A required submission to the Securities and Exchange Commission (SEC) by a professional investment advisor that specifies the investment style, assets under management (AUM), and key officers of the firm. The form must be updated annually and available as public record for companies managing in excess of $25 million. If past disciplinary action has been taken against the advisor, this must be noted in the first section of a Form ADV. The second section deals with the AUM, investment strategy, fee arrangements and service offerings of the firm. |||Potential and current clients of an investment advisor should always review the Form ADV on file, as it provides transparent evidence of the asset mix within the firm, as well as the professional background of key personnel. Most advisors will offer a current Form ADV to any potential client early in the marketing process; in fact, investors should be immediately cautious of an advisor that does not freely offer the form upon request.
Any one of a number of legal structures under which a company can participate in the foreign economy. FIEs tend to have tight government regulation at nearly every important business juncture, which limits the efficiency at which any foreign company can profit from foreign ventures as well as the amount of control that a foreign parent has over the FIE. |||Setting up an FIE is a common method of creating an operation in Asian countries, especially in China. In China, any one of a number of legal entities can be considered FIEs including equity joint ventures (EJV), cooperative joint ventures (CJV), wholly-owned foreign enterprises (WFOE) and foreign-invested companies limited by shares (FCLS).
An investor or investment fund that is from or registered in a country outside of the one in which it is currently investing. Institutional investors include hedge funds, insurance companies, pension funds and mutual funds. |||The term is used most commonly in India to refer to outside companies investing in the financial markets of India. International institutional investors must register with the Securities and Exchange Board of India to participate in the market. One of the major market regulations pertaining to FIIs involves placing limits on FII ownership in Indian companies.
A federal agency that provides insurance for U.S. exporters. The Foreign Credit Insurance Association is a voluntary association formed in 1961 by some 50 U.S. insurance companies and sponsored by the Export-import bank. |||The insurance provided protects the purchaser from both commercial risk (when the debtor is unable to pay due to their business situation) and political risk (when the debtor is unable to pay due to changes in the politics of a particular country). The Export-import bank deals primarily with political risk, while the FCIA covers commercial risk.
A measure of financial performance that expresses the net amount of cash that is generated for the firm, consisting of expenses, taxes and changes in net working capital and investments.Calculated as: Watch: Free Cash Flow |||This is a measurement of a company's profitability after all expenses and reinvestments. It's one of the many benchmarks used to compare and analyze financial health. A positive value would indicate that the firm has cash left after expenses. A negative value, on the other hand, would indicate that the firm has not generated enough revenue to cover its costs and investment activities. In that instance, an investor should dig deeper to assess why this is happening - it could be a sign that the company may have some deeper problems.
The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. |||GAAP are imposed on companies so that investors have a minimum level of consistency in the financial statements they use when analyzing companies for investment purposes. GAAP cover such things as revenue recognition, balance sheet item classification and outstanding share measurements. Companies are expected to follow GAAP rules when reporting their financial data via financial statements. If a financial statement is not prepared using GAAP principles, be very wary!That said, keep in mind that GAAP is only a set of standards. There is plenty of room within GAAP for unscrupulous accountants to distort figures. So, even when a company uses GAAP, you still need to scrutinize its financial statements.
General collateral repurchase agreements executed on a blind broker basis through the Government Securities Clearing Corporation. |||This method of trading allows dealers and agents to trade government issued fixed-income securities on a term and rate basis, rather than waiting for settlement on a trade by trade basis. For participating institutions, this allows for faster transaction times and greater trading mobility.
A treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to further regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies. |||Formed in 1947 and signed into international law on January 1, 1948, GATT remained one of the focal features of international trade agreements until it was replaced by the creation of the World Trade Organization on January 1, 1995. The foundation for GATT was laid by the proposal of the International Trade Organization in 1945, however the ITO was never completed.
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