TAILIEUCHUNG - Federal Act on Investment Funds (Investment Funds Act 2011)

To quantify the impact of luck on mutual fund performance, we use the False Discovery Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical literature. The F DR measures the proportion of lucky funds among the funds with significant estimated alphas. We extend this methodology by developing a new approach which allows us to separately compute the F DR among funds with significant positive estimated alphas (called hereafter the best funds) and funds with significant negative estimated alphas (called hereafter the worst funds) | Federal Act on Investment Funds Investment Funds Act 2011 Table of contents Part 1 General provisions Section 1 Scope Section 2 Undertakings for collective investment in transferable securities UCITS Section 3 Definitions Section 4 Derogations Part 2 Management and supervision of UCITS Chapter 1 Management companies Article 1 Conditions for taking up business Section 5 Licence requirement and scope of the licence Section 6 Application for a licence and grant of the licence Section 7 Revocation and lapse of licences Article 2 Operating conditions Section 8 Own funds Section 9 State commissioners Section 10 General organisational requirements Section 11 Investor complaints Section 12 Electronic records Section 13 Accounting of the management company Section 14 Control by senior management and the supervisory board Section 15 Compliance Section 16 Internal audit Section 17 Risk management Section 18 Personal transactions Section 19 Recording of portfolio transactions Section 20 Recording of subscription and repurchase orders Section 21 Record-keeping requirements Section 22 Criteria for the identification of conflicts of interest Section 23 Conflicts of interest policy Section 24 Independence in conflicts management Section 25 Management of activities giving rise to a potentially detrimental conflict of interest Section 26 Strategies for the exercise of voting rights in respect of investments Section 27 Investor protection in the case of individual portfolio management Section 28 Delegation of functions of the management company to third parties Section 29 Duty to act in the best interests of UCITS and their unit holders Section 30 Due diligence requirements Section 31 Handling of subscription and repurchase orders and disclosure requirements Section 32 Best execution of decisions to deal on behalf of the managed UCITS Section 33 General principles for handling orders in the context of collective portfolio management Section 34 Aggregation and allocation of trading .

• Quỹ đầu tư
• Plan Submission
• Acceptance and Approval
• Acceptance and Funding
• cause and effect
• catastrophic failure
• suddenly disrupted
• Core Measures
• Service Quality
• Improvement Requirement