【正文】 nes gave investment strategies。 (3) The assets held by or to be acquired by the issuer。s business prospect: a. Review of the issuer39。但是這個(gè)問(wèn)題一直沒(méi)有答案。 律師認(rèn)為通常情況下最具有強(qiáng)制性得的訴訟案件導(dǎo)致最糟糕的先例：審判只能觸摸到驚人事實(shí)的表面。 有趣的是，房地產(chǎn)方案審計(jì)和 PCA 勢(shì)力都 沒(méi)有利用中介公司的強(qiáng)大影響力，一般情況下 ，擁有 不同等級(jí)的專業(yè)資歷，競(jìng)爭(zhēng)力，政治或內(nèi)部關(guān)系以及補(bǔ)償物的第三方顧問(wèn)毋庸置疑對(duì) 增加管理者的關(guān)系數(shù)量 ， “ 更松散的計(jì)劃方針 ” ， “ 大規(guī)模集中投資 ” 做出了貢獻(xiàn)。但是當(dāng)接近成功這個(gè)問(wèn)題很重要時(shí)，分配和投資策略這個(gè)問(wèn)題也將會(huì)更加的嚴(yán)峻。但是美國(guó)金融業(yè)監(jiān)管機(jī)構(gòu)提醒他們的證券經(jīng)濟(jì)交易商，當(dāng) 出現(xiàn) 推薦的投資時(shí)候，經(jīng)濟(jì)自營(yíng)商必須在確定擔(dān)保對(duì)一般的投資者和那些已被售賣(mài)的特殊投資者合適之后才能做出 “ 合理的研究 ” 。 經(jīng) 過(guò)管理和文件責(zé)任的幫助，美國(guó)金融業(yè)監(jiān)管機(jī)構(gòu)完成了一個(gè)包含有用清單的文本，清單中包括了特殊領(lǐng)域的經(jīng)濟(jì)自營(yíng)商在研究中所必須具有的東西，包括： “ 發(fā)行者和管理人員 ” ： 的 財(cái)政 報(bào) 表，尤其關(guān)注的是它們是否是可信的財(cái)政報(bào)表 。 證券交易管理委員會(huì)建議對(duì)資產(chǎn)擔(dān)保證券制度進(jìn)行修 訂 最后我們應(yīng)該關(guān)注證券交易管理委員最近發(fā)布的資產(chǎn)擔(dān)保證券制度， 33— 12 9117 和 34— 61858 提議對(duì)于 AB 法令和其他規(guī)章來(lái)說(shuō)是一個(gè)重大的修訂。許多問(wèn)題導(dǎo)致了財(cái)政危機(jī)，包括抵押擔(dān)保證券，許多抵押擔(dān)保證券是用來(lái)作為另一個(gè)債務(wù)的抵押，例如租賃抵押。 最初時(shí)，擔(dān)保作為財(cái)政抵押的一種工具。 “ 發(fā)行者的商業(yè)前景 ” ； ，包括危機(jī)的猜想進(jìn)行審計(jì)； ，包括壓力的作用進(jìn)行深入的審計(jì)。經(jīng)濟(jì)自營(yíng)商獨(dú)立的研究應(yīng)該是包含一個(gè)合理的 方案 ，至少包含以下問(wèn)題： （ 1）發(fā)行人和他的管理人員； （ 2）發(fā)行人的商業(yè)前景； （ 3）發(fā)行人獲得或擁有的財(cái)富； （ 4）權(quán)利的制定； （ 5）出售物 盈利 的預(yù)期作用。也許會(huì)，在房地產(chǎn)方案審計(jì) 中，工作人員記錄著 ：在加州公共雇員退休基金的實(shí)際房地產(chǎn)投資文件中，當(dāng)前的實(shí)際價(jià)值是與 10%的分配 標(biāo)相對(duì)的所用財(cái)富的 %，以及 “ 房地產(chǎn)市場(chǎng)的混亂將會(huì)給投資機(jī)會(huì)帶 來(lái)壓力 ” ， 這對(duì)于房地產(chǎn)資本市場(chǎng)來(lái)說(shuō)是一個(gè)好消息。這將會(huì) 加 強(qiáng)對(duì)貢 獻(xiàn)的嚴(yán)格控制，和會(huì)妨礙對(duì)任何投資決定的偶然性賠償。舉個(gè)例子，這有 140 億的凈收入 ， 在加 9 州公共雇員退休基金系統(tǒng)的商業(yè)性房地產(chǎn)投資中得到了升值，這全都?xì)w因于2020 年到 2020 年 房地產(chǎn) 市場(chǎng)變得景氣了。以下是幾個(gè)例子。 the asset on site。 b. Inquiring about the activities and cash needs of affiliates。 3 (6) vintage year concentration with over $27 billion of equity mitments made in 2020 and 2020,in part driven by successful market timing dispositions realized by core partner. Interestingly neither the Real Estate Program Review nor the PCA Memorandum cite the undue influence of placement agents, generally third party consultants with differing degrees of professional and petence, political or board connections, and pensation arrangements who undoubtedly contributed to the increase in the number of manager relationships, looser program guidelines, and large concentrated investments. However, the California legislature did take note of the potential foe abuse. On October 11,2020,Governor , Schwarzenegger signed into law Assembly Bill No. 1584 regulating the role of placement agents and requiring disclosure of contributions or gifts to state and local retirement board members. This now has been followed by Assembly Bill No. 1743, not yet enacted into law, which would define placement agents as lobbyists into accordance with California39。 1 Practitioner39。s political reform act. This would impose strict controlsas opposed to simply disclosureover gifts and contributions, and would prohibit pensation contingent on any investment decision. The latter provision produced initial strong opposition from the Blackstone Group, from which it subsequently backed off. The bill still face significant opposition from trade association, which, not surprisingly, prefer the regulatory approach of plete disclosure as opposed to outright prohibition . All of this is a story that will continue to unfold, with New York being another state looking closely at the issue, but while the issue of the access is important, the issue of allocation and investment strategy are even more critical. As PCA concludes in its Memorandum: CalPERS39。 c. Contacting customers and suppliers。 and third party engineering and similaras to oil and gas, geologistreports.[RN 1022] In a footnote FINRA cautions securities registered representatives that description in the notice of the due diligence obligation of a brokerdealer is also 6 intended to cover the conitant responsibilities of any registered representatives who remends a regulation D offering to his or her customer.