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To explain a US Securities and Exchange Commission (SEC) enforcement action against a registered investment adviser to private equity funds for allegedly providing brokerage services in connection with the acquisition and disposition of the securities of portfolio companies while not being registered as a broker dealer, making undisclosed use of fund assets, and failing to adopt policies and procedures designed to prevent the alleged violations.

Describes the services provided by the investment adviser, the compensation paid, and the SEC’s other bases for enforcement, and draws conclusions for private equity fund advisers.

The SEC has begun pursuing transaction-based compensation paid to private equity fund advisers relating to portfolio company transactions as illegal brokerage commissions. The Commission also continues to target the adviser’s undisclosed use of client fund capital, especially in private equity funds.

Practical explanation by experienced investment management lawyer.

To explain the final position limit aggregation rules and exemptions pertaining to derivative positions in nine agricultural commodities adopted by the Commodity Futures Trading Commission on December 5, 2016 and effective February 14, 2017, the notice filing deadline with respect to which was extended by the CFTC by limited time no-action relief until August 14, 2017.

Explains the position limit aggregation rules and exemptions pertaining to equity interests in owned entities, ownership or equity interests in pooled accounts or positions, positions of an “eligible entity” in connection with client positions carried by an “independent account controller,” positions held by futures commission merchants (FCMs) in discretionary accounts or customer trading program accounts, equity interests of underwriters based on unsold allotments of securities in distributions, broker-dealers if the equity interest is acquired in the normal course of business and positions for which information cannot be collected without risk of violating a law.

Unless an exemption from aggregation is available, all positions in accounts for which any person controls the trading or holds a 10 per cent or greater ownership or equity interest must be aggregated with positions held, and trading done, by such person. The final rule adds several new exemptions, including for persons with a 10 per cent or greater ownership or equity interest in an entity so long as certain conditions establishing independence are met. The final rule requires notice filing to take advantage of most exemptions from aggregation.

Practical guidance from experienced lawyers specializing in securities, funds, and investment management.

In this study we explored prospective social studies teachers’ memories of their middle and high school social studies teachers. Our goal was to determine what lessons, if any, their apprenticeships of observation taught them about teaching. Analysis of interviews with these prospective teachers indicated they talked about five ways of being a social studies teacher: an information giver, a content knowledge expert, a “character”, a caring, committed teacher, and “powerful.” After discussing these five ways of being a social studies teacher we present implications for teacher educators interested in building upon prospective teachers' initial conceptions of powerful social studies teaching and learning.

The purpose of this paper is to review the use and application of shell entities, as they facilitate crime and terrorism, impede investigations and harm societies.

The study details the types and characteristics of shell entities, reviews actual cases to exhibit how shells are abused, outlines reasons shells disguise beneficial ownership and analyzes steps taken by countries and organizations to thwart the abuse of shell entities.

Many types of shell entities are used by white-collar criminals and are often layered in an intricate network which conceals the identity of beneficial owners. Nominees and bearer shares are used in tandem with shell entities to optimize concealment. Accountants, lawyers and trust and company service providers facilitate and promote the use and abuse of shell entities by lawbreakers. The G-8, Financial Action Task Force and G-20 have begun steps to improve ownership transparency, but the effort is moving at a modest pace.

The analysis makes clear the reasons for and means by which the wealthy and powerful, along with criminals, conceal trillions of dollars of income and wealth that remain untaxed and may be used for nefarious purposes. The paper is limited by the paucity of data on concealed assets and their beneficial owners.

The findings clearly show the need for more concerted action by national governments, organizations, the United Nations and law enforcement and to improve ownership transparency and information exchange regarding shell entities.

The findings demonstrate that shell entities used to conceal wealth prevent untold trillions in taxes from being collected by governments worldwide. This lack of revenue facilitates income inequality and skews national economic and fiscal policies. Also, more white-collar criminals and terrorist financiers could be brought to justice if ownership transparency is improved.

This study adds to the limited literature on shell entities, their characteristics and uses and abuses.

Despite the benefits of historical thinking pedagogy, many teachers continue to require students to read textbooks. Contained within textbook narratives are particular types of implied causation, asyndetic constructions, which may limit students’ abilities to fully comprehend certain textbook passages. This study examines how asyndetic constructions influence students’ comprehension of causal events. Twelve middle school readers were asked to read a US History textbook passage and answer questions related to the asyndetic construction. They also were asked to reason about their answers. Findings suggest that good middle school readers do not identify asyndetic constructions as problematic to their comprehension even though they often incorrectly answer questions related to these constructions. Findings also indicate that, when middle school readers recognize the asyndetic sentences as causally related, they often disregard and/or overlook the mental processes in the text that provide clues for explaining that relationship. Based on these findings, teachers need to recognize the complexity of textbook language and structure when assigning such readings, taking special care with poor readers who have fewer linguistic resources for making meaning of asyndetic constructions than good readers.

The results from this study extend previous research by empirically testing the involvement based Psychological Continuum Model (PCM) segmentation procedure on sports spectators. To date, the procedure has only been verified using sports participants, although the PCM was developed with a broader range of sports consumers in mind. The validity of the procedure is confirmed using two online surveys, which gather data from spectators at both the league (n=761) and team (n=623) level. A three-step segmentation procedure then places respondents into the PCM stages - awareness, attraction, attachment and allegiance. ANOVA tests indicate that the four groups significantly differ from one another on attitudinal and behavioural measures for both league and team spectators. Findings suggest that the PCM is an appropriate framework to investigate fan development at both league and team levels. Thus sports marketers are provided with a research segmentation tool capable of helping them to better understand their heterogeneous consumer bases and thus guide marketing decisions.

The group has continued to meet regularly since the publication of the last bulletin and has welcomed a number of new members and visitors from both home and overseas. Many members who joined at the beginning or very early on in the Group's history still attend regularly, but several long‐standing members have also left, or ceased active participation, in the period under review. Towards the end of 1972 Mr Wells relinquished the chairmanship of the Group, due to pressure of work, and his place was taken by Mr Mills. Another departure, and one that robbed the Group of one of its most active and forceful members, was that of Jason Farradane. He left the country in 1974, and the Group presented him with a book as a memento of many enjoyable and provocative discussions stimulated by his presence at the meetings which he unfailingly attended. It was with great pleasure that he was welcomed back to a meeting while he was visiting this country in January 1976.

Mentoring postdocs is a shared responsibility and dynamic process that requires a mutual commitment between the faculty mentor and postdoc. The purpose of this study is to understand how minoritized science, technology, engineering, and mathematics (STEM) postdocs view and engage in mentoring exchanges with their faculty mentors. In the context of this study, minoritized postdocs include women, people of color, and individuals with international status; faculty mentors include postdocs’ Principal Investigators (PIs).

Three researchers and 31 data sources (i.e., interview transcripts) were used to construct the case. Researchers first deductively and independently coded the data sources using Molm’s (2006) social exchange framework to identify examples of direct, generalized, and productive mentoring exchanges. Researchers then used thematic analysis (Braun and Clarke, 2006) to identify emergent themes among coded examples of direct, generalized, and productive mentoring exchanges.

Data analyses revealed three emergent themes: (1.1) postdocs valued regular meetings and communication with mentors to clarify responsibilities and role expectations, (1.2) postdocs found more value in their interactions with junior faculty PIs who were flexible and open to innovative ideas, and (1.3) postdocs appreciated conversations about short- and long-term career goals and advice with mentors.

Findings offer implications for faculty and postdocs’ approaches to mentoring relationships, and for approaches to cultivating supportive scholarly communities in STEM higher education. Recommendations include flexibility in research assignments, increased awareness of non-academic careers, and opportunities for informal interactions and intra/interdepartmental community building.

Understanding how to predict and manage the spread of negative brand-relevant content is of critical concern to marketers. This paper aims to contribute to this understanding by building on existing anti-branding, brand hate and word-of-mouth literature to explore the factors that lead individuals to engage in the transmission of negative brand-relevant information via social media.

A two-phase exploratory design was used. The first stage involved an analysis of negative transmission via comments left on news and brand posts. The second phase of the research involved a series of 13 depth interviews with frequent social media users about their negative brand-relevant transmission behavior to add richness and depth to the findings from the passive observation in the first phase of the research.

The first phase of the research demonstrated that negative transmission can be both brand-related (e.g. driven by-product or service failure or corporate irresponsibility) and consumer-related (e.g. driven by self or social motives). The second phase of the research clarified that negative transmission often occurs in the absence of brand hate, particularly when it can be used as a covert method of self-enhancement for the transmitter via downward social comparisons.

Negative transmission as a form of anti-branding that is more strongly self-related (as opposed to brand) is established, progressing understanding and applications of contemporary media channels. Implications, including how brand-generated controversy and consumer reinforcement can be used to manage negative transmission, are offered.