document_description: This document is an Institutional Suitability Certificate from Deutsche Bank Securities Inc. for Southern Financial LLC and Southern Trust Company Inc., signed by Jeffrey Epstein. It affirms the institution's capability to evaluate investment risks independently and exercise independent judgment in evaluating recommendations by Deutsche Bank Securities Inc. The certificate applies to all recommended transactions and investment strategies involving securities for the institutional account or any beneficial owner delegating decision-making authority to it.

title: Institutional Suitability Certificate Affirmative Indication Of Exercise Of Independent Judgment

document_subtype: Institutional Suitability Certificate

key_organizations:
Deutsche Bank
Southern Financial LLC
Southern Trust Company Inc.


source: doj

document_description: Request to open a new brokerage account for Jeffrey Epstein, with trading activity expected to be minimal. Paul Barrett will not be trading this account. Pre-filled documents to be sent to Rich Kahn for signatures. Annual KYC review for existing Butterfly banking accounts is ongoing.

key_people:
Jeffrey Epstein
Paul Barrett
Rich Kahn
Stewart Oldfield

document_type: correspondence

document_subtype: memo

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.


document_description: Form W-9 is used to provide a correct taxpayer identification number (TIN) to a requester who is required to file an information return with the IRS. This form is for the Butterfly Trust, classified as a Trust/estate for federal tax purposes, with an employer identification number provided. The form includes certification under penalties of perjury regarding the correctness of the TIN and exemption from backup withholding and FATCA reporting.

title: Form W-9 Request for Taxpayer Identification Number and Certification

document_date: November 2017

document_type: financial

document_subtype: Form W-9

key_organizations:
Butterfly Trust
Internal Revenue Service


document_description: Instructions for completing Form W-9, including information on exempt payees, FATCA exemption codes, and how to obtain a Taxpayer Identification Number (TIN).

title: Form W-9 Instructions

document_subtype: tax form instructions

key_organizations: IRS SSA


document_description: This document is a page from the IRS W-9 form, providing information on how the IRS does not initiate contact via email and instructions on reporting phishing attempts. It also includes a Privacy Act Notice explaining the requirement to provide a correct TIN and the potential uses of the information collected.

title: IRS W-9 Form Notice

document_subtype: W-9 Form

key_organizations: Treasury Inspector General for Tax Administration


document_description: This document is a brokerage account agreement from Deutsche Bank Securities Inc. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

title: Deutsche Bank Securities Inc. Brokerage Account Agreement

document_subtype: Brokerage Account Agreement

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.


document_description: This document outlines the differences between brokerage and investment advisory services provided by Deutsche Bank Securities Inc. (DBSI). It explains the nature of services, client agreements, fiduciary duties, and fee structures for both types of services. It also highlights the regulatory obligations and potential conflicts of interest in brokerage services.

title: Understanding Your Brokerage and Investment Advisory Relationships with Deutsche Bank Securities Inc.

document_subtype: informational document

key_organizations:
Deutsche Bank Securities Inc.
Securities and Exchange Commission


document_description: This document is an account agreement between Butterfly Trust and Deutsche Bank Securities Inc. It outlines the terms and conditions governing the brokerage account, including client representations and rights of DBSI. The agreement specifies that the account is classified as a cash brokerage account and requires separate approval for a margin account.

title: Deutsche Bank Wealth Management Account Agreement

document_subtype: Account Agreement

key_organizations:
Deutsche Bank Securities Inc.
Butterfly Trust
Pershing LLC


document_description: This document is an account agreement outlining the terms and conditions for transactions conducted through DBSI. It covers order execution, rules and regulations, purchase and sale of securities, trading restrictions, handling of restricted securities, order placement and modification, aggregation of orders, transmission of instructions, role of third parties, and liens on securities and other property. The agreement specifies the responsibilities of the client and DBSI, including the use of a third-party clearing agent, Pershing.

document_type: legal

document_subtype: account agreement

key_organizations: DBSI Pershing


document_description: This document is an account agreement outlining the terms and conditions for a client's retirement account(s) maintained by DBSI. It covers various clauses including satisfaction of indebtedness, fees, FDIC insurance, cash sweep selection, credit information and privacy, confirmations and statements, recording conversations, and joint accounts. The agreement specifies the client's obligations, rights, and the conditions under which DBSI operates the account.

key_organizations:
DBSI
Deutsche Bank AG
Pershing


document_description: This document outlines the arbitration agreement between the Client, DBSI, and Pershing, detailing the conditions under which disputes will be resolved through arbitration rather than court proceedings. It also includes sections on tax status declaration and the option for the Client to designate a Trusted Contact Person.

key_organizations: DBSI Pershing FINRA


document_description: This document is an account agreement containing a pre-dispute arbitration clause. It outlines the client's responsibility for tax and compliance obligations related to their account and business relationship with DBSI. The document includes sections for signatures and personal information, which are currently empty. It is associated with the Butterfly Trust entity.

title: Account Agreement with Pre-Dispute Arbitration Clause

key_people:
Harry I Beller
Erika A Kellerhals

key_organizations:
DBSI
Butterfly Trust


document_description: This document is an appendix to an Account Agreement between clients and DBSI, detailing various terms and conditions related to account management, conflicts of interest, SIPC coverage, tax-exempt entities, lost securities, and bank bonds. It includes definitions of terms used in the agreement.

document_subtype: appendix

key_organizations:
DBSI
Deutsche Bank AG
Pershing
SIPC


document_description: This document is a margin disclosure provided by Deutsche Bank Securities Inc. (DBSI) to inform clients about the risks and terms associated with trading securities on margin. It outlines the potential risks, including the possibility of losing more funds than deposited, forced sale of securities, and changes in maintenance margin requirements. It also explains the rights of DBSI to sell securities without prior notice and the conditions under which securities may be loaned or rehypothecated.

title: Margin Disclosure

document_subtype: disclosure document

key_organizations:
Deutsche Bank Securities Inc.
Pershing


document_description: This document is a margin addendum to an account agreement, outlining the terms and conditions for opening a margin account. It covers the mechanics and risks of margin, financing, interest and costs, demand loans, liens, consent to loan or pledge securities, and margin maintenance. The addendum specifies the rights of DBSI and Pershing regarding collateral and securities.

document_subtype: Margin Addendum

key_organizations:
DBSI
Pershing
Deutsche Bank


document_description: The document outlines the terms and conditions related to margin accounts managed by DBSI and Pershing. It covers rights related to securities and property, Reg T extensions, short sales, mandatory close-out of short sales, tax treatment of earnings, rehypothecation, additional risks, restricted securities, and collection remedies. It also includes a receipt acknowledgment of the margin disclosure by the client.

document_subtype: Margin Addendum to Account Agreement

key_organizations:
DBSI
Pershing
Federal Reserve Bank
FINRA


document_description: This document is a margin agreement where the client acknowledges receipt, reading, and agreement to the terms, including margin disclosure. It includes provisions for the loaning of securities and a pre-dispute arbitration clause. It requires signatures from account holders or authorized parties for different types of accounts.

document_subtype: margin agreement

key_organizations:
DBSI
Pershing
Deutsche Bank AG


document_description: This document provides information about Deutsche Bank Securities Inc.'s cash sweep options for uninvested cash balances in brokerage accounts. It describes the options available, eligibility requirements, rates of return, fees, and account protection. It also outlines the responsibilities of account holders to monitor their eligibility and the process for changing cash sweep options.

title: Deutsche Bank Wealth Management Cash Sweep Options Disclosure

document_subtype: Disclosure Document

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank AG New York Branch


document_description: The document outlines various cash sweep options available through Deutsche Bank Securities Inc. (DBSI), including the Insured Deposit Program (IDP), the Deutsche Bank AG New York Branch Sweep Program, and Money Market Sweep Funds. It details the insurance coverage, risks, and benefits associated with each option, as well as the fees and benefits to DBSI and its affiliates.

document_subtype: Cash Sweep Options

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank AG
DBSI
Deutsche Bank Trust Company Americas
Pershing LLC


document_description: The document provides information about the Investment Deposit Program (IDP), including eligibility criteria, relationships with Program Banks, deposit and withdrawal processes, and FDIC insurance coverage. It outlines the roles of DBSI, Pershing, and Program Banks in managing deposits and transactions.

document_subtype: Investment Deposit Program (IDP) Information

key_organizations:
DBSI
Pershing
Program Banks
FDIC
DBTCA


document_description: The document outlines the terms and conditions of the Insured Deposit Program (IDP) offered by DBSI, including the list of Program Banks, interest accrual and payment details, and the process for reallocating funds if a Program Bank withdraws or is terminated. It also explains how interest rates are determined based on the Household Market Value and provides information on how to obtain current interest rates.

document_subtype: financial disclosure

key_organizations: DBSI Pershing DBTCA


document_description: This document provides information about the Deposit Account activity, including details on deposits, withdrawals, interest rates, and account protection. It explains the process of withdrawals, the role of Pershing as an agent, and the protection offered by FDIC insurance. The document also outlines the waiver of confidentiality for regulatory audits and reviews.

document_subtype: bank account information

key_organizations:
DBSI
Pershing
Federal Deposit Insurance Corporation
Program Banks
DBTCA


document_description: The document outlines federal banking regulations related to Money Market Deposit Accounts (MMDA) and Transaction Accounts, including transfer limits, interest rates, and account management under the DB AG NY Sweep Program. It details the process for handling transfers exceeding the limit, interest rate determination, and account activity reporting. It also includes a waiver of confidentiality for regulatory audits.

document_subtype: banking regulations and account information

key_organizations:
DBSI
Pershing
Deutsche Bank AG New York Branch


document_description: This document is a trust authorization for the Butterfly Trust, serviced by Deutsche Bank Securities Inc. It outlines the powers and responsibilities of the trustees, including the ability to manage brokerage accounts, invest and reinvest trust assets, and execute various financial transactions. The trust is governed by the laws of New York and was created on December 27, 2016.

title: Trust Authorization for Butterfly Trust

document_subtype: Trust Authorization

key_organizations:
Deutsche Bank Securities Inc.
Butterfly Trust


document_description: Consent form for electronic delivery of materials and communications from Deutsche Bank Wealth Management, including offering documents, prospectuses, and other communications. The consent applies to all accounts held with Deutsche Bank Wealth Management and is granted to Deutsche Bank AG and its affiliates. The document outlines the conditions under which electronic delivery is permissible and the responsibilities of the client in maintaining accurate contact information.

title: Consent to Electronic Delivery of Materials and Communications

document_subtype: Consent Form

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas
Deutsche Bank National Trust Company
Deutsche Bank Trust Company, N.A.
Deutsche Bank Trust Company Delaware


document_description: This notice from Deutsche Bank Wealth Management outlines the requirements for customer identification to comply with Federal law aimed at combating terrorism funding and money laundering. It details the information required from clients and the obligations of both the bank and its clients under enhanced anti-money laundering regulations.

title: Customer Identification Program Notice

document_subtype: notice

key_organizations:
Deutsche Bank
Deutsche Bank AG
Deutsche Bank Securities Inc.
FINRA
NYSE
SIPC


document_description: The document is a supplement to the February 1994 version of the booklet 'Characteristics and Risks of Standardized Options', amended to accommodate options originally listed to overlie less than 100 shares. It replaces Part II of the December 2009 Supplement and details rules regarding adjustments for cash dividends or distributions.

title: November 2012 Supplement to Characteristics and Risks of Standardized Options

document_date: November 2012

document_subtype: supplement


document_description: Title page of a document discussing the characteristics and risks associated with standardized options, including supplements from 1997 through 2012.

title: CHARACTERISTICS AND RISKS OF STANDARDIZED OPTIONS

document_date: February 1994

document_type: other

document_subtype: title page


document_description: A list of various stock and options exchanges, including BATS Exchange, Inc., C2 OPTIONS EXCHANGE, INCORPORATED, and others. Also mentions exchanges from 1994 such as American Stock Exchange, LLC and New York Stock Exchange, Inc.

document_type: tabular

document_subtype: exchange list

key_organizations: CHICAGO BOARD OPTIONS EXCHANGE, INCORPORATED

key_organizations: Chicago Board Options Exchange, Incorporated


document_description: This document is marked as confidential under Federal Rule 485 and is related to a case in the Southern District of New York (SDNY).


document_description: This document is an introduction to options, focusing on options issued by the Options Clearing Corporation (OCC). It explains the nature of options, the types of options (call and put), and the distinction between physical delivery options and cash-settled options. It also mentions the regulatory environment for options trading in the U.S. and foreign markets.

title: Introduction to Options

key_locations:
United States
Amsterdam
Netherlands

key_organizations:
Options Clearing Corporation
Securities and Exchange Commission


document_description: This document is a booklet written to meet SEC requirements for brokerage firms in the U.S. It describes the characteristics and risks of options, and is intended to help investors understand options as versatile instruments for various investment strategies. The booklet emphasizes the importance of reading it in its entirety and acknowledges that it does not cover all potential benefits or strategies related to options.

title: Options Booklet

key_organizations:
SEC
U.S. brokerage firms


document_description: The document explains the obligations of option writers and holders in the context of physical delivery and cash-settled options. It describes the role of the Options Clearing Corporation (OCC) and its Clearing Members in ensuring the performance of options contracts. The exercise price is defined, and an example of a physical delivery option is provided.


document_description: This document discusses the expiration, unit of trading, contract size, and exercise process for capped options and other options. It explains the special terminology applicable to capped options, the unit of trading for physical delivery options, and the contract size for cash-settled options. The exercise process for options is also outlined, including the need for option holders to follow brokerage firm procedures.


document_description: The document discusses the cash settlement process for options trading, including the determination of exercise settlement values and potential adjustments to standardized terms. It highlights the possibility of changes in the method of determining exercise settlement values and the role of an adjustment panel in making decisions about adjustments.


document_description: The document discusses the concept of 'premium' in options trading, explaining that it is the price paid by the holder and received by the writer for the rights conveyed by the option. It is not a standardized term and is subject to market and economic forces. Various factors affecting the pricing of an option are listed, including market conditions, interest rates, and volatility.


document_description: The document provides an overview of options trading concepts, including position limits, combination positions, spreads, straddles, long and short positions, and covered call writing. It explains the risks associated with uncovered call writing and how spreads can offset some risks.


document_description: The document explains options trading terms such as 'at the money', 'in the money', 'out of the money', and 'intrinsic value'. It provides examples to illustrate these concepts, focusing on the market value of XYZ stock and its relation to call and put options.


document_description: The document explains the concept of cash settlement amounts for cash-settled capped options, including automatic and voluntary exercises. It provides examples of how the cash settlement amount is calculated based on the cap interval, multiplier, and exercise settlement value.


document_description: This document provides an overview of stock options, including options on common stocks, equity securities, and other types of equity interests. It discusses the availability of options on exchange-traded and NASDAQ-traded securities, the role of issuers, and the rights of option holders. The document also outlines the features of stock options, such as coverage, exercise prices, and associated risks.

title: Options on Equity Securities

document_subtype: informational booklet


document_description: The document discusses stock options, including the rights of buyers, potential adjustments due to corporate events, and rules regarding cash dividends. It highlights that stock options are generally not adjusted for ordinary cash dividends unless they exceed a certain percentage of the aggregate market value. The document also notes that call holders may exercise options to capture dividends, affecting call writers.


document_description: The document discusses the adjustments in stock options and exercise prices due to stock distributions, stock splits, and dividends. It explains how stock splits affect the number of underlying shares and exercise prices, and how exceptions may be made for regular stock dividends. It also covers adjustments for distributions of property other than the underlying security.


document_description: The document discusses potential adjustments to outstanding XYZ stock options in various scenarios, such as distributions, mergers, and conversions of underlying securities. It provides examples of how options might be adjusted in the event of mergers or conversions into debt securities or cash. The document also notes that adjustments are generally not made for tender or exchange offers, highlighting the risks for put option writers.

key_organizations: XYZ ABC PQR


document_description: This chapter provides an overview of stock indexes, explaining their purpose, how they are compiled, and their use in options trading. It describes how stock indexes are representative of various markets or sectors and how they are calculated based on the market values of component securities. The chapter also includes an example of how a value-weighted index is calculated.

title: Chapter IV: Index Options


document_description: The document discusses the adjustments and calculations involved in maintaining stock indexes. It explains how the base of an index may be adjusted due to capitalization changes, mergers, liquidations, or changes in the types of stocks constituting the index. It also describes different methods of calculating stock indexes, such as capitalization weighting and equal-dollar weighting.


document_description: The document provides information on trading index options, emphasizing the importance of understanding the underlying indexes and their calculation methods. It discusses the value determination of index options, the role of reporting authorities, and the characteristics of cash-settled index options.


document_description: The document discusses the relationship between interest rates, bond prices, and the value of call and put options. It explains how changes in interest rates affect the prices of outstanding debt securities and the value of options based on these securities. The document provides examples of how bond prices adjust to changes in interest rates and how this affects the value of price-based and yield-based options.


document_description: The document provides an overview of Treasury securities, including options, bonds, notes, and bills. It explains the characteristics of each type, such as maturity periods, interest payments, and auction processes. Treasury bonds and notes are direct obligations of the United States, paying fixed interest semi-annually, while Treasury bills are sold at a discount and do not pay interest. The document also includes an example calculation of the discount rate for a 13-week Treasury bill.

document_subtype: Treasury Securities Overview


document_description: The document discusses trading and settlement processes for yield-based options related to 5-year Treasury notes. It explains how trading is based on current auction yields and how exercise prices and premiums are determined. The document also mentions the role of the Federal Reserve Bank of New York in announcing spot yields for Treasury securities.


document_description: The document discusses yield-based options, which are European-style options based on the yield of the most recently auctioned Treasury security with the longest remaining life. It highlights factors affecting pricing, settlement procedures, and potential adjustments if the U.S. Treasury changes its issuance schedule. It also mentions the possibility of trading suspensions if quotations become unavailable or unreliable.

title: Yield-Based Options Overview


document_description: The document discusses the risks associated with foreign currency options, emphasizing the need for understanding the characteristics of foreign currency markets. It highlights the potential for government intervention in currency valuation and the decentralized nature of the foreign currency market, which is primarily conducted by international banks.

document_subtype: financial


document_description: The document discusses the characteristics of foreign currency options, comparing them to other options and explaining how their value is influenced by the relative value of the underlying foreign currency and the trading currency. It provides examples of how call and put premiums are affected by changes in currency values.


document_description: The document discusses the intrinsic value of foreign currency options, particularly focusing on the impact of exchange rate fluctuations between German marks and British pounds. It highlights the importance of understanding expiration dates for foreign currency options, which differ from other options. The document also explains the special features of dollar-denominated foreign currency options, including how exercise prices are determined and provides examples for British pounds and Japanese yen.


document_description: The document discusses the adjustment of terms for foreign currency options, particularly in cases where a foreign currency issuer may replace or alter its currency. It explains the discretion of an adjustment panel to adjust terms of options on foreign currencies. The document also details how premiums for dollar-denominated options on various foreign currencies are expressed and calculated, including examples for Swiss francs, French francs, and Japanese yen. Additionally, it touches on the settlement and exercise of options, noting differences in procedures for physical delivery options.


document_description: The document outlines the procedures for settling foreign currency options exercises through the facilities of the Options Clearing Corporation (OCC). It details the roles of OCC, Clearing Members, and brokerage firms in the settlement process, including the delivery of foreign currency to designated bank accounts. The document also mentions the potential involvement of The Intermarket Clearing Corporation as an agent for OCC in foreign currency settlements.

key_organizations:
Options Clearing Corporation (OCC)
The Intermarket Clearing Corporation


document_description: The document discusses cash-settled foreign currency options, including contract size, exercise settlement value, and automatic exercise conditions. It highlights the calculation of exercise settlement value based on interbank spot market quotations and mentions margin requirements for options with short expiration dates.


document_description: The document discusses flexibly structured options, which are issued and traded by OCC in the U.S. Unlike other options, the terms of flexibly structured options are not all standardized, allowing parties to fix certain variable terms within market rules. The document highlights the risks, lack of active secondary market, and special trading procedures associated with these options.


document_description: This document provides information on the exercise and settlement of options, including the rules and procedures applicable to exercising options, the importance of understanding these procedures for both option holders and writers, and the process for exercising options. It also discusses the automatic exercise of certain options and the need for option holders to direct their brokerage firms to exercise options before the firm's cut-off time.

document_subtype: instructional


document_description: The document discusses the importance of brokerage firms' cut-off times for accepting exercise instructions for options before expiration. It highlights the procedures for automatic exercise of in-the-money options and the potential for exceptions in unusual circumstances. The document also mentions the role of the Options Clearing Corporation (OCC) in the exercise process and the conditions under which exercise instructions can be revoked.


document_description: The document discusses the settlement process for options trading, including the automatic exercise of options, the authority of OCC to postpone settlements, and the responsibilities of brokerage firms and customers. It also addresses special procedures in unusual circumstances where settlement might be affected, such as when trading in an underlying security is suspended.

document_subtype: options trading and settlement


document_description: The document provides an analysis of investment strategies involving XYZ stock options, comparing the potential profits and losses for three investors based on different stock price scenarios at option expiration. It includes a table illustrating the dollar and percentage profit or loss for each investor depending on the stock price at expiration. The document discusses the risks and rewards of options trading, emphasizing the impact of leverage and time to expiration on investment outcomes.

key_people:
Investor A
Investor B
Investor C


document_description: The document discusses the authority of the OCC and options markets to restrict the exercise of options under certain circumstances, such as trading halts or insufficient supply of underlying securities. It outlines the conditions under which exercise restrictions can be imposed and the potential consequences for option holders. It also mentions the possibility of restrictions imposed by courts or regulatory agencies.

document_subtype: regulatory

key_organizations: OCC SEC


document_description: The document outlines the risks associated with being an option writer, including the possibility of being assigned an exercise at any time for American-style options, and the limitations on closing out positions once assigned. It also discusses the financial implications for writers of covered calls, who forgo potential profits from increases in the underlying asset's value.

title: Risks of Option Writers


document_description: The document discusses the risks associated with writing uncovered call and put options. It highlights the financial capacity, willingness to incur potential losses, and liquidity required for investors engaging in these activities. The document provides an example involving XYZ stock to illustrate the potential financial implications of writing put options.


document_description: The document discusses the strategy of cash-secured put writing, where the put writer deposits cash equal to the exercise price to eliminate margin requirements. It explains the potential returns and risks involved, including earning interest on the deposited cash and the risk of loss if the underlying asset's value declines. An example is provided with an investor writing a put option on XYZ stock. The document also touches on risk reduction strategies through hedging and the obligations of writers of uncovered calls or puts.

document_subtype: investment strategy document


document_description: The document discusses potential disruptions in options markets due to financial issues of market makers or the markets themselves. It highlights the risks of market suspension, bankruptcy, and trading halts, which could affect options investors' ability to realize profits or limit losses. The document also mentions the discretion of options markets to halt trading under certain circumstances to maintain fair and orderly markets.

key_organizations: OCC NYSE


document_description: The document discusses various risks associated with options trading, including erroneous automatic exercise due to market reporting errors, insolvency of brokerage firms, and special risks of internationally-traded options due to time differences and holidays. It also highlights the risk of OCC's system failure in case of widespread Clearing Member insolvencies.

document_subtype: options trading risks

key_organizations:
OCC
Clearing Member


document_description: The document discusses the special risks associated with writing cash-settled index call options. It highlights the challenges writers face in fully covering their positions due to timing risks and the inability to perfectly replicate the underlying index. The document also notes the potential for market price discrepancies between the securities held by the writer and the index.

document_subtype: prospectus


document_description: The document discusses the use of index options for hedging against market risk and company risk. It highlights the complexities and special risks involved in using index options, especially when the portfolio does not exactly mirror the underlying index. The document also notes the potential difficulty in purchasing or liquidating securities at prices that match those used in determining exercise settlement values.


document_description: The document discusses the exercise and settlement of cash-settled index options, highlighting the risks and timing considerations involved. It explains that exercise cut-off times for index options may be earlier than for other options and may occur before definitive settlement values are determined. The document also notes that current index levels may not reflect the most recent prices of constituent securities, which can affect the exercise settlement value.


document_description: The document discusses the risks associated with capped index options and debt options, particularly in relation to automatic exercise and trading in foreign markets. It highlights the potential for automatic exercise of capped index options during market restrictions or suspensions, and the risks of trading index options in foreign markets when U.S. markets are closed. Additionally, it touches on the characteristics of debt securities markets.


document_description: The document discusses the liquidity and trading practices in the market for Treasury securities compared to the stock market. It highlights the lack of comprehensive bid and offer consolidation and public reporting of transaction prices for Treasury securities, which can disadvantage investors. It also notes the larger trading units in the debt securities market and the implications for price-based debt options.


document_description: The document discusses the complexities and risks associated with offsetting option positions using Treasury securities. It highlights the challenges in calculating the necessary principal amount of Treasury securities to offset risk, the fluctuation of this amount due to changes in yields and maturity periods, and the potential discrepancies in yields from different dealers. Additionally, it addresses the risk of errors in reported yields and the implications for investors in yield-based debt options.


document_description: The document discusses the risks and procedures associated with exercising yield-based options, particularly when the exercise settlement value of the underlying yield is not available or may change. It highlights the potential financial risks for holders who exercise options prematurely and the role of the Options Clearing Corporation (OCC) in determining settlement values when official yields are unavailable.


document_description: The document discusses the special currency risks associated with foreign currency options, highlighting how the value of any currency, including U.S. dollars, can be affected by political and economic factors of the issuing country. It explains how fluctuations in currency values impact foreign currency options and the importance of considering economic factors of both the trading and underlying currency countries. An example is provided to illustrate the impact of currency appreciation on option gains.


document_description: The document discusses the complexities and risks associated with trading foreign currency options, including the potential for significant price movements in the underlying currency markets when options markets are closed, the need for investors to manage physical delivery of currencies, and the risks associated with settlement through correspondent banks. It also highlights the challenges faced by writers of cash-settled foreign currency options in managing their settlement obligations.


document_description: This document outlines the scope and limitations of a booklet prepared under SEC Rule 9b-1 pursuant to the Securities Exchange Act of 1934. It clarifies that the booklet is not a prospectus and should not be construed as investment advice or a recommendation to buy or sell securities. It also mentions the availability of a prospectus and registration statement from the OCC and the SEC.

key_locations:
Chicago, Illinois
Washington, D.C.

document_subtype: booklet

key_organizations: SEC OCC

reference_numbers: 450 5th Street, N.W., Room 1024, Washington, D.C. 20549


document_description: The document discusses the discretion and authority of the Options Clearing Corporation (OCC) and options markets in taking actions under their rules. It highlights that these organizations have broad discretion and are not obligated to enforce each other's rules. The document also mentions that information about the rules and functioning of options markets can be obtained from the relevant organizations.


document_description: This document is a booklet discussing the requirements and procedures for options trading, including the handling of customer accounts, execution of orders, and safeguarding of customer funds. It emphasizes the importance of consulting brokerage firms for specific information and does not cover the risks associated with options trading in detail.


document_description: The document discusses the potential risks and disruptions in the U.S. options markets due to various factors such as natural disasters, system failures, and economic disturbances. It highlights the limitations of manual methods in recording trade information and the inherent risks in options investments. The document also mentions systemic risks that could affect the options markets and the interconnectedness of global financial systems.


document_description: The document is a supplement to the February 1994 edition of the Standardized Options booklet, detailing amendments related to the conversion of underlying securities into cash and the impact on options trading.

document_date: March 2000


document_description: The document discusses the conditions under which holders of certain options may be required to pay cash amounts before receiving payments on the underlying security. It also amends specific sentences in an options booklet regarding the automatic exercise of flexibly structured index options.


document_description: This document is a supplement that supersedes and replaces the November 1995 Supplement to the Characteristics and Risks of Standardized Options. It amends specified portions of the booklet to permit greater flexibility in the methods used for assigning options exercises. The document outlines OCC's procedures for assigning exercises to Clearing Member accounts and the rules for allocating assignments to customers.

title: Supplement to Characteristics and Risks of Standardized Options

document_date: January 2004

key_locations: One North Wacker Drive, Suite 500, Chicago, Illinois 60606


document_description: The document discusses the procedures and considerations for exercising options, particularly focusing on the deadlines and brokerage firm policies related to options that expire on trading days. It highlights the importance of understanding brokerage firm cut-off times and procedures for automatic exercise of options.

document_subtype: legal notice

key_organizations:
OCC
Clearing Firm


document_description: This document is a supplement to the February 1994 edition of the booklet 'Characteristics and Risks of Standardized Options'. It amends information related to non-rate-modified cash-settled foreign currency options, replacing the January 2007 supplement. The document details changes in how exercise prices and premiums for dollar-denominated currency options are expressed and calculated.

title: April 2007 Supplement to Characteristics and Risks of Standardized Options

document_date: April 2007

document_subtype: financial document


document_description: The document provides updates to a booklet regarding foreign currency options. It includes changes to examples and paragraphs on pages 39 and 44, and introduces new information about cash-settled foreign currency options. The document also discusses how exercise settlement values are determined based on exchange rates from selected sources.

document_subtype: booklet update


document_description: This document is a supplement to the February 1994 edition of the booklet 'Characteristics and Risks of Standardized Options'. It reflects changes in OCC's rules and certain options markets, including modifications to the definition of 'ordinary cash dividend or distribution', adjustments to exercise prices, and changes in settlement procedures. It also discusses the expansion of OCC's authority regarding yield-based Treasury options and the acceleration of expiration dates for options on equity securities.


document_description: The document discusses rules and adjustments related to options series designated by the OCC as 'grandfathered' and the treatment of cash dividends or distributions announced after February 1, 2009. It also covers the adjustment of exercise prices for stock options, particularly in cases of stock dividends, distributions, and splits. Specific examples and rules for adjustments are provided.

document_subtype: financial rules and adjustments


document_description: The document discusses stock options and how they are adjusted in the event of stock splits or distributions. It provides examples of how exercise prices and the number of shares are adjusted to maintain the aggregate exercise price. The document also mentions potential future changes in how exercise prices might be stated and the rules for adjustments in such cases.

key_organizations:
XYZ Corporation
OCC


document_description: The document outlines amendments to procedures for exercise settlement of index options in cases of delays or foreign governmental restrictions. It specifies conditions under which options are exercised or expire unexercised, and details special procedures OCC may impose in unusual circumstances affecting settlement.

document_subtype: amendment


document_description: The document contains amendments to sections of a legal booklet related to options trading. It includes changes to exercise restrictions for cash-settled and physical delivery options, exemptions of standardized options from 1933 Act registration, and adjustments for yield-based Treasury options. It also addresses the authority of the OCC in determining settlement values for yield-based options.

key_organizations:
OCC
SEC
U.S. Department of the Treasury


document_description: The document outlines procedures for fixing cash settlement amounts for yield-based options by the Options Clearing Corporation (OCC). It describes the role of adjustment panels in determining settlement values and the implications for investors if settlement is delayed. Additionally, it addresses the handling of erroneously reported index levels in index options trading.

document_subtype: options trading rules


document_description: This document is a supplement to the February 1994 edition of the Options booklet, specifically amending it to include information on credit default options. It outlines the characteristics and risks of credit default options, which differ from other options described in the booklet. The supplement includes amendments to Chapter V, changing its title to 'DEBT OPTIONS AND CREDIT DEFAULT OPTIONS', and provides a detailed description of credit default options. It also advises readers interested in buying or writing debt options or credit default options to read specific chapters and sections on risks.

document_date: June 2007

document_subtype: supplement


document_description: The document discusses credit default options and credit default basket options, which are financial instruments related to the credit risk of specified debt securities. It explains the concept of reference obligations and reference entities, and how credit events trigger the exercise of these options. The document also outlines the conditions under which a credit event must occur for the option to be exercised.


document_description: The document discusses the mechanics of credit default options, including their automatic exercise upon a credit event, the binary nature of their cash settlement, and the unique characteristics that differentiate them from other options. It also covers the aggregation of credit default options into baskets, the types of basket options available, and the determination of cash settlement amounts based on reference entities.


document_description: The document discusses the adjustment of credit default options in the event of certain occurrences such as succession or redemption events. It explains how premiums are calculated and the conditions under which adjustments are made to the terms of outstanding credit default options. The document also provides an example involving Company XYZ and its bond issue.

document_subtype: credit default options


document_description: The document discusses the challenges and risks associated with pricing credit default options, including lack of transparency, illiquid markets, and private quotation networks. It highlights the potential advantages dealers have over investors, the impact of redemption and succession events on options, and the lag in confirming credit events by the listing options market.


document_description: This document discusses the risks and rules associated with credit default options, including the determination of credit events by listing options markets, the lack of underlying interest prices, and the potential unavailability of trading markets. It also mentions the SEC's approval of certain credit default options for trading and the CFTC's exemption for OCC to clear such options.

document_subtype: legal analysis

key_organizations: OCC SEC CFTC


document_description: This document is a supplement to the booklet 'Characteristics and Risks of Standardized Options', replacing the April 2008 supplement. It introduces new options products: delayed start options, binary stock options, binary index options, and range options. It updates definitions and descriptions of options, including physical delivery options and cash-settled options.

document_date: June 2008


document_description: The document discusses options trading, specifically focusing on American-style options, binary options, and range options. It includes definitions and characteristics of these options, such as exercise conditions and settlement outcomes.


document_description: The document describes the division of a range length into three segments: low, middle, and high ranges, and explains the cash settlement amounts for range index options based on the value of the underlying index. It provides an example with specific values and a table summarizing cash settlement amounts. Additionally, it discusses the behavior of holders of American-style options in terms of exercising or making closing transactions.


document_description: The document provides definitions and explanations related to financial options, including intrinsic value, time value, delayed start options, binary options, American-style options, and European-style options. It also notes the addition of new paragraphs to Chapter II, page 17 of a Booklet, with confidential markings at the bottom of the page.


document_description: The document provides a description of binary stock options, including details on exercise price, settlement value, and adjustments. It explains how the exercise price is determined and how the settlement value is specified by the listing exchange. The document also discusses adjustments to binary stock options in response to stock dividends, distributions, and splits, noting that these adjustments may differ from those applied to other stock options.


document_description: The document discusses adjustments to binary stock options in the event of stock splits, reverse stock splits, and distributions of property other than the underlying security. It provides examples of how exercise prices and settlement values are adjusted based on these events.


document_description: The document discusses adjustments to binary stock options in the event of a merger or consolidation. It outlines how cash, securities, or other property received by stockholders may become the underlying interest of the options. An adjustment panel has the discretion to fix values for non-cash property and make exceptions to general rules. The document also replaces certain paragraphs in a booklet related to indexes, explaining the value level of indexes underlying options and how they are reported by designated authorities.


document_description: The document discusses the features of index options, specifically focusing on cash-settled index options and their characteristics. It explains how the size of these options is determined by the multiplier and provides an example of calculating the premium for an index call option. The document also notes changes to the booklet's content regarding index options.


document_description: The document contains revised paragraphs for a legal booklet regarding options trading. It discusses the conditions under which options can be exercised, the authority of regulatory bodies to impose exercise restrictions, and the specific risks associated with different types of options, including binary and range options.

document_subtype: legal document


document_description: The document discusses the risks and requirements for put writers, including margin requirements and potential losses. It includes an example of a binary put option and explains cash-secured put writing.

document_subtype: options trading guidelines


document_description: The document discusses the risks associated with being an option writer, particularly in the context of binary options and straddle writing. It highlights the potential for unlimited risk in certain scenarios and the impact of different option types on risk profiles. The document also mentions changes to specific paragraphs in a booklet related to these topics.


document_description: The document discusses the risks associated with exercising options, particularly focusing on the timing risk for writers of cash-settled index options. It explains the difference between physical delivery and cash-settled options, and the inherent risks involved, especially for American-style options. It also mentions the risk of errors in reported index levels affecting settlement values.


document_description: The document contains updates to a booklet, specifically replacing and adding paragraphs related to foreign markets and delayed start options. It discusses the risks associated with trading index options in foreign markets and the potential errors in calculating exercise prices for delayed start options.


document_description: The document discusses the risks and mechanics of range options, including the potential for loss if the underlying index moves outside the specified range. It also explains the challenges in hedging range options due to their unique payout structure.


document_description: This document is a supplement to the February 1994 version of the booklet entitled 'Characteristics and Risks of Standardized Options.' It provides updated information on options related to stock index variance, trading securities strategies, and equity dividends. It also includes amendments to previous supplements from May 2007 and June 2008.

document_date: December 2009


document_description: The document discusses various types of stock indexes, including stock indexes, variability indexes, strategy-based indexes, and dividend indexes. It explains how these indexes measure different aspects of securities, such as implied volatility, historical variance, and stock price changes due to dividends. Amendments and additions to a booklet on these topics are also mentioned.


document_description: The document discusses the factors affecting implied volatility index values, particularly for European-style and A.M.-settled options. It highlights the risks of divergence between exercise settlement values and indicative values, and the impact of market conditions on these values. The document also notes the potential for discrepancies when component securities are not trading.


document_description: The document discusses the evaluation of implied volatility indexes, realized variability options, and strategy-based indexes. It explains the calculation methods and considerations for these financial instruments, including the use of equity securities and options. The document emphasizes the importance of understanding these calculations before engaging in related investment strategies.


document_description: This document describes a strategy-based index involving a 'buy-write' strategy, which includes writing call options on a stock index and purchasing component securities of that index. The strategy assumes writing at-the-money index call options with one month to expiration, investing the premiums in a weighted basket of securities, and reinvesting dividends. The document provides an example calculation of the buy-write index value over several days, illustrating how the index value changes based on the strategy's returns.

document_subtype: financial strategy document


document_description: The document discusses the risks and complexities associated with volatility indexes and implied volatility options. It highlights the potential divergence between calculated exercise settlement values and indicative values due to market forces. The document also emphasizes the complexity of strategies involving variability indexes and the importance of understanding the calculation methods. It warns that predicted volatility may not align with actual volatility and that strategy-based indexes may not reflect actual returns.


document_description: The document discusses options on conventional index-linked securities, which are debt securities trading on exchanges like equity securities. These securities are issued by financial institutions and provide cash returns based on the performance of a reference asset. The document explains the trading and exercise of options on these securities, including the adjustment of underlying units and exercise prices.

key_organizations:
financial institutions
banks


document_description: The document discusses the redemption and adjustment of index-linked securities, including the impact on the market and options trading. It explains the conditions under which adjustments may be made to the terms of these securities and the consequences for options holders and writers when an underlying security is called. The document also covers the acceleration of expiration dates for options and the responsibilities of options writers.


document_description: The document contains new paragraphs inserted into a booklet, discussing special risks associated with debt options and index-linked securities. It outlines potential settlement procedures and adjustments in the event of a shortage or call of index-linked securities.

document_subtype: booklet insert


document_description: This document outlines the procedures and rules for adjusting credit default options in the event of certain occurrences, such as succession or redemption events. It explains how adjustments are made at the discretion of the listing options market and details the process for redemption event adjustments, including complete redemption scenarios. An example involving Company XYZ is provided to illustrate the adjustment process.

title: Adjustment of Credit Default Options


document_description: The document discusses the adjustment of credit default basket options in the event of a complete redemption or a succession event. It explains how the options are adjusted by removing affected reference entities from the basket and adjusting the cash settlement amount accordingly. It also covers how succession events, where new entities assume reference obligations, affect the adjustment of credit default options.

key_people:
Company XYZ
Company LMN


document_description: The document discusses the adjustment of credit default options following a succession event, where Company XYZ and LMN are identified as successor entities. It explains how the credit default options are adjusted into separate contracts for each successor entity, with cash settlement amounts and premium multipliers allocated accordingly. An example is provided involving Company XYZ and LMN, detailing the adjustment of basket weights for successor reference entities. Additionally, the document highlights the complexity and risks associated with pricing credit default options.


document_description: The document discusses the challenges and risks associated with pricing credit default options, including lack of transparency, illiquid markets, and the private nature of over-the-counter transactions. It highlights the advantages dealers have due to access to private quotation networks and the implications of redemption and succession events on credit default options.

document_subtype: memo


document_description: The document discusses the risks and procedures associated with credit default options, including the determination of credit events, market availability, and regulatory aspects. It highlights the discretion of listing options markets in confirming credit events and the potential for erroneous confirmations. The document also addresses the lack of underlying interest prices for credit default options and the possibility of trading halts.

key_organizations: OCC CFTC SEC


document_description: This document is a supplement to the February 1994 version of the booklet 'Characteristics and Risks of Standardized Options'. It amends the booklet to include options on relative performance indexes where the index components are equity securities, including fund shares. The supplement explains the calculation of a relative performance index, which measures the relative total return of two index components, referred to as the target and benchmark components.

title: January 2012 Supplement to Characteristics and Risks of Standardized Options

document_date: January 2012


document_description: The document contains a uniform gray pattern with a watermark or footer text reading 'CONFIDENTIAL - PURSUANT TO DEBDRIYORI98669'.


document_description: This document is an option agreement form for the Butterfly Trust account with Deutsche Bank Wealth Management. It includes sections for account and owner information, financial information, and authorization details for placing orders. The form is incomplete with several fields left empty.

title: Deutsche Bank Wealth Management Option Agreement

key_locations: 6100 Red Hook Quarter B3, St. Thomas, USVI

document_subtype: Option Agreement Form

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas


document_description: This document outlines the terms and conditions for trading options with DBSI, including settlement dates, margin requirements, and the discretion DBSI has in handling trades and accounts. It also covers the legal obligations and rights of both parties, including the governing law and the impact of new regulations.

document_subtype: agreement

key_organizations:
DBSI
Deutsche Bank AG


document_description: This document outlines the special risks associated with uncovered option writing, which can lead to significant financial losses. It emphasizes that such strategies are suitable only for knowledgeable investors with the financial capacity to handle potential losses. The document requires the investor to acknowledge understanding of these risks and suitability for their investment objectives.

title: Special Statement for Uncovered Option Writers


document_description: This document is an option agreement and approval form for Jeffrey Epstein's account with Deutsche Bank Wealth Management. It includes account details, financial information, and authorization for other individuals to place orders on the account.

key_people:
Jeffrey Epstein
Harry Beller
Darren Indyke

key_locations: 6100 Red Hook Quarter, B3, St. Thomas, Virgin Islands, USVI 00802

document_subtype: Option Agreement and Approval Form

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas
JPMorgan
Southern Financial LLC


document_description: Authorization of inquiry capabilities for Southern Trust Company, Inc. with Deutsche Bank accounts.

key_people:
Jeffrey Epstein
Richard Kahn
Jeanne Brennan
Harry Beller

document_subtype: Authorization

key_organizations:
Southern Trust Company, Inc.
Deutsche Bank


document_description: Authorization letter by Jeffrey Epstein, Manager of Southern Financial, LLC, granting Richard Kahn, Jeanne Brennan, and Harry Beller inquiry capabilities for the company's accounts with Deutsche Bank.

document_subtype: authorization letter

key_organizations:
Southern Financial, LLC
Southern Trust Company, Inc.
Deutsche Bank


document_description: Andrew King informs that Frank DeBenedittis will cover for him during his absence and requests Glendower materials for listed clients. The team will forward materials once available.

key_people:
Andrew King
Frank DeBenedittis

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank Wealth Management


document_description: This document is an amendment to iCapital's brochure for 2018, updating the previous version from March 31, 2017. It includes routine updates, changes to investor servicing fees, diligence scope on certain funds, and business relationships with Fidelity Brokerage Services LLC. It also notes the acquisition of a private equity access fund platform from Deutsche Bank by iCapital's parent company.

title: iCapital Advisors, LLC Form ADV Part 2A

document_subtype: Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
Fidelity Brokerage Services LLC
Deutsche Bank
iCapital Securities, LLC


document_description: This document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their investment advisory services. It lists various Private Access Funds and Direct Investment Funds managed by iCapital, which are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933. The document outlines iCapital's role in identifying private equity or hedge fund managers for investment and managing these funds according to their private placement memorandums.

title: iCapital Advisors, LLC - Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
Aspen Grove Capital, LLC


document_description: The document outlines the management and investor servicing fees associated with iCapital Advisors, LLC, including details on payments to underlying managers, service providers, and organizational expenses. It specifies the conditions under which management fees may be waived or reduced, and describes the investor servicing fee structure. The document also details the fees charged by underlying funds and the role of service providers like Dynasty Securities, LLC.

key_organizations:
iCapital Advisors, LLC
Aspen Grove Capital, LLC
Dynasty Securities, LLC


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their investment strategies, methods of analysis, and risk management. It outlines the due diligence process for selecting fund managers and sub-advisers, focusing on providing investors access to select fund managers at lower investment minimums. The document describes a three-stage due diligence process involving quantitative and qualitative assessments, including market analysis, manager track record evaluation, and comprehensive reviews of investment strategies and team competencies.


document_description: The document outlines the due diligence process of iCapital Advisors, LLC for assessing investment opportunities, particularly in hedge funds. It describes a multi-stage evaluation process including market opportunity assessment, manager identification, initial and deep dive diligence, and final approval by the Investment Committee. The process involves both internal assessments and external evaluations by Castle Hall Alternatives Inc.

key_organizations:
iCapital Advisors, LLC
Castle Hall Alternatives Inc.


document_description: The document outlines the investment selection process and associated risks for iCapital Advisors, LLC and its Private Access Funds. It highlights the limitations in operational due diligence and the potential risks of conflicts of interest, fraudulent behavior, and operational weaknesses within the Underlying Funds. The document advises prospective investors to consult professional advisers and review legal documents before investing.


document_description: The document is a Form ADV Part 2A for Aspen Grove Capital, LLC and iCapital Advisors, LLC. It outlines potential risks and conflicts of interest associated with investing in Private Access Funds, including lack of diversification, higher fees, and lack of information on valuations. It details the structure and risks of Private Access Funds, including their lack of registration under various acts, restrictions on transfer, and potential for total investment loss. The document also discusses the relationship between Private Access Funds and Underlying Funds, including management and control limitations, and potential indemnification clauses.

key_organizations:
Aspen Grove Capital, LLC
iCapital Advisors, LLC


document_description: The document outlines the terms and conditions related to capital contributions by investors to Private Access Funds managed by iCapital Advisors, LLC. It details the obligations of investors, potential penalties for non-compliance, and the lack of direct rights or recourse for investors in the Underlying Fund. It also discusses the non-advisory role of iCapital and the potential for changes in the terms of the Underlying Fund without liability to investors.

title: iCapital Advisors, LLC Form ADV Part 2A


document_description: The document discusses the financial and tax implications for investors in Private Access Funds managed by iCapital Advisors, LLC. It covers topics such as tax withholding, income tax liabilities, illiquidity of investments, economic and market risks, and consequences of default on capital contributions.


document_description: The document outlines the terms and conditions related to capital contributions and defaults for investors in iCapital Advisors, LLC. It discusses the potential consequences for investors who fail to meet capital calls, including the sale or forfeiture of their interest and legal actions. The document also covers the structure and liabilities of series limited partnerships under the Delaware Act, highlighting the potential risks of cross-series liabilities. Additionally, it emphasizes the reliance on sub-advisers for investment decisions and the impact of their departure on fund performance.

key_people:
Sub-Adviser
key employees of Sub-Adviser


document_description: The document discusses the risks associated with investments in securities, including general economic and market conditions, issuer risk, equity securities risks, and investments in non-U.S. issuers. It highlights factors such as market volatility, liquidity issues, and specific risks related to foreign investments, including political and economic instability, regulatory differences, and currency exchange challenges.

key_organizations:
Aspen Grove Capital LLC
iCapital Advisors LLC


document_description: The document is a Form ADV Part 2A from Aspen Grove Capital, LLC and iCapital Advisors, LLC. It discusses the investment strategies and associated risks of certain funds, including investments in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), and securities in emerging markets. The document highlights the risks of investing in non-U.S. securities, including political, economic, and foreign exchange risks, as well as the potential volatility and liquidity issues in emerging markets. It also addresses the impact of foreign currency fluctuations on fund investments.


document_description: This document is a Form ADV Part 2A for Aspen Grove Capital, LLC and iCapital Advisors, LLC. It discusses various financial risks associated with investments, including currency exchange rate risk, credit risk, concentration risk, and settlement risk. The document highlights how these risks can affect the value and performance of investment funds.

title: Form ADV Part 2A - Aspen Grove Capital, LLC and iCapital Advisors, LLC


document_description: The document discusses various risks associated with investing in certain types of securities, including small or medium-sized companies, illiquid investments, convertible securities, and participation certificates. It highlights the potential for greater risk and volatility, liquidity issues, and counterparty risk.


document_description: The document discusses various financial risks associated with investment funds, including the use of derivatives, warrants, and debt securities. It highlights the potential for high volatility, illiquidity, and the speculative nature of certain investments, such as junk bonds.


document_description: The document discusses various financial risks associated with investments, including default risk, interest rate risk, extension risk, prepayment risk, and risks related to swaps. It highlights the potential for increased price volatility and liquidity issues with lower-rated bonds, the sensitivity of debt instruments to interest rate changes, and the complexities of swap agreements.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing investment strategies, risks, and affiliations. It discusses the risks associated with investing in Real Estate Investment Trusts (REITs) and cybersecurity risks for private equity funds. It also provides information on iCapital's affiliations, including iCapital Securities, LLC, a registered broker-dealer, and Gen II Fund Services, LLC, which provides fund administration services.

key_organizations:
iCapital Advisors, LLC
iCapital Securities, LLC
Institutional Capital Network, Inc.
Gen II Fund Services, LLC
Gen II Hedge Fund Services


document_description: The document outlines the Code of Ethics and conflict of interest policies for iCapital Advisors, LLC and its employees. It details the requirements for employees to obtain written authorization for personal investments, the monitoring of employee investments, and restrictions on participating in IPOs or outside business activities. It also discusses iCapital's role as an investment adviser, potential conflicts of interest, and compensation arrangements with underlying fund managers.

key_organizations:
iCapital Advisors, LLC
Aspen Grove Capital, LLC
iCapital Securities, LLC


document_description: The document outlines potential conflicts of interest, fee structures, valuation methods, educational programs, and privacy policies related to iCapital Advisors, LLC and its affiliates. It discusses the involvement of management persons in soliciting investment advisers, the fee structure for brokerage limited partners, the valuation of fund assets, and the provision of educational programs for financial advisers. It also details iCapital's commitment to maintaining the confidentiality and security of investors' personal information.

title: iCapital Advisors, LLC Form ADV Part 2A


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their brokerage practices, review of accounts, and client referrals and compensation. It outlines the firm's approach to brokerage practices, including the selection of brokers and the use of 'soft dollar' credits. It also describes the review process for fund performance and the distribution of financial statements to investors. Additionally, it covers the role of iCapital Securities, LLC in private placements and the compensation structure for third-party broker-dealers.

key_organizations:
Aspen Grove Capital, LLC
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document outlines the financial arrangements and agreements of iCapital Advisors, LLC, including management fees, collaboration with Fidelity Brokerage Services LLC, and custody rules for client funds. It also details the investment discretion and guidelines for the Funds managed by iCapital.

key_organizations:
iCapital Advisors, LLC
iCapital Securities
Fidelity Brokerage Services LLC
National Financial Services LLC
Institutional Capital Network, Inc.


document_description: The document outlines iCapital Advisors, LLC's policies on voting client securities and provides financial information about the firm. It specifies that iCapital does not anticipate owning equity securities with voting rights in Private Access Funds and delegates proxy voting for Direct Investment Funds to a Sub-Adviser. It also mentions the establishment of a Proxy Voting Policy for certain investments. Additionally, the document states that iCapital has no financial commitments impairing its contractual and fiduciary obligations and has not undergone bankruptcy.


document_description: This document is a Brochure Supplement for iCapital Advisors, LLC, providing information about key individuals associated with the firm. It includes contact information for the Chief Compliance Officer and references the SEC's website for additional information.

title: FORM ADV PART 2B: Brochure Supplement

key_people:
Eileen Duff Blalock
Phil Pool
John Robertshaw
Daniel Vene
Nicholas Veronis
Michael Stanton

key_locations: 60 East 42nd Street, 26th Floor, New York, NY 10165

document_subtype: Brochure Supplement


document_description: This document provides information about Eileen Duff Blalock's educational background, business experience, and roles at iCapital Advisors and iCapital Network. It also includes details about her disciplinary history, other business activities, additional compensation, and supervision.

title: Eileen Duff Blalock - Educational Background and Business Experience

key_people:
Eileen Duff Blalock
Michael Stanton

document_subtype: Form ADV Part 2B

key_organizations:
iCapital Advisors LLC
iCapital Network
Credit Suisse
Donaldson, Lufkin & Jenrette
iCapital Securities LLC


document_description: This document provides the educational background and business experience of John C. Robertshaw, a co-founder and special advisor to iCapital Advisors, LLC. It details his previous roles at Credit Suisse and Salomon Brothers, his educational background, and his current advisory role at iCapital Network. The document also confirms that Mr. Robertshaw has no disciplinary history and outlines his supervision by Mr. Michael Stanton, iCapital's CCO.

title: Form ADV Part 2B for John C. Robertshaw

key_people:
John C. Robertshaw
Michael Stanton

key_organizations:
iCapital Advisors, LLC
iCapital Network
Credit Suisse Securities (USA) LLC
Donaldson, Lufkin & Jenrette
Salomon Brothers


document_description: This document provides the educational background, business experience, and other relevant information about Daniel Vene, a member of Capital Advisor's investment committee and Co-Founder of iCapital Network. It includes details about his previous roles, educational qualifications, and licenses. The document also states that Mr. Vene has not been subject to any disciplinary events and outlines his supervision and compensation details.

title: Form ADV Part 2B for Daniel Vene

key_people:
Daniel Vene
Michael Stanton

key_organizations:
iCapital Advisors LLC
iCapital Network
Fir Tree Partners
Eaton Partners
Earnings.com
Thomson Financial
PREA
NCREIF


document_description: This document provides the educational background, business experience, and other relevant information about Nicholas Veronis, a member of iCapital Advisor's investment committee and Co-Founder of iCapital Network. It includes details about his previous roles, disciplinary information, other business activities, additional compensation, and supervision.

title: Form ADV Part 2B for Nicholas Veronis

key_people:
Nicholas Veronis
Michael Stanton

key_organizations:
iCapital Advisors LLC
iCapital Network
Veronis Suhler Stevenson
Atlas Advisors
The Boston Business Journal
The Star-Ledger
Newhouse Newspapers
Trinity College


document_description: This document is the amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware Limited Partnership. It outlines the terms and conditions under which the limited partner interests are held, including restrictions on transferability and resale, and the requirement for general partner consent for any transfer or disposition of interests.

title: Amended and Restated Limited Partnership Agreement of Glendower Access Secondary Opportunities IV (U.S.), L.P.

document_subtype: Limited Partnership Agreement


document_description: This document is the amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions, organization and powers, details about partners, investments and activities, fees and expenses, and capital of the partnership.

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement

key_organizations: Glendower Access Secondary Opportunities IV (US), L.P.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes articles on default, distributions, capital accounts, duration of the partnership, liquidation of assets, and limitations on transfers and withdrawals.

title: Amended and Restated Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on exculpation, indemnification, amendments, voting, consents, and administrative provisions such as keeping of accounts, financial reports, valuation, notices, accounting, and tax provisions.

title: Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on tax reporting consistency, general provisions, power of attorney, execution of additional documents, limited partner information, binding on successors, governing law and remedies for breach, waiver of partition, securities law matters, confidentiality, contract construction, arbitration, side letters, entire agreement, and bad actor disqualification information. Appendices include definitions and regulatory and tax allocations.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., dated April 11, 2018. It outlines the continuation of the partnership under the Delaware Revised Uniform Limited Partnership Act, the withdrawal of the Initial Limited Partner, and the admission of additional Limited Partners.

key_people:
General Partner
Initial Limited Partner

document_subtype: Amended and Restated Limited Partnership Agreement

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document outlines the terms of the partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes details about the partnership's name, offices, purpose, powers, and the roles and responsibilities of the partners. The partnership is primarily focused on making, holding, and disposing of investments in the Underlying Fund. The document also specifies the limited liability of the partners and the conditions under which they are required to make capital contributions.

key_locations: Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle

document_subtype: Partnership Agreement


document_description: This document is an excerpt from a Limited Partnership Agreement for Aspen Grove Capital, LLC. It outlines the obligations and rights of Limited Partners, including the effects of death, dissolution, or bankruptcy on a partner's rights and obligations. It also details the conditions under which additional Limited Partners can be admitted before the final closing date, including their financial contributions and obligations.

key_organizations: Glendower Access Secondary Opportunities IV (U.S.), L.P.


document_description: The document outlines the terms for Additional Limited Partners in the partnership, including their financial obligations and the interest rates applicable to their contributions. It also details the adjustments to be made for existing Limited Partners and the allocation of investments in the Underlying Fund.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions for the admission of new partners, anti-money laundering compliance, and the responsibilities of limited partners to ensure compliance with U.S. laws. The agreement outlines the actions the General Partner may take in case of non-compliance, including freezing or transferring a partner's interest.

key_people:
General Partner
Limited Partners


document_description: The document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the rights and responsibilities of the General Partner, including the ability to release confidential information to governmental authorities, amend the agreement to comply with anti-money laundering laws, and manage the partnership's affairs. The General Partner has exclusive control over the partnership's management and decision-making.


document_description: This document outlines the powers and responsibilities of the General Partner in managing the Partnership, including making elections under tax laws, determining the timing of securities transactions, and entering into various agreements on behalf of the Partnership. It also addresses the disclosure of nonpublic information and the rights of the General Partner and its affiliates to engage in outside business activities.


document_description: The document outlines provisions for alternative investment vehicles within a partnership agreement. It allows the General Partner to structure investments outside the Partnership for legal, tax, or regulatory reasons, using alternative investment vehicles. Limited Partners may be required to make capital contributions to these vehicles, which will be treated as if made to the Partnership. The economic provisions aim to ensure that all parties receive the same allocations and distributions as if all transactions occurred within the Partnership.


document_description: This document outlines the terms and conditions of the partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It details the allocation and distribution of funds, the responsibilities of limited partners, and the establishment of alternative investment vehicles and investment subsidiaries. It also covers the legal and tax considerations for the partnership and its entities.


document_description: The document outlines the terms and conditions of a partnership agreement involving Aspen Grove Capital, LLC. It covers partnership expenses, the formation of parallel access funds or feeder funds, investment guidelines, borrowings, and ERISA compliance. The agreement allows the General Partner to form additional investment vehicles to address legal, tax, or regulatory issues and to manage partnership assets and liabilities. It also includes provisions for credit facilities and compliance with ERISA regulations to avoid fiduciary responsibilities and prohibited transactions.

key_people:
General Partner
Limited Partner

key_organizations: Glendoner Accent Secondary Opportunities IV (U.S.) L.P.


document_description: This document outlines the fees and expenses related to the partnership, including organizational expenses, partnership expenses, and management fees. It specifies the responsibilities of the General Partner and the Investment Manager regarding these expenses.


document_description: The document outlines the expenses and financial responsibilities of Limited Partners in Aspen Grove Capital, LLC. It details the allocation of Partnership Expenses, including travel, research, insurance, and legal fees, among others. The document also discusses the sharing of expenses with Parallel Access Funds and the responsibilities of the General Partner in managing these expenses.


document_description: This document outlines the terms and conditions of the partnership agreement for Aspen Grove Capital, LLC. It includes details on management fees, timing of payments, and capital contributions by partners. The management fee is calculated based on LIBOR plus 2% or 8%, whichever is higher, and is payable quarterly. Capital contributions are required from each partner based on their subscription and percentage interest. Initial contributions are due upon admission to the partnership or with seven days' notice.

title: Aspen Grove Capital, LLC Partnership Agreement

key_people:
General Partner
Investment Manager

key_organizations: Glendoner Accent Secondary Opportunities IV (U.S.), L.P.


document_description: The document outlines the terms related to capital contributions, returns, and adjustments for partners in Aspen Grove Capital, LLC. It details the process for returning contributions upon the admission of an additional partner, the effect of such returns, and the interest applicable on unpaid contributions.

key_organizations: Otendoner Accent Secondary Opportunities IV (U.S.), L.P.


document_description: This document outlines the terms related to default by a Limited Partner in a partnership agreement. It specifies the actions that the General Partner may take if a Limited Partner fails to make a required capital contribution or breaches other obligations. These actions include designating the partner as a 'Defaulting Partner', enforcing obligations, and potentially redeeming the partner's interest without compensation.


document_description: The document outlines the consequences and actions that can be taken against a Defaulting Partner in the partnership, including compulsory transfer of interest, exclusion from income sharing, forced sale of interest, late contribution acceptance, immediate payment of unpaid subscriptions, withholding distributions, and legal actions.


document_description: This document outlines the terms and conditions related to the handling of a Defaulting Partner within the partnership. It specifies the rights and remedies available to the General Partner, including the ability to limit or eliminate the Defaulting Partner's voting rights, terminate their interest, and reallocate their share among non-defaulting partners. The document also details the financial obligations of the Defaulting Partner and the cumulative nature of the remedies available to the General Partner.

key_people:
General Partner
Defaulting Partner


document_description: This document outlines the terms and conditions related to capital contributions and defaults within the partnership. It details the procedures for handling defaults by Limited Partners, including the assignment of rights and remedies to the Underlying Fund in case of a default. The General Partner has the authority to treat Limited Partners as separate entities for the purpose of determining rights and obligations with respect to the Underlying Fund. Additionally, the General Partner can assign unpaid subscriptions to third parties as security for the Partnership's obligations.


document_description: This document outlines the operational rules, special distributions, and tax payment obligations for Aspen Grove Capital, LLC, as part of the Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement. It details how distributions are handled for defaulting partners, special distributions of net income and gains, and the treatment of tax liabilities incurred by the partnership.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and obligations of partners regarding tax liabilities, indemnification, and capital accounts. The General Partner has discretion in determining tax liabilities and partners are required to indemnify the partnership for tax-related claims. The document also specifies conditions under which distributions to partners are prohibited and details the creation and maintenance of capital accounts.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the allocation of net gain or loss among partners, compliance with Treasury Regulations, and adjustments to capital accounts. The document specifies how distributions and liabilities are handled in the event of the partnership's dissolution.


document_description: The document outlines special allocations of items of loss or deduction, allocations following a default, and admission of additional partners in the partnership. It specifies how items of loss or expense, transfer expenses, and management fee deductions are allocated among partners. It also details the allocation of partner interest and delayed payment interest, and adjustments for new partners admitted after the initial closing date.


document_description: This document outlines the terms and conditions for the duration and dissolution of a partnership involving Aspen Grove Capital, LLC. It specifies the term of the partnership, conditions for dissolution upon withdrawal of the General Partner, and procedures for liquidation of assets upon dissolution.


document_description: This document outlines the terms for the liquidation of the partnership, including distribution of assets, expenses of the liquidator, duration of liquidation, and liability for returns. It also details limitations on transfers and withdrawals of limited partnership interests.


document_description: This document outlines the conditions under which a Limited Partner's interest in the Partnership can be transferred. It requires the General Partner's consent for any transfer, prohibits public trading of partnership interests, and specifies conditions under which transfers will not be recognized. It also details required representations by transferors and transferees to ensure compliance with relevant tax regulations.


document_description: This document outlines the conditions and restrictions related to the transfer of partnership interests in Aspen Grove Capital, LLC. It specifies the requirements for compliance with Section 1446(f) of the Code and other legal provisions, and details the circumstances under which transfers are prohibited to avoid legal and regulatory issues.


document_description: The document outlines the conditions under which a partnership interest can be transferred within Aspen Grove Capital, LLC. It specifies the requirements for the transferee to be an accredited investor, qualified purchaser, and qualified client. It also details the need for a legal opinion for compliance, reimbursement of transfer expenses, and the admission of substituted limited partners.


document_description: This document outlines the terms and conditions related to the transfer of interests, non-compliant transfers, multiple ownership, withdrawal rights, and removal of limited partners within the partnership. It specifies the rights and obligations of the General Partner and Limited Partners, including conditions under which a Limited Partner may be removed or required to withdraw.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on look-through treatment, exculpation, and indemnification of covered persons, including the General Partner and Investment Manager. The document outlines the conditions under which covered persons are not liable for losses suffered by the partnership or partners, provided they acted in good faith and without gross negligence or willful misconduct.


document_description: The document outlines indemnification provisions for the Partnership, including insurance options, rights of successors, and indemnification from other sources. It specifies the priority of indemnity obligations, with Third-Party Indemnifiers having primary liability, the Partnership secondary, and the General Partner tertiary. The Partnership is subrogated to the Indemnitee's rights to pursue claims against Third-Party Indemnifiers.


document_description: This document outlines the amendment procedures for the partnership agreement of Aspen Grove Capital, LLC. It specifies the conditions under which the agreement can be amended, including the consent required from partners, particularly in relation to economic rights and ERISA provisions. It also details the notification process for amendments and the concept of negative consent.


document_description: This document outlines the procedures for obtaining consents and approvals under the Advisers Act, voting and consent requirements for Limited Partners, and administrative provisions for keeping accounts and records. It specifies how actions are validated based on the percentage of contributions by Limited Partners and details the maintenance of partnership records and confidentiality provisions.


document_description: This document outlines the financial reporting obligations of the General Partner to the Limited Partners in a limited partnership. It includes details on the filing of the Certificate of Limited Partnership, the preparation and transmission of annual financial statements and tax information, and the provision of quarterly reports. It also notes the limitations on information rights for Limited Partners compared to direct limited partners of the Underlying Fund.

key_organizations: Otendoner Accent Secondary Opportunities IV (U.S.). L.P.


document_description: The document outlines the valuation procedures for partnership assets, including freely tradable securities, other assets, and intangible assets. It specifies the methods for determining fair market value and the treatment of goodwill. It also details the procedures for notices and communications among partners.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and designations of the General Partner as the 'partnership representative' under the IRS Code, particularly in relation to tax audits and compliance. It specifies the obligations of the Partners to provide necessary information for tax compliance and the financial responsibilities related to any imputed underpayments. The document also addresses the waiver of non-U.S. laws that could hinder reporting to U.S. tax authorities.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the powers of the General Partner, including the execution of documents necessary for the continuation or dissolution of the partnership and related entities. It also details the responsibilities of Limited Partners to provide necessary information and execute documents as required by law or the partnership agreement.


document_description: The document outlines confidentiality obligations for Limited Partners regarding Partnership Information, which is considered a valuable trade secret. It specifies conditions under which this information can be disclosed, such as to professional advisors or under legal compulsion, and the procedures to follow in such cases. It also details the responsibilities of Limited Partners to maintain confidentiality and notify the General Partner of any potential disclosures.


document_description: Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. The document includes provisions related to a 20% Holder certifying or recertifying to the General Partner that it is not a Bad Actor.


document_description: This document is an Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes signatures from the General Partner and Limited Partners, with Thomas Fortin as COO and Michael Stanton as the Initial Limited Partner withdrawing.

key_people:
Thomas Fortin
Michael Stanton


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to defaulting access fund investors, defaulting partners, the Delaware Act, delayed payment interest, ERISA, ERISA partners, exempt entities, FATCA, feeder funds, final closing dates, and freely tradable securities.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to the management and financial operations of the partnership, such as the management agreement, management fee, net gain or loss, and non-voting interest.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines various terms and definitions related to the partnership, including organizational expenses, partner interests, and partnership minimum gain. The document is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e).

key_organizations: Glendower Access Secondary Opportunities IV (International), L.P.