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To provide a summary and analysis of the Proposed Rulemaking published by the Financial Crimes Enforcement Network (FinCEN) on September 1, 2015, which proposes to subject investment advisers to certain requirements of the Bank Secrecy Act of 1970.

The article discusses the proposed expansion of Bank Secrecy Act regulations to include investment advisers, including the history behind the rulemaking, proposed definition of “investment adviser” under the Act, the comments received in response to the proposed rulemaking, and the potential implications of the rule, should it be finalized.

This article concludes that FinCEN, in cooperation with the Securities and Exchange Commission (SEC) and other agencies, is nearing completion of the proposed rule. Investment advisers that fall under the proposed definition of those subject to Bank Secrecy Act should prepare to implement anti-money laundering compliance programs.

This article contains valuable information about proposed regulations impacting investment advisers registered or required to be registered with the Securities and Exchange Commission.

The purpose of this paper is to summarize the significant responses of the staff of the SEC to 16 frequently asked questions (FAQs) which supplement prior guidance on Rule 15a‐6 under the Securities Exchange Act of 1934.

The paper lists Rule 15a‐6 activities, refers to prior guidance on the rule, and summarizes the following issues, among others, covered in the FAQs: transactions between a foreign broker‐dealer and a person temporarily in the USA, distribution by a foreign broker‐dealer of research reports to major US institutional investors, activities of foreign broker‐dealers taken with unaffiliated registered broker‐dealers, boundaries to the definition of “solicitation” by a foreign broker‐dealer of a US investor, and minimum net capital requirements for a registered broker‐dealer in a chaperoning arrangement with a foreign broker‐dealer.

This guidance does not break new ground and may be supplemented in the future. An amendment of Rule 15a‐6 is still necessary to address its fundamental limitations.

The paper provides practical explanation by experienced financial services lawyers.

Financial systemic risk is often assessed by the interconnectedness of financial institutes (FI) in terms of cross-ownership, overlapping investment portfolios, interbank credit exposures, etc. Less is known about the interconnectedness between FIs through the lens of consumer credits. Using detailed consumer credit data in Canada, this chapter constructs a novel banking network to measure FIs’ interconnectedness in the consumer credit markets. Results show that FIs on average are more connected to each other over the sample period, with the interconnectedness measure increases by 19% from 2013 Q4 to 2019 Q4. FIs with more diversified portfolios are more connected in the network. Among various types of FIs, secondary FIs have the notable increase in interconnectedness. Domestic Systemically Important Banks and secondary FIs offering a broad range of loan products are more connected to large FIs, while those specialized in single loan types are more connected to their industry peers. FI connectedness is also significantly related to their participation in the mortgage markets.

Research on social values has been shown to be beneficial in market segmentation. This article describes the List of Values (LOV), a methodology that may allow comparison and contrast of values. Details of the methodology and recent research using it are described, and data analysis strategies are discussed.

The role of patents for appropriating (capturing) value from innovation investments has for decades been of major interest to both practitioners and academics in innovation management. Many studies have implicitly assumed that firms appropriate value through in-house creation and marketing of innovative products and services, and that the main function of patents is to protect the exclusive sales in product and service markets. We challenge this assumption in light of the variety of business models, strategies and markets now being available, including different organizational and market forms of open innovation.

A conceptual framework and typology of open innovation markets is developed, and the role of patents for appropriation is investigated in these markets among 172 Swedish technology-based firms.

The results show that the importance of patents has a skewed distribution with some firms rating patents very important and with a fat tail of firms rating patents less important. Most importantly, the results indicate that patents are enabling exchange and technology trade in various types of open innovation markets rather than only supporting vertically integrated business models. Thus patents were found to help rather than hinder the use of open innovation markets.

The paper makes two main contributions. First a theoretical reinterpretation of open innovation with a conceptualization of open innovation markets for appropriation of innovation values. Second an empirical illustration of new roles of patents for appropriating innovation values in these markets. The paper in addition illustrates the use of a counterfactual approach to questionnaire surveys, as well as the complementarities between patents and other means of appropriation.

Saudi Vision 2030 is centred around innovation, entrepreneurship and women’s empowerment to foster economic growth and bring about social change. In this context, this study examines the impact of product innovation on the success of women entrepreneurs in Saudi Arabia, who constitute around 42% of the population and experience empowerment through recent reforms. Additionally, the study explores the moderating effect of risk-taking behaviour and the mediating role of perseverance.

Employing a quantitative design, this study collected data from 256 Saudi women entrepreneurs from five major cities using a snowball sampling technique. The data were gathered through a survey questionnaire and analysed in SmartPLS 4.

The results revealed that product innovation positively impacts both entrepreneurial perseverance and women’s entrepreneurial success. Furthermore, the moderating role of risk-taking behaviour and the mediating role of perseverance were found to be statistically significant in the relationship between product innovation and women’s entrepreneurial success.

The research findings help policymakers to focus on important factors that can harness women’s entrepreneurship. The Saudi government and society should offer increased financial, regulatory and moral support to women entrepreneurs to achieve the National Vision 2030.

This research provides empirical evidence on the crucial topic of women’s entrepreneurship in the context of Saudi Arabia, specifically from the perspective of product innovation, risk-taking behaviour and perseverance. The findings provide important practical, social and regulatory implications for various stakeholders.

Business excellence relies heavily upon sustainable innovation. Still, sustainable innovation is an emerging concept in business practices and has yet to reach a common perception among small- and medium-sized enterprises (SMEs). This study aims to address sustainable innovation in SMEs and the factors driving sustainable innovation development.

An exploratory study was conducted to gain insight into the emerging concept of sustainable innovation in the SMEs’ context. Empirical evidence was collected from five case studies. Twenty-five interviews were conducted.

This study findings show that SMEs have different ways of understanding sustainable innovation, resulting in different approaches to integrate sustainable innovation into their business. In SMEs, sustainable innovation may not be a fixed concept due to its ambiguous boundaries and various ways of understanding. External and internal factors are driving SMEs’ sustainable innovation. It depends mainly on organizational culture and the capabilities of SMEs and their members in terms of cooperation and integration in work teams, conditions to achieve consensus, articulation of activities, coherence and commitment to the firms’ objectives. These factors collide and enhance each other and positively impact SMEs’ sustainable innovation.

The scientific relevance of this study lies in the integration of sustainable innovation research in the context of SMEs. There has been limited exploration of how SMEs perceive and engage in sustainable innovation and the factors that drive sustainable innovation development outside of large firms. This study empirically explored the concept of sustainable innovation in the context of SMEs to understand underlying factors related to sustainable innovation.

The purpose of this paper is to identify current technologies related to Industry 4.0 and to develop a rationale to enhance the understanding of their functions within a data-driven paradigm.

A systematic literature review of 119 papers published in journals included in the Journal Citation Report (JCR) was conducted to identify Industry 4.0 technologies. A descriptive analysis characterizes the corpus, and a content analysis identifies the technologies.

The content analysis identified 111 technologies. These technologies perform four functions related to data: data generation and capture, data transmission, data conditioning, storage and processing and data application. The first three groups consist of enabling technologies and the fourth group of value-creating technologies. Results show that Industry 4.0 publications focus on enabling technologies that transmit and process data. Value-creating technologies, which apply data in order to develop new solutions, are still rare in the literature.

The proposed framework serves as a structure for analysing the focus of publications over time, and enables the classification of new technologies as the paradigm evolves.

Because the technical side of the new production paradigm is complex and represents an evolving field, managers benefit from a simplified and data-driven approach. The proposed framework suggests that Industry 4.0 should be approached by looking at how data can create value and at what role each technology plays in this task.

The study makes a direct link between Industry 4.0 technologies and the key resource of this revolution, i.e. data. It provides a rationale that not only establishes relationships between technologies and data, but also highlights their roles as enablers or creators of value. Beyond showing the current focus of Industry 4.0 publications, this paper proposes a framework that is useful for tracking the evolution of the paradigm.