Purpose The purpose of this paper is to elucidate the main determinants of foreign direct investment (FDI) in the case of the Arab Maghreb countries. Design/methodology/approach We employ a dynamic panel analysis using the General Method of Moments for a sample composed of 105 countries over the period 1985–2018. Findings We show that FDI stability, market size, higher education enrolment, quality of institutions, distance, sharing of common border, and bilateral investment and integration agreements are the main determinants of FDI location. These determinants are neither general. The potential for attracting FDI from AMU countries is poorly exploited. FDI to the AMU is lower than estimated stock. The observed FDI to potential FDI ratio does not exceed 87%. France and Spain are the main investors in the AMU region thanks to historical and cultural links. The FDI from the United States, Canada, Germany, Belgium, and Japan are below what is expected. Originality/value The contribution of this paper is observed on the examining oh the determinants of the FDI in the Arab Maghreb countries. Our study demonstrate that the political stability can decrease investment risk in these countries. The administrations correspondingly require expanding their rules and strategies with union demonstrations which were at the beginning of the departure and closing of several foreign companies.
{"title":"The determinants of foreign direct investment: what about the potential of the Arab Maghreb countries?","authors":"Hamdi Khalfaoui, Abdelkader Mohamed Sghaier Derbali","doi":"10.1108/joic-04-2021-0010","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0010","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to elucidate the main determinants of foreign direct investment (FDI) in the case of the Arab Maghreb countries.\u0000\u0000\u0000Design/methodology/approach\u0000We employ a dynamic panel analysis using the General Method of Moments for a sample composed of 105 countries over the period 1985–2018.\u0000\u0000\u0000Findings\u0000We show that FDI stability, market size, higher education enrolment, quality of institutions, distance, sharing of common border, and bilateral investment and integration agreements are the main determinants of FDI location. These determinants are neither general. The potential for attracting FDI from AMU countries is poorly exploited. FDI to the AMU is lower than estimated stock. The observed FDI to potential FDI ratio does not exceed 87%. France and Spain are the main investors in the AMU region thanks to historical and cultural links. The FDI from the United States, Canada, Germany, Belgium, and Japan are below what is expected.\u0000\u0000\u0000Originality/value\u0000The contribution of this paper is observed on the examining oh the determinants of the FDI in the Arab Maghreb countries. Our study demonstrate that the political stability can decrease investment risk in these countries. The administrations correspondingly require expanding their rules and strategies with union demonstrations which were at the beginning of the departure and closing of several foreign companies.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129907240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-15DOI: 10.1108/JOIC-05-2021-0026
Christopher Griffin, Robert J Milner, J. Mulholland, Daniel O'Connor
Purpose To explain the benefits and the regulations pertaining to Jersey as a domicile for investment funds. Design/methodology/approach Provides an overview of Jersey as an international financial center followed by a detailed description of Jersey regulations applying to private funds, expert funds, listed funds, regulated investor funds, retail and other collective investment funds (CIFs), and notification-only funds. Explains fund vehicles including unit trusts, limited partnerships, and companies. Discusses taxes and fund service providers. Findings Jersey is one of the world’s major international finance centers, offering location and time-zone benefits; stability and reliability; tax neutrality; a stable political, fiscal and regulatory infrastructure; and highly-skilled financial-service providers. Originality/value Expert guidance from experienced investment-funds lawyers
{"title":"Jersey as an investment funds domicile: benefits and regulations","authors":"Christopher Griffin, Robert J Milner, J. Mulholland, Daniel O'Connor","doi":"10.1108/JOIC-05-2021-0026","DOIUrl":"https://doi.org/10.1108/JOIC-05-2021-0026","url":null,"abstract":"\u0000Purpose\u0000To explain the benefits and the regulations pertaining to Jersey as a domicile for investment funds.\u0000\u0000\u0000Design/methodology/approach\u0000Provides an overview of Jersey as an international financial center followed by a detailed description of Jersey regulations applying to private funds, expert funds, listed funds, regulated investor funds, retail and other collective investment funds (CIFs), and notification-only funds. Explains fund vehicles including unit trusts, limited partnerships, and companies. Discusses taxes and fund service providers.\u0000\u0000\u0000Findings\u0000Jersey is one of the world’s major international finance centers, offering location and time-zone benefits; stability and reliability; tax neutrality; a stable political, fiscal and regulatory infrastructure; and highly-skilled financial-service providers.\u0000\u0000\u0000Originality/value\u0000Expert guidance from experienced investment-funds lawyers\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"292 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134329881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-15DOI: 10.1108/JOIC-05-2021-0022
Daniel A. Nelson, Kate Habershon, Karen Hambrick, Meghan E. McCarthy, Alexios S. Hadji, G. Tan
Purpose To discuss US, EU and UK tax-related issues that sovereign wealth funds should consider when investing in private funds. Design/methodology/approach Discusses various tax-related structuring, operational, risk-allocation, and economic matters that private funds, sovereign wealth funds and other non-US institutional investors should consider a series when evaluating potential private fund investments. Findings Despite the market disruption caused by the COVID-19 pandemic, sovereign wealth funds continued to make significant capital commitments to private funds in 2020 and, as the world emerges from the pandemic, are expected to make similar or greater commitments in 2021 and beyond. Originality/value Practical guidance from lawyers with wide experience in international tax planning and investment fund structuring.
{"title":"Sovereign wealth fund investments in private funds: selected tax planning considerations in the US, EU and UK","authors":"Daniel A. Nelson, Kate Habershon, Karen Hambrick, Meghan E. McCarthy, Alexios S. Hadji, G. Tan","doi":"10.1108/JOIC-05-2021-0022","DOIUrl":"https://doi.org/10.1108/JOIC-05-2021-0022","url":null,"abstract":"\u0000Purpose\u0000To discuss US, EU and UK tax-related issues that sovereign wealth funds should consider when investing in private funds.\u0000\u0000\u0000Design/methodology/approach\u0000Discusses various tax-related structuring, operational, risk-allocation, and economic matters that private funds, sovereign wealth funds and other non-US institutional investors should consider a series when evaluating potential private fund investments.\u0000\u0000\u0000Findings\u0000Despite the market disruption caused by the COVID-19 pandemic, sovereign wealth funds continued to make significant capital commitments to private funds in 2020 and, as the world emerges from the pandemic, are expected to make similar or greater commitments in 2021 and beyond.\u0000\u0000\u0000Originality/value\u0000Practical guidance from lawyers with wide experience in international tax planning and investment fund structuring.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126526328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-09DOI: 10.1108/JOIC-05-2021-0023
Marc-Alain Galeazzi, Barbara Mendelson, Malka Levitin
Purpose The purpose of this article is to inform stakeholders about the Anti-Money Laundering Act of 2020 (AMLA), explain its impact on the U.S. anti-money laundering (AML) regime, and highlight critical updates for financial institutions. Design/methodology/approach The article provides an overview of the AMLA, and specifically addresses three key components: (1) the development of uniform beneficial ownership requirements and the creation of a beneficial ownership registry at the Financial Crimes Enforcement Network (FinCEN); (2) the expansion of FinCEN’s powers and the Bank Secrecy Act/AML program requirements; and (3) new subpoena powers with potential extraterritorial effect granted to the U.S. Secretary of the Treasury and the U.S. Attorney General for documents located at foreign banks that have a correspondent banking account in the U.S. The article also notes the purpose and goals of the AMLA. Findings The AMLA is the first major overhaul of the U.S. AML regime since the 2001 USA PATRIOT Act, and is designed to strengthen national security, protect the financial system, and simplify compliance obligations. The beneficial ownership reporting requirements represent an effort to combat illicit financial activity conducted by shell companies formed and registered in the U.S. Originality/value The article provides financial institutions with a brief overview of a lengthy new law that will impact their AML compliance obligations. Financial institutions should be on alert for forthcoming regulations.
{"title":"The anti-money laundering act of 2020","authors":"Marc-Alain Galeazzi, Barbara Mendelson, Malka Levitin","doi":"10.1108/JOIC-05-2021-0023","DOIUrl":"https://doi.org/10.1108/JOIC-05-2021-0023","url":null,"abstract":"\u0000Purpose\u0000The purpose of this article is to inform stakeholders about the Anti-Money Laundering Act of 2020 (AMLA), explain its impact on the U.S. anti-money laundering (AML) regime, and highlight critical updates for financial institutions.\u0000\u0000\u0000Design/methodology/approach\u0000The article provides an overview of the AMLA, and specifically addresses three key components: (1) the development of uniform beneficial ownership requirements and the creation of a beneficial ownership registry at the Financial Crimes Enforcement Network (FinCEN); (2) the expansion of FinCEN’s powers and the Bank Secrecy Act/AML program requirements; and (3) new subpoena powers with potential extraterritorial effect granted to the U.S. Secretary of the Treasury and the U.S. Attorney General for documents located at foreign banks that have a correspondent banking account in the U.S. The article also notes the purpose and goals of the AMLA.\u0000\u0000\u0000Findings\u0000The AMLA is the first major overhaul of the U.S. AML regime since the 2001 USA PATRIOT Act, and is designed to strengthen national security, protect the financial system, and simplify compliance obligations. The beneficial ownership reporting requirements represent an effort to combat illicit financial activity conducted by shell companies formed and registered in the U.S.\u0000\u0000\u0000Originality/value\u0000The article provides financial institutions with a brief overview of a lengthy new law that will impact their AML compliance obligations. Financial institutions should be on alert for forthcoming regulations.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"11 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129526828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-01DOI: 10.1108/joic-08-2020-0021
Jennifer D. Morton, R. Sacks, Jenny Ding Jordan, S. Blau, P. S. Kelly, Taylor Pugliese, Andrew Lewis, Caitlin Hutchinson Maddox
Purpose This article provides a resource for traders and other market participants by providing an overview of certain automatic circuit breaker mechanisms and discretionary powers that the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and the U.S. president, as applicable, can exercise to pause or stop the trading of individual securities or trading activities across exchanges during extreme market volatility, each of which can cause interruptions to trading activity. Design/methodology/approach This article surveys automatic and discretionary mechanisms to halt trading activity under extreme market conditions. In particular, the article examines automatic cross-market circuit breakers, limit up-limit down pauses, the alternative uptick rule, as well as discretionary authority to stop short selling of particular securities and to stop trading across exchanges. Findings The article concludes that market participants must be cognizant not only of automatic cross-market circuit breakers, but also several other forms of potential market disruptions that may occur due to increased market volatility during the COVID-19 pandemic and beyond. Originality/value By exploring various mechanisms that respond to market disruption, this article provides a valuable resource for traders and other market participants looking to identify and respond to potential interruptions to their trading activity.
{"title":"Preparing for market disruption: circuit breakers and discretionary trading halts","authors":"Jennifer D. Morton, R. Sacks, Jenny Ding Jordan, S. Blau, P. S. Kelly, Taylor Pugliese, Andrew Lewis, Caitlin Hutchinson Maddox","doi":"10.1108/joic-08-2020-0021","DOIUrl":"https://doi.org/10.1108/joic-08-2020-0021","url":null,"abstract":"\u0000Purpose\u0000This article provides a resource for traders and other market participants by providing an overview of certain automatic circuit breaker mechanisms and discretionary powers that the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and the U.S. president, as applicable, can exercise to pause or stop the trading of individual securities or trading activities across exchanges during extreme market volatility, each of which can cause interruptions to trading activity.\u0000\u0000\u0000Design/methodology/approach\u0000This article surveys automatic and discretionary mechanisms to halt trading activity under extreme market conditions. In particular, the article examines automatic cross-market circuit breakers, limit up-limit down pauses, the alternative uptick rule, as well as discretionary authority to stop short selling of particular securities and to stop trading across exchanges.\u0000\u0000\u0000Findings\u0000The article concludes that market participants must be cognizant not only of automatic cross-market circuit breakers, but also several other forms of potential market disruptions that may occur due to increased market volatility during the COVID-19 pandemic and beyond.\u0000\u0000\u0000Originality/value\u0000By exploring various mechanisms that respond to market disruption, this article provides a valuable resource for traders and other market participants looking to identify and respond to potential interruptions to their trading activity.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132953042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-01DOI: 10.1108/joic-04-2021-0012
Jerry Koh, Jonathan Lee
Purpose To show different ways the Singapore Variable Capital Company (“VCC”) can be employed and utilized. Design/methodology/approach Describes how the Singapore VCC can be used in master-feeder structures, umbrella structures, a “plug-and-play” model, sub-fund structures with different assets and different investors, open-ended structures, and structures that allow for tokenization of securities and the offering of VCC shares as digital securities. Findings The flexibility of the VCC allows it to be used across different fund strategies, investor classes and asset classes. Originality/value Practical analysis, guidance and market commentary from experienced investment funds lawyers.
{"title":"Singapore variable capital companies: the many uses and benefits","authors":"Jerry Koh, Jonathan Lee","doi":"10.1108/joic-04-2021-0012","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0012","url":null,"abstract":"\u0000Purpose\u0000To show different ways the Singapore Variable Capital Company (“VCC”) can be employed and utilized.\u0000\u0000\u0000Design/methodology/approach\u0000Describes how the Singapore VCC can be used in master-feeder structures, umbrella structures, a “plug-and-play” model, sub-fund structures with different assets and different investors, open-ended structures, and structures that allow for tokenization of securities and the offering of VCC shares as digital securities.\u0000\u0000\u0000Findings\u0000The flexibility of the VCC allows it to be used across different fund strategies, investor classes and asset classes.\u0000\u0000\u0000Originality/value\u0000Practical analysis, guidance and market commentary from experienced investment funds lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132577692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1108/joic-04-2021-0018
Lee T. Barnum, Karl A. Groskaufmanis, Nicole R. Love
Purpose To explain and analyze the U.S Securities and Exchange Commission’s complaint filed in the U.S. District Court for the Southern District of New York against AT&T Inc. alleging repeated violations of Regulation FD (Fair Disclosure), and against three of AT&T’s Investor Relations executives for aiding and abetting those violations. Design/Methodology/Approach Describes the SEC’s allegations and AT&T’s response and recommends practice points that issuers and their legal counsel can draw from the enforcement action. Findings The SEC’s suit against AT&T and its three IR executives serves as an important reminder that the SEC remains committed to ensuring the full and fair disclosure of information by issuers and is willing to litigate Regulation FD-based enforcement actions when it deems necessary. Practical Implications Every public company must develop systems to manage selective disclosure risks in its investor relations program. Originality/Value Practical guidance from experienced corporate governance, litigation, capital markets, securities enforcement and regulation lawyers.
{"title":"U.S. Securities and Exchange Commission (SEC) brings regulation FD enforcement action against AT&T Inc.","authors":"Lee T. Barnum, Karl A. Groskaufmanis, Nicole R. Love","doi":"10.1108/joic-04-2021-0018","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0018","url":null,"abstract":"\u0000Purpose\u0000To explain and analyze the U.S Securities and Exchange Commission’s complaint filed in the U.S. District Court for the Southern District of New York against AT&T Inc. alleging repeated violations of Regulation FD (Fair Disclosure), and against three of AT&T’s Investor Relations executives for aiding and abetting those violations.\u0000\u0000\u0000Design/Methodology/Approach\u0000Describes the SEC’s allegations and AT&T’s response and recommends practice points that issuers and their legal counsel can draw from the enforcement action.\u0000\u0000\u0000Findings\u0000The SEC’s suit against AT&T and its three IR executives serves as an important reminder that the SEC remains committed to ensuring the full and fair disclosure of information by issuers and is willing to litigate Regulation FD-based enforcement actions when it deems necessary.\u0000\u0000\u0000Practical Implications\u0000Every public company must develop systems to manage selective disclosure risks in its investor relations program.\u0000\u0000\u0000Originality/Value\u0000Practical guidance from experienced corporate governance, litigation, capital markets, securities enforcement and regulation lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127777730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-26DOI: 10.1108/joic-04-2021-0016
Leslie S. Cruz, Stephanie M. Monaco
Purpose To inform readers of the challenges that fintech companies can have regarding investment company status, using two recent examples. Design/methodology/approach The article provides an introduction to the subject, discusses two examples of fintech companies that had investment company status challenges, and provides concluding remarks regarding each. Findings Navigating investment company status can be challenging for fintech companies, and in some cases, as was the case with the two companies discussed in the article, it may be necessary, or at least advisable, to seek to obtain an order from the SEC. Practical implications It is important for fintech companies to evaluate their investment company status in early stages and continue to monitor their status thereafter, particularly if they are considering a public offering. Originality/value Technical guidance from experienced investment company status lawyers.
{"title":"Fintech companies face investment company status challenges","authors":"Leslie S. Cruz, Stephanie M. Monaco","doi":"10.1108/joic-04-2021-0016","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0016","url":null,"abstract":"Purpose\u0000To inform readers of the challenges that fintech companies can have regarding investment company status, using two recent examples.\u0000\u0000\u0000Design/methodology/approach\u0000The article provides an introduction to the subject, discusses two examples of fintech companies that had investment company status challenges, and provides concluding remarks regarding each.\u0000\u0000\u0000Findings\u0000Navigating investment company status can be challenging for fintech companies, and in some cases, as was the case with the two companies discussed in the article, it may be necessary, or at least advisable, to seek to obtain an order from the SEC.\u0000\u0000\u0000Practical implications\u0000It is important for fintech companies to evaluate their investment company status in early stages and continue to monitor their status thereafter, particularly if they are considering a public offering.\u0000\u0000\u0000Originality/value\u0000Technical guidance from experienced investment company status lawyers.","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130916856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-26DOI: 10.1108/joic-04-2021-0011
Matthew T. Wirig
Purpose To summarize the U.S. Securities and Exchange Commission Division of Examinations’s recently published 2021 examination priorities. Design/methodology/approach Features short summaries of select aspects of the SEC Division of Examinations’ recently published 2021 examination priorities. Findings The SEC’s priorities for 2021 examinations include retail investor protection; information security; operational resiliency; financial technology and innovation, including digital assets; anti-money laundering; LIBOR transition, and selected areas for registered investment advisers. Practical implications Firms should consider the SEC examination priorities as they conduct their annual reviews of policies, procedures and business activities. Where firms observe deficiencies in their own practices, adjustments should be made before they find themselves the subject of an SEC investigation, examination or enforcement action. Originality/value Practical guidance for investment advisers, investment companies, municipal advisors, and broker-dealers from experienced broker-dealer, securities and investment management lawyer.
{"title":"US SEC examination priorities for 2021: what you need to know","authors":"Matthew T. Wirig","doi":"10.1108/joic-04-2021-0011","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0011","url":null,"abstract":"\u0000Purpose\u0000To summarize the U.S. Securities and Exchange Commission Division of Examinations’s recently published 2021 examination priorities.\u0000\u0000\u0000Design/methodology/approach\u0000Features short summaries of select aspects of the SEC Division of Examinations’ recently published 2021 examination priorities.\u0000\u0000\u0000Findings\u0000The SEC’s priorities for 2021 examinations include retail investor protection; information security; operational resiliency; financial technology and innovation, including digital assets; anti-money laundering; LIBOR transition, and selected areas for registered investment advisers.\u0000\u0000\u0000Practical implications\u0000Firms should consider the SEC examination priorities as they conduct their annual reviews of policies, procedures and business activities. Where firms observe deficiencies in their own practices, adjustments should be made before they find themselves the subject of an SEC investigation, examination or enforcement action.\u0000\u0000\u0000Originality/value\u0000Practical guidance for investment advisers, investment companies, municipal advisors, and broker-dealers from experienced broker-dealer, securities and investment management lawyer.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128581292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-19DOI: 10.1108/joic-04-2021-0021
M. Brand
Purpose To explain the new Crowdfunding Regulation to market participants and to describe the impact of the Crowdfunding Regulation on current crowdfunding business models in the European Union. Design/methodology/approach This article provides an overview of the new Crowdfunding Regulation with a focus on the provisions concerning cross-border services (“European Passport”) and the new authorization requirements for crowdfunding service providers. Findings In particular the introduction of the European passport will open new funding sources for project owners. This together with the harmonized authorization requirements of crowdfunding service providers is expected to contribute to further growth of the crowdfunding market in the European Union. The Crowdfunding Regulation is a further step on the way to a Capital Markets Union in Europe and regulates crowdfunding for the first time on a European level. Practical implications The Crowdfunding Regulation does not cover all existing crowdfunding business models in Europe (e.g., consumer as project owners and qualified subordinated loans are exempted). Insofar, the rules of the Member States continue to apply with the consequence of a partial fragmentation of applicable regulations. Originality/value Expert guidance from experienced financial-services lawyer.
{"title":"The new European crowdfunding regulation: facilitating cross-border services","authors":"M. Brand","doi":"10.1108/joic-04-2021-0021","DOIUrl":"https://doi.org/10.1108/joic-04-2021-0021","url":null,"abstract":"\u0000Purpose\u0000To explain the new Crowdfunding Regulation to market participants and to describe the impact of the Crowdfunding Regulation on current crowdfunding business models in the European Union.\u0000\u0000\u0000Design/methodology/approach\u0000This article provides an overview of the new Crowdfunding Regulation with a focus on the provisions concerning cross-border services (“European Passport”) and the new authorization requirements for crowdfunding service providers.\u0000\u0000\u0000Findings\u0000In particular the introduction of the European passport will open new funding sources for project owners. This together with the harmonized authorization requirements of crowdfunding service providers is expected to contribute to further growth of the crowdfunding market in the European Union. The Crowdfunding Regulation is a further step on the way to a Capital Markets Union in Europe and regulates crowdfunding for the first time on a European level.\u0000\u0000\u0000Practical implications\u0000The Crowdfunding Regulation does not cover all existing crowdfunding business models in Europe (e.g., consumer as project owners and qualified subordinated loans are exempted). Insofar, the rules of the Member States continue to apply with the consequence of a partial fragmentation of applicable regulations.\u0000\u0000\u0000Originality/value\u0000Expert guidance from experienced financial-services lawyer.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"162 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115196284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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