This is an analysis of the December 2001 interpretive release concerning the soft‐dollar “safe harbor” under 28(e) of the Securities Exchange Act of 1934. The article examines the…
Abstract
This is an analysis of the December 2001 interpretive release concerning the soft‐dollar “safe harbor” under 28(e) of the Securities Exchange Act of 1934. The article examines the interpretation as it applies to asset managers in connection with the allocation of brokerage on a “soft dollar” basis.
Roger D. Blanc, Daniel Schloendorn, Howard L. Kramer, Martin R. Miller and Matthew B. Comstock
The purpose of this article is to inform the various securities market participants about new Exchange Act Rule 13h‐1, its specifics and the requirements it may impose.
Abstract
Purpose
The purpose of this article is to inform the various securities market participants about new Exchange Act Rule 13h‐1, its specifics and the requirements it may impose.
Design/methodology/approach
The paper outlines the various requirements of the Rule and additional background information and some clarifications based on the SEC adopting release.
Findings
The Rule requires “large traders”, as defined in the Rule, to self‐identify to the SEC and to obtain from the SEC a large trader identification number (“LTID”) and provide the LTID to each US‐registered broker‐dealer through which it effects transactions in NMS securities. The Rule also requires US‐registered broker‐dealers to provide to the SEC, on request, data on large traders' transactions in NMS securities by the morning after the transactions are effected; and it requires US‐registered broker‐dealers to maintain books and records, and perform certain monitoring functions, with respect to these transactions. The SEC has also adopted Form 13H under Exchange Act Section 13(h). A large trader must submit to the SEC Form 13H as an “Initial Filing” to receive its LTID and file various periodic amendments thereafter.
Originality/value
The paper provides practical guidance from experienced securities lawyers. The authors hope the discussion in the paper will enable affected market participants, which include US‐ registered broker‐dealers as well as other persons within the Rule's definition of large trader, to be informed about and to prepare for compliance with the Rule.
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Roger D. Blanc, Howard L. Kramer, Martin R. Miller and Matthew B. Comstock
The purpose of this paper is to analyze a recent US Securities and Exchange Commission order dismissing an administrative proceeding against the former general counsel of a…
Abstract
Purpose
The purpose of this paper is to analyze a recent US Securities and Exchange Commission order dismissing an administrative proceeding against the former general counsel of a broker‐dealer relating to his purported failure to supervise a registered representative.
Design/methodology/approach
The paper explains the story of the general counsel of a broker‐dealer who recommended that a registered representative be fired for misconduct, the effective over‐ruling of that recommendation by the vice chairman of the firm who supervised the registered representative, the SEC's order instituting administrative proceedings (OIP) alleging that the general counsel was the registered representative's supervisor and failed in his supervisory responsibilities, an administrative law judge's finding that the general counsel was the registered representative's supervisor but was not negligent under the circumstances, the SEC Division of Enforcement's appeal of that decision, and the SEC Commissioners’ dismissal of the appeal after a split 1‐1 vote.
Findings
The paper finds that the SEC's “non‐decision” decision leaves compliance and legal personnel with no clear guidance as to when they may have supervisory responsibilities with respect to broker‐dealer personnel and the SEC has not explained whether compliance personnel have different and/or additional compliance responsibilities as compared to legal personnel.
Practical implications
The SEC and its Division of Enforcement are likely to pursue and penalize compliance and legal officers notwithstanding their efforts to alert senior management to wrongdoing by employees they do not actually supervise.
Originality/value
The paper provides expert guidance by experienced securities lawyers.
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Umesh Chandra Pandey, Subash Ranjan Nayak, Krishna Roka and Trilok Kumar Jain
A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society enduring…
Abstract
A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.
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David S. Bright, Arran Caza, Elizabeth Fisher Turesky, Roger Putzel, Eric Nelson and Ray Luechtefeld
New educators may feel overwhelmed by the options available for engaging students through classroom participation. However, it may be helpful to recognize that participatory…
Abstract
New educators may feel overwhelmed by the options available for engaging students through classroom participation. However, it may be helpful to recognize that participatory pedagogical systems often have constructivist roots. Adopting a constructivist perspective, our paper considers three meta-practices that encourage student participation: designing activities, leading others, and assessing peers. We explored the consequences of these meta-practices for important student outcomes, including content knowledge, engagement, self-efficacy, sense of community, and self-awareness. We found that different meta-practices were associated with different combinations of outcomes. This discovery demonstrates the benefit of studying meta- practices so as to reveal the nuanced effects that may arise from pedagogical choices. In addition, an understanding of meta-practices can help leadership educators to be more discerning and intentional in their course designs.
Patricia Fosh, Huw Morris, Roderick Martin, Paul Smith and Roger Undy
Since 1979, the Conservative government in the UK has introducedwide‐ranging and detailed regulations for the conduct of union internalaffairs; a number of other Western…
Abstract
Since 1979, the Conservative government in the UK has introduced wide‐ranging and detailed regulations for the conduct of union internal affairs; a number of other Western industrialized countries have not done so (or have not done so to the same extent) but have continued their tradition of relying on unions themselves to establish democratic procedures. Alternative views of the role of the state in industrial relations underlie these differences. A second, linked article, appearing in Employee Relations (Vol. 15 No. 4), examines state approaches to union autonomy in the context of attitudes towards other controls on union activities and attempts to explain the successive shifts in British policy in the UK since the 1960s.
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Cet article étudiera la bipolarité des mythes et archétypes utilisés par les publicités touristiques pour inviter au voyage. L'auteur questionnera la valeur des mythes vis‐à‐vis…
Abstract
Cet article étudiera la bipolarité des mythes et archétypes utilisés par les publicités touristiques pour inviter au voyage. L'auteur questionnera la valeur des mythes vis‐à‐vis du touriste. Elle analysera la démarche active pré‐requise à la transformation.
Roger Friedland and Diane-Laure Arjaliès
This paper explores the role of institutional objects in the constitution of institutional logics. Institutional objects depend for their objectivity on the goods produced through…
Abstract
This paper explores the role of institutional objects in the constitution of institutional logics. Institutional objects depend for their objectivity on the goods produced through those objects, such as economic models, passports, or sacred texts. The authors theorize institutional logics as grammars of valuation that institutionalize goods through institutional objects. The authors identify four value moments through which goods are objectified: institution, the instituting of a good, a belief and an imagination of its objective goodness; production, how the good is produced, what practices are productive of the good; evaluation, how good is the good, the practices and objects through which worth in terms of that good is determined, and territorialization, the domain of reference of the good, to what objects and practices a good can and does refer in its instantiations. The authors assess the adequacy of our model through an institutional object based on the good of “market value” – i.e., an options pricing model. The authors discuss the implications of these findings for institutional logical theory and the sociology of valuation.
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C'est avec une certaine joie et une satisfaction toute particulière que je vous souhaite la bienvenue à ce 36e Congrès qui se tient dans mon pays natal, pays qui est en même temps…
Abstract
C'est avec une certaine joie et une satisfaction toute particulière que je vous souhaite la bienvenue à ce 36e Congrès qui se tient dans mon pays natal, pays qui est en même temps le siège de notre association. Ce dernier fait n'est pas un hasard puisque c'est précisément à Lugano qu'en 1959, à l'invitation des prof. Hunziker et Krapf, différents scientifiques du tourisme se sont retrouvés afin de promouvoir la recherche touristique d'après‐guerre. Depuis que notre association existe — et l'indication “36e Congrès” précise également l'âge de l'AIEST — nous nous sommes déjà rencontrés en Suisse, en 1958 et en 1960 et je me souviens qu'en 1960 déjà nous avons eu l'occasion d'apprécier la gastronomie du Château de Chillon, ou aura lieu notre banquet de clôture.