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To explain the current status of the SEC’s year-old Municipalities Continuing Disclosure Cooperation (MCDC) initiative, which encourages municipal securities issuers, borrowers, and underwriters to self-report possible securities law violations related to inaccurate representations in offering documents concerning an issuer’s prior continuing disclosure compliance.

Discusses the purpose of the MCDC, recent remarks by the chief of the SEC’s Municipal Securities and Public Pensions Unit, the SEC’s first cease-and-desist order, and the independent consultant compliance review required by MCDC settlement terms. Recommends how an MCDC self-reporter should respond to a call from the SEC.

Thus far, the SEC has provided little detail regarding the MCDC enforcement process. Members of the SEC enforcement staff have said that underwriter MCDC cease-and-desist orders will be announced in the “coming months” and that issuers will not be named in these enforcement actions.

Practical guidance from experienced financial services lawyers.

To explain the first enforcement action the USA Securities and Exchange Commission (SEC) has brought under “pay to play” rules for investment advisers since those rules were adopted nearly four years ago.

First, the article provides a summary of the SEC enforcement action against TL Ventures Inc., a Philadelphia-area private equity firm. Next, the article provides a historical context and some key provisions of the rules. Finally, the article provides political contribution policy and procedure recommendations.

Political corruption in the municipal market has been a focus of the SEC for several years and is likely to continue to be a top priority. Investment advisers should ensure they have sufficient policies and procedures in place to avoid a two-year ban on business with a state or local government as the result of a political contribution.

The article provides the facts underlying the SEC’s enforcement action, the historical context of municipal market pay-to-play rules, a summary of the pay-to-play prohibitions, and recommendations for avoiding rule violations. The article would be of interest to investment advisers, public pension plans, municipal securities underwriters, brokers, and dealers as well as state and local governments.

The purpose of this paper is two-fold: to analyze the legal issues on disgorgement and disgorgement funds in Indonesia, the USA and the UK and to construct the ideal law regarding disgorgement and disgorgement fund.

The type of legal research in this paper is normative legal research. The research approach used is a comparative approach and a legal approach. The legal materials used are all regulations on the disgorgement law and the disgorgement fund that apply in Indonesia, the USA and the UK. The technique of collecting legal materials is done by using library research techniques.

The rapid growth of the capital market in Indonesia still faces various legal issues such as various market manipulations, insider trading and illegal investment management activities. Based on the results of a comparative study, Indonesia does not yet have a calculation mechanism regarding the imposition of disgorgement on violators. Unlike Indonesia, the USA has the rules of practice and rules on fair funds and exchange commissions, and the UK has the decision procedure and penalties manual, which regulates the mechanism for calculating the imposition of disgorgement. Indonesia is solely able to use administrative action in imposing disgorgement, while in the USA and the UK, it can be through courts or direct administrative actions. These legal issues have resulted due to the lack of confidence by international investors and the growth of the investment climate in Indonesia itself.

This study examines the regulation of disgorgement and disgorgement funds in Indonesia, the USA and the UK. However, the focus of research in this paper is limited to legal issues that occurred in Indonesia.

The results of this study may help to construct the ideal regulations on disgorgement and disgorgement funds in various countries and protect the capital market of the investors.

The results of this study are expected to be helpful for the investment climate in various countries, especially developing countries.

The ideal legal construction regarding disgorgement, namely, parties to the mechanism for imposing disgorgement; disgorgement filing mechanism; sanctions in disgorgement; disgorgement fund sources; provider of fundholding accounts; mechanism for calculating disgorgement imposition; disgorgement fund distribution mechanism.

Architecture influences people and the environment from the past, present and the future. Nevertheless architecture and design quality is viewed as subjective, and benchmarks to achieve consensus are necessary for design or evaluation of buildings. This paper establishes architectural design criteria for design quality of multi-storey housing buildings. A set of the criteria was established with literature review, an operational definition and survey on qualified persons or architects in the professional practice of architecture. The literature reviews identified seven concepts for architecture and design quality, and the operational definition translated this architectural design quality to measurable and observable cases and variables. The survey collected these variable data from a purposive sample of 95 respondents, and these data were examined by statistical analysis. The results of the descriptive statistics, inferential t-tests (p ≤ 0.05) and positive hypothesis testing verified that respondents in general agreed to these seven design concepts as architectural design criteria for design quality. These results established the first ever set of seven architectural design criteria which were ranked in descending order of significance as function, socio-culture, site context, cost, aesthetic of art, sustainability, and Feng Shui. These architectural design criteria can be applied to the design or evaluation of multi-storey housing buildings for the good of people and the environment.

An empirical investigation examining the environmental uncertainty regarding inventory ordering which confronts a retailer in dealing with its suppliers is described. Of particular interest is how this uncertainty impacts on retailers' behavioural relationships with their suppliers. The findings indicate that increased levels of environmental uncertainty regarding inventory ordering result in higher levels of retailer‐supplier conflict. Suppliers that can offer retailers better customer service in order to reduce environmental uncertainty can improve their relations with retailers and thus develop a more efficient distribution system.

The global outbreak of the COVID-19 forced most sport leagues to cancel games in March–April 2020, leaving no sport games to watch for sport fans. The present study examined how sport consumers appraise stress and engage in coping behaviors resulted from sport lockout due to the global pandemic.

This study examined the relationship between sport fans’ psychological dispositions, threat appraisal and coping strategies among professional sport fans in the USA. A panel of sport fans (N = 446) representative of the US adult population participated in an online survey in the fourth week of April, 2020 when no major sport leagues made a return from the lockout due to the COVID-19 outbreak.

Results of this present study showed that anger, aggressiveness and need for affiliation increased threat perceptions toward the COVID-19 lockout, which subsequently had significant effect on emotion-focused and disengagement coping behaviors.

This is the first empirical study that examined stress and coping behavior among sport fans in the global public health crisis context. Our findings show what triggers stress appraisals and how fans cope with them.

Findings suggest that segmenting sport fans based on psychological dispositions could be useful in predicting fans that will engage in coping behaviors.

While the hope is to return to normal postpandemic, COVID-19 might not be the last. We are uncertain whether there might be another potential pandemic-related sport lockdown. Understanding how lack of sport events can create distress in sport fans and have important public health implications.

The findings provide empirical evidence on how sport consumers respond to the pandemic-related sport lockdown and cope with the unprecedented situation. The findings of this study contribute to the sport management literature as we are unsure whether the sport industry might face this challenging situation in the future again.

On the other hand the people of Canada have lived essentially on the same type of diet as that employed in the northern United States. It includes all the products of field and garden with which we are familiar, together with meats in liberal amounts and dairy products in moderate quantities. The latter is the kind of diet which supports the civilization of England, and also the most progressive European countries as well as that of the northern United States and all other parts of the world which have been peopled by colonization from European stock, wherever the climate will permit.

The purpose of this paper is to discuss recent developments in neuroscientific methods and demonstrate its potential for the service field. This work is a call to action for more service researchers to adopt promising and increasingly accessible neuro-tools that allow the service field to benefit from neuroscience theories and insights.

The paper synthesizes key literature from a variety of domains (e.g. neuroscience, consumer neuroscience and organizational neuroscience) to provide an in-depth background to start applying neuro-tools. Specifically, this paper outlines the most important neuro-tools today and discusses their theoretical and empirical value.

To date, the use of neuro-tools in the service field is limited. This is surprising given the great potential they hold to advance service research. To stimulate the use of neuro-tools in the service area, the authors provide a roadmap to enable neuroscientific service studies and conclude with a discussion on promising areas (e.g. service experience and servicescape) ripe for neuroscientific input.

The paper offers service researchers a starting point to understand the potential benefits of adopting the neuroscientific method and shows their complementarity with traditional service research methods like surveys, experiments and qualitative research. In addition, this paper may also help reviewers and editors to better assess the quality of neuro-studies in service.

Organic certification system became important means to restore consumer confidence in China. The purpose of this paper is to focus on consumer trust in organic milk of different brands and its influencing factors.

The data were collected from 876 randomly selected consumers in Shandong Province, China. And an ordered logistic model was established to analyze influencing factors of consumer trust.

Chinese consumers generally lack trust in organic milk. Consumer trust for different brands of organic milk was different, and was not high in general. Various factors, namely, age, education years, food safety awareness, evaluation of government regulation policy, evaluation of organic milk price, and purchase convenience, have a significant impact on consumer trust. Factors, such as income, environmental protection consciousness, and risk consciousness, are not significant.

This research is of academic value and of value to policy makers and suppliers. Government should promote institutional arrangement and strengthening supervision in production, certification, and circulation of organic products. Organic suppliers should implement reliable marketing strategy, such as correct pricing, and build a more extensive and convenient distribution network.