...Introduction to Sarbanes – Oxley Act of 2002 The Sarbanes – Oxley Act of 2002, also known as the Public company accounting reform and Investor Protection Act of 2002 and commonly called SOX or Sarbox is a United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron and WorldCom. The Act establishes a new quasi-public authority, the Public Company Accounting oversight Board for overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The Act covers issues such as auditor independence, corporate governance and enhanced financial disclosure. Major Provision of Sarbanes – Oxley Act of 2002 The Sarbanes Oxley Act of 2002 established corporate accountability and civil and criminal penalties for white – collar crimes. This act is a United States federal law passed in response to a number of major corporate and accounting scandals including those effecting Enron, Tyco and WorldCom. These scandals resulted in a decline of public trust in accounting and reporting practices. This Act provides regulatory bodies and courts to take various actions – civil and criminal proceedings in connection of misstatements amounting to accounting scandals and fraudulent financial reports, other frauds on securities matters, obstruction of justice and retaliating against corporate Whistleblowers. The Act also enforce tougher civil and criminal penalties for fraud and accounting...
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...TRUST DEED THIS DEED of TRUST is made at Dhaka on this the …… day of ………… of the Christian era. BETWEEN (Sponsor’s name).........., having its registered office at .......(Address).........., represented by its .......Chief Executive Officer/Managing Director..., hereinafter referred to singly, severally and collectively, as the AUTHOR or SPONSOR, which expression shall, unless it be repugnant to the subject or context or meaning thereof, include its representatives, successors-in-interest and assigns of the FIRST PART. AND (Trustee’s name)........., having its registered office at ...(Address)......, represented by its.....CEO/Managing Director....., hereinafter referred to as the TRUSTEE, which expression shall, unless it be repugnant to the subject context, or meaning thereof, include its representatives, successors-in-interest and assigns of the SECOND PART. AND WHEREAS the party of the first part is a leading institution in Bangladesh, engaged in various types of ............(activities)......., having required capabilities and adequate skills in its concerned field of activities and offices and network of branches all over Bangladesh and are qualified and capable to be the Sponsor of a mutual fund, AND WHEREAS the party of the second part is a leading ............... so far engaged in ..........activities and are qualified and capable to act as the Trustee of a mutual fund, NOW, THEREFORE, with the intent to create an investment product for...
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...Analysis On The Role of Bangladesh Securities and Exchange Commission Course Name : Financial Institution and Market Course Code: Fin-335 , Sec: 1 Prepared for Prof. Tanvir Ahmed Chowdhury Chairman, Department of Business Administration East West University Prepared by Holistic Heroes Submission Date: 25th March, 2014 Group Profile Department Of Business Administration Letter of Transmittal 25th March 2014 Prof. Tanvir Ahmed Chowdhury Chairman Department of Business Administration East West University Dear Sir, It gives us immense pleasure to present our term paper on the topic “ An Analysis on Bangladesh Securities and Exchange Commission, for the course Financial Institution and Market (FIN_335). By doing this paper we have learned a lot practical issues regarding BSEC , Capital Market, Stock Market, Bond Market etc and we think that will help us in our near future. We would like to thank you for your valuable guidance in every problem we had the precious time that you give us. We will be available for any further clarification required and requesting to accept our term paper. Thank you Sincerely All the Members of Holistic Heroes Syed Md. Fakruuddin Nahid Hasan Sayma Sultana Al Mumtahina Shuovy Asma Sultana Nusrat Sharmin Eva Table of content | Page no | Introduction | 6 | 1.0.0 Bangladesh Securities and Exchanges Commission | 7 | 1.2.0 Function of BSEC | 9 | 2.0.0 Capital Market...
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...was management’s first attempt to develop a national pipeline system for natural gas. The following year, the former CEO of Houston Natural Gas, Kenneth Lay, became the chairman and CEO of Enron. At the beginning, its business model was very classic: production and transportation of gas, and distribution essentially on whosales markets. Quickly it became the major energy and petrochemical commodities trader in US. Throughout the late 1990s, Enron was almost universally considered one of the country's most innovative companies. The magazine Fortune named Enron "America's Most Innovative Company" for six consecutive years, from 1996 to 2000. In 1996, Jeffrey Skilling, old consultant of McKinsey, became the president and Chief Operating Officer of Enron, seven years after his enter his entry in the company. Enron has $40 billions in 1999, and $100 billions in 2000, thanks to the launching of EnronOnline, a trade platform where there is about 2100 products derived which can be exchange. It was a the largest trading exchange as one of the key market makers in natural gas, electricity, crude oil, petrochemicals and plastics. Enron diversified into coal, shipping, steel & metals, pulp & paper, and even into such commodities as weather and...
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...capital resources in these businesses. The corporate form of business also increases the need for objective verification of data and creates a need for disclosure of more and better information to owners and potential investors. Furthermore, the increase in value, size and activity of capital exchange in security market also increases the opening of taking advantage in lax conditions and to profit by misrepresentation and manipulation. Hence, the main reason for establishing the securities legislation was because large security market requires operating procedures that would protect investors from fraud and guarantee an adequate supply of capital for economic growth. Background of the SEC The Securities and Exchange Commission (“SEC”) is one of several public and private sector rule-making organizations that have an effect on financial reporting for businesses. It plays a crucial role in the development and improvement of financial reporting theory and practice. Frequently the work, accomplishments and contributions of the SEC do not receive the attention given to other group, such as the Financial Accounting Standards Board, the Government Accounting Standards Board, or the American Institute of Certified Public Accountants. A common mistaken belief is that securities legislation only begun...
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...PUNJAB LOCAL GOVERNMENT BILL 2012 (A CRITICAL ANALYSIS) By: Amjad Nazeer RURAL DEVELOPMENT POLICY INSTITUTE (RDPI) & PRACTICAL ACTION (August 2012) Islamabad PUNJAB LOCAL GOVERNMENT BILL 2012 (A CRITICAL ANALYSIS) Theoretical Context: Believed to be an integral part of democratic system of governance, it is the third tier of local governance that is highly argued about and advocated in contemporary times. Closer to the people and representatives of their essential needs and aspirations, it holds tremendous potential for civic comfort, environmental peace, social justice and economic development. One can hardly find any progressive or progressing state in the world that is either not evolving or thriving with an efficient and autonomous system of devolved governance. Not interchangeable though, notions like deconcentration, devolution and delegation hinge around the modalities and practices of decentralization. Richard Bird (1994) defines decentralization as “the degree of independent decision making exercised at the local level.” In theory decentralization is sometimes classified into three forms of governance i.e. delegation, deconcentration and devolution (Cheema and Rodinelli 1983). If the dispensation of services is removed from the centre and delivered through representatives of the central government, this is termed as ‘deconcentration’ (Smith 1967), while ‘delegation’ stands for a case, where local government functions as an agent of the federal...
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...and commencement Definitions Meaning of "subsidiary" and "holding company" Ordinance not to apply to certain corporations Application of Ordinance to non-trading companies with purely provincial objects Ordinance to override memorandum, articles, etc. 7. 8. 9. 10. PART II-JURISDICTION OF COURTS Jurisdiction of the Courts Constitution of Company Benches Procedure of the Court Appeals against Court orders 1. 2. 3. 4. 5. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 1 1 2 9 9 10 10 11 11 11 12 PART III-SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Deleted Powers and functions of the Commission 13 Reference by the Federal Government or Commission to the Court 13 PART IV-INCORPORATION OF COMPANIES AND MATTERS INCIDENTAL THERETO Obligation to register certain associations, partnerships, etc. as companies. MEMORANDUM OF ASSOCIATION Mode of forming a company Memorandum of company limited by shares Memorandum of company limited by guarantee Memorandum of unlimited company Printing, signature, etc., of memorandum Restriction on alteration of memorandum Alteration of memorandum 18 Powers of Commission when confirming alteration 14 14 15 16 17 17 18 19 Companies Ordinance, 1984 ii 23. 24. 25. Exercise of discretion by Commission Procedure on confirmation of the alteration Effect of failure to register within ninety days 20 20 20 26. 27. 28. ARTICLES OF ASSOCIATION ...
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...The rationale for the establishment of SEBI and a brief detail about the SEBI Act-1992 It all started with the advent of the East India Company (EIC), which started its trading in India in late 18th century. During the tenure of British Raj in India EIC started the concept of shares in India and the system of the banks were introduced. Slowly in the pace of time trading of shares and securities started in the banks and the Town Hall of Mumbai became the epic center of it. With the increasing in trade in stocks the Company act of 1850 was introduced which focused on the limited liability concept which later became the insight for the modern joint stock for company in volume trading. The Civil war which broke out in America in 1861 hampered the trade in Europe and thus Great Depression came into effect. Cotton which was one of the most essential commodities was then exported from India to the various European countries. The demand of cotton trading resulted in the greater gain in margins and premium royalty. The effect of depression gave birth to the concept of the formal market. Many cloth mills factories and companies got sprung up in the region of Ahmedabad with the increasing demand of the cotton textile in Europe. This subsequently gave a push to the stock trading in India. The numbers of brokers in India increased and by 1874 Dalal Street came into existence, where stocks for the various companies were traded in Dalal Street. Dalal Street’s dawn resulted in the formation...
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...Secretariat of the Authority. 12—Staff. 13—The common seal of the Authority. 14—Protection from personal liability. 15—Liability for damages. PART III—FINANCES OF THE AUTHORITY 16—Funds of the Authority. 17—Financial year. 18—Annual estimates. 19—Accounts and audit. 20—Investment of funds. 184 No. 13 Agriculture, Fisheries and Food Authority 2013 PART IV—POLICY GUIDELINES ON DEVELOPMENT, PRESERVATION AND UTILIZATION OF AGRICULTURAL LAND 21—Land development guidelines. 22—Rules on preservation, utilization and development of agricultural land. 23—Land preservation guidelines. PART V—PROVISIONS ON NOXIOUS OR INVASIVE WEEDS 24—Power to declare plant a noxious or invasive weed. 25—Duty to report. 26—Power of county government officer to enter land. 27—Order by county government to clear land. 28—Eradication of weed by county government. PART VI—RESPONSIBILITY OF COUNTY...
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...in favor of the International Accounting Standards. 1. Generally Accepted Accounting Principles (GAAP) In the U.S., Generally Accepted Accounting Principles are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly traded and privately held companies, non-profit organizations, and governments. The term is usually confined to the United States; hence it is commonly abbreviated as US GAAP or simply GAAP. However, in the theoretical sense, Generally Accepted Accounting Principles encompass the entire industry of accounting, and not only the United States. Outside the academic context, GAAP means US GAAP. Similar too many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U.S. Securities and Exchange Commission (SEC) require that it be followed in financial reporting by publicly traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepted accounting principles for public and private companies, as well as non-profit entities. For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different from those of...
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...Hair Today Gone Tomorrow Ltd. INTRODUCTION Companies are formed to create a legal identity separate from the individuals who make up the membership of the company. A company is the predominant form of legal entity for conducting business in Ireland today. There are different types of company including private companies limited by shares, public limited companies, single member companies, unlimited companies, companies limited by guarantee having a share capital and companies limited by guarantee not having a share capital. The companies clear objectives are stated throughout but in a sentence are: To provide a barber service to customers, whilst maintaining high customer service standards and a quality health and safety implementation. 1. Legal Structure I have chosen to set up a private limited company, a private limited company is a company whose shareholders are offered limited liability. However, ownership restrictions are strictly in place to avoid the hostile takeover attempt by any association or bylaws. The restrictions include the sale or transfer of a shareholder's share must be first offered to the other shareholders the shareholders cannot sell their shares on the stock exchange to the public, a fixed number of individuals are considered to be shareholders. Reasons for using a private limited company structure There are many advantages to having a private limited company, these include: * A Private Limited Company is a legal entity;...
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...RESEARCH PAPER On TRADE FINANCE IN SOUTH ASIA A Comparative study on Mercantile Bank Limited, BANGLADESH By Md Helal Uddin M. Com (Marketing) 1st Class 1st, MBA (Finance & Accounting), First Assistant Vice President, Mercantile Bank Limited, Address: 61 Dilkusha C/A, Dhaka-1000, Bangladesh, Phone: +88029559333 Ext 119 Mobile: +8801 713199820 Fax: +9554410, Email: ranambl@yahoo.com Electronic copy available at: http://ssrn.com/abstract=1010549 August 21, 2007 To The School of Banking & Finance and the Asia Pacific Financial Research Centre at the University of New South Wales Dear Sir or Madam: Subject: TRADE FINANCE IN SOUTH ASIA A Comparative study on Mercantile Bank Limited, BANGLADESH With due respect, I am submitting here with my Research paper on the abovementioned title for the 20 th Australasian Finance & Banking Conference in Sydney on the 12 th , 13 th & 14 th December, 2007. It was a great pleasure to me to work with the topic since I am also serving in Bank. I have tried my best to make the report comprehensive and acceptable. Please, do call me for any clarification regarding the report, if required. Thanking you. Sincerely yours. Md. Helal Uddin Electronic copy available at: http://ssrn.com/abstract=1010549 INTRODUCTION The Trade Finance is science that describes the management of money, banking, credit, investments and assets for international trade transactions. Companies involved with trade finance include...
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...[pic] Incident Response Plan Template for Breach of Personal Information Notice to Readers Acknowledgments Introduction Incident Response Plan Incident Response Team Incident Response Team Members Incident Response Team Roles and Responsibilities Incident Response Team Notification Types of Incidents Breach of Personal Information – Overview Definitions of a Security Breach Requirements Data Owner Responsibilities Location Manager Responsibilities When Notification Is Required Incident Response – Breach of Personal Information Information Technology Operations Center Chief Information Security Officer Customer Database Owners Online Sales Department Credit Payment Systems Legal Human Resources Network Architecture Public Relations Location Manager Appendix A MasterCard Specific Steps Visa U.S.A. Specific Steps Discover Card Specific Steps American Express Specific Steps Appendix B California Civil Code 1798.82 (Senate Bill 1386) Health Insurance Portability and Accountability Act of 1996 (HIPAA) Gramm-Leach-Bliley Act (GLBA) Appendix C Escalation Members (VP Level of Management) Auxiliary Members (as needed) External Contacts (as needed) Notification Order Escalation Member Notification List Notice to Readers Incident Response Plan – Template for Breach of Personal Information does not represent an official position of the American Institute...
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...Board of Director *Job description A board of directors legally represents the interests of a corporation's stakeholders. Those stakeholders include stockholders of a publicly held corporation, donors to a nonprofit corporation and/or the communities served by either. As their representatives, the board members have the responsibility of establishing, guiding and assessing the overall direction of the corporation. * Job Specification a job specification is a written statement of educational qualifications, specific qualities, level of experience, physical, emotional, technical and communication skills required to perform a job, responsibilities involved in a job and other unusual sensory demands. It also includes general health, mental health, intelligence, aptitude, memory, judgment, leadership skills, emotional ability, adaptability, flexibility, values and ethics, manners and creativity, etc. Purpose of Job Specification Described on the basis of job description, job specification helps candidates analyze whether are eligible to apply for a particular job vacancy or not. It helps recruiting team of an organization understand what level of qualifications, qualities and set of characteristics should be present in a candidate to make him or her eligible for the job opening. Job Specification gives detailed information about any job including job responsibilities, desired technical and physical skills, conversational ability and much more. It helps in selecting...
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...Chapter: 622 Companies Ordinance Long title Gazette Number Version Date L.N. 163 of 2013 03/03/2014 An Ordinance to reform and modernize Hong Kong company law, to restate part of the enactments relating to companies, to make other provision relating to companies, and to provide for incidental and connected matters. [Parts 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 17, 18, 19 and 21 Part 2, except— section 27(3), (4), (5) and (6) in so far as it relates to a director or reserve director sections 47, 49, 50, 51 and 52 and Subdivision 2 of Division 7 Part 12, except— section 643(1)(a)(ii), (2)(b) and (3)(b) in so far as it relates to a correspondence address sections 643(5), 644, 645(5), 647(4) and (5), 651 and 657(2)(g) Part 16, except sections 791(4) and 802(4) and (5) Part 20, except section 908 Schedules 1, 3, 4, 5, 7, 9 and 10 Schedule 2, except section 3(1)(a)(iii) and (2) Schedule 6, except sections 3 and 4 Schedule 11, except section 115 (Enacting provision omitted—E.R. 1 of 2013) (Originally 28 of 2012) Part: 1 Preliminary L.N. 163 of 2013 03/03/2014 } } } } } } } } } } } 3 March 2014 L.N. 163 of 2013] } } (*Format changes—E.R. 1 of 2013) ____________________________________________________________________________ Note: * The format of Part 1 has been updated to the current legislative styles. Part: Division: 1 1 Short Title and Commencement L.N. 163 of 2013 03/03/2014 Section: (1) (2) 1 Short title and commencement L.N. 163...
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