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.

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.

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

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.

SFC reminding sponsors of the need to adopt an attitude of “professional scepticism”

2017 ◽  
Vol 18 (3) ◽  
pp. 82-84
Author(s):  
Gareth Hughes ◽  
James Comber
Keyword(s):  
Hong Kong ◽  
Design Methodology ◽  
Regulatory Regime ◽  
Group Company ◽  
Content Type ◽  
Professional Skepticism ◽  
Company Limited ◽  
A Company ◽  
Practical Implications ◽  
Do So

Purpose To remind sponsors to adopt an attitude of “professional skepticism” in Hong Kong IPOs. Design/methodology/approach Explains the Securities and Futures Commission (“SFC”)'s sanction on BOCOM International (Asia) Limited (“BIAL”) as a sign of determination to hold sponsors to account as gatekeepers to the Hong Kong capital markets. Findings The SFC has reprimanded and fined BIAL HK$15 million for failing to discharge its duties as a sole sponsor in a listing application for China Huinong Capital Group Company Limited (“China Huinong”), a company established in the PRC. This substantial fine reinforces the need for sponsors to ensure that they fully and properly discharge all of their duties, and that they will be held responsible for any failure to do so, even if the listing is not ultimately approved. Practical implications If sponsors fail to fulfil the requirements required under the sponsors’ regulatory regime, the SFC will be proactive and impose tough sanctions, even if the listing application is eventually withdrawn or returned by the SEHK. Originality/value Practical guidance from experienced regulatory, financial and commercial dispute resolution lawyers.

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.

CFTC overhauls customer protection requirements

2014 ◽  
Vol 15 (1) ◽  
pp. 25-32 ◽  
Author(s):  
Robert M. Brown
Keyword(s):  
Design Methodology ◽  
Commodity Futures ◽  
Regulatory Regime ◽  
Futures Trading ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Policies And Procedures ◽  
Practical Implications

Purpose – The purpose of the paper is to summarize the Commodity Futures Trading Commission's (CFTC) recent overhaul of its customer protection rules, which regulate how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) handle customer funds. Design/methodology/approach – The paper summarizes the most significant aspects of the CFTC's October 30, 2013 customer protection rulemaking, explains FCM and DCO obligations under the new regulatory regime, and sets forth a compliance timeline. Findings – The CFTC's recent overhaul of its customer protection rules impose significant new requirements on FCMs and DCOs in their handling of customer funds. Practical implications – All FCMs and DCOs that handle customer funds should review these new rules and begin putting into place policies and procedures to ensure their compliance as each new requirement comes into effect. Originality/value – The CFTC's overhaul of its customer protection regime is new and significant. FCMs and DCOs need to understand their new obligations under the rules. As these new rules are the CFTC's regulatory response to the events that led to the insolvencies of MF Global and Peregrine Financial Group, these developments also should be of interest to futures and swaps market participants generally.

scholarly journals Chinese fintech companies and their “going out” strategies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Alice Siqi Han
Keyword(s):  
Economic History ◽  
Design Methodology ◽  
Regulatory Regime ◽  
Chinese Government ◽  
Rapid Rise ◽  
Private Companies ◽  
Content Type ◽  
The Past ◽  
Digital Payments ◽  
Developed Nations

PurposeThis paper outlines the rapid rise of China's fintech companies over the past decade with a focus on their globalization strategies as they enter their next phase of development.Design/methodology/approachThe author examines China's current and prospective influence on global financial digitization trends, and assesses both domestic and foreign opportunities and challenges confronted by China's fintech firms as they look to expand abroad.FindingsThe Chinese government is experimenting with a radically new fintech system and a regulatory regime in response to it. Chinese ambitions to expand fintech influence through private companies and the state-led “digital RMB” (e-CNY) will likely provoke a wave of “digital protectionism” among developed nations to protect internal digital payments.Originality/valueThis paper is an original economic history research on China's fintech industry.

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.

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