Jersey as an investment funds domicile: benefits and regulations

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Christopher Griffin ◽  
Robert Milner ◽  
James Mulholland ◽  
Daniel O’Connor
Keyword(s):  
International Finance ◽  
Design Methodology ◽  
Service Providers ◽  
Financial Service ◽  
Time Zone ◽  
Investment Funds ◽  
Content Type ◽  
Tax Neutrality ◽  
Limited Partnerships ◽  
International Financial Center

Purpose To explain the benefits and the regulations pertaining to Jersey as a domicile for investment funds. Design/methodology/approach Provides an overview of Jersey as an international financial center followed by a detailed description of Jersey regulations applying to private funds, expert funds, listed funds, regulated investor funds, retail and other collective investment funds (CIFs), and notification-only funds. Explains fund vehicles including unit trusts, limited partnerships, and companies. Discusses taxes and fund service providers. Findings Jersey is one of the world’s major international finance centers, offering location and time-zone benefits; stability and reliability; tax neutrality; a stable political, fiscal and regulatory infrastructure; and highly-skilled financial-service providers. Originality/value Expert guidance from experienced investment-funds lawyers

Guernsey as an investment funds domicile: benefits and regulations

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
By Annette Alexander ◽  
Christopher Andersen ◽  
Andrew Boyce ◽  
Tom Carey ◽  
David Crosland ◽  
...  
Keyword(s):  
Design Methodology ◽  
Service Providers ◽  
Regulatory Regime ◽  
Investment Fund ◽  
Investment Funds ◽  
Content Type ◽  
Legal Structure

Purpose To explain the benefits and the regulations pertaining to Guernsey as a domicile for investment funds. Design/Methodology/Approach Explains the benefits of Guernsey as a fund domicile, the regulatory regime, and the types of fund vehicles used in Guernsey, registered and authorized. Findings Guernsey is one of the world’s largest offshore finance centers, with a thriving funds industry. The benefits of Guernsey as a fund domicile are substantial, including a proportionate, flexible and competitive funds regulatory regime, a stable political and legal structure, and a wealth of first-class fund service providers. Originality/Value Expert guidance from experienced investment-fund lawyers.

SEC charges private fund administrator with gatekeeping failures

2017 ◽  
Vol 18 (1) ◽  
pp. 65-67
Author(s):  
Keith Miller ◽  
Martin E. Lybecker ◽  
Jesse Kanach ◽  
Mary C. Moynihan ◽  
Hillary B. Levun
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
White Collar ◽  
Financial Service ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Enforcement Activity

Purpose To explain a set of recent US Securities and Exchange Commission (SEC) administrative settlements targeting fund administrators and to alert fund administrators and other financial service providers to their growing “gatekeeper” obligations. Design/methodology/approach This article explores the factual and legal contours of SEC administrative settlements with a fund administrator, as well as related enforcement actions against investment managers, to better understand the affirmative steps the SEC is expecting financial service providers to take to help root out fraud and misappropriation in the financial services sector. Findings The SEC’s administrative settlements with this fund administrator illustrate the SEC’s expanding focus on the “gatekeeper” function and signal the intent of the SEC to impute culpability for wrongdoing to fund administrators and other financial service providers simply for not doing enough to root out fraud and misappropriation in the financial services sector. Originality/value This article contains valuable information about recent SEC enforcement activity and practical guidance from experienced white collar, securities, and investment management lawyers.

Financing terrorism through cryptocurrencies – a danger for Europe?

2018 ◽  
Vol 21 (4) ◽  
pp. 513-519 ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Service Providers ◽  
Qualitative Content Analysis ◽  
Financial Service ◽  
Expert Interviews ◽  
Content Type ◽  
Intelligence Agencies ◽  
To Receive ◽  
Practical Implications

Purpose This purpose of this paper is to illustrate how terrorists finance their activities through cryptocurrencies. Design/methodology/approach A qualitative content analysis of 30 semi-standardized expert interviews with both illegal financial service providers and prevention experts developed understanding of the concrete techniques of financing terrorism through cryptocurrencies. Findings Terrorists could use Bitcoin to receive donations from their supporters. Research limitations/implications As the findings are based on semi-standardized interviews, they are limited to the perspectives of the 30 interviewees. Practical implications The identification of gaps in current prevention mechanisms is intended to provide legislators and intelligence agencies with insights into the operations of terrorism financers. Originality/value While the existing literature focuses simply on identifying areas that could play a role in financing terrorism, this paper describes concrete methods, taking both prevention and criminal perspectives into account.

Macau’s Pataca and identity

2015 ◽  
Vol 4 (4) ◽  
pp. 423-433
Author(s):  
Paul B. Spooner
Keyword(s):  
Design Methodology ◽  
Monetary Authority ◽  
First Century ◽  
Core Component ◽  
Investment Funds ◽  
Unique Role ◽  
Content Type ◽  
Bank Of China ◽  
Banking Institutions ◽  
Practical Implications

Purpose – For over a 100 years, Macau’s Pataca has been tied to Macau’s identity, its independent financial existence and its links to the Lusophone world. Its role as a supporter of the Macau identity relies upon the strength and capabilities of its financial institutions, the Macau Monetary Authority and banking institutions that issue its currency (Banco Nacional Ultramarino and Bank of China). The paper aims to discuss the above issue. Design/methodology/approach – The author uses statistics and data from the Macau Monetary Authority. Findings – There are three possible scenarios that could emerge: first, retired in favor of the RMB, the HK dollar; second, maintained with its use expanding as Macau’s revenues and investment funds grow, or third, become a force for stronger economic cohesion and identity among the Lusophone nations. Practical implications – Which of these scenarios will offer Macau the highest possibility of maintaining its international network of relationships and representation, diversifying its economy into new growth markets and playing a unique role in China’s twenty-first century destiny? Originality/value – This paper studies a rarely discussed topic and focuses on a core component of Macau’s existence.

Singapore variable capital companies: the many uses and benefits

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jerry Koh ◽  
Jonathan Lee
Keyword(s):  
Design Methodology ◽  
Plug And Play ◽  
Investment Funds ◽  
Content Type ◽  
Practical Analysis ◽  
Asset Classes ◽  
The Many

Purpose To show different ways the Singapore Variable Capital Company (“VCC”) can be employed and utilized. Design/methodology/approach Describes how the Singapore VCC can be used in master-feeder structures, umbrella structures, a “plug-and-play” model, sub-fund structures with different assets and different investors, open-ended structures, and structures that allow for tokenization of securities and the offering of VCC shares as digital securities. Findings The flexibility of the VCC allows it to be used across different fund strategies, investor classes and asset classes. Originality/value Practical analysis, guidance and market commentary from experienced investment funds lawyers.

When service providers fail: outsourcing help and consumer attitudes

2018 ◽  
Vol 39 (5) ◽  
pp. 22-30
Author(s):  
Aaron Gazley ◽  
Hamish Simmonds
Keyword(s):  
Design Methodology ◽  
Service Providers ◽  
Home Country ◽  
Service Failure ◽  
Service Recovery ◽  
Content Type ◽  
Consumer Ethnocentrism ◽  
The Impact ◽  
Practical Implications ◽  
Delivery Channel

Purpose The purpose of this paper is to investigate the effect of outsourcing and offshoring on brand loyalty in a service recovery context. In addition, the effect that consumer ethnocentrism has on these relationships is examined. Design/methodology/approach An experiment was designed using a series of service recovery scenarios that manipulated whether the recovery effort was conducted by an in-house/outsourced or local/offshored party. Findings The study shows that while outsourcing service recovery within the home country has no effect on loyalty, outsourcing to an offshore location does. In addition, the effect of offshoring of loyalty is greater for consumers who hold ethnocentric tendencies. Practical implications This research suggests the need to consider the delivery channel of service recovery to recover a service failure and retain customer loyalty. The results show that outsourcing within a local country may be effective, but the risks associated with offshoring are much greater. Originality/value Despite previous attempts to understand outsourcing and offshoring in a range of service scenarios, their role in service recovery is not well understood. Similarly, the impact that ethnocentrism might have on this process is overlooked. This paper therefore responds to calls within business theory, practice and consults for further study in this under-researched area.

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

2018 ◽  
Vol 19 (1) ◽  
pp. 63-68 ◽  
Author(s):  
Anne-Marie Godfrey
Keyword(s):  
Hong Kong ◽  
Asset Management ◽  
Service Providers ◽  
Governance Structures ◽  
Investment Fund ◽  
Extensive Experience ◽  
Investment Funds ◽  
Content Type ◽  
Best Execution ◽  
Asset Managers

Purpose To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC) circular dated September 15, 2017, directed at SFC-licensed asset managers. Design/methodology/approach Discusses a July 2017 circular indicating the SFC’s general concerns and analyzing the following nine common areas of non-compliance cited in the September 15, 2017 circular: (1) inappropriate receipt of cash rebates giving rise to apparent conflicts of interests, (2) failure to follow investment-suitability and discretionary account mandates during solicitation, (3) failure to implement liquidity-risk management processes, (4) deficiencies in governance structures and fair-valuation procedures, (5) deficiencies in systems for ensuring best execution, (6) failure to safeguard fair order allocation, (7) inadequate controls for protection of client assets, (8) inadequate systems to comply with investment restrictions, and (9) inadequate safeguards to address market misconduct risk. Findings The nine examples of non-compliance provide a useful insight into key “problem areas” indicated to currently be of particular concern to the SFC. Practical implications All SFC-licensed asset managers would be well advised to revisit their internal governance structures and operational policies and procedures in order to ensure that they are compliant with applicable standards and requirements. Originality/value Practical guidance from a lawyer with extensive experience advising investment managers and advisers, fund administrators, trustees and other fund service providers on investment fund-related issues.

Relationality in the service logic of value creation

2015 ◽  
Vol 29 (6/7) ◽  
pp. 463-471 ◽  
Author(s):  
Mary FitzPatrick ◽  
Richard J. Varey ◽  
Christian Grönroos ◽  
Janet Davey
Keyword(s):  
Value Creation ◽  
Design Methodology ◽  
Service Providers ◽  
Direct Interaction ◽  
Content Type ◽  
The Social ◽  
Service Logic ◽  
Relational Concepts ◽  
Practical Analysis ◽  
Philosophical Understanding

Purpose – The purpose of this paper is to present a framework – the Relationality Framework – for elaborating relational behaviour, in response to calls to address the ontological weaknesses identified in the extant value and value creation literature. Design/methodology/approach – The social philosophical understanding of interaction as an organic mode of social organisation, upon which the Relationality Framework is based, supersedes the economistic (mechanistic) understanding of interaction as a means of connecting otherwise independent actors. In foregrounding the relationality of interaction, the authors are inspired by Grönroos and Voima’s (2013) conceptualisation of spheres of value generation to conceptualise the intersubjective dynamics and domains invoked in direct interaction. Findings – The Relationality Framework identifies distinct relational concepts that build on service logic’s specificity and conceptualisation at the level of direct interactions between service providers and customers. In particular, this paper develops the concept of “relationality” using the three domains in any interaction of I, Other and We. Originality/value – The Relationality Framework provides sound conceptual support for extending the theoretical and practical analysis of the value creation processes of the customer and of the firm and for the purposeful management of relationships to enhance value creation by both.

International evidence of changing assurance practices for carbon emissions disclosures

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rina Datt ◽  
Pranil Prasad ◽  
Connie Vitale ◽  
Krishan Prasad
Keyword(s):  
South Africa ◽  
North America ◽  
Carbon Emissions ◽  
Design Methodology ◽  
Service Providers ◽  
Content Type ◽  
International Evidence ◽  
The Uk ◽  
Intensive Growth ◽  
Do So

Purpose The market for the assurance of carbon emissions disclosures is showing intensive growth. However, due to the largely voluntary nature of carbon reporting and assurance, there are currently no clear standards or guidelines and little is known about it. The purpose of this paper is to examine the reporting and assurance practices for carbon emissions disclosures. Design/methodology/approach This study provides evidence on this market, with a sample that includes 13,419 firm-year observations across 58 countries between 2010 and 2017 from the Carbon Disclosure Project (CDP) database. Findings The results show that the demand for carbon emissions reporting comes mainly from North America, the UK and Japan. Recently, markets such as South Africa have also shown increased demand for carbon reporting. The data also shows that more firms are seeking assurance for their carbon emissions reports. Legitimacy, stakeholder and institutional theories are used to explain the findings of this study. Research limitations/implications The results have important implications for firms that produce carbon emissions disclosures, assurance service providers, legislators, regulators and the users of the reports and there should be more specific disclosure guidelines for level and scope of reporting. Originality/value Amongst the firms that do provide assurance on their carbon emissions reports, a majority do so using specialist assurance providers, with only limited assurance being provided. The results further show that a myriad of assurance frameworks is being used to assure the carbon emissions disclosures.

AppAware: a policy visualization model for mobile applications

2020 ◽  
Vol 28 (1) ◽  
pp. 116-132
Author(s):  
Ioannis Paspatis ◽  
Aggeliki Tsohou ◽  
Spyros Kokolakis
Keyword(s):  
Mobile Device ◽  
Mobile Applications ◽  
Design Methodology ◽  
Service Providers ◽  
Smart Device ◽  
Online Service ◽  
Privacy Policies ◽  
Content Type ◽  
Online Service Providers ◽  
Common User

Purpose Privacy policies emerge as the main mechanism to inform users on the way their information is managed by online service providers, and still remain the dominant approach for this purpose. The literature notes that users find difficulties in understanding privacy policies because they are usually written in technical or legal language even, although most users are unfamiliar with them. These difficulties have led most users to skip reading privacy policies and blindly accept them. This study aims to address this challenge this paper presents AppAware, a multiplatform tool that intends to improve the visualization of privacy policies for mobile applications. Design/methodology/approach AppAware formulates a visualized report with the permission set of an application, which is easily understandable by a common user. AppAware aims to bridge the difficulty to read privacy policies and android’s obscure permission set with a new privacy policy visualization model. Thus, we propose AppAware parser, a mobile add-on that acts complementary with AppAware and helps mobile device users to monitor the applications they installed to their smart device. Findings To validate AppAware, the authors conducted a survey through questionnaire aiming to evaluate AppAware in terms of installability, usability and viability-purpose. The results demonstrate that AppAware is assessed above average by the users in all categories. Originality/value In the best of the authors’ knowledge, there is no such approach as AppAware as an application nor AppAware parser as add-on.

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