TAILIEUCHUNG - NATIONAL SECURITIES MARKETS IMPROVEMENT ACT OF 1996

This paper contributes to the literature on modeling the behavior of the futures basis on several fronts. 2 Specifically, the paper investi- gates nonlinearities in basis adjustment toward its equilibrium value and proposes a novel approach to modeling the behavior of the basis inspired by the prediction of the theoretical arguments mentioned above. Using data for the S&P 500 and the FTSE 100 indices during the post-crash period since 1988, the authors provide strong evidence of nonlinear mean reversion in the futures basis for both indices consid- ered. The models indicate that the basis is closer to a unit root process the closer it is to its equilibrium value and becomes. | AUTHENTICATED . GOVERNMENT INFORMATION GPO. PUBLIC LAW 104-290 OCT. 11 1996 NATIONAL SECURITIES MARKETS IMPROVEMENT ACT OF 1996 110 STAT. 3416 PUBLIC LAW 104-290 OCT. 11 1996 Oct. 11 1996 . 3005 National Securities Markets Improvement Act Of 1996. 15 USC 78a note. Public Law 104-290 104th Congress An Act To amend the Federal securities laws in order to promote efficiency and capital formation in the financial markets and to amend the Investment Company Act of 1940 to promote more efficient management of mutual funds protect investors and provide more effective and less burdensome regulation. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled SECTION 1. SHORT TITLE TABLE OF CONTENTS. a Short Title. This Act may be cited as the National Securities Markets ImprovementAct of 1996 . b Table of Contents. The table of contents of this Act is as follows Sec. 1. Short title table of contents. Sec. 2. Definitions. Sec. 3. Severability. TITLE I CAPITAL MARKETS Sec. 101. Short title. Sec. 102. Creation of national securities markets. Sec. 103. Broker-dealer exemptions from State law. Sec. 104. Broker-dealer funding. Sec. 105. Exemptive authority. Sec. 106. Promotion of efficiency competition and capital formation. Sec. 107. Privatization of EDGAR. Sec. 108. Improving coordination of supervision. Sec. 109. Increased access to foreign business information. TITLE II INVESTMENT COMPANY ACT AMENDMENTS Sec. 201. Short title. Sec. 202. Funds of funds. Sec. 203. Flexible registration of securities. Sec. 204. Facilitating use of current information in advertising. Sec. 205. Variable insurance contracts. Sec. 206. Reports to the Commission and shareholders. Sec. 207. Books records and inspections. Sec. 208. Prohibition on deceptive investment company names. Sec. 209. Amendments to definitions. Sec. 210. Performance fees exemptions. TITLE III INVESTMENT ADVISERS SUPERVISION COORDINATION ACT Sec. 301. Short title. Sec. 302.

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