Academic literature on the topic 'Securities and Exchange Commission'
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Journal articles on the topic "Securities and Exchange Commission"
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Taylor, Eileen, James Bierstaker, and Joseph Brazel. "Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the Securities and Exchange Commission Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934." Current Issues in Auditing 5, no. 1 (January 1, 2011): C16—C27. http://dx.doi.org/10.2308/ciia-50017.
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SUMMARY: Recently, the Securities and Exchange Commission (“SEC” or “Commission”) proposed rules and forms to implement Section 21F of the Securities Exchange Act of 1934 (“Exchange Act”), entitled Securities Whistleblower Incentives and Protection, and sought comment thereon. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010 (“Dodd-Frank”), established a whistleblower program that requires the Commission to pay an award, under regulations prescribed by the Commission and subject to certain limitations, to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. Dodd-Frank also prohibits retaliation by employers against individuals that provide the Commission with information about potential securities violations. Comments were requested by the Commission and could be submitted on or before December 17, 2010. The Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to the Commission on the Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934.
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Nathan, Daniel A., and Tiffany Rowe. "SEC charges broker-dealer for failure to protect against insider trading by employees." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 59–62. http://dx.doi.org/10.1108/joic-01-2015-0004.
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Purpose – To alert broker-dealers to Securities and Exchange Commission charges brought against a broker-dealer for ineffective controls over employee use of confidential information and to provide guidance regarding development and implementation of controls to protect against improper use of material non-public information by employees. Design/methodology/approach – Reviews Securities and Exchange Commission settlement order with broker-dealer for violations of securities laws for failure to adequately prevent insider trading by employees and provides guidance for implementing control to prevent insider trading. Findings – The Securities and Exchange Commission’s charges are the first to be brought against a broker-dealer for failure to adequately protect against insider trading. A broker used a customer’s confidential information regarding an impending acquisition by a private equity firm to purchase stock in the target company. The broker-dealer settled charges of violations of the federal securities laws for failing to adequately establish, maintain, and enforce policies and procedures to protect against insider trading by employees with access to confidential client information. Originality/value – Practical guidance regarding internal controls at broker-dealers from experienced securities litigation and regulation lawyers.
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Campbell, M. K. "Accountability [US Securities and Exchange Commission role]." IEEE Potentials 21, no. 2(415) 2 (2002): 18–21. http://dx.doi.org/10.1109/45.998086.
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Feller, Robert H. "Securities and exchange commission and environmental disclosure." Journal of Cleaner Production 1, no. 2 (January 1993): 107–17. http://dx.doi.org/10.1016/0959-6526(93)90049-h.
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N, Rishab Kumar Jain, and Sarah John. "The Intersection of Cryptocurrencies with Securities Law." April-May 2023, no. 33 (May 26, 2023): 17–29. http://dx.doi.org/10.55529/ijrise.33.17.29.
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The Intersection of Cryptocurrency and Securities Law has been discussed in various legal contexts in the present scenario. The rise of cryptocurrencies has put forth fresh challenges for investors as well as regulators and there is a need for clear direction on how to interpret the transactions that include digital currencies. The advent of crypto exchanges has formed an entire ecosystem of services and participants, who are looking to provide liquidity, exploit price differences for profit, and support the investments. The focus of the study is to investigate the legal and regulatory steps taken to include cryptocurrencies within securities law. The paper will delve into the distinctive attributes of cryptocurrencies and analyse the different regulations in which they can be classified as securities. Moreover, it will inspect the fluctuating regulatory strategies adopted by various countries and entities, such as the United States Securities and Exchange Commission (SEC), United Kingdom’s Financial Conduct Authority (FCA), The Australian Securities and Investments Commission (SIC), Securities and Exchange Board of India (SEBI) and others.
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Trammell, Susan. "Staying Power: The Irrepressible Securities and Exchange Commission." CFA Institute Magazine 15, no. 5 (September 2004): 39–43. http://dx.doi.org/10.2469/cfm.v15.n5.2887.
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Rajgopal, Shivaram, and Roger M. White. "Stock Trades of Securities and Exchange Commission Employees." Journal of Law and Economics 60, no. 3 (August 2017): 441–77. http://dx.doi.org/10.1086/695691.
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Martin, David, David Engvall, Kerry Burke, Gerald Hodgkins, Matthew Franker, and Reid Hooper. "US SEC report calls for better internal accounting controls for cyber-related threats." Journal of Investment Compliance 20, no. 1 (May 7, 2019): 5–9. http://dx.doi.org/10.1108/joic-12-2018-0055.
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Purpose To summarize and explain the US Securities and Exchange Commission’s (Commission) recent report of investigation cautioning public companies to consider cyber-related threats when designing and implementing internal accounting controls. Design/methodology/approach Explains that the Commission’s report arose out of a Commission enforcement investigation into the internal accounting controls of nine unidentified public companies that were victims of email scams, explains that the Commission issued the report to emphasize that cybersecurity remains a high priority for the Commission and the report should serve as a reminder that all public companies need to consider cyber-related threats when devising and maintaining internal accounting controls and provides practical considerations for public companies to consider in light of the Commission’s report. Findings Public companies should assume that the Commission is actively monitoring all areas related to cybersecurity, including corporate disclosures of cyber-related incidents and also whether companies have established policies, procedures, and internal controls in place to ensure cyber-related incidents are prevented. Given that assumption, public companies should take prompt steps to assess and, if appropriate, improve internal accounting controls, disclosure controls, and cyber-related policies and procedures to address the risk of cyber-related incidents. Originality/value Practical guidance from experienced securities lawyers.
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Cressey, Donald R., and Susan P. Shapiro. "Wayward Capitalists: Target of the Securities and Exchange Commission." Contemporary Sociology 15, no. 4 (July 1986): 627. http://dx.doi.org/10.2307/2069325.
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Schuck, Peter H., and Susan Shapiro. "Wayward Capitalists: Target of the Securities and Exchange Commission." Journal of Policy Analysis and Management 4, no. 2 (1985): 297. http://dx.doi.org/10.2307/3324678.
Full textDissertations / Theses on the topic "Securities and Exchange Commission"
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Shin, Hyundan. "The securities and exchange commission and equity issues." The Ohio State University, 1995. http://rave.ohiolink.edu/etdc/view?acc_num=osu1259088014.
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Shin, Hyun-Han. "The Securities and Exchange Commission and Equity Issues /." The Ohio State University, 1995. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487928649988513.
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Spansk, Mattis. "Europe Calls →FEBI eller ESEC? : - Financial European Bureau of InvestigationellerEuropean Securities and Exchange Commission." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-439573.
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Min ambition är att med aktuellt material samt med en handfull adekvata metoder pröva mintes om att det krävs en central europeisk myndighet, med såväl polis, åklagare som domstol,som är underställd justitiedepartementen med fullt mandat för att komma tillrätta med en utavvår tids största globala organiserade brottsligheter, Penningtvätt. Detta hotar samhälletsförtroende för kapitalmarknaderna, kan leda till finansiell systemkris och på det stora helasåledes vårt moderna sätt att leva. Samhällskontraktet mellan staten och dess medborgareutmanas. Människans innersta väsen, med en epigenetisk tillika predisponerad girighet står idirekt polemik med vårt sätt att på nations och unions vägar mitigera detta humana drag. Utanett skifte från förvaltningsrätten till straffrätten, med en verkställighet med tydligt preventivaoch direkt effektiva sanktioner som är större än ett ändrat arbetssätt och lite penningböter(som till slut diskonteras i Bankernas P/L kalkyler), så står inte dessa väl cementeradeinstitutioner till svars som en del utav en lösning. Inte heller är regleringen i form av lagar,regler och förordningar optimal, den borde kräva med [emfas] (direkt kausalitet) en vässadverkställighet och inte ett samordnande av artiklar, direktiv, regler och förslag. Bankerna,vågar jag påstå (stryk: att vi idag med all säkerhet kan stipulera), är en avgörande del avproblemet, vilket jag varken tror de vill eller skall så vara: de är en av nycklarna till lösningenpå problemet med penningtvätt. Alltså annorlunda uttryckt: hur får sheriffen kulor i revolvernoch hur får vi sheriffen att ta till mod för att stämma i bäcken? Sheriffen är härtillsynsmyndigheten. Hur skiftar vi paradigmet hos nyckelaktören: banken? Vad skulle kunnaskrämma banker och bankanställda till compliance/efterlevnad? Kan vi jämföra med och hurfår vi i så fall fram ett ställföreträdaransvar likt det sjukvården besitter?
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Conac, Pierre-Henri. "La régulation des marchés boursiers par la Commission des opérations de bourse (COB) et la "Securities and Exchange Commission" (SEC)." Paris 1, 1999. http://www.theses.fr/1999PA010257.
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La securities and exchange commission (SEC), aux États-Unis, et la commission des opérations de bourse (COB), en France, ont été créées pour assurer une mission de régulation des marchés boursiers. La régulation administrative consiste, dans le domaine des marchés boursiers, à assurer, de manière neutre c'est-à-dire non partisane politiquement, l'encadrement par le droit de cette sphère d'activité économique afin de veiller à son bon fonctionnement, spécialement en luttant contre les fraudes, et à la développer. Il n'est pas contestable que la SEC et la COB, chacune avec une propension particulière à privilégier l'un de ces deux objectifs, ont reussi dans leur mission. Elles ont transformé leurs marchés boursiers respectifs. Cependant, l'internationalisation des marchés boursiers a entraîné, comme par un retour de balancier, une transformation de la régulation administrative aux États-unis et en France. D'une part, la SEC et la COB ont mis en place des mécanismes de coopération administrative en matière d'enquêtes internationales. Ainsi, la régulation administrative n'est plus seulement structurée verticalement, avec des autorités publiques s'appuyant sur des autorités professionnelles, mais aussi horizontalement avec une coopération entre autorités publiques. D'autre part, l'internationalisation des marchés boursiers suscite un phénomène d'alignement du droit français, comme de celui des grands pays développés, sur le droit américain. Ce phénomène est, en définitive, plutôt positif car le droit boursier américain est, de tous les pays au monde, le plus protecteur pour les investisseurs. Cependant, le système américain de régulation n'est pas dénué de défauts, dans lesquels la COB devrait s'efforcer de ne pas tomber.
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Conac, Pierre-Henri. "La régulation des marchés boursiers par la Commission des opérations de bourse, COB et la Securities and exchange commission, SEC /." Paris : LGDJ, 2002. http://catalogue.bnf.fr/ark:/12148/cb389268212.
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DUBEUX, JULIO RAMALHO. "BRAZILIAN SECURITIES AND EXCHANGE COMMISSION AND THE MAIN LEGAL INSTRUMENTS USED TO REGULATE BRAZILIAN CAPITAL MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7668@1.
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As últimas décadas têm se caracterizado pela intervenção
estatal na economia
mediante a atuação de diversas entidades administrativas
reguladoras. A presente
dissertação tem por objetivo analisar a estrutura legal da
Comissão de Valores
Mobiliários (CVM) e os principais instrumentos usados para
a regulação do mercado de
capitais brasileiro. Seguindo o modelo regulatório norte-
americano, a CVM possui
desenho institucional de entidade reguladora independente.
A regulação que ela
estabelece segue os princípios da política de disclosure.
Para cumprir o seu papel, a
CVM se vale de instrumentos regulatórios de natureza
normativa, executiva e judicante.
O estudo sugere que a credibilidade e a eficiência do
mercado de capitais brasileiro
dependem, em grande medida, da capacidade da CVM de
conduzir a regulação do
mercado.The last decades have been characterized by state intervention in the economy through the activities of various regulatory administrative entities. This dissertation aims to analyze the legal structure of Brazilian Securities and Exchange Commission (CVM) and the main instruments used to regulate Brazilian capital market. Following the North-American regulatory model, CVM is established as an independent regulatory entity. The regulation that it enacts follows the principles of disclosure policy. To fulfill its mission, CVM makes use of legislative, executive and adjudicatory regulatory instruments. This study suggests that credibility and efficiency of Brazilian capital market depend, largely, on the ability of CVM to conduct market regulation.
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Lawal, Bello. "Securities and exchange commission code of best practices and the quality of corporate governance in Nigeria." Thesis, Glasgow Caledonian University, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.636818.
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This thesis examines the effects of board structure characteristics on firm performance within the context of the recommendations offered in the Securities and Exchange Commission's Code of Corporate Governance. The study adopts an integrated research framework combining four distinct theories including agency, stewardship, stakeholders and resource dependency models. The analyses were based on data drawn from a sample of 127 listed companies on the Nigerian Stock Exchange covering a twelve-year period (1999-2010), an era of significant corporate governance evolution in Nigeria. Consistent with the directions of previous studies, six sets of hypotheses were tested on the presumed effects of board size, CEO duality, independence, directors' educational qualifications, professional experience and ethnicity, across multidimensional performance measures. Through the use of a moderating approach and the deployment of econometric tools that are barely used in management science research, the study offers new sets of gap-closing evidence on the relationship between these board structure elements and firm performance. Empirical findings from the three clusters of regression models show that board independence, directors' educational qualifications and professional experience are positively associated with firm value and the return on assets. Board size was found to be positively but statistically insignificantly linked to an increase in firm performance.
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Grobecker, Reeve. "The Effect of Shifting Cases from District Courts to Administrative Proceedings at the Securities and Exchange Commission." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2274.
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Using a set of 4708 observations, we analyze the impact of Dodd-Frank on shifting cases from federal courts to administrative courts. Overall, we find that there is a higher probability of a case being an administrative proceeding post Dodd-Frank. In addition, we find a higher average total payment for administrative proceedings post Dodd-Frank, and a lower average total payment for federal court cases post Dodd-Frank. We also find a higher average disgorgement payment for administrative proceedings post Dodd-Frank. While this finding could be the result of the SEC shifting more complex and thus higher paying cases from federal courts to its own, we find that the SEC is not shifting cases strictly away from federal courts that have the highest average payments. Higher average disgorgement payments are simply the result of the SEC litigating more cases with higher average payments in general. Lastly, we find a higher probability of settling for administrative proceedings overall. However, settlement rates for administrative proceedings decrease post Dodd-Frank. This finding reflects an overall decrease in the SEC’s “home court” advantage and undermines the argument that the SEC is shifting weaker cases to its own courts.
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Grosjean, Sophie. "La règlementation et la régulation de la Securities and Exchange Commission américaine : réflexions sur les dynamiques de la mondialisation." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01D068.
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La mondialisation, qui n’est ni l’internationalisation ni la globalisation, est un phénomène en perpétuelle mouvance mû par diverses dynamiques, interactions et interdépendances. La SEC, avec une stratégie unilatéraliste marquée, s’est elle-même adaptée aux évolutions et réactions internationales. Des vecteurs internes d’adaptation ont abouti au développement des caractéristiques de la réglementation de la SEC et sur l’interrégulation de celle-ci. Marques prégnantes d’un nationalisme juridique offensif, l’acculturation juridique de la SEC, ainsi que le développement tentaculaire et subtil de l’extraterritorialité, ont permis à la SEC de s’assurer un rôle moteur, prépondérant à l’échelle internationale, ouvrant la voie et stimulant, de manière positive ou par réaction, les échanges avec ses homologues. Si la SEC participe activement aux logiques de structuration du cadre juridique mondial, ces dynamiques sont parfois paradoxales, mais se complètent nécessairement. La concurrence entre régulateurs doit être dépassée pour privilégier les échanges et collaborations, l’exemple de la coopération transatlantique, elle-même multiforme, constitue un exemple de réussite susceptible de s’appliquer de manière plus large. D’autres pans du multilatéralisme permettent à la SEC d’évoluer et de se développer dans le cadre de la mondialisation financière : il s’agit, d’une part, des protocoles internationaux d’entente ou d’intention – dont elle est bien souvent à l’origine – ou encore de la coopération internationale dans le cadre d’actions juridictionnelles et, d’autre part, des mécanismes internationaux tendant à l’équivalence des réglementations financièresGlobalisation does not equals to internationalization : it constitutes a continuing dynamics moved by diverse interactions and interdependences. The US SEC together whith its significant unilateralist strategy adapted accordingly to international evolutions and reactions. Internal vehicles of adaptation gave rise to the developement of the SEC regulation caracteristics and to its inter-regulation. The SEC legal acculturation and its subtle and ribbon development of extrateritoriality are the direct consequences of the significant offensive legal nationalism of the US financial regulator. The US regulator becam accordingly a leader on the international scale and pioneered – directly or by reaction – exchanges with its foreign counterparts. The SEC actively participate in the structuring process of the worldwilde legal framework : those logics are sometimes paradoxical but necessarily complement one another. Competition among regulators should be avoided in order to favour exchanges and collaboration. The multifaced transatlantic cooperation is a perfect example of success likely to spread more broadly. Other multilateral aspects enable the SEC to evolve within the financial globalization context. Such is the case of multilateral memorandum of understanding and international agreements on enforcement actions and international mecanisms leading to the equivalence of local financial regulations
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Lyford, Henry. "Conflict of Interest?: Executive-Auditor Relationship and the Likelihood of a SEC-Prompted Restatement." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/39.
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This study examines the relationship between executives and their independent auditor to see if there is a conflict of interest in their interaction. This study was motivated by the meltdowns, partially caused by fraudulent accounting, of many public companies in the late 1990s and early 2000s and the consequent passage of the Sarbanes-Oxley Act. This study examines the variables of audit fees, fees for other services, and auditor tenure to see if they are connected with the occurrence of an SEC-prompted restatement. The results show no significant correlation between amount of fees and the likelihood of an SEC-prompted restatement but indicate a negative correlation between length of executive-auditor relationship and the occurrence of an SEC-prompted restatement.
Books on the topic "Securities and Exchange Commission"
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Philippines. Securities and Exchange Commission. Securities and Exchange Commission. [Manila]: CD Asia, 2000.
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United States. Government Accountability Office. Securities and Exchange Commission: Programs and operations. New York: Nova Science Publishers, 2008.
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United States. General Accounting Office, ed. Securities and Exchange Commission: Anti-manipulation rules concerning securities offerings. Washington, D.C: The Office, 1997.
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Ekiran, Oba. Nigerian Securities and Exchange Commission: Two decades of operation. Lagos: Intervention Finance Co. Ltd., 2002.
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H, Strouse Robert, and Thomas Eliot B, eds. Securities practice handbook. 5th ed. Philadelphia, Pa: American Law Institute-American Bar Association Committee on Continuing Professional Education, 1987.
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Pointer, Larry Gene. An introduction to the Securities and Exchange Commission. Plano, Tex: Business Publications, 1986.
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United States. Securities and Exchange Commission., ed. Securities Act Of 1993... United States Securities And Exchange Commission... 09/94. [S.l: s.n., 1999.
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Nigeria. Securities and Exchange Commission. 20 years of securities market regulation in Nigeria. Abuja: Securities and Exchange Commission, 2000.
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J, Wilder Brian, ed. The Securities and Exchange Commission (SEC): Background, issues, bibliography. New York: Novinka Books, 2003.
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Commission, United States Securities and Exchange. Rules and regulations of the Securities and Exchange Commission. New York (345 Hudson St., New York 10014): Bowne, 1995.
Find full textBook chapters on the topic "Securities and Exchange Commission"
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Bockmann, Roland. "USA: Securities and Exchange Commission." In Internationale Koordinierung nationaler Enforcement-Aktivitäten, 97–124. Wiesbaden: Gabler Verlag, 2012. http://dx.doi.org/10.1007/978-3-8349-4228-9_8.
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Schwartz, Robert A., Larry Tabb, and Michael S. Piwowar. "Fireside Chat: Michael S. Piwowar, Commissioner, Securities and Exchange Commission." In Liquidity, 85–100. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-36914-8_6.
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Maco, Paul S., and Cristy C. Edwards. "The Role of the Securities and Exchange Commission." In The Handbook of Municipal Bonds, 397–423. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119198093.ch23.
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Maco, Paul S. "Sarbanes-Oxley and the Securities and Exchange Commission." In The Handbook of Municipal Bonds, 425–46. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119198093.ch24.
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Kiefer, Marcus. "Einleitung und Problemstellung." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 1–6. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_1.
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Kiefer, Marcus. "Gründe zur Neuordnung des deutschen Kapitalmarkts durch die Errichtung einer enforcement-Instanz." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 7–29. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_2.
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Kiefer, Marcus. "Die SEC als gesetzliches Gremium zur Regulierung des Kapitalmarkts." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 30–61. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_3.
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Kiefer, Marcus. "Überwachung und Sanktionierung durch die SEC." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 62–133. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_4.
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Kiefer, Marcus. "Übertragbarkeit der SEC-Strukturen auf Deutschland bzw. Europa." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 134–94. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_5.
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Kiefer, Marcus. "Thesenförmige Zusammenfassung." In Kritische Analyse der Kapitalmarktregulierung der U.S. Securities and Exchange Commission, 195–200. Wiesbaden: Deutscher Universitätsverlag, 2003. http://dx.doi.org/10.1007/978-3-322-81631-3_6.
Full textConference papers on the topic "Securities and Exchange Commission"
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Özel, Çağlar. "Portfolio Management Contract." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02050.
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This document aims to explain the portfolio management contract. Portfolio Management Contract is constitutive of a mouth certain value of wealth and portfolio called is integrally managed. By the contract, the aim is that financier wealth value direct to market expectation investment, mainly in commerce. The contract usually forms through the transport of Securities and Exchange Commission Notices. Portfolio Management Companies, whose major business line is established and management and as be found incorporated company securities and exchange commission, stockbrokers and banks, which are nonaccedding deposits, constitute the part of the contract. Counterparty is individual or corporate financier. According to general principles of Obligations Law, the contract, which does not have any mandatory condition, depends on requirement of written form with regard to notice of this/the subject.
Remuneration is the essential component for Portfolio Management Contract, which has the characteristics of the anonymous contract. In this case, it has to be agreed on getting charge for servitude given by Portfolio Management Companies, stockbrokers and banks, which are nonaccedding deposits. The contract is aimed to commit the obligation with caution rather than extrapolating to a specific condition. In suitable conditions of primarily provisions of the contract of not against of this subject’s issue notices and in case of gaps, provisions of contract of mandate will be applied to the contract by comparison.
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Harrell, D. R., and T. L. Gardner. "Significant Differences in Proved Reserves Volumes Estimated Using SPE/WPC Reserves Compared to United States Securities and Exchange Commission (SEC) Definitions." In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers, 2003. http://dx.doi.org/10.2118/84145-ms.
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Chaves, Rubens Marques, André Luis Debiaso Rossi, and Luís Paulo Faina Garcia. "A Financial Distress Prediction using a Non-stationary Dataset." In Encontro Nacional de Inteligência Artificial e Computacional. Sociedade Brasileira de Computação - SBC, 2023. http://dx.doi.org/10.5753/eniac.2023.234013.
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Financial distress prediction (FDP) is crucial to companies, investors, and authorities. However, most FDP studies have been based on stationary models, disregarding important challenges present on financial distress data such as non-stationarity. Therefore, the lack of real-world datasets of economic-financial indicators organized in a timeline manner is a gap to be addressed. This study proposes a comprehensive dataset of 84 economic-financial indicators from the Brazilian Securities and Exchange Commission (CVM) organized in a non-stationary manner and validated by experiments using classification models. The results of the metrics AUC-ROC, AUC-PS, F1-Score and Gmean bring evidences that the dataset is suitable for FDP.
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Cline, William B., Shane Kenneth Hattingh, and Brian Rhodes. "The Material Issues Involved in the Discussion Surrounding the Virtues of the SPE/WPC Definition of Proved Oil and Gas Reserves vs. the Corresponding Definition Set Out by United States Securities and Exchange Commission (SEC)." In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers, 2005. http://dx.doi.org/10.2118/96382-ms.
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Narayanan, Keshav, Peter Gale, J. P. Blangy, and Elliott Young. "Establishing Reasonable Certainty for Reserves Estimates by Utilizing a Combination of Reliable Technologies." In SPE Annual Technical Conference and Exhibition. SPE, 2022. http://dx.doi.org/10.2118/210358-ms.
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Abstract The Petroleum Resources Management System (PRMS) (PRMS, 2018) and many regulatory agencies (e.g. US Securities and Exchange Commission – US SEC) require "Reasonable Certainty" for Proved Reserves estimates. The PRMS states that Reasonable Certainty can be demonstrated by use of "definitive geoscience, engineering, or performance data", while the SEC allows the application of reliable technology which they define as a "grouping of one or more technologies (including computational methods) that has been field tested to provide reasonably certain results with consistency and repeatability" (US Code of Federal Regulations § 210.4-10). The guidance provided by the PRMS or SEC for establishing reasonable certainty is general in nature due to the difficulty in explicitly describing all possible scenarios and also allows leeway to use new technologies in the future. In this context, we see the need for more discussion on how a reasonably certain case can be developed utilizing multiple technologies. Reserves estimates are snapshots in time based on the integration of the best data, analysis and forecasts available. Proper application of reliable technologies with all available data can help to refine the uncertainty ranges of reserves. We demonstrate how an overall reasonably certain estimate can be established by utilizing multiple reliable technologies even when each technology individually may not be sufficient to establish reasonable certainty. This approach can also guide how future performance data can be integrated to refine uncertainty ranges. This paper addresses the complex challenge of establishing reasonable certainty in reserves and resource assessments. The paper discusses how multiple reliable technologies may be used in concert to establish reasonable certainty for reserves estimates through the flexibility provided by the PRMS. We share our experiences with establishing reliability based on quality of data and reservoir complexity. The practical discussions in this paper will benefit subsurface teams and reserves estimators across the industry.
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Perdomo, Lilibeth Chiquinquira, Carlos Alvarez, Maria Edith Gracia, Guillermo Danilo Salomone, Gilberto Ventuirini, and Gustavo Adolfo Selva. "Adapted Methodology for Evaluating EOR Reserves and Resources, Incorporated and Applied at an Oil and Gas Company." In SPE Europec featured at 82nd EAGE Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/205215-ms.
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Abstract As other companies registered in the US stock market, the company reports oil and gas reserves, in compliance with the definitions of the Securities and Exchange Commission (SEC). In addition, it complies internally with the guidelines established by the Petroleum Resources Management System to certify its resources. The PRMS focuses on supporting consistent evaluation of oil resources based on technically sound industry practices, providing fundamental principles for the assessment and classification of oil reserves and resources, but does not provide specific guidance for the classification and categorization of quantities associated with IOR projects. Recently, the company has implemented EOR pilot projects, and their results seem to show commerciality for future development or expansion to new areas, displaying multiple opportunities and proposals to incorporate reserves and resources. So far, the pilot projects and their expansions have been addressed only from the point of view of incremental projects, as an improvement over the previous secondary recovery. The company does not have sufficient track record in booking reserves or resources from EOR projects, their quantities have been incorporated following bibliographic references and results of EOR projects with proven commerciality around the world. For this reason, the need arose to have a tool that provides the company with methodological criteria to evaluate the resources and reserves inherent in this type of project, that incorporate the "best practices" of the industry and that respect the guidelines and definitions of PRMS for incremental projects. That was how, the need to meet this challenging goal led company to develop its "EOR Resources and Reserves Assessment Guide" with the advice of a renowned consulting company. Although the Guide is not intended to be a review of the large body of existing IOR literature, it contains several useful references that serve as a starting point for understanding the IOR project for assessment process of resources and reserves. This document shows the process of development and implementation of the EOR guide, complementing the existing guides within the corporation and providing the company with a positive result within the internal processes of Audit, reserves and resources for this type of projects.
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Fong, C. M., C. T. Ho, and H. L. Nguyen. "Using AHP in decision analysis - the case of vietnam state securities commission." In 2007 IEEE International Conference on Industrial Engineering and Engineering Management. IEEE, 2007. http://dx.doi.org/10.1109/ieem.2007.4419168.
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"Exchange Rate Regime Impacts on Real Estate Securities Returns: the Euro Conversion." In 10th European Real Estate Society Conference: ERES Conference 2003. ERES, 2003. http://dx.doi.org/10.15396/eres2003_165.
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Windasari, Ike Pertiwi, Agung Budi Prasetijo, and Reza Pahlevi Pangabean. "Indonesia Stock Exchange Securities Buy/ Sell Signal Detection using Bollinger Bands and Williams Percent Range." In 2018 International Seminar on Research of Information Technology and Intelligent Systems (ISRITI). IEEE, 2018. http://dx.doi.org/10.1109/isriti.2018.8864452.
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Małecka, Joanna. "Alternative Securities Markets as Financing Sources for SMEs – Selected Aspects of AIM and NC." In Contemporary Issues in Business, Management and Education. Vilnius Gediminas Technical University, 2017. http://dx.doi.org/10.3846/cbme.2017.072.
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Small and medium-sized enterprises are the foundation for the development of each contemporary national economy. Their number affects macroeconomic indices of economies and directly translates into the labour market created by SMEs. This article aims to investigate the key conditionings behind the macroeconomic significance and legal factors of the financial market operation in Poland and the UK, with particular emphasis on the stock exchange as the fundamental element of the capital market. Both AIM and NewConnect are platforms dedicated to SMEs, which have been allowed easier access to this capital market segment by minimising mandatory legal conditions. This study analyses the number of listed companies and their capitalisation values in 1999–2015, covering: the rules of the financial market operation, with a special focus on the legal bases of the stock market operation in the economies investigated; legal conditions for the development of this economic segment; and a detailed analysis of the number of participants and capitalisation values achieved on the Warsaw and London Stock Exchanges, in particular AIM and NewConnect. This paper builds on source data from various annual reports and stock exchange publications drawn up and made available by stock exchanges and financial supervisors. The attempt to compare the indices and capacities of the WSE and the NC with the biggest European player is motivated by the fact that the Warsaw Stock Exchange is classified as the largest and most dynamically growing stock exchange in Central and Eastern Europe.
Reports on the topic "Securities and Exchange Commission"
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Lazonick, William, and Matt Hopkins. Why the CHIPS Are Down: Stock Buybacks and Subsidies in the U.S. Semiconductor Industry. Institute for New Economic Thinking Working Paper Series, September 2021. http://dx.doi.org/10.36687/inetwp165.
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The Semiconductor Industry Association (SIA) is promoting the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, introduced in Congress in June 2020. An SIA press release describes the bill as “bipartisan legislation that would invest tens of billions of dollars in semiconductor manufacturing incentives and research initiatives over the next 5-10 years to strengthen and sustain American leadership in chip technology, which is essential to our country’s economy and national security.” On June 8, 2021, the Senate approved $52 billion for the CHIPS for America Act, dedicated to supporting the U.S. semiconductor industry over the next decade. As of this writing, the Act awaits approval in the House of Representatives. This paper highlights a curious paradox: Most of the SIA corporate members now lobbying for the CHIPS for America Act have squandered past support that the U.S. semiconductor industry has received from the U.S. government for decades by using their corporate cash to do buybacks to boost their own companies’ stock prices. Among the SIA corporate signatories of the letter to President Biden, the five largest stock repurchasers—Intel, IBM, Qualcomm, Texas Instruments, and Broadcom—did a combined $249 billion in buybacks over the decade 2011-2020, equal to 71 percent of their profits and almost five times the subsidies over the next decade for which the SIA is lobbying. In addition, among the members of the Semiconductors in America Coalition (SIAC), formed specifically in May 2021 to lobby Congress for the passage of the CHIPS for America Act, are Apple, Microsoft, Cisco, and Google. These firms spent a combined $633 billion on buybacks during 2011-2020. That is about 12 times the government subsidies provided under the CHIPS for America Act to support semiconductor fabrication in the United States in the upcoming decade. If the Congress wants to achieve the legislation’s stated purpose of promoting major new investments in semiconductors, it needs to deal with this paradox. It could, for example, require the SIA and SIAC to extract pledges from its member corporations that they will cease doing stock buybacks as open-market repurchases over the next ten years. Such regulation could be a first step in rescinding Securities and Exchange Commission Rule 10b-18, which has since 1982 been a major cause of extreme income inequality and loss of global industrial competitiveness in the United States.
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Binz, Oliver, and John Graham. The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934. Cambridge, MA: National Bureau of Economic Research, February 2022. http://dx.doi.org/10.3386/w29747.
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Toporowski, Jan. Monetary Policy and Illiquidity. Institute for New Economic Thinking Working Paper Series, January 2024. http://dx.doi.org/10.36687/inetwp218.
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The discussion of financial stability, and the role of monetary policy, is incoherent because there is very little agreement on what constitutes financial stability (and, by implication, instability) - exchange rate stability, asset price stability, absence of debt default. By implication, there is a gap between the claims of various authors to the general applicability of their respective analyses, and the actual applicability of their conclusions, let alone the usefulness of some of their policy recommendations. The paper argues that the key issue is the regulation of the liquidity of all financial markets, and not just that of the banking system, through the markets for government securities. The paper examines the sources of this liquidity in the financial portfolios of the private sector, and how that liquidity may be managed through the open market operations of central banks and the debt management operations of governments. An implication of this approach is yield curve control and the use of (government) debt management to control the liquidity of the markets. These elements of monetary policy have been neglected in theory and policy since the 1950s.
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Shapovalova, Daria, Tavis Potts, John Bone, and Keith Bender. Measuring Just Transition : Indicators and scenarios for a Just Transition in Aberdeen and Aberdeenshire. University of Aberdeen, October 2023. http://dx.doi.org/10.57064/2164/22364.
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The North East of Scotland is at the forefront of the global energy transition. With the transformation of the UK’s energy sector over coming decades, the lives of communities and workers in the North East will be directly affected as we collectively transition to a Net Zero economy. A Just Transition refers to a fair distribution of the burdens and benefits as society and the economy shifts to a sustainable low-carbon economy. It calls for action on providing decent green jobs, building community wealth, and embedding participation. While it is a well-established concept in the academic literature and in policy there is a notable lack of approaches and data on measuring progress towards a Just Transition. In Scotland, with Just Transition planning underway, there are calls for clarity by the Scottish Parliament, Just Transition Commission, and many stakeholders on how to evaluate progress in a place-based context. The project ‘Just Transition for Workers and Communities in Aberdeen and Aberdeenshire’ brought together an interdisciplinary team from the University of Aberdeen Just Transition Lab to identify and collate the relevant evidence, and engage with a range of local stakeholders to develop regional Just Transition indicators. Previous work on this project produced a Rapid Evidence Assessment on how the oil and gas industry has shaped our region and what efforts and visions have emerged for a Just Transition. Based on the findings and a stakeholder knowledge-exchange event, we have developed a set of proposed indicators, supported by data and/or narrative, for a transition in Aberdeen and Aberdeenshire across four themes: 1) Employment and skills, 2) Equality and wellbeing, 3) Democratic participation, and 4) Community empowerment, revitalisation and Net Zero. Some of the indicators are compiled from national/local data sets, including data on jobs and skills, fuel poverty or greenhouse gas emissions. Other indicators require further data collection and elaboration, but nevertheless represent important aspects of Just Transition in the region. These include workers’ rights protection, community ownership, participation and empowerment. We propose four narrative scenarios as springboards for further dialogue, policy development, investment and participation on Just Transition in Aberdeen and Aberdeenshire. Indicators, as proxies for evaluating progress, can be used as decision support tools, a means of informing policy, and supporting stakeholder dialogue and action as we collectively progress a Just Transition in the North East. There are no shortcuts on a way to a Just Transition. Progress towards achieving it will require a clear articulation of vision and objectives, co-developed with all stakeholders around the table. It will require collaboration, trust, difficult conversations, and compromise as we develop a collective vision for the region. Finally, it will require strong political will, substantive policy and legal reform, public and private investment, and building of social licence as we collectively build a Net Zero future in the North East.
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Financial Markets Report - Second Quarter 2023. Banco de la República, July 2024. http://dx.doi.org/10.32468/rmf.eng2-trim.2023.
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Throughout the second quarter of the year, high inflation levels continued to ease, benefiting both the local public debt and that of counterparts in the region (Brazil, Mexico, Chile, and Peru). Conversely, amid stronger-than-anticipated economic activity in developed economies and expectations of a more contractionary monetary policy path, public debt in these countries depreciated. Riskier assets were favored by an increase in risk appetite. Global inflationary pressures remain high, although showing a downward trend, while economic activity demonstrated greater resilience than expected. Major central banks of developed economies continued their cycle of interest rate hikes, with markets pricing in further increases for the remainder of the year, and public debt securities devalued. Consumer price indices continued to reflect a downward trend in most countries, largely attributed to reduced supply-side pressures. Market inflation expectations also fell. Riskier assets, such as equities, performed favorably due to improved risk appetite, which had been affected in the previous quarter by adverse events in US regional banking and Credit Suisse in Europe, and subsequently by the uncertainty surrounding US debt ceiling negotiations. Locally, market participants anticipate the conclusion of Banco de la República (the Central Bank of Colombia - Banrep) interest rate hiking cycle, and public debt securities appreciated. Local public debt performed favorably, outperforming regional peers, in line with lower inflation expectations and the prospect of concluding the tightening cycle in Banrep's Monetary Policy Rate (MPR), coupled with an increase in local risk appetite. Long-term securities outperformed short-term ones, therefore, flattening the yield curve. Foreign investors accentuated their selling trend of local currency public debt securities. Nevertheless, they remain the second-largest holders of these assets, trailing behind local pension funds, which have made significant purchases of these securities so far this year. The money market continued to operate adequately, and the overnight benchmark interbank rate (IBR in Spanish) closely tracked the MPR established by the Banrep’s Board of Directors (BDBR), partly due to the Banrep’s liquidity provisions to the market. Banrep offered repurchase agreements (repos) at multiple maturities and engage in purchases in the public debt market to provide permanent liquidity to the economy and prevent the IBR from deviating from the MPR. In the foreign exchange market, the Colombian peso appreciated above its regional peers. The exchange rate reached unseen levels since mid-last year, in line with increased local risk appetite and flows that influenced its behavior. Nonetheless, the level remains divergent from those exhibited by currencies of peer countries in the region when considering a longer time horizon. Boxes Box 1: Factors that may influence the Resistance to Inversion of the Yield Curve in Colombia Box 2: Central Bank Asset Purchases in Response to the Covid-19 Crisis
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Payment Systems Report - June of 2020. Banco de la República de Colombia, February 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.
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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor
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Financial Stability Report - September 2015. Banco de la República, August 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
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From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.
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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
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Financial Infrastructure Report 2022. Banco de la República, June 2023. http://dx.doi.org/10.32468/rept-sist-pag.eng.2022.
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Banco de la República's monitoring of the local financial market infrastructure is an additional contribution to the country's financial stability. One of the products of that monitoring has been the Payment Systems Report, which is now known as the Financial Infrastructure Report. The change in name, as of this edition, is intended to reflect in a broader way the issues that are addressed in the report. The 2022 edition includes several changes that are the result of a comparative study of financial infrastructure reports prepared by other central banks. These changes seek to make the report more fluid and easier to read, including main points and selected key figures for the different interest groups to which it is addressed. The report shows the financial infrastructure continued to render its services without interruption, with general evidence of good performance in 2021. Additionally, the resilience of the Central Counterparty Risk of Colombia (CRCC) and the Large-value Payments System (CUD) to extreme events was validated, based on stress tests conducted according to international standards (focused on liquidity and credit risk). As for retail payments, transactional information indicates the use of electronic instruments increased in terms of value during 2021 compared to 2020 (credit and debit cards, checks and electronic funds transfers). The use of debit and credit cards in payments rose to levels similar to those reached in the pre-pandemic year. Meanwhile, electronic funds transfers continued to grow. Although the results of the BR 2022 survey show cash continues to be the instrument most used by the public for regular payments (like the situation in other countries), the perception of its use decreased significantly to 75 % (87 % in 2019). Also, in commerce, cash was the preferred instrument for customers. However, in this measurement, several retail channels such as hairdressers, drugstores and restaurants joined the group that has traditionally received electronic payments for a value greater than 10% of their sales (hypermarkets and gas stations). Likewise, for nearly 50% of the population, cash payments are lower than before the pandemic. This is consistent with the transactional increase in electronic payment instruments that was observed in 2021. Banco de la República continues to monitor the technological developments that have expanded and modernized the supply in the international and local payments market, as these are issues of interest to the industry that provides clearing and settlement services. This report outlines the Pix case for instant payments in Brazil, the projects that are underway regarding the possible issue of digital currency by central banks (CBDC) for cross-border payments, as well as an approach to the Fintech ecosystem in Colombia, with an emphasis on companies that provide payment services. Leonardo Villar Governor Main points: 2022 The local financial infrastructure was safe and efficient throughout the year. The services of the financial infrastructure were proved on a continuous basis, showing good performance overall. Less momentum in the large-value payment system CUD activity declined versus the previous year because of fewer government deposits with BanRep. This was offset partially by growth in repos to increase money supply and in retail-value payments (electronic funds transfers, checks and cards). Increased momentum in financial market infrastructures. Larger amounts were cleared and settled through the Central Securities Depository (DCV) due to an increase in the market for sovereign debt. Operations managed by the Central Counterparty Risk of Colombia (CRCC) increased due to inclusion of the foreign exchange segment and the positive evolution in non-delivery forward peso/dollar contracts. Added confidence in the peso/dollar spot foreign exchange market due to CRCC interposition. Number and value of trades grew, mainly due to the adjustment of therisk management model for the FX segment and the increase in the limiton net selling positions in dollars. Stress testing with international standards to validate CRCC and CUD resilience Stress tests conducted independently by the SFC, BanRep and the CRCC, like those done in England and the United States, concluded that the CRCC's risk management model allows it to withstand extreme market events and simultaneous defaults by its main members. Based on the experience of other central banks, BanRep strengthened its intraday liquidity risk stress exercises in the CUD by incorporating temporary payment delays. It calculated that a two-hour delay by a key participant increases the system's liquidity needs by 0.5%. Electronic payments increased during 2021 According to transactional information, all electronic payment instruments increased in value versus 2020 (electronic funds transfers, checks and debit and credit cards). Electronic funds transfers continued to grow (80% from legal entities), with the participation of closed schemes driven particularly by the use of mobile wallets (35% of the number of intra-transfer transactions). The use of debit and credit cards for payments climbed to levels similar to those witnessed in the pre-pandemic year. Cash continues to be the instrument most used by the public for regular payments. The results of the BanRep survey in 2022 show that the perception of the use of cash declined significantly to 75% (87% in 2019), and about 50% of the population perceive their cash payments as being lower than those they made before the pandemic. Electronic funds transfers were second most used instrument, having increased to 15% (3% in 2019). Also, in commerce, cash was the preferred instrument of payment for its customers; however, several commerce channels received more than 10% of the value of their sales in electronic payments (hypermarkets 35%, gas stations 25%, hairdressers 15%, drugstores 14% and restaurants 12%). Continuous technological developments have broadened, and modernized services offered in the payments market. Pix (instant payments in Brazil). The high level of adoption of instant transfers in Brazil motivated a review of its strengths; namely, the possibility of different use cases between individuals, businesses, and government; high participation by financial and payment institutions; free of charge for individuals and the possibility of charging legal entities, and simple user experience. Digital currencies in central banking. Several groups of countries have joined forces to conduct pilot projects with wholesale CBDCs for cross-border payments. Flows generated by international trade, foreign investment and remittances between individuals can be processed more efficiently, transparently, and securely by reducing their cost and increasing their speed. Due to the constant progress being made on this issue, BanRep will continue to monitor all CBDC-related matters. The fintech ecosystem for payments in Colombia. A high percentage of existing FinTech companies in the country are dedicated to offering digital payment services: wallets, payment gateways, mobile devices (point-of-sale terminals) and acquisition. These have driven innovation in payment services.