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Article
Publication date: 1 April 2003

Yoon‐Young Lee and Stephanie Nicolas

Following a spate of corporate scandals, the bursting of the “Internet bubble,” and media revelations of research analyst bias at the nation’s largest investment banks, regulators…

204

Abstract

Following a spate of corporate scandals, the bursting of the “Internet bubble,” and media revelations of research analyst bias at the nation’s largest investment banks, regulators launched a series of investigations and rulemaking initiatives that culminated in the adoption of extensive new rules regarding the conduct of research analysts and in the April 2003 global settlement (“Global Settlement”) of enforcement actions against 10 firms relating to research and investment banking conflicts. Although the Global Settlement by its terms only applies to the settling firms, as a practical matter, its reach will be much broader because state regulators and other third parties are looking to it to define a set of “best practices” to supplement the new rules. Although the new rules and the Global Settlement are intended to address the same concern ‐ i.e., conflicts of interest between research analysts and investment banking personnel at multi‐service brokerage firms ‐ their approaches to handling these conflicts reflect different assumptions and result in regulatory regimes that differ in such basic respects as the universe of persons who are deemed to be “research analysts.” These differences are not surprising. The new rules are the product of a lengthy, iterative rulemaking process that was open to the public and in which a diverse range of interested parties participated. In contrast, the undertakings detailed in the Global Settlement were the result of an enforcement action, concluded through bi‐lateral negotiations between the regulators and the 10 firms and without the opportunity for other interested parties to provide input or contribute to the process. However, for firms that seek to comply with both sets of requirements, the overlapping, and at times inconsistent, terms create a confusing and costly environment.

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Journal of Investment Compliance, vol. 4 no. 2
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 February 2000

BRANDON BECKER, YOON‐YOUNG LEE and FRANCA HARRIS

This article gives an in‐depth examination of the Securities and Exchange Commission's new Regulation S‐P. This rule implements the privacy requirements of last year's financial…

55

Abstract

This article gives an in‐depth examination of the Securities and Exchange Commission's new Regulation S‐P. This rule implements the privacy requirements of last year's financial modernization legislation, better known as the Gramm‐Leach‐Bliley Financial Services Modernization Act. That legislation contains a Title designed to protect the financial privacy of consumers. Regulation S‐P is the SEC's Implementation of that provision. The authors walk the reader through this regulation and its application in some detail. You cannot practice in this industry without a familiarity of Regulation S‐P. This article will take you very far along that path.

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Journal of Investment Compliance, vol. 1 no. 2
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 13 September 2011

Yoon‐Young Lee, Bruce H. Newman and Kohki M. Kubota

The purpose of this paper is to explain newly approved Financial Industry Regulatory Authority (FINRA) books and records rule (Rules 2268, 4511, 4513, 4514, 4515, 5340, and…

121

Abstract

Purpose

The purpose of this paper is to explain newly approved Financial Industry Regulatory Authority (FINRA) books and records rule (Rules 2268, 4511, 4513, 4514, 4515, 5340, and 7440(a)(4)) that will go into effect on December 5, 2011.

Design/methodology/approach

The paper highlights the principal new compliance obligations for FINRA members set forth in these rules, including a default six‐year retention period for books and records; requirements to maintain names of associated persons responsible for accounts, to maintain signatures of persons with discretionary authority, to update account records, to preserve files of written customer complaints, to maintain account information after updating and account closure, to maintain authorization records for negotiable instruments, and to document changes in account names and designations; expansion of the deadline for post‐execution allocation to customer accounts; and disclosure requirements for pre‐dispute arbitration agreements.

Findings

In addition to consolidating and replacing existing requirements of existing NASD and NYSE rules, the new FINRA rules will impose a number of significant additional requirements for FINRA members.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 12 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 12 April 2011

Harry J. Weiss, Yoon‐Young Lee, Bruce H. Newman, Paul R. Eckert and Claire R. Hanselmann

This paper seeks to explain Financial Industry Regulatory Authority (“FINRA”) Rule 4530, which requires members to report to FINRA certain internal and external findings of…

180

Abstract

Purpose

This paper seeks to explain Financial Industry Regulatory Authority (“FINRA”) Rule 4530, which requires members to report to FINRA certain internal and external findings of violative conduct and quarterly statistical and summary customer complaint information.

Design/methodology/approach

The paper explains the background and provides an overview of FINRA Rule 4530; analyzes key provisions of the Rule, including the way it differs from legacy NASD and New York Stock Exchange Reporting Rules; and discusses next steps for FINRA members.

Findings

FINRA Rule 4530 requires members to promptly report findings of internal and external violations and provides interpretive guidance regarding these requirements. The new Rule imposes obligations beyond those set forth in current NASD Rule 3070, requires reporting of internal findings, and alters the now familiar materiality standard applied to NYSE Rule 351(a).

Practical implications

The new Rule will require members to enhance their policies and procedures to address the reporting of internal findings to define potentially reportable violations, identify decision‐makers to assess potential violations, create or modify reporting escalation procedures, and institute appropriate controls over reporting. Members may want to review their internal audit processes to reflect the new guidance regarding reporting based on internal findings of violations.

Originality/value

The paper provides practical guidance from expert securities lawyers.

Details

Journal of Investment Compliance, vol. 12 no. 1
Type: Research Article
ISSN: 1528-5812

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Available. Content available
Article
Publication date: 13 September 2011

Henry A. Davis

273

Abstract

Details

Journal of Investment Compliance, vol. 12 no. 3
Type: Research Article
ISSN: 1528-5812

Available. Content available
Article
Publication date: 12 April 2011

Henry A. Davis

354

Abstract

Details

Journal of Investment Compliance, vol. 12 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 January 2004

Amy N. Kroll and Valérie Demaret‐Fleming

In March 2004, the NASD and the New York Stock Exchange (the “NYSE,” together with the NASD, the “SROs”) issued a joint memorandum (the “2004 Joint Memorandum”) that provides…

78

Abstract

In March 2004, the NASD and the New York Stock Exchange (the “NYSE,” together with the NASD, the “SROs”) issued a joint memorandum (the “2004 Joint Memorandum”) that provides interpretative guidance on NASD Rule 2711 and the research analyst provisions of NYSE Rules 351 and 472, as amended in July 2003 (the “SRO rules”), and addresses issues raised by members regarding these rules. The SROs state in the 2004 Joint Memorandum that the guidance provided in their first joint memorandum issued in July 2002 (the “2002 Joint Memorandum”) continues to apply unless stated otherwise in the 2004 Joint Memorandum. This article will identify and discuss the major issues addressed in the 2004 Joint Memorandum and attempt to provide general guidance to practitioners seeking to understand the implications of these issues for their clients” research analysts’ activities. In analyzing the application of the SRO rules and derivative material, including the 2004 Joint Memorandum, the starting point always must be an understanding of what activities and materials the SRO rules address. The SRO rules apply to registered broker‐dealers that are members of either the NYSE or NASD (“member firm” or “member firms”) with research analysts who produce “research reports” and “public appearances” with regard to any “equity security” as defined in section 3(a)11 of the Exchange Act of 1934 (the “Act”).

Details

Journal of Investment Compliance, vol. 5 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 January 2004

Samuel J. Winer, Amy N. Kroll and Arden T. Phillips

The National Association of Securities Dealers and the New York Stock Exchange recently have adopted and then amended new rules relating to research analyst conflicts of interest…

229

Abstract

The National Association of Securities Dealers and the New York Stock Exchange recently have adopted and then amended new rules relating to research analyst conflicts of interest. However, open questions remain, and these two self‐regulatory organizations (SROs), in collaboration with the SEC, must provide further guidance on the application of these rules to various day‐to‐day situations such as an analyst receiving a customer inquiry concerning investment banking capabilities, a firm’s participation in an investment banking syndicate after the firm’s analyst has begun research coverage of the issuer, procedures for analysts to conduct due diligence, publishing research reports on an issuer while a firm is engaged in a distribution of the issuer’s securities, and analysts’ limitations during distribution quiet periods.

Details

Journal of Investment Compliance, vol. 4 no. 4
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 24 November 2021

Young-Jae Yoon, Arup Varma, Anastasia Katou, Youngjae Cha and Soohyun Lee

The support of host country nationals (HCNs) is a key determinant of expatriate adjustment and performance. The purpose of this paper is to explore underlying motivations for…

641

Abstract

Purpose

The support of host country nationals (HCNs) is a key determinant of expatriate adjustment and performance. The purpose of this paper is to explore underlying motivations for their support to expatriates. Previous research has shown that HCNs with pro-social motivation are more likely to help expatriates. Drawing upon motivated information processing in groups (MIP-G) theory, the authors test whether epistemic motivation moderates the observed relationship between pro-social motivation and HCNs’ support toward expatriates.

Design/methodology/approach

The authors ran two correlational studies (N = 267) in the USA (Study 1) and South Korea (Study 2). Across two studies, epistemic motivation and social motivation were measured using their multiple proxies validated in previous research. The authors also measured HCNs’ willingness to offer role information and social support to a hypothetical expatriate worker.

Findings

Results lend support to our hypotheses that pro-social HCNs are more willing than pro-self HCNs to provide role information and social support to the expatriates, but this occurs only when they have high rather than low epistemic motivation.

Originality/value

The current paper contributes the literature on HCNs helping expatriates by qualifying the prior results that a pro-social motivation (e.g. agreeableness and collectivism) increases the willingness of HCNs to help expatriates. As hypothesized, this study found that that case is only true when HCNs have high, rather than low, epistemic motivation. Also, previous research on MIP-G theory has mainly focused on the performance of small groups (e.g. negotiation, creativity and decision-making). To the best of the authors’ knowledge, this research is the first attempt to test MIP-G theory in the context of HCNs helping expatriates.

Details

Cross Cultural & Strategic Management, vol. 29 no. 1
Type: Research Article
ISSN: 2059-5794

Keywords

Available. Open Access. Open Access
Article
Publication date: 30 June 2008

Young Yoon Choi, Hun-Koo Ha and Minions Park

The maritime freight transportation industry has played an important role in the Korean economy. The Korean maritime freight transportation industry is faced with a period of…

260

Abstract

The maritime freight transportation industry has played an important role in the Korean economy. The Korean maritime freight transportation industry is faced with a period of transforming it competitively and efficiently in this global age. This paper, therefore, aims to identify the impact of the maritime freight transportation industry in the Korean national economy. Hence, this paper provides policy-makers with accessible and reliable information regarding the role of the Korean maritime freight transportation industry. This study employs input-output (I-O) analysis to examine the role of the maritime freight transportation industry in the national economy for the period 1995-2003, with specific application to Korea. This study pays particular attention to the maritime freight transportation industry by taking the industry as exogenous variable and then investigates its economic impacts. We identify inter-industry linkage effects in 20 sectors, production-inducing effects, added value-inducing effects, and supply-shortage effects of the maritime freight transportation industry.

Details

Journal of International Logistics and Trade, vol. 6 no. 1
Type: Research Article
ISSN: 1738-2122

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