Economic Policy

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For investors in private equity and hedge funds carrying out active management of businesses they have purchased onshore, this provided access to passive income without any tax complications arising from business activity. In particular, non-US and tax-exempt US private equity and hedge fund investors avoided the need to file returns or pay tax on a share of “effectively connected income” or “unrelated business taxable income” that the partnership structure of US based SPVs would have required.

Strengthen disclosure and information processing by markets A central role of financial markets is the processing of information to mobilize saving and allocate it toward investment opportunities as efficiently as possible. Since obtaining and processing information can be expensive, mechanisms that do this transparently and economically should be encouraged and even supported by public policy. Disclosure, wide dissemination and accurate processing of information should have the highest priority.

This was recognized by the Financial Services Authority (FSA) in the United Kingdom as equivalent to other internationally recognized supervisors, providing supervision similar, although hardly identical, to Federal Reserve oversight of bank holding companies. 5 Furthermore, even if the SEC had been well-equipped to carry out supervisory responsibilities beyond the activities of broker-dealer subsidiaries, the scope for different approaches to enforcement noted by the GAO would have remained as a potential distortion to competition.

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