Christopher Palmer, Paul Delligatti, Andrew Zutz and William Lane
To explain the new U.S. Securities and Exchange Commission (“SEC”) Rule 2a-5 (the “Fair Value Rule”) under the Investment Company Act of 1940 (the “1940 Act”), which addresses the…
Abstract
Purpose
To explain the new U.S. Securities and Exchange Commission (“SEC”) Rule 2a-5 (the “Fair Value Rule”) under the Investment Company Act of 1940 (the “1940 Act”), which addresses the valuation practices of registered investment companies and business development companies.
Design/methodology/approach
Provides an overview of the Fair Value Rule, followed by a more detailed summary of the key provisions, including relevant guidance provided by the SEC in the release adopting the Fair Value Rule.
Findings
The Fair Value Rule establishes a specific framework, a standard of baseline practices across funds, and a set of required functions that must be performed in order to determine in good faith the fair value of a fund’s investments for purposes of applying Section 2(a)(41) of the 1940 Act.
Originality/value
Practical guidance from experienced investment management lawyers.
Details
Keywords
Paul J. Delligatti and William P. Lane
The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that…
Abstract
Purpose
The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that seek to address the provisions of MiFID II related to “inducements”.
Design/methodology/approach
Provides background information regarding MiFID II and summarizes each of the three SEC Staff no-action letters: the SIFMA letter, the ICI letter and the AMG letter.
Findings
The no-action letters provide market participants with increased clarity as to how certain aspects of their business activities, in particular the “bundling” or “unbundling” of payments for research and execution, can comply with potentially competing systems of regulations.
Originality/value
Practical guidance from experienced financial industry and investment management lawyers.
Details
Keywords
This paper explores the advertising strategy of crockery importers and dealers in relationship to their origins and backgrounds. This is a departure from earlier ceramic-history…
Abstract
Purpose
This paper explores the advertising strategy of crockery importers and dealers in relationship to their origins and backgrounds. This is a departure from earlier ceramic-history literature which tended to focus on the Staffordshire producers, with limited awareness on how the identity of importers and dealers influenced what products were sold, and their individual approaches to marketing.
Design/methodology/approach
Within a context of historical marketing research, this paper analyses newspaper advertising and commentary. It combines an examination of marketing practices with a wider consideration of the cultural identities of ceramic importers and dealers. The digitalization of historical records, combined with sophisticated search engines, makes it more feasible to examine a broader range of sources. Thus, modern research methods can enhance our understanding of production and demand and reveal how marketing strategy was diverse.
Findings
Awareness on how advertising was influenced by the backgrounds and socio-political views of importers and dealers demonstrates ways in which Anglo-American ceramic trade could be far more market-led. More significantly, marketing approaches were not necessarily responding to American demand, but rather that importers could engage in commissioning goods which reflected their own views on politics, religion or slavery.
Originality/value
Examining the advertising of importers demonstrates the complex relationship between production and ceramic demand. This paper opens up debates as to how far the advertising of other merchandise in the USA shows evidence of taking a more individual approach by the 19th century.
Details
Keywords
What access did readers have to fiction in Britain during the Romantic period? To what extent might the fiction market have been segmented into readers who borrowed their novels…
Abstract
What access did readers have to fiction in Britain during the Romantic period? To what extent might the fiction market have been segmented into readers who borrowed their novels from libraries ‐ sometimes stealing or failing to return them ‐ and those who bought them new or second‐hand at bookshops? Many circulating‐library proprietors would also serve the novel‐reading population in their capacity as professional booksellers. As librarians, they would promote the value‐for‐money aspect of renting fiction to readers of limited means; as booksellers, they enabled readers to purchase their particular favourites among their bookstocks as well. Purchasing a book, though, did not equate with genuinely wishing and intending to read it. Failing to return a circulating‐library novel, or stealing one, may have been a stronger indication that a title was indeed being selected to be read ‐ and then being retained to be re‐read.
Details
Keywords
Purpose – This paper examines William Stetson Merrill, the compiler of A Code for Classifiers and a Newberry Library employee (1889‐1930) in an attempt to glean lessons for modern…
Abstract
Purpose – This paper examines William Stetson Merrill, the compiler of A Code for Classifiers and a Newberry Library employee (1889‐1930) in an attempt to glean lessons for modern information studies from an early librarian's career. Design/methodology/approach – Merrill's career at the Newberry Library and three editions of the code are briefly examined using historical, bibliographic, and conceptual methods. Primary and secondary sources in archives and libraries are summarized to provide insight into Merrill's attempts to develop or modify tools to solve the knowledge organization problems he faced. The concept of bricolage, developed by Levi‐Strauss to explain modalities of thinking, is applied to Merrill's career. Excerpts from his works and reminisces are used to explain Merrill as a bricoleur and highlight the characteristics of bricolage. Findings – Findings show that Merrill worked collaboratively to collocate and integrate a variety of ideas from a diverse group of librarians such as Cutter, Pettee, Poole, Kelley, Rudolph, and Fellows. Bliss and Ranganathan were aware of the code but the extent to which they were influenced by it remains to be explored. Although this is an anachronistic evaluation, Merrill serves as an example of the archetypal information scientist who improvises and integrates methods from bibliography, cataloging, classification, and indexing to solve problems of information retrieval and design usable information products and services for human consumption. Originality/value – Bricolage offers great potential to information practitioners and researchers today as we continue to try and find user‐centered solutions to the problems of digital information organization and services.
Details
Keywords
SOCIAL scientists have not yet been able to formulate any general laws about behaviour in industry that are capable of broad application. In recent years, however, they have made…
Abstract
SOCIAL scientists have not yet been able to formulate any general laws about behaviour in industry that are capable of broad application. In recent years, however, they have made many useful case studies of which the one just published by the Department of Scientific and Industrial Research is typical. It is an approach to the problem which can do much to increase the understanding of the way in which people react to common industrial situations.
L.J. Sellers, L.J. Davies and L.J. Russell
March 2, 1967 Factories — Lighting — Whether “sufficient and suitable lighting” — Accident in workshop before commencement of work — Shadow cast by machine — Fall over tie‐bar…
Abstract
March 2, 1967 Factories — Lighting — Whether “sufficient and suitable lighting” — Accident in workshop before commencement of work — Shadow cast by machine — Fall over tie‐bar used for manufacture of mixer — Light from three pilot lights more than 0.5 foot candles — Whether breach of statutory standard — Whether breach of regulations —Factories Act, 1961 (9 & 10 Eliz.II, c.34), s.5(l) (2) —Factories (Standards of Lighting) Regulations, 1941 (S.R. & O. 1941, No. 94), regs.2(a), (b), 4.
EVERY librarian in his inmost heart dislikes newspapers. He regards them as bad literature; attractors of undesirable readers; a drain upon the limited resources of the library;…
Abstract
EVERY librarian in his inmost heart dislikes newspapers. He regards them as bad literature; attractors of undesirable readers; a drain upon the limited resources of the library; and a target against which the detractors of public libraries are constantly battering. From the standpoint of the librarian, newspapers are the most expensive and least productive articles stocked by a library, and their lavish provision is, perhaps, the most costly method of purchasing waste‐paper ever devised. Pressure of circumstances and local conditions combine, however, to muzzle the average librarian, and the consequence is that a perfectly honest and outspoken discussion of the newspaper question is very rarely seen. In these circumstances, an attempt to marshal the arguments for and against the newspaper, together with some account of a successful practical experiment at limitation, may prove interesting to readers of this magazine.
Library storage is traditionally viewed as a space management strategy, a way of dealing with overcrowded buildings and growing collections. Storage also is implicitly a…
Abstract
Library storage is traditionally viewed as a space management strategy, a way of dealing with overcrowded buildings and growing collections. Storage also is implicitly a preservation strategy: an alternative to weeding, cramming books tightly on shelves, stacking them on the floor, or not purchasing them in the first place. Among its obvious preservation benefits, storage provides security from theft and vandalism, and protection from spills and pests caused by increasingly prevalent food and drink in library buildings. Although transfer to storage may be risky for fragile materials, leaving them in stacks that are constantly being shifted is likely to be more damaging. Many storage facilities provide better environmental conditions for collections than old or poorly maintained modern library buildings.
IT is a very encouraging sign to those interested in the welfare of children that so much attention is being bestowed upon them by library authorities. On every side activity is…
Abstract
IT is a very encouraging sign to those interested in the welfare of children that so much attention is being bestowed upon them by library authorities. On every side activity is apparent: most new buildings have a room set aside for the exclusive use of juveniles, and many old buildings are being adapted and special provision made for the young. In these circumstances a brief summary of practical requirements may not come amiss.