New TLDs Investment Guideline

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Die ICANN legt einen Plan vor, wie die bislang generierten und noch nicht eingesetzten Einnahmen für new TLDs (Top-Level Domains)-Bewerbungen angelegt werden sollen. Was macht die ICANN mit den new TLDs Dollars…?!

new TLDs Einnahmen: ICANN legt anDurch die Bewerbungsgebühr, welche die ICANN für jede einzelne der über 1.900 Bewerbungen um new TLDs erhoben hat, sind die Kassen der Web-Verwaltungs-Insituition der ICANN zur Zeit prall gefüllt. Immerhin 185.000€ musste ein Bewerber pro eingereichter Bewerbung auf den Tisch legen. Bislang liegen die Kosten der ICANN, die durch das Programm “new TLDs” entstandenen sind, weit unter der einkassierten Summe. Schließlich steht ein Großteil der eigentlichen Arbeit erst noch an.
Bis dahin muss das Geld also sicher und möglichst profitabel angelegt werden. In wirtschaftlich unruhigen Zeiten (Haushalt & Fiskal-Klippe in den USA, Rezession Europa, sich leicht abschwächendes bzw. normalisierendes Wachstum in China und ein Systemumsturz nach dem nächsten im mittleren Osten und Nordafrika), kein allzu leichtes Unterfangen.

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Da die ICANN als Institution, ihren Mitgliedern und der allgemeinen, interessierten Öffentlichkeit, Rechenschaft über ihr Tun und Handeln ablegen muss (auch was das new TLDs Programm angeht), wurde nun die Investment Policy, also Anlagepolitik des ICANN Board of Directors (oberste ICANN-Führungsebene) veröffentlicht.

Die Policy beginnt mit den üblichen Punkten, die erstmal Anlass und oberste Premissen rund um new TLDs Investments festlegen:

1. PURPOSE OF THIS DOCUMENT
This documents sets out the Investment Policy agreed by the ICANN Board of Directors for the investment of cash on hand (funds) pertaining to the New gTLD program. This document has been prepared jointly with ICANN’s external financial advisors.
2. ICANN’s OBJECTIVES
The ICANN Board of Directors has set out the following three main objectives:

First, ensure that funds are safe and the capital is preserved.
Second, ensure that funds remain liquid to meet the needs of ICANN’s new New gTLD operations.
Third, ensure that funds earn appropriate returns commensurate with the level of risk.

In der Folge regelt die ICANN inwiefern Dritte mit der Aufgabe, die new TLDs Einnahmen anzulegen, betraut werden können:

3. USE OF EXTERNAL RESOURCES
In order to meet the above objectives, ICANN will retain external investment expertise to hold (custodian bank) and invest (investment manager) funds. A firm can be both a custodian bank and an investment manager for ICANN, if the separate criteria for each role are all met at the same time and no conflict between the role of manager and the role of custodian is identified.

ICANN will not borrow funds from any institution to leverage the portfolio or for speculative purposes. ICANN may enter reverse repurchase agreements with prior approval from the Chief Financial Officer to provide short-term liquidity, if necessary.

3.1 Managers and Custodians structure
ICANN will at all times use a sufficient number of custodian banks so that no one custodian bank holds more than 80% of the insurance amount that such bank has in place.

If 80% of the insurance amount in place at a custodian exceeds $75m, the amount of funds held by any custodian will not exceed $75m.

Provided that the above conditions are met, ICANN will not use more than 5 different custodian banks, for practical purposes. This last limit was determined assuming that most custodian banks have in place an insurance amount at or above $100m.

Until such time that the new gTLD funds invested under this Investment Policy exceed in aggregate $150m, ICANN will use at least 3 different investment managers. When the amount of new gTLD funds invested will be less than $150m, the CFO will consult an advisor, and will recommend a reduction of the number of investment managers if deemed appropriate.

3.2 Investment manager
External investment manager(s) utilized must meet the following criteria:

Must be an SEC-registered investment advisor with SEC Form ADV readily available and in good standing with regulators.
Manage a minimum of $1 billion in institutional fixed income portfolios.
Have a verifiable fixed income performance record for the prior five years that complies with the CFA Institute’s GIPS (Global Investment Performance Standards).
The external Investment Manager(s) will have the following responsibilities:

Comply with all guidelines and limitations set forth in the Investment Policy.
Analyze, oversee, direct the execution of investment decisions
Report monthly to the CFO on the performance of the Processing Fund and compliance with the Investment Policy and the overall credit quality, duration and cash flow of the portfolio.
Communicate any major changes to economic outlook, market conditions, investment strategy, credit downgrades or any other factors, which affect the portfolio(s).
Be available to report periodically to the Board of Directors on the performance results and cash flow projections of the Processing Fund including comparisons with approved industry benchmarks.
Be available to report periodically to the Board of Directors on the compliance with the Investment Policy.
Inform the CFO (or CEO) regarding any significant changes including changes to the investment management firm, its financial strength, significant changes in assets under management, SEC investigation, material litigation, changes in portfolio management personnel, ownership structure, investment philosophy, and investment processes.
Provide ICANN with all requisite monthly and quarterly reports, including, but not limited to:
Credit ratings, downgrades/upgrades
Sector allocations
Maturity/Duration distribution
Total rates of return (CFA Institute’s GIPS)
Reports of any realized and unrealized capital gains/losses
Transactions
Benchmark comparisons
3.3 Custodian bank
All investments managed by external investment managers must be held in bank custodial account(s) that are segregated from the firm’s assets. All transactions will be reconciled to the custody account statements on a monthly basis.

Custodian bank(s) must meet all of the following criteria:

Minimum long-term debt credit rating of Investment Grade (A4/A-) as determined by any two of the NRSROs (Nationally Recognized Statistical Rating Organizations).
Must have an unqualified SSAE 16 (formerly SAS 70) audit by an independent audit firm that is registered with PCAOB (Public Company Accounting Oversight Board created by Sarbanes-Oxley)
Must maintain insurance: Financial Institutions Bond that covers losses from employee theft, loss of securities on premises/in transit, forgery, etc. and Professional Liability (Errors & Omissions).
The custodian bank(s) will have the following responsibilities:

Es folgt in Punkt vier ein new TLDs  Investment Guideline, in welchem u.a. festgelegt wird, welche Fonds und Anlagepakete/-formen, wie genutzt werden können und sollen. Es werden also quasi Kriterien für ein sicheres Investment festgelegt.

Wie und Wem die new TLDs Investments dann kommuniziert werden müssen, ist im sich daran folgenden Punkt festgeschrieben:

5. COMMUNICATION
5.1 Reporting requirements
Each Investment Manager will report results to ICANN monthly. In addition to the net investment performance detailed above, written reports will include a review of the credit quality and risk characteristics of the portfolio, portfolio cash flows and a synopsis of the Investment Manager’s economic and investment outlook.

ICANN will monitor the Investment Manager(s) on a continual basis for compliance with the investment guidelines, liquidity and investment risk as measured by asset concentration and market volatility.

5.2 Cash flow communication
ICANN will communicate regularly as to its cash flow needs in order for the Investment Manager(s) to modify the portfolio accordingly. ICANN will be responsible for advising the Investment Manager in a timely manner of ICANN’s distribution requirements from any managed portfolio or fund. The Investment Manager is responsible for providing adequate liquidity to meet such distribution requirements. ICANN’s Chief Financial Officer will be responsible for communicating the cash flow requirements to the Investment Manager in a timely manner.

 

ICANN bleibt alleiniger Herr über die new TLDs-Dollars

In einem sechsten Kapitel stellt die ICANN eindeutig klar, wer Herr des (new TLDs Investments-) Verfahrens ist und bleibt; und somit auch wer verantwortlich ist – die ICANN  und ihr Führungsboard! Zu guter guter Letzt fällt der Fokus noch einmal kurz auf die Erwartungen, die mit Hilfe der ICANN Policy zu new TLDs-Investments erfüllt werden sollen, gelenkt, bevor es noch einen Abschnitt zur detaillierten Erläuterung zu möglichen Investments der new TLDs-Dollars gibt. Eine erste wichtige Vorraussezung: Die bei uns schwer unter Beschuss stehenden Ratingagenturen Moody’s, Standard &Poor’s, Fitch müssen die Fonds oder Anlagen positiv bewerten. Nur dann dürfen die new TLDs Dollars dort auch investiert werden.

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Ob man bei den new TLDs Investments aber darauf alleine Vertrauen sollte, scheint mir persönlich fraglich…, wer weiß schon welche Ramschpapiere oder Immobilien-Ruinen irgendwo in neuen, guten Papieren verwurstet sind. Vielleicht wären €-Anleihen da die bessere Wahl – hier hafte ja letztlich die EZB (europäische Zentralbank), also die europäischen Finanzminister und Steuerzahler!