risk is value-at-risk (VaR). Whereas a portfolio sensitivity analysis measures portfolio value changes for a specific interest rate change for all securities, VaR measures the maximum potential loss on a portfolio for a specified confidence level and a specified time period. For example, consider a portfolio manager who measures VaR at a 95 percent confidence level and for a 90-day time horizon. If the portfolio’s VaR is $8 million, there is only a 5 percent chance that at the end of 90 days the portfolio will have decreased. | INVESTMENT ADVISERS ACT OF 1940 As Amended through . 112-90 APPROVED January 3 2012 table OF CONTENTS Sec. 201. Findings. Sec. 202. Definitions. Sec. 203. Registration of Investment Advisers. Sec. 203A. State and Federal Responsibilities. Sec. 204. Annual and Other Reports. Sec. 204A. Prevention of Misuse of Nonpublic Information. Sec. 205. Investment Advisory Contracts. Sec. 206. Prohibited Transactions by Registered Investment Advisers. Sec. 206A. Exemptions. Sec. 207. Material Misstatements. Sec. 208. General Prohibitions. Sec. 209. Enforcement of Title. Sec. 210. Publicity. Sec. 210A. Consultation. Sec. 211. Rules Regulations and Orders. Sec. 212. Hearings. Sec. 213. Court Review of Orders. Sec. 214. Jurisdiction of Offenses and Suits. Sec. 215. Validity of Contracts. Sec. 216. Annual Reports of Commission. Sec. 217. Penalties. Sec. 218. Hiring and Leasing Authority of the Commission. Sec. 219. Separability of Provisions. Sec. 220. Short Title. Sec. 221. Effective Date. Sec. 222. State Regulation of Investment Advisers. Sec. 223. Custody of Client Accounts. Sec. 224. Rule of Construction Relating to the Commodities Exchange Act. FINDINGS Sec. 201. Upon the basis of facts disclosed by the record and report of the Securities and Exchange Commission made pursuant to section 30 of the Public Utility Holding Company Act of 1935 and facts otherwise disclosed and ascertained it is hereby found that investment advisers are of national concern in that among other things 1 their advice counsel publications writings analyses and reports are furnished and distributed and their contracts subscription agreements and other arrangements with clients are negotiated and performed by the use of the mails and means and instrumentalities of interstate commerce 2 their advice counsel publications writings analyses and reports customarily relate to the purchase and sale of securities traded on national securities exchanges and in interstate over-the-counter markets securities .