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The Philippines corporate debt and equity markets will need to grow to provide alternative financing sources to support the strongly growing economy and emphasis on infrastructure spend. Capital markets deepening will be an essential pre-requisite for the country’s continued economic development. Well-functioning capital markets ensure the optimal allocation and pricing of capital. This enables retail and wholesale pools of capital to be efficiently deployed in a manner that maximizes returns for such owners of capital against their risk profile. Furthermore, there are a number of technical and operational issues that can be addressed, that can significantly improve the enabling environment for and functioning of the capital markets. The result of these factors has been a lack of focus in policy development and implementation that has hampered capital market development. Key issues include: a lack of commitment to reform from key stakeholders that has impeded the development of markets and market infrastructure; an onerous tax environment that has deterred issuance and investment; a continuing need to improve investor confidence by strengthening the quality of supervision and enforcement for market intermediaries and market operators; cumbersome regulatory requirements and processes around issuance, particularly debt issuance; and outdated and inefficient trading and post-trading infrastructure, and governance concerns regarding market operators. In order to effect meaningful change, a capital markets champion is required. This champion should be cognizant of the relevance of capital markets to the country and possess the will and vision to drive legislative, regulatory, and tax reforms. In addition, a commitment to initiate a change in the ownership and governance of key exchanges and enforce policy against entrenched interests will provide considerable impetus for development.

Collective investment scheme from the position of corporate governance Abstract The purpose of the dissertation thesis is to research the possibilities of application of corporate governance mechanisms in the area of collective investment scheme. In particular, the author surveys what corporate governance mechanisms are available for shareholders of ordinary corporations, what mechanisms are available for fund investors, what are the common overlaps of these mechanisms, and vice versa, where differences can be seen. These topics are analysed above all from the point of view of American law and European law. The thesis understands corporate governance mechanisms as the devices, institutions, and mechanisms by which shareholders assure themselves of not losing their investments. In principle, shareholders have three types of corporate governance mechanisms at their disposal, namely, regulatory, self-regulatory and market mechanisms. Regulatory mechanisms are instruments developed by legislator. Information duties, shareholder voting, board monitoring of management, fiduciary duties, remuneration schemes and debt instruments are analyzed in the area of regulatory mechanisms. Self-regulatory mechanisms are mechanisms created and enforced by market players. Corporate governance codes are particularly the most...

Depositary in collective investment scheme Abstract This master thesis deals with collective investment scheme with the main focus on role and duties of depositary. The basic concepts of financial market and collective investment are briefly presented. Furthermore, the historical development of collective investment in the world and the Czech Republic is outlined. The master thesis analyzes and classifies types of mutual funds in terms of both European and national legislation. Furthemore the scheme of collective investment, its elements and relations between them are described. The master thesis itroduce legal entities that may be appointed as depositaries, more closely analyzes depositary's duties, conditions for the delegation of the depositary's duties to a third party and depositary's liability. Another entities providing protection of investors are presented.

This article presents the investment scheme known as a private equity fund, the special characteristics that they have compared to general investment funds and also restrictions and practices regarding them that can be tolerated or not depending on the legislation. New terms associated with investment are introduced at a steady rate and some of them can be tricky because they have a specific meaning in a specific region and the purpose of the article is to clarify them. There is also a model presented to evaluate these investments, which is similar to the ones used for investment funds, but has specific elements associated with private equity funds.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 This paper seeks to analyze the appeal caused by Open-end Collective Investment institutions (SICAV for their acronym in french: société d’investissement à capital variable), in our country. And the purpose of this consists of demystifying the ideas that has society on the opacity of these institutions. It will make reference to the social and fiscal pressure which have been subjected, and through a summary in the history of these societies, it will show the way which were favoured, even to non-observance of legal requirements, initially benefiting the large Spanish fortunes until the year 2010 where the Government regulated the tax treatment of these institutions. Through an analysis of economic and financial statements, it is not observed that in 2011 exists a decrease in the value of the company's assets, the number of SICAVS and the number of shares, so we can conclude that the great attraction that has appealed investors to this kind of companies, was the result of an instrument that provides better financial benefits than other CIS.

This article examines the new UK regulation – as amended after the transposition of the Alternative Investment Fund Managers Directive (AIFMD) – on the marketing of units or shares of domestic and foreign hedge funds. Its purpose is to assess whether the UK legislature and regulator have found a business-friendly way to transpose the AIFMD which is able to maintain the typical attractiveness of the hedge funds domestic market.

The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financial consumer protection is a necessary precursor to building trust in the formal financial sector and thus in encouraging financial inclusion. Further, consumer protection helps ensure that expanded access benefits consumers and the economy as a whole. While increased access can result in significant economic and societal benefits, it can be neutral or even harmful if consumers: (i) cannot exercise their rights as consumers, (ii) cannot select the financial products that suit them best; and (iii) are not protected from mis-selling, fraud, and other market abuses. The main objective of a CPFL Review is to assess the legal, regulatory, and institutional frameworks for financial consumer protection in a country, with reference to the good practices. The following areas are addressed: (i) institutional arrangements, (ii) the legal and regulatory framework, (iii) transparency and disclosure, (iv) business practices, (v) complaints handling and dispute resolution mechanisms and (vi) financial literacy/capability. All parts of a financial sector can be considered, including banking, non-bank credit institutions, insurance, securities, private pensions, and credit reporting.

The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financial consumer protection is a necessary precursor to building trust in the formal financial sector and thus in encouraging financial inclusion. Further, consumer protection helps ensure that expanded access benefits consumers and the economy as a whole. While increased access can result in significant economic and societal benefits, it can be neutral or even harmful if consumers: (i) cannot exercise their rights as consumers, (ii) cannot select the financial products that suit them best; and (iii) are not protected from mis-selling, fraud, and other market abuses. The main objective of a CPFL Review is to assess the legal, regulatory, and institutional frameworks for financial consumer protection in a country, with reference to the good practices. The following areas are addressed: (i) institutional arrangements, (ii) the legal and regulatory framework, (iii) transparency and disclosure, (iv) business practices, (v) complaints handling and dispute resolution mechanisms and (vi) financial literacy/capability. All parts of a financial sector can be considered, including banking, non-bank credit institutions, insurance, securities, private pensions, and credit reporting.

This diploma thesis deals with collective investment schemes, with the main focus on investment fund managers and administrators. Collective investment scheme is a form of indirect investment on the capital markets. It is an arrangement that enables a number of investors to pool their assets and have these professionally managed by an independent manager. It is a specific form of business which is based on raising finance from public or number of investors and then investing it with a goal of making profit. Investment is spread across a wide range of financial instruments which creates diversified portfolio. The First chapter serves as introduction to the basic principles of collective investment schemes, to its legal framework and legal entities that operate within this framework. Purpose of the second chapter is to give comprehensive overview of the managers of investment funds. It deals with cross-border management of investment funds, both within and outside of EU, operating conditions for AIFMs, capital and organisational requirements. The chapter concludes with explaining obligations for AIFMs managing AIFs which acquire control of companies and issuers. The third chapter focuses on administrators of investment funds it begins with analysing the concept of separation of fund management and...

The peculiarities and development trends of collective investment scheme in Ukraine are analyzed, the measures for investment fund efficiency improving are proposed, Досліджено особливості функціонування і тенденції розвитку інститутів спільного інвестування в Україні, рекомендовано заходи щодо підвищення ефективності їхньої діяльності

This is an initial report of the International Organization of Securities Commissions (IOSCO) assessment performed in 2010 as part of the financial sector assessment program (FSAP) of China. The assessment was prepared on the basis of a self-assessment prepared by the China Securities Regulatory Commission (CSRC), public information contained on the CSRC website and the websites of other entities in China, and a review of relevant Chinese laws and regulations. The timely completion of this assessment was greatly facilitated by the cooperation provided by numerous members of the staff of the CSRC. The CSRC has broad regulatory authority over the stock and futures exchanges, the China Securities Depository and Clearing Corporation Limited (SD and C) and other clearing and settlement institutions, securities companies, futures companies, and collective investment scheme (CIS) operators. This paper is divided into two parts. The first part gives summary, key findings, and recommendations. It is further divided into following six parts: (i) introduction; (ii) information and methodology used for assessment; (iii) institutional and market structure- overview; (iv) preconditions for effective securities regulation; (v) key findings; and (vi) recommended action plan and authorities' response. The second part gives tabular detailed assessment.

The responsibilities of the regulator should be clearly and objectively stated. The regulator should be operationally independent and accountable in the exercise of its functions and powers. The regulator should have adequate powers, proper resources and the capacity to perform its functions and exercise its powers. The regulator should adopt clear and consistent regulatory processes. The staff of the regulator should observe the highest professional standards including appropriate standards of confidentiality. The regulatory regime should make appropriate use of Self-Regulatory Organizations (SROs) that exercise some direct oversight responsibility for their respective areas of competence, and to the extent appropriate to the size and complexity of the markets. SROs should be subject to the oversight of the regulator and should observe standards of fairness and confidentiality when exercising powers and delegated responsibilities. The regulator should have comprehensive inspection, investigation and surveillance powers. The regulator should have comprehensive enforcement powers. The regulatory system should ensure an effective and credible use of inspection, investigation, surveillance and enforcement powers and implementation of an effective compliance program. The regulator should have authority to share both public and non-public information with domestic and foreign counterparts. Regulators should establish information sharing mechanisms that set out when and how they will share both public and non-public information with their domestic and foreign counterparts. The regulatory system should allow for assistance to be provided to foreign regulators who need to make inquiries in the discharge of their functions and exercise of their powers.