439,546 research outputs found

    Asset securitization in Europe

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    Until the late 1980s, asset securitisation was an US-American finance technique. Meanwhile this technique has been used also in some European countries, although to a much lesser extent. While some of them have adopted or developed their legal and regulatory framework, others remain on earlier stages. That may be because of the lack of economic incentives, but also because of remaining regulatory or legal impediments. The following overview deals with the legal and regulatory environment in five selected European countries. It is structured as follows: First, this finance technique will be described in outline to the benefit of the reader who might not be familiar with it. A further part will report the recent development and the underlying economic reasons that drive this development. The main part will then deal with international aspects and give an overview of some legal and regulatory issues in five European legislations. Tax and accounting questions are, however, excluded. Concluding remarks follow

    Covered Bonds: Shelter From Financial Turmoil, Exposure to the 1940 Act

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    Covered Bonds: Shelter From Financial Turmoil, Exposure to the 1940 Act

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    A Proposal to Finance Long-Term Care Services through Medicare with an Income Tax Surcharge

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    Proposes expanding Medicare to cover comprehensive long-term care services, including home care and custodial nursing home care, and financing this expansion of benefits with a surcharge on federal income taxes

    21st century company law in Belgium

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    The new Belgian Code of Companies and Associations (BCCA) of 23 March 2019 entered into force on 1 May 2019 (See section 8 for the details.). The BCCA is divided in five parts, and further subdivided in different books. The first part, from book 1 to book 3, contains the general provisions that apply to companies, associations and foundations. Part 2 contains provisions specifically applicable to the different types of companies. Part 3 continues with the provisions that apply to associations and foundations. Part 4 deals with the restructuring and the transformation of the legal form and the last Part 5 contains provisions on the European legal forms

    Value Relevance of Control-based Consolidated Financial Statements

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    The study examines whether the switch from ownership-based guidelines for control under SSAP-8 to the principles-based guidelines (power and benefits) of FRS-37 increased the value relevance of consolidated financial statements in New Zealand. The adoption of FRS-37 led to an increase in value relevance of consolidated assets and liabilities (at the 5 percent level). Only weak evidence was found to support the view that FRS-37 was not effective (less value relevant) for entities with a large number of subsidiaries (as a proxy for investment complexity) and associates are less value relevant. The is evidence that investors view non-controlling as a liability, which does not support its presentation as equity (under IFRS 10)

    Institutional investors in Germany : insurance companies and investment funds

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    This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of institutional investors in Germany are insurance companies and investment funds. We will examine the nature of their businesses, their size and role in the financial sector, the size and the composition of the assets under their management, aspects of financ ial regulation, and features of their asset-liability-management

    Doing Business in South Africa

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    [Excerpt] This brochure illustrates important features of doing business in South Africa. The legal system within which business operates is closely based on overseas, particularly English, models. The concepts and rules will be familiar to overseas investors and trading partners

    Regulation and competition in German banking: an assessment

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    In Germany a public discussion on the "power of banks" has been going on for decades now with power having at least two meanings. On the one hand it is the power of banks to control public corporations through direct shareholdings or the exercise of proxy votes - this is the power of banks in corporate control. On the other hand it is market power - due to imperfect competition in markets for financial services - that banks exercise vis-Ă -vis their loan and deposit customers. In the past, bank regulation has often been blamed to undermine competition and the working of market forces in the financial industry for the sake of soundness and stability of financial services firms. This chapter tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing it tries to embed the analysis of bank regulation into a more general industrial organisation framework. For every regulated industry, competition and regulation are deeply interrelated as most regulatory institutions - even if they do not explicitly address the competitiveness of the market - either affect market structure or conduct. This paper tries to uncover some of the specific relationships between monetary policy, government interference and bank regulation on the one hand and bank market structure and economic performance on the other. In so doing we hope to point to several areas for fruitful research in the future. While our focus is on Germany, some of the questions that we raise and some of our insights might also be applicable to banking systems elsewhere. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press
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