Academic literature on the topic 'Privately placed securities'

This paper seeks to explore the legislation and regulatory frameworks that guides the functionality and operation of private securities placed in drinking establishments in South Africa. Prior research has indicated lack of clarity regarding private security personnel regulation in drinking establishments, otherwise known as bouncers. For instance, the Private Security Industry Regulatory Authority (PSIRA) is the current regulatory structure which is mandated to monitor and regulate all the private security industries in South Africa. Private security players in South Africa are obligated to comply with the PSIR Act and related laws in general. For this reason, the duty of PSIRA to oversee and monitor private securities and to ensure that they comply with the law is paramount. However, a major concern is whether nightclub security is regulated in adherence to this Act or not. Research evidence has shown that security legislation and guidelines are either not in place or not enforced at nightclubs. The purpose of this article is to examine critical legislations that South African nightclub securities must comply with to ensure legitimacy. Furthermore, it assesses the regulatory body, PSIRA, in relation to South African nightclub securities. It further explores the training requirements needed to qualify as a nightclub security. Arguably, a limited number of studies address the skills and legal requirements nightclub securities need to meet to fully qualify to work as a nightclub security in South Africa. Thus this paper will add to the body of knowledge in the field of nightclub security regulation. Strengthening the regulatory framework and increasing the authority's enforcement capacity to regulate the industry more effectively have become inevitable obligations, especially in light of the continued growth in the private security industry. The article finds that nightclub security is not adequately regulated, leading to non-compliance of the regulatory framework from the private security industry. This paper is an extensive review of literature focusing on South African legislative frameworks that regulate private security operations in drinking establishments.

Purpose – To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of fund assets to pay for the manager’s operating expenses. Design/methodology/approach – Explains the major takeaways from the settled case, and places them in the context of prior administrative proceedings and public statements from SEC staff. Findings – This case is the latest example of the SEC taking action against a private fund manager related to the improper deduction or allocation of expenses, and related disclosure lapses, and further cases are expected in the future. Practical implications – Private fund managers should examine their practices involving the reimbursement and allocation of expenses and related disclosures to fund investors. Originality/value – Practical guidance and explanation from experienced securities regulatory lawyers.

Listing rules have always played a significant role in corporate regulation by controlling the manner in which companies raise capital through the issue of securities and the subsequent trading of those securities between investors. The regulatory role of listing rules can be characterised as the top-tier in a system of regulation for listed companies in which the lower tiers are represented by securities law and general corporate law. Company law represents the bottom tier of regulation as it applies to all companies, albeit with some distinctions made between public and private companies. While company law does contain a substantial body of rules which are subject to change by share-holders (‘default rules’), it also contains a core of mandatory rules (not subject to change by shareholders) which are regulatory in their nature.

This paper discusses the use of the concept of Fair Funds for consumer competition law enforcement from an EU perspective. With such Fair Funds, the US Securities and Exchange Commission distributes collected fines and disgorged profits to compensate victims of securities law violations. The paper explains the use of Fair Funds in US law, highlights similarities, and adapts the concept for use in European competition law enforcement. It places an emphasis on the usefulness of such a concept against the role of consumers, but the conclusions can equally be drawn for small and medium enterprises’ private enforcement or private enforcement of competition law in general. It shows the advantages and disadvantages of including a system of Fair Funds. The paper argues that Fair Funds can serve as an alternative form of compensation, particularly for large groups of individual victims harmed in a small amount, such as consumers, with that overcome the lack of a harmonized collective redress system on EU level, and improve the coordination between public and private enforcement. private enforcement, consumers, collective redress, damages, compensation, fines, disgorgement, US, EU, financial law

John Moody published his first railroad security analysis and ratings manual in April 1909. This study analyzes several current issues by looking back at Moody's original intentions for constructing a ratings system. The study analyzes whether Moody intended his ratings to reflect his private information, or rather, to serve some alternative role, as with monitoring conflicts of interests or realizing informational economies of scale. The study uses an ordinal regression approach to evaluate a set of explanatory variables, constructed from both the manual itself and the panic months of 1907, to test the potential information content of Moody's ratings. At the time of Moody's first rating system, the illiquidity of the US Treasury market forced investors to seek alternative ‘high-quality’ securities. Indeed, Moody rated 38.94 percent of railroad bonds as Aaa, and rated 85.25 percent of railroad bonds as A, Aa or Aaa in his universe of railroad bonds rated. To further test the informational content of Moody's ratings, the study pursues a structural default analysis during the panic year of 1907, which yields results that indicate that the default risk of railroad securities was quite low at the time. These results provide justification for the high overall ratings that Moody assigned to railroad securities, and thus their role as near risk-free securities. Therefore, railroad securities, and Moody's ratings, played a particularly important role in the financial system at the time.

В данной статье рассматривается процесс становления и формирования рынка ценных бумаг в Российской Федерации, его путь с процесса создания до того состояния, который он имеет на сегодняшний день. Немаловажную роль в этом развитии сыграли политические и социальные события и изменения, которые имели место быть в нашем государстве. К таким факторам можно отнести Великую русскую революцию с образованием нового государства с планово-хозяйственной системой управления, развал СССР и формирование отдельных независимых государств, создание законодательных актов, регулирующих создание и дальнейшее совершенствование фондового рынка, создание государственных и частных предприятий, и их IPO, финансовые пирамиды 90-х годов и т.д. This article discusses the process of establishment and formation of the securities market in the Russian Federation, its path from the creation process to the state that it has today. An important role in this development was played by political and social events and the changes that took place in our country. These factors include the Great Russian Revolution with the formation of a new state with a planned economic management system, the collapse of the USSR and the formation of separate independent states, the creation of legislative acts regulating the creation and further improvement of the stock market, the creation of public and private enterprises, and their IPO , financial pyramids of the 90s, etc.

The work is devoted to the study of information risks in the national security system. Today's challenges and risks in the information sphere force us to look for new relationships between industries to improve the quality of life and reduce information threats. The presented information threats require identification and leveling in the future if such external restrictions arise. The article reveals the role and place of information security in the national security system of the country. This paper discusses the basic concepts of information security in the system of ensuring the national security of Russia, as well as the types of threats to information security, methods and means of combating these threats. This article examines the problem of legal provision of information security. According to the results of the study, the author concludes that the information policy of the Russian Federation is the regulator of public and private legal relations, through which the strategic objectives of the state are realized. Information security, as a type of national security, by its regulatory influence permeates all the diversity of social relations arising in the process of human and state life. It follows from this that the legislator should improve not only the norms of a public-legal nature containing prescriptions and prohibitions, but also private-law norms, the construction of which is based on permissive (dispositive) regulation.

This article is devoted to analysis of the pledge law regulation in the Civil Code of the Czech Republic. The Civil Code was adopted within a private law reform. The author addresses the fact of renouncing dualistic system of private law. The notion of pledge in Czech law is discussed. The article places special emphasis on the evaluation of the pledge agreement’s position in the pledge relationships together with correlation of the contract and law’s state in course of pledge agreement negotiation. Requirements to the form of contract and its content depending on a pledged assets are esteemed. The article also includes comment on the Czech law approach to the registration of the pledge titles and security interests. The articles of the newly adopted Civil Code are compared with prior legal regulation in the Czech Republic. The author focuses on characteristics of special types of pledge such as pledge of shares, securities, account of paperless securities’ owner, rights in action and special property. The procedure for levying execution is examined in the article in combination of analysis of the role of parties’ declaration of intent in a process of selection of assets disposal method. There are such methods as public sale and enforced sale. Both methods’ procedures are regulated by special laws. The article gives priority of claims in case of asset disposal which is stipulated by the Civil Code.

The judge-made presumption against extraterritoriality has recently become a motley patchwork of eccentric and sometimes contradictory doctrines seemingly stitched together for one, and only one, mission: to deprive plaintiffs the right to sue in U.S. courts for harms suffered abroad. It lumbers along, blithely squashing precedent, principle, statutory text, and legislative intent—all to heed its abiding and single-minded obsession. The Supreme Court has so far mangled the scope of the Securities Exchange Act and the Alien Tort Statute (ATS), and, in RJR Nabisco v. European Community, has placed another statute—The Racketeer Influenced and Corrupt Organizations Act (RICO)—on the chopping block. The major surgery performed was amputating RICO’s private right of action for extraterritorial offenses and replacing it with a much stubbier appendage limited to injuries suffered on U.S. territory.

This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.

This chapter focuses on EU–US cross-border financial market infrastructures (FMIs) and the laws and regulations that govern transatlantic (i.e. cross-border) securities and derivatives transactions. It argues that the overlap of administrative law and private law in the laws and regulations of cross-border securities and derivatives increase the complexity and underlying risk of such transactions. The chapter focuses on two sets of rules that apply to securities and derivatives contracts: (1) the rules that govern the insolvency of an intermediary and investor protection; and (2) the rules for the provision of collateral. It also discusses how the complexity and diversity of conflict of laws regimes, and the diversity in substantive laws for intermediated securities, might undermine the stability of the markets. To do so, the chapter analyses the EU and US regimes for the holding of intermediated securities, the private international law provision in place to reduce jurisdictional frictions, and regulatory discontinuities between the EU and the US.

This chapter focuses on mergers and acquisitions (M&A), entailing going-private transactions, tender offers, proxy contests, mergers, and similar types of transactions. While the framework established by the SEC and Congress on the federal level is commendable, significant gaps exist. This chapter focuses on these gaps and recommends specified measures that should be implemented. The recommended measures are directed toward elevating the federal government’s role to serve as the principal regulator overseeing the M&A process. Among the measures that should be adopted are that: state anti-takeover statutes should be federally preempted; the legitimacy of tactics undertaken in response to takeover bids should be within the province of federal law; and a necessary condition as to whether an offensive or defensive maneuver is permissible and given effect is whether the requisite shareholder approval has been obtained. Importantly, the recommendations advanced in this chapter do not materially impede M&A transactions, recognize that shareholder voice merits a primary role in this process, and correctly place matters of national policy with the federal government rather than the applicable state of incorporation.

Mortgage-backed securities (MBSs) have played an important role in the housing and financial markets, providing liquidity to mortgage originators, offering investment opportunities for investors, and helping to set minimum mortgage underwriting standards. This chapter provides an overview of MBSs as an investment tool by presenting an analysis of the MBS market, discussing the securitization process, describing the main MBS pool characteristics, and examining the different types of MBSs in terms of underlying loans (residential mortgage-backed securities and commercial mortgage-backed securities), maturity, interest rate terms, pass-through of interest and principal (pass-through securities versus collateralized mortgage obligations) and issuers (private-label versus agency MBS). The chapter also highlights the major risks inherent to MBSs, particularly prepayment and credit risks.

Abstract Broker-dealer firms present themselves as trustworthy, skilled advisers unless they compete exclusively on the basis of price. As noted in Chapter 2, their advertising stresses uniformly that “XYZ Securities’ brokers are trustworthy and experienced; they put their relationships with clients ahead of all else; they are fully equipped to develop an individualized investment program that’s just right for you, and so on” (Pratt, 1993: 26). Investment bankers portray themselves as working hard to earn a special place with their clients through good advice and generous service.

Abstract From a handful of early mortgage deals in the 1970s, structured securities have evolved into a mainstream financing form, a permanent feature of U.S. public and private markets,1 a significant source of alternative finance and investment for Europe, and, potentially, an important source of capital to Latin America and Asia. Yet despite their phenomenal growth record, it would be wrong to infer that structured securities are well suited to all markets. As engineered structures, they perform best in controlled environments.2 In addition to a framework of microcontrols to keep performance within an expected range (otherwise known as the transaction documents), structured deals rely on a framework of macro-level controls to mitigate the impact of the unexpected. In mature financial markets, stringent accounting rules and deep traditions of contracts, property, and judicial process are in place to create transparency of asset value, compel transaction parties to abide by their agreements, and enforce creditor claims when deals go awry. By contrast, the legal infrastructure of emerging markets is often incomplete: it has loopholes, or is long on rules but short on process, or lacks enforcement power. Thus, debt securities from emerging markets often carry large, sometimes incalculable downside risks. This tendency is more pronounced in structured securities, which rely on the possibility of precise risk measurement.

This chapter argues that in the late-twentieth century, Britain became a postdevelopmental state — a neoliberal political formation characterized by a constant, unresolved negotiation between old and new that played out across its built environment. It assesses the tensions felt, particularly in the last third of the twentieth century, when Britain's developmental state was in retreat. The chapter also outlines how the urban forms were reimagined and remade from the 1970s and how industrial estates became suburban business parks, central shopping precincts became private shopping malls, and council estates were privatized, hollowed out, and in some cases transformed into securitized compounds like Enterprise Lane. Ultimately, it elaborates a variety of new types of urban space that were seized on by industrialists, urban planners, politicians, and technocrats to form the foundations of a new economy and a new society in the mid-twentieth century.

This paper discusses, analyzes and focuses on Green Bonds in Cambodia. In order to prepare for long-term net zero engagement with the Government Ministries, regulators, private sector, institutional investors and stakeholders, Cambodia needs to promote and facilitate green financing development and solutions. The objective of the research is to analyze the gap between the Policy of Frameworks on Development of Government Securities objectives and the existing infrastructure and capacity in place. After several face-to-face interviews undertaken in Phnom Penh and desk research, researchers have found that there are still some major challenges to be addressed to promote the Green Bonds in Cambodia and to make it a success. These issues were mostly the same experienced at the earlier stage in Green Bond issuance, particularly in emerging markets, as referred to the research papers cited in our literature references from 2013-2022. The challenges in Cambodia are typical for those in a developing country, however these may be overcome by an enhanced policy framework, with consistent taxonomy and procedures aligned with the international best practices and guidelines, an active and smooth collaboration among market participants, beneficial for the green bond issuance ecosystem, and the required capacity building on technical features and implementation, in order to build trust and recognition of the Green Bond market. Keywords: Green Bonds, emerging markets, collaboration, stakeholder engagement

Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor