Amy Ward Pershkow and Adam D. Kanter
To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of…
Abstract
Purpose
To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of fund assets to pay for the manager’s operating expenses.
Design/methodology/approach
Explains the major takeaways from the settled case, and places them in the context of prior administrative proceedings and public statements from SEC staff.
Findings
This case is the latest example of the SEC taking action against a private fund manager related to the improper deduction or allocation of expenses, and related disclosure lapses, and further cases are expected in the future.
Practical implications
Private fund managers should examine their practices involving the reimbursement and allocation of expenses and related disclosures to fund investors.
Originality/value
Practical guidance and explanation from experienced securities regulatory lawyers.
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Stephanie M. Monaco, Amy Ward Pershkow, Leslie S. Cruz, Peter M. McCamman, Andrew D. Getsinger and Adam Kanter
To explain a guidance update issued in February 2017 by the staff of the Division of Investment Management (Staff) at the US Securities and Exchange Commission (SEC) on how…
Abstract
Purpose
To explain a guidance update issued in February 2017 by the staff of the Division of Investment Management (Staff) at the US Securities and Exchange Commission (SEC) on how robo-advisers may meet their disclosure, suitability and compliance obligations under the Investment Advisers Act of 1940 (Advisers Act).
Design/methodology/approach
Examines the update’s guidance on three areas – the substance and presentation of disclosures, the provision of suitable investment advice, and the adoption and implementation of effective compliance programs – and then raises practical considerations for robo-advisers.
Findings
The update reflects the Staff’s increasing concern about the potential risks of the robo-adviser platform and provides a listing of key issues that the SEC’s Office of Compliance Inspections and Examinations (OCIE) – which recently added “electronic investment advice” as a new focus for its 2017 examinations – may zero in on when examining robo-advisory firms.
Practical implications
Robo-advisers should carefully review the Staff’s update to evaluate whether their firms’ operations address the guidance.
Originality/value
Practical advice from experienced securities regulatory lawyers.
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The author argues that we must stop and take a look at what our insistence on human labour as the basis of our society is doing to us, and begin to search for possible…
Abstract
The author argues that we must stop and take a look at what our insistence on human labour as the basis of our society is doing to us, and begin to search for possible alternatives. We need the vision and the courage to aim for the highest level of technology attainable for the widest possible use in both industry and services. We need financial arrangements that will encourage people to invent themselves out of work. Our goal, the article argues, must be the reduction of human labour to the greatest extent possible, to free people for more enjoyable, creative, human activities.
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Norman S. Wright and David Kirkwood Hart
This paper asks the question, “What is the appropriate management value system for commerce in the increasingly complex global marketplace?” We argue that the current management…
Abstract
This paper asks the question, “What is the appropriate management value system for commerce in the increasingly complex global marketplace?” We argue that the current management orthodoxy is deficient in dealing with the challenges brought about by the growing number and increased cultural diversity of economic transactions in this new environment. As the justification for the current system is so frequently based on Adam Smith’s writing in An Inquiry into the Nature and Causes of the Wealth of Nations, we compare the current ideology of organizational life with that proposed in his The Theory of Moral Sentiments. In so doing, we argue that a form of international commerce based on Smith’s concept of “sympathy”, the innate need for each individual to care for others, is better suited to building the conditions necessary for human flourishing than is the existing value base. We propose an important initial step toward achieving a more sympathetic capitalism, the “No‐Harm Proviso”, and briefly speculate on its implementation.
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This chapter provides an exciting opportunity to advance our knowledge of equality and diversity of students in higher education (HE). My main reason for choosing this topic is…
Abstract
Purpose
This chapter provides an exciting opportunity to advance our knowledge of equality and diversity of students in higher education (HE). My main reason for choosing this topic is personal interest.
Design
Critical race theory (CRT) and the social identity theory were used as analytical tools in understanding equality and diversity of students in higher education.
Findings
Managing equality and diversity of students in higher education can be done through the tournament conception, trial conception, leveling conception, remedy conception, and job-interview conception. The primary intrinsic limit to equality of opportunity of students in higher education institutions (HEIs) is the persistence of irreducible differences between families in their economic, social, and cultural resources. Policy can partly compensate for economic differences but can scarcely eliminate the potency of the family in cultural capital and social networks. Students from advantaged social groups enjoy more access to elite universities through the influence of policies. Disadvantaged students from social groups are excluded from accessing top HEIs. Students in elite universities enjoy more advanced educational opportunities than those in nonelite universities, and they are more advantaged to be placed in the job market.
Research Limitations
Student pedagogic (content knowledge) and formative (evaluation) opportunities in HEIs may not be achieved when equality and diversity is dissociated from its academic content and reduced to access for the sake of access. Universities are expected to develop a repertoire of lecturing methods to enable students to learn (Gudmundsdottir, 1990, p. 47). Students constrained by financial considerations, or not given a choice, are not in a position to achieve equality and diversity in their choices of the benefits offered by HEIs as the constrains may limit them from having the necessary resources. Differences between the students’ contexts of learning may also place limit to their performance ability because of the differentiated contextual background. Recruit of students to universities should include students from diverse contextual backgrounds. In addition, universities ought to integrate diversity management with their admission policies and other strategic choices. The chapter focuses only on equality and diversity for students in HEIs. Again, it is limited by relying on the researcher’s experiences and literature review only. In addition, interviews with students and staff at universities were not done because literature reviewed gave more information from researches based on findings of other scholars.
Originality
Higher education institutions (HEIs) should engage students and listen to their needs for equality and diversity to be realized. Debate continues about the best strategies for the management of discrimination that comes in many forms depending on the perceptions of the individuals affected.
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It is a point of continuing debate whether the study of public administration can in any circumstances be graced by a disciplinary label. Rhodes (1996), for example, has argued…
Abstract
It is a point of continuing debate whether the study of public administration can in any circumstances be graced by a disciplinary label. Rhodes (1996), for example, has argued that the study of British public administration was traditionally insular, dominated for a long period by an institutionalist tradition characterized by an interest in administrative engineering, but a distaste for theory. As Rhodes also observes, this position emphasized, albeit in a traditional sense, the political and ethical context of administration public administration existed within a wider framework of accountability relationships and political and moral responsibilities. We might add to this the way government and public administration was seen as linked within a framework of administrative law, which, while not formalized in the sense of continental Europe, was important.
Although many employers continue to adopt various forms of worker participation or employee involvement, expected positive gains often fail to materialize. One explanation for the…
Abstract
Although many employers continue to adopt various forms of worker participation or employee involvement, expected positive gains often fail to materialize. One explanation for the weak or altogether missing performance effects is that researchers rely on frameworks that focus almost exclusively on contingencies related to the workers themselves or to the set of tasks subject to participatory processes. This study is premised on the notion that a broader examination of the employment relationship within which a worker participation program is embedded reveals a wider array of factors impinging upon its success. I integrate labor relations theory into existing insights from the strategic human resource management literature to advance an alternative framework that additionally accounts for structures and processes above the workplace level – namely, the (potentially implicit) contract linking employees to the organization and the business strategies enacted by the latter. The resulting propositions suggest that the performance-enhancing impact of worker participation hinges on the presence of participatory or participation-supporting structures at all three levels of the employment relationship. I conclude with implications for participation research.
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Many small businesses don't have the time or money to think about crisis communications, but latterly, events in Ambridge and surrounding areas have shown that even the smallest…
Abstract
Many small businesses don't have the time or money to think about crisis communications, but latterly, events in Ambridge and surrounding areas have shown that even the smallest family enterprise can become headline news. This chapter illustrates how to inexpensively plan for the unforeseeable, how to project calm in the face of an agricultural storm and how to clear up the mess (toxic or otherwise) afterwards. The presentation studies known business-based issues in Ambridge such as the Low Mead incident and touches on individual communications calamities like Brian Aldridge's enforced retirement. It will also cover potential reputation management issues, for instance, the heir to a local hotel empire is arrested for dealing Class B narcotics. The session will provide valuable insight to anyone with an interest in the news, local or national. In conclusion, with a small amount of planning, the business people of Ambridge can ensure that it doesn't have to be a literal case of closing the stable door after the horse has bolted.