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*Establishing standards of conduct for plan fiduciaries; | *Establishing standards of conduct for plan fiduciaries; | ||
*Providing for appropriate remedies and access to the federal courts. | *Providing for appropriate remedies and access to the federal courts. | ||
*ERISA is sometimes used to refer to the full body of laws regulating employee benefit plans, which are found mainly in the [[Internal Revenue Code]] and {{tag|ERISA}} itself. | *[[ERISA]] is sometimes used to refer to the full body of laws regulating employee benefit plans, which are found mainly in the [[Internal Revenue Code]] and {{tag|ERISA}} itself. | ||
===[[Plan assets]]=== | ===[[Plan assets]]=== | ||
[[ERISA]] can get you in its clutches even if you | [[ERISA]] can get you in its clutches even if you aren’t (knowingly) an [[ERISA]] plan. | ||
===Investment vehicles=== | ===Investment vehicles=== | ||
''Be extra-specially warned: this is the untutored ramblings of a one who is not even a US attorney let alone an [[ERISA attorney]]'' | ''Be extra-specially warned: this is the untutored ramblings of a one who is not even a US attorney let alone an [[ERISA attorney]]'' | ||
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If there is more than a certain percentage of {{tag|ERISA}} plan money (or money from other non-{{tag|ERISA}} Government retirement plans with similar legislation) in a fund, it becomes itself subject to {{tag|ERISA}} regulations, particularly penal tax and investor protection provisions, ''and also provisions affecting the ordinary winding up of the fund and therefore [[netting]]''. | If there is more than a certain percentage of {{tag|ERISA}} plan money (or money from other non-{{tag|ERISA}} Government retirement plans with similar legislation) in a fund, it becomes itself subject to {{tag|ERISA}} regulations, particularly penal tax and investor protection provisions, ''and also provisions affecting the ordinary winding up of the fund and therefore [[netting]]''. | ||
While some people will loosely talk of a “look-through” to the underlying fund it doesn’t seem right that you would look through the [[close out]] [[netting]] of a separate | While some people will loosely talk of a “look-through” to the underlying fund it doesn’t seem right that you would look through the [[close out]] [[netting]] of a separate [[Fund]] legal entity to view the insolvency scenario of an underlying {{tag|ERISA}} investor – particularly since the underlying investor will by no means necessarily itself be insolvent, just because a legally distinct fund it had invested in had blown up. | ||
It seems more likely that by dint of its {{tag|ERISA}} investment, the sleeve fund itself would be deemed subject to {{tag|ERISA}} and therefore {{tag|ERISA}} might intervene in the Fund's insolvency. | It seems more likely that by dint of its {{tag|ERISA}} investment, the sleeve fund itself would be deemed subject to {{tag|ERISA}} and therefore {{tag|ERISA}} might intervene in the Fund's insolvency. | ||
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The credit/trading risk analysis would also be directed at the assets in the fund. There will be no recourse beyond them and [[I]] can’t see how the characterisation of the person contributing those assets in return for a structurally [[subordinated]] equity stake could make any difference, either in the UK or in the US. | The credit/trading risk analysis would also be directed at the assets in the fund. There will be no recourse beyond them and [[I]] can’t see how the characterisation of the person contributing those assets in return for a structurally [[subordinated]] equity stake could make any difference, either in the UK or in the US. | ||
{{erisa netting}} | |||
{{sa}} | |||
*[[Safe harbor]] | |||
*[[Pension Fund]] | *[[Pension Fund]] | ||
*[[ERISA Reps]] | *[[ERISA Reps]] | ||
*[[Qualifying Professional Asset Manager]] ([[QPAM]]) | *[[Qualifying Professional Asset Manager]] ([[QPAM]]) | ||
*[[Indicia of ownership]] where you have a non-US investment manager. | *[[Indicia of ownership]] where you have a non-US investment manager. | ||
{{ | {{c2|US Securities Regulation|Insolvency}} | ||
{{ref}} |