tailieunhanh - Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF

Indeed, in the presence of predictability in fund risk loadings and benchmark returns, optimal portfolios consist entirely of actively managed funds even when the possibility of manager skills in stock selection and benchmark timing is ruled out. That is, actively managed funds allow the investor to capitalize on predictability in benchmarks and fund risk loadings in a way that cannot be achieved through long-only index fund positions. We now turn to analyze predictability in manager skills. Incorporating such predictability results in asset allocation that is overwhelmingly different from the other cases examined. To illustrate, consider the agnostic who believes in predictable skills (PA- 3). This investor faces an enormous. | COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 4 RIN 3038-AD03 SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 275 and 279 Release No. IA-3145 File No. S7-05-11 RIN 3235-AK92 Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF AGENCIES Commodity Futures Trading Commission and Securities and Exchange Commission. ACTION Joint proposed rules. SUMMARY The Commodity Futures Trading Commission CFTC and the Securities and Exchange Commission SEC collectively we or the Commissions are proposing new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed SEC rule would require investment advisers registered with the SEC that advise one or more private funds to file Form PF with the SEC. The proposed CFTC rule would require commodity pool operators CPOs and commodity trading advisors CTAs registered with the CFTC to satisfy certain proposed CFTC filing requirements by filing Form PF with the SEC but only if those CPOs and CTAs are also registered with the SEC as investment advisers and advise one or more private funds. The information contained in Form PF is designed among other things to assist the Financial Stability Oversight Council in its assessment 2 of systemic risk in the . financial system. These advisers would file these reports electronically on a confidential basis. DATES Comments should be received on or before April 12 2011. ADDRESSES Comments may be submitted by any of the following methods CFTC Agency website via its Comments Online process http . Follow the instructions for submitting comments through the website. Mail David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street NW Washington DC 20581. Hand Delivery Courier Same as mail above. Federal eRulemaking Portal http .