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Institutional Investor
An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked companies, insurers, pension funds, sovereign wealth funds, charities, hedge funds, REITs, investment advisors, endowments, and mutual funds. Operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments. In 2019, the world's top 500 asset managers collectively managed $104.4 trillion in Assets under Management (AuM). Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk-adjusted returns by an amount that exceeds fees and expenses of investment manage ...
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Security (finance)
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than equities and Fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., equity warrants. Securities may be represented by a certificate or, more typically, they may be "non-certificated", that is in electronic ( dematerialized) or "book entry only" form. Certificates may be ''bearer'', meaning they entitle the holder to rights under the security merely by holding the security, or ''registered'', meaning they entitle the holder to rights only if they appear on a secur ...
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Index Fund
An index fund (also index tracker) is a mutual fund or exchange-traded fund (ETF) designed to follow certain preset rules so that the fund can a specified basket of underlying investments.Reasonable Investor(s), Boston University Law Review, available at: https://ssrn.com/abstract=2579510 While index providers often emphasize that they are for-profit organizations, index providers have the ability to act as "reluctant regulators" when determining which companies are suitable for an index. Those rules may include tracking prominent indexes like the S&P 500 or the Dow Jones Industrial Average or implementation rules, such as tax-management, tracking error minimization, large block trading or patient/flexible trading strategies that allow for greater tracking error but lower market impact costs. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. The most c ...
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Rule 144A
Rule 144A. Securities Act of 1933, as amended (the "Securities Act") provides a safe harbor from the registration requirements of the Securities Act of 1933 for certain private resales of minimum $500,000 units of restricted securities to qualified institutional buyers (QIBs), which generally are large institutional investors that own at least $100 million in investable assets. When a broker or dealer is selling securities in reliance on Rule 144A, it may make offers to non-QIBs through general solicitations following an amendment to the Rule in 2012. Since its adoption, Rule 144A has greatly increased the liquidity of the securities affected. This is because the institutions can now trade these formerly restricted securities amongst themselves, thereby eliminating the restrictions that are imposed to protect the public. Rule 144A was implemented to induce foreign companies to sell securities in the US capital markets. For firms registered with the SEC or a foreign company providi ...
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Accredited Investor
An accredited or sophisticated investor is an investor with a special status under financial regulation laws. The definition of an accredited investor (if any), and the consequences of being classified as such, vary between countries. Generally, accredited investors include high-net-worth individuals, banks, financial institutions, and other large corporations, who have access to complex and higher- risk investments such as venture capital, hedge funds, and angel investments. Laws may require that some types of financial offerings may only be made to accredited investors. Criteria for accreditation Australia s 708(8) of the Corporations Act 2001 is found in Chapter 6D (Fundraising). It defines "sophisticated investor" so as to exclude them from certain disclosure requirements. That section provides for an accountant to issue a certificate stating that an individual meets the criteria prescribed in the ''Corporations Regulations 2001'', namely net assets of at least $2.5 m ...
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Regulation D (SEC)
In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt them from such registration. Regulation D (or Reg D) contains the rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC. A Regulation D offering is intended to make access to the capital markets possible for small companies that could not otherwise bear the costs of a normal SEC registration. Reg D may also refer to an investment strategy, mostly associated with hedge funds, based upon the same regulation. The regulation is found under Title 17 of the Code of Federal Regulations, part 230, Sections 501 through 508. The legal citation is 17 C.F.R. §230.501 ''et seq.'' On July 10, 2013, the SEC issued new final regulations allowing public advertisi ...
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Private Placement
Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Generally, these investors include friends and family, accredited investors, and institutional investors. PIPE (Private Investment in Public Equity) deals are one type of private placement. SEDA (Standby Equity Distribution Agreement) is also a form of private placement. They are considered to present lower transaction costs for the issuer than public offerings. Since private placements are not offered to the general public, they are prospectus exempt. Instead, they are issued through Offering Memorandum. Private placements come with a great deal of administration and have normally been sold through financial institutions such as investment banks. New FinTech companies now offer an automated, online process making it easier to reach potential investors and reduce the administr ...
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Tontine
A tontine () is an investment linked to a living person which provides an income for as long as that person is alive. Such schemes originated as plans for governments to raise capital in the 17th century and became relatively widespread in the 18th and 19th centuries. Tontines enable subscribers to share the risk of living a long life by combining features of a group annuity with a kind of mortality lottery. Each subscriber pays a sum into a trust and thereafter receives a periodical payout. As members die, their payout entitlements devolve to the other participants, and so the value of each continuing payout increases. On the death of the final member, the trust scheme is usually wound up. Tontines are still common in France. They can be issued by European insurers under the Directive 2002/83/EC of the European Parliament. The Pan-European Pension Regulation passed by the European Commission in 2019 also contains provisions that specifically permit next-generation pension produc ...
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Waqf
A waqf ( ar, وَقْف; ), also known as hubous () or '' mortmain'' property is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. A charitable trust may hold the donated assets. The person making such dedication is known as a ''waqif'' (a donor). In Ottoman Turkish law, and later under the British Mandate of Palestine, a ''waqf'' was defined as usufruct state land (or property) from which the state revenues are assured to pious foundations. Although the ''waqf'' system depended on several hadiths and presented elements similar to practices from pre-Islamic cultures, it seems that the specific full-fledged Islamic legal form of endowment called ''waqf'' dates from the 9th century AD (see below). Terminology In Sunni jurisprudence, ''waqf'', also spelled ''wakf'' ( ar, وَقْف; plural , ''awqāf''; tr, va ...
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Christianity
Christianity is an Abrahamic monotheistic religion based on the life and teachings of Jesus of Nazareth. It is the world's largest and most widespread religion with roughly 2.38 billion followers representing one-third of the global population. Its adherents, known as Christians, are estimated to make up a majority of the population in 157 countries and territories, and believe that Jesus is the Son of God, whose coming as the messiah was prophesied in the Hebrew Bible (called the Old Testament in Christianity) and chronicled in the New Testament. Christianity began as a Second Temple Judaic sect in the 1st century Hellenistic Judaism in the Roman province of Judea. Jesus' apostles and their followers spread around the Levant, Europe, Anatolia, Mesopotamia, the South Caucasus, Ancient Carthage, Egypt, and Ethiopia, despite significant initial persecution. It soon attracted gentile God-fearers, which led to a departure from Jewish customs, and, after the Fall of Jeru ...
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Roman Aqueduct
The Romans constructed aqueducts throughout their Republic and later Empire, to bring water from outside sources into cities and towns. Aqueduct water supplied public baths, latrines, fountains, and private households; it also supported mining operations, milling, farms, and gardens. Aqueducts moved water through gravity alone, along a slight overall downward gradient within conduits of stone, brick, concrete or lead; the steeper the gradient, the faster the flow. Most conduits were buried beneath the ground and followed the contours of the terrain; obstructing peaks were circumvented or, less often, tunneled through. Where valleys or lowlands intervened, the conduit was carried on bridgework, or its contents fed into high-pressure lead, ceramic, or stone pipes and siphoned across. Most aqueduct systems included sedimentation tanks, which helped to reduce any water-borne debris. Sluices, ''castella aquae'' (distribution tanks) and stopcocks regulated the supply to individual d ...
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Evergetism
Euergetism (or evergetism, from the Greek , "do good deeds") was the ancient practice of high-status and wealthy individuals in society distributing part of their wealth to the community. This practice was also part of the patron-client relation system of Roman society. The term was coined by French historian André Boulanger and subsequently used in the works of Paul Veyne. Development in the Hellenistic period During the second half of the 4th century BC, profound changes occurred in the financing of public institutions. Without funding from wealthy individuals, at least symbolically, the legitimacy of these institutions could be called into question by the city. The idea emerged that the rich people were not contributing as they should, unless required or compelled to do so. At the same time, around 355 BC, Demosthenes mentioned the lack of contributions from the rich in his ''Against Leptines,'' as did Xenophon in ''Poroi''. At the end of the century, Demetrius Phalereus ...
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