The document summarizes the Dodd-Frank Act's Volcker Rule restrictions on proprietary trading by banks. It discusses the rule's background and evolution, provides an overview of its key provisions around restricting proprietary trading and hedge fund/private equity investments, and examines the rule's impact on principal trading, market making activities, and affiliated transactions. It concludes by outlining next steps for banks to prepare for Volcker Rule compliance.
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
China Proposes a New Foreign Investment Law: Does this Represent the Death of...Winston & Strawn LLP
Winston & Strawn Shanghai partners Brinton Scott and Matthew Durham led a roundtable discussion focused on the latest developments of the proposed new Foreign Investment Law in China. The draft law, if promulgated in its current form, would represent a major shift in China’s foreign investment regime. This presentation featured a discussion of the following hot button issues:
• Unification of Foreign Investment Laws
• Negative List Replacing the Catalogue
• Foreign Control Through a VIE Structure Will be Treated the Same as a Foreign Direct Investment
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
China Proposes a New Foreign Investment Law: Does this Represent the Death of...Winston & Strawn LLP
Winston & Strawn Shanghai partners Brinton Scott and Matthew Durham led a roundtable discussion focused on the latest developments of the proposed new Foreign Investment Law in China. The draft law, if promulgated in its current form, would represent a major shift in China’s foreign investment regime. This presentation featured a discussion of the following hot button issues:
• Unification of Foreign Investment Laws
• Negative List Replacing the Catalogue
• Foreign Control Through a VIE Structure Will be Treated the Same as a Foreign Direct Investment
Securities Crowdfunding for Intermediaries (Series: Crowdfunding 2020)Financial Poise
This webinar addresses crowdfunding portals and intermediaries. This episode begins with a basic overview of the various methods of crowdfunding, from donation and rewards based, to intra-state equity, debt, and finally securities based crowdfunding under Titles II, III and IV of the JOBS Act. Once those differences are understood, the webinar focuses on the need for intermediaries, the role that they can and sometimes must play, followed by a discussion on how the market has matured and where we see the market going in the online capital space. This webinar also discusses the risks and future of these intermediaries with the advent of the ICO and token distribution events.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/securities-crowdfunding-for-intermediaries-2020/
Under Australian law, an investor could make an investment directly or through an investment vehicle including a company, a trust, a joint venture, a managed investment scheme or a partnership.
Section 16 “Group” Status
- Governed by Section 13(d)
- “When two or more persons agree to act together for the purpose of acquiring, holding, voting or disposing of equity securities of an issuer, the group formed thereby shall be deemed to have acquired beneficial ownership, for purposes of Sections 13(d) and 13(g) of the Act, as of the date of such agreement, of all equity securities of that issuer beneficially owned by any such persons”
- Informal oral understanding between parties is sufficient to form a “group”
- Need not bind any partner or specify actions to be taken, may be conditional
"A Term Sheet is a bullet-point document which outlines the material terms and conditions for investment. It is a non-binding document except in certain cases. While dealing with investors such as angel funds as an investee you might come across Term Sheet which would be provided to you if they intend to invest in your startup or business. A Term Sheet guides legal counsels in preparation for much detailed definitive Agreements for investment such as Shareholder’s Agreement or Share Subscription Agreement.
As an investee, you should be aware of documents like Term Sheets, Shareholders Agreement, Share Subscription Agreement etc. This presentation shall give you a brief idea of what Term Sheet is and what does it include?
8 Decimal Capital Security Token Industry OverviewKadeemClarke3
8 Decimal Capital, a leading fund in the blockchain venture capital space, has begun focusing on security tokens (STs) and security token offerings (STOs). We believe this new technology will revolutionize the financial industry and how assets are managed and traded.
Ensure Your Business is fully ProtectedLegalWiz.in
Term Sheets are a vital document. It forms the base for contracts or agreements. Be aware and fully informed about the relevant details and clauses involved.
'EIS & Crowdfunding: regulatory considerations' Gill Roche-Saunders from Bovi...Bovill
While the case for diversifying a portfolio into alternatives is well understood, the practical challenges can be hard to overcome. EIS arrangements and crowdfunding platforms are an increasingly popular option to access alternative investments and are not restricted by the same obstacles that apply to unregulated collective investment schemes.
As a consultant with UK regulatory consultancy Bovill, Gillian presented on how the regulatory regime applies to these types of investments and what intermediaries need to consider when recommending them.
IWOGC - Material Nonpublic Information -- 09-21-10InsuranceIR LLC
Presentation prepared for the Insurance Women of Greater Cincinnati (http://www.iwogc.org). IWOGC is a chapter of the NAIW (http://www.naiw.org).
I was pleased to have the opportunity to speak with this group to help educate on an important topic related to investor relations.
Securities Crowdfunding for Intermediaries (Series: Crowdfunding 2020)Financial Poise
This webinar addresses crowdfunding portals and intermediaries. This episode begins with a basic overview of the various methods of crowdfunding, from donation and rewards based, to intra-state equity, debt, and finally securities based crowdfunding under Titles II, III and IV of the JOBS Act. Once those differences are understood, the webinar focuses on the need for intermediaries, the role that they can and sometimes must play, followed by a discussion on how the market has matured and where we see the market going in the online capital space. This webinar also discusses the risks and future of these intermediaries with the advent of the ICO and token distribution events.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/securities-crowdfunding-for-intermediaries-2020/
Under Australian law, an investor could make an investment directly or through an investment vehicle including a company, a trust, a joint venture, a managed investment scheme or a partnership.
Section 16 “Group” Status
- Governed by Section 13(d)
- “When two or more persons agree to act together for the purpose of acquiring, holding, voting or disposing of equity securities of an issuer, the group formed thereby shall be deemed to have acquired beneficial ownership, for purposes of Sections 13(d) and 13(g) of the Act, as of the date of such agreement, of all equity securities of that issuer beneficially owned by any such persons”
- Informal oral understanding between parties is sufficient to form a “group”
- Need not bind any partner or specify actions to be taken, may be conditional
"A Term Sheet is a bullet-point document which outlines the material terms and conditions for investment. It is a non-binding document except in certain cases. While dealing with investors such as angel funds as an investee you might come across Term Sheet which would be provided to you if they intend to invest in your startup or business. A Term Sheet guides legal counsels in preparation for much detailed definitive Agreements for investment such as Shareholder’s Agreement or Share Subscription Agreement.
As an investee, you should be aware of documents like Term Sheets, Shareholders Agreement, Share Subscription Agreement etc. This presentation shall give you a brief idea of what Term Sheet is and what does it include?
8 Decimal Capital Security Token Industry OverviewKadeemClarke3
8 Decimal Capital, a leading fund in the blockchain venture capital space, has begun focusing on security tokens (STs) and security token offerings (STOs). We believe this new technology will revolutionize the financial industry and how assets are managed and traded.
Ensure Your Business is fully ProtectedLegalWiz.in
Term Sheets are a vital document. It forms the base for contracts or agreements. Be aware and fully informed about the relevant details and clauses involved.
'EIS & Crowdfunding: regulatory considerations' Gill Roche-Saunders from Bovi...Bovill
While the case for diversifying a portfolio into alternatives is well understood, the practical challenges can be hard to overcome. EIS arrangements and crowdfunding platforms are an increasingly popular option to access alternative investments and are not restricted by the same obstacles that apply to unregulated collective investment schemes.
As a consultant with UK regulatory consultancy Bovill, Gillian presented on how the regulatory regime applies to these types of investments and what intermediaries need to consider when recommending them.
IWOGC - Material Nonpublic Information -- 09-21-10InsuranceIR LLC
Presentation prepared for the Insurance Women of Greater Cincinnati (http://www.iwogc.org). IWOGC is a chapter of the NAIW (http://www.naiw.org).
I was pleased to have the opportunity to speak with this group to help educate on an important topic related to investor relations.
The Volcker Rule: Its Implications and AftereffectsHEXANIKA
The Volcker Rule is named after Paul A. Volcker, chairman of the Federal Reserve during the 1980s and an elder statesman of the financial world. He acted as an advisor for President Obama in 2008 and was instrumental in the passing and creation of the Rule. It aims to prevent large banks from engaging in speculative trading activity with the idea that important banks support the economy by lending to consumers and businesses. We briefly explain the Volcker Rule, the challenges it brings to banks and how they can be addressed:
Preparing for the Crowdfunding Revolution Dara Albright
A wave of financial innovation and regulatory reform is revolutionizing Wall Street and popularizing new asset classes aimed at democratizing the flow of capital and giving smaller investors and businesses greater opportunities to prosper. As a result, the financial services industry is undergoing a dramatic transformation that is rapidly rendering traditional banking and brokerage revenue models obsolete, conventional capital raising strategies unfeasible and typical asset class returns negligible. This is a must-view presentation for all broker-dealers, investment bankers, financial advisors, issuers and investors looking to capitalize on this surge of industry disruption. This presentation helps prepare investors, asset allocators and issuers for the forthcoming Crowdfunding Revolution. It is loaded with the latest financial and legal knowledge from renowned crowfund industry experts.
Private Offering Exemptions and Private Placements (Series: Securities Law Ma...Financial Poise
The private capital markets have become an increasingly important source of funding for both private and public companies alike. Today total capital raised through private placements surpasses total capital raised in public offerings. What’s more, in recent years legislation like the JOBS Act has made a number of significant changes to laws and regulations governing private capital markets. Consequently, understanding the myriad private offering exemptions and how to properly conduct a private placement is crucial for not only for lawyers, but also for executives, managers, directors and anyone involved in corporate finance transactions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/private-offering-exemptions-and-private-placements-2020/
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Dodd Frank and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/dodd-frank
Orderly Liquidation Authority under Dodd-FrankSimon Lacey
This is a presentation I prepared while at Georgetown University Law Center in 2001 on Orderly Liquidation Authority under the then newly enacted Dodd-Frank Act.
Recently, the SEC adopted new rules to require certain key market participants to have comprehensive policies and procedures in place surrounding their technology (Regulation SCI).
Exchanges, SROs, selected alternative trading systems (ATS), plan processors, and exempt clearing agencies are required to design, develop, test, maintain, and oversee their mission-critical systems.
The rules require them to ensure that their core technology meets certain standards, conduct regular business continuity testing, and provide certain notifications in the event of systems disruptions, intrusions and other events.
Meeting the demanding new requirements imposed upon firms by SEC Regulation SCI is a key issue for many market participants, especially in the areas of independent systems testing and certification.
Tellefsen and Company, L.L.C. (Tellefsen) and Exactpro Systems, LLC (Exactpro) have today announced a marketing partnership in which both firms will collaborate to provide key industry constituents with market structure consulting, financial technology infrastructure testing and software quality assurance testing services.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Volcker rule update 1210
1. DODD-FRANK AND THE VOLCKER RULE
RESTRICTIONS ON PRINCIPAL TRADING:
A STATUS UPDATE
December 2013
2. The following information was compiled from research and analysis of CFTC
and SEC submissions, press releases, information obtained in the public
domain , interviews with market participants and from information and bulletins
contained on regulatory and legal websites.
It is intended to be an update as to the state of proposed rulemaking regarding
the restriction s on proprietary trading and market making under the DoddFrank Wall Street Reform and Consumer Protection Act.
Tellefsen and Company, L.L.C. does not guarantee the accuracy of the content
and cannot guarantee completeness, timeliness, or correct sequencing of any
of the Information.
Dodd-Frank Act Title VII – OTC Derivatives
2
3. I. BACKGROUND AND EVOLUTION
OF THE VOLCKER RULE
• The Dodd-Frank Wall Street Transparency and Accountability Act
(“Dodd-Frank”) created a number of environmental impacts on the
trading and reporting of securities and commodities based swap
transactions
• Tellefsen and Company (“TCL”) has been closely following the
evolution of Dodd-Frank legislation and the introduction of various
Dodd-Frank Title VII milestones over the last few years
• The following is an update on the status of Volcker rulemaking by
the Federal Reserve, Office of the Comptroller of the
Currency, Federal Deposit Insurance Corp., Commodities Futures
Trading Commission and the Securities and Exchange Commission.
Dodd-Frank Act Title VII – OTC Derivatives
3
4. VOLCKER EVOLUTION (CONT’D) …
• Paul Volcker argued that banks that engage in high-risk speculation
created an unacceptable level of systemic risk to the U.S. financial
markets
• Under Dodd-Frank, Section 619, first published in 2011, addresses
prohibitions and restrictions on proprietary trading (“The Volcker
Rule” or “Volcker”)
• The Volcker Rule is designed to prohibit a bank or institution that
owns a bank from engaging in proprietary trading that is not at the
behest of its clients, from owning or investing in a hedge fund or
private equity fund, and limits the liabilities that the largest banks
can hold
• Volcker specifically addresses banking firms’ principal, proprietary
and market making activities.
Dodd-Frank Act Title VII – OTC Derivatives
4
5. VOLCKER EVOLUTION (CONT’D) …
• Major Wall Street banks generate a large percentage of revenue
from principal trading:
– Goldman Sachs and Morgan Stanley: ~ 30%
– JP Morgan Chase: ~ 12%
– Bank of America and Citigroup: <10%
• According to Bloomberg, these 5 firms generate ~$44 billion USD
(18% of their annual revenue) from market making operations
• In anticipation, many banks have shuttered or spun off their
proprietary trading units over the last 2 years
• Many have indicated that they do not expect that implementation of
and adherence to Volcker will have a significant impact on their
profits
• U.S. regulators have just voted on the adoption of the current
iteration of the Volcker Rule, which become effective in April 2014.
Dodd-Frank Act Title VII – OTC Derivatives
5
6. II. THE VOLCKER RULE:
IN A NUTSHELL
• The Volcker Rule would prohibit certain proprietary or principal
trading by federally insured institutions and their affiliates, restrict
bank ownership in certain hedge funds or private equity funds and
restrict certain transactions with affiliates
• Depository institutions would be prohibited from:
– Engaging in “proprietary trading”
– Acquiring or retaining equity or ownership interest in a hedge fund or private
equity fund
– Sponsoring a hedge fund or private equity fund
• These restrictions would apply to the proprietary trading and fund
activities of U.S. banking organizations, regardless of where they
are conducted.
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7. VOLCKER - IN A NUTSHELL (Cont’d) …
• Non-bank financial companies would not be subject to this
prohibition, but could be subject to provide additional capital
requirements, compliance oversight and quantitative limits
• Volcker defines proprietary trading as when banking firms are
engaged as principal for the trading account of a banking
organization or supervised non-bank financial company in any
transaction to purchase, sell or otherwise dispose of any:
–
–
–
–
–
Securities
Derivatives
Contract of sale of commodities for future delivery
Options on securities, derivatives or contracts
Other securities of financial instruments that regulators may determine by rule.
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8. VOLCKER - IN A NUTSHELL (Cont’d) …
• Volcker would prohibit banking entities from entering into any
transaction or engaging in any activity that would:
–
–
–
–
Result in a material exposure to high-risk assets or high-risk trading strategies
Involve or result in a material conflict of interest
Pose a threat to the safety and soundness of the banking entity
Pose a threat to the financial stability of the US
• According to SIFMA, Volcker-compliance would have significant
impact on the ability of US banking institutions to provide investment
management products and services that are competitive with nonbanking firms and with non-US banking firms in oversees markets:
– Investors will face decreased market liquidity and higher costs
– Companies will find it more expensive to raise capital, making it more costly to
invest in plants and equipment and create jobs.
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9. III. PRINCIPAL / PROPRIETARY
TRADING AND MARKET MAKING
• Volcker would prohibit any insured firm and its affiliates from
engaging in proprietary trading in any:
–
–
–
–
–
Securities
Derivatives
Contract of sale of commodities for future delivery
Options on securities, derivatives or contracts
Other securities of financial instruments that regulators may determine by rule
• Volcker would permit certain trading transactions:
– In government securities
– In connection with market making or underwriting, to the extent it does not
exceed near term demands of clients, customers or counterparties
– On behalf of customers
– By an insurance business for the general account of the insurance company.
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10. PRINCIPAL / PROPRIETARY TRADING AND MARKET MAKING (Cont’d) …
• Volcker exempts transactions in certain instruments from the
proprietary trading prohibitions, including:
– US government and US government agencies
– Government-sponsored enterprises
– State and local governments
• Volcker would also exempt activities such as:
– Market-making
– Underwriting
– Risk-mitigating hedging
• Other Volcker exemptions encompass:
– Organizing and offering a hedge fund or private equity fund under certain
conditions, including limiting investments to a de minimis amount
– Making risk mitigating hedging investments
– Making investments in certain non-US funds.
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11. PRINCIPAL / PROPRIETARY TRADING AND MARKET MAKING (Cont’d) …
• Under Volcker, banking entities would be required to establish an
internal compliance program to ensure and monitor compliance with
the prohibitions and restrictions and the implementation of the
regulations
• This would include written supervisory procedures.
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12. IV.
FUND OWNERSHIP INTEREST
• Volcker places certain restrictions on bank’s ownership or interest
in hedge funds or private equity funds (“covered funds”)
• They may organize and offer a hedge fund or private equity fund if it:
– Provides trust, fiduciary or investment advisory services and the fund is organized and
offered only in connection with such services and only to customers of such services
– Does not have an ownership interest in the fund except for a seed or de minimis
investment
– Complies with Dodd-Frank Sections 23A and 23B affiliate transaction limitations
– Does not guarantee, assume or otherwise insure obligations of performance of the
fund
– Does not share the same name or similar name as the fund
– Prohibits directors or employees from having an ownership interest in the fund, except
for any director or employee who is directly providing investment advisory or other
services to the fund
– Discloses in writing, to investors that any losses in the fund are borne solely by the
investors.
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13. FUND OWNERSHIP INTEREST (Cont’d) ..
• If banking entities make a seed investment in a fund, they must seek
unaffiliated investors to reduce or dilute the investment to not more
than 3% of total ownership interest of the fund within one year after
the establishment of the fund
• In addition, the aggregate investment in all the investment interests
in such funds may not exceed 3% of the Tier I capital of the banking
entity
• The exception to this are that foreign banking entities may operate
without regard to Volcker, provided that no ownership interest in
such fund is offered for sale or sold to a U.S. resident.
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14. V.
AFFILIATED TRANSACTIONS
• Volcker prohibits banking entities and their affiliates that manage
sponsor or organize and offer a fund from entering into Section 23A
covered transactions (loans to the fund and asset purchases from
the fund) with such funds
• Exemptions to Section 23A may be granted for the purposes of
entering into any prime brokerage transactions with a fund that the
bank manages, sponsors or advises has an equity, partnership or
other ownership interest:
– Transactions are permitted involving prime brokerage with funds in which a fundof-funds has invested.
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15. AFFILIATED TRANSACTIONS (Cont’d) …
• This exemption would be granted if:
– The bank complies with Volcker’s exception for sponsoring or making seed or de
minimis investments in funds
– The CEO or equivalent officer annually certifies in writing that the banking entity
does not guarantee, assume or otherwise insure the obligations or performance
of the fund or any other fund in which such fund invests
– Regulators determine that such a transaction is consistent with the safe and
sound operation and conditions of the banking entity.
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16. V.
GOING FORWARD …
• There are numerous problems with the implementation of Volcker
that are still being discussed – the unintended consequences of
Dodd-Frank Title VII
• The primary enforcement of Volcker will lie with bank
examiners, many of which may not have much experience with
trading practices and complex products
• Banks will have to defend their transactions or exemptions on a
case-by-case basis to regulators
• There will be overlapping supervisory conflicts in enforcing
Volcker, as firms would be subject to oversight by 5
regulators, which all do not have the same enforcement processes
or standards.
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17. GOING FORWARD (Cont’d) …
• Volcker will place tight restrictions on liquidity management
• Banks’ requirements to request and defend exemptions to the rules
will involve changes to their trading and compliance programs, data
capture and procedures
• Banks will have to implement or enhance various metrics to capture
and calculate compliance on a daily basis including, but not limited
to: VaR, detailed P&L, inventory risk turnover, customer facing
trade ratios, fee income and expenses, unprofitable trading days
based on portfolio P&L, etc.
• Banks must pay close attention to their impacted businesses and
evolution of key Volcker milestone dates.
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18. VI. PREPARING FOR VOLCKER…
• Volcker will have an impact on those banks that are involved with
trading, hedging and underwriting activities
• Compliance will phased in over time, starting in April 2014.
• The following are the touch points that must be considered for
Volcker compliance:
– Identify overall business impacts, touch points for prohibited activities and
relevant data capture requirements
– Conduct a comprehensive review of trading, hedging and underwriting
businesses for the required Volcker reporting thresholds
– Assess market making and underwriting businesses and need for any
exemptions
– Assess any lending or leasing hedging risk requirements and data to be captured
for compliance
– Review/update compliance manuals and written supervisory procedures.
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19. STILL CONFUSED ABOUT
THE VOLCKER RULE?
I'm Chris, He’s Barney ….
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20. Contact Us for More Market Insight!
Tellefsen and Company, L.LC.
1-212 809 3800
JJR@Tellefsen.com
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