UCITS : Past, present and future in a world of increasing product diversity

This Paper will look at the changing nature of asset management, and will examine the nature of the European framework for collective investment undertakings, enshrined in the UCITS Directive2 in that light. This question whether the UCITS Directive in its current form remains an appropriate European response to the changing investment management landscape is an issue with which the European Commission is actively engaging through its Green Paper on the Enhancement of the EU Framework for Investment Funds, published in July 2005.3 But before considering these important questions, it is necessary to begin with an idea of what a collective investment, more specifically a UCITS actually is and how it fits conceptually in the broader world of pooled investments....

Should hedge fund products be marketed to retail investors? : A balancing act for regulators

In an ideal world all investment products, including hedge funds, would be marketable to all investors. In this ideal world, all investors would fully understand the nature of the products and would be able to make an informed choice whether to invest. Of course the ideal world does not exist – the retail investment market is characterised by asymmetries of information. Product providers know most about the products on offer (or at least they should do). Investment advisers often know rather less than the provider but much more than their retail customers. Providers and intermediary advisers are understandably motivated by the desire to sell their products. There is therefore a risk that investment products will be mis-sold by investment advisers or mis-bought by ill-informed investors. This asymmetry of information is dealt with in most countries through regulation. However, the regulatory response in different countries is not necessarily the same. There are various ways in which protections can be applied and it is important to understand that the cultural background and regulatory histories of countries flavours the way regulation has developed. This means (as will be explained in greater detail later) that some countries are better able than others to admit hedge funds to the retail sector. Following this Introduction, Section II looks at some key background issues. Section III then looks at some important questions raised by the retail hedge fund issue. Many of these are questions of balance. Balance lies at the heart of regulation of course – regulation must always balance the needs of investors and with market efficiency. Understanding the “retail hedge fund” question requires particular attention to balance. Section IV then looks at the UK regime and how the FSA has answered the balance question. Section V offers some international perspectives. Section VI concludes. It will be seen that there is no obviously right answer to the question whether hedge fund products should be marketed to retail investors. Each regulator in each jurisdiction needs to make up its own mind on how to deal with the various issues and balances. It is evident, however, that internationally there is a move towards a greater variety of retail funds. There is nothing wrong with that, provided the regulators and the retail customers they protect, understand sufficiently what sort of protection is, or is not, being offered in the regulatory regime

ZnO Thin Films Generated by Ex-Situ Thermal Oxidation of Metallic Zn for Photovoltaic Applications

ZnO thin films that function as either transparent conducting oxides in solid-state photovoltaic cells or as nanocrystalline dye-absorbers in dye-sensitized solar cells have the potential to reduce the cost of producing electricity from solar energy. Although there exist many methods to produce ZnO thin films, the most economical and practical method may be oxidation of metallic Zn thin films. This research examined the utility of ex-situ thermal oxidation of DC magnetron sputtered Zn thin films in generating useful ZnO thin films for these photovoltaic applications. We annealed Zn thin films in air at 570° C in order to produce ZnO thin films. We monitored the film’s resistance and ZnO:Zn composition ratio using relative peak intensities from X-ray diffraction spectra as a function of anneal time. We found that DC magnetron sputtered Zn films that are converted to ZnO by thermal oxidation in air are several orders of magnitude too resistant to be used as transparent conducting oxides in solid-state photovoltaic cells, but that this method of production may provide ZnO films that can be used as a dye absorbing semiconductors in dye-sensitized solar cells

Genetics and Genomics: Good, bad and ugly

The chapter considers the importance and potential contributions of genetics to education and to neuroscience in education (good), the general view about genetics in education (bad), and attempts to date to identify specific genes throughout the genome responsible for ubiquitous genetic influence (ugly). We will use as an example of research one topic of great importance to education – variation in mathematical ability and achievement -- to illustrate the main points

Common aetiology for diverse language skills in 41/2-year-old twins

Multivariate genetic analysis was used to examine the genetic and environmental aetiology of the interrelationships of diverse linguistic skills. This study used data from a large sample of 4 1/2 year-old twins who were tested on measures assessing articulation, phonology, grammar, vocabulary, and verbal memory. Phenotypic analysis suggested two latent factors: articulation (2 measures) and general language (the remaining 7), and a genetic model incorporating these factors provided a good fit to the data. Almost all genetic and shared environmental influences on the 9 measures acted through the two latent factors. There was also substantial aetiological overlap between the two latent factors, with a genetic correlation of 0·64 and shared environment correlation of 1·00. We conclude that to a large extent, the same genetic and environmental factors underlie the development of individual differences in a wide range of linguistic skills

Online Short Spatial Ability Battery (OSSAB): Psychometric Norms for Older Students

The need for STEM specialists is growing in current technologically-oriented economy. This calls for new approaches in evaluation and development of relevant abilities and skills. However, the current educational systems might miss some students who have high potential for this field or who can develop such potential. For example, according to the results of one Russian study, gifted children may be missed by existing methods of talent search, partially due to the lack of standardised psychometric tests, especially of abilities beyond verbal and numerical abilities. One important predictor of STEM, often neglected in education, is spatial ability. Recently an online short spatial ability battery (OSSAB) for use in adolescent popula tions was developed. However, no published norms are available. The aim of this study was to develop normalised thresholds for spatial ability testing using OSSAB battery with Russian 13-17 year old schoolchildren. Schoolchildren from the Sirius Educational Centre, demonstrating high achievement in 3 different areas: science (N = 640; 238 females), sports (N = 436; 67 females) and art (N = 260; 204 females), and schoolchildren (N = 752; 350 females) from general education schools of the Russian Federation participated in the study. Age of participants: 13-17 (M = 15.01; SD = 1.18). The study identified thresholds for 8 spatial ability levels: from Very low ability to Extraordinary giftedness. These thresholds can be used by teachers and school psychologists to determine the level of spatial ability in schoolchildren of 13-17 years of age. Based on individual students’ current levels of spatial ability, teachers can provide individual support and recommendations. For high performance recommendations may include additional clas- ses in STEM or natural sciences, for example, electronics, robotics, programming, physics or chemistry. For lower performance recommendations may include computer games containing spatial components; sports; playing musical instruments; origami classes; and studying the Chinese language. More broadly, school curricula in different subjects should include more spatial elements, such as: inclusion of stereometric tasks in learning materials; computer pro- grams for modelling in teaching geometry and other subjects; adding visualizations (graphs and tables) when explaining material. Overall, the results of this study suggest that a significant number of children have very low or very high level of spatial ability in both mainstream schools and in educational centres for high-preforming students. The norms developed in this study can be used for identification and individualized support in all educational settings

‘Race’ and other group discrimination in the genomic era

Genetic science has provided new knowledge that has the potential to reduce ‘race’ discrimination. This includes findings that around 95% of human genetic variability is present within any population; and that most human traits are influenced by a complex combination of many genetic and environmental factors. Despite this knowledge, racially discriminatory practices persist internationally, including segregation; unfair sentencing; state surveillance of children; and involuntary sterilisation. Moreover, there is an emerging risk that DNA may be used to propel harmful discriminatory practices. For example, new ‘DNA-based’ groups may emerge in the context of polygenic prediction – aggregating multiple genetic risks into individuals’ combined risk indexes. Such DNA-based groups could be viewed as ‘new races’ - adding yet another category to the already heterogenous definition of ‘race’. This paper reviews the genetic advances directly relevant to, and their impact on, ‘race’ and other group discrimination; and assesses current UK and international discrimination practices and effectiveness of the laws in place prior to and in the genomic era. The paper concludes that current laws provide insufficient protection from ‘race’ and other group discrimination and still reflect people’s beliefs in entrenched differences between ‘races’. The paper asserts that the very use of the term ‘race’ in equality legislation is problematic due to inconsistencies in definition across key legislations; and history of its association with domination. Justice systems must update laws to reflect current genetic knowledge and to address existing and emerging risks of discrimination

Designing Post-Genomic Future Together

This publication is a brief communication in response to the UK government report: “Genomics Beyond Healthcare”, which was released on January 26, 2022. We discuss some of the key areas covered by the report, as well as other recent research; and call for interdisciplinary and international collaborations