Journal of Investment Compliance最新文献

{"title":"Strategies for addressing investor liquidity concerns and funding capital needs in real estate funds","authors":"James L. Broderick, M. Giles","doi":"10.1108/joic-10-2020-0034","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0034","url":null,"abstract":"\u0000Purpose\u0000To discuss issues that real estate fund sponsors may encounter due to investor liquidity constraints amidst the COVID-19 pandemic (such as investors seeking redemptions or transfers) and to provide guidance on potential ways that fund sponsors can prepare for, and respond to, such inquiries while at the same time addressing their fund’s liquidity needs (such as by utilizing subscription-secured credit facilities).\u0000\u0000\u0000Design/methodology/approach\u0000The article identifies the types of requests that investors may make to address their internal liquidity constraints, discusses contractual, legal, regulatory and business issues that fund sponsors should consider in responding to such requests and provides some alternatives for fund sponsors to consider allowing them to be responsive to investor liquidity concerns while also addressing fund capital needs.\u0000\u0000\u0000Findings\u0000The article finds that there are specific actions which fund sponsors should take in anticipating, and responding to, investor liquidity requests, such as reviewing partnership documents and credit facility documents and considering consequences in respect of ERISA, tax and compliance with applicable securities laws. The article also finds that specific affirmative actions by fund sponsors, such as increased borrowings under credit facilities, making distributions that are recallable and favoring transfers over withdrawals or redemptions may assist fund sponsors in preserving capital while addressing investor liquidity requests.\u0000\u0000\u0000Practical implications\u0000Fund sponsors should carefully review their fund documentation and determine their options and requirements as they pertain to potential liquidity requests. Fund sponsors should be careful to avoid foot-faults under their fund documents and credit facility agreements.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced fund formation, securities law, tax, ERISA and finance lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127260207","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}

{"title":"A bibliometric review on COVID-19 and accounting research","authors":"A. Sarea","doi":"10.1108/joic-10-2020-0036","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0036","url":null,"abstract":"\u0000Purpose\u0000This paper is to review COVID-19 and Accounting research published during the pandemic up to July 2020.\u0000\u0000\u0000Design/methodology/approach\u0000The study adopted bibliometric anlaysis and used the Scopus database to collect the data during the COVID-19 pandemic research published in the area of COVID-19 and accounting research.\u0000\u0000\u0000Findings\u0000This paper has acknowledged the most relevant and scientific contributors in terms documents, institutions, sources and countries.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s knowledge, this study is the first study to review COVID-19 and Accounting research agenda during the pandemic.\u0000\u0000\u0000Research limitations\u0000This study used only articles published in journals indexed in Scopus database.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126525914","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}

{"title":"International cooperation to combat money laundering in the capital market: Indonesia and Australia experience","authors":"Sutarno Bintoro, S. Sjamsuddin, R. Pratiwi, Hermawan","doi":"10.1108/joic-10-2020-0043","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0043","url":null,"abstract":"\u0000Purpose\u0000To introduce new initiatives in combating money laundering and related corruption in the capital market sector through international cooperation between Indonesia and Australia.\u0000\u0000\u0000Design/methodology/approach\u0000This study used qualitative research methods. Data were obtained through observation, interviews and secondary data analysis. Primary and secondary data were then analyzed with an interactive model.\u0000\u0000\u0000Findings\u0000The Indonesian capital market is at high risk of being used as a means of laundering corrupt money. Our analysis found a major obstacle when investigators and prosecutors have handled money laundering cases conducted in the capital market because they have not had enough knowledge related to the capital market and its business processes.\u0000\u0000\u0000Originality/value\u0000This article is expected to add to the literature on handling money laundering from corruption carried out in the capital market. It describes best-practice efforts undertaken by Indonesia and Australia.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115273705","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}

{"title":"China’s asset management industry: mapping the global landscape","authors":"J. Yao, Shaji Ravendran, Haiyang Zhang","doi":"10.1108/joic-07-2020-0010","DOIUrl":"https://doi.org/10.1108/joic-07-2020-0010","url":null,"abstract":"\u0000Purpose\u0000The purpose of this article is to describe the globalization process of China’s asset management industry.\u0000\u0000\u0000Design/methodology/approach\u0000This article looks at the globalization of China’s asset management industry from a bilateral perspective. On one hand, it analyzes new measures promulgated in China to expand the opening up of capital markets and attract foreign asset management institutions. On the other hand, it gives an introduction on some advisable choices for Chinese asset management companies to invest overseas.\u0000\u0000\u0000Findings\u0000With the promulgation of the Shanghai Guidebook for Overseas Asset Management Institutions among other measures that further liberate China’s financial market, 2020 marks an important era for foreign asset managers. Besides, this article suggests that Luxembourg, Ireland and the UK are ideal European destinations for Chinese asset management companies to invest in.\u0000\u0000\u0000Practical implications\u0000This article aims to keep foreign asset managers updated of new rules regarding financial market liberalization in China and help them to expand business in Shanghai. This article also gives a brief introduction on the fund industry in Ireland, Luxembourg and the UK, to give those Chinese asset management companies which are considering overseas investment some inspiration.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced lawyers in the practice of foreign investment and capital markets.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127304460","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}

{"title":"What is new after Liu: unsettled questions surrounding SEC disgorgement","authors":"M. Koch, C. J. Lawrence, Aaron W. Lipson, R. Ryan, Richard H. Walker, Jessica Rapoport, Katie Barry","doi":"10.1108/joic-08-2020-0020","DOIUrl":"https://doi.org/10.1108/joic-08-2020-0020","url":null,"abstract":"\u0000Purpose\u0000To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.\u0000\u0000\u0000Design/methodology/approach\u0000This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.\u0000\u0000\u0000Findings\u0000The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.\u0000\u0000\u0000Originality/value\u0000Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116478380","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}

{"title":"Profit warning and its association with stock price informativeness: experimental analysis","authors":"Adel Almasarwah, Mohammad I. Almaharmeh, A. Omush, A. Sarea","doi":"10.1108/joic-10-2020-0032","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0032","url":null,"abstract":"\u0000Purpose\u0000This study investigates the nature of the association between profit warnings and stock price informativeness in the context of Jordan as an emerging country.\u0000\u0000\u0000Design/methodology/approach\u0000The authors used a large panel data set that related to stock price synchronicity and profit warnings percentages on the Amman Stock Exchange for the period spanning 2007–2018. Robust regression was used as a parametric test. This enabled us to obtain stronger results that fall in line with our prediction that a profit warning encourages firm investors to collect and process more firm-specific information than common market information.\u0000\u0000\u0000Findings\u0000Our findings show a significant positive effect of profit warnings on the amount of firm-specific information incorporated into stock price, which means that the greater the percentage of profit warnings the more likely that more firm-specific information will be incorporated in stock price synchronicity. In addition, corporate governance characteristics (moderating variables) significantly increase the level of the relationship between profit warnings and stock price synchronicity.\u0000\u0000\u0000Practical implications\u0000Our study results could be useful to investors, senior managers, and regulators in Jordanian firms, particularly in relation to decisions about enhancing the quality of financial statements. In addition, our results provide new evidence about the consequences of earnings announcements for information content and the informativeness of stock prices. Our methodology and evaluation of profit warnings may also demonstrate useful evidence for future researchers on profit warnings and stock price informativeness in developing economies, especially given that such evidence is scarce in developing economies.\u0000\u0000\u0000Originality/value\u0000This research is the first study of its kind on emerging markets, particularly in the Middle East. Moreover, entering the corporate governance variables as moderating variables to the robust regression was found to be more powerful than other regressions.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132027541","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}

{"title":"Using technology to support financial services regulatory compliance: current applications and future prospects of regtech","authors":"Åke Freij","doi":"10.1108/joic-10-2020-0033","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0033","url":null,"abstract":"\u0000Purpose\u0000The conflict between the burden from regulations and the desire to introduce new offerings to the market is a concern for both researchers and business managers alike. Over the last 10 years significant increases in resources required to comply with regulations have been observed. The use of technology solutions to manage complex regulations (a.k.a. “Regtech”) is emerging as a potential solution to the compliance demand. This paper poses the question, “Which support do current Regtech solutions offer?”.\u0000\u0000\u0000Design/methodology/approach\u0000This study analyzed a global set of 550 providers to understand what support Regtech solutions provide.\u0000\u0000\u0000Findings\u0000The analysis shows how regulatory compliance work is supported as well as specific examples of firms providing support and which regulations are covered. Results highlight that the main focus in the current Regtech industry is on supporting internal and operations tasks rather than external and analytical activities.\u0000\u0000\u0000Practical implications\u0000Recommendations to business managers are to combine regulatory support with a clear strategic vision, carefully plan integration scenarios, and to look for the support of broader regulatory management rather than individual functions or specific regulations.\u0000\u0000\u0000Social implications\u0000If RegTech providers, financial services firms, regulators, and researchers look towards a future where the balance of proactive regulatory management and efficient compliance is achieved, there are substantial benefits for customers of the industry. The result will be increased transparency and quality in all industries.\u0000\u0000\u0000Originality/value\u0000The result from this study is one of the first specific illustrations of the nature of “RegTech,” which can serve as a basis for further research into aspects of technology and capabilities.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"155 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115429232","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}

{"title":"Italian supreme court ruling on the criteria to apply corporate liability: an overview of the implications for foreign financial institutions operating in Italy","authors":"F. Falco, C. Arcidiacono","doi":"10.1108/joic-07-2020-0013","DOIUrl":"https://doi.org/10.1108/joic-07-2020-0013","url":null,"abstract":"\u0000Purpose\u0000To analyze the Italian Supreme Court decision (case no. 11626/2020) and its potential implications for foreign financial institutions operating in Italy.\u0000\u0000\u0000Design/methodology/approach\u0000This article provides firstly a brief description of Decree 231/2001 and of its application to financial institutions, then a description of the Italian Supreme Court decision and, lastly, a set of inputs to foreign financial institutions operating in Italy.\u0000\u0000\u0000Findings\u0000Following the decision under review, where the further conditions set out in the Decree 231/2001 are met, entities are liable under the same Decree when a relevant offense occurs in Italy – or there is Italian jurisdiction – regardless of their nationality, the localization of their registered office, the place where they predominantly carry out their business or whether there are rules governing the same matter in the State of origin.\u0000\u0000\u0000Practical implications\u0000Following the decision under review, foreign financial institutions operating in Italy should adopt and implement the control measures required by the Decree 231/2001 in order to avoid incurring the relevant sanctions.\u0000\u0000\u0000Originality/value\u0000This is an analysis of the potential practical implications for foreign financial institutions operating in Italy of a decision issued by the Italian Supreme Court that may also provide useful advice to mitigate the potential risks linked to it.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128491329","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}

{"title":"Comparison of regulatory regimes for closed-ended private investment funds: Cayman Islands and British Virgin Islands","authors":"K. Hodson, Alan S. Wong, Simon Schilder","doi":"10.1108/joic-10-2020-0038","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0038","url":null,"abstract":"\u0000Purpose\u0000To introduce, compare and contrast the new regulatory regimes for closed-ended funds recently enacted in the Cayman Islands and the British Virgin Islands (BVI).\u0000\u0000\u0000Design/methodology/approach\u0000Explores similarities and differences between the two regimes, as well as practical implications for fund managers, with respect to (1) the regulatory frameworks governing the funds; (2) the definitions of the types of funds covered by the regulations; (3) registration requirements and associated timing; (4) operating requirements, including responsibilities for portfolio management, valuation and safekeeping of fund property; the number of directors; audits; valuation procedures; safekeeping of fund assets; cash monitoring; identification of securities; offering documents, term sheets and marketing materials; and representation in the respective jurisdictions; and (5) additional requirements, including numbers and qualifications of investors.\u0000\u0000\u0000Findings\u0000The new legislation has been enacted in order to respond to certain European Union and other international recommendations and has the effect of aligning the regulatory regimes applicable to such funds structured in Cayman and BVI to the regulatory regimes applicable to such funds in other jurisdictions.\u0000\u0000\u0000Originality/Value\u0000Expert guidance from lawyers with extensive experience in fund management, fund structuring and Cayman Islands and British Virgin Islands laws and regulations.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116721116","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}

{"title":"Telegram: deconstructing one of the biggest blockchain cases of 2020","authors":"Robert A. Jr. Musiala, J. J. Harrington, Teresa Goody Guillén, Jonathan A. Forman, Adam D. Gale, V. Reynolds","doi":"10.1108/joic-10-2020-0035","DOIUrl":"https://doi.org/10.1108/joic-10-2020-0035","url":null,"abstract":"1 The Telegram case is arguably the most important case of 2020 involving the legal classification of blockchain-based digital assets. Because it is often cost-prohibitive for companies to challenge the government in court, the Telegram litigation offered a unique opportunity for the parties to present arguments on several complex legal issues. Given the lack of judicial precedent in this area, as well as the size and profile of the Telegram project, the Telegram case was closely watched by blockchain industry participants and represents a significant development for this emerging market. Here we provide an overview of the case, an analysis of the Court’s ruling, details on the final resolutions, and some key takeaways.","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134293722","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}