...securities and the securities market. CHAPTER I General Provisions Article 1 Governing scope This Law regulates activities being public offers of securities, listing and trading securities, conducting business and investing in securities, securities services and the securities market. Article 2 1. Applicable entities: Vietnamese organizations and individuals and foreign organizations and individuals participating in investment in securities and activities on the Vietnamese securities market. Other organizations and individuals related to securities activities and securities market activities. Application of Law on Securities, relevant laws and international treaties 2. Article 3 1. Activities being public offers of securities, listing and trading securities, conducting business and investing in securities, securities services and securities market activities must comply with the provisions of this Law and other provisions of relevant laws. If an international treaty of which the Socialist Republic of Vietnam is a member contains provisions which are different from those in this Law, then the provisions of such international treaty shall apply. The Government shall provide specific regulations on the implementation of international treaties consistent with the schedule for integration and international undertakings. Principles on securities and securities market activities: 2. Article 4 1. Respect for the right of organizations and individuals to freely...
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...knowledge-based firms and enrolling applicants | March, 2013 | Announcement of tax exemption of firms located in the science and technology parks by Iranian National Tax Administration(ITNA) | August, 2013 | Approval of the first list of verified knowledge-based firms | September, 2013 | Approval of second edition of evaluation guideline and criteria of knowledge-based firms that recognizaed industrial companies with knowledge-based activities as potential applicants for the law | March, 2014 | The first financial facilities provided for knowledge-based companies by Innovation and Prosperity Fund (IPF) | June, 2014 | Approval of detailed methodology of customs exemption | October, 2014 | Implementing knowledge-based products leasing program by IPF | February, 2015 | Implementing program for support and development of of knowledge-based products and services export | May, 2015 | Article 1. The law define knowledge-based firms as private or cooperative enterprises that aimed to make a synergy between science and wealth, help to growth of knowledge based economy, meeting scientific and economic goals and a mean for facilitation of commercialization of research and development results (including design and production of goods and services) in the high-tech areas with considerable added-value....
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...which are underdeveloped. The absence of these instruments, together with the problem of limited resources and skills which are necessary to cope with the growing investment needs, tends to hinder the development process of these countries. Islamic countries need to stimulate higher domestic savings rates and to efficiently channel the savings into productive investments, as a precondition for accelerating economic growth. This calls for the development of relatively advanced financial markets with all the relevant components, such as new financial institutions, securities markets, etc. Islamic banks, national and international, have recently come into existence to play an important intermediary role in pooling savings, especially from small investors, and channelling them into productive investments. This role has been constrained, to a great extent, by the absence of capital markets and financial instruments based on shari'ah. Islamic banks, therefore, have embarked on a serious effort to develop their own instruments for mobilizing the funds of the Islamic Ummah and using them to foster economic and social development of the ummah. To be more specific, some of these banks suffer from excess liquidity, for which no suitable placements are available, while others are suffering from a lack of liquid funds to meet their basic requirements. Both situations are undesirable, causing difficulties for the banks involved. The situation is even more serious as the Islamic banking...
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...as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. Nature Scope/Elements 1. Investment decisions includes investment in fixed assets (called as capital budgeting).Investment in current assets are also a part of investment decisions called as working capital decisions. 2. Financial decisions - They relate to the raising of finance from various resources which will depend upon decision on type of source, period of financing, cost of financing and the returns thereby. 3. Dividend decision - The finance manager has to take decision with regards to the net profit distribution. Net profits are generally divided into two: a. Dividend for shareholders- Dividend and the rate of it has to be decided. b. Retained profits- Amount of retained profits has to be finalized which will depend upon expansion and diversification plans of the enterprise. Get MBA study materials, articles, order business templates and stock market updates from or http://www.easymbaguide.in/ or www.easymbaguide.jimdo.com or www.easymbaguide.blogspot.com. Give your valuable feedback easymbaguide@gmail.com. Join easymbaguide@yahoogroups.com to get updates Objectives of Financial Management The financial management is generally concerned with procurement, allocation and control of financial resources of a concern. The objectives can be1. To ensure regular and adequate supply of funds to the concern. 2. To ensure adequate...
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...The Classical Chinese Art Fund The Classical Chinese Art Fund FR3208 Arts and Antiques Market: Coursework 2 The Classical Chinese Art Fund Content Page 1. The Classical Chinese Art Fund 1.1. What is the Classical Chinese Art Fund? 1.2. Investment Profile of the Fund 1.3. Rationale: The China Factor 1.4. Investment Approach and Strategies 1.4.1. Growth Strategies 1.4.2. Risk Management Strategies 2. Market Analysis 2.1. Art Segmentation 2.1.1. Chinese Calligraphy 2.1.2. Chinese Paintings 2.2. Major Players 2.3. Demand and Supply Analysis 3. Role of Public Institutions and Regulatory Policies 4. The External Competitive Environment 4.1. Correlation between Chosen Sector and other forms of Investment 4.1.1. General Outlook of the Art Fund 4.1.2. Comparative Analysis of the Fund and Other Art Investment Funds 5. Prospective Investment Portfolio of Art Works 6. Conclusion • Appendix The Classical Chinese Art Fund FR3208 Arts and Antiques Market: Coursework 3 The Classical Chinese Art Fund 1. The Classical Chinese Art Fund 1.1. What is the Classical Chinese Art Fund? The Classical Chinese Art Fund is an investment fund approach that capitalizes on the valuable asset class of Classical Chinese Art, specifically Chinese paintings and calligraphy art pieces. Chinese paintings and calligraphy art works are considered ...
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...b) Discuss in details Consolidated Fund Section 39(1) of the Constitution Act 1902 provide ‘ Except as otherwise provided by or in accordance with any Act, all the public moneys… collected, received or held by any person for or on behalf of the State shall form one Consolidated Fund. The Consolidated Fund is the account into which the government deposits taxes, tariffs, excises, fines, fees, loans, income from Crown assets and other revenue once collected, together with transfer from the commonwealth, and from which it withdraws the money it requires to cover its expenditure. Before going further, the Accountant General of Malaysia in compliance with Section 16(1) of the Financial Procedure Act 1957 prepared The Federal Government Financial Statement and audited by the Auditor General before being tabled in the Parliament in compliance with Section 16(2) of the act. The preparation of The Federal Government Financial Statement is constructed to show the financial position, cash flow and financial performance of the government. These Financial Statements report all financial transaction pertaining to the sources and applications of the financial resources as appropriated by the parliament for respective financial year. Statement of Financial Position of the Federal Government shows the amount of cash and investment held in respect of three accounts of the Consolidated Fund which is Consolidated Revenue Account, Consolidated Loan Account and Consolidated Trust Account...
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...payout to retiring and withdrawing customer, the more revenue or clients he would need to start and “investment relationship” with Madoff. The Ponzi scheme was named after Charles Ponzi who in the early 20th Century, saw a way to profit from international reply coupons. International reply coupons were a guarantee of return postage in response to an international letter. Charles Ponzi determined that he could make money, legally, by swapping out these coupons for more expensive postage stamps in countries where the stamps were of higher value. While making a significant profit with this system, Ponzi got the idea of enticing investors to provide him more capital to trade coupons for higher priced postage stamps. His promise to investors was a 50% profit in a few days. Touted as a financial wizard and the ‘Warren Buffet’ of his day, Ponzi lived outside Boston, he had a fairly opulent life bringing in as much as $250,000/day. Part of Ponzi’s success came from is personal charisma and ability to con even savvy investors. The promised payout was supported by the new investors anxious to take advantage of these robust returns because he appeared to create an image of power, trust, and responsibility. In July of 1920, the Boston Post ran an article exposing the scheme and soon after, regulators raided his offices and charging him with mail fraud knowing that his fabricated investment reports were mailed to his clients. The foundational operating principle of a Ponzi scheme is that...
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...payout to retiring and withdrawing customer, the more revenue or clients he would need to start and “investment relationship” with Madoff. The Ponzi scheme was named after Charles Ponzi who in the early 20th Century, saw a way to profit from international reply coupons. International reply coupons were a guarantee of return postage in response to an international letter. Charles Ponzi determined that he could make money, legally, by swapping out these coupons for more expensive postage stamps in countries where the stamps were of higher value. While making a significant profit with this system, Ponzi got the idea of enticing investors to provide him more capital to trade coupons for higher priced postage stamps. His promise to investors was a 50% profit in a few days. Touted as a financial wizard and the ‘Warren Buffet’ of his day, Ponzi lived outside Boston, he had a fairly opulent life bringing in as much as $250,000/day. Part of Ponzi’s success came from is personal charisma and ability to con even savvy investors. The promised payout was supported by the new investors anxious to take advantage of these robust returns because he appeared to create an image of power, trust, and responsibility. In July of 1920, the Boston Post ran an article exposing the scheme and soon after, regulators raided his offices and charging him with mail fraud knowing that his fabricated investment reports were mailed to his clients. The foundational operating principle of a Ponzi scheme is that...
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...weigh in on strengths and weaknesses of mutual funds and ETFs Peter Henderson, The Canadian Press In this article Jeanette Brox a financial advisor from Toronto discusses the strengths and weaknesses of both mutual funds and exchange traded funds (ETFs). The mutual funds normally offered by most financial institutions have come under competition from low-cost ETFs which have emerged as an alternative. Both mutual funds and ETFs minimize risk of investments of bundling financial products including stocks, bonds and fixed-income securities together. ETFs unlike mutual funds are not managed by financial professionals which reduces overhead and therefore fees. Jeanette Brox recommends mutual funds and says the management fees are worth it for investors who want professional help. The investment market in Canada is still mostly dominated by mutual funds. The mutual fund companies have totalled $1.2 trillion worth of assets at the end of June which in comparison to $84.7 billion worth of exchange traded funds. Most Canadians want the simplicity of mutual funds as part of a plan with a professional. Jeff Kaminker, president of Frontwater Capital said that the popularity of mutual funds is the reflection of investing strategies of conservative Canadians. Many people from the finance industry are in favour with mutual funds such as Sandeep Gosal, ash associate consultant at research firm Investor Economics. He stated that mutual funds can have some fees for buying in and out, ETFs...
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...How Corporations use Risk Management to Influence Financial Decision Making Holman Skinner Keiser University Dr. Tim Drake Business Research Writing: DBA700 10/16/2012 How Corporations use Risk Management to Influence Financial Decision Making Introduction Corporations make financial decisions that pose a risk to the everyday operations of a business everyday. Risk management comes into play with financial decisions when it is important to enabling organizations to reduce exposures to financial decision making, and measuring risk throughout the organization (Lai, Wang, & Yu, 2009). This research study will focus on the topic of how corporations use risk management to influence financial decision making. This research will answer the research problem, research questions, address the theoretical framework. Statement of Problem The problem the study focuses is centered on focuses on how corporations can avoid making bad decisions when ultizing utilizing risk management in making financial decision making. For instance, some corporations not taking risk management seriously has resulted in inefficient use of capital, increased liabilities, and reputation risk (Chemobai, Jorion, & Yu, 2011). Furthermore, when a firm is not willing to go through risk management, this will create an uncertain atmosphere that leads to lack of guidance for the organization and poor decision making. Moreover, a lack of certainty can cause confusion as to what...
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...Article: What are the most popular mutual funds that invest primarily in the insurance sector? Website: Investopedia Link : http://www.investopedia.com/ask/answers/051915/what-are-most-popular-mutual-funds-invest-primarily-insurance-sector.asp This is an article about 3 popular mutual funds that invest in insurance sector. Why would they target insurance sector? As per the article the insurance sector is predicted to grow in few years. There is an expectation that in future interest rates are going to go up and that would strength financial services industry. So there is an opportunity if you wish to grow your money. One of the 3 mutual funds is Fidelity Select Insurance Portfolio. This portfolio invest minimum of 80% of its assets in equity securities of companies operating in insurance business. The 2nd fund is T. Rowe Price Financial Services Fund; it invests in common shares of companies operating within financial service industry. This will grow your assets through long term capital appreciation and making income through yearly dividends. The 3rd one is John Hancock Financial Industries fund which invest same like T. Rowe Price Financial services funds invest into, in equity securities. Not like Fidelity funds, these funds are diversified among foreign and domestic companies. However it carries 1.29% expense ratio. | Fidelity ..funds | T. Rowe..funds | John Hancock.. funds | Over years | 11.3% | 9.5% | 2% | Over 3 years | 19.5% | 17.8% | 16.9% | Over 5 years...
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...World Bank was established at the same time as the International Monetary Fund to tackle the problem of International investment in 1944. Since the I.M.F was designed to provide temporary assistance in correcting balance of payments difficulties, there was need of an institution to assist long term investment purposes. Thus I.B.R.D was established for promoting long term investment loans on reasonable terms. The World Bank is an inter-government institution corporate informs the capital stock of which is entirely owned by its member governments. Initially only nation there were members of the I.M.F could be members of the World Bank but the restriction on membership was subsequently released. FUNCTIONS OF I.B.R.D The principal functions of the I.B.R.D are set forth in Article (1) of the Agreement as follows. 1. To assist in the reconstruction and development of the territories of its members by facilitating the investment of capital fro productive purposes. 2. To promote private foreign investment by means of guarantee of participation in loans and other investments made by private investors and when private capital is not available on reasonable terms to make loans for productive purposes out of its own resources from funds borrowed by it. 3. To promote the long term balance growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investments for development of productive resources of members. 4. To arrange loans made...
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... Asset Management Business Asset management involves the management of investments by third-party managers for their investors. Asset managers use various strategies that can be divided into these broad categories: traditional equity, fixed income fund strategies and alternative investment strategies (Blackstone Group LP, 2007). The more traditional asset managers manage and trade portfolios of equity, fixed income and or derivative securities. Assets may be invested in investment companies that are registered under the 1940 Act or through separate account managers on their behalf. The traditional fund manager is normally compensated with fees that are a percentage of assets under their management. Alternative asset managers have predefined risk parameters and investment guidelines and use a variety of strategies to achieve the required returns for their clients (Blackstone Group, 2007). This industry has experienced significant growth in worldwide assets under management in the past ten years, partially due to aging populations in both developed and emerging markets around the world that have increased the pools of savings and particularly pension assets. Blackstone has delivered superior returns with a lower correlation to the broader market than traditional asset management strategies. They have helped their clients diversify their investment portfolios by including alternative asset strategies (Blackstone LP, 2007). Brief History Blackstone...
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...Cayman Islands Guide to Hedge Funds Introduction From offices in the British Virgin Islands, the Cayman Islands, Dubai, Dublin, Hong Kong, Jersey, London and Singapore, Walkers provides legal services to FORTUNE 100 and FTSE 100 global corporations and financial institutions, capital markets participants, investment fund managers and middle market companies. Walkers' Cayman office has an international reputation as the leading hedge fund and private equity fund practice in the Cayman Islands, advising the best-known asset managers, promoters and institutional investors in the investment world for five decades. Our global presence means we are always open and accessible to our clients – in all time zones. The purpose of this Guide is to offer a comprehensive, commercial and concise guide to the key aspects of structuring and establishing an offshore hedge fund – starting with a broad overview of hedge fund structures, and concluding with a short section on listing. We have also addressed some of the defensive mechanisms that can be deployed to stabilise a hedge fund in difficult times, including a section on the use of synthetic side pockets and side letters. The Guide is not a substitute for seeking appropriate onshore and offshore commercial and legal advice and should not be relied on in this manner. Introduction to hedge fund vehicles The key constitutional features of hedge funds to address from an offshore perspective are three-fold: 1. 2. 3. the types of vehicle used;...
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...MVE220 Financial Risk The Madoff Fraud Shahin Zarrabi – 9111194354 Lennart Lundberg – 9106102115 Abstract: A short explanation of the Ponzi scheme carried out by Bernard Madoff, the explanation to how it could go on for such a long period of time and an investigation on how it could be prevented in the future. The report were written jointly by the group members and the analysis was made from discussion within the group 1. Introduction Since the ascent of money, different techniques have been developed and carried out to fool people of their assets. These methods have evolved together with advances in technology, and some have proved to be more efficient than other. One of the largest of these schemes ever carried out occurred in modern times in the United States, it was uncovered as recently as in late 2008. The man behind it managed to keep the scheme running for over 15 years in one of most monitored economic systems in the world. The man in charge of the operation, Bernard L. Madoff, got arrested for his scheme and pled guilty to the embezzling of billions of US dollars. It struck many as unimaginable how such a fraud could occur in an environment so carefully controlled by regulations and...
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