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Dissertations / Theses on the topic 'Securities law'
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Haentjens, Matthias. "Harmonisation of securities law : custody and transfer of securities in European private law /." Alphen aan den Rijn : Kluwer Law International, 2007. http://www.loc.gov/catdir/toc/fy0803/2008270798.html.
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Austen-Peters, A. O. "Custody of investments : law and practice /." Oxford [u.a.] : Oxford Univ. Press, 2000. http://www.gbv.de/dms/spk/sbb/recht/toc/319230996.pdf.
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Austen-Peters, A. O. "Custody of investments : law and practice /." Oxford [u.a.] : Oxford Univ. Press, 2006. http://www.loc.gov/catdir/enhancements/fy0610/00045293-d.html.
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Breslin, John. "Extraterritorial control of securities fraud." Thesis, University of Cambridge, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.333177.
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Tridimas, Panagiotis. "Harmonisation of securities regulation in the EEC." Thesis, University of Cambridge, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.317933.
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Chun, Changmin. "Intermediated securities and systems in substantive law and in private international law." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=18739.
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With the advancement of intermediated systems coupled with the rapid development of information technology, securities holding patterns have drastically changed from direct holdings to intermediated holdings, which facilitated the explosive increase of securities transactions during the last half century. In intermediated systems, traditional functions of securities certificates have faded away and intermediated securities credited to securities account books play a key role in determining proprietary issues. In spite of the innovative development of intermediated systems, legal regimes for the systems have not kept up with the development of the systems. Specifically, there has been much legal hindrance in cross-border securities transactions. In this regard, this thesis first attempts to research substantive laws for intermediated systems in the United States, the United Kingdom, Canada, Japan and Korea. The Unidroit draft convention on intermediated securities is also discussed as neutral fact-centred international substantive rules. In the substantive law analysis, this thesis suggests preparing new rules that are internally sound and internationally compatible, friendly to users and markets, and readily accessible clear, intuitive rules which satisfy basic legal needs of intermediated securities holders and ensure market efficiency and stability. In the private international law analysis, this thesis finds the traditional lex rei sitae (or the lex situs), which calls for application of the law of the place where securities are located, is no longer a proper connecting factor in proprietary issues of an intermediated securities disposition, given that the location of securities has no meaningful function in intermediated systems. The Hague Securities Convention, which refers to the PRIMA (Place of Relevant InterMediary Approach) that localises an intermediary, went beyond the PRIMA and selected its primary rule in an account agreement between an account holdAvec l'avancement des systèmes d'intermédiaires et les développements technologiques récents, les modèles de détentions des titres d'investissement ont changé dramatiquement au cours des cinquante dernières années. ce qui a facilité l'expansion accrue des transactions. Dans les systèmes intermédiés, la fonction traditionnelle des titres certifiées est en train de se dégrader, et ainsi les titres intermédiés crédités aux livrets de comptes sécuritaires jouent un rôle important dans la détermination des droits de propriété et des droits prioritaires. Malgré les innovations des systèmes d'intermédiaires, les régiments juridiques applicables à ces systèmes n'ont pas évolués au même rythme. Ceci affecte particulièrement les opérations transfrontalières. Cette thèse débute donc avec un examen du droit matériel applicable aux systèmes intermédiés aux États-Unis, au Royaume-Uni, au Canada, au Japon et en Corée. Le projet de convention d'Unidroit sur les systèmes intermédiés est aussi considéré comme option neutre et centrée sur la dimension factuelle des transactions. Suite à cette analyse du droit matériel, cette thèse recommande l'adoption de nouvelles règles basées sur des fondements juridiques solides et compatibles avec la dimension transfrontalière des échanges; ces règles cherchent à être simples et accessibles, utiles aux usagers et à augmenter la prévisibilité tout en assurant la stabilité et l'efficacité des marchés. Passant ensuite à l'analyse du droit international privé, cette thèse rejette la règle de conflit traditionnelle de la lex rei sitae (ou la lex situs), qui n'est plus adéquate pour régler les problèmes liées à la propriété en matière de disposition des titres intermédiés, puisque la localisation concrètes des titres n'a plus de fonction significative dans les systèmes intermédiés. La Convention de La Haye sur les Titres qui s'inspire plutôt de la règle PRIM
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Li, Zhao. "Securities regulation in the international environment." Thesis, University of Glasgow, 2009. http://theses.gla.ac.uk/691/.
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It is undisputed that the world’s securities markets are becoming increasingly international and increasingly integrated. The internationalization of the world’s securities markets is one of the most significant developments affecting the securities markets of many nations. “How should regulators respond?” is an issue that is hotly contested. The purpose of this thesis is not to introduce a new theory but rather to offer a comprehensive analysis of past and present practice, in order to identify what is effective and what is not. There are three competing approaches to international securities regulation – harmonization, regulatory competition and cooperation. Thus the thesis analyzes these three leading current theoretical arguments in turn as paradigms for international securities regulation. On this basis, the paper will focus on these three approaches and address the fundamental questions posed by the internationalization of securities markets: which regulatory approach is the proper and best way to govern securities regulation in the new international market? Are there any areas which need to be improved? And therefore, how can international regulation be improved? The thesis will answer these questions in two ways: in theory and in practical application. With regard to theory, the thesis examines the definitions and arguments given to each approach. Harmonization is the idea that rules and regulations should be standardized across countries as much as possible. In contrast to the harmonization is the regulatory competition approach. Under this model, countries do not coordinate with one another – each country is free to enact whatever rules and regulations it chooses. Whereas, the third approach cooperation traditionally is an instrument to reduce conflicts and tensions. International cooperation is defined as conscious policy coordination among states. On a practical level, the thesis delineates the current stage of harmonization, regulatory competition and cooperation developments in the EU, US, as well as internationally. It should be recognized that each of the three securities regulatory approaches analyzed in this thesis have contributed much towards international securities regulation. However, as discussed each approach has its problems, none is perfect. As long as there are regulations, there will be abuses and room for improvements. One of major problem in the international arena is that there are no international law-making institutions vested with legal authority to address these issues. Instead of a formal international securities regulator there is a set of international institutions which include a limited number of countries which produce standards and norms that are then adopted by national authorities on a voluntary basis. Because of the diversity, complexity, and universality of issues likely to continue to arise over the next decade, a single international body should be considered to facilitate world cooperation in addressing these issues.
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Yin, Susan Sushu. "A global regulatory framework for transnational securities markets." Thesis, Queen Mary, University of London, 2012. http://qmro.qmul.ac.uk/xmlui/handle/123456789/3361.
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Developments in the investment securities markets have played an important role in the growth and globalization of the world’s financial markets. Securities market participants, investment banks and hedges funds in particular, were also in the epicentre of the global financial crisis 2007~2010 (GFC). The globalization-to-crisis process has highlighted the problems of regulating the globalizing transnational securities markets on the basis of national laws alone. More precisely, the three global-level problems in securities regulation are: regulatory divergence and conflicts, gaps in cross-border supervision, and, spill-over of systemic risks. This thesis contributes to the post-GFC regulatory reforms debate by establishing the concept of a Global Regulatory Framework (GRF). The GRF consists of a flexible governance structure within which national regulators and policy makers may interact with counterparts, either directly or through regional and global bodies, in seeking to address cross-border or substantive issues of securities regulation. The GRF also comprises a framework of tools for regulatory and supervisory cooperation, using which solutions could be reached for the global-level problems. The GRF is essentially soft law by nature. As a result, while the structure and mechanisms provided by the GRF contribute to securities market efficiency and stability, national sovereignty is also duly upheld. The problems of implementation and legitimacy pertaining to soft law processes are addressed, with recommendations for an implementation structure and principles of ex ante participation and transparency developed. The thesis comprises three Parts, with two Chapters in each, followed by a seventh Chapter of overall Conclusions. Starting from the analysis of the three global-level regulatory problems in the fast globalizing securities markets, the thesis builds on the experience from the EU and US, and other global actors, including the IMF, FSB and IOSCO, to produce a multi-layered structure for the governance of the securities markets. The GRF is designed to accommodate and engender different functions and forms of collective actions, because flexibility is crucial for addressing new cross-border issues arising from the often turbulent transnational securities markets.
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Zhu, Hong 1968. "Reforming the China Securities Regulatory Commission : towards efficient and effective regulation of China's securities markets." Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=20146.
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Today, China's securities markets are facing a number of regulatory problems. Many central regulatory problems arise from the fragmented regulatory system, which is not effectively structured to further the goals of securities legislation.The purpose of this thesis is to review, and make recommendations in respect of, the securities regulatory system in China with particular attention to the regulatory role of the China Securities Regulatory Commission (CSRC).
After examining the characteristics of China's securities market development and identifying existing problems in the regulatory system, the thesis adopts a broad outlook through a comparative survey of securities regulators in selected jurisdictions in seeking appropriate resolutions to China's regulatory concerns.
Specific substantive reform proposals for improving the regulatory system and in particular the CSRC are subsequently presented. The overriding theme of the proposals is the need for a more effective CSRC, one that would be able to provide efficient and adequate regulation of China's securities markets.
The law in this thesis is stated as of July 1996.
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Poznanski, Bernard G. "The extraterritorial exercise of jurisdiction in securities regulation /." Thesis, McGill University, 1986. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=66040.
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Fehlberg, Belinda. "Securities and guarantees : another perspective on money and marriage." Thesis, University of Oxford, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.260698.
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Alshebli, Abdullah R. A. S. "Protecting individual investors under Kuwaiti securities law : a comparative study." Thesis, University of Leeds, 2015. http://etheses.whiterose.ac.uk/11220/.
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The financial market in Kuwait has existed for longer than the financial markets in the other Gulf countries. However, there has been limited regulation of stock exchange activities. This gap in the legislation was highlighted in the Suq al-Manakh crisis, when the absence of regulation resulted in heavy losses for large and small investors. This led the Government of Kuwait to enact a series of Acts from the late 1970s to 2010. The securities market was built around this legislation, which helped to stimulate the economy by attracting investors. However, the practical application of these laws brought to light some shortcomings in the regulation of the stock exchange and specifically the need for the legal protection of investors against the risk of loss due to market abuse (manipulation and insider dealing) of securities, irresponsible actions or poor corporate governance by firms. This research will trace the historical development of the legislation relating to the stock exchange up to the enactment of the new law (The Kuwait Capital Markets Act 2010 No. 7). The latter will be compared with similar legislation in the other markets of the GCC (as well as those in the USA and the UK when necessary) in order to evaluate its potential effectiveness in averting future problems and failures such as those that impacted Kuwait when it faced a financial crash in the early 1980s. Hence, the main aim of this thesis is to evaluate the extent to which the Kuwaiti securities legislation (the Act) is effective in protecting individual investors in terms of insider dealing, unfair disclosure and poor corporate governance by the issuer of the securities., and to suggest any amendments. Apart from this aim, the thesis will hopefully help to improve the knowledge of the Kuwaiti people about securities and it is also hoped that the research will be a useful addition to the body of literature in this field and will open a new avenue of research for other Kuwaiti students to follow for the improvement and development of the national economy.
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Doyle, Kathleen M. "Securities regulation in Canada : status, issues and prospects." Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=27448.
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Canada's fragmented, provincially-based securities regulatory system is facing domestic and international pressures to become more coherent and efficient. This paper outlines various factors and proposals, concluding that the system must become nationally-based, but only if the change is properly planned, implemented and administered. There should be uniform (or, at least, coordinated) legislation, with federal and provincial joint delegation to a single commission. Interprovincial coordination must improve before, during and after the change. While feasibility requires most provinces to participate, the scheme should not be rejected if unanimity is lacking. Although important, regional autonomy cannot be allowed to outweigh national authority. Market participants will be somewhat reassured if presented with a realistic transitional plan and definite time-table. A national system should proceed only if the federal and provincial governments can plan and implement it with common sense and without damaging compromises.
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Bisagaya, Andrew. "Examining the adequacy of South African off-exchange equity securities trading regulation." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27489.
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The recent years have seen the recognition of Multilateral Trading Facilities and Alternative Trading avenues in the American and European stock markets. This was required as the markets had grown and regulators were left perpetually behind their needs. This paper looks at whether South Africa has any such facilities/avenues and whether they are adequately regulated. These facilities/avenues allow investors to trade in equity securities away from the exchange on which they are listed. With their increased use however, there are policy concerns that arise that revolve around; price discovery, investor protection, market fragmentation, fair competition and access. It is these concerns that regulators aim to address. The law in South Africa is clear that there are no other legally recognised avenues to trade listed equity securities other than on the exchange on which they are listed. The equities market in South Africa is also comparatively smaller compared to its international counterparts, therefore it is difficult to assess whether there are persons in the business of providing an infrastructure for trading listed securities away from the exchange. Furthermore, they would be doing so illegally thus making monitoring it harder. This paper analyses the laws in the United States and the United Kingdom and uses the work of various authors to examine the policy concerns that arise with the increased use of these trading avenues and how these concerns were addressed. Finally, the paper proposes that the South African regulators should make changes in line with the international counterparts as the market grows.
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Zaccaria, Elena. "Proprietary rights in indirectly held securities : legal risks and future challenges." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3218/.
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Over the centuries, English law has developed a ‘flexible’ and ‘malleable’ idea of property - in particular through the rules of equity - which has proved capable of adapting to the continuing changes in market practice. The question now to be addressed is whether this ‘flexible’ idea of property can also adequately represent interests in indirectly held securities or whether (as suggested by the Financial Market Law Committee) the new financial practice requires statutory clarification. Unlike most civil law systems, English law has been able to accommodate many new issues arising from the practice of intermediated securities within the existing framework. For example, the complex indirect holding structure is built on the well-developed institution of trust and sub-trust which allows investors to obtain equitable proprietary rights in the assets held for them by the intermediary. The proprietary characterisation of these types of rights has recently been challenged by McFarlane and Stevens, on the grounds that they seem to establish the same level of protection against third parties, by classifying the investors’ rights as ‘persistent rights’ or ‘rights against rights’. The main advantage of using the concept of a persistent right (rather than a proprietary right) is that it provides a better understanding of the legal structure of intermediation, as well as showing that no statutory clarification is necessary within the United Kingdom. The thesis tests the theoretical foundation of McFarlane and Stevens’ argument, using the current Lehman insolvencies as a platform for evaluation. The primary objective is to consider whether the idea of ‘persistent rights’ or ‘rights against rights’ is better able to explain the precise functions of this new practice and overcome the legal uncertainties typically associated with the indirect holding system.
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Golding, Gregory Ray. "The Reform of Misstatement Liability in Australia's Prospectus Laws." University of Sydney. Law, 2003. http://hdl.handle.net/2123/607.
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This dissertation considers the reforms made to the liability rules in Australia�s prospectus laws during the 1990s. It traces the rewrite of the fundraising provisions at the end of the 1980s as part of the new Corporations Law through to the rewrite of those provisions at the end of the 1990s as part of the CLERP Act initiative. As the law in this area is not particularly well served by detailed judicial or academic analysis in Australia, the dissertation seeks to define the scope of the Australian liability regime by reference to case law analysis, a review of relevant theoretical considerations and comparative analysis with other key jurisdictions. The thesis of the dissertation is that many of the reforms were, particularly initially, misconceived in key respects because of a failure to apply appropriate theoretical underpinnings and to take account of the lessons that could have been learned from a comparative analysis with other key jurisdictions.
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Luff, John Alfred. "A critical review of the present securities & futures compensation arrangements in Hong Kong." Thesis, View the Table of Contents & Abstract, 1991. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13028388.
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Wu, Si Chen. "Research on legal issues of VIE model." Thesis, University of Macau, 2016. http://umaclib3.umac.mo/record=b3525479.
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Al-Saleh, Ahmed Saleh. "Raising and maintenance of share capital in Saudi Arabia." Thesis, Aberystwyth University, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.363322.
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Ullner, Rowina [Verfasser]. "Die Gutschrift auf dem Finanzinstrumentenkonto – nach dem Entwurf der Securities Law Directive. / Rowina Ullner." Berlin : Duncker & Humblot, 2017. http://d-nb.info/123844010X/34.
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Sauer, Knut. "Haftung für Falschinformation des Sekundärmarktes /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/391834002.pdf.
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Gerner-Beuerle, Carsten. "Die Haftung von Emissionskonsortien eine rechtsvergleichende Untersuchung des deutschen und des US-amerikanischen Rechts." Berlin de Gruyter Recht, 2009. http://d-nb.info/993135838/04.
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Huang, Hui Law Faculty of Law UNSW. "Insider trading law in China: regulations of insider trading in China and proposals for reform." Awarded by:University of New South Wales. School of Law, 2005. http://handle.unsw.edu.au/1959.4/24333.
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The purposes of this thesis are threefold: (1) to investigate the incidence of insider trading in China; (2) to critically examine the regulation of insider trading in China within the Chinese context; and (3) to set out reform proposals. At present, insider trading is a very serious issue in China as it presents a major obstacle to the development of China???s securities market. This thesis is therefore of both theoretical and practical significance. Based on both theoretical arguments and empirical findings, this thesis investigates the extent of insider trading in China, explains why insider trading occurs in China, and examines the harmful and allegedly beneficial effects of insider trading. Insider trading is found to be widespread and widely considered to be harmful in China. This accounts for the fact that China has shown a great willingness to follow the international trend to regulate insider trading. Indeed, with the benefit of overseas experience, China has made a remarkable achievement in establishing its insider trading regulatory regime within a relatively short period of time. Despite this, there are a number of major problems with this regulatory regime, mainly due to the adoption of foreign ideas without due criticism. This is illustrated by various loopholes found in the definition of what is an ???insider???, which are related to confusion over underlying theories of insider trading liability. The thesis conducts an indepth analysis of these theories on a comparative law basis, recommending that the equality of access theory and the Australian ???information connection??? only approach are better suited to China. The thesis also examines other basic elements of insider trading, including the concept of materiality, the issue of when information becomes public, and the subjective elements of insider trading. Furthermore, a detailed discussion is carried out concerning the issue of private civil liability for insider trading. It is submitted that the combination of the nondisclosure-period-traders approach and well-designed damage caps can best ensure that private actions serve as a necessary and appropriate force in the enforcement of insider trading law.
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Mendoza, Jose Miguel. "Transitional strategies for institutional reform in Latin America." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:0f328cba-8a44-4775-889f-ff12a13b8148.
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This dissertation seeks to improve the current understanding of the ways in which institutional reform can promote the development of stock markets in Latin America. Over the past decade, policymakers sought to stimulate the growth of capital markets in the region through the promotion of a standardized set of formal institutions. An example of this approach in the field of company law was the introduction of modern corporate governance practices into nations without a solid enforcement infrastructure. By most accounts, these efforts did not deliver on their promise of stock market development. This work identifies areas for potential reform. As a means to better understand the operation of Latin American stock markets, this dissertation draws from different sources, including the historical experience of industrialized nations, the available literature on institutional reform, the documented shortcomings of legal reform programmes and hand-collected data from various Latin American countries. The resulting analysis suggests that the promotion of Latin American capital markets may require strategies different to those that were set in motion over the past decade. The main contribution of this work is twofold. First, this dissertation brings some nuance to the discussions concerning the challenges faced by Latin American capital markets. A proper understanding of these challenges is essential for policymakers in the region, particularly after the onset of the Latin American Integrated Market. Second, this dissertation explores the use of ‘transitional strategies’ to overcome some of the challenges identified here. The ultimate goal of this project is to inform future reform efforts in Latin America and to offer some insights for policymakers in other emerging countries.
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Alvarez-Macotela, Oscar-Salvador. "Securities Law and Informal Redress : An institutional analysis of equity market development in Mexico (1975-2005)." Thesis, University of East Anglia, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.502566.
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This thesis analyses the roles of law and informal institutions in the interactions of large industrial companies, investors and stockbrokers in the Mexican equity market between 1975 and 2005. It shows that those market players combine official and informal solutions which creates an institutional environment that has not maintained levels of public trust that existing literature suggests are essential to sustain financial development. It proposes a theoretical framework to investigate the evolution of equity markets by bringing together the literature on 'law and finance' with one strand of the literature on institutional analysis which emphasises the influential role of informal rules, in combination with formal laws governing human behaviour. This thesis, which relies predominantly on qualitative methods, including interviews with key informants among Mexican companies, investors and financial firms, shows that market players differ in their expectations about securities law depending on their characteristics and motives to take part in the equity market. An important difference exists between those economic agents who acknowledge themselves as members of a group whose dealings in the market are crucially underpinned by personal connections as the source of reciprocal trust (insiders), and those players who do not benefit from such personal ties (outsiders). Because law frequently fails to offer adequate protection to outsiders, informal solutions substitute and compete with legal institutions, sometimes in ways which are convergent with the goals of securities law, but often ways which are not; this is referred to in this thesis as the 'dominance of ineffective formal institutions' (DIFI). Accordingly, the DIFI hypothesis is put forward: the number of economic agents involved in the Mexican equity market correlates to the stretch of the personal ties that support dealing among insiders. The dissertation therefore stresses the importance of the law-in-action and of informal social norms for financial development.
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Chitimira, Howard. "A comparative analysis of the enforcement of market abuse provisions." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1015008.
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Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.
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Kreymborg, Dorothea. "Going private with public concern : a comparative study of going private techniques under Canadian and German law." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=80934.
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It is the objective of this comparative thesis to analyze how Canadian and German legislators have addressed the compromise between minority shareholder protection and flexibility in the regulation of going private transactions. The structure of this study follows the distinction between indirect and direct-methods that are available to a controlling shareholder who sets out to eliminate minority shareholder participations in order to become the exclusive shareholder of a corporation. In fact, both jurisdictions under consideration provide for a complex regime of corporate and securities law to govern going private transactions. The interplay of corporate and securities law produces a typical regulatory conflict between the goals of shareholders as opposed to investor protection on the one hand, and the purpose of a flexible corporate law regime and efficient capital markets regulation on the other hand. This comparative analysis evidences the respective advantages and disadvantages of the Canadian and German regimes and provides for regulatory prescriptions that result from the comparison.
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Bruski, Johannes. "The role of banks in the securities markets of Canada and the Federal Republic of Germany : an evaluation of regulatory approaches." Thesis, McGill University, 1989. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=55689.
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Howell, Elizabeth. "Is the European short selling regulation a justifiable response to the concerns posed by short selling?" Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:17262955-4bab-43ff-b6f3-5386a99f3681.
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Short selling came onto the centre stage during the recent financial crisis when the collapse in price of financial listed securities after the demise of Lehman Brothers led to the introduction of a number of temporary short selling bans. In Europe however it was the commencement of the recent European sovereign debt crisis that was the true stimulus for proposing new short selling rules, the culmination of which was the introduction of the European Short Selling Regulation (the 'Regulation'). The thesis asks whether the Regulation is a justifiable response to the concerns posed by short selling. Such issues are measured against the relevant economic literature that almost overwhelmingly demonstrates that short selling contributes to market efficiency, that restrictions generally make markets less efficient and that constraints do not achieve the desired objective of stabilising prices. The thesis then analyses the political economy and backdrop to the Regulation’s introduction that largely dictated the shape of the final rules. The precise legislative choices made by Europe, including with respect to sovereign credit default swaps, are analysed, and (where relevant) there is a comparative element with a consideration of the US short sale regulations. These rules are used as a contrast and as a means of commenting more effectively on the European provisions. The doctorate concludes that the Regulation is not a justifiable response to policymakers' concerns and that the rules have suffered from the politicisation of the legislative process. The thesis suggests that short-term political point scoring has triumphed over the long-term benefits of market efficiency and that short sellers are now the subjects of highly technical rules that will negatively impair on market efficiency. Although, with time, parties may learn to use the new rules to their advantage, this does not justify the introduction of unreasonable rules in the first place.
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Uys, Hermien. "A critical discussion of the tax aspects of derivative instruments." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/17471.
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Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: Tax policy makers in South Africa have to a large extent neglected the tax treatment of derivative instruments. The Income Tax Act, No. 58 of 1962, currently only takes into account three types of financial arrangements that can be classified as being derivative in nature: forward exchange and option contracts relating to foreign exchange, interest rate swaps based on notional capital amounts and option contracts. Although the Commissioner for Inland Revenue has appointed a number of internal working committees to research this area of the law, the legislation resulting from these efforts has been piecemeal in nature, dealing only with limited aspects of the taxation of a few specific transactions. Due to the lack of specific legislative provisions regulating the tax aspects of derivatives, the general principles of South African income tax law have to be applied to these instruments. This leads to imprecise and inconsistent results, primarily due to the development of these principles long before the widespread use of derivatives in sophisticated and complex transactions. The taxation of transactions involving derivative instruments is becoming a subject of increasing practical importance in South Africa due to the number of derivative transactions escalating in quantity. The introduction of capital gains tax in South Africa has added yet a further dimension to the taxation of derivatives. In light of the increasing volume and value of derivative transactions entered into by South African taxpayers, it is imperative that clarity regarding the taxation of these transactions be reached as soon as possible. Any reform and revised tax rules which is made applicable to these instruments, need to be very flexible, as further developments in the financial instrument environment are extremely dynamic and almost changing by day. It is furthermore important that the South African tax system keeps track with international developments to enhance the countl-y's trading status and to ensure that cross border transactions do not have anomalous conseq Llences, especially for foreign counter-parties.
AFRIKAANSE OPSOMMING: Belastingbeleidmakers in Suid-Afrika het tot 'n groot mate die belastinghantering van afgeleide instrumente verwaarloos. Die Inkomstebelasingwet, No. 58 van 1962, neem tans slegs drie soorte finansiele ooreenkomste wat as afgeleide instrumente geklassifiseer kan word, in aanmerking: termynwissel- en opsiekontrakte met betrekking tot buitelandse valuta, rentekoers ruilkontrakte gebaseer op denkbeeldige kapitaalbedrae en opsiekontrakte. Alhoewel die Kommissaris van Binnelandse Inkomste 'n aantal interne werkskomitees aangestel het om ondersoek in te stel na hierdie afdeling van die reg, is die wetgewing wat voortgespruit het as uitvloeisel van hierdie pogings broksgewys van aard deurdat dit slegs met beperkte aspekte van die belasbaarheid van 'n aantal spesifieke transaksies gehandel het. Vanwee die gebrek aan spesifieke wetgewende bepalings wat die belastingaspekte van afgeleides reguleer, moet die algemene beginsels van die Suid-Afrikaanse inkol11stebelastingreg toegepas word op hierdie instrumente. Dit gee aanleiding tot onnollkeurige en teenstrydige resllltate, hoofsaaklik omdat hierdie beginsels reeds lank voor die wydverspreide gebruik van afgeleides in gesofistikeerde en ingewikkelde transaksies ontwikkel het.- Die belasbaarheid van transaksies waarby afgeleide instrumente betrokke is, is 'n onderwerp van loenemende praktiese belang in Suid-Afrika vanwee die styging in die aantal transaksies in afgeleides. Die inwerkingstelling van kapitaalwinsbelasting in Suid-Afrika het nog 'n verdere dimensie aan die belasbaarheid van afgeleide instmmente toegevoeg. lndien aggeslaan word op die toename in die aantal en waarele van transaksies in afgeleiele instrllmente wat deur Suid-Afrikaanse belastingbetalers aangegaan word, is elit noodsaaklik clat ciuidelikheid rakencle ciie belasbaarheid van hierdie transaksies so spoedig doenlik verkry word. Enige hervOiming en hersiende belastingreels wat van toepassing gemaak word op hierdie instrllmente, moet baie buigsaam wees aangesien verdere ontwikkelings in die finansieie instrumente-omgewing uiters dinamies is en bykans daagliks verander. Dit is vnorts belangrik dat die Suid-Afrikaanse belastingstelsel tred hou met intemasionale ontwikkelinge ten eincle ciie lanci se handelstatus te versterk en te verseker ciat tral1saksies oor grense heen nie onreeimatige gevolge inhou, veral vir buitelandse teenpartye nie.
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Jones, Christopher D. "An Examination of the Government Accounting Standards Board." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/67.
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This thesis examines the Government Accounting Standards Board by considering its history, current structure, and treatment of a current accounting standards debate. It then uses this examination to make recommendations as to reforms of the GASB and government accounting.
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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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Solana, Javier. "All that glitters is not gold : the re-use of securities collateral as a source of systemic risk." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:4f5df3ab-ca74-425f-9e35-9a25cd8336b6.
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Since the 1980s, regulators in the U.S. and the U.K. have protected the collateral taker's right to re-use securities collateral in securities financing and OTC derivatives markets on the understanding that it would promote liquidity and credit growth, and reduce systemic risk. However, this rationale was incomplete: it failed to acknowledge the full implications of collateral re-use for systemic risk. In this dissertation, I aim to complete that understanding by illustrating how the re-use of securities collateral in those markets can aggravate systemic risk. In particular, I describe two effects. First, re-using securities collateral multiplies the number of market participants that will be exposed to changes in the price of the collateral asset and can thus amplify the role of asset prices as channels of contagion. Second, by conferring a right to re-use, the collateral provider will effectively waive its proprietary interests in the collateral assets and retain a mere contractual claim against the collateral taker for the return of equivalent securities. This transformation will accentuate the incentive of the collateral provider to run from an over-collateralised collateral taker if the latter were to experience financial difficulty. Information asymmetries and a lack of coordination among collateral providers could push the collateral taker over the brink of insolvency. These risks pose an obvious question for regulators: what should we do about collateral re-use? At a time when international bodies are drawing their attention to this widespread market practice, the question is an invitation to a very timely reflection. The final chapter of the dissertation offers an answer to this question and assesses the potential efficacy of the most recent regulatory initiatives in relation to collateral re-use.
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BRANDI, JAY THOMAS. "STATE SUBSTANTIVE SECURITIES REGULATION: AN EMPIRICAL INVESTIGATION OF EFFICIENCY AT THREE LEVELS OF STRINGENCY (INVESTMENT, RETURNS, RISK)." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/187973.
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Theoreticians and practitioners consider regulation of the capital marketplace to be an important area of concern due to the potential effects of such regulation on capital resource allocation, investment decision-making, and market efficiency. It is hypothesized that if the level of issue quality required by a state prior to public sale supplies investor benefits, such benefits should take the form of excess returns and/or less variation in return in relation to issues complying with lower standards of quality. The study utilizes an Analysis of Variance and, an analysis of average and cumulative average residuals. Both investigations provide findings that merit regulation is beneficial to new investors increased market efficiency.
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Hahn, Stefan. "Neue Ansätze im Anlegerschutz durch die Ad-hoc-Publizität des 15 WpHG /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/390979236.pdf.
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Ko, Sai-hong, and 高世康. "An analysis of the legal framework relating to the securities and futures sector of the Hong Kong SAR: a devicefor protecting market participants." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B43894082.
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Thomas, Gunther. "Delisting und Aktienrecht : verfassungs- und gesellschaftsrechtliche Voraussetzungen des Rückzugs einer Aktiengesellschaft von der Börse /." Berlin : Duncker & Humblot, 2009. http://d-nb.info/994882904/04.
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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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Ducarre, Inès. "La notion de valeurs mobilières : Un avenir incertain - Etude de droit privé." Thesis, Montpellier 1, 2014. http://www.theses.fr/2014MON10065.
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En France, la notion de valeurs mobilières se situe à un carrefour à la fois juridique, conceptuel et historique. Pourtant, elle est aujourd'hui menacée par la place grandissante prise par les titres financiers, et a été supprimée du Code monétaire et financier par l'ordonnance du 8 janvier 2009. La question du maintien des valeurs mobilières est régulièrement posée, sans que toutefois des réponses définitives ne soient apportées. Or, il en va aujourd'hui non seulement de la lisibilité de notre droit face aux investisseurs, mais également de son efficience au sein de marchés mondialisés. L'utilité bien réelle de la notion de valeurs mobilières leur a permis d'être maintenues jusqu'à aujourd'hui. La notion apparaît en effet au sein de nombreux textes et se trouve au centre de constructions juridiques intéressantes. Il pourrait également exister un risque d'insécurité juridique en cas de disparition de la notion. Pourtant, les titres financiers, qui présentent les caractéristiques de remplacement des valeurs mobilières, pourraient constituer une réponse de poidsThe French concept of valeurs mobilières finds itself at a legal, conceptual and historical crossroads. Despite this situation, the notion of valeurs mobilières is now threatened by the exponential role of the titres financiers, and was also removed from the French Financial and Monetary Code by the order of 8 January 2009. The issue of maintaining valeurs mobilières in French law is regularly raised and no definitive answer is forthcoming. The legibility of French law for investors is at stake, as well as its efficiency within global markets.The utility of the concept of valeurs mobilières has allowed it to be preserved until today. Effectively, the concept is within numerous texts and appears to be central in various interesting legal interpretations. The risk of legal uncertainty could also be important in the event of the disparition of the concept of valeurs mobilières. Notwithstanding these disadvantages, the concept of titres financiers, which presents the characteristics for replacing valeurs mobilières, could provide a cogent response
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Terblanche, Janet Rene. "The legal risks associated with trading in derivatives in a merchant bank." Thesis, Stellenbosch : University of Stellenbosch, 2006. http://hdl.handle.net/10019.1/2693.
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Thesis (LLM (Mercantile Law))--University of Stellenbosch, 2006.The research defines derivatives as private contracts, with future rights and obligations imposed on all parties, used to hedge or transfer risk, which derives value from an underlying asset price or index, which asset price or index may take on various forms. The nature of derivatives is that the instruments are intended to be risk management tools. The objectives of derivatives are either to hedge a risk, or to speculate. Derivatives may be classified by the manner in which they are traded, either over the counter (OTC) or on exchange. Alternatively, derivatives may be classified on the basis of structure and mechanisms, i.e. forwards, futures, options or swaps. Risk and risk management are defined in the third chapter with the focus on merchant banking. The nature of risk is that it is inherent in all activities. The nature of risk management is that it aims to ensure that the risks faced by the merchant bank are managed on a daily basis. The objective of risk management is to ensure that losses are minimised and the appropriate level of risk is taken in order to maximise profits. Risk may be classified as operational, operations, market, systemic, credit and legal risk. A comprehensive discussion of credit risk is presented, as it pertains to the legal risk in derivatives in a merchant bank. This includes insolvency, set-off, netting, credit derivatives and collateral. Legal risk is defined as the risk of loss primarily caused by legal unenforceability (i.e. a defective transaction, for instance a contract), legal liability (i.e. a claim) or failure to take legal steps to protect assets (e.g. intellectual property). The nature of legal risk is that it is caused by jurisdictional and other cross-border factors, inadequate documentation, the behaviour of financial institutions, a lack of internal controls, financial innovation or the inherent uncertainty of the law. The objectives of legal risk management in derivatives are to avoid the direct and indirect costs associated with legal risk materialising. This includes reputational damage. Derivatives attract specific legal risks due to the complexity of the instruments as well as the constant innovation in the market. There remains some legal uncertainty regarding derivatives in terms of gaming, wagering and gambling, as well as insurance. The relationship between risk and derivatives is that due to the complexity and constant innovation associated with derivatives, there are some inherent risks to trading in derivatives. It is therefore important to ensure that there is a vested risk management culture in the derivatives trading environment. Chapter four gives an overview of derivatives legislation in foreign jurisdictions and in South Africa. The contractual and documentation issues are discussed with reference to ad hoc agreements, master agreements and ISDA agreements. The practical implementation issues of master agreements and ad hoc agreements are also discussed. The recommendations are that legal risk management be approached in a similar manner to credit, market and other risk disciplines. A legal risk management policy needs to be developed and implemented. The second recommendation is that a derivative to manage the legal risk in derivatives be developed.
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Thorpe, Phillip Andrew. "A critical evaluation of securities and commodities legislation in Hong Kong: the use of statutory discretionsand informal sanctions." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B31974855.
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Petkevičiūtė, Dovilė. "Ar tarptautiniai ir nacionaliniai teisės aktai efektyviai saugo investuotojų į valstybės vertybinius popierius teises valstybės nemokumo atveju?" Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140619_163750-20859.
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Šis magistro baigiamasis darbas skirtas investuotojų apsaugos mechanizmų analizei valstybės nemokumo atveju. Remiamasi klasikine valstybės imuniteto sąvoka, kuri teigia, kad valstybė turi suvereną ir negali būti patraukta teisminiams procesams. Tačiau Lietuva, kaip ir kitos užsienio valstybės, atsisako valstybės imuniteto ir dalyvauja finansų rinkoje, kaip lygiateisis subjektas. Investuotojas, kuris investuoja į valstybės vertybinius popierius ir dalyvauja finansų rinkoje, turi būti ypatingai ginamas, nes bet kuriuo atveju, jis išlieka silpnoji santykių šalis.
Pasaulio praktika parodė, kad valstybei tapus nemokiai, ji negalinti įvykdyti prisiimtų finansinių įsipareigojimų kreditoriams, t.y. stambiems užsienio ir vietiniams bankams ir investuotojams, turtintiems šios šalies obligacijų ar kitų skolos vertybinių popierių. Pagrindiniai veiksniai, lemiantys valstybės sprendimą pasiskelbti nemokia, yra per didelis valstybės įsiskolinimas, lėtas ekonomikos augimas. Susidarius tokiai situacijai, valstybė teikia skolos restruktūrizavimo pasiūlymą investuotojams, siekdama pakeisti obligacijų sąlygas arba atidėti išpirkimo terminus.
Magistriniame darbe plačiai analizuojama investuotojų teisės, kai valstybė siekia restruktūrizuoti skolą. Taigi, kai valstybė negali išmokėti obligacijų turėtojams nominalios jų turimų obligacijų vertės, ji teikia pasiūlymą pakeisti turimas obligacijas į naujas restruktūrizuotąsias obligacijas ir kitos rūšies kompensacijas. Lietuvai, kaip Europos Sąjungos... [toliau žr. visą tekstą]This Master‘s thesis is dedicated to the analysis of investor protection mechanisms in case of state insolvency. The classic notion of state immunity provides that a state is the sovereign that is immune from judicial proceedings. However, Lithuania as well as other states waive the sovereign immunity and participate in financial markets as equal entities. Contractual relationship forms between a state and an investor who has purchased debt securities issued by the state. An investor who invests into the state securities and participates in the financial market shall be entitled to special protection, as he remains the weaker party to the relations in any case. The thesis has analysed interpretation of the notion of sovereign insolvency in international law; however, no such notion has been found. The research has shown that this notion is construed as a state’s incapacity to comply with its financial liabilities. Thus, according to the world’s practice, if a state has become insolvent, it is incapable of complying with the assumed financial liabilities to its creditors, i.e. high profile foreign and local banks and investors holding bonds or other debt securities of the state. Key factors determining a state’s resolution to proclaim own insolvency are excessive indebtedness of the state, slow economic growth. State’s insolvency and incapacity to comply with the assumed liabilities as well as debt restructuring have negative effects on financial markets, given that the... [to full text]
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Thorpe, Phillip Andrew. "A critical evaluation of securities and commodities legislation in Hong Kong : the use of statutory discretions and informal sanctions /." [Hong Kong : University of Hong Kong], 1986. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12323366.
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Barth, Marcel. "Schadensberechnung bei Haftung wegen fehlerhafter Kapitalmarktinformation /." Frankfurt am Main [u.a.] : Lang, 2006. http://www.gbv.de/dms/spk/sbb/recht/toc/510940420.pdf.
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Lotz, Christiaan Frederick. "Die belastinggevolge van opsiekontrakte." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/19899.
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Thesis (MComm)--Stellenbosch University, 2003.AFRIKAANSE OPSOMMING: Belastingbeleidmakers in Suid-Afrika het tot 'n groot mate die belastinghantering van afgeleide instrumente verwaarloos. Die Inkomstebelastingwet, No. 58 van 1962, neem tans slegs drie soorte finansiele ooreenkomste wat as afgeleide instrumente geklassifiseer kan word, in aanmerking: termynwissel- en opsiekontrakte met betrekking tot buitelandse valuta, rentekoers ruilkontrakte gebaseer op denkbeeldige kapitaalbedrae en opsiekontrakte. Alhoewel die Kommissaris van Binnelandse Inkomste 'n aantal interne werkskomitees aangestel het om ondersoek in te stel na hierdie afdeling van die reg, is die wetgewing wat voortgespruit het as uitvloeisel van hierdie pogings broksgewys van aard deurdat dit slegs met beperkte aspekte van die belasbaarheid van 'n aantal spesifieke transaksies gehandel het. Vanweë die gebrek aan spesifieke wetgewende bepalings wat die belastingaspekte van afgeleides reguleer, moet die algemene beginsels van die Suid-Afrikaanse inkomstebelastingreg op hierdie instrumente toegepas word. Dit gee aanleiding tot onnoukeurige en teenstrydige resultate, hoofsaaklik omdat hierdie beginsels reeds lank voor die wydverspreide gebruik van afgeleides in gesofistikeerde en ingewikkelde transaksies ontwikkel het. Die belasbaarheid van transaksies waarby afgeleide instrumente betrokke is, is 'n onderwerp van toenemende praktiese belang in Suid-Afrika vanweëdie styging in die aantal transaksies in afgeleides. Die inwerkingstelling van kapitaalwinsbelasting in Suid-Afrika het nog 'n verdere dimensie aan die belasbaarheid van afgeleide instrumente toegevoeg. Indien ag geslaan word op die toename in die aantal en waarde van transaksies in afgeleide instrumente wat deur Suid-Afrikaanse belastingbetalers aangegaan word, is dit noodsaaklik dat duidelikheid rakende die belasbaarheid van hierdie transaksies so spoedig doenlik verkry word. Enige hervorming en hersiende belastingreels wat van toepassing gemaak word op hierdie instrumente moet baie buigsaam wees, aangesien verdere ontwikkelings in die finansiële instrumente-omgewing uiters dinamies is en bykans daagliks verander. Dit is voorts belangrik dat die Suid-Afrikaanse belastingstelsel tred hou met internasionale ontwikkelinge ten einde die land se handel status te versterk en te verseker dat transaksies oor grense heen nie onreëlmatige gevolge inhou nie, veral vir buitelandse teenpartye.
ENGLISH ABSTRACT: Tax policy makers in South Africa have, to a large extent, neglected the tax treatment of derivative instruments. The Income Tax Act, No. 58 of 1962, currently only takes into account three types of financial arrangements that can be classified as being derivative in nature: forward exchange and option contracts relating to foreign exchange, interest rate swaps based on notional capital amounts and option contracts. Although the Commissioner for Inland Revenue has appointed a number of internal working committees to research this area of the law, the legislation resulting from these efforts has been piecemeal in nature, dealing only with limited aspects of the taxation of a few specific transactions. Due to the lack of specific legislative provisions regulating the tax aspects of derivatives, the general principles of South African income tax law have to be applied to these instruments. This leads to imprecise and inconsistent results, primarily as a result of the development of these principles long before the widespread use of derivatives in sophisticated and complex transactions. The taxation of transactions involving derivative instruments is becoming a subject of increasing practical importance in South Africa due to the number of derivative transactions escalating in quantity. The introduction of capital gains tax in South Africa has added yet a further dimension to the taxation of derivatives. In light of the increasing volume and value of derivative transactions entered into by South African taxpayers, it is imperative that clarity regarding the taxation of these transactions be reached as soon as possible. Any reform and revised tax rules that are made applicable to these instruments, need to be very flexible, as further developments in the financial instrument environment are extremely dynamic and changing almost daily. It is furthermore important that the South African tax system keeps track with international developments to enhance the country's trading status and to ensure that cross border transactions do not have anomalous consequences, especially for foreign counter-parties.
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Pool, Estelle. "Insider trading : has legislation been successful?" Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6172.
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Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: This research report reviews South African and international legislation aimed at preventing insider trading and provides an overview of the successful criminal and civil proceedings taken against insiders. It highlights the possible preventative measures South African companies and legislature can take to reduce insider trading. The United States of America is one of the few countries that had successfully implemented legislation prohibiting insider trading prior to the 1990s. Most countries, including South Africa, only implemented legislation prohibiting insider trading in the late 1990s. Due to apartheid and sanctions against South Africa, the JSE has built up a legacy of being an insider's haven. The Directorate of Market Abuse has the task of transforming this legacy to restore investors' confidence in the market in order to promote economic growth. The success of the legislation is firstly measured by the knowledge the market has gained relating to insider trading since the implementation of the legislation. According to the South African market, insider trading is unethical, but 22% of the participants in the G:cnesis survey still believe that it is an acceptable practice in the South African market. South African companies therefore need to educate their employees and take preventative measures to reduce insider trading in order to erode this culture. Insider trading can only be prevented and reduced if legislation is enforced. Globally, few legal criminal proceedings have been successful, therefore legislation in most countries makes provision for civil remedies. As the burden of proof in a civil legal proceeding is only on "a balance of probabilities", civil proceedings against insiders have been successful. In South Africa, the majority of cases referred for civil legal action have been settled out of court by the alleged insider without admitting guilt to a criminal offence. The South African legislation regulating insider trading in the market is aligned with legislation globally. South Africa's future challenges are to maintain the initial success achieved in reducing insider trading. The establishment of a specific court specialising in financial crime and monitoring specific changes to legislation could increase the possibility of future success.
AFRIKAANSE OPSOMMING: Die projek ondersoek die Suid-Afikaanse en internasionale wetgewing teen binnehandel. Verder word die suksesvolle kriminele en siviele verrigtinge teen diegene wat hulle aan binnehandel skuldig maak onder die soeklig geplaas. Die projek beklemtoon die moontlike voorkomingsmaatreels wat Suid-Afrikaanse maatskappye en regslui kan implementeer om moontlike toekomstige binnehandel te bekamp. Die Verenigde State van Amerika is een van die min lande wat reeds voor die 1990s wetgewing teen binnehandel suksesvol geimplementeer bet. Ander lande, insluitend Suid-Afrika, het eers in die laat 1990s wetgewing teen binnehandel geproklameer. Apartheid en sanksies teen Suid-Afrika het 'n nalatenskap van vrye binnehandel op die JSE gelaat. Dit is die taak van die Direktoraat van Markmisbruik om hierdie nalatenskap uit te wis, sodat beleggersvertroue in die mark herstel kan word, wat weer tot ekonomiese groei sal lei. Een van die maatstawwe om die sukses van die wetgewing te meet, is om te bepaal hoeveel kennis die finansiele gemeenskap sedert die implementering van die nuwe wetgewing ingewin het. Volgens die finansiele gemeenskap is binnehandel oneties, maar 22% van die deelnemers aan die G:encsis-opname glo dat binnehandel wel in Suid-Afrika aanvaarbaar is. Daarom moet Suid-Afrikaanse maatskappye hulle werknemers se kennis oor binnehandel verbreed en ander voorkomende maatreels in plek stel om die kultuur van binnehandel te elimineer. Binnebandel kan slegs voorkom en verminder word indien wetgewing geimplementeer word. Relatief min kriminele sake teen binnehandel lei tot skuldigbevinding, maar plaaslike en internasionale wetgewing maak voorsiening vir siviele aksies. In 'n siviele hofsaak moet ingediende bewyse slegs na alle waarskynlikheid die skuld van die oortreder bewys, wat suksesvolle siviele vervolging moontlik maak. Die meerderheid siviele sake in Suid-Afrika word buite die bar geskik sonder dat die aangeklaagde skuld aan 'n kriminele daad erken. Die Suid-Afrikaanse wetgewing is in lyn met internasionale standaarde. Suid-Afrika staar verskeie uitdagings in die gesig ten opsigte van die handhawing van die huidige suksesvolle bekamping van binnehandel. Die moontlike totstandkoming van 'n spesiale hof, wat slegs finansiele verwante oortredings aanhoor en veranderings aan die wetgewing kontroleer, kan bydra tot die toekomstige sukses van die Suid-Afrikaanse wetgewing.
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Arrús, Bellido Oscar, and Vega Miluska Jazmin Gutiérrez. "It wasn’t me!: On the Structured Entities’ liability in the Public Offers of Securities in Peru." IUS ET VERITAS, 2014. http://repositorio.pucp.edu.pe/index/handle/123456789/123010.
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This article seeks to analyze the liability regulation of different agents which participate in public offer securities in Peru and the economic reasons for regulation for allocation of that liability.El presente artículo busca analizar el tratamiento de la responsabilidad de los distintos actores que participan en una oferta públicade valores mobiliarios en el Perú y las razones económicas de la regulaciónpara la asignación de dicha responsabilidad.
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Petrova, Elena V. "Regulation of takeover bids in Ontario." Thesis, McGill University, 2001. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=33059.
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Takeovers play an important role in the economy as they serve to reallocate economic resources to more efficient uses and replace inefficient management. Unregulated takeover bids pose a threat to the interests of the target company shareholders. The legislature pays special attention to takeover bids to make sure that the bona fide interests of the target company shareholders are duly protected. This is the primary purpose of the takeover bid regulation in Ontario. The regulation is also aimed at ensuring the horizontal equity among target shareholders and the efficient functioning of the capital market. This thesis analyzes the present regulation of takeover bids in Ontario and argues that while the whole system of takeover bid regulation is consistent with the proclaimed purposes, there are two issues that fall out of the coherent structure. The restriction on free transferability of shares and the adoption by boards of directors of shareholder rights plans do not enhance the protection of target company shareholders and do not correspond to the proclaimed purposes.
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Ego, Alexander. "Europäische Niederlassungsfreiheit der Kapitalgesellschaft und deutsches Gläubigerschutzrecht /." Baden-Baden : Nomos, 2007. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=015012241&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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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.