On May 20, 2015, the Securities and Exchange Commission (the "SEC") approved new proposed rules, forms and amendments that would expand the information that registered investment companies1 are required to report. The SEC's proposals are intended to capitalize on changes in technology and modernize the fund reporting regime in order to gather better information to be used by investors and the SEC.
The proposals would (1) create a new monthly portfolio reporting form, Form N-PORT, (2) amend Regulation S-X to standardize and enhance disclosure of derivatives in financial statements, (3) introduce a new Rule 30e-3 allowing transmittal of shareholder reports via a company's website in lieu of through the mail, and (4) create a new Form N-CEN that would replace Form N-SAR and require the reporting of certain census-type information.
Please see full memorandum below for more information.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates This memorandum is provided by Skadden, Arps, Slate, Meagher & Flom LLP and its affiliates for educational and informational purposes only and is not intended and should not be construed as legal advice. This memorandum is considered advertising under applicable state laws. Four Times Square New York, NY 10036 212.735.3000 skadden.com 07/ 30 /15 On May 20, 2015, the Securities and Exchange Commission (the "SEC") approved new proposed rules, forms and amendments that would expand the information that regis- tered investment companies1 are required to report. The SEC's proposals are intended to capitalize on changes in technology and modernize the fund reporting regime in order to gather better information to be used by investors and the SEC.2 The proposals would (1) create a new monthly portfolio reporting form, Form N-PORT, (2) amend Regulation S-X to standardize and enhance disclosure of derivatives in financial statements, (3) introduce a new Rule 30e-3 allowing transmittal of shareholder reports via a company's website in lieu of through the mail, and (4) create a new Form N-CEN that would replace Form N-SAR and require the reporting of certain census-type information. A. New Form N-PORT Currently, management investment companies (other than small business investment companies) must report their portfolio holdings on a quarterly basis on Form N-Q at the end of the first and third fiscal quarters, and on Form N-CSR at the end of the second and fourth fiscal quarters.3 The proposals would eliminate Form N-Q and replace it with a new Form N-PORT that would be filed by all registered management investment companies and unit investment trusts that operate as exchange-traded funds, except for money market funds and small business investment companies. The proposal would require covered investment companies to file with the SEC, no later than 30 days after the close of each month, monthly portfolio investment information regarding investments held at the close of each month in a structured data format.4 The last Form N-PORT filed for each fiscal quarter would be publicly available 60 days after the end of such quarter. The SEC believes that the new data format would allow investors and the SEC to better collect and analyze portfolio information.5 In particular, the SEC has indicated that it believes reporting more frequent and timely fund portfolio information will assist it in analyzing and understanding risks across specific types of funds and the fund industry as a whole.6 The categories of information that would be reported on Form N-PORT are summarized below. i. General Information Part A of Form N-PORT would require certain general identifying information, includ- ing the name of the registrant, name of the series, relevant file numbers and fiscal year end date. The SEC also is proposing that funds provide the legal entity identifier (the "LEI") for the registrant and series so information can be linked with data from other filings or sources as the identifier becomes more widely used. ii. Information Regarding Assets and Liabilities Part B of Form N-PORT would require reporting of portfolio-level information about the fund, including total assets, total liabilities and net assets. Funds also would be required to report the following assets and liabilities separately: (1) aggregate value of 1 The full text of the SEC's release on proposed amendments applicable to investment companies is available here (the "Investment Company Release"). 2 Investment Company Release at 14. 3 See Rule 30b1-5 under the Investment Company Act [17 CFR 270.30b1-5]; see also Rule 30b2-1 under the Investment Company Act [17 CFR 270.30b2-1]. 4 See proposed Rule 30b1-9. 5 Investment Company Release at 17. 6 Id. at 22. Michael K. Hoffman New York 212.735.3406 michael.hoffman@skadden.com Thomas A. DeCapo Boston 617.573.4814 thomas.decapo@skadden.com Kevin T. Hardy Chicago 312.407.0641 kevin.hardy@skadden.com John R. Stewart New York 212.735.3314 john.r.stewart@skadden.com If you have any questions regarding the matters discussed in this memorandum, please contact the following attorneys or call your regular Skadden contact. The SEC Proposes Expanding Reporting Requirements for Investment Companies 2 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies any "miscellaneous securities" held,7 (2) any assets invested in a controlled foreign corporation for the purpose of investing in certain types of investments,8 (3) borrowings attributable to amounts payable for notes payable, bonds and similar debt, as reported pursuant to Rule 6-04(13)(a) of Regulation S-X, (4) payables for investments purchased either (i) on a delayed delivery, when-delivered, or other firm commitment basis, or (ii) on a standby commitment basis, and (5) liquidation preference of outstanding preferred stock issued by the fund. iii. Portfolio-Level Risk Metrics Form N-PORT would require funds to report quantitative measurements of certain risk metrics at the portfolio level. The SEC believes this will help it monitor and better understand a fund's exposure to changes in interest rates and credit spreads across the yield curve.9 Funds investing in debt instruments, or in derivatives that provide exposure to debt or debt instruments representing at least 20 percent of the fund's notional exposure as of the reporting date would be required to report, on Form N-PORT, portfo- lio-level calculations of duration and spread duration across the applicable maturities in the fund's portfolio. For duration, Form N-PORT would require these funds to provide details about exposures to interest rate changes along the risk-free interest rate curve for each applicable currency in the fund.10 Form N-PORT also would require these funds to provide a measure of spread duration (commonly known as SDV01) at the portfolio-level for each of the maturities used in the calculation for duration aggre- gated by noninvestment-grade and investment-grade exposures. iv. Securities Lending Form N-PORT would require funds to report for each of their securities lending counterparties the full name and LEI of the counterparty, as well as the aggregate value of all securities on loan to the counterparty. 7 The proposed SEC guidelines under Regulation S-X for the reporting of "miscellaneous securities" would allow funds to report an aggregate amount not exceeding 5 percent of the total value of the portfolio investments in one amount as "miscellaneous securities" subject to certain restrictions. See Rule 12-12 of Regulation S-X. 8 The SEC would require disclosure of each underlying investment in the controlled foreign corporation rather than just the investment itself. 9 Investment Company Release at 37. 10 The fund would have to calculate the change in value in the fund's portfolio from a one basis point change in interest rates (commonly known as DV01) for each applicable key rate along the risk-free interest rate curve, i.e., one-month, three-month, six-month, one-year, two-year, three-year, five-year, seven-year, 10-year, 20-year, and 30-year interest rate, for each applicable currency in the fund. A fund only would report the key rates that are applicable to the fund. v. Return Information Form N-PORT would require funds to provide monthly total returns for each of the preceding three months. For funds that have multiple classes, returns for each class would be reported separately. Funds also would be required to report monthly net realized gain or loss and net change in unrealized appreciation or depreciation attributable to derivatives for each of the following categories: commodity contracts, credit contracts, equity contracts, foreign exchange contracts, interest rate contracts and other deriv- atives contracts for each of the preceding three months. vi. Flow Information Form N-PORT would require funds to separately report for each of the preceding three months the total net asset value of: (1) shares sold (including exchanges but excluding reinvestment of dividends and distributions), (2) shares sold in connection with reinvestments of dividends and distributions, and (3) shares redeemed or repurchased, including exchanges. vii. Portfolio Investment Information Part C of Form N-PORT would require funds to report infor- mation on an investment-level basis about each of its portfolio investments, including investments held by consolidated subsid- iaries, as of the close of the preceding month. Certain questions would apply to all investments and would require disclosure of information such as the investment's identification, amount, payoff profile, asset and issuer type, country of investment or issuer, fair value level, and whether the investment was a restricted security or illiquid asset. Other questions would apply only to specific types of investments, including debt securities, repurchase and reverse repurchase agreements, derivatives, and securities lending to which funds would respond only if relevant. Disclosure Applicable to All Investments. For the questions applicable to all investments, funds would be required to report certain basic information, such as the name of the issuer and title of issuer or description of the investment. Funds also would be required to report the below information for each investment: - the amount of each investment as of the end of the reporting period (the number of units or principal amount for each investment), the value of each investment at the close of the period, the percentage value of each investment when compared to the net assets of the fund and the currency in which the investment is denominated and if denominated in a foreign currency the exchange rate used to calculate the value; - the payoff profile of the investment specifying whether it is held long, short or not applicable; - asset type for the investment (e.g., short-term investment vehicle, repurchase agreement, etc.); 3 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies - whether each investment is a restricted security and whether it is an illiquid asset; - the level within the fair value hierarchy under U.S. generally accepted accounting principles at which the investment is categorized by the fund (i.e., Level 1, Level 2 or Level 3); and - the country in which the investment or issuer is located based on risk and economic exposure, and the country of organiza- tion if different from the country based on risk and economic exposure. Investment Type-Specific Disclosures. In addition to disclosures that funds would be required to make regarding all investments, the below disclosures would be required to be made depending on the type of security held. - Debt Securities. Additional information required for debt secu- rities would include: (1) maturity date and coupon, (2) whether the security is in default and (3) certain other detail regarding payment of interest. For convertible securities, the fund would be required to disclose (1) whether the conversion is mandatory or contingent, (2) the conversion ratio, (3) certain details about the asset into which the debt is convertible, and (4) the delta.11 - Repurchase and Reverse Repurchase Agreements. Additional information required for debt securities would include: (1) the category that reflects the transaction from the perspective of the fund (repurchase, reverse repurchase), (2) whether the transaction is cleared by a central counterparty, repurchase rate, (3) whether the repurchase agreement is tri-party, (4) the maturity date, and (5) principal amount and value of collateral as well as the category of investments that most closely represents the collateral. - Derivatives. Additional information required for debt securities would include: (1) category of derivative that most closely represents the investment (e.g., forward, future, option, etc.), (2) name or LEI of the counterparty, (3) terms and conditions of each derivative investment that are important to understand- ing the payoff profile of the derivative, and (4) a description of the reference instrument, including name of issuer, title of issuer and relevant securities identified.12 The proposal estab- lishes specific additional information that would be required for different categories of derivative instruments. •	Options, Warrants and Options on Derivatives. Funds would report: (1) type (e.g., put or call, etc.), (2) payoff profile (i.e., purchased or written), (3) number of shares or principal amount of underlying reference instrument per contract, (4) exercise price, (5) expiration date, (6) unrealized apprecia- tion or depreciation, and (7) delta. 11 The delta is the ratio of the change in the value of the option to the change in the value of the asset into which the debt is convertible. 12 Further information about the reference instrument would be required when the reference instrument is a derivative or a "custom basket" of assets. •	Futures and Forwards (other than Foreign Exchange Forwards). Funds would report: (1) the payoff profile (i.e., long or short), (2) expiration date, (3) aggregate notional amount or contract value as of the trade date, and (4) unreal- ized appreciation or depreciation. •	Foreign Exchange Forwards and Swaps. Funds would report: (1) amount and description of the currency sold, (2) amount and description of the currency purchased, (3) settle- ment date, and (4) unrealized appreciation or depreciation. •	Swaps (other than Foreign Exchange Swaps). Funds would report: (1) description and terms of payments necessary for a user of financial information to understand the nature and terms of payments to be paid and received, including, as applicable, (2) upfront payments or receipts, (3) unrealized appreciation or depreciation, (3) termination or maturity date, and (4) notional amount. •	Other Derivatives. For derivatives that do not fall into the enumerated categories, funds would provide a description of the terms and nature of the investment sufficient for a user of financial information to understand the nature and terms. - Securities on Loan and Cash Collateral Reinvestment. For each securities lending counterparty, the full name and LEI of the counterparty and the aggregate value of all securities on loan to the counterparty. Funds also would report on an investment-level basis information about securities on loan and the reinvestment of cash collateral that secures the loans. viii. Miscellaneous Securities Part D of proposed Form N-PORT would, as permitted by Regu- lation S-X, give funds the option of reporting certain investments as miscellaneous securities. While funds would be required to provide the same information on an investment-by-investment basis, as described above, for each investment as if it was not a miscellaneous security, disclosures regarding miscellaneous securities would be nonpublic. viii. Explanatory Notes Part E of Form N-PORT would give funds the option of provid- ing explanatory notes related to the filing. Notes provided in any public reports would be publicly available while those in any nonpublic filings of Form N-PORT would be nonpublic. ix. Exhibits Funds would file in Part F of Form N-PORT for the first and third quarters of the fund's fiscal year the fund's complete port- folio holdings, presented in accordance with Regulation S-X. As further discussed below, these filings would replace reports filed on Form N-Q. 4 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies x. Rescission of Form N-Q The proposal would eliminate Form N-Q. As discussed above, proposed requirements of Form N-PORT would include portfolio holdings information, and the SEC believes these forms would be unnecessarily duplicative.13 The SEC proposals also would amend the certification require- ments of Form N-CSR such that the certification look-back period would cover six months as opposed to three months, as currently required, in order to eliminate the gap in the certifica- tion period resulting from the elimination of Form N-Q. B. Amendments to Regulation S-X The SEC's proposed amendment to Regulation S-X would require new disclosures regarding derivative contracts in a fund's financial statements, its shareholder reports and, as applicable, website disclosures.14 As discussed above, many of the enhanced disclosures of derivatives also would be required to be reported on the new Form N-PORT. The amendments would (1) require new standardized disclosures regarding fund holdings in open futures contracts, open forward foreign currency contracts, open swap contracts and additional disclosures regarding fund holdings of written and purchased option contracts, (2) update disclosures for other investments, and (3) amend the rules regarding the general form and content of fund financial statements. The proposal also would require disclosure of derivatives investments to be displayed prominently in the fund's financial statements rather than placed in the notes, as currently permitted, and require disclosure in the notes as to a fund's securities lending activities.15 i. Enhanced Derivatives Disclosures Funds currently disclose information on open futures contracts, open forward foreign currency contracts and open swap contracts in accordance with Rule 12-13 of Regulation S-X, which requires information on funds' investments other than securi- ties.16 The SEC believes that the current reporting requirements lack transparency and provide for inconsistent disclosure as to derivative instruments.17 The proposal would require disclosure of the information listed below for each type of derivative. - Open Written Options Contract. Proposed Rule 12-13 would require new disclosure as to a description of the contract 13 Investment Company Release at 104. 14 Id. at 107. See also Rule 1-01, et seq. of Regulation S-X [17 CFR 210.1-01, et seq.]. 15 Id. at 107-108. 16 See Rule 12-13 of Regulation S-X. 17 Id. at 111. (currently only the name of the issuer is required), the coun- terparty to the transaction and the contract's notional amount in addition to current required disclosure. As a result, funds would report (1) description, (2) counterparty, (3) number of contracts, (4) notional amount, (5) exercise price, (6) expiration date, and (7) value. In addition, like the proposed disclosure in Form N-PORT, if the option has an underlying investment in an index or a "custom basket" of assets, certain disclosures regarding the underlying assets would apply. - Open Futures Contracts. Proposed Rule 12-13A would add new disclosure requirements as to the notional amount and value in addition to current required disclosure. As a result, funds would report (1) description, (2) number of contracts, (3) expiration date, (4) notional amount, (5) value, and (6) unreal- ized appreciation and depreciation. Proposed Rule 12-13A also would require funds to reconcile total unrealized appreciation/ depreciation to total variation margin receivable or payable on the related balance sheet. - Open Forward Foreign Currency Contracts. Proposed Rule 12-13B would require new disclosure of the counterparty to each transaction for open forward foreign currency contracts in addition to current required disclosure. As a result, funds would report (1) amount and description of currency to be purchased, (2) amount and description of currency to be sold, (3) counterparty, (4) settlement date, and (5) unrealized appreciation/depreciation. - Open Swap Contracts. Proposed Rule 12-13C would require new disclosure of the counterparty to each open swap contract (except for exchange-traded swaps), the contract's value and any upfront payments or receipts, in addition to current required disclosure. As a result, funds would report (1) descrip- tion and terms of payments to be received from another party, (2) description and terms of payments to be paid to another party, (3) counterparty, (4) maturity date, (5) notional amount, (6) value, (7) upfront payments/receipts, and (8) unrealized appreciation/depreciation. In addition, like the proposed disclosure in Form N-PORT, if the option has an underlying investment in an index or a "custom basket" of assets, certain disclosures regarding the underlying assets would apply. Funds also would be required to disclosure variable financing rates for swaps that pay or receive financing payments. - Other Investments. Proposed Rule 12-13D would replace current Rule 12-13 under which funds report investments not required to be reported elsewhere pursuant to Article 12. Funds would be required to report (1) description, (2) balance held at close of period-quantity, and (3) value of each item at close of period. The SEC indicated that examples of holdings reported under this rule would be, among other things, investments in physical holdings, such as real estate or commodities. 5 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies ii. Updated Disclosures for Other Investments The proposal also would make changes to certain other invest- ment disclosures detailed below. - Amendments to Rules 12-12 through 12-12C. The proposal would modify the instructions to Rule 12-12 regarding invest- ments in securities of unaffiliated issuers by (1) requiring funds to categorize the schedule by type of investment, the related industry and the related country or geographic region, (2) requiring disclosure of the interest rate or preferential dividend rate and maturity rate for certain enumerated debt instruments, (3) requiring disclosure of referenced rate and spread when disclosing the interest rate for variable rate securities, and (4) adding certain other instructions pertaining to disclosure requirements under Rule 12-12. - Investments in and Advances to Affiliates. Proposed amend- ments to Rule 12-14 regarding investments in and advances to affiliates would add required disclosure of realized or unrealized gains or losses in investments in and advances to any "affiliates" or companies in which the investment company owns 5 percent or more of the outstanding voting securities. These disclosures would replace existing disclosure of net realized gain or loss for the period. iii. Form and Content of Financial Statements Proposed revisions to Article 6 of Regulation S-X pertaining to the form and content of financial statements would make certain changes to conform Article 6 with proposed changes to Article 12, as discussed above. Funds and their consolidated subsidiaries would now report their consolidated investments for each sched- ule and no longer disclose which are owned by the fund and which are owned by the consolidated subsidiaries. The proposal also would eliminate Rule 6-10(a), which allows information required by any schedule to be included in the related financial statement or note thereto if the information may be omitted with- out making the disclosure misleading. The change would require funds to include all schedules required by Rule 6-10 to be presented together within a fund's financial statements instead of in the notes. The proposal also would change certain disclosure requirements under Rules 6-03, 6-04 and 6-05.3 to specifically reference the disclosed investments. Funds would be required to make certain disclosures regarding securities lending activities and cash collateral management, includ- ing (1) gross income from lending, (2) fees and/or compensation paid, (3) net income, (4) terms of the compensation of the securities lending agent, (5) detail of any other fees, and (6) monthly aver- age value of the portfolio securities on loan. Funds also would be required to separately disclose income from noncash dividends and payment-in-kind interest on the statement of operations. Certain other changes would be made to Rule 6-07 to conform statement of operations disclosures with those in Rules 12-13A through 12-13C. Finally, the proposal would eliminate the requirement for specific disclosure of written options activity under current Rule 6-07.7(c) and eliminate an exception in Schedule II of current Rule 6-10, which doesn't require reporting certain de minimis investments under current Rule 12-13. C. New Rule 30e-3: Option for Website Transmission of Shareholder Reports The SEC proposed a new Rule 30e-3 that would permit, but not require, a fund to satisfy certain requirements under the Investment Company Act of 1940 by posting to the company's website as a way of distributing shareholder reports. A fund's annual or semiannual report to shareholders would be considered transmitted if conditions relating to the following are satisfied: (1) availability of the report and other materials, (2) shareholder consent, (3) notice to shareholders, and (4) delivery of materials upon request of the shareholder. i. Availability of the Report The report must be publicly accessible, free of charge and at a specified website as of the date of transmission in order to satisfy the requirements. Funds also would be required to post on their websites shareholder reports transmitted within the last 244 days and complete portfolio holdings for the most recent first and third fiscal quarters. A fund also would be required to post its portfolio holdings as of the end of the next fiscal quarter within 60 days of the closing of that period.18 To ensure accessibility of the report, the following conditions would also apply: (1) the website on which the report is accessed cannot be the SEC's site for electronic filing, and (2) the materi- als must be presented in a format convenient for reading online and printing on paper, and the recipient must be able to perma- nently retain an electronic copy free of charge. Proposed Rule 30e-3 includes a safe harbor for temporary noncompliance with the posting requirements. ii. Shareholder Consent Funds relying on proposed Rule 30e-3 would be required to obtain shareholder consent from each shareholder in order to transmit reports electronically to such shareholder by means of website posting. A fund may rely on proposed Rule 30e-3 if it either has previously obtained consent from a particular shareholder or if the fund has determined it has received implied consent under certain conditions detailed in proposed Rule 30e-3. 18 These portfolio holdings disclosure requirements would not apply to money market funds and SBICs. 6 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies Registrants offering multiple series to the same shareholder would be required to obtain separate consents for each series. iii. Notice Funds relying on proposed Rule 30e-3 would be required to send a notice to a shareholder who has consented within 60 days of the close of the period to which the report relates. The notice would be required to include certain information and be formatted in accordance with details proscribed in proposed Rule 30e-3, including a statement regarding the availability of the report, the website on which it may be accessed, instructions on how to request a paper copy and a toll-free telephone number and reply form that the shareholder may use to notify the fund they wish to receive printed reports. iv. Delivery Upon Request A fund relying on proposed Rule 30e-3 must send, within three days of receiving a request from a shareholder, a paper copy of any of the materials discussed above at no cost to the requestor. v. Limitation on Use of Summary Schedule of Investments Funds relying on proposed Rule 30e-3 would not be permitted to rely on Rule 12-12C of Regulation S-X that otherwise permits funds to provide a summary schedule of portfolio investments in lieu of providing a complete schedule. vi. Summary Prospectus Disclosure The proposal would amend Rule 498 under the Securities Act of 1933 to require funds relying on proposed Rule 30e-3 to include the web address required in the notice, discussed above, on the cover page of the fund's summary prospectus. D. New Form N-CEN and Rescission of Form N-SAR Proposed Form N-CEN would replace Form N-SAR, which requires reporting by investment companies and unit investment trusts of certain census-type information on a semiannual basis.19 Form N-CEN instead would be required to be filed annually by all registered investment companies, except face amount certifi- cate companies, within 60 days after the end of the fund's fiscal year. Form N-CEN would gather similar census information, currently reported on Form N-SAR, about the fund industry, and funds would complete the applicable sections of Form N-CEN depending upon the type of registrant. Unlike Form N-SAR, series companies would be required to file separate Form 19 See Rules 30a-1 and 30b1-1 under the Investment Company Act [17 CFR 270.30a-1 and 17 CFR 270.30b1-1]. N-CENs for each series. Form N-CEN would be filed in XML structured data format. i. Information Required on Form N-CEN Part A. Part A of Form N-CEN would be completed by all funds and would collect general information about the reporting period covered by the report. Part B. Part B of Form N-CEN would be completed by all funds and would require background and other identifying information about the fund and certain other disclosures, such as: - Investment Company Act filing number, Central Index Key (the "CIK") number, LEI, contact information and location of the fund's books and records; - whether the fund is part of a "family of investment companies";20 - classification of the fund (e.g., open-end fund, closed-end fund), whether the fund issues securities registered under the Securities Act; - in the case of management companies, certain information about directors, including if they are an "interested person" as defined under the Investment Company Act; - certain information about the fund's chief compliance officer, if any, including contact information; - matters submitted to a vote of security holders and certain information on legal proceedings during the period; - certain information regarding claims filed under the company's fidelity bond and certain details regarding the company's errors and omissions insurance policy; - whether the fund received financial support from an affiliated entity; - whether the fund relied on exemptive orders from the SEC, and if so, the release number; - identifying information for the fund's principal underwriters, independent public accountants and if the accountant has changed a detailed narrative; - information regarding accounting and valuation issues such as material changes in the method of valuation, changes in accounting principles and practices, a copy of the independent public accountant's report on internal controls and disclosure of any material weaknesses found; 20 "Family of investment companies" is defined as two or more registered investment companies that (1) share the same investment adviser or principal underwriter, and (2) hold themselves out to investors as related companies for purposes of investment and investor services. 7 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies - any payments made to shareholders or reprocessing of share- holder accounts as a result of a net asset value error by an open-end fund; and - for management companies, information on payments of dividends or distributions that required a written statement pursuant to Section 19(a) of the Investment Company Act. Part C – Management Investment Companies. Part C of Form N-CEN would be completed by management investment compa- nies (other than SBICs). - Background and Classification of Funds. General identify- ing information including for any series as well as specific information on each share class of open-end funds. Proposed Form N-CEN would require identification of the type of fund and, depending on the type of fund, would require the fund to provide further information. - Investments in Certain Foreign Corporations. Disclosure of investments in controlled foreign corporations for the purpose of investing in certain types of instruments, such as commodi- ties, and identifying information of the foreign corporation. - Securities Lending. Information about fees associated with securities lending activities, relationships with certain secu- rities-lending-related service providers and certain other information regarding securities lending activities. - Reliance on Certain Rules. Disclosure regarding whether the fund has relied on certain rules under the Investment Company Act. The new form would require disclosure of reliance on a broader set of rules than is currently reported on Form N-SAR. - Expense Limitations. Additional disclosure regarding expense limitations, specifically whether expense limitations were in place, whether expenses were modifying pursuant to the limitation(s), whether the waived fees are subject to recoupment and whether any waived expenses were recouped during the reporting period. - Service Providers. Certain identifying information on service providers as well as whether the service provider was hired or terminated during the reporting period and whether it is an affiliate of the fund or its adviser(s). Proposed Form N-CEN also would require identifying information on persons provid- ing pricing service information; the top 10 entities receiving brokerage commissions from the management company; and with which entities the management company did the largest dollar amount of principal transactions. Finally, the form also would require disclosure of commissions paid to broker-dealers for "brokerage and research services" within the meaning of Section 28(e) of the Securities Exchange Act of 1934. Part D – Closed-End Management Companies and SBICs. Part D of Form N-CEN would be completed by closed-end management companies and SBICs and would ask for: - certain information on the securities that have been issued, including type of security; - information relating to rights offerings and secondary offering; - information on repurchases of its securities; - yes/no responses to questions relating to default on long-term debt and dividends in arrears; - detailed descriptions of any modifications to the constituent's instruments defining the rights of holders; - certain other attachments including material amendments to organizational documents, new or amended investment advisory contracts and information required by Item 405 of Regulation S-K; - certain census-type information relating to management fees and net annual operating expenses as a percentage of assets; and - information regarding an SBIC's investment advisers, transfer agents and custodians. Part E – Exchange-Traded Funds and Exchange-Traded Managed Funds. Part D would be completed by exchange-traded funds ("ETFs") and exchange-traded managed funds in addition to either Part C (for open-end funds) or Part F (for unit investment trusts), depending upon which type the ETF is registered as under the Investment Company Act. Currently, ETFs do not report more specialized information on Form N-SAR. Part D of Form N-CEN would require reporting of information in the following areas: - Authorized Participants. The name of each authorized partici- pant and certain other identifying information, the dollar value of the ETF's shares that the authorized participant purchased from the ETF during the reporting period and the dollar value of the ETF's shares that the authorized participant redeemed during the reporting period; and - ETF Creation Units. Total value of (1) creation units that were purchased by authorized participants primarily in exchange for portfolio securities on an in-kind basis, (2) those that were redeemed primarily on an in-kind basis, (3) those purchased by authorized participants primarily in exchange for cash, and (4) those that were redeemed primarily on a cash basis. In addition, ETFs would report applicable transaction fees, the number of ETF shares required to form a creation unit and the exchange on which the ETF is listed. Part E also would require information regarding tracking difference and tracking error. Part F – Unit Investment Trusts. Part F would require unit invest- ment trusts ("UITs") to report certain identifying information regarding service providers and entities involved in the formation and governance of UITs and whether a UIT is a separate account of an insurance company. 8 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates The SEC Proposes Expanding Reporting Requirements for Investment Companies - UITs that are not separate accounts would report certain information regarding series, including (1) the number of series existing with registered securities, (2) the number of new series with registered securities and total value of portfolio securities, (3) the number of series with current prospectus, (4) the number of existing series, and total value, with newly registered units, and (5) total assets of all series combined as of the reporting period. - UITs that are separate accounts of an insurance company would report certain census-type identifying information including name of the security, total assets attributable to the security, number of contracts sold and certain other details. - UITs also would be required to report certain information relating to divestments under Section 13(c) of the Investment Company Act. Part G – Attachments. Proposed Form N-CEN would add to the attachments required to be reported by all reporting funds an attachment relating to the provision of financial support. In addition, reporting funds also would file attachments relating to (1) legal proceedings, (2) changes in the fund's independent public accountant, (3) independent public accountant's report on internal control, (4) changes in accounting principles and practices, and (5) where applicable, attachments relating to information required to be filed pursuant to exemptive orders and other information required to be included pursuant to SEC rules and regulations. Closed-end funds and SBICs also would be required to file attachments relating to (1) material amendments to organizational documents, (2) instruments defining the rights of the holders of any new or amended class of securities, (3) new or amended investment advisory contracts, (4) information called for by Item 405 of Regulation S-K, and (5) for SBICs only, senior officer codes of ethics. E. Items Required by Form N-SAR that would Be Eliminated by Form N-CEN Certain information currently collected on Form N-SAR would be eliminated from the reporting requirements of Form N-CEN where the information is reported elsewhere, such as items relating to fees and expenses, including front-end and deferred/ contingent sales loads, redemption and account maintenance fees, Rule 12b-1 fees and advisory fees.21 F. Compliance Dates The SEC has proposed tiered compliance dates for Form N-PORT, depending on asset size,22 of at least 18 months for the largest entities after the effective date of the new rules. For Form N-CEN, the SEC has proposed a compliance date of 18 months after the effective date of the new rules. Funds wishing to rely on proposed Rule 30e-3 would be able to do so immediately after the effective date. The proposed compliance date for Regulation S-X would be eight months after the effective date. Public comments should be submitted to the SEC on or before August 11, 2015. 21 A full list of eliminated items is available in Figure 1 on pages 247-256 of the Investment Company Release. 22 Measured by reference to all investment companies in the same group of related investment companies (as defined in Rule 0-10 under the Investment Company Act).
"SEC Issues Cybersecurity Guidance for Investment Companies and Advisers"
"CFTC Curtails Commodity Pool Operator Exemptions for Registered Investment Companies and Private Funds and Commodity Trading Advisor Exemptions for Their Advisers"


Bad days. We all have them, right? Sometimes a "bad day" can be as simple as waking up to a rainy day (and, for those of us who take public transportation into work, this can be the cause for a bad start to the day at least!) or it can be as bad as… well, no need to go there. We've all had those bad days.
I had a bad day on Monday, which got me to thinking about how I handle bad days. Some days, I succumb to the bad day and let my mood totally ride on it. Granted, this doesn't really make me feel better (wallowing in self pity and being just a generally grumpy person), but sometimes it's hard to realize that the world is not ending because of a bad day.
Other days, though, like Monday, for instance, I try to see the "silver lining" in my bad day. So I broke the heat in my apartment and have to pay almost $900 to get it fixed (yikes. Writing that out certainly doesn't make it any easier to swallow)… big deal, right? Money comes and money goes and in the grand scheme of things, breaking my heat is a much better "bad day" than others I could think of. No one got hurt, no one got in trouble, no one lost anything (well, besides my money). Things could be a lot worse. I'm not going to say I didn't dwell on this and cry (ok, I cried a lot), but I tried to accept my mistake, look at the big picture and move on.
As I did this, I got to thinking about ways I try to make myself feel better when I'm having a bad day. I thought I'd share them with you in case you're having a bad day and could use a reminder that things will get better!
1. Get my sweat on! Without fail, when I am having a bad day, a good sweat sesh will always make me feel better. Even if it's just during the workout, I'll take it! Working out helps me clear my mind and sometimes push all of my negative thoughts to the back for a bit. Endorphins released during working out are a wonderful, wonderful thing.
2. Call my mom, dad or sister (sometimes all 3). Pending on what is bothering me determines who I call. Heat issues? Sorry mom, dad was way better at making me feel better. Stress/schedule issues? Yup, mom is the person I call because she 'gets' it. Boy issues or any other type of issue I might be having? My sister. Sometimes it's nice to just vent and cry and let it all out and know that the listening ear on the other end isn't judging and isn't thinking that I'm a crazy person.
3. Grab drinks with friends/significant other (if he/she is not the cause for your bad day! 😉 ). As I said earlier, it's often times easier to succumb to a bad day and wallow in self pity and avoid interactions with other people, but if you can force yourself to get out, you'll be glad you did! Not only does it help get your mind off of whatever is bothering you, friends/significant others can generally relate to your problem and help make you feel better.
5. Treat yourself to a manicure and/or pedicure or a massage. I love when I get to treat myself to one, both or all of these because it's the one time where I am force to sit, relax and read trashy magazines… or, do nothing at all. It's also a good time to reflect on the situation at hand that has put you in a bad mood and figure out how to get OUT of that bad mood; to accept the situation for what it is and move on with a more positive attitude.
6. Dance. Crank up your favorite jam and dance! In your underwear if you want to… no one is judging you and I can guarantee it will make you feel so much better. I was talking to my mom earlier this week and she was talking about her favorite dance class and she said that she is so happy as soon as she steps into that class and she always leaves feeling great.
It's funny because just re-reading through those "get happy" suggestions makes me feel better. I hope I remember to come back to this post next time I have a bad day.
Bottom line, it's important to try and take a bad day for what it is, accept it and move on. It takes so much more energy to be angry/grump/upset then it does to be happy, so next time you have a bad day, I challenge you to turn your attitude towards that bad day around and try to focus on something GOOD about your day. Mmm, k?
Questions for you: Do you wallow in self pity when you have a bad day and act as if the world is ending? Or, do you try to look at the positive and make the situation better? What is your "go to" when it comes to making you feel better when you have a bad day?
What's going on this weekend? I am working then babysitting today, teaching tomorrow, quick day trip to Maine and then coming back to MA for a gym friend party. I hope to get prepped for my upcoming Dallas and Chicago trip on Sunday. Have a great one, friends!
looks like you handled it OK–you are too busy with all you do to be down for long. Your 2 trips are going to be fun?? Love Dallas and would love to go to Chicago to see the windy city. I am going to a Chicago concert tomorrow night in Bangor that will have to do. Be safe and travel well.
That's a good point! I am too busy to be down for too long! Dallas won't be that fun (work related), but Chicago should be a blast!! Have fun at the concert!
Sorry to hear about your rough year, but glad to see you have a few good outlets to make you feel better 🙂 I need to be better about vegging out and watching Netflix!


Your HR Search and Good as Gold Training teams want you to know how AMAZING WE THINK YOU ARE!  While others get to see you in action once or twice a year, we work with you every day.  Now some are probably laughing at that statement but you are truly an inspiration to all of us and we have learned so much from you.  We appreciate your knowledge, high energy, positive attitude, sweet disposition, giving nature and ability to make every day fun and exciting! There truly is no one out there like you!
You always say that we in the Staffing and Recruiting Profession, "change people's lives for the better".  I hope you know that YOU change the lives of all of those lucky enough to work with you (Family, Friends, Employees, Candidates, Clients and those you train in the Staffing and Recruiting Profession)! You are a joy to work for and it is our pleasure to come into the office every day!
We wish you a wonderful Boss's Day and much happiness in your life!


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Latest Current Affairs 10 August 2020
Created By Shivali Varshney, Vidhyarthi Darpan at August 10, 2020
Latest Affairs
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NATIONAL NEWS:
A) Kerala rains: Idukki landslip death toll crosses 40.
With the recovery of 16 more bodies from the landslip-hit estate area of Pettimudy near Rajamala on August 9, the total number of deaths crossed 40. As per the official data 24 more persons are still missing from the accident spot where a major landslip on Thursday buried four estate 'layams, ( living quarters of estate workers). Despite the adverse climate, including rains and mists hampering the search operation in the hilly terrain, the efforts to drive out water from the area began on 9 August. About 200 members of NDRF were searching the area where three acres of land are completely under the debris.
The access to the earthmovers was difficult as the area was water-logged. A dog squad of the district police also joined the search operation. The sniffer dogs helped in tracing many bodies from the accident area. Drones were also used to search the area and eight bodies were retrieved from the stream which flowed close to the ill-fated layams where the water stream from the landslip joined. Seven earthmovers were engaged in removing the debris to search the area.
B) CISF orders inquiry after DMK MP was asked 'are you Indian'
The Central Industrial Security Force (CISF) on 9 August ordered an inquiry soon after DMK MP Kanimozhi's complained that a woman officer of the paramilitary agency at the Chennai airport had asked her if she was Indian for not speaking in Hindi. Soon after she encountered the experience while proceeding to New Delhi, the Thoothukudi MP had tweeted, "Today at the airport a CISF officer asked me if I am an Indian when I asked her to speak to me in Tamil or in English as I did not know Hindi. I would like to know that from when being an Indian is equal to knowing the language Hindi."
Soon the CISF headquarters responded promising appropriate action. "We sincerely acknowledge your unpleasant experience. Kindly DM journey details; the name of the airport, location, date, and time of the incident for appropriate action in the matter," the agency said.
C) MoD introduces import embargo for Make in India push.
On 9 August the Defence Minister Rajnath Singh announced that the Ministry of Defence (MoD) would introduce import embargo on 101 items beyond given timeline to boost indigenization of defense production. The policy change comes in the wake of Chinese transgressions and buildup along the Line of Actual Control in Ladakh. China has refused to pull back forces from several areas. It massed troops since April-May and has refused to vacate areas along the border that were traditionally patrolled by the Indian Army.
D) Zomato introduces 'period leaves' for employees.
Online restaurant guide and food ordering platform Zomato on 8 August said that it is introducing up to 10 days of 'period leaves' for all women employees to build a more inclusive work culture in the organization. In a blog post, the Founder and CEO of Zomato Mr. Deepinder Goyal said that at Zomato, they want to foster a culture of trust, truth, and acceptance. Starting from 9 August, all women (including transgender people) at Zomato can avail up to 10 days of period leaves in a year. They should feel free to tell people on internal groups, or emails that they are on their period leave for the day.
E) Covid Watch: Numbers and Developments.
The number of coronavirus cases reported from India stands at 22,11,342 with the death toll at 44,435. India on 9 August recorded 64,399 new cases. The Health Ministry continues to play up positive numbers. The number of recoveries has increased to 14,80,884 with 53,879 coronavirus patients having recovered and discharged in 24-hours, the highest in a single day. The recovery rate is now 68.78%. The fatality rate has further dropped to 2.01 percent.
F) PM launches the farm Infra scheme.
On 9 August, Prime Minister Narendra Modi had launched a new financing scheme under the ₹1akh crore Agriculture Infrastructure Fund meant for setting up storage and processing facilities, which will help farmers get higher prices for their crops. PM Modi launched the scheme via videoconferencing and interacted with farmers across the country. He also released the sixth installment of funds under the PM-KISAN, which amounted to ₹17,000 crores to about 8.5 crore farmers. The first ₹1,000 crores was sanctioned on 9 August to over 2,280 farmer societies under the Agriculture Infrastructure Fund, which was approved by the Cabinet a month ago.
A) Mahinda Rajapaksa was sworn in as the PM of Sri Lanka.
Former President Mahinda Rajapaksa on 9 August took the oath of office as Prime Minister of Sri Lanka, following the ruling party's landslide victory in the August 5 general election. Mr. Rajapaksa, 74, polled a record-breaking share of preferential votes over five lakh this election, reflecting his popularity in the electorate 50 years after he first entered Parliament. The swearing-in ceremony was held at the Kelaniya Raja Maha Vihara, at a revered Buddhist temple near Colombo, where his younger brother and President Gotabaya Rajapaksa administered the oath, after he bowed and took Mr. Mahinda Rajapaksa's blessings. The inaugural session of the new Parliament is scheduled for August 20.
B) Nepal, India in the war of words over Buddha.
Nepal is the land of origin of Lord Buddha, the Ministry of Foreign Affairs in Kathmandu asserted on Sunday after External Affairs Minister S. Jaishankar described the founder of Buddhism as one of the greatest Indians ever. Former Prime Minister Madhav Kumar Nepal said Mr. Jaishankar's comments about Lord Buddha were "objectionable". "It is a well-established and undeniable fact proven by historical and archaeological evidence that Gautama Buddha was born in Lumbini, Nepal. Lumbini is one of the UNESCO world heritage sites," said the official spokesperson of the Ministry.
C) Amid pandemic, India & Pak. spar over Indus water talks.
India has refused a request by Pakistan to hold a meeting on issues around the Indus Water Treaty (IWT) at the Attari check post near the India-Pakistan border. In March India had suggested a virtual conference but Pakistan had insisted on a physical meeting but because of restrictions on movement in light of the COVID-19 pandemic, traveling to the border for a meeting isn't advisable. The last such meeting between the two countries was in October in Islamabad, and, as per the agreement in the Indus Water Treaty (IWT), a meeting was to be scheduled in India before March 31. India has called for the appointment of a 'neutral' party while Pakistan favors a Court of Arbitration to agree upon a final resolution on the design parameters of this hydropower project.
D) U.S. Health Secretary visits Taiwan, angering China.
A senior member of the administration of U.S. President Donald Trump had visited Taiwan on 9 August for the highest level visit of Washington since switching diplomatic recognition to China in 1979. During the 3 day visit, the Health Secretary will meet the President of Taiwan, Ms. Tsai Ing-wen. He advocates that Taiwan should be recognized as a sovereign nation and is loathed by the leaders of China. The office of Ms. Tsai said that the meeting would take place on the morning of 10 August. The health secretary of the US is the most senior Cabinet member who visits Taiwan in decades. His visit comes as relations between the two biggest economic powers of the world stabbed to historic lows.
Shivali Varshney, Vidhyarthi Darpan
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Have you seen the movie Up in The Air (2009)? If not, put it on your list. If you did, you were probably a bit shocked by the virtual approach to firing people. I certainly was. Seven years later, in 2016, we're there. The first time people got fired by text it was news. Today, not so much. More people work in virtual teams and have never met their bosses or colleagues in person. We communicate through texts, we collaborate online, and we use apps. Ironically, the one thing we use our phones less frequently for is to talk to people.
What is happening is SMAC: Social, Mobile, Analytics and Cloud are permeating our work and personal lives. It leads to new (and socially accepted) ways of communicating with each other and to new ways of work. If you're in HR, Cloud most likely became the focus of attention in 2015. If not, it most certainly will somewhere down the road. It's a big change that you will need to properly prepare for. So this post will not be about shiny new things to watch out for in 2016, but about things you will need to do to be prepared for SMAC and stay relevant.
Let's look at cloud first. If you're on the market for a new HR system, you've probably picked a cloud based system. It relieves you from the need to uniquely customize the system, it's accessible anywhere to everyone with a login and you can pay as you go. While that is a huge advantage over onPrem HR systems, there are still a few things you need to keep in mind: how to keep your employees' data secure and what about the vendor's business continuity? How to deal with new privacy laws being introduced (eg India, Russia) and the Safe Harbor agreement being cancelled: it is critically important to know where the cloud vendor stores data and what happens in their data centers.
Cloud support and maintenance is another topic that requires attention. Despite the popular belief that the cloud vendor will take care of this, cloud systems need maintenance just like any other IT system. Vendors regularly update the systems and expect you to test new versions, clients can't live with the standard and would like some customizations, and interfaces still exist. While the effort is usually less than for onPrem systems, maintenance and support do not disappear, so you need to take this into account when you create your cloud migration plans.
Even if you would like to move everything to the cloud, for some systems the risk of migrating is just too great. Fortunately, there is a 3rd option: Cloudify. Cloudify wraps a layer around your onPrem system, and lets you use it as if it were a cloud system. The vendor will take care of hosting your system in the cloud, provide maintenance and support, apply patches and updates and charge you for use. This means you will be able to shift Capex into Opex, even if the underlying system is ERP-based. It is a very feasible and interesting option for payroll and time systems that are often heavily customized and have a high migration risk.
Social and mobile are native to cloud based HR systems. It's time to start thinking about mobile use instead of desktop. While most of the Western world has grown accustomed to the desktop, there's a whole world out there that has never used one and moved straight to mobile: it's all they know. With the shifts in workforce, with younger people coming into the workplace, with virtual teams working across the globe, mobile and social become the new normal. We've all watched the death of the traditional performance process in 2015 – made possible only through the advance of social communication.
What has happened to the performance process will also happen to other HR processes: workers using mobile tools to sign up for shifts, to log hours, to communicate with each other. So the important thing is to ensure that new HR technologies are fully mobile and social enabled and they are so from the ground up, not as an afterthought.
Mobile and social allow everyone to continuously give and receive feedback – that's not to say they replace the conversation, but they enable instant feedback from other sources than a direct manager: customers, co-workers and anyone that you interact with on a regular base. Without mobile and social tools, this would not be possible. Mobile and social also foster collaboration between your employees and others outside of the company network, facilitating product and services development, customer service and feedback loops. Expect social and mobile to play a crucial role in every conversation – and who knows, maybe they will finally replace your overflowing Inbox in 2016.
And finally analytics – how is your data scientist team performing these days? If you have to believe everything you read, if you don't have one, you are way behind. However, while few companies seem to have cracked the code, it's safe to say that with analytics most are still at the beginning: getting the basics right. And the basics are formed by good, reliable data and reporting. It is critically important to first build a solid foundation while keeping the endgame in mind. Without that foundation, you will never be able to properly analyze data and make predictions.
It's easy to get lost in an abundance of data and KPI's. Most cloud systems offer native analytics, but the reality is that many dashboards sit unused because leaders do not understand what they mean and therefor can't use them in business decisions. The reason for that is simple: no roadmap and way to many data points to choose from. So simplicity is the key: start with reporting, while gaining insights and experience first. If you feel comfortable with that, then head into analytics for a few, well- chosen items that are critically important for your business leaders.


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New Sag Harbor Waterfront Development Rules 'Compatible With the Village's Historic Character' on the Horizon
By Timothy Bolger Posted on January 28, 2021
A newly built home on Hillside Drive East in Sag Harbor. Credit: Douglas Elliman
The Village of Sag Harbor is wading further into a debate to enact new rules for development in its waterfront district that makes up the heart of the downtown.
Village officials released their recommended zoning code update for the waterfront area before the board discusses the issue at its Jan. 27 meeting.
"We undertook this project because we want a zoning code that will ensure that any new development in the waterfront area will be consistent with the community's vision and compatible with the village's historic character," Sag Harbor Mayor Kathleen Mulcahy said.
The village enacted a moratorium on new development in August until the new rules could be finalized. Nelson Pope & Voorhis, LLC (NPV), the Form-Based Codes Institute (FBCI), and Chuck Banas Design (CBD) have been working as consultants on a three- phased project.
The team has proposed adoption of what's known as an overlay district and a form-based code, which would require new development or major renovations meet specific standards of form, scale and placement of buildings on properties as well as the pedestrian experience.
The proposed code updates are intended to ensure that any new development balances the protection and enhancement of the unique and eclectic qualities of the village waterfront with the economic realities of property values and limited areas for development in a way that enhances the overall character and charm of the village.
Email [email protected] with further comments, questions or tips. Follow Behind The Hedges on Twitter, Instagram and Facebook.


On Tuesday morning, recently instated Nintendo President Tatsumi Kimishima took on the difficult task of remaining positive despite his company's 36 percent drop in profits during the last quarter. During a briefing, the successor to the beloved and recently deceased Satoru Iwata chose to focus on the gaming icon's future innovations rather than addressing the Wii U-shaped weight hanging around the company's neck. These innovations include the long overdue beginning of Nintendo's mobile gaming initiative as well as the expression of a – somewhat surprising – interest in VR.
Nintendo's sudden interest in VR was revealed via tweet by Serkan Toto, CEO of the Tokyo-based gaming consultancy Katan Games.
No concrete details were added to clarify this new attitude, but it comes as a surprise considering Nintendo's somewhat controversial history with the virtual reality scene. Last year at E3, Nintendo of America's president Reggie Fils-Aime issued a quote during an interview with Polygon that echoed throughout the VR world.
This is quite a different stance from the open-minded attitude expressed during Kimishima's briefing and the reason for this juxtaposition is more than likely monetary. The Nintendo Fils-Aime represented during E3 last June was a very different company from the one Kimishima controls today.
In June 2015 Nintendo was still riding high on a 33 percent rise in share price following the March announcement of its mobile gaming ambitions. It also had a much more established, respected and trusted President in Satoru Iwata. That Nintendo was in more of a position wait for an emerging technology to mature. The Nintendo that exists today, however, is not.
Nintendo needs a boost, and fast. The company's flagship Wii U console is underperforming in sales and its bread-and-butter 3DS handheld is starting to stagnate as well. Nintendo optimists discovered some hope when the new "NX" console was revealed in early 2015, but the system is still a complete mystery and may not be ready soon enough to plug the leaks in Nintendo's bow.
Nintendo's reticence to participate in VR could also be related to the disastrous saga of the Virtual Boy. The Virtual Boy was a failed system released by Nintendo in 1995 that comprised a controller and a stationary headset. However, unlike the Rift, the Virtual Boy's technology was intentionally low budget and too early to be truly compelling, showing images in only shades of black and red.
The system was both a critical and commercial failure – selling only 770,000 units according to a report by Goldman Sachs. The embarrassing experience undoubtedly left a significant bruise on the Japanese company's ego that made it unwilling to revisit the technology and remind the world of this failure.
Nintendo ignored the phone gaming market and was content to watch it evolve into a revenue-generating juggernaut for the industry before getting involved. Even though they are now only months away from involving themselves in that market with mobile titles like Pokemon Go!, it's a decision that comes many years, and many millions of potential dollars, too late.
It seems the company might not be repeating that mistake when it comes to VR. Kimishima's open-minded statement about the space is indicative of both his company's desperation, and VR's emerging status as the new land of opportunity for technology companies in 2016.


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Victor osimhen finally signs for VFL Wolfsburg.
January 6, 2017 Anthony Craig
Victor Osimhen has been waiting for this day to sign a professional contract when he turns 18. He was officially 18 years old some days ago, but was unveiled at VFL Wolfsburg with the number 18 jersey on Thursday.
Osimhen is a Nigerian attacker who had a wonderful time at the U-17 world cup in Chile in 2015 and top scorer with 10 goals. Wolfsburg signed him from Ultimate Strikers Academy in nigeria for 3,5 million Euros.
Osimhen, rejected offers from clubs like Arsenal, Inter or AC Florence. He decided to pitch his tent with Wolfsburg. He said "my chances of developing are best here." Also, " at Arsenal, i do not have a chance of playing in the first team. Wolfsburg is the best place for me to jumpstart my career."
The coach of Wolfsburg, Valérien Ismael said at the training camp in La Manga, Spain, "he is fast and has a super finishing."
Osimhen is ready to prove his worth to the team but he is battling with a meniscus operation that was performed in November last year. Ismaël "we intend to build him slowly and must watch his development from week to week." Already the Super Eagles of Nigeria coach, Gernot Rohr, enquired about Osimhen in prelude to his nomination for the national team. Unfortunately, his recovery from the meniscus operation made Rohr change his mind.
i wish him all the best of luck in the Bundesliga.
TagsGernot RohrSuper EaglesValerien Ismaelvfl wolfsburgVictor osimhen
Werder's African duo to remain with reserves.
Daniel Opare leaves FC Augsburg for RC Lens
June 5, 2021 Anthony Craig
May 8, 2021 Anthony Craig


The Nike Air Max 270 Slime trainer adds some fluorescent 'Volt' hues to the recently released Air Max silhouette for 2018.
The next chapter of visible saw the launch of the Nike Air Max 270 trainer earlier in the year. Taking inspiration from the Air Max 93 and the Air Max 180, both of which were re-released this year, the Air Max 270 features the tallest Air Max heel unit of them all and was dubbed 'the first lifestyle air trainer since the Air Safari in 87′. One of the latest additions to the Air Max family now gets the green slime treatment for November 2018 with some classic 90s style colourways across the new 2018 Air Max silhouette.
For November 2018 the Air Max 270 gets the slime treatment with black mesh uppers complimented with volt green swooshes with the 270 Air Max heel unit giving off some kind of neon green glow stick vibe. The Nike Air Max 270 Slime trainer will be dropping from 43einhalb.com from Sunday 11th November 2018. In other recent Air Max news you can also check out the recently released Nike Air VaporMax Animal Pack Tiger trainer.


• 1 A simple approach to the centerpiece from Real Simple. Magnolia leaves in a galvanized container make elegance look effortless.
• 3 A full magnolia leaf wreath from Ballard Designs.
• 4 A golden magnolia leaf garland, via Martha Stewart.
• 5 A natural garland on the mantle in the home of Mark and Melissa Maresca.


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Are 500,000 Public Chargers The Answer To America's Need For More Electric Cars?
how to make wind powered mobile phone charger
The Biden plan to get millions of electric cars on America's roads includes a proposal to install a half million Level 2 and Level 3 chargers in cities, in rural areas, and along major highways. New York City this past week also announced a plan to install almost 50,000 public chargers — 40,000 Level 2 and 6,000 Level 3 — across the city's 5 boroughs. Many of them will be located in the city's municipal parking lots and along some city streets.
Writing for Vice, Aaron Gordon says the Biden plan is the wrong answers to the wrong questions. "Experts and industry leaders say the U.S. needs to build hundreds of thousands of EV chargers to assuage range anxiety concerns. But it's far from clear that would work, or that it's even necessary," he writes.
The point Gordon says many people miss is that electric cars are not like conventional cars! They have one advantage gas- and diesel-powered cars do not — they can charge at home. D'oh! In fact, Gordon says, he is "worried that the idea of simply replicating America's gas stations, but as EV charging stations instead, is becoming an unnecessary and expensive distraction from the very real infrastructure we need to accommodate widespread EV adoption."
"At its core, installing hundreds of thousands of new public chargers over the coming years is assuming old infrastructure needs for new technology. People think cars need gas pumps, and public fast chargers are the EV's equivalent of a gas pump. Therefore, the thinking goes, we probably need lots of charging stations if they're going to replace gas cars. But it's far from clear this is true, because EVs are not like gas cars in one crucial way. They can typically be charged conveniently and easily at home overnight like a cell phone."
That difference needs to be emphasized by manufacturers and dealers, he says. We don't drive across town to recharge our smartphones at an Apple of a T-Mobile store, so why would we go out of our way to find a public charger when the vast majority of our charging needs are taken care of at home? Gordon acknowledges that apartment and condo dwellers need help finding a place to charge electric cars but thinks incentivizing building owners to add charging equipment would be more cost effective than replacing every gas pump with an EV charger.
How did the idea that America needs 500,000 chargers come about? (The Biden plan originally was for 1 million of them). "It's important to understand how we got to the current consensus that we need 500,000 or a million chargers to begin with," Gordon says. "This argument is best encapsulated by what Asad Hussain, a senior analyst at PitchBook, told the New York Times. "You talk to anyone who's on the fence about buying an EV and the No. 1 concern that comes to mind is range anxiety."
But range anxiety is composed of two distinct but related concerns — vehicle range and public charging availability. "Both of these concerns ranked high in a Consumer Reports survey on barriers to EV adoption. So, industry experts, not unreasonably, conclude that if a lack of public charging availability is why people say they won't buy an EV, then if we build more public charging, more people will buy EVs."
Mark Twain once observed, "What you don't know won't hurt you near as much as what you do know that t'ain't true." Gordon says, "The problem with this logic is it is building out an infrastructure system for the people who don't use it, not for the people who do. In fact, lack of public charging availability — and range anxiety more generally — is not a major concern among most EV owners. It turns out, people wildly overestimate the number of miles they typically drive and the frequency with which they will need public chargers."
Gordon claims, "Surveys and studies repeatedly show the vast majority of EV charging is done at home, either in a driveway or garage. Consumer Reports found that owners of EVs who can charge at home and have a car with a range of about 250 miles can do 92 percent of charging at home, visiting public chargers on average just six times a year. In fact, this is one of the key benefits of EV ownership. Earlier this year, AutoNation CEO Mike Jackson said on CNBC, 'Here's what they [EV owners] like — they buy an electric car and they tell us, 'You know what's great? I never have to go to a gas station again.'"
What the US really needs are careful, targeted policies. "The gaps in EV charging infrastructure — gaps in both quality as well as quantity — are real but will not be solved with a buckshot policy of spraying hundreds of thousands of them all over the country hoping the gaps eventually get filled by sheer numbers. That approach is not only a potential for wasting tens of billions of tax dollars that could be spent on other critical infrastructure needs — like upgrading the nation's pathetic public transportation or rail infrastructure, to pick just one potential use — but may not even solve the biggest EV charging problems to begin with," Gordon writes.
Vice questions the wisdom of installing lots of Level 3 DC fast chargers everywhere. For one thing, they cost many times more than a Level 2 charger does, which burns through the available funding more quickly. For another, the electricity they provide often costs two to three times more than most drivers pay to recharge their cars at home overnight. While fast charging may be necessary occasionally, for most drivers that will only happen a few times a year.
Fast chargers are incredibly energy intensive. As the electric vehicle charging company EVgo explained in a white paper, the energy consumption of one DCFC station with four 50 kilowatt chargers in use 35 percent of the time uses as much energy per year as it would take to power 35 single family US homes. Four 150 kilowatt chargers at the same utilization rate would require the power of 100 homes. And finally, four 350 kilowatt chargers would equate to about 230 homes. Gordon worries that supplying that much electricity may actually increase reliance on thermal generating stations to meet the demand.
If you read the EV sub-reddit on a regular basis, you will find post after post by electric car drivers who encounter broken, dirty, or non-functioning chargers every day. In a recent survey, Plug In America, found 54 percent of EV owners reported experiencing problems with public charging, usually because the charger was broken. "The U.S. has a viable, achievable path to reach widespread EV adoption soon, as long as we focus not on what people eyeing EV's skeptically from a distance say they want but what EV owners actually use," Gordon says. Amen to that.
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Welcome to the Royal Thai Consulate in Male'.
The Royal Thai Consulate of the Kingdom of Thailand in the Republic of Maldives officially opened in Male' on 2nd December 2009. The Consulate was officially opened by H. E Mr. Chavanond Intarakomalyasut, Secretary to the Minister of Foreign Affairs. The Kingdom of Thailand has in recent years become a significant trading partner of the Maldives. The Maldives established diplomatic relations with Thailand on 21st June 1979. The Royal Thai Consulate in Male' will provide services to business traveller and the expatriate Thai community in the Maldives, and tourists; working to build and enhance economic, cultural and commercial relations between Maldives and Thailand.
Currently there are no press releases.


text:
The 2006 Slammiversary was a professional wrestling pay-per-view (PPV) event produced by Total Nonstop Action Wrestling, which took place on June 18, 2006 from the Impact Zone in Orlando, Florida. It was the second event under the Slammiversary chronology and marked the fourth anniversary of the promotion. Seven professional wrestling matches were featured on the event's card.

In October 2017, with the launch of the Global Wrestling Network, the event became available to stream on demand.

Results

Six-man elimination match

King of the Mountain match statistics

References

External links
ImpactWrestling.com - the official website of Total Nonstop Action Wrestling
A recap of TNA Slammiversary 2006 at 411mania.com

Slammiversary
2006 in professional wrestling in Florida
Events in Orlando, Florida
Professional wrestling in Orlando, Florida
June 2006 events in the United States
2006 Total Nonstop Action Wrestling pay-per-view events

redpajama_set_name: RedPajamaWikipedia


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Lamar Miller's time to impress Dolphins is now
Izzy Gould, Sun Sentinel
The slick moves of Lamar Miller have stirred the imaginations of some inside the fences of the Miami Dolphins' guarded training facility.
The first tangible evidence Miller had something to offer the NFL came last week whenever he clutched the football in open space, weaving through NFL defenders for the first time.
The next chance is this morning, when the Dolphins continue organized training activities for the second straight week.
Even an untrained pair of eyes could recognize the running back's speed as Miller would prance up field, often with a powerful kick.
The Dolphins' new coaching staff sees plenty of opportunity for their fourth-round draft pick out of the University of Miami, if he can overcome durability concerns.
Most concerning is a surgically repaired shoulder. He suffered the injury Sept. 24 in a 28-24 loss against Kansas State but did not miss any games.
Miller's agent, Drew Rosenhaus, told "The Joe Rose Show" on 560-WQAM last week Miller has not fully recovered.
"Remember, the shoulder was the primary reason he was drafted really two rounds later than what we had anticipated," Rosenhaus said. "There was a lot of concern around the league with the shoulder. Fortunately, he hasn't had any setbacks. It's healing up really nicely. He's able to go out there and do pretty much everything anyone else is doing right now. But would he be cleared for pads right now? No. Will he be come training camp? Definitely."
If Miller continues to progress without any setbacks, he could become a significant contributor in a utility role. He captured the attention of many at the 2012 NFL Scouting Combine in February, where he posted a 4.40 40-yard dash — fastest among running backs and tied for eighth best among all position players.
"He's got dynamic speed," Hurricanes coach Al Golden said last week. "He's got a great lateral cut that he can do at full speed, which is unique. ... He was exceptional at running outside scheme runs and outside zone plays because of his ability to either capture the corner or stick a foot in the ground and get positive yards. And clearly he's got the size and the lower musculature to be a powerful back as well."
Miller (5 feet 10, 212 pounds) left the Hurricanes following his redshirt sophomore season. In two seasons, he played in 23 career games with 335 carries for 1,918 yards and 15 touchdowns. He also had 28 catches for 181 yards, including a highlight worthy touchdown reception in a 38-35 loss at Virginia Tech on Oct. 8.
"He's got real good hands," Golden said. "He's a guy that you can deploy in other areas to catch slants or to run verticals or to get the matchup versus an outside linebacker that you're looking for."
Beyond running back, Miller could line up in the slot as a wide receiver, offering an opportunity to take advantage of mismatches with linebackers and offer openings to use his feet. He also is being looked at in kickoff returns and punt returns.
"Lamar is a very fluid player," said Dolphins first-year coach Joe Philbin. "I think he has multiple skills. I don't think that he is just a runner. I think he is a guy that can catch the football and move him around."
Miller, 21, was a Parade All-American out of Miami Killian. He has the unique opportunity to play high school, college and professional football in his backyard, where he can continue to share the experience with close family and friends.
A successful start in the NFL will very likely hinge on his healing shoulder.
"I'm certain that he's not 100 percent," Golden said. "So all of the positive feedback that we're getting from the Miami OTAs and practices is awesome because that means he's ahead of schedule. If they like him now, they're gonna love him when he is actually 100 percent."


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European Parliament President David Sassoli dies at age 65
BRUSSELS (AP) – David Sassoli, the Italian journalist who rose through the ranks in politics while defending the oppressed and repressed to become speaker of the European Union parliament, died Tuesday morning in an Italian hospital, his door said -speak.
EU Council President Charles Michel called Sassoli "a sincere and passionate European. We already miss his human warmth, his generosity, his kindness and his smile.
No details were provided in a Tweeter by spokesperson Roberto Cuillo. Sassoli, a 65-year-old socialist, had been hospitalized since Dec. 26 due to an abnormal functioning of his immune system, Cuillo said in a statement released the day before Sassoli's death.
Sassoli had struggled for months with poor health after suffering from pneumonia caused by Legionella bacteria in September. His health declined steadily thereafter, and he had to miss several important legislative meetings. Yet as much as possible he stayed at work, where his vigor and easy smile had always been a hallmark. He was at his strongest when he championed the cause of migrants who died crossing the Mediterranean or dissidents like Alexei Navalny, who confronts the Kremlin from a prison cell.
In recent months, he has improved enough to chair a session of the European Parliament in December and award the main European human rights prize, the Sakharov Prize, to Navalny's daughter. High in symbolism, it has become his political testament.
"In the last week of December the disease got worse and then the last days of his battle," Cuillo told Sky TG24 in Italy.
He is survived by his wife, Alessandra Vittorini, and his children, Livia and Giulio.
Sassoli came to the head of the legislature in 2019 following a complex political fight between EU leaders which also saw the German Christian Democrat Ursula von der Leyen become president of the European Commission and the Belgian liberal free market Michel take the post of President of the Council of the EU. Sassoli and von der Leyen were chosen by EU leaders almost out of the blue, toppling themselves and the rest of the world.
Although he has often been overshadowed by von der Leyen and Michel, Sassoli has led an institution which has grown increasingly powerful over the years and has become an instrument for charting the course of the European Union in many sectors. , whether it's the digital economy, the climate or Brexit.
A skilful political shaker, using his good humor to the bitter end, he has helped tackle many of the most important political issues facing the EU – and nothing more than the $ 1.8 trillion pandemic stimulus fund. euros and the seven-year budget.
Yet his 2.5 years at the helm have been affected both by the pandemic, which has often turned the European Parliament into a remote digital institution where its human warmth has lost impact, and by the deterioration of its own. health.
The European Parliament represents the 450 million citizens of the EU and defines itself as "the heart of European democracy". It has more than 700 members elected directly by its member nations.
"I am deeply saddened by the terrible loss of a great European and proud Italian," von der Leyen said on Twitter. "David Sassoli was a compassionate journalist, an outstanding President of the European Parliament and, above all, a dear friend."
He was equally respected in Italy.
Italian Prime Minister Mario Draghi sent his condolences on behalf of the Italian government and paid tribute to Sassoli as "a man of institutions, deeply pro-European, passionate journalist, Sassoli was a symbol of balance, of humanity , generosity ".
Sassoli's Democratic Party leader and longtime friend Enrico Letta praised Sassoli's European passion and vision and pledged to take them forward, even though "we know we are falling short" .
In a tweet, Letta called Sassoli "someone of extraordinary generosity, a passionate European" and a man of "vision and principles, theory and practice".
Another former center-left Italian prime minister, Paolo Gentiloni, called his death a "terrible loss".
"I will always remember his leadership, his passion, his generous friendship. #CiaoDavid, "Gentiloni tweeted.
Sassoli was first elected to the European Parliament in 2009. He won another term in 2014 and served as its vice-president. He started out as a press journalist before entering the audiovisual industry as a leading presenter in Italy. It was a springboard for his political career.
He had planned to run for the second part of the five-year term that begins next week, but decided not to stand for election when lawmakers chose their new president in Strasbourg, France.
Roberta Metsola, the Christian Democrat who was due to take over from Sassoli next week, said: "My heart is broken. Europe has lost a leader, I have lost a friend, democracy has lost a champion. She said Sassoli "dedicated his life to making the world a better and fairer place".
Associated Press writer Nicole Winfield in Rome contributed to this report.
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How Advisors Can Be the Next Disruptors
Financial advisors neednt fear the ravages of disruptive technology, Jud Bergman, Spenser Segal and Eric Poirier say.
By Gil Weinreich | December 11, 2014 at 09:54 AM
Financial advisors needn't fear the ravages of disruptive technology. They can grab the bull by the horns and ride it themselves.
That may be the overriding message of experts in advisor technology, including Spencer Segal and Eric Poirier, speaking at MarketCounsel's annual conference in Las Vegas on Wednesday.
Jud Bergman, CEO of Envestnet—itself an early disruptor in the advisory space — captured this idea using bestselling author Malcolm Gladwell's vivid metaphor of the young David slaying the giant Goliath as the essence of what disruption is about.
Entrepreneurs, be they Silicon Valley startups seeking to unseat established players or independent advisors seeking to attract assets from wirehouses, are all in the business of giant-slaying.
What the slingshot-bearing David understood is that, to quote Gladwell from his book "David and Goliath:"
"Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness."
Goliath's large size may have been the result of a pituitary disorder that affected his vision, enabling the nimble David to get a shot at the Israelite-taunting Philistine.
"The mighty warrior can be taken on by a simple shepherd who has courage and faith," says Bergman.
A modern-day example of this disruptive dynamic is the brave Steve Jobs' assault on the mighty Microsoft.
Bergman quotes Microsoft CEO Steve Ballmer putting it this way in 2007:
"There's no chance that the iPhone is going to get any significant market share. No chance."
At the time of that quote, Bergman hastens to point out, Microsoft was the most highly valued tech company; today's most highly valued firm, in any sector, is the purveyor of that disruptive iPhone, Apple.
In today's advisory world, he continues, "one of the Goliaths is the wirehouses; we established Envestnet to enable the independent to compete against the wirehouses."
Having long been at the game of evening the playing field between institutional firms and small independents, what Bergman sees disruptive advisors doing today is "leveraging technology to unify disparate applications."
Citing an Aite group study, the Envestnet CEO says advisors who use integrated solutions spend 40% less time doing back-office work, thus raising productivity and profitability.
Today's frontier opportunity, he continues, lies in capturing the business of millennials.
"Traditional wealth management firms are failing to meet the digital needs of these clients," he says, citing data that 40% to 60% of them want direct contact with clients but want it "monitor to monitor." Fewer than 20% of traditional firms respond to this demand.
Bergman thus sees opportunity for tech-savvy younger advisors — he notes that there are more advisors today in their 60s than in their 30s, incredibly — for whom technology is not "disintermediating" (think robo-advisory firms) but "re-intermediating" the advisor.
How to re-intermediate the advisor was the implicit theme of another advisor technology veteran, Spenser Segal of ActiFi, which makes practice management software designed for advisory practices.
While a character in the late-'60s classic movie "The Graduate" conveyed his vital message to the film's protagonist in a single memorable word, "Plastics," Segal used geek-speak to convey what he thinks will be most disruptive in today's advisory world:
"Cross-application workflow automation."
"I know it's a mouthful," Segal acknowledged, "but you can't be a bionic advisor if your tools don't support you."
And indeed, too often organizational barriers hold back firms from getting adequate support. The complaint Segal hears the most is that a firm will acquire CRM or financial planning software but fail to leverage it within the firm's organization.
Segal illustrated the problem with a nifty cartoon showing five levels of utilization of a firm's advisor technology.
Level 1 is where staff member Joe merely utilizes the knowledge that's in his head.
"How consistent is that?" asks Segal, who then answers:. "You talk to different people, you get different answers."
A more sophisticated approach—and indeed the hardest of the five levels—is achieve organizational alignment, through a checklist or operations manual.
"Forget the 10,000 foot-view," Segal says. "All execution takes place at the 6 feet and under level" (presumably there not very tall people in his office.)
So, for example, "when we onboard clients, these are the things that have to happen," he says, adding that "massive behavioral change is required in aligning practices."
Level 3 involves embedding the desired policy and procedures in a workflow engine that keeps staffers on track.
Segal acknowledges that it is less efficient to go into a CRM and check that a task has been completed than to simply check off one's paper-based checklist. The latter may take 2 seconds vs. 10 or 12 seconds for the former, thereby minimally quintupling the effort involved.
But he argued the CRM approach is the only way to "build scale…in a margin compression environment" and to professionalize a practice through documentation and record-keeping procedures.
The CRM's virtues of repeatability and consistency can now be harnessed for purposes of automation and customization at Level 4, where the all that data input into the system enables office staff to define client segments.
So, for example, if a chart- and table-loving engineer client wants multiple paper reports slicing and dicing his portfolio but Granny wants just a single page, the firm's staff can use the software to give each client what he or she wants in a single click.
At Level 4, the firm is now gaining tremendous efficiency from the technology, but it's at Level 5 that the CRM system gives the advisor "bionic" leverage. That's where the CRM system performs multiple operations that would, without the software, consume an enormous amount of time.
For example, in preparation for a client meeting, the CRM system would — five days prior — grab all current financial data for the client and tell the planning system to run projections on confidence as to whether the client is on track to meeting his objectives.
If the client were at, say an 85% or lower level of confidence, the system would push out certain workflows designed to provide options for the client to get back on track, and would arrive at a different set of workflows for a client who was on track.
That is what Segal calls "cross-application workflow automation," and he says the new trend is disruptive because it will cut the time it would take an advisor to produce outstanding service by 99%.
Moving from 50 clicks to one is also the essence of what Addepar, a relatively new advisor technology firm founded in 2009, is seeking to do for RIAs, family offices and wealth managers.
The Silicon Valley-based firm's CEO Eric Poirier, a computer scientist by training, told attendees that the massive change we've seen all the way from Netscape to the iPhone will be dwarfed in the next 10 years and "transform the way we give financial advice."
Adapting to younger clients' paperless preferences, Addepar is seeking to provide advisors with tools enabling clients to "self-serve."
Poirier in particular addressed the way Addepar's portfolio reporting platform aggregates data in such a way that enables a holistic view of a portfolio with disparate sources, for example alternative investments whose cost basis and dividend payments may look very different from more standard investments.
By thusly solving "the data problem," Addepar's engineer-heavy staff is "helping [advisors] treat clients like individuals again; we're rethinking everything from client's perspective," he said.
"When you're managing your relationship with the client, you don't want to worry about back-office tasks," he added.
In introductory remarks, Jamie McIntyre, co-founder of pathbreaking Fortigent advisory firm and currently involved in Rewire Capital, which seeks to provide angel investing opportunities to high-net-worth investors, noted that 1996 was a key point of disruption in the advisory business.
It was then that Charles Schwab offered online trading for the first time. "That changed the definition of what a stock broker did. When investors realized they didn't need access to a person to trade," he said.
The next disruption he foresaw would involve the ability to provide clients with what they currently want: "to just be able to pick up their phone and track their finances."
Whether that will further disintermediate or re-intermediate the advisor remains to be seen, and may ride on what Bergman, Segal and Poirier come up with next.
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