WorldWideScience

Sample records for legal financial compliance

  1. Financial Markets and Compliance

    NARCIS (Netherlands)

    van de Laar, T.A.H.M.; Bleker, Sylvie; Houben, Raf

    2017-01-01

    This chapter will focus on the goals of financial market regulation through the rules of economics, the strategies financial regulation employs to achieve these goals and the insights this provides for the compliance profession. For an overview of the goals and strategies of financial regulation

  2. FINANCIAL STATEMENTS FOR LEGAL PERSONS WITHOUT PATRIMONIAL PURPOSE

    OpenAIRE

    DUMITRU FRANCA; MORARU MARIA

    2012-01-01

    Annual financial statements and annual financial statements that are simplified represent a whole. According to the law of accounting, annual financial statements must be accompanied by a written declaration of assumption of responsibility by the leadership of the legal person for annual financial statements in accordance with Accounting rules for legal persons without patrimonial purpose. Annual financial statements are prepared in a clear manner and should be consistent with the provisions ...

  3. IT Management Model for Financial Report Issuance and Regulatory and Legal Compliance

    Directory of Open Access Journals (Sweden)

    José Rogério Poggio Moreira

    2013-10-01

    Full Text Available The development of information systems for financial report issuance must be adherent to the demands of the law and regulations that regulate the financial market. In order to perform this task, organizations need to implement control in the Information Technology (IT area to maintain their systems´ conformity to laws and regulations. In the development of this work, it was found, through a state-of-art study, that there are no proposals contemplating the solution of this problem in its totality. In order to achieve this goal, in this paper it is presented a model for Information Technology management constituted by COBIT, ITIL and BPM management good practices, together with SOA and XBRL Technologies. This model is composed by 03 layers that aim at structuring the organization IT and business processes, besides defining a process for implementing SOA and integrating its Web services with XBRL language. One can expect this work to contribute to companies to decrease the negative impact coming from the lack of conformity with laws and regulations, through the creation of a corporative and IT environment that is flexible and more adaptable to changes, which may occur in legal demands, as well as improving the quality and reliability of financial report issuance.

  4. Genesis of regulatory and legal provision of financial safety

    Directory of Open Access Journals (Sweden)

    M.V. Pataridze-Vyshynska

    2016-07-01

    Full Text Available The article describes the main problems that concern regulatory and legal provision of financial safety. The scientific groundwork of researchers of this matter in Ukraine is analyzed and its gaps are revealed. The state competences concerning the regulation of financial safety are investigated. The legal provision of financial safety in a retrospective section is considered. The short characteristic of the main legal instruments that make the subsoil for formation of financial safety environment is provided. The main stages of legislative process of ensuring financial safety are found out. The paradigm of financial safety formation is generalized. The possibilities of ensuring financial safety in different areas of the state financial policy through the definition of problem aspects and ways of their decision are defined. It is certain that the problem of protection of national interests in the economic sphere is rather actual, especially in formation of financial safety environment in modern conditions. This problem is subject to further investigation of both lawmakers and scientists-economists.

  5. Do organizational and political-legal arrangements explain financial wrongdoing?

    Science.gov (United States)

    Prechel, Harland; Zheng, Lu

    2016-12-01

    The 2008 financial crisis was a systemic problem with deep-rooted structural causes that created opportunities to engage in financial malfeasance, a form of corporate wrongdoing. However, few quantitative studies exist on the effects of organizational and political-legal arrangements on financial malfeasance. In this paper, we examine the effects of organizational and political-legal arrangements that emerged in the 1990s in the FIRE sector (i.e., financial, insurance, and real estate) on financial malfeasance. Our historical contextualization demonstrates how changes in the political-legal arrangements facilitate the emergence of new corporate structures and opportunities for financial malfeasance. Our longitudinal quantitative analysis demonstrates that US FIRE sector corporations with a more complex organizational structure, larger size, lower dividend payment, and higher executive compensation are more prone to commit financial malfeasance. © London School of Economics and Political Science 2016.

  6. Utilization of legal and financial services of partners in dementia care study.

    Science.gov (United States)

    Shrestha, Srijana; Judge, Katherine S; Wilson, Nancy L; Moye, Jennifer A; Snow, A Lynn; Kunik, Mark E

    2011-03-01

    Financial and legal services are unique needs of persons with dementia and their caregivers. This study examines their need for legal and financial assistance and the kinds of legal and financial services provided within Partners in Dementia Care, a telephone-based, care coordination and support service intervention delivered through a partnership between Veterans Affairs (VA) medical centers and local Alzheimer's Association chapters. Based on comprehensive assessment, and needs prioritization, care coordinators collaboratively planned action steps (specific behavioral tasks) with each caregiver/person with dementia to address the dyad's identified unmet needs. Results show that 51 (54.8%) of 93 dyads reported a need for legal and financial services. Action steps related to legal and financial need included education or assistance with legal services (27.27%), nonhealth-related financial benefits (32.32%), health-related financial benefits (21.21%), financial management/planning (9.09%), and financial support (10.1%). Comparable numbers of action steps were directed to VA (41.4%) and non-VA (58.6%) services.

  7. Measures to Prevent Financial Fraud and Legalization of Illicit Funds

    Directory of Open Access Journals (Sweden)

    Chunitska Iryna I.

    2017-06-01

    Full Text Available The problems of preventing financial fraud and legalization of funds using mechanisms of the financial market are considered. The relevance of this problem in general and peculiar features of its research in developing economies are substantiated. The experience of organizations created to prevent the legalization of illicit funds is studied. It is determined that new organizations are created in response to the global challenges. It is justified that in Ukraine the fight against the legalization of illicit funds has actualized due to a lack of financial resources in the country, declaration of course towards European values and also as a result of the military conflict in the east of the country. The risk factors for financial fraud and illegal movement of financial flows are systematized according to the groups of conditions: pressure, favorable situation, propensity (justification. It is determined which levels of risk of generating illegal financial flows are inherent in different sectors of the economy depending on institutional factors. It is argued that the increase in the risks of illegal financial flows occurs under conditions of a low level of maturity of the institutional environment and a high level of information asymmetry. Types and tools of fraud in the financial market that increase the risks of illegal financial flows are systematized. It is determined that main types of fraud in the financial market are related to information manipulations and regulatory deficiencies. The world experience of legislative initiatives on counteracting the legalization of funds in financial markets is systematized. It is justified that, in order to prevent financial fraud and prevent legalization of illicit funds in Ukraine, it is necessary to ensure maximum transparency of information on the movement of financial flows in financial markets. In addition, regulators of the financial market should not only cooperate with each other but also prevent

  8. 49 CFR 655.82 - Compliance as a condition of financial assistance.

    Science.gov (United States)

    2010-10-01

    ... statements or misrepresentations under 18 U.S.C. 1001. (c) State's role. Each State shall certify compliance... 49 Transportation 7 2010-10-01 2010-10-01 false Compliance as a condition of financial assistance... IN TRANSIT OPERATIONS Certifying Compliance § 655.82 Compliance as a condition of financial...

  9. 78 FR 4848 - Social Media: Consumer Compliance Risk Management Guidance

    Science.gov (United States)

    2013-01-23

    ...: Consumer Compliance Risk Management Guidance AGENCY: Federal Financial Institutions Examination Council... Media: Consumer Compliance Risk Management Guidance'' (guidance). Upon completion of the guidance, and... management practices adequately address the consumer compliance and legal risks, as well as related risks...

  10. Growth, financial development, societal norms and legal institutions

    NARCIS (Netherlands)

    Garretsen, Harry; Lensink, Robert; Sterken, Elmer

    2002-01-01

    This paper analyses whether societal norms help to explain cross-country differences in financial development. We analyze whether societal norms in addition to legal institutions have an impact on financial development. We address the implications of the inclusion of societal norms for the analysis

  11. Strengthening the EU Legal and Institutional Framework to Combat Transnational Financial Crimes

    DEFF Research Database (Denmark)

    Marchuk, Iryna

    The report examines the development of adequate legal tools and practices to combat transnational financial crimes such as money laundering, terrorism financing, corruption, transnational financial fraud, and investigates measures directed at strengthening the overall legal and institutional...

  12. Financial Management: DoD Process for Reporting Contingent Legal Liabilities

    National Research Council Canada - National Science Library

    Granetto, Paul J; Marsh, Patricia A; Peek, Marvin L; Brittingham, Scott S; Baidridge, Denise E; Egu, Charles O; Schenck, Kristy M; Adams, Carl L; Reiser, Cheri L

    2006-01-01

    Personnel within the Office of the Secretary of Defense, other DoD Components responsible for preparing the annual financial statements, and legal counsel who provide legal representations regarding...

  13. CONSOLIDATED FINANCIAL STATEMENTS IN UKRAINE: NORMATIVE AND LEGAL REGULATION STATE

    Directory of Open Access Journals (Sweden)

    S.V. Kucher

    2016-09-01

    Full Text Available The development of big business in Ukraine has led to the need to release a number of domestic companies and their groups and associations to the international financial market which was the prerequisite of the needs of users of financial statements to obtain reliable information about the activities of such companies. In accordance with the national legislation associations of enterprises and companies have to provide the consolidated financial statements which contain the pooled indices about the activities of these entities. The article analyzes the current state of normative and legal regulation of financial reporting consolidation process in Ukraine. In particular, the paper determines the basic legal acts of regulations of national and international governing process of preparation of consolidated financial statements; it also determines the circle of business entities required to draw up the consolidated financial statements solely in accordance with international financial reporting standards.

  14. THE ROLE OF BROADCASTING AGENCY TO BUILD THE LEGAL COMPLIANCE OF SOCIETY

    Directory of Open Access Journals (Sweden)

    Lilik Rukitasari

    2016-06-01

    Full Text Available Abstract Broadcasting has become part of peoples’ lives needs for information, entertainment and education. Broadcasting agency as mass communication media play a role to shape the behavior of political, social, and economic in every society, in order to establish the public legal compliance through broadcasting activities that are counseling and law clarification, it takes effective communication media so that the target is expected to be achieved through increased the quality broadcast programs and attractive containing understanding and knowledge about the law will be able to increase publics’ consciousness and legal compliance. This study using sociological-juridical approach by analyzing the empirical data in order to understand the social and legal responsibilities and functions of broadcasting as a mass communication media is effective in disseminating the law and the formation of values, the result of study drawn through the broadcast media were able to create a culture norms, it means the function of media is not only as a transmitter of information to disseminate the law to the public but also it can have the effect of influencing and encouraging the change of behavior towards the law-abiding. Keywords: Broadcasting Agency, Law Compliance, Society

  15. 34 CFR 668.23 - Compliance audits and audited financial statements.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Compliance audits and audited financial statements. 668... purpose financial statements. (3) Third-party servicers. Except as provided under this part or 34 CFR part... financial statements no later than six months after the last day of the institution's fiscal year. (5) Audit...

  16. FINANCIAL SYSTEM OF JAPAN: THE LEGAL REGULATION OF DISPUTES BETWEEN FINANCIAL SERVICES PROVIDERS AND CONSUMERS

    Directory of Open Access Journals (Sweden)

    E. E. Frolova

    2018-01-01

    Full Text Available Purpose: the article examines the main problems associated the regulatory acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The  Insurance Business Act, lists the types of financial disputes subject to alternative settlement, identified the parties to the financial dispute. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Japan that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, – refer to financial disputes – disputes resolved by "Designated Dispute Resolution Organizations", the so-called "financial DDRO". Financial disputes are disputes between suppliers and consumers of financial services. The Financial Instruments and Exchange Act details the persons, whose activities fall within the definition of financial provider services. A brief list of financial service providers is available on the website of Japan's main financial regulator, the Financial Services Agency. The list include: Japanese banking institutions, branches and representative offices of foreign banks, business operators of financial instruments, insurance companies, trust companies, financial markets, foreign audit firms. However, unlike other countries of the Asia-Pacific region, consumers of financial services can be both physical and legal entities.Conclusions and Relevance: the materials presented in the article show the special role of "Designated Dispute Resolution

  17. A Model-Based Framework for Legal Policy Simulation and Compliance Checking

    OpenAIRE

    Soltana, Ghanem

    2017-01-01

    Information systems implementing requirements from laws and regulations, such as taxes and social benefits, need to be thoroughly verified to demonstrate their compliance. Several Verification and Validation (V&V) techniques, such as reliability testing, and modeling and simulation, can be used for assessing that such systems meet their legal. Typically, one has to model the expected (legal) behavior of the system in a form that can be executed (simulated), subject the resulting models and th...

  18. ADMINISTRATIVE AND LEGAL PRINCIPLES OF FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPE: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Kateryna Chyzhmar

    2017-12-01

    Full Text Available The purpose of the article is a comparative legal analysis of the administrative and legal principles of the functioning of the financial system in Ukraine and European countries. The subject of the study is the peculiarities of the state regulation of financial systems in Great Britain, Germany, Poland, Spain, Sweden, and Ukraine. Methodology. The research is based on comparing the legal regulation of the financial system in Ukraine and in the EU countries. An analysis of European experience in the administrative regulation of financial systems and financial activity has shown that most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually moving away from its understanding as a set of separate segments. A significant influence on this issue was made by the European Union, within which there was introduced a combination of the most important functions in the regulation of the EU financial system and entrusting them to a separate group of special bodies. Results of the comparative legal study showed that, unlike most European countries, in Ukraine, the administrative and legal framework for the provision of certain components of the financial sector, in particular, banking, investment, tax and budget, financial services market, etc., are not combined into a single model of state regulation of financial system, but they are scattered. In turn, the lack of a unified legal basis for state regulation of the national financial system in practice creates a situation where such regulation is carried out by a large number of state bodies of varying degrees, whose powers are repeated in some cases, which causes contradictions. Practical implications. It is found that the key difference between the regulation of financial systems in the countries of Europe lies in the very principle of perceiving the role of the state in this process and understanding the content of the financial system as a

  19. Public Governance Quality and Tax Compliance Behavior in Nigeria: The Moderating Role of Financial Condition and Risk Preference

    Directory of Open Access Journals (Sweden)

    James O. Alabede

    2011-06-01

    public governance quality on tax compliance behavior of individual taxpayers as well as the moderating effect of financial condition and risk preference on tax compliance and its determinants. This study extended tax compliance model to incorporate public governance quality and moderating effects of financial condition and risk preference.

  20. Data Protection in Financial Technology Services (A Study in Indonesian Legal Perspective

    Directory of Open Access Journals (Sweden)

    Dian Purnama Anugerah

    2018-01-01

    Full Text Available The banking sector is facing a new competitor, namely Financial Technology (Fin-tech. Fin-tech itself can be described as an industry composed of companies using a new tech-nology and innovation with available resources in order to compete in the marketplace of tradi-tional financial institutions and intermediaries in the delivery of financial services. In Indonesia, Fin-tech has been widely developed since the past 3 years. Fin-tech faces a new challenge as a new service for financial consumer which adapts to new ways of living in modern digital tech-nology era. Basically, Fin-tech offers three main categories such as payment, personal finance, and financing. In financing application there are peer to peer financing, social crowd funding, and loan marketplace. All of these kinds of application have some issues in legal framework and data protection due to the use of communication technologies such as internet, social networks, Smartphone, massive use of data with the Big Data, connected objects, etc. The use of big data and those new technologies create new opportunities for these sectors, and this development also raises significant data protection concerns. This paper discusses two legal issues of Fin-tech, the legal aspect, and the data protection.

  1. Financial Management: DoD Process for Reporting Contingent Legal Liabilities

    National Research Council Canada - National Science Library

    Granetto, Paul J; Marsh, Patricia A; Peek, Marvin L; Brittingham, Scott S; Baidridge, Denise E; Egu, Charles O; Schenck, Kristy M; Adams, Carl L; Reiser, Cheri L

    2006-01-01

    ... contingent liabilities should read this report. It identifies areas where DoD and its Components have not fully complied with Federal financial accounting standards and are not consistent in computing and disclosing contingent legal liabilities...

  2. 7 CFR 1773.32 - Report on compliance and on internal control over financial reporting.

    Science.gov (United States)

    2010-01-01

    ... financial reporting. 1773.32 Section 1773.32 Agriculture Regulations of the Department of Agriculture... RUS Reporting Requirements § 1773.32 Report on compliance and on internal control over financial... control over financial reporting including whether or not the tests performed provided sufficient evidence...

  3. Creating a linchpin for financial data: toward a universal legal entity identifier

    OpenAIRE

    John A. Bottega; Linda F. Powell

    2011-01-01

    The financial industry, like many others, is powered by information and data. A number of government agencies, quasi-government agencies, and private companies collect, process, use, and distribute information about a variety of players in the financial world. While the subjects of the data (balance sheet items or counterparty information, for example) may vary dramatically by agency and use, they all describe a particular financial institution or legal entity. Yet a standard way to uniquely ...

  4. Notification: EPA’s Compliance with Statement of Federal Financial Accounting Standards No. 47 and Treasury Financial Manual, Part 2, Chapter 4700

    Science.gov (United States)

    Project #OA&E-FY18-0249, June 6, 2018. The OIG plans to begin preliminary research on the EPA’s compliance with the Statement of Federal Financial Accounting Standards No. 47: Reporting Entity; and Treasury Financial Manual, Part 2, Chapter 4700

  5. The Normative Legal Regulation of Accounting Activities of Non-Bank Financial Institutions in Ensuring the Strategic Development of the Financial System of Ukraine

    Directory of Open Access Journals (Sweden)

    Prokopenko Zhanna V.

    2017-03-01

    Full Text Available The aim of the article is to study the normative legal regulation of accounting activities of non-bank financial institutions to ensure the strategic development of the financial system of Ukraine. There actualized the issue of examining the system of normative legal regulation in terms of: first, regulation of the market for non-bank financial services and their activities as an object of accounting; second, regulation of accounting and reporting as the basis of the impact on its organization, methodology; third, formation of requirements to the management of the institution concerning the qualification requirements to the chief accountant as a subject of organization and carrying out the accounting activities. In the course of the research, there developed a model for influencing the transformation of the organization and methodology of accounting, which will be implemented by establishing new requirements to its methods and objects as a result of changes in the normative legal acts and their impact on the systems of economic analysis and audit as components of corporate management of non-bank financial institutions. The proposed model determines the impact of the provisions of the integrated program for the development of the financial sector of Ukraine until 2020 in accounting in terms of methodology, specificity and composition of its objects. As a result of studying the set of documents that define the strategic provisions for the development of the market for non-bank financial services, there identified directions for the formation of new and transformation of the existing provisions of the normative legal regulation of the accounting system through its elements (methods, objects, subjects, study of its functions and justification of the significance in risk management. We believe that these provisions should be implemented by means of the development of organizational and methodological regulations for the accounting of non

  6. Compliance Framing - Framing Compliance

    OpenAIRE

    Lutz-Ulrich Haack; Martin C. Reimann

    2012-01-01

    Corporations have to install various organizational measures to comply with legal as well as internal guidelines systematically. Compliance management systems have the challenging task to make use of an internal compliance-marketing approach in order to ensure not only an adequate but also effective compliance-culture. Compliance-literature and findings of persuasive goal-framing-theory give opposite implications for establishing a rather values- versus rule-based compliance-culture respectiv...

  7. Securing financial independence in the legal basis of a central bank

    OpenAIRE

    Amtenbrink, Fabian

    2005-01-01

    textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be defined as referring to the legal and practical arrangements identifying the finances of a central bank and the extent to which the bank is subject to outside influence in this regard. In the (lega...

  8. Compliance With Legal Age Restrictions on Adolescent Alcohol Sales for Alcohol Home Delivery Services (AHDS)

    NARCIS (Netherlands)

    van Hoof, Joris Jasper; van den Wildenberg, Esther; de Bruijn, Dorien

    2014-01-01

    Purpose: Alcohol availability is an important predictor of alcohol use in adolescents and its negative consequences. Within this study, we zoomed in on availability through alcohol home delivery services (AHDS) by measuring compliance with the legal age limit in this sector. Methods: Two methods

  9. Compliance officers and legal advisers in power supply companies. interactions between compliance, risk management and the employer-employee relationship; Compliance-Beauftragte und Justitiare in EVU. Wechselwirkungen von Compliance, Risikomanagement und Arbeitsverhaeltnis

    Energy Technology Data Exchange (ETDEWEB)

    Gold, Juergen [Sozietaet Becker Buettner Held, Muenchen (Germany); Schaefer, Ralf; Bussmann, Sandra [Sozietaet Becker Buettner Held, Koeln (Germany)

    2011-06-15

    An inevitable task of any employee who has been appointed compliance officer, head of the legal department or internal auditor is to ensure that the company is protected against detriment through breaches of law or regulations. Another of his or her tasks, however, and one which might not be as obvious, is to ensure that parties outside the company are protected against detriment through his or her own employer. In order to deal appropriately with these and related questions some basic considerations on the necessity and function of compliance surveillance and its relationship with risk management must first be made. Using two significant court decisions for illustration the authors make a close examination of the liability issues involved in this area of potential conflict. They identify some salient points which should be considered in framing the contractual relationship between a compliance officer and his or her employer.

  10. Legal and economic aspects of UEFA's Rules on licensing of clubs and financial fair play

    Directory of Open Access Journals (Sweden)

    Ines Medić

    2018-01-01

    Full Text Available The results of supervision which UEFA in 2009 carried out on clubs showed that more than half of a total of 655 European clubs are in debt. Moreover, these are huge debts which are disproportionate with their financial possibilities. The three biggest European clubs were in such financial disarray that they were in two years, treated like other businesses, declared to be bankrupt. That period coincided with the widening of EU legislative powers and in sport issues and with the focus of the Commission on “sound management”. In 2010, UEFA presented a new Rulebook on the licensing of clubs and financial fair play. This Rulebook introduced doing business on “point of financial security” as their basis for the financial sustainability of European clubs. However, from the very beginning of its application its relation with EU legal regulations on competitiveness was disputable. This Rulebook existed in this limbo for 8 years and slowly real effects of its application are starting to be supervised. Namely legal and economic effects were often shown to have an unexpected effect, especially in combination with EU law. The intention here is to observe in detail the Rulebook’s regulations through various prisms: relation to EU legal regulations, its economic effects and the effect on stability and competitive balance.

  11. Legal traditions and initial endowments in shaping the path of financial development

    OpenAIRE

    Oto-Peralías, Daniel; Romero-Ávila, Diego

    2014-01-01

    The authors acknowledge financial support from the Spanish Ministry of Science and Technology through grant ECO2009-13357, the Spanish Ministry of Economics and Competitiveness through grant ECO2012-35430, and the Andalusian Council of Innovation and Science under Excellence Project SEJ-4546. This paper finds remarkable heterogeneity in the relationship between legal traditions and finance in former colonies. The effect of the British common law on financial development is conditioned by t...

  12. ORGANIZATION OF NON-BANK FINANCIAL INSTITUTIONS AND THEIR NEED FOR SUPERVISION

    Directory of Open Access Journals (Sweden)

    Medar Lucian-Ion

    2009-11-01

    Full Text Available In order to monitor lending operations, implicitly leading to an increase in money supply, and all financial and non-financial transactions, non-bank financial institutions allow empowered personnel of National Bank of Romania to examine their records, accounts and transactions, providing to this end all the documents and information concerning the management, internal control and operations of non-bank financial institutions, as will be required. Registered non-bank financial institutions carrying out monetary activities are legal persons reporting to the Credit Risk Control of National Bank of Romania, in compliance with the field regulations issued by the above mentioned bank.

  13. ORGANIZATION OF NON-BANK FINANCIAL INSTITUTIONS AND THEIR NEED FOR SUPERVISION

    Directory of Open Access Journals (Sweden)

    Lucian-Ion MEDAR

    2010-06-01

    Full Text Available In order to monitor lending operations, implicitly leading to an increase in money supply, and all financial and non-financial transactions, non-bank financial institutions allow empowered personnel of National Bank of Romania to examine their records, accounts and transactions, providing to this end all the documents and information concerning the management, internal control and operations of non-bank financial institutions, as will be required. Registered non-bank financial institutions carrying out monetary activities are legal persons reporting to the Credit Risk Control of National Bank of Romania, in compliance with the field regulations issued by the above mentioned bank.

  14. Legal financial institutions in the Water Law Act

    Directory of Open Access Journals (Sweden)

    Andrzej Borodo

    2015-12-01

    Full Text Available Some fees and payments are connected with obligatory participation in the cost of public projects and public investment. In the framework of the Water Law Act there are diverse public payments and fees. In this law there is the drainage fee and the investment fee. There are also contributions and other payments to the water companies. In the regulations of the Water Law Act there are also legal financial solutions for sharing the public costs, the use of budget subsidies, fixing and allocation of public expenditure.

  15. The role of financial intermediaries in the legalization of proceeds from crime

    Directory of Open Access Journals (Sweden)

    Gobrusenko K. I.

    2017-12-01

    Full Text Available the article is about the problem of the participation of professional financial intermediaries in the legalization (laundering of proceeds from crime, and considers legislative measures of regulating the activity of such intermediaries and methods for identifying organizations that laundering money on a professional basis.

  16. Georgia Compliance Review Self-Study FY 01.

    Science.gov (United States)

    Georgia State Dept. of Education, Atlanta.

    Intended for evaluation of local compliance with special education federal and state legal requirements, this compliance review document includes both the compliance requirements and the criteria by which compliance is determined during the onsite compliance review of Georgia local school systems and state-operated programs. Each legal requirement…

  17. The Impact of Approved Accounting Standard AASB 1024 “Consolidated Accounts” on the Information Included in Consolidated Financial Statements

    OpenAIRE

    Pramuka, Bambang Agus

    1995-01-01

    The intent of consolidated financial statements is to provide meaningful, relevant, useful, and reliable information about the operations of a group of companies. In compliance with AASB 1024 'Consolidated Accounts', and AAS 24 Consolidated Financial Reports', a parent entity now has to include in its consolidated financial statements all controlled entities, regardless of their legal form or the ownership interest held. The new Standard also pr...

  18. Legal, technical and financial framework of photovoltaic self-consumption. German experience feedback

    International Nuclear Information System (INIS)

    Persem, Melanie

    2014-01-01

    This document presents some key information and figures about self-consumption from photovoltaic power plants and cogeneration plants in Germany: definition and regulatory conditions of self-consumption, share of self-consumption in the overall electricity consumption, legal aspects and feed-in tariffs, grid parity achievement and modification of the support system, financial incentives for households, tertiary sector and industry, legal aspects of direct consumption by third parties, opportunities and challenges of PV self-consumption, citizens and companies commitment in energy transition, technical challenges, impact on grid dimensioning, challenge of storage on electric system optimisation, economic impact and 'lack of solidarity', summary and recommendations

  19. Legal and financial framework of photovoltaic self-consumption. German experience feedback

    International Nuclear Information System (INIS)

    Persem, Melanie

    2013-01-01

    This document presents some key information and figures about photovoltaic self-consumption in Germany: coverage on electricity needs, companies behaviour with respect to self-consumption, legal definition of self-consumption, evolution of the regulatory framework during the last years, financial incentives and benefits for households, 2009-2014 progress of self-consumption and future prospects, opportunities and challenges for citizens and companies, economic impact on grids financing and maintenance

  20. Criminal Compliance

    Directory of Open Access Journals (Sweden)

    Cristina Antonella Andretta

    2015-10-01

    The article discusses the concepts of both compliance and criminal compliance, its main components and structure as well as the main rules relating to its global application, and finally his emergence in the Ecuadorian legal system.

  1. Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1995

    National Research Council Canada - National Science Library

    1996-01-01

    ... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...

  2. Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1996

    National Research Council Canada - National Science Library

    Lane, F

    1997-01-01

    ... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...

  3. A contract-law perspective on legal cases in financial reporting: the Netherlands, 1880-1970

    NARCIS (Netherlands)

    Camfferman, C.

    2012-01-01

    This paper proposes a framework for the historical analysis of judicial decisions in financial reporting that may provide a basis for comparative research in the historical relation between the law and accounting. It is suggested that contract law may have been the dominant legal domain in which

  4. Diagnostic information for compliance checking of temporal compliance requirements

    NARCIS (Netherlands)

    Ramezani Taghiabadi, E.; Fahland, D.; Dongen, van B.F.; Aalst, van der W.M.P.; Salinesi, C.; Norrie, M.C.; Pastor, O.

    2013-01-01

    Compliance checking is gaining importance as today’s organizations need to show that operational processes are executed in a controlled manner while satisfying predefined (legal) requirements or service level agreements. Deviations may be costly and expose an organization to severe risks. Compliance

  5. Compliance checking of data-aware and resource-aware compliance requirements

    NARCIS (Netherlands)

    Ramezani Taghiabadi, E.; Gromov, V.; Fahland, D.; Aalst, van der W.M.P.; Meersman, R.; Panetto, H.; Dillon, T.; Missikoff, M.; Liu, L.; Pastor, O.; Cuzzocrea, A.; Sllis, T.

    2014-01-01

    Compliance checking is gaining importance as today’s organizations need to show that their business practices are in accordance with predefined (legal) requirements. Current compliance checking techniques are mostly focused on checking the control-flow perspective of business processes. This paper

  6. SANCTIONS WHICH OCCUR AS A CONSEQUENCE OF NON-COMPLIANCE WITH THE PRINCIPLE OF LEGALITY IN THE PENAL TRIAL

    Directory of Open Access Journals (Sweden)

    CATALIN IONUT ONCESCU

    2011-04-01

    Full Text Available The legality principle represents a frame principle since its interaction with the other principles exceeds the simple connection with those. The legality represents the frame within and with the compliance with which all the other fundamental principles of the penal trial are realized. No other principle can be placed outside thelegality, in same way in which any principle, no matter how important it may be, does not occur in any other way than according to the forms stipulated by law.Taking into consideration that the enforcement of the law is mandatory in criminal law procedures, as well as the obvious significance of the penal trial’s principle oflegality, it was absolutely necessary for the compliance with this principle to be doubled by numerous guarantees which, in the situations in which this fundamental rule has been violated, would become genuine sanctions referring not only to the procedural acts achieved with the law’s violation, but also to the people who have not complied with the law as far as the procedural penal activities’ unfolding is concerned.

  7. The Legal Structure of Commercial Banks and Financial Regulation : does organizational form matter for the design of bank regulation?

    OpenAIRE

    Cedeno-Brea, Enmanuel

    2017-01-01

    markdownabstractDo the different ways that commercial banks are legally organized matter for the design of financial regulation? It is often assumed that most commercial banks are setup as investor owned business corporations. However, this is not always the case In many jurisdictions, banks are legally organized using a plethora of organizational forms, which include: co-operatives, mutual associations and even nonprofit entities. Thus, some of the distinctive legal attributes and features o...

  8. Financial management of hazardous waste compliance and mitigation costs: constraints and implications

    OpenAIRE

    Babos, Jeffrey C.

    1991-01-01

    Approved for public release; distribution in unlimited. This research investigates financial management and other constraints and implications of hazardous waste disposal and compliance within DoD and DoN. It shows that during contracting fiscal period where there is an environmentally conscious public, the DoD and the Navy have to make trade-offs in funding for hazardous waste management. The study reveals that legislation removing sovereign immunity from the DoD for hazardous waste dispo...

  9. Institutional, Financial, Legal, and Cultural Factors in a Distance Learning Program.

    Science.gov (United States)

    Blakeman, Rachel; Haseley, Dennis

    2015-06-01

    As psychoanalytic institutes evolve, adapting to the contemporary financial and social environment, the integration of new technologies into psychoanalytic education presents opportunities for expansion to candidates residing beyond the usual geographic boundaries. While the teaching of analytic content through distance learning programs appears to be relatively straightforward, factors including legalities, traditional mind-sets, and cross-cultural issues need to be considered as complicating the situation, as illustrated by one U.S. institute's distance learning initiative with a group in South Korea. © 2015 by the American Psychoanalytic Association.

  10. 32 CFR Appendix M to Part 275 - Format for Certificate of Compliance With the Right to Financial Privacy Act of 1978

    Science.gov (United States)

    2010-07-01

    ... Certificate of Compliance With the Right to Financial Privacy Act of 1978 [Official Letterhead] [Date] Mr./Mrs..., pursuant to section 3403(b) of the Right to Financial Privacy Act of 1978, 12 U.S.C. 3401 et. seq., that...]: [Describe the specific records] Pursuant to section 3417(c) of the Right to Financial Privacy Act of 1978...

  11. Disadvantages of legal engineering of the disclosure of certain norms of the Budget Code of Ukraine

    Directory of Open Access Journals (Sweden)

    Світлана Миколаївна Клімова

    2017-09-01

    Full Text Available On June 21, 2001, the Verkhovna Rada of Ukraine adopted the Basic Law defining the principles of the budgetary system of Ukraine – the Budget Code of Ukraine. However, till now unregulated norms of separate articles of the Budget Code of Ukraine remained: 1 the Cabinet of Ministers of Ukraine does not define the procedure for borrowing to local budgets, as required by Article 74 of the Budget Code of Ukraine; 2 the legislation does not define specific issues of subventions from the State Budget of Ukraine, as required by Article 105 of the Budget Code of Ukraine. 3 the special law does not regulate the procedure for state control over compliance with budget legislation and prosecution for budget violations; 4 The Cabinet of Ministers of Ukraine did not ensure the implementation of Articles 59 and 60 of the Budget Code in relation to the establishment of uniform forms of reporting by the bodies of collection of taxes and fees and submission of information to the Accounting Chamber on this issue etc. Problems related to the regulation of management and financial relations were at the center of attention of domestic scholars - specialists in administrative and financial law, among them VB Averyanov, Yu.P. Bityak, V.M. Garaschuk, MP Kucheryavenko, A.T. Komzyuk, OA Lukashev, A.O. Monaenko, V.Ya. Nastyuk, O.P. Ryabchenko, IV Soloshkina, and others. Scientificly significant issues related to various aspects of lawmaking were considered in the works of domestic and foreign scientists, namely: I.O. Bilya O.M. Kostenka V.F. Pogorilka, SV Poleninoy, A.O. Selivanova V.Yu. Ragozina, Yu.S. Shemshuchenko, I.D. Shootka and others. Paper objective – Rules of external expression of the contents of the norms of the Budget Code of Ukraine. The text of the Budget Code of Ukraine was created according to the general rules of legal technique. Some examples of constructs of norms of BCU, which need to be revised, are considered. First, Article 94, paragraph 3, of

  12. Compliance. Regulatory policy P-211

    International Nuclear Information System (INIS)

    2001-05-01

    This regulatory policy describes the basic principles and directives for establishing and conducting the Canadian Nuclear Safety Commission (CNSC) Compliance Program. The program is aimed at securing compliance by regulated persons with regulatory requirements made under the Nuclear Safety and Control Act ('the Act'). The policy applies to persons who are regulated by the CNSC through the Act, regulations and licences, as well as by decisions and orders made under the Act. The policy applies to officers and employees of the CNSC, and its authorized representatives or agents, who are involved in developing and carrying out compliance activities. Compliance, in the context of this policy, means conformity by regulated persons with the legally binding requirements of the Act, and the CNSC regulations, licences, decisions, and orders made under the Act. Compliance activities are CNSC measures of promotion, verification and enforcement aimed at securing compliance by regulated person with the applicable legally binding requirements. (author)

  13. Financial Derivatives

    OpenAIRE

    Janečková, Alena

    2011-01-01

    1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...

  14. Islamic Banking and Financial Regulation in Malaysia: Between State Sharia, the Courts and the Islamic Moral Economy

    OpenAIRE

    Wilson, Emma

    2018-01-01

    This article examines Malaysia’s emergence as a global centre of Islamic finance through a pragmatic centralised regulatory framework that promotes legal certainty and consonance with the conventional financial system rather than the development of a distinctly Islamic moral economy. It also highlights the judiciary’s challenge to Central Bank regulatory dominance through civil sharia compliance cases based on Anglo-Muslim law.

  15. 32 CFR Appendix C to Part 504 - Certificate of Compliance With the Right to Financial Privacy Act of 1978-Sample Format

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 3 2010-07-01 2010-07-01 true Certificate of Compliance With the Right to... FINANCIAL INSTITUTIONS Pt. 504, App. C Appendix C to Part 504—Certificate of Compliance With the Right to... Union, Fort Ord, CA 93941. Dear Mr./Mrs. _____: I certify, pursuant to section 3403(b) of the Right to...

  16. The Southern African Development Community Trade Legal Instruments Compliance with Certain Criteria of GATT Article XXIV

    Directory of Open Access Journals (Sweden)

    A Saurombe

    2011-07-01

    Full Text Available Article XXIV of the General Agreement on Tariffs and Trade (GATT lays down the legal principles with which regional trade agreements have to conform. Based on these principles, WTO members have the mandate to determine the legality of Regional Trade Agreements (RTAs under the GATT. Article XXIV permits both regional and bilateral preferential trade agreements leading to the formation of customs unions and free trade areas, and seeks to integrate them in the multilateral trading system envisioned for the world. SADC is an RTA created under this Article. Notwithstanding the controversies surrounding the provisions and interpretation of Article XXIV, this paper seeks to establish the extent to which the SADC Protocol on Trade and free trade area comply with WTO rules. An analysis of selected Article XXIV provisions and the SADC Trade Protocol provisions will be undertaken in trying to establish this compliance.

  17. Financial crimes and financial misdemeanours

    OpenAIRE

    Bamford, Colin

    2007-01-01

    The author argues that undesirable behaviour in the financial markets has not been countered by appropriate controls. Article by Colin Bamford (Barrister, 3-4 South Square) published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.

  18. Managing compliance risk after Mifid

    OpenAIRE

    P. Musile Tanzi; G. Gabbi; D. Previati; P. Schwizer

    2013-01-01

    Purpose – The purpose of this paper is to focus on changes in the compliance function within major European banks and other financial intermediaries and on the effects of Markets in Financial Instruments Directive (MiFID) implementation. Design/methodology/approach – The four areas of research seek to answer the following questions: Is the positioning of the compliance function “at the top” of the organizational structure? Are the roles attributed to the compliance function, th...

  19. 78 FR 19734 - Notice of Proposed Information Collection

    Science.gov (United States)

    2013-04-02

    ... information for Permit Applications--Minimum Requirements for Legal, Financial, Compliance, and Related... expected burden and cost. DATES: Comments on the proposed information collection must be received by June 3...--Minimum Requirements for Legal, Financial, Compliance, and Related Information. OSM has revised burden...

  20. 75 FR 39272 - Notice of Proposed Information Collection for 1029-0117

    Science.gov (United States)

    2010-07-08

    ... for Legal, Financial, Compliance, and Related Information. The collection described below has been... request describes the nature of the information collection and the expected burden and cost. DATES: OMB... for 30 CFR part 778--Permit Applications--Minimum Requirements for Legal, Financial, Compliance, and...

  1. Ethical, financial, and legal considerations to implementing emergency department HIV screening: a report from the 2007 conference of the National Emergency Department HIV Testing Consortium.

    Science.gov (United States)

    Waxman, Michael J; Popick, Rachel S; Merchant, Roland C; Rothman, Richard E; Shahan, Judy B; Almond, Gregory

    2011-07-01

    We seek to identify and analyze, from a group of participants experienced with HIV screening, the perceived challenges and solutions to the ethical, financial, and legal considerations of emergency department (ED)-based HIV screening. We performed a qualitative analysis of the focus group discussions from the ethical, financial, and legal considerations portion of the inaugural National Emergency Department HIV Testing Consortium conference. Four groups composed of 20 to 25 consortium participants engaged in semistructured, facilitated focus group discussions. The focus group discussions were audiotaped and transcribed. A primary reader identified major themes and subthemes and representative quotes from the transcripts and summarized the discussions. Secondary and tertiary readers reviewed the themes, subthemes, and summaries for accuracy. The focus group discussions centered on the following themes. Ethical considerations included appropriateness of HIV screening in the ED and ethics of key elements of the 2006 Centers for Disease Control and Prevention HIV testing recommendations. Financial considerations included models of payment and support, role of health care insurance, financial ethics and downstream financial burdens, and advocacy approaches. Legal considerations included the adequacy of obtaining consent, partner notification, disclosure of HIV results, difficulties in addressing special populations, failure of not performing universal screening, failure to notify a person of being tested, failure to notify someone of their test results, liability of inaccurate tests, and failure to link to care. This qualitative analysis provides a broadly useful foundation to the ethical, financial, and legal considerations of implementing HIV screening programs in EDs throughout the United States. Copyright © 2011. Published by Mosby, Inc.

  2. Achieving compliance when legal sanctions are non-deterrent

    DEFF Research Database (Denmark)

    Tyran, Jean-Robert; Feld, Lars P.

    2006-01-01

    Law backed by nondeterrent sanctions (mild law) has been hypothesized to achieve compliance because of norm activation. We experimentally investigate the effects of mild law in the provision of public goods by comparing it to severe law (deterrent sanctions) and no law. The results show that exog......Law backed by nondeterrent sanctions (mild law) has been hypothesized to achieve compliance because of norm activation. We experimentally investigate the effects of mild law in the provision of public goods by comparing it to severe law (deterrent sanctions) and no law. The results show...... that exogenously imposing mild law does not achieve compliance, but compliance is much improved if mild law is endogenously chosen, i.e., selfimposed. We show that voting for mild law induces expectations of cooperation, and that people tend to comply with the law if they expect many others to do so...

  3. Legal and financial methods for reducing low emission sources: Options for incentives

    Energy Technology Data Exchange (ETDEWEB)

    Samitowski, W. [Office of Economic and Legal Advisors POLINVEST Ltd., Cracow (Poland)

    1995-12-31

    There are two types of the so-called low emission sources in Cracow: over 1,000 local boiler houses and several thousand solid fuel-fired stoves. The accomplishment of each of 5 sub-projects offered under the American-Polish program entails solving the technical, financial, legal and public relations-related problems. The elimination of the low emission source requires, therefore, a joint effort of the following pairs: (a) local authorities, (b) investors, (c) owners and users of low emission sources, and (d) inhabitants involved in particular projects. The results of the studies developed by POLINVEST indicate that the accomplishment of the projects for the elimination of low emission sources will require financial incentives. Bearing in mind the today`s resources available from the community budget, this process may last as long as a dozen or so years. The task of the authorities of Cracow City is making a long-range operational strategy enabling reduction of low emission sources in Cracow.

  4. Diagnostic information in compliance checking

    NARCIS (Netherlands)

    Ramezani Taghiabadi, E.; Fahland, D.; Aalst, van der W.M.P.

    2012-01-01

    Compliance checking is gaining importance as today's organizations need to show that operational processes are executed in a controlled manner while satisfying predefined (legal) requirements. Deviations may be costly and expose the organization to severe risks. Compliance checking is of growing

  5. Social media in the health-care setting: benefits but also a minefield of compliance and other legal issues.

    Science.gov (United States)

    Moses, Richard E; McNeese, Libra G; Feld, Lauren D; Feld, Andrew D

    2014-08-01

    Throughout the past 20 years, the rising use of social media has revolutionized health care as well as other businesses. It allows large groups of people to create and share information, ideas, and experiences through online communications, and develop social and professional contacts easily and inexpensively. Our Gastroenterology organizations, among others, have embraced this technology. Although the health-care benefits may be many, social media must be viewed through a legal lens, recognizing the accompanying burdens of compliance, ethical, and litigation issues. Theories of liability and risk continue to evolve as does the technology. Social media usage within the medical community is fraught with potential legal issues, requiring remedial responses to meet patients' needs and comply with current laws, while not exposing physicians to medical malpractice and other tort risks.

  6. Political environment in the effect of the regional government financial performance on disclosure of financial information on website

    Directory of Open Access Journals (Sweden)

    Yustina Hiola

    2016-07-01

    Full Text Available This study aims to analyze the effect of financial performance of local governments towards the disclosure compliance of financial information on the website, as well as the political environment as a moderating variable for the effect of the financial performance of local governments towards disclosure compliance of financial infor-mation on the website. The study was conducted at the local government in Sulawesi with the sample consisting of 53 governments. The data were analyzed by partial least square (PLS. The results showed that good financial performance of local governments can encourage disclosure compliance of financial information on the website. This study also found that the political environment cannot moderate the effect of the financial performance towards the disclosure compliance of financial information on the website. This is due to the people who are interested more in paper-based reporting. The implication of this study was to encourage related re-search as well as encouraging local governments to use website as a media for finan-cial information reporting. Gorontalo district government is local government, which has excellent financial performance with complete disclosure of financial information on the website.

  7. International Criminal Justice and the Politics of Compliance

    NARCIS (Netherlands)

    Lamont, Christopher

    2010-01-01

    International Criminal Justice and the Politics of Compliance provides a comprehensive study of compliance with legal obligations derived from the International Criminal Tribunal for the former Yugoslavia's (ICTY) Statute and integrates theoretical debates on compliance into international justice

  8. Compliance of the legal treatment of experimental animals in Serbian legislation with the legislation of the European Union

    Directory of Open Access Journals (Sweden)

    Vidić-Trninić Jelena

    2013-01-01

    Full Text Available The author focuses on compliance of the legal treatment of experimental animals in Serbian law with the provisions of the European legislation. Analysing, on one hand, the treatment that experimental animals have under the law of European Union, and on the other hand, the treatment that they have in the law of Serbia, in accordance with the relevant acts and subordinate legislation acts, this article seeks to answer the question whether the degree of legal protection of experimental animals in domestic law is satisfactory, as well as whether and to what extent the relevant national legislation complies with the European standards. At the same time, the article attempts to point out the appropriate measures necessary to be taken in the future in order to achieve as high quality and comprehensive protection of experimental animals as possible in Serbian law.

  9. Compliance in the banking sector: checking the observance of legislation on controlled foreign companies

    Directory of Open Access Journals (Sweden)

    Elena A. Shapkina

    2017-03-01

    Full Text Available Objective to identify the features of law implementation in the banking sector when fulfilling the compliance procedures as well as specificity of the identification of clients by credit institutions in the implementation of the law provisions on controlled foreign companies. Methods dialectic approach to cognition of legal phenomena allowing to analyze them in their development and functioning in the context of objective and subjective factors. Comparative method formallogical method method of deduction. Results in the article the necessity is proved to introduce the compliance procedures as a mechanism for internal control systems in the banking sector and for impeding the development of the shadow economy corruption and extremist manifestations. It is determined that the application of the compliance system allows to solve the problem of the effectiveness of anticorruption policy. The approaches are analyzed to the problem of offshorization of the Russian economy and measures for its resolution including by creating mechanisms of taxation of controlled foreign companies. The aims and approaches are viewed to defining the controlled foreign companies and the impact of Russian reforms on the legal systems of foreign countries. In particular we consider changes in Swiss law aimed at tightening controls over financial transactions in the banking sector with the aim of combating money laundering as well as compliance with Russian antioffshore legislation. It is stated that the change in the legal field in Russia will contribute to the protection of fiscal interests of the state and modernization of thebanking systems of internal control. Scientific novelty basing on the use of complex scientific methods for the first time the study is carried out of the compliance procedure in the banking sector from the point of view of checking the observance of the legislation on controlled foreign companies. Practical significance the main provisions and

  10. Finding the Stronger Impact among Bribery, Financial Reward, and Religious Attitude: The Insights of Experiment on Environmental Tax Compliance in Indonesia

    OpenAIRE

    Iskandar, Deden Dinar; Wuenscher, Tobias

    2012-01-01

    The degradation of environmental quality has been one of the main concerns in Indonesia. The government has mentioned the environmental tax as the instrument of environmental management; however, the primary potential problem will be the issue of compliance. Inspired by the situation in Indonesia, this study is expected to contribute on environmental regulation and tax compliance literatures by examining and comparing the impact of bribery, financial reward, and religious attitude on complian...

  11. The Legal Structure of Commercial Banks and Financial Regulation : does organizational form matter for the design of bank regulation?

    NARCIS (Netherlands)

    V.L.E. Cedeno-Brea (Enmanuel)

    2017-01-01

    markdownabstractDo the different ways that commercial banks are legally organized matter for the design of financial regulation? It is often assumed that most commercial banks are setup as investor owned business corporations. However, this is not always the case In many jurisdictions, banks are

  12. Diagnostic information in temporal compliance checking

    NARCIS (Netherlands)

    Ramezani Taghiabadi, E.; Fahland, D.; Dongen, van B.F.; Aalst, van der W.M.P.

    2012-01-01

    Compliance checking is gaining importance as today’s organizations need to show that operational processes are executed in a controlled manner while satisfying prede¿ned (legal) requirements. Deviations may be costly and expose the organization to severe risks. Compliance checking is of growing

  13. Financial Risk Management

    OpenAIRE

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

    Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

  14. Affirmative Action in Medical Education: A Legal Perspective.

    Science.gov (United States)

    Helms, Lelia B.; Helms, Charles M.

    1998-01-01

    Describes history of legal theory behind affirmative action, with examples from case law and Department of Education regulations, identifying legal pitfalls in admissions and financial aid, including categorization of students by race, racially disproportionate financial aid awards after accounting for need, racially disproportionate scholarship…

  15. Financial Village Standing in Indonesian Financial System

    Directory of Open Access Journals (Sweden)

    Herry Purnomo

    2015-12-01

    Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81

  16. Internal Controls and Compliance With Laws and Regulations for the FY 1996 Financial Statements of the "Other Defense Organizations" Receiving Department 97 Appropriations

    National Research Council Canada - National Science Library

    1997-01-01

    The overall audit objective was to assess internal controls and compliance with laws and regulations and to review and evaluate the adjustments to the FY 1996 "Other Defense Organizations" financial statements...

  17. The use of legal guardians and financial powers of attorney among home-dwellers with Alzheimer's disease living with their spousal caregivers.

    Science.gov (United States)

    Raivio, M M; Mäki-Petäjä-Leinonen, A P; Laakkonen, M-L; Tilvis, R S; Pitkälä, K H

    2008-12-01

    We conducted a cross-sectional survey of a random sample of 1943 spouses of home-dwellers with Alzheimer's disease (AD) to examine the prevalence of court-appointed guardians or financial powers of attorney for persons with AD, related factors and the need for information about these issues among caregiving families. The questionnaire consisted questions on variables of demographic characteristics, disability, symptoms and care needs of the person with dementia, the strain of caregiving, the use of court-appointed legal guardians or powers of attorney, as well as discussions about these issues -- and the need for them -- with a doctor. The response rate was 77% and the mean ages of those with AD and caregivers were 80.2 and 78.2 years, respectively. The use of legal guardians was rare (4.3%), while the use of financial powers of attorney was more common (37.8%). Only 9.9% of the couples had discussed these issues with their doctor, whereas 47.9% expressed a need for it. The factors associated with the use of these legal arrangements were related to the severity of dementia, including experiencing dementia symptoms for more than 3 years, poor functioning, incontinence and behavioural symptoms. There is a clear need for information on medico-legal issues related to dementia among caregivers of AD patients. If held soon after the diagnosis, such discussions could support the autonomy of these persons in spite of AD and enable them to plan for the future as they wish.

  18. Legal Pluralism, Private Power, and the Impact of the Financial Crisis on the Global Political Economy

    Directory of Open Access Journals (Sweden)

    Edward S. Cohen

    2013-10-01

    Full Text Available Private corporate actors have played a central role in the construction of the legal rules of globalized capitalism over the past four decades. In no sector has this been more true than in global finance, where private agents have reshaped the norms and practices of credit creation and allocation. The global financial crisis, however, has led many states to challenge aspects of this power and raised broader questions about the legitimacy and future of private power in the global legal order(s. In this paper, I argue that –while state actors have clawed back significant power in global finance– the specific powers of credit creation and allocation combined with the structural pull of transnational legal pluralism will enable major private financial institutions to retain substantial power in the face of these challenges and questions. In the process, I present some broad suggestion about how we can think about private power in the making of global commercial law. Durante las últimas cuatro décadas, actores corporativos privados han desempeñado un papel decisivo en la construcción de las normas legales del capitalismo globalizado. En ningún sector ha sido esto más cierto que en las finanzas globales, donde los agentes privados han reformado las normas y prácticas de la creación de crédito y asignación. La crisis financiera global, sin embargo, ha llevado a muchos estados a cuestionar aspectos de este poder y planteado cuestiones más amplias acerca de la legitimidad y el futuro del poder privado en el/los ordenamiento/s jurídico/s global/es. En este trabajo se sostiene que –mientras que los actores estatales han recuperado un poder significativo en las finanzas globales– los poderes específicos de la creación de crédito y asignación combinados con la fuerza estructural del pluralismo jurídico transnacional permitirán a las principales instituciones financieras privadas retener poder sustancial ante estos retos y preguntas

  19. Review of changes in the regulation of derivatives in compliance with the directive No. 2014/65/ЕС “The Markets in Financial Instruments Directive”

    Directory of Open Access Journals (Sweden)

    Angelika M. Kriger

    2017-06-01

    Full Text Available Objective to identify and analyze the changes in the legal regulation of financial markets in the EU which occurred as a result of continuous reforms one of the key steps of which was the adoption of Directive 201465EC ldquoOn financial tools marketsrdquo. This document defines the framework for transactions with derivative financial instruments. Methods formallegal comparative historical analytical methods of scientific cognition. Results it was found that Regulation No. 6002014EU of the European Parliament and of the EU Council ldquoOn the financial tools marketsrdquo introduced the trading obligation to transactions with derivative financial instruments that is the rules on signing contracts on a certain type of regulated platforms. These platforms include regulated markets multilateral and organized trading platforms as well as similar platforms registered in the third states. The delegated regulations of the European Commission define the criteria for the diffusion of trading obligations onto various types of financial derivatives. At the moment it is impossible to fully evaluate the innovations results as most of the provisions and secondary legal acts have not yet come into force or have not been adopted. However it is clear that the reform of 2014 will not leave the derivatives market in its previous state. Directive No. 201465EU and Regulation No. 6002014EU ldquoOn financial tools marketsrdquo produced a revolution for them. The trading obligation imposed by these documents has forced the parties involved into transactions with derivative financial instruments to adopt a new perspective on their activities. As a result of the innovation a huge part of transactions with them has to be transferred onto regulated platforms and the OTC contracts for many will become illegal. Scientific novelty the article for the first time analyses and studies the reform of the derivatives market in the European Union as well as peculiarities of

  20. Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

    OpenAIRE

    Frederic S. Mishkin

    2001-01-01

    This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

  1. Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

    OpenAIRE

    Hoe, Siew Yee

    2008-01-01

    The financial planning industry in Malaysia is still very much at its inception stage. Currently, regulators- Bank Negara Malaysia and Securities Commission of Malaysia have started to regulate the industry by imposing requirements for whoever wanted to venture into the financial planning profession. The title of ‘Financial Planner’ is now highly legalized by the authorities. Empirical studies have been done by overseas scholars and found that the lack of personal financial literacy has been ...

  2. Why Chinese farmers obey the law: Pesticide compliance in Hunan Province, China

    NARCIS (Netherlands)

    Yan, H.

    2014-01-01

    While China’s legal system has been increasingly perfected, the implementation of laws in China remains challenging. Simply strengthening law enforcement is not sufficient to improve compliance. It is necessary to bring in a regulatory compliance perspective. This book intends to explore compliance

  3. 78 FR 17646 - Agency Information Collection Activities; eZ-Audit: Electronic Submission of Financial Statements...

    Science.gov (United States)

    2013-03-22

    ...Z-Audit: Electronic Submission of Financial Statements and Compliance Audits AGENCY: Federal Student...: Electronic Submission of Financial Statements and Compliance Audits. OMB Control Number: 1845-0072. Type of... to facilitate the submission of compliance and financial statement audits, expedite the review of...

  4. The effect of tax reporting in financial reporting

    Directory of Open Access Journals (Sweden)

    Shqipe Xhaferri

    2015-07-01

    Full Text Available This paper analyzes the importance of building financial statements and their compliance with the activities by running an entity, primarily for micro units. Main objective of this paper is to present the necessity of the implementation of legal frameworks in the field of accounting and the application of accounting standards for financial reporting. National Accounting Standards are significant factors to increase the quality of financial information, bringing new technologies, increased competition and culture of service etc. National Accounting Standards help in the sustainable economic development of the country and integration into the EU. This paper analyzes a series of articles in the field of research in the field of accounting. This paper presents the theoretical and practical aspects of a company’s long-term assets, treating the amortization calculated according to accounting standards. An important point is the appearance of these items in the balance sheet. According to the empirical viewpoint, various studies give different results. Also, the entities as a primary source of economic development are part of this paper. The application of accounting standards began in Albania on 1 January 2009. From these date all the units are obliged to draw up financial statements according to national and international standards of accounting. Actually nowadays (starting from the fiscal year 2014 the submission of balance sheet is made electronically.

  5. 49 CFR 27.121 - Compliance information.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 1 2010-10-01 2010-10-01 false Compliance information. 27.121 Section 27.121 Transportation Office of the Secretary of Transportation NONDISCRIMINATION ON THE BASIS OF DISABILITY IN PROGRAMS OR ACTIVITIES RECEIVING FEDERAL FINANCIAL ASSISTANCE Enforcement § 27.121 Compliance information. (a) Cooperation and assistance. The...

  6. Research Notes -- Openness and Evolvability -- Legal Assessment

    Science.gov (United States)

    2016-08-01

    against obsolescence in place?............................... 6 2.1.13 Is compliance with shared infrastructures legally enforceable? ....... 6 2.1.14 Is...bundling acceptance criteria and milestone delivery schedules . This may hide the possibility of unpublished coupling being incorporated between bundled...2.1.12 Is legal protection against obsolescence in place? If the standards used by support tools are not open, determine whether contract or similar

  7. 78 FR 38360 - Notice of Proposed Information Collection; Request for Comments

    Science.gov (United States)

    2013-06-26

    ..., Financial, Compliance, and Related Information. The information collection request has been forwarded to the... describes the nature of the information collection and the expected burden and cost. DATES: OMB has up to 60... for 30 CFR Part 778--Permit Applications--Minimum Requirements for Legal, Financial, Compliance, and...

  8. Compliance assurance in the safe transport of radioactive materials in Switzerland

    International Nuclear Information System (INIS)

    Smith, L.

    1994-01-01

    Quality Assurance in the transport of radioactive materials (RAM) has been a legal requirement in Switzerland since 1 January 1990. Some four years later, Switzerland is well on the way to having a comprehensive system of Compliance Assurance covering the transport of RAM. By the end of 1994 Compliance Assurance will be fully operational with regard to nuclear fuel cycle shipments which account for over 90% of all radioactivity transported in Switzerland. Compliance Assurance has been delayed in Switzerland for non-fuel-cycle radioactive material shipments. This has been due to the need to modify the legal infrastructure for the relevant supervisory authorities. Nevertheless, it is hoped to have Compliance Assurance related to Radiation Units (large sources in Type B packages) operational before the end of 1994. Systematic progress is being made regarding Compliance Assurance relating to the movement of smaller sources. This involves a very large number of smaller organisations and will take some time to become routine. (author)

  9. Financial System of Malaysia: the Concept of Financial Dispute

    Directory of Open Access Journals (Sweden)

    Evgenia E. Frolova

    2017-01-01

    Full Text Available Purpose: the article examines the main problems associated the new regulatory acts of Malaysia – the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013; The characteristics of the legal status of the "Ombudsman for financial services" are listed, types of financial disputes subject to settlement under the "financial ombudsman scheme" are listed, parties to the financial dispute are identified. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Malaysia that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority. Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia. Results: according to the provisions of the new laws of Malaysia, namely the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013, a financial dispute should be understood as a dispute, to which the parties are a financial consumer and a financial service provider provider. Financial disputes include disputes in the field of insurance and Islamic insurance, as well as disputes over bank cards, bank accounts, ATMs, Internet banking, mobile banking, and others. The main body for the settlement of financial disputes is the Financial Ombudsman. The competence of the financial ombudsman is limited by the amount of the claim of 250,000 ringgit (about 4.5 million rubles, under insurance claims – 10,000 ringgit, in the field of unauthorized transactions – 25,000 ringgit. The procedure for resolving a financial dispute, which in Malaysia is referred to as the "scheme of a financial ombudsman", is established by the Central Bank of Malaysia

  10. LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    Amelia-Raluca ONIŞOR

    2016-05-01

    Full Text Available The research analyses the legal effects of mergers and acquisitions from the Romanian Company Law perspective, underlining certain general principles, the procedure of annulment of such a legal transformation of companies and the protection of the employees of companies participating in the merger according to the Law no. 67/2006. These consequences of mergers and acquisions are to be seen in the broader light of the most important purpose of this legal instrument, maximizing financial and organizational efficiencies, thus legal certainty is a desirable goal to be assumed by any merger regulation.

  11. Rates of credit obligations compliance on IFRS financial statement as a factor of financial stability

    Directory of Open Access Journals (Sweden)

    O. V. Uvarova

    2016-01-01

    Full Text Available For the purposes of effective management of economic activity of the entities of insufficiently own accounting information. For objective assessment of a financial and economic provision of the entity it is necessary to pass from separate accounting data to certain valuable ratios of major factors – to financial performance or financial ratios. Calculation and interpretation of their values the integral and essentially necessary part of a financial analysis, especially it is important if the company has credit liabilities. Conditions of credit agreements often include accomplishment of credit covenants which represent restrictions for activities and a financial position of the company in addition to timely settlement of percent and a body of the credit and provide to lessors a certain level of safety from bankruptcy of the debtor. The article considers the covenants and financial covenants definitions; the main financial covenants containing in credit agreements between large banks and borrowers; data on structure of a credit portfolio and financial debt of NLMK as at June 30, 2016; the main financial covenants containing in credit agreements of the companies of NLMK Group; definitions and formulas of calculation of financial rates based on the IFRS financial statement; calculation of covenants on the example of IFRS consolidated financial statements of NLMK; subtleties of calculation of financial rates; the main differences of financial rates calculation based on the financial statements prepared on the different principles; conclusion about stability and a financial condition of NLMK by the results received during calculation financial covenants as at end of the first half of the year 2016.

  12. Law and Islamic finance: How legal origins affect Islamic finance development?

    Directory of Open Access Journals (Sweden)

    Rihab Grassa

    2014-09-01

    Full Text Available Many researchers have shown that differences in legal origin explain differences in financial development. Using historical comparisons and cross-country regressions for 30 countries observed for the period from 2005 to 2010, this study tried to assess if different legal origins impacted on the development of Islamic finance. More particularly, this paper tried to assess empirically why and how Shari'a Law's legal origins adopted wholly or partially (combined with Common or Civil Law could explain the level of development of Islamic finance in different jurisdictions. Firstly, we found that countries adopting a Shari'a legal system had a very well developed Islamic financial system. Secondly, we found that countries, adopting a mixed legal system based on Common Law and Shari'a Law, were characterized by the flexibility of their legal systems to make changes to their laws in response to the changing socioeconomic conditions and that these helped the development of the Islamic financial industry. However, we found that countries, adopting a mixed legal system based on both Civil Law and Shari'a Law, were less flexible in making changes to their old laws and this thwarted the development of the Islamic financial industry in these countries. Thirdly, we found that the concentration of Muslim population (the percentage of Muslim population had a positive effect on the development of the Islamic banking system. Also, the level of income had a positive and significant effect on the development of Islamic banking.

  13. Multiple Drivers of Local (Non- Compliance in Community-Based Marine Resource Management: Case Studies from the South Pacific

    Directory of Open Access Journals (Sweden)

    Janne R. Rohe

    2017-05-01

    Full Text Available The outcomes of marine conservation and related management interventions depend to a large extent on people's compliance with these rule systems. In the South Pacific, community-based marine resource management (CBMRM has gained wide recognition as a strategy for the sustainable management of marine resources. In current practice, CBMRM initiatives often build upon customary forms of marine governance, integrating scientific advice and management principles in collaboration with external partners. However, diverse socio-economic developments as well as limited legal mandates can challenge these approaches. Compliance with and effective (legally-backed enforcement of local management strategies constitute a growing challenge for communities—often resulting in considerable impact on the success or failure of CBMRM. Marine management arrangements are highly dynamic over time, and similarly compliance with rule systems tends to change depending on context. Understanding the factors contributing to (non- compliance in a given setting is key to the design and function of adaptive management approaches. Yet, few empirical studies have looked in depth into the dynamics around local (non- compliance with local marine tenure rules under the transforming management arrangements. Using two case studies from Solomon Islands and Fiji, we investigate what drives local (non- compliance with CBMRM and what hinders or supports its effective enforcement. The case studies reveal that non-compliance is mainly driven by: (1 diminishing perceived legitimacy of local rules and rule-makers; (2 increased incentives to break rules due to market access and/ or lack of alternative income; and (3 relatively weak enforcement of local rules (i.e., low perceptions of risk from sanctions for rule-breaking. These drivers do not stand alone but can act together and add up to impair effective management. We further analyze how enforcement of CBMRM is challenged through a range of

  14. Nigeria; Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Compliance of the Basel Core Priciples for Effective Banking Supervision

    OpenAIRE

    International Monetary Fund

    2013-01-01

    The assessment of the implementation of the Basel Core Principles (BCP) was conducted for effective banking supervision in Nigeria. The assessment team reviewed the legal framework for banking supervision and held extensive discussions with the staff of the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). It is assessed that Nigeria has recorded significant improvement in its level of compliance with the BCPs, which is attributed to the enhancement of the su...

  15. ANALYSIS ON THE IMPACT OF NON-COMPLIANCE WITH ACCOUNTING PRINCIPLES BY COMPANIES, IN TERMS OF EXTERNAL FINANCIAL AUDIT “FILTERS”

    OpenAIRE

    Ovidiu-Constantin BUNGET; Alin-Constantin DUMITRESCU

    2010-01-01

    In order to demonstrate that there is a direct link between compliance with accounting principles and auditor’s opinion, which, of course, is „filtered” through professional judgement, the study starts from information provided by a representative medium-sized audit company located in the western part of Romania. The research starting point is represented by audit opinions expressed on statutory audit engagements for financial years ended 31 December 2008 and 31 December 2009, respectively. T...

  16. Ophthalmologists' awareness of informed consent and their compliance to its requirements.

    Science.gov (United States)

    Ehteshami, Asghar; Isfahani, Sakineh Saghaeiannejad; Saeedbakhsh, Saeed; Isfahani, Mahtab Kasaei

    2013-01-01

    Healthcare providers' awareness of laws governing medical documents and patients' health-related information is essential in securing the patients' rights. Given the existing legal problems in documentation of medical record of Consent and Acquittal, we decided to perform an investigation examining the levels of ophthalmologists' awareness of legal requirements for medical record of consent and acquittal and how they complied with such requirements at Feiz Teaching Hospital, Isfahan in the year 2011. This research is an applied, descriptive-analytic one. The research population for awareness measurement includes attending ophthalmologists at Feiz Hospital. Filled-in consent record forms recorded in medical document were used to examine the levels of compliance with legal requirements governing medical record of consent and acquittal. Sampling among the attending ophthalmologists was performed using consensus which included 14 ophthalmologists. The files were samples using the statistical formula, resulting in a sample of 303 files. Data collection tools included a questionnaire and a check list. The questionnaire's reliability was estimated through Cronbach's alpha calculation (0.8); and the check list was completed through a survey among professors of Health Information Technology Management department. In a first step, investigators handed a questionnaire containing 12 items to the ophthalmologists in order to assess their levels of awareness from legal Aspects of medical Informed consent and acquittal, and received the completed questionnaire after answering their possible queries on the issue. In the next step the researchers went to the hospital and evaluated the levels of compliance with legal aspects of medical informed consent and acquittal within the files using a check list and by direct observation. Analytic statistics and SPSS software were used to analyze the data; and Pearson test was applied to evaluate the assumed relationship. The findings were

  17. The law of unintended (financial) consequences: the expansion of HIPAA business associate liability.

    Science.gov (United States)

    Tomes, Jonathan P

    2013-01-01

    The recent Omnibus Rule published by the Department of Health and Human Services greatly expanded liability for breaches of health information privacy and security under the HIPAA statute and regulations. This expansion could have dire financial consequences for the health care industry. The Rule expanded the definition of business associates to include subcontractors of business associates and made covered entities and business associates liable for breaches of the entities who perform a service for them involving the use of individually identifiable health information under the federal common law of agency. Thus, if a covered entity or its "do wnstream" business associate breaches security or privacy, the covered entity or "upstream" business associate may face HIPAA's civil money penalties or a lawsuit. Financial managers need to be aware of these changes both to protect against the greater liability and to plan for the compliance costs inherent in effectively, if not legally, making business associates into covered entities.

  18. Canada and the Kyoto Protocol: Fact Sheet No. 4 - Compliance

    International Nuclear Information System (INIS)

    2000-11-01

    The Canadian interpretation of compliance is described, emphasizing Canada's determination to work with other countries to build a clear set of rules to govern the conduct of those who participate in these new international instruments and international markets. The Canadian view is that a compliance regime that will facilitate compliance and offers countries significant incentives to take their commitments seriously is critical in providing the legal certainty for the Kyoto mechanisms to work

  19. The Legal Solutions in the Field of Financial and Budgetary Discipline in France in the Light of the Code of Finance Jurisdiction

    Directory of Open Access Journals (Sweden)

    Małgorzata Cilak

    2014-03-01

    Full Text Available The purpose of this article is to present French institutional and law solutions in the field of public finance discipline. The article describes legal position and functioning of Court of Budgetary and Finance Discipline in France. The jurisdiction of Court covers the cases of serious breach of public finance law. The Court is one of the elements of the system of jurisdiction in financial matters, that constitute a specialized type of administrative jurisdiction. The law that regulate the legal position and functioning of the Court, as well as the actes which are breaches of public finance discipline, and the sanctions for them, is the Code of finance jurisdiction (Code des juridictions financières.

  20. The Objective of Financial Reporting.

    Science.gov (United States)

    Schermann, Kenneth R.

    1986-01-01

    Alerts public school business officials to a financial reporting concepts statement to be issued by the Governmental Accounting Standards Board in late 1986. The new directive will outline four objectives concerned with accountability procedures, resource management and compliance information, operating results, and future financial capabilities.…

  1. Estudio y clasificacion de los riesgos legales de la innovacion financiera

    Directory of Open Access Journals (Sweden)

    Ceballos, D.

    2008-01-01

    Full Text Available In this paper we discuss about the legal effects that a financial innovation can produce. By its novelty, the innovation can imply a change in regulation, although the financial activity goes towards its self-regulation. Our aim is to present a taxonomy in six categories of legal risks that we find associated to a financial innovation. These categories depend on the state and evolution of regulation (a posteriori reaction and guide for self-regulation and on the types of innovation (system, process and product.

  2. Assessing the Impact of Financial Policies on Nigeria's Economic ...

    African Journals Online (AJOL)

    Assessing the Impact of Financial Policies on Nigeria's Economic Growth. ... Furthermore, it calls for effective implementation and monitoring of financial policies as well as adequate supervision of the financial sector by the relevant authorities to avoid lopsided compliance with financial and monetary guidelines. Keywords: ...

  3. Current status of implementation of IFRS in the preparation of financial statements of peruvian companies

    Directory of Open Access Journals (Sweden)

    Oscar Alfredo Diaz Becerra

    2010-12-01

    Full Text Available For investors and other users of financial information to be able to act with full transparency and reliability it is necessary, among other things, that it be prepared according to a regulatory framework that is based on international standards that in turn adapt to new requirements of the global economy. The high level of globalization of the world economy has led the International Financial Reporting Standards (IFRS to become the highest international standards applicable throughout the world and in the case of Peru, these standards have been made mandatory in preparing the financial statements of companies incorporated under the scope of the General Corporate law. Thus, the main purpose of this research , having an exploratory design, is ro have an initial approach on the compliance with the, implementation of IFRS in the preparation and presentation of financial statements of Peruvian companies that are not under the supervision of the National Supervisory Commission for Companies and Securities (CONASEV. To this end, first ít presents a general review of the theoretical framework of financial reporting and secondly, an analysis of the Peruvian Setting Accounting Standards related to the preparation and presentation of financial statements. The third part of this work presents and describes the methodological aspects used in the development of this research, for which it has developed a survey that includes eighteen closed questions and two open ended questions, structured according to our main and specific objectives of this research. The survey was distributed to a sample of companies selected from the universe defined in the research. The results are set out in the fourth section of the article, entitled, research results and which analyzes the responses to each of the survey questions. Finally, we present the conclusions and recommendations that can be reached, highlighting among the main ones, a high incidence of tax and legal aspects

  4. APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

    Directory of Open Access Journals (Sweden)

    Ayuba A. Aminu

    2016-03-01

    Full Text Available The importance of financial ethics and its application in financial reporting of banks cannot be ignored as it assists in building public confidence and fostering professionalism. However, the non-compliance and conformity with Nigerian Financial Regulatory Authorities prudential guidelines in the preparation of financial statements lead to incomplete or false information. The objective of the study is to examine the application of financial ethics in annual financial reporting of banks. The study employed primary and secondary data and stratified and purposive sampling techniques were used in which 20 questionnaires were administered to respondents. ANOVA and chi-square were in analysis and the findings revealed that there are significant unethical practices in the preparation of financial reports of banks in Nigeria. The study recommends that more emphasis and attention should be given to ethical standards in all banks and banks should give out clear reports of their financial activities to the regulatory authorities.

  5. Setting the stage for the EPOS ERIC: Integration of the legal, governance and financial framework

    Science.gov (United States)

    Atakan, Kuvvet; Bazin, Pierre-Louis; Bozzoli, Sabrina; Freda, Carmela; Giardini, Domenico; Hoffmann, Thomas; Kohler, Elisabeth; Kontkanen, Pirjo; Lauterjung, Jörn; Pedersen, Helle; Saleh, Kauzar; Sangianantoni, Agata

    2017-04-01

    EPOS - the European Plate Observing System - is the ESFRI infrastructure serving the need of the solid Earth science community at large. The EPOS mission is to create a single sustainable, and distributed infrastructure that integrates the diverse European Research Infrastructures for solid Earth science under a common framework. Thematic Core Services (TCS) and Integrated Core Services (Central Hub, ICS-C and Distributed, ICS-D) are key elements, together with NRIs (National Research Infrastructures), in the EPOS architecture. Following the preparatory phase, EPOS has initiated formal steps to adopt an ERIC legal framework (European Research Infrastructure Consortium). The statutory seat of EPOS will be in Rome, Italy, while the ICS-C will be jointly operated by France, UK and Denmark. The TCS planned so far cover: seismology, near-fault observatories, GNSS data and products, volcano observations, satellite data, geomagnetic observations, anthropogenic hazards, geological information modelling, multiscale laboratories and geo-energy test beds for low carbon energy. In the ERIC process, EPOS and all its services must achieve sustainability from a legal, governance, financial, and technical point of view, as well as full harmonization with national infrastructure roadmaps. As EPOS is a distributed infrastructure, the TCSs have to be linked to the future EPOS ERIC from legal and governance perspectives. For this purpose the TCSs have started to organize themselves as consortia and negotiate agreements to define the roles of the different actors in the consortium as well as their commitment to contribute to the EPOS activities. The link to the EPOS ERIC shall be made by service agreements of dedicated Service Providers. A common EPOS data policy has also been developed, based on the general principles of Open Access and paying careful attention to licensing issues, quality control, and intellectual property rights, which shall apply to the data, data products

  6. 7 CFR 1400.502 - Compliance and enforcement.

    Science.gov (United States)

    2010-01-01

    ... CCC from a certified public accountant or attorney that the average adjusted gross income of the... supporting financial data as requested by CCC. Supporting financial data may include State income tax returns... the person's or legal entity's income; or (4) Authorization for CCC to obtain tax data from the...

  7. Financial Sector Assessment : Mongolia

    OpenAIRE

    World Bank

    2012-01-01

    Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal a...

  8. A reformed global legal architecture for corporate responsibility

    OpenAIRE

    Turner, Stephen J.

    2014-01-01

    This paper considers key features within the legal architecture of all jurisdictions that utilise the ‘corporation’ as a primary medium for business enterprise. Therefore it highlights the legal frameworks under which ‘corporations’ operate and the pressure that this places upon corporate directors to achieve specific financial outcomes. It then illustrates how this legal architecture can have certain negative effects for other stakeholders such as the environment and communities. The pape...

  9. Le directeur financier

    OpenAIRE

    Mattiacci , Noëllie

    2015-01-01

    Following multiple economic crises, the Chief Financial Officer has become a major player within the company. Its missions have unquestionably evolved. Initially, he performed accounting missions ensuring effective financial management. Today, it occupies the strategic functions necessary to the development of the company. This diversity of skills allows him to have a global and cross-enterprise vision. Despite its leading role, no study was conducted concerning the determination of the legal...

  10. Fraud Indicators Applied to Legal Entities : An Empirical Ranking Approach

    NARCIS (Netherlands)

    S. van den Braak; R. Choenni; M.S. Bargh

    2014-01-01

    Legal persons (i.e., entities such as corporations, companies, partnerships, firms, associations, and foundations) may commit financial crimes or employ fraudulent activities like money laundering, tax fraud, or bankruptcy fraud. Therefore, in the Netherlands legal persons are automatically screened

  11. 42 CFR 124.511 - Investigation and determination of compliance.

    Science.gov (United States)

    2010-10-01

    ...) Determinations of financial inability. In determining whether a facility was or is financially able to meet its annual compliance level, the Secretary will consider any comments submitted by interested parties. In making this determination, the Secretary will consider factors such as: (1) The ratio of revenues to...

  12. Areas and consequences of organized crime influence on the legal market

    OpenAIRE

    Bošković, Goran N.; Vuković, Slaviša Lj.

    2016-01-01

    Criminal structure spread sphere of influence in all fields of social life and become a threat to national and international security. Namely, criminal profits generated by organized crime in the criminal market and its infiltration into the legal economic flows represent a potential danger for corrupting in legal economic relations and undermine the integrity of financial institutions. In this way, in the end the basic fundamentals of the financial system may be disrupted, and in dangerous a...

  13. The Legal Policy of Corporation Legal Standing as Rechtspersoon at Indonesian Criminal Justice System

    OpenAIRE

    Maryono Maryono; Yuhelson Yuhelson

    2016-01-01

    Feature of corporation as activities-oriented for profit can lead to potential violations law or corporate crime. The criminal action corporations can arised because the impact of corporate activities arising from business contracts, product quality problems, failure of information technology systems and negligence of the administrative requirements for business licensing compliance. In other words, the legal entity of crime was often referred as corporate crime as violations committed by bus...

  14. 31 CFR 206.7 - Compliance.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Compliance. 206.7 Section 206.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS...

  15. A critical review of advance directives in Germany: attitudes, use and healthcare professionals’ compliance

    NARCIS (Netherlands)

    Evans, N.; Bausewein, C.; Meñaca, A.; Andrew, E.V.W.; Higginson, I.J.; Harding, R.; Pool, R.; Gysels, M.

    2012-01-01

    Objective Recent legal changes in Germany make non-compliance with advance directives (ADs) a criminal offence. This article assesses the evidence on attitudes towards, use of, and physician compliance with ADs in Germany. Methods Critical review: studies on ADs, identified from a systematic review

  16. Financial Crises and Danish Contract Law

    DEFF Research Database (Denmark)

    Andersen, Mads Bryde; Lookofsky, Joseph

    2016-01-01

    of these exceptions - e.g. with specific focus on exceptions related to the possible effects of financial crises ("Hardship") - account must also be taken of their interaction in Danish legal theory and practice, not least because Danish courts do not always specify the exact legal principle which they apply when...

  17. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2017-01-01

    the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth....

  18. Social Responsibility and Legal Financial Communication in African Companies in the South of the Sahara: Glance from the OHADA Accounting Law Viewpoint

    OpenAIRE

    Louis Ndjetcheu

    2013-01-01

    In an environment marked by growing claims regarding corporate social responsibility (CSR), debates on governance show the need for taking into account all the legitimate involved parties of the company within the framework of the legal or voluntary financial communication (Dowling and Pfeffer, 1975; Lind B lom, 1994; Gray et al.., 1995). If the accounting regulation, the laws and the rules in western countries require the consideration of the environmental aspects in the accounts and the ann...

  19. 31 CFR 208.9 - Compliance.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Compliance. 208.9 Section 208.9 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY DISBURSEMENTS § 208.9...

  20. WTO Compliance Status of the Conservation Security Program (CSP) and the Conservation Reserve Program (CRP)

    National Research Council Canada - National Science Library

    Schnepf, Randy

    2007-01-01

    .... This report is not a legal opinion, but describes both the CSP and CRP programs, the WTO Annex II provisions that govern compliance, and the potential issues involved in evaluating the compliance status of the two programs. This report will be updated as events warrant.

  1. Empirical Investigation into the Determinants of Compliance with IFRS 7 Disclosure Requirements

    Directory of Open Access Journals (Sweden)

    Atanasko Atanasovski

    2015-04-01

    Full Text Available The purpose of this paper is to assess the quality of disclosures related to financial instruments provided in annual financial statements of Macedonian listed companies and empirically investigate factors that have the potential to influence the quality of these disclosures in accordance with IFRS 7 requirements. Based on the postulates and the results of the empirical investigations of prior IAS compliance studies I have constructed a disclosure index for each listed company and performed regression analysis with independent variables representing some characteristics of listed companies investigated, such as their size, industry, type of auditor engaged, ownership concentration, profitability and leverage. My regression analysis results supported the conclusion that the level of compliance with IFRS 7 requirements is related to the type of auditor engaged and ownership concentration in investigated companies. The results of my research will contribute the large body of empirical studies on IFRS disclosure and compliance, providing evidence from South- East European Transitional Economy that adopted IFRS as national financial reporting framework.

  2. Financial Indicators in Strategic Decision Making: Recommended Practices for Financial Officers at Small Private Colleges and Universities in the Midwestern United States

    Science.gov (United States)

    Reissenweber, Beth

    2012-01-01

    This study explored whether financial leaders and institutional governing boards use financial indicators as a tool to inform decision making, solely as a compliance measurement tool, or not at all. The purpose of this qualitative study was two-fold to: (a) identify the use of financial indicators in strategic decision making, and (b) investigate…

  3. Legal Duties and Legal Liabilities of Coaches toward Athletes

    Directory of Open Access Journals (Sweden)

    Mirsafian Hamidreza

    2016-03-01

    Full Text Available Background. It is undeniable that coaches play a major role in the development of athletes. Coaches and athletes have a close relationship and share various experiences that lead to a strong bond between them, and this is of great responsibility for the coach. Therefore, the coach should maintain this bond with mutual respect and trust. Various responsibilities are progressively placed on coaches by law to prevent or minimize injuries to athletes. In other words, since a coach is placed in a position of power and trust, the duty of care will always be placed on him. If certain requirements are not met, the coach may be held financially, or even criminally, liable. In this study, the author explains and discusses coaches’ legal duties, legal liabilities, and the elements required for liability of coaches toward athletes.

  4. Democratic Involvement and Immigrants’ Compliance with the Law

    DEFF Research Database (Denmark)

    Gorinas, Cedric; Slotwinski, Michaela; Stutzer, Alois

    compliance with the law. In our study for Denmark, we exploit an institutional regulation that grants foreigners local voting rights after three years of stay. Relying on register data, we find causal evidence that the first possibility to vote considerably reduces the number of legal offenses of non...

  5. Financial Statements of the Defense Logistics Agency Supply Management Division of the Defense Business Operations Fund (Defense Fuel Supply Center Financial Data) For FY 1992

    National Research Council Canada - National Science Library

    Young, Shelton

    1993-01-01

    ... accounting principles for Federal entities. We evaluated the internal control structure for DFSC financial data and assessed compliance with laws and regulations that could have a material effect on the DFSC financial data...

  6. THE 2012 FINANCIAL REGULATION: BUILDING THE CATHEDRAL OF EU LEGITIMACY?

    Directory of Open Access Journals (Sweden)

    María-Luisa SANCHEZ-BARRUECO

    2014-05-01

    Full Text Available The quest for enhanced financial accountability is a by-product of the financial crisis that hits Europe since 2008. Attention to sound financial management and its links to overall EU legitimacy has skyrocketed from the vocabulary of clerks and auditors up to top-level strategic documents, including recent Conclusions of the European Council. This trend evidences that the focus on democratic legitimacy in the European Union should shift away from the traditional input-output legitimacy dilemma and towards the so-called throughput or systemic legitimacy. Systemic legitimacy provides the citizen with assurances that the system (she is requested to trust is well-functioning and answerable to the people; however, the definition of its scope proves ellusive among scholars. This paper takes account of the relevant literature and concludes that financial accountability remains at the core of systemic legitimacy. From a legal perspective, financial accountability in the EU is incidentally mentioned in the Treaties, and further ensured by secondary legislation. The EU Financial Regulation, also known as the “EU Financial Bible” stands out from the legal framework governing financial management of the EU budget. Since its adoption in 1977, the EU Financial Regulation has been subject to two major revisions. The first one led to the adoption of Council Regulation 1605/2002 and represented then an attempt to regain citizens’ trust on financial accountability after the serious backlash brought about by the resignation of the Santer Commission in 1999. More recently, the Financial Regulation has been revamped through Regulation 966/2012 of the European Parliament and the Council. Following a qualitative and comparative approach, this paper highlights the main changes that have been introduced in the legal framework on financial management, with a view to assessing their potential contribution to improvement in financial accountability and, by ricochet

  7. Financial Accounting for the Chemical Agents and Munitions Destruction, Defense Appropriation

    National Research Council Canada - National Science Library

    1997-01-01

    The overall audit objective was to assess management controls and compliance with laws and regulations to produce accurate information for financial statements required by the Chief Financial Officers Act...

  8. Features of legal mechanism environmental responsibility of citizens in Ukraine

    Directory of Open Access Journals (Sweden)

    О. О. Шинкарьов

    2015-05-01

    assigned by the Constitution and the current environmental legislation; 2 the ability to voluntarily adhere to legal prohibitions; 3 in good faith execute obligations in living activities. Paper objective. The main forms of implementing the environmental responsibilities by  citizens are analyzed; the factors influencing them are defined. It was studied general theoretical understanding of the stages, as well as forms of the implementation of rules of law. Traditionally among the last there are: compliance and execution. A special form of implementation is application. Whereas the compliance - is the first and foremost (universal form by which all subjects of public relations execute their obligations (both active and passive. The implementation of environmental responsibilities of citizens in the form of the compliance is a good behavior, which is characterized by passive confinement of persons (or inaction on the infringement of the rules and bars which are set by regulations of the environmental       legislation.  The execution is expressed in commission of  actions provided  for by law by the subject. This is implementation of binding rules, however, the responsibilities are contained not only in the regulatory legal acts, but also in the contracts and individual documents. The application as a special form of the law implementation differs from the compliance and the execution that it is carried out by non-citizens, but only by those public authorities that are entitled to do so by law. The application of the law - it is an action of qualified government authorities or local authorities, which by law is delegated the right to apply ecological and legal regulations in order to implement the relevant environmental requirements, rules and prohibitions and they are provided if necessary (in case of violation mechanism of state coercion. Paper main body. It is noted that the legal arrangement for implementing environmental responsibilities is to be in: a the

  9. Methods for ensuring compliance with regulatory requirements: regulators and operators

    International Nuclear Information System (INIS)

    Fleischmann, A.W.

    1989-01-01

    Some of the methods of ensuring compliance with regulatory requirements contained in various radiation protection documents such as Regulations, ICRP Recommendations etc. are considered. These include radiation safety officers and radiation safety committees, personnel monitoring services, dissemination of information, inspection services and legislative power of enforcement. Difficulties in ensuring compliance include outmoded legislation, financial and personnel constraints

  10. The regulatory practice of the French financial regulator, 2006-2011. From substantive to procedural financial regulation?

    Directory of Open Access Journals (Sweden)

    Thierry Kirat

    2015-11-01

    Full Text Available Fraud and misconduct in financial markets have recently become a key regulatory issue against the backdrop of the financial crisis. This paper investigates the sanctions policy and practices of the French financial regulator, Autorité des Marchés Financiers (AMF. It argues that, over time, the AMF has shifted from substantive to procedural regulation of finance. This shift consists in departing from sanctions based on observed outcomes in the market and, instead, assessing how the internal organizational schemes of financial firms actually perform. The AMF’s new policy and practice involves a process of legalization of organizations; it also evidences a tendency to delegate regulation to financial firms themselves

  11. Financial Participation of Employees in Latvia

    DEFF Research Database (Denmark)

    Klauberg, Theis; Muravska, Tatyana; Mygind, Niels

    2006-01-01

    This report outlines main trends in employees' financial participation in Latvia including historical, socioeconomic and legal background. A special emphasis is placed on privatization during the transition period which shaped an environment for employees' financial participation and influenced...... the current state of employee share ownership and profit-sharing. Attitudes of social partners and the government will be addressed. The report will show why the transition process lead to a low level of employees' financial participation and the indifference and ignorance of policy makers concerning...... the development of financial participation....

  12. Improved Financial Probity in the Health Sector Following the WHO ...

    African Journals Online (AJOL)

    The aim of this study is to document financial compliance to WHO reform of WHO Zambia with government. Methods: This was a desk review of financial activities from the WHO country office from January to December 2015. Findings and recommendations from the November 2015 External Audit conducted on the financial ...

  13. Kingdom of Morocco : Country Financial Accountability Assessment

    OpenAIRE

    World Bank

    2003-01-01

    This Country Financial Accountability Assessment (CFAA) reviews Morocco's public sector financial management system, largely based on the French system that separates accounting practices from services organization, and from the initial expenditure control to the latter jurisdictional control. The Moroccan system appears largely robust, characterized by legal institutions; however, this se...

  14. The Canadian Nuclear Safety Commission's financial guarantee requirements

    International Nuclear Information System (INIS)

    Ferch, R.

    2006-01-01

    The Nuclear Safety and Control Act gives the Canadian Nuclear Safety Commission (CNSC) the legal authority to require licensees to provide financial guarantees in order to meet the purposes of the Act. CNSC policy and guidance with regard to financial guarantees is outlined, and the current status of financial guarantee requirements as applied to various CNSC licensees is described. (author)

  15. Environmental compliance considerations for the management of cultural resources

    International Nuclear Information System (INIS)

    Curtis, S.A.; Whitfield, S.; McGinnis, K.

    1987-01-01

    This paper examines three key considerations underlying the programmatic management of cultural resources that may be affected by a large federal project. These considerations are statutory background and the compliance process, cultural resource compliance tasks, and quality assurance. The first consideration addresses the legal requirements and steps that must be met and taken for federal agencies to fulfill their cultural resource compliance responsibilities. The second consideration focuses on the tasks that must be performed by technical specialists to facilitate related federal and state compliance actions. The third consideration ensures that compliance requirements are being properly fulfilled. In the technical literature and compliance planning, archaeological and historic sites and Native American cultural resources are grouped under the general heading of cultural resources. Also included under this heading are the traditions and resources of Folk societies. Cultural resources encompass both material and nonmaterial aspects of our cultural heritage and include buildings, structures, objects, sites, districts, archaeological resources, places of religious importance, and unique, distinctive, or unusual lifeways. For compliance purposes, it is useful to treat these resources within four roughly chronological culture-historical periods: prehistoric, ethnohistoric, historic, and contemporary. 6 refs., 6 tabs

  16. Consolidated supervision of financial institutions and financial market in the Republic of Croatia

    Directory of Open Access Journals (Sweden)

    Bojana Olgić Draženović

    2005-06-01

    Full Text Available The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development.

  17. CHALLENGES OF FINANCIAL AUDIT - THE IMPACT OF INTRODUCING UNIQUE REGULATION OF FINANCIAL MARKETS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2013-07-01

    Full Text Available The theme of our research is related to the new type of relationship between financial audits (statutory and unique regulation of financial markets in Romania.The Romanian authorities have decided as from 2013 regulation of financial markets, capital market, insurance market and private pensions market to achieve by a single entity, this situation will also lead to a number of challenges in the relationship between the auditor and the new regulatory regime. The main elements of our study are: the relationship between the audit committee and regulatory authority; quality of financial reporting for financial market entities. The auditor plays an important role in financial markets because it certifies the financial statements in accordance with European Union practice . It is also interesting to note potential interference that can occur in single regulation between compliance audit and financial stability and return on investment between performance audit and financial markets.In this case, financial regulation can coexist with compliance audit. EU legislation recommends that the auditor discuss with the audit committee the quality and acceptability of the financial reporting process.This recommendation is what should constitute a possible consensus to be highly unlikely between audit committees would align auditors in financial reporting disputes with management financial entities. In this regard, auditors should identify the factors we consider important in determining the quality of financial reporting. .We conducted this research in an effort to identify the possible divergence between the type of regulations that can emit single regulatory authority and the audit process. New regulator will operate on two levels, issue general regulations apply to all three categories of financial markets, capital market, insurance market and private pensions market, but in the same time and in greater extent will issue specific regulations of each market in

  18. RETHINKING ECONOMICS-OF-CRIME MODEL OF TAX COMPLIANCE FROM BEHAVIORAL PERSPECTIVE APPLIED TO ROMANIAN CASE

    Directory of Open Access Journals (Sweden)

    Elena Ana Iancu(Nechita

    2016-12-01

    Full Text Available Present paper tackles several research paradigms regarding tax compliance behavior that have been used to understand tax evasion phenomenon and tax avoidance behavior of the taxpayer. These notions have been studied by numerous researchers all over the world as phenomenon of tax evasion has a debating issue on every state agenda for several decades. First economic model of tax compliance behavior was developed in the early 1970s and since then researchers improved the model adding new elements from sociology, psychology, legal studies, finance, game theory, neurosciences, econophysics and others. This paper presents the most important developments of current theories regarding tax compliance behavior starting from the economics-of-crime model,till the 'slippery slope framework ', and more. It creates the premises for a Romanian model of tax compliance behavior according to national characteristics regarding taxpayers attitude towards tax avoidance, risk appetite or aversion upon enforcement of law through punishment and penalty, taxpayers’ trust in authority’s efficient spending of tax collected revenue to public budget and personal beliefs regarding notions like morality, cheating, honesty, social responsibility, loyalty, patriotism, civic duty, guilt, fairness, reciprocity or financial incentives. Recent models of tax compliance behavior underline the importance of the dynamics between all the actors involved in the fiscal system such as government, tax authorities, tax consultants and accountants and the behavior of all other taxpayers as a whole. Current research trends believe that these are mutually related. Another important aspect regarding taxpayer’s attitude towards tax avoidance is its own motivation to voluntarily pay taxes driven by intrinsic beliefs or by fear of penalty coming from enforcement of laws. On the contrary, other taxpayers choose to assume an extra share of risk and decide to avoid taxes hiding in anonymity of

  19. The Determinants of Compliance on Environmental Tax: The Insights of Theoretical and Experimental Approaches Motivated by the Case of Indonesia

    OpenAIRE

    Iskandar, Deden Dinar; Wuenscher, Tobias; Badhuri, Anik

    2012-01-01

    This study is intended to provide the clue regarding the determinants of compliance with environmental tax under imperfect monitoring and the presence of bribery, motivated by the case of Indonesia. The study is expected to contribute on environmental policy and tax compliance literatures, particularly by examining the impact of financial reward under the presence of bribery, aside of others conventional compliance instruments such as tax rate, audit, and sanction. In addition to financial re...

  20. Characteristics of illegal and legal cigarette packs sold in Guatemala.

    Science.gov (United States)

    Arevalo, Rodrigo; Corral, Juan E; Monzon, Diego; Yoon, Mira; Barnoya, Joaquin

    2016-11-25

    Guatemala, as a party to the Framework Convention on Tobacco Control (FCTC), is required to regulate cigarette packaging and labeling and eliminate illicit tobacco trade. Current packaging and labeling characteristics (of legal and illegal cigarettes) and their compliance with the FCTC is unknown. We sought to analyze package and label characteristics of illegal and legal cigarettes sold in Guatemala. We visited the 22 largest traditional markets in the country to purchase illegal cigarettes. All brands registered on tobacco industry websites were purchased as legal cigarettes. Analysis compared labeling characteristics of illegal and legal packs. Most (95%) markets and street vendors sold illegal cigarettes; 104 packs were purchased (79 illegal and 25 legal). Ten percent of illegal and none of the legal packs had misleading terms. Half of the illegal packs had a warning label covering 26 to 50% of the pack surface. All legal packs had a label covering 25% of the surface. Illegal packs were more likely to have information on constituents and emissions (85% vs. 45%, p Guatemala, neither illegal nor legal cigarette packs comply with FCTC labeling mandates. Urgent implementation and enforcement of the FCTC is necessary to halt the tobacco epidemic.

  1. Legal aspects of a nuclear power plant

    International Nuclear Information System (INIS)

    Lukes, R.

    1987-01-01

    According to law the licensing boards can deny the licensing of new plants but in the case of non-compliance with the legal requirements. General safety scruples as a result of the Chernobyl reactor accident do not justify denials. The decommissioning of nuclear power plants cannot be decreed but in accordance with Para. 17, 18 of the Atomic Energy Law. Although the legislator is authorized to change laws, any law providing for the decommissioning of existing plants or providing for the legal basis of the decommissioning of plants would be equivalent to an expropriation and therefore involve damages according to article 14, section 3(2) of the Fundamental Law. (orig./HP) [de

  2. COULD BE THE FISCAL RISK MINIMIZED THROUGH FINANCIAL AUDIT?

    Directory of Open Access Journals (Sweden)

    Alina DOMNIŞOR

    2016-09-01

    Full Text Available The article approaches a useful theme,for the academic environment, specialists in tax and accounting regulations, but also for the practitioners in the private sector. Our scientific aim is to demonstrate the usefulness of the financial audit for the fiscal component also of the entities which, at present,have no legal requirement to audit the financial statements. Why such a research? Because the fiscal size of businesses represents a continuous risk on the agenda of the management and our empirical study will demonstrate the hypothesis according to which the fiscal risk is minimized through financial audit. The true and fair view of the financial statements depends also of the auditor’s objectives as concerns the total tax summary. It is a new approach of the financial audit that the entities may audit only the components in the financial statements,where these show high risks. It is an approach for the entities that, at present, have no legal requirements of auditing due to the fact that they do not fulfil the size criteria for audit. The scientific step shall be centred on the analysis of the salary, fiscal and social costs by using the financial audit.

  3. Impact of Financial Sector Reforms on Domestic Savings ...

    African Journals Online (AJOL)

    Since economic adjustments and financial reforms were undertaken in the early 1990's ... bank investments and cost of intermediation during the pre-financial sector ... It also showed increased fiscal discipline, improved prudential regulations and ... The negative results were caused by lack of a supportive policy, legal, and ...

  4. 7 CFR 1773.20 - CPA's submission of the auditor's report, report on compliance, report on compliance and on...

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false CPA's submission of the auditor's report, report on... for the Submission and Review of the Auditor's Report, Report on Compliance and on Internal Control Over Financial Reporting, and Management Letter § 1773.20 CPA's submission of the auditor's report...

  5. Audit Committee Quality and Financial Reporting Quality: A Study of Selected Indian Companies

    Directory of Open Access Journals (Sweden)

    Kanukuntla Shankaraiah

    2017-03-01

    Full Text Available This study examines audit committee quality and its relationship with financial reporting quality. The population of this study consists of the companies listed in Bombay Stock Exchange (BSE between years 2002 and 2012. Using Godden sample size formula, 133 companies are selected randomly for the study. It is found that in most of the equity based listed companies at BSE under study have complied with the legal formalities, for instance, appointment of independent directors, number of meetings, size of the audit committee, legal qualifications and financial qualifications of the directors, as they were required for the listing at a stock exchange in India. Further, the analysis and tests state that board size, audit committee meetings and its size have relationship with the financial reporting practices, but the CEO tenure and hold, board independence, net income, proportion of independent directors on board, legal qualifications and financial qualifications of the directors and overlap of audit committee members on compensation committee, have no influence on the financial reporting practices. Thus, it may be inferred that the companies may improve the financial reporting quality, by managing the board size, audit committee meetings and size, as these characteristics have significant relationship with financial reporting quality.

  6. Financial Management: DoD Process for Reporting Contingent Legal Liabilities

    National Research Council Canada - National Science Library

    Granetto, Paul J; Marsh, Patricia A; Peek, Marvin L; Brittingham, Scott S; Baidridge, Denise E; Egu, Charles O; Schenck, Kristy M; Adams, Carl L; Reiser, Cheri L

    2006-01-01

    .... The report is intended to convey systemic concerns across DoD and to provide DoD management and legal counsel the basis for developing policies and procedures for reporting and disclosing contingent...

  7. 25 CFR 571.14 - Relationship of financial statements to fee assessment reports.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 2 2010-04-01 2010-04-01 false Relationship of financial statements to fee assessment..., submitted under 25 CFR part 514, with its audited or reviewed financial statements for each location and... COMPLIANCE AND ENFORCEMENT PROVISIONS MONITORING AND INVESTIGATIONS Audits § 571.14 Relationship of financial...

  8. U.S. financing for international independent power production projects: Legal and business issues

    International Nuclear Information System (INIS)

    Buehler, J.E. Jr.

    1990-01-01

    Fundamental changes are occurring in the capital and project development markets both domestically and internationally. In the United States, the capital market has undergone dramatic changes recently, characterized by clubbed debt structures, uncertain pricing spreads, and declining leverage ratios. In response, project sponsors and their investment bankers have created innovative debt and equity structures to attract investors while at the same time minimizing project risk and preserving the flexibility for the project to operate optimally. The structure of a project financing, either U.S. or international, will vary depending on (1) the differing project management/control concerns, financial goals and risk profiles of the developer, equipment and fuel suppliers, bank lenders and equity sources, (2) regulatory issues, such as compliance with the Public Utility Holding Company Act (PUHCA) in the U.S. and similar national utility legislation in the host foreign country, and (3) the tax implications of a given structure to the project owner, lender, and equity supplier. In response to these investor-specific goals and/or constraints, various forms of project structures have been developed. The focus of this paper is on legal and business issues which arise in international project finance, using U.S.project finance as a model that expresses the risk profile that U.S. financial institutions are accustomed to and overlaying the unique risks that are added to project financing which are international in nature

  9. Data Protection in Financial Technology Services (A Study in Indonesian Legal Perspective)

    OpenAIRE

    Dian Purnama Anugerah; Masitoh Indriani

    2018-01-01

    The banking sector is facing a new competitor, namely Financial Technology (Fin-tech). Fin-tech itself can be described as an industry composed of companies using a new tech-nology and innovation with available resources in order to compete in the marketplace of tradi-tional financial institutions and intermediaries in the delivery of financial services. In Indonesia, Fin-tech has been widely developed since the past 3 years. Fin-tech faces a new challenge as a new service for financial consu...

  10. Varying the Quality of Business Communication Caused by Compliance of Different Accounting Rules

    Directory of Open Access Journals (Sweden)

    Agus Setyadi

    2009-06-01

    Full Text Available This study examines the extent of Indonesian companies‟ compliance with the Indonesian accounting regulations (IARC of inventory, fixed assets, and depreciation by analyzing 160 Indonesian listed companies‟ 2006 annual reports. This study also looks at potential factors that explain the level of this compliance. Analysis reveals a high level of 71.63% inventory compliance, 51.13% fixed assets compliance, and 99.69% depreciation compliance with accounting rules. T-test and regression analysis show that firm size is a significant predictor of accounting compliance. Importantly, ownership and governance structures do not influence the level of compliance. Although Indonesian firms complied with more than 50% of the key accounting rule provisions, regulatory intervention appears needed to improve compliance. Such regulation might include sanctions as promulgated by multilateral financial organizations (World Bank 2005.

  11. Securing financial independence in the legal basis of a central bank

    NARCIS (Netherlands)

    F. Amtenbrink (Fabian)

    2005-01-01

    textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be

  12. Tax haven or international financial centre? The case of Kenya

    OpenAIRE

    Waris, Attiya

    2014-01-01

    International financial centres are geared to provide optimal conditions for the financial services industry. They encourage activities that can improve a country’s economy, but they may also facilitate money laundering, tax evasion, tax avoidance, and other harmful practices. The Nairobi International Financial Centre and similar centres in Africa can foster development, but also pose significant challenges. Legal and regulatory arrangements determine what types of capital a financial centr...

  13. The Nordic financial electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2010-11-15

    NordREG is a cooperation of the Nordic energy regulators. The mission is to actively promote legal and institutional framework and conditions necessary for developing the Nordic and European electricity markets. The financial market is an important market for market participants to mitigate their risks. By providing tools for risk management, the financial market contributes to the efficient functioning of both wholesale and end-user markets. NordREG decided during 2009 to undertake a study on the Nordic financial electricity market. The aim of the report is to consider whether any improvements can be made to further increase the efficiency of the Nordic financial electricity market in order to secure an optimal price setting in the wholesale and the end-user markets

  14. What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, M.; Hellmann, T.

    2008-01-01

    We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical evidence

  15. 75 FR 74146 - Office of Financial Research; Statement on Legal Entity Identification for Financial Contracts

    Science.gov (United States)

    2010-11-30

    ... information regarding this Statement contact the Office of Domestic Finance, Treasury, at (202) 622-1766. All... relationship to other entities. Identification of the legal entity is a fundamental ingredient in creating a... reassigned; (3) Persist over the life of an entity regardless of corporate actions or other business or...

  16. Compliance with Environmental and Social Legislation in Certified Forestry Companies

    Directory of Open Access Journals (Sweden)

    Marcos Vinicius Santana Leite

    2017-12-01

    Full Text Available ABSTRACT The objective of this study was to evaluate the contribution of the FSC forestry certification system to improve the forestry sector, in terms of compliance to environmental and social laws and improvements in working conditions resulting from the certification process. Thirty-seven auditing reports from five Brazilian forestry companies were evaluated, throughout the 2006-2013 period. Non-compliance and observations were analyzed and organized into categories, which identified the main performance issues found in certified forestry organizations. 301 instances of non-compliance and 138 observations of audit reports were verified, where 48 and 57% respectively, were linked to the two principles studied. For obtaining and/or maintaining the certificate it is necessary for all violations to be resolved. Therefore, it was concluded that forest certification contributes to the advancement of the forestry sector in Brazil, in relation to compliance with legal, social and labor issues.

  17. 24 CFR 107.25 - Provisions in legal instruments.

    Science.gov (United States)

    2010-04-01

    ... Provisions in legal instruments. (a) The following documents shall contain provisions or statements requiring...) Approvals of financial institutions and other lenders as approved FHA mortgagees, (5) Requests for subdivision reports under home mortgage procedures and for preapplication analysis of multifamily and land...

  18. Through the Eyes of Higher Education Attorneys: How Department Chairs Are Navigating the Waters of Legal Issues and Risk Management

    Science.gov (United States)

    Hustoles, Carol L. J.

    2012-01-01

    Legal and risk management issues substantially impact the operations of colleges and universities, which face escalating compliance requirements in an increasingly litigious environment. Failing to assess legal liability issues and to constructively address them with risk management processes create vulnerability to claims and litigation,…

  19. A comprehensive assessment of options for the legal form of the Paris Climate Agreement

    International Nuclear Information System (INIS)

    Maljean-Dubois, Sandrine; Wemaere, Matthieu; Thomas Spencer

    2014-01-01

    For many years, the issue of the legal form of the new climate agreement has hovered over the international negotiations. Countries have insisted on first discussing substance. Indeed, it is here that the main divergences remain. However, one year out from the Paris climate conference, it is time to open the discussion on the legal form of the final agreement. The issue of legal form is often reduced to the negotiation of a 'binding' or 'non-binding' agreement. The bindingness of an international environmental agreement however depends on multiple parameters. We propose four parameters to be considered: the form of the core agreement; the 'anchoring' of commitments; mechanisms for transparency, accountability and facilitation; and mechanisms for compliance. Parties should assess pros and cons of these options, and the agreement be optimised across all four. Negotiations appear to be heading towards a hybrid agreement. Some provisions would be contained in a core agreement, and some in implementing documents such as decisions or schedules. This structure can help to balance legal certainty with flexibility. The core agreement should contain a binding provision to implement and regularly update a 'nationally determined contribution' (NDC). If these NDCs were to be housed outside the agreement, this could give more flexibility on their content, submission and updating. The core agreement should contain strong provisions on transparency, accountability and facilitation, including independent institutional arrangements (a Transparency Committee). At this stage in global cooperation and given inherent weaknesses in international environmental law, a punitive compliance mechanism seems unfeasible. However, the agreement should contain a compliance mechanism regarding procedural obligations, such as submission and updating of NDCs. (authors)

  20. MAKING LEGAL SENSE OF HUMAN RIGHTS: Introduction

    African Journals Online (AJOL)

    eliasn

    and Legal Studies of the Ethiopian Civil Service College (ECSC) and the Law Faculty ..... 1789--which propagated the principles of liberte, egalite, and fraternite— ..... Ethiopians to take a financial, power/mandate, and time audit of the ..... Judicial application gives an assurance that in cases of violations, there is a possible ...

  1. Title IX--Beyond Compliance to Personal Commitment and Leadership

    Science.gov (United States)

    Peterson, Barbara

    1976-01-01

    In order to move beyond legal compliance to real equality of opportunity, every educational leader must develop some systematic means of extending his or her personal knowledge and skills with respect to Title IX. Provides a check list for self evaluation of educational leaders and a guide for developing an implementation plan for Title IX.…

  2. Financial provisions for decommissioning and disposal: the operators' view

    International Nuclear Information System (INIS)

    Mueller-Dehn, C.

    2008-01-01

    The German system of making provisions for nuclear power has been the subject of frequent examinations, and has been approved in each case - by the German federal government, the European Commission, the Court of First Instance of the European Communities and, recently, also by the European Court of Justice. The article describes the basic legal principles entailing the obligation to make financial provisions for decommissioning and disposal by setting aside the required funds in line with current practice. The management of the assets balancing the provisions, the system of controls, the economic strength of the firms involved and, especially, the demand for the product they sell, i.e. electricity, ensure permanent availability of these funds. Numerous subsidiary legal provisions ensure transparency of these financial provisions. The external fund model analyzed as an alternative is the rejected both on account of drawbacks in its contents and for legal reasons. Attention is paid to the recommendation by the European Commission of October 2006 about financial provisions for decommissioning and disposal, to which the German system conforms and which does not require the establishment of external funds either. As the system of financial provisions has been operated successfully and reliably in Germany since the beginnings of the use of nuclear power, a plea is made in favor of upholding its structures and functions. (orig.)

  3. Process improvement program evolves into compliance program at an integrated delivery system.

    Science.gov (United States)

    Tyk, R C; Hylton, P G

    1998-09-01

    An integrated delivery system discovered questionable practices when it undertook a process-improvement initiative for its revenue-to-cash cycle. These discoveries served as a wake-up call to the organization that it needed to develop a comprehensive corporate compliance program. The organization engaged legal counsel to help it establish such a program. A corporate compliance officer was hired, and a compliance committee was set up. They worked with counsel to develop the structure and substance of the program and establish a corporate code of conduct that became a part of the organization's policies and procedures. Teams were formed in various areas of the organization to review compliance-related activities and suggest improvements. Clinical and nonclinical staff attended mandatory educational sessions about the program. By approaching compliance systematically, the organization has put itself in an excellent position to avoid fraudulent and abusive activities- and the government scrutiny they invite.

  4. Comparing the Financial Literacy of Public School, Christian School, and Homeschooled Students

    Science.gov (United States)

    Wright, Tricia

    2016-01-01

    The 2008 recession underscored public concern that financial illiteracy has costs that are not limited to the individual who makes poor financial decisions. Considering that college students with limited financial experience are making legally binding decisions, this study explored the personal finance literacy and behavior of Christian college…

  5. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

    Full Text Available The rules laid down by Romanian Capital Market Law and the regulations put in force for its implementation apply to issuers of financial instruments admitted to trading on the regulated market established in Romania. But the issuers remain companies incorporated under Company Law of 1990. Such dual regulations need increased attention in order to observe the legal status of the issuers/companies and financial instruments/shares. Romanian legislator has chosen to implement in Capital Market Law special rules regarding the administration of the issuers of financial instruments, not only rules regarding admitting and maintaining to a regulated market. Thus issuers are, in Romanian Law perspective, special company that should comply special rule regarding board of administration and general shareholders meeting.

  6. Environmental Compliance Audit Handbook (ECAH): U.S. Fish and Wildlife Service

    National Research Council Canada - National Science Library

    Schell, Donna

    2000-01-01

    .... The concept was to combine the Code of Federal Regulations with good management practices and risk management issues into a series of checklists that show legal requirements and specific items of operations to review. This handbook is continually updated to address new environmental compliance laws and regulations.

  7. Global Combat Support System - Army Did Not Comply With Treasury and DoD Financial Reporting Requirements

    Science.gov (United States)

    2014-09-03

    Compliance Validation: Logistics Modernization Program System Third Deployment—Selected Requirements,” July 2012 AAA Report No. A-2012-0090- FFM , “Audit... FFM , “General Fund Enterprise Business System— Federal Financial Management Improvement Act Compliance: Examination of Requirements Through Test Event...1.4.0,” September 2010 AAA Report No. A-2010-0220- FFM , “Examination of Federal Financial Management Improvement Act Compliance—Requirements

  8. EDF - 2013 full-year results up, driven by good operating and financial performance; Strengthened financial structure; 2014-2018 vision. Annual results 2013. 2013 Consolidated financial statements. Management report 2013

    International Nuclear Information System (INIS)

    Proglio, Henri

    2014-01-01

    financial statements; 2 - Statutory Auditors' Report on the consolidated financial statements; 3 - Fees paid by the Group to Statutory Auditors; 4 - Dividend policy: Dividends and interim dividends paid within the last three fiscal years, Dividend policy, increased dividend, Prescription; 5 - Legal proceedings and arbitration: Legal proceedings concerning EDF, Legal proceedings concerning EDF's subsidiaries and holdings, Litigation having arisen after the closing of the 2013 financial year; 6 - Significant change in the Company's financial or trading position; 7 - Summary of environmental and social indicators and methodological information on the environmental and social indicators for 2013

  9. COMPLIANCE AS FACTORING BUSINESS RISK MANAGEMENT: CONTROL ASPECTS

    Directory of Open Access Journals (Sweden)

    V.K. Makarovych

    2016-03-01

    Full Text Available Indetermination of modern economy conditions and the lack of theoretical knowledge gained by domestic scientists about risk in factoring business actualize the research concerning the methodology and technique of factoring companies’ risk management. The article examines compliance which is the technology innovative for Ukrainian market of factoring risk management technologies. It is determined that the compliance is the risk management process directed to free will correspondence to state, international legislation as well as to the ethics standards accepted in the field of regulated legal relations and to the traditions of business circulation to sustain the necessary regulations and standards of market behaviour, and to consolidate the image of a factoring company. Compliance risks should be understood as the risks of missed profit or losses caused by the conflicts of interests and the discrepancy of employees’ actions to internal and external standard documents. The attention is paid to the control over the compliance. The author singles out 3 kinds of the compliance control such as institutional, operational and the compliance control over the observance of conducting business professional ethics regulations which are necessary for providing of efficient management of factoring business risks. The paper shows the organizing process of factoring business compliance control (by the development of internal standard documents, a compliance program, the foundation of compliance control subdivision, monitoring of the risks cause the choice, made by management entities of a factoring company, of the management methods of risks for their business. The development of new and improvement of existed forms of compliance control organizing process help satisfy users’ information needs and requests of the risk management factoring company department. The suggestions proposed create the grounds for the transformation and improvement of factoring

  10. Compliance management and corporate governance; Compliance Management und Corporate Governance

    Energy Technology Data Exchange (ETDEWEB)

    Becker, Uwe [Stadt Frankfurt am Main (Germany); Alsheimer, Constantin; Kassebohm, Kristian; Reutler, Susanne [Mainova AG, Frankfurt (Germany)

    2009-08-15

    Starting in the year 2009, numerous changes in the financial system and accountancy a well as in the corporate law come into effect for enterprises. Thereby, the requirements substantially are intensified to their corporate governance. The actual well-known reproaches of bribery, corruption and injuries of data protection intensify the pressure on executive committees and supervisory boards in order to meet normative and ethical requirements. All the more is valid for power suppliers whose reputation can already carry damage out with the first suspicion. Already in 2008, Mainova AG (Frnkfurt/Main, Federal Republic of Germany) implemented a compliance management.

  11. Money Laundering. Aspects of Legal and Criminal Issues

    Directory of Open Access Journals (Sweden)

    Alina DUMITRACHE

    2011-11-01

    Full Text Available This study aims at analyzing objectively various techniques and methods of money laundering, both in classical and modern ways, by presenting case studies from the legal practice in Romania, in an attempt to clarify a number of issues related to the complexity of this crime, current and future tendencies of financial criminals for laundering proceeds of crime. Also, according to the analysis of comparative law performed in the last chapter, we highlighted a number of similarities and differences between the Romanian legislation and the legislative laws of other states, surprising the forms and effects of money laundering on the studied national systems as well as highlighting the measures for preventing and fighting against these crimes adopted by the analyzed legal systems. The comparative approach of the criminal and legal framework of preventing and combating money laundering is essential for the Romanian legal system efficiency in this matter.

  12. The role of the compliance officer – a comparison of US, UK and German law and practice.

    OpenAIRE

    Kanzenbach, Katrin

    2017-01-01

    The thesis introduces the role of the corporate compliance officer under US, UK and German law and practice. The aim of the thesis is to analyze the compliance function within private sector companies in the three selected jurisdictions in order to establish a model of the German compliance officer. My research is intended to bridge the gap in knowledge concerning the applicable legal standards required to ensure the effectiveness of this position. There is a lack of uniformity and standardiz...

  13. Legal, administrative and financial aspects of long term management of radioactive waste

    International Nuclear Information System (INIS)

    Strohl, Pierre.

    1978-01-01

    Radioactive waste management raises technical, political and legal problems. The technical question covers mainly choice of the method and the location for waste disposal or storage: seabed, geologic formations or a disposal facility. The political problem is mainly acceptability by the public of decisions taken or planned by the competent authority. Finally, the legal frame is an important factor in the definition of long-term control. The institutional system to be created requires political consensus and an efficient and credible technique so as to be successful. (NEA) [fr

  14. Study on profits and the financial position of regional grid operators 2006-2009

    International Nuclear Information System (INIS)

    2010-11-01

    Grid operators have a distribution duty and a legal task to take care of a reliable energy network. To carry out the legal tasks it is important that grid operators have sufficient financial means. On the other hand, it is also important that users of energy networks do not pay too much. Chapter 1 addresses the research approach. The results of the first research question on regulated profits are discussed in chapter 2. The findings on the impact of the economic profit on the financial position are described in chapter 3. And finally, the findings on the financial position are described in chapter 4. [nl

  15. Affirmation of the Legal Status of Taxpayers in Montenegro

    Directory of Open Access Journals (Sweden)

    Božović Srđa

    2016-09-01

    Full Text Available Public needs cannot be adequately funded without a clear and legally based affirmative legal status of taxpayers. The promotion and protection of their rights and regular fulfilment of tax obligations by taxpayers is the basis of fiscal and financial stability of the country and other public collectivities. It is essential for Montenegro to overcome the traditional gap between taxpayers and tax administration through their partnership. At the same time, we must not jeopardize the basic purpose of taxation - legal and timely payment of taxes. Simple and stable tax regulations and a non-discriminating and subtle approach to building tax discipline and development of tax morale should serve that purpose.

  16. Legal Principles and Solutions to Combat Money Laundering in the International System

    OpenAIRE

    Majid Karimi

    2013-01-01

    This study focuse on combat money laundering legal principles and solutions to in the International System. As its clear Money laundering is the attempt to disguise the proceeds of illegal activity so that they appear to come from legitimate sources. Money is laundered through banking systems and credit institutions, non financial institutions and non financial economic activities. Combating money laundering phenomenon dates back to the 1980s. In 1989, Financial Action Task Force was set up t...

  17. Forensic Accounting and Financial Crimes: Adopting the Inference ...

    African Journals Online (AJOL)

    First Lady

    2012-10-27

    , payroll frauds, fraudulent billing systems, ... the effects of financial crimes in corporate organizations are very grave ..... internal controls, poor management oversight, among others; while ... evidence and facts in legal matters.

  18. [Autonomy for financial management in public and private healthcare facilities in Brazil].

    Science.gov (United States)

    Santos, Maria Angelica Borges dos; Madeira, Fátima Carvalho; Passos, Sonia Regina Lambert; Bakr, Felipe; Oliveira, Klivia Brayner de; Andreazzi, Marco Antonio Ratzsch de

    2014-01-01

    Autonomy in financial management is an advantage in public administration. A 2009 National Healthcare Facility Survey showed that 3.9% of Brazil's 52,055 public healthcare facilities had some degree of financial autonomy. Such autonomy was more common in inpatient facilities (17.8%), those managed by State governments (26.3%), and in Southern Brazil (6.6%). Autonomy was mainly partial (for resources in specific areas, relating to small outlays, consumables and capital goods, and outsourced services or personnel). 74.3% of 2,264 public facilities with any financial autonomy were under direct government administration. Financial autonomy in public healthcare facilities appears to be linked to local political decisions and not necessarily to the facility's specific legal and administrative status. However, legal status displays distinct scopes of autonomy - those under direct government administration tend to be less autonomous, and those under private businesses more autonomous; 85.8% of the 45,394 private healthcare facilities reported that they were financially autonomous.

  19. The legal mechanisms to control bribery and corruption

    OpenAIRE

    Ryder, N.

    2015-01-01

    The aim of this chapter is to critically assess the effectiveness of the United Kingdom's legal responses to bribery and corruption. In particular, the chapter appraises the impact of the Bribery Act 2010 and comments on the enforcement strategy of the Serious Fraud Office and Financial Conduct Authority.

  20. Leave entitlements, time off work and the household financial impacts of quarantine compliance during an H1N1 outbreak.

    Science.gov (United States)

    Kavanagh, Anne M; Mason, Kate E; Bentley, Rebecca J; Studdert, David M; McVernon, Jodie; Fielding, James E; Petrony, Sylvia; Gurrin, Lyle; LaMontagne, Anthony D

    2012-11-20

    The Australian state of Victoria, with 5.2 million residents, enforced home quarantine during a H1N1 pandemic in 2009. The strategy was targeted at school children. The objective of this study was to investigate the extent to which parents' access to paid sick leave or paid carer's leave was associated with (a) time taken off work to care for quarantined children, (b) household finances, and (c) compliance with quarantine recommendations. We conducted an online and telephone survey of households recruited through 33 schools (85% of eligible schools), received 314 responses (27%), and analysed the subsample of 133 households in which all resident parents were employed. In 52% of households, parents took time off work to care for quarantined children. Households in which no resident parent had access to leave appeared to be less likely to take time off work (42% vs 58%, p=0.08) although this difference had only borderline significance. Among parents who did take time off work, those in households without access to leave were more likely to lose pay (73% vs 21%, pparent lost pay due to taking time off work, 42% experienced further financial consequences such as being unable to pay a bill. Access to leave did not predict compliance with quarantine recommendations. Future pandemic plans should consider the economic costs borne by households and options for compensating quarantined families for income losses.

  1. Іnheritance of money and right on deposit in a financial institution

    Directory of Open Access Journals (Sweden)

    А. М. Ісаєв

    2016-01-01

    Full Text Available Features of inheritance of money and the right on deposit in a financial institution, on the one hand, related to those functions that they perform as the objects of inheritance law in civil circulation, on the other hand, with their specific legal characteristics. Speaking of money, it is necessary to take into account the fact that the inheritance may include both cash and cashless money. And, despite the fact that the cashless money defined by the law as entries in accounts in financial institutions, inheritance of right on deposit in a financial institution regulated by the Civil Code of Ukraine separately from the inheritance of money. The need for such research caused by practical significance of inheritance of money and the right on deposit, and by small number of research in that area. The issue at different times were explored by such scholars as M. V. Gordon, V. I. Serebrovsky, O. P. Pecheny, V. I. Krat, I. V. Zhilinkova, M. A. Korostelyov etc. The article aims to reveal the influence of legal characteristics of money on civil-law regulation of inheritance of money and the right on deposit in a financial institution. The purpose of research should be achieved through solving such problems as analysis and harmonizing the current inheritance laws in the area of issue. In the article, the peculiarities of inheritance of cash and cashless money were defined, as well as the specifics of universal legal succession of right on deposit in the bank (financial institution. During research some disadvantages of current inheritance legislation in this sphere were revealed, so as the ways of its improvement. Undoubtedly, a segment of considered legislation is debatable in many ways. However, it should be noted that inheritance law determines the process of transition of legacy from testator to the heir. Legal regulation of such relationships depends on the understanding of individual components of heritage, including money in cash and cashless

  2. THE SIGNIFICANCE OF THE INTRODUCTION OF FINANCIAL MANAGEMENT AND CONTROL IN TRANSITION COUNTRIES SUCH AS THE REPUBLIC OF SERBIA ON THE ROAD TO EU

    Directory of Open Access Journals (Sweden)

    JELENA TOŠKOVIĆ

    2016-12-01

    Full Text Available Betterr observation of heterogeneous and different themes that together make up the framework for financial management and control is an important issue for a growing number of companies that develop control mechanisms, especially for those who manage budget funds. In order to successfully observed the financial control to e i, needs to accord greater number of characteristics which should establish all organizations, especially the budget users, and this can be achieved by establishing a valid system of internal control. Financial management and control are designed primarily with a view to ensuring compliance with legal and parliamentary requirements irrespective of the degree of strength of the economy of a country. These questions are particularly sensitive transitional countries. For this purpose, must adopt a new concept of "value for money", as well as high standards of corporate governance and proper conduct, and to provide real accountability and good systems of internal control. This applies particularly to budget users at all levels of local government to central government companies which have a monopoly in a particular territory (electro industry, oil industry, exploitation of natural resources, telecommunications, etc..

  3. Environmental Compliance Audit Handbook (ECAH): U.S. Fish and Wildlife Service. (Revision)

    National Research Council Canada - National Science Library

    Schell, Donna

    1998-01-01

    .... The concept was to combine the Code of Federal Regulations with good management practices and risk-management issues into a series of checklists that show legal requirements and specific items of operations to review. This handbook is continually updated to address new environmental compliance laws and regulations.

  4. Legal protection of pet animals in domestic legislation

    Directory of Open Access Journals (Sweden)

    Vidić-Trninić Jelena

    2012-01-01

    Full Text Available The subject of the author's analysis is the issue of legal protection of pet animals. Through analysis of applicable provisions contained in the Act on Animal Welfare of Serbia, on one hand, and the fundamental principles and provisions set out in the European Convention for the Protection of Pet animals, on the other hand, this paper attempts to point out the degree of legal protection that pet animals are awarded under domestic legal regulations, as well as to answer the question of compatibility of the national legislation with the international standards set out in the mentioned European Convention regarding the above mentioned question. In addition, since the legal protection of pet animals is also regulated by relevant by-laws in our law, the analysis of certain aspects of protection provided to pet animals, specifically the Decision of the city of Novi Sad on keeping of domesticated animals, the paper attempts to draw attention to compliance of the solutions adopted in this legal act, with the fundamental principles of protection, provided to pets by laws or the Act on Animal Welfare of Serbia. Finally, in order to provide a more comprehensive insight in terms of achievement of the legal protection of pets in Serbian law, the paper analyzes the types of unlawful conduct of the owner or the holder of the animals, as well as their respective sanctioning prescribed in specific laws or bylaws.

  5. 28 CFR 58.25 - Qualifications for approval as providers of a personal financial management instructional course.

    Science.gov (United States)

    2010-07-01

    ... of a personal financial management instructional course. 58.25 Section 58.25 Judicial Administration... Qualifications for approval as providers of a personal financial management instructional course. (a) Definition... personal financial management instructional course must be in compliance with all applicable laws and...

  6. FINANCIAL INSTRUMENTS OF THE STATE POLICY FOR THE PREVENTION OF TERRORIST ACTS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Mykola Bunchuk

    2017-11-01

    Russian Federation checkpoints of the Ukrainian-Russian border on the uncontrolled Ukrainian territory. Value/originality. We have concluded that the introduction of financial instruments of the state policy to counter terrorism will bring the following positive results: ensure systematic implementation of the state policy in the prevention and counteraction to legalization (laundering of proceeds from crime or terrorist financing; enhance a compliance of the national system of combating legalization (laundering of proceeds from crime or terrorism financing with the international legal standards; improve inflow of foreign investment in order to stimulate the national economy. However, the effectiveness of the above measures should be determined in accordance with the principles of economic analysis of the state policy.

  7. A literature review on the impact of IAS/IFRS and regulations on quality of financial reporting

    Directory of Open Access Journals (Sweden)

    Wadesango Newman

    2016-10-01

    Full Text Available The International Accounting Standards Board (IASB in its objectives and preamble, presume that IFRS adoption and perceived compliance to regulatory framework is associated with increased financial reporting quality. Based on these assumptions, this desktop study reviewed several documents to determine whether the IFRS adoption has led to increased financial reporting quality in Zimbabwe. The researchers reviewed literature on how the IAS/IFRS and regulations affect the financial reporting quality of listed companies. The factors around IFRS adoption were identified (mandatory, voluntary and convergence and discussed in relation to the financial reporting quality. Evidence from previous studies conducted in line with this same issue shows that there is no conclusive evidence on how IFRS and regulations affect the financial reporting quality. Issues to be addressed in further studies include the importance of financial statements prepared under IFRS framework and the importance of compliance with accounting and auditing requirements

  8. Financial Participation of Employees in Estonia

    DEFF Research Database (Denmark)

    Eamets, Raul; Mygind, Niels; Spitsa, Natalia

    2006-01-01

    Presently, legal regulation of participation of employees - financial participation as well as participation in decision-making - is not well developed in Estonia. On the one hand, it is due to the fact that no tradition of employee participation could have been formed after Estonia became...

  9. Financial Reporting of Government Property in the Custody of Contractors

    National Research Council Canada - National Science Library

    1997-01-01

    ... of the Military Departments and Defense agencies. We also assessed management controls affecting the financial reporting of Government property, and we assessed compliance with applicable laws and regulations...

  10. Balancing Responsibilities – Financial Literacy

    Directory of Open Access Journals (Sweden)

    Gail Pearson

    2017-03-01

    Full Text Available In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial literacy is one among a number of strategies directed towards inducing changes in consumer behaviour. It sits between the old regulatory model which relies on disclosure of information for effective and rational decision-making and a newer regulatory model which takes into account individuals' perceptions and behavioural biases and may seek to accommodate for these by imposing obligations on financial services providers beyond the mere disclosure of information. Financial literacy is generally the ability to understand how money works, how a person can earn money or make it more. It specifically refers to the set of skills and knowledge that allows people to make informed and effective decisions with all of their financial resources. This article discusses Australian and South African legal obligations and social responsibilities aimed at promoting the financial literacy of consumers.

  11. Globalisation and the fear factor of the financial crime compliance regimes

    OpenAIRE

    Ryder, N.

    2016-01-01

    The aim of this key note address is to provide a detailed and critical review of the United Kingdom's anti-money laundering regime. It seeks to identify several factors that have contributed towards the creation of a 'fear factor' for compliance officers.

  12. Defense Commissary Surcharge Collections Fund Financial Statements for FY 1992

    National Research Council Canada - National Science Library

    Young, Shelton

    1993-01-01

    .... We also evaluated DeCA's and DPAS - Columbus Center's internal control structure for controlling and reporting financial information as well as DeCA's compliance with applicable laws and regulations...

  13. Compliance with Segment Disclosure Initiatives

    DEFF Research Database (Denmark)

    Arya, Anil; Frimor, Hans; Mittendorf, Brian

    2013-01-01

    Regulatory oversight of capital markets has intensified in recent years, with a particular emphasis on expanding financial transparency. A notable instance is efforts by the Financial Accounting Standards Board that push firms to identify and report performance of individual business units...... (segments). This paper seeks to address short-run and long-run consequences of stringent enforcement of and uniform compliance with these segment disclosure standards. To do so, we develop a parsimonious model wherein a regulatory agency promulgates disclosure standards and either permits voluntary...... by increasing transparency and leveling the playing field. However, our analysis also demonstrates that in the long run, if firms are unable to use discretion in reporting to maintain their competitive edge, they may seek more destructive alternatives. Accounting for such concerns, in the long run, voluntary...

  14. Whistleblowing Environment in Indonesian Financial Institutions

    Directory of Open Access Journals (Sweden)

    Jennifer Erwin

    2015-12-01

    Full Text Available This study investigates the whistleblowing environment in Indonesian financial institutions from Indonesian employees’ perspective. Using primary data extracted from questionnaires this study to address two issues: investigate and explore the factor that encourages and discourages Indonesian employees to whistleblower in the Indonesian financial industry; and investigate and explore the Indonesian financial company’s environment that affects whistleblowing activity. Results were consistent with previous research by Martens and Kelleher (2004, Curtis (2006, Hwang, Staley, Chen and Lan (2008, Dandekar (1991 and Worth (2013 in their relative domains. The Indonesian employees and financial institutions are less influenced by confusion culture (guanxi which provides some variations in findings from prior research. Generally in Indonesia Financial Institutions there is a positive sign towards whistleblowing activity, “where” companies create a positive environment to support the activity although more could be done by government to regulate and enforce compliance to encourage trust in protecting employees when whistleblowing.

  15. 'Around here I am the law!'
    Strengthening police officers' compliance with the rule of law in Costa Rica

    Directory of Open Access Journals (Sweden)

    Quirine A.M. Eijkman

    2006-12-01

    Full Text Available At the end of the last decade many Latin American states initiated public security reform. This included police human rights strategies, which aim to improve police officers' compliance with human rights. Particular strategies emphasized the development of police legal expertise. In Costa Rica this was done through professionalizing police legal training and police legal assistance within the preventive police. Yet the implementation of police human rights strategies is influenced by a wider socio-political and institutional context. 'Around here I am the law' reflects the process of transforming non-professionally trained police officers into professionally trained public officials whose core business is the enforcement of the law. On the basis of empirical research conducted in San José, this paper discusses the effect of implementing police human rights strategies that focus on improving police officers' compliance with the rule of law.

  16. From pricing regulations of the feed-in scheme (EEG) through to financial security under the Atomic Energy Act (AtG): the German legal system for the energy sector in the context of EC legislation on state aid

    International Nuclear Information System (INIS)

    Kuehling, J.

    2001-01-01

    This contribution is a comprehensive analysis of EC law on state aid and resulting possible impacts on the German legal system for the energy sector. The analysis reveals that, depending on the legal interpretation of Art. 87 of the EC Treaty, further non-compliance issues such as that currently under debate in connection with German legislation supporting market penetration of electricity from renewable energy sources, may arise in the future. Further examples referred to are the German system of liability reserves for the decommissioning of nuclear power plants, and the system of third party liability for nuclear power plant operators. The author addresses various problem areas and uses characteristic examples in explaining conceivable matters of conflict. (orig./CB) [de

  17. Dilemmas of compliance in the CIS

    International Nuclear Information System (INIS)

    Vorobyev, A.

    1996-01-01

    The objective of this paper is to examine some of the difficulties faced by Russia and other Common Independent States (CIS) in the field of compliance with disarmament treaties and non-proliferation regimes, as well as ways and means, particularly with regard to the legal framework, designed to overcome these difficulties. Naturally, the fate and pace of overcoming the existing problems will depend only partially on development of CIS States. A large variety of international factors and the general security will be essential for progress in resolving disarmament and arms control issues in the CIS

  18. Compliance with the AM+L4776L/CFT International Standard; Lessons from a Cross-Country Analysis

    OpenAIRE

    Concha Verdugo Yepes

    2011-01-01

    This paper assesses countries' compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) international standard during the period 2004 to 2011. We find that overall compliance is low; there is an adverse impact on financial transparency created by the cumulative effects of poor implementation of standards on customer identification; and the current measurements of compliance do not take into account an analysis of ML/FT risk, thereby undermining their credib...

  19. Financial Private Regulation and Enforcement

    OpenAIRE

    MILLER, Geoffrey

    2011-01-01

    This paper has been delivered within the context of the research project "Transnational Private Regulatory Regimes: Constitutional foundations and governance design". This paper considers the topic of private regulation and enforcement for internationally active financial services firms. The paper documents the following types of regulation and enforcement that involve significant private input: house rules, contracts, internal compliance, management-based regulation, private standard-sett...

  20. Environmental Compliance Audit Handbook (ECAH): U.S. Fish and Wildlife Service (FWS) (Revision)

    National Research Council Canada - National Science Library

    Schell, Donna

    1999-01-01

    .... The concept was to combine the Code of Federal Regulations with good management practices and risk-management issues into a series of checklists that show legal requirements and specific items of operations to review. This handbook is continually updated to address new environmental compliance laws and regulations.

  1. Managing business compliance using model-driven security management

    Science.gov (United States)

    Lang, Ulrich; Schreiner, Rudolf

    Compliance with regulatory and governance standards is rapidly becoming one of the hot topics of information security today. This is because, especially with regulatory compliance, both business and government have to expect large financial and reputational losses if compliance cannot be ensured and demonstrated. One major difficulty of implementing such regulations is caused the fact that they are captured at a high level of abstraction that is business-centric and not IT centric. This means that the abstract intent needs to be translated in a trustworthy, traceable way into compliance and security policies that the IT security infrastructure can enforce. Carrying out this mapping process manually is time consuming, maintenance-intensive, costly, and error-prone. Compliance monitoring is also critical in order to be able to demonstrate compliance at any given point in time. The problem is further complicated because of the need for business-driven IT agility, where IT policies and enforcement can change frequently, e.g. Business Process Modelling (BPM) driven Service Oriented Architecture (SOA). Model Driven Security (MDS) is an innovative technology approach that can solve these problems as an extension of identity and access management (IAM) and authorization management (also called entitlement management). In this paper we will illustrate the theory behind Model Driven Security for compliance, provide an improved and extended architecture, as well as a case study in the healthcare industry using our OpenPMF 2.0 technology.

  2. Economic Meaning of the Concept of “Non-Financial Reporting”

    OpenAIRE

    Bezverkhiy

    2017-01-01

    The issue related with interpretation of the economic meaning of “non-financial reporting” becomes vital in view of harmonizing the Ukrainian legal acts with EU standards, including ones on accounting. In practice, much confusion still occurs: non-financial reporting may either be seen as separated reporting, or as one identical to integrated reporting, or as an integrated reporting component. The aim of the study is to clarify the economic meaning of the concept of “non-financial reporting. ...

  3. RTE - Activity and sustainable development report 2014. Management report consolidated financial statements 2014

    International Nuclear Information System (INIS)

    2015-01-01

    After an interview of RTE's CEO, an overview of governance issues within the company, and a presentation of its business model, the activity report addresses the various aspects of RTE activities during 2014: grid expertise, a fair and balanced service, performance at the right price, cooperation between all players, a long term commitment, and perspectives. It also focuses on the corporate aspects: collective intelligence, workforce involvement, safety culture. The management report contains financial and legal information (significant events of 2014, economic environment, business and results, financing, financial structure, outlook for 2015, risk analysis), company information (employment, work organisation, labour relations, health and safety, training, diversity and equal opportunities, compliance with International Labour Organisation conventions), environmental information (general environmental policy, pollution and waste management, sustainable use of resources, climate change, protection and development of biodiversity), and societal information (local, economic and social impact of RTE's business, relations with people and organisations concerned by RTE's business, out-sourcing and suppliers, fair practices, other action to promote human rights). The third report presents the supervisory board (members and missions, operation, committees), the Executive Board (members and remuneration principles), the operation of general assemblies. It describes the internal control of RTE (organisation, actors), presents the policy of risk management and control, activities of audit and control within RTE. It finally presents external controls made by different public bodies

  4. Financial Consumer Protection in the EU : Towards a Self-Sufficient European Contract Law for Consumer Financial Services?

    NARCIS (Netherlands)

    Cherednychenko, O.O.

    2014-01-01

    The rapid expansion of European contract law in the field of consumer financial services gives rise to the question to what extent it is self-sufficient. A self-sufficient European contract law presupposes the existence of an EU-made and EU-enforced contract-related legal order which is largely

  5. Religious legal systems: challenges of the modernity

    Directory of Open Access Journals (Sweden)

    Д. В. Лук’янов

    2015-11-01

    Full Text Available The influence of world globalization processes on the development of the religious legal systems has been analyzed in the paper. Globalization processes in the XXI century are regarding individuals, nations, and civilizations. Global transformations lead to qualitative changes in the socio-cultural relations and actualize a wide range of issues which are related to the formation of a new world culture. Modern globalization takes diverse range of public relations in its own orbit. The relationship between the legal systems in the twentieth century is some of the most important aspects of this process. However, the interaction of legal systems has significant differences from the interaction of economies of different countries. There are actual economic relations domination of Western financial and economic institutions and standardization of relevant rules. But the attempts to apply this approach to law lead to resistance to Western standards and the spread of major civilizational conflicts in different parts of the world. Globalization should be based on respect for cultural, religious and legal diversity. It has to ensure preservation of forced “Westernisation”. Significant differences in the impact of globalization on the convergence of legal systems of Western law (Romano-Germanic and Anglo-American and their impact on religious legal systems of Muslim, Hindu and Jewish law must be emphasized. The religious legal systems are not exposed to other systems and the related changes. This is due to such features as the divine nature, increased stability, specific sources of law etc. An important issue that requires further study is the reverse influence which religious law exercises to secularized modern legal system.

  6. IMPACT OF THE CONVERGENCE PROCESS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ON THE VALUE RELEVANCE OF FINANCIAL INFORMATION

    Directory of Open Access Journals (Sweden)

    Marcelo Alvaro da Silva Macedo

    2012-11-01

    Full Text Available Law 11.638/07 marked the start of a series of changes in the laws that regulate Brazilian accounting practices. The main reason for these changes is the convergence process of local with international accounting standards. As a result of Law 11.638/07, the legal precedent was established to achieve convergence. In that context, the aim of this study is to analyze the impact of the convergence process with international accounting standards on the relevance of financial information, based on data for 2007, without and with the alterations Law 11.638/07 introduced and according to the CPC Pronouncements, applicable as from 2008 onwards. Therefore, a value relevance study is used, applying regression analysis to annual stock price information (dependent variable and net profit per share (NPPS and net equity per share (NEPS as independent variables. The main results show that financial information on NPPS and NEPS for 2007, with and without the legal alterations, are relevant for the capital market. A comparison between both regressions used in the analysis, however, shows an information gain for financial information that includes the changes introduced in the first phase of the accounting convergence process with the international standards.

  7. The impact of pension systems on financial development: An empirical study

    Directory of Open Access Journals (Sweden)

    Shouji Sun

    2014-10-01

    Full Text Available The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth

  8. The new international financial architecture: Lessons and experiences from Africa

    Directory of Open Access Journals (Sweden)

    Erick R Outa

    2014-12-01

    Full Text Available The purpose of this paper is to examine the requirements and successes of the New International Financial Architecture (NIFA on transparency and corporate governance from a global perspective with a special focus on Africa. In recent years, transparency, accountability and governance have become key topics with many countries around the world having adopted International Financial Reporting Standards (IFRS and corporate governance codes. The outcomes of these initiatives have been unconvincing. Desktop research was used to gather literature and data on compliance with corporate governance codes and International Financial Reporting Standards (IFRS and other NIFA requirements. This study established that in spite of many regional and global initiatives by the World Bank and relevant regulators, compliance with IFRS and governance in parts of Africa has yet to reach its best level and guidelines are not fully followed leading to opportunities for improvement and policy adjustments. This research has implications and uses for both global and local institutions and regulators concerned with economic stability and growth including the World Bank, central banks, capital markets and boards of companies and the government in general. The findings contribute to governance debates by providing additional perspectives from Africa on compliance with accounting standards and codes in a region where research and corporate governance and reporting issues are still confusing.

  9. Legal issues confronting the occupational physician.

    Science.gov (United States)

    Lewis, Kenneth S; Kleper, Ann-Louise

    2002-01-01

    Occupational physicians are frequently participants in a legal arena in which the interests of the patient are in conflict with those of the patient's employer. What is best for the patient may be viewed as financially burdensome or damaging to the employer. Pressures may be brought to bear upon the doctor, who is also concerned with furthering business relationships with the employer, to take action that is inimical to the patient's well-being. This article addresses legal liability and ethical responsibility in three situations: (1) when limitations or constraints are placed upon the physician's professional judgment in treating the patient; (2) when demands are made upon the physician to release medical information regarding a patient; and (3) when the physician is asked to perform a medical evaluation for purposes of litigation.

  10. Compliance with the Legislation on Alcohol Serving and Selling and Alcohol Intoxications in Adolescents

    NARCIS (Netherlands)

    van Hoof, Joris Jasper; Boeynaems, Gerben; van der Lely, Nicolaas

    2014-01-01

    Purpose: study the relation between compliance to the legal age limits for alcohol sales and alcohol intoxication in adolescents. Methods: from 2007 till 2012 we collected data on adolescents, with a positive BAC, treated in a hospital. Within the Dutch Pediatric Surveillance System (NSCK),

  11. Legal and Regulatory Frameworks for Decommissioning and Waste Management

    International Nuclear Information System (INIS)

    Leech, Jonathan

    2016-01-01

    Safe and efficient decommissioning and waste management requires clear structures for allocating responsibility and funding. Organisation of decommissioning and waste management activities and the regulatory environment within which those activities are undertaken should also allow the supply chain to prosper and, wherever possible, reduce barriers to international availability of resources and waste facilities. Radioactive waste treatment and disposal in particular raises both legal and political challenges to effective international co-operation, yet options for decommissioning and waste management are maximised where international barriers can be minimised. Added to this, international nuclear liabilities issues must be managed so as to avoid unnecessary deterrents to international mobility of capability within the decommissioning market. Contractual terms and insurance arrangements for international shipments of nuclear waste and materials will also need to take into account imminent changes to liabilities conventions, ensuring compliance and management of compliance costs (of both insurance and management time). This paper explores legal and commercial structures intended to support effective decommissioning and waste management and examines regulatory and commercial factors affecting the ability of facility operators to utilise internationally available capability. It focusses on: - strategic approaches developed in the UK to address decommissioning and waste management liabilities associated with the UK's first and second generation civil nuclear sites and comparison of those approaches with other jurisdictions with significant decommissioning liabilities; - liability and compliance risks associated with navigating international nuclear liabilities regimes in context of both mobility of decommissioning capability and international waste shipment; and - regulatory issues affecting international availability of waste treatment facilities, including

  12. Legal Considerations of Tax Evasion and Tax Avoidance

    OpenAIRE

    Dániel Deák

    2004-01-01

    The study of fiscal non-compliance - in particular, that of tax evasion - is quite extensive in the literature of economics. Lawyers do not show much interest in fiscal anomalies. An exception for this is perhaps tax avoidance which is usually interpreted as the problem of the form and substance. Apart from the modest interest in irregularities in fiscal law, the legal theories of obedience, or disobedience, and coherence have grown significantly, thanks to the precept of William Ross on prim...

  13. 7 CFR 1773.21 - Borrower's review and submission of the auditor's report, report on compliance and on internal...

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Borrower's review and submission of the auditor's... for the Submission and Review of the Auditor's Report, Report on Compliance and on Internal Control... auditor's report, report on compliance and on internal control over financial reporting, and management...

  14. The demand for statin: the effect of copay on utilization and compliance.

    Science.gov (United States)

    Thiebaud, Patrick; Patel, Bimal V; Nichol, Michael B

    2008-01-01

    Increasing drug costs in the US have prompted employers and insurers alike to turn to higher drug copays for cost containment. The effect of rising copays on compliance with statins (HMG-CoA reductase inhibitors) treatment has received surprisingly little attention in the applied literature. This paper uses pharmacy claims data from a commercially insured adult population to determine the effect of copay change on compliance at the individual level. Fixed effect logit and Poisson regressions estimate the effect of copays on monthly likelihood of high compliance and average monthly days of supply respectively. Higher copays reduce compliance among statin users, with less compliant patients responding more strongly to copay change than compliant patients. These results suggest that specific financial incentives given to less compliant patients could improve compliance with statin treatment at a relatively low cost. Copyright (c) 2007 John Wiley & Sons, Ltd.

  15. Waste Cleanup: Status and Implications of Compliance Agreements Between DOE and Its Regulators

    International Nuclear Information System (INIS)

    Jones, G. L.; Swick, W. R.; Perry, T. C.; Kintner-Meyer, N.K.; Abraham, C. R.; Pollack, I. M.

    2003-01-01

    This paper discusses compliance agreements that affect the Department of Energy's (DOE) cleanup program. Compliance agreements are legally enforceable documents between DOE and its regulators, specifying cleanup activities and milestones that DOE has agreed to achieve. Over the years, these compliance agreements have been used to implement much of the cleanup activity at DOE sites, which is carried our primarily under two federal laws - the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (CERCLA) and the Resource Conservation and Recovery Act of 0f 1976, as amended (RCRA). Our objectives were to determine the types of compliance agreements in effect at DOE cleanup sites, DOE's progress in achieving the milestones contained in the agreements, whether the agreements allowed DOE to prioritize work across sites according to relative risk, and possible implications the agreements have on DOE's efforts to improve the cleanup program

  16. 78 FR 26639 - Proposed Collection; 60-Day Comment Request: Financial Sustainability of Human Tissue Biobanking...

    Science.gov (United States)

    2013-05-07

    ... Comment Request: Financial Sustainability of Human Tissue Biobanking (NCI) Summary: In compliance with the... techniques or other forms of information technology. To Submit Comments and for Further Information: To... this publication. Proposed Collection: Financial Sustainability of Human Tissue Biobanking, 0925-NEW...

  17. NUEVOS ENFOQUES DE LAS ENTIDADES FINANCIE RAS ESPANOLAS PARA EL NEGOCIO DE LAS TARJETAS BANCARIAS

    OpenAIRE

    Idoeta, Carmelo Mercado; del Castillo Peces, Carlos; de la Mata, Daniel Corral

    2010-01-01

    The objective of this academic research is to verify how and when Spanish financial institutions will need to reshape their card issuing business models in Spain as a consequence of the negative economic impact of the legally binding agreement signed on 2-12-2005 among the largest retail associations and the financial institutions represented by the three local processors (Servired, 4B and Euro6000). This legal agreement has implied a gradual but very significant reduction of the local int...

  18. Corporate Governance in Shareholding Companies: Comparing Legal Perspective and Position of Shari’ah

    OpenAIRE

    Aznan, H.; Harith Amir Hasan Al Timimi

    2015-01-01

    This study examines the concept of corporate governance in shareholding companies and the legal perspective in comparison with the position of Shari’ah. The purpose of governance is to instil confidence among the stakeholders that the Boards of Directors are applying a diligent legal and administrative framework, to avoid potential administrative and financial failures and corruption. The study has proceeded by defining the concept of governance from linguistics, accounting, administrat...

  19. Legal-Economic Ownership and Generational Transfer in Family Business: Facets of Owner's Responsibility

    OpenAIRE

    Nemilentsev, Mikhail

    2010-01-01

    In the following paper a conceptual framework of the owner’s responsibility is created in order to study the transgenerational legal-economic ownership in the family business. Responsible ownership involves a sense of accountability and entrepreneurship to some extent. However, legal and social responsibilities naturally supplement each other in the family firm. Owners by means of personal relationships and financial guarantees are responsible for carrying out daily business operations and ma...

  20. Financial statements and the discharging of financial accountability of ordinary public schools in South Africa

    Directory of Open Access Journals (Sweden)

    Frank Doussy

    2014-10-01

    Full Text Available The Schools Act, 84 of 1996 (section 42(b, requires that all public schools in South Africa, “as soon as practical, but not later than three months after the end of each financial year, draw up annual financial statements”. These schools must further submit audited financial statements to the Department of Education within six months after the school’s year end (section 43 and according to section 43(6, “at the request of an interested person, the governing body must make the records referred to in section 42, and the audited or examined financial statements referred to in this section, available for inspection”. The compilation, auditing and submission of these statements are therefore legally required and are compulsory for all schools. The study aims firstly to establish whether schools in South Africa comply with the current legislative prescripts and accounting and auditing practices, and secondly to identify possible problem areas in this regard.

  1. The final management of nuclear fuel. Legal and economic aspects; La gestion final del combustible nuclear. Aspectos legales y economicos

    Energy Technology Data Exchange (ETDEWEB)

    Villota, C. de

    2009-07-01

    This article gives a brief summary of the characteristics of spent fuel and the lines of action considered for its management. It describes the legal framework that supports the Radioactive Waste Management Plan (PGRR), which contains the lines applicable to Final Spent Fuel Management, as well as the evolution of this legal framework. The article contains the 2008 updated costs of the various items of the PGRR, with a more detailed description of those related to this type of fuel, as well the source and amount of the financial contributions to the fund for meeting these costs, including how they have evolved over time. finally, it provides some personal reflections on this issue. (Author)

  2. Financial development and investment market integration: An approach of underlying financial variables & indicators for corporate governance growth empirical approach

    Directory of Open Access Journals (Sweden)

    Vojinovič Borut

    2005-01-01

    Full Text Available Financial development is correlated with several underlying regulatory variables (such as indicators of investor protection, market transparency variables for corporate governance growth and rules for capital market development, which are under the control of national legislators and EU directives. This paper provides estimates of the relationship between financial market development and corporate growth and assesses the impact of financial market integration on this relationship with reference to European Union (EU countries. The regression results obtained using this panel support the hypothesis that financial development promotes growth particularly in industries that are more financially dependent on external finance. For policy purposes, analyzing changes in these regulatory variables may be a more interesting exercise than analyzing integration of the financial systems themselves. Since assuming that EU countries will raise its regulatory and legal standards to the U.S. standards appears unrealistic, in this case we examine a scenario where EU countries raise their standards to the highest current EU standard.

  3. The National Security Education Trust Fund Financial Statements for FY 1994

    National Research Council Canada - National Science Library

    Gimble, Thomas

    1995-01-01

    .... We evaluated the management control structure established for the Trust Fund, and we assessed compliance with applicable laws and regulations that could have a material effect on the financial statements...

  4. How Law and Institutions Shape Financial Contracts: The Case of Bank Loans

    OpenAIRE

    Jun Qian; Philip E. Strahan

    2005-01-01

    We examine empirically how legal origin, creditor rights, property rights, legal formalism, and financial development affect the design of price and non-price terms of bank loans in almost 60 countries. Our results support the law and finance view that private contracts reflect differences in legal protection of creditors and the enforcement of contracts. Loans made to borrowers in countries where creditors can seize collateral in case of default are more likely to be secured, have longer mat...

  5. The observance of the Kyoto Protocol on climate changes: stakes of the international control of compliance with commitments

    International Nuclear Information System (INIS)

    Maljean-Dubois, S.

    2007-01-01

    The author presents the conclusions of multidisciplinary research which has examined the relationship between the Kyoto protocol's observance mechanisms (control of compliance of commitments and sanction in case of non compliance) and the more conventional mechanisms of international conflict solving. It also examines the peculiar characteristics of these mechanisms, whether legal or not. Finally, the author examines the impact of the adopted procedure, and whether it is constraining

  6. The EDF Group - Reference Document, annual financial report 2011

    International Nuclear Information System (INIS)

    2012-04-01

    This report gathers information and comments about the French electric utility EDF, persons in charge of this document, account legal auditors, risk factors, activities in France and abroad, the company's organization and flowchart, its estate properties, its financial situation and results, its accounts and capitals, its research and development activities, patents and licenses, trends, financial perspectives, its administration, management and control bodies and their operation, its salaries, shareholders

  7. Principle of accrual and compliance of income and expenses in accounting system

    Directory of Open Access Journals (Sweden)

    V.V. Travin

    2017-12-01

    Full Text Available The introduction of international accounting and financial reporting standards requires the deeper implementation of accounting principles, in particular, the principle of accrual and compliance costs. The current research has shown that its implementation helps to streamline the accounting process by reducing the need to verify the chosen methodology for compliance with other regulatory documents that regulate the peculiarities of accounting in various areas. The categories of «a system», «income» and «expenses» in the accounting system are investigated and their system characteristics are showed. The approach to realization of the principle of accrual and compliance of income and expenses in the accounting system is described and proposed. It involves the possibility of capitalizing costs in the value of stocks, non-current assets, in the form of receivables, or in the form of future periods. The capitalization of costs in value occurs when the costs are not considered as such, and are considered only as an increase in the asset, as an integral part of these or other values. The study takes into account the peculiarities of its influence on the methodology of accounting for financial results of the enterprise.

  8. the dutch crisis and recovery act: economic recovery and legal crisis

    African Journals Online (AJOL)

    Jonathan

    THE DUTCH CRISIS AND RECOVERY ACT: ECONOMIC RECOVERY AND. LEGAL CRISIS? J Verschuuren. 1 Introduction. Throughout the world, governments are responding to the financial and economic crisis. Such responses vary from supporting the banking system to adopting economic stimulus packages. The latter ...

  9. Financial security for nuclear liability

    International Nuclear Information System (INIS)

    Francis, H.W.

    1979-01-01

    In almost every country where nuclear insurance pools operate, except for the United States, national nuclear legislation is either based on the principles of the Paris and Vienna nuclear third party liability conventions or is strongly influenced by them. The most important feature of this legislation is the absolute liabilityy of the operator, which simplifies the insurance process by avoiding duplication of cover and minimising the possibility of complex legal questions arising in case of an incident. The paper describes the arrangements for provision of financial security, the prescription period, insurance requirements, legal costs etc. Also, problems connected with the insurance of two or more installations on the same site are analysed. (NEA) [fr

  10. Correlates of compliance with national comprehensive smoke-free laws.

    Science.gov (United States)

    Peruga, Armando; Hayes, Luminita S; Aguilera, Ximena; Prasad, Vinayak; Bettcher, Douglas W

    2017-12-05

    To explore correlates of high compliance with smoking bans in a cross-sectional data set from the 41 countries with national comprehensive smoke-free laws in 2014 and complete data on compliance and enforcement. Outcome variable: compliance with a national comprehensive smoke-free law in each country was obtained for 2014 from the WHO global report on the global tobacco epidemic. Explanatory variables: legal enforcement requirements, penalties, infrastructure and strategy were obtained through a separate survey of governments. Also, country socioeconomic and demographic characteristics including the level of corruption control were included. an initial bivariate analysis determined the significance of each potentially relevant explanatory variable of high compliance. Differences in compliance were tested using the exact logistic regression. High compliance with the national comprehensive smoke-free law was associated with the involvement of the local jurisdictions in providing training and/or guidance for inspections (OR=10.3, 95% CI 1.7 to 117.7) and a perception of high corruption control efforts in the country (OR=7.2, 95% CI 1.1 to 85.8). The results show the importance of the depth of the enforcement infrastructure and effort represented by the degree to which the local government is involved in enforcement. They also show the significance of fighting corruption in the enforcement process, including the attempts of the tobacco industry to undermine the process, to achieve high levels of compliance with the law. The results point out to the need to invest minimal but essential enforcement resources given that national comprehensive smoke-free laws are self-enforcing in many but not all countries and sectors.

  11. Documents and legal texts

    International Nuclear Information System (INIS)

    2015-01-01

    This section treats of the following Documents and legal texts: 1 - Canada: Nuclear Liability and Compensation Act (An Act respecting civil liability and compensation for damage in case of a nuclear incident, repealing the Nuclear Liability Act and making consequential amendments to other acts); 2 - Japan: Act on Compensation for Nuclear Damage (The purpose of this act is to protect persons suffering from nuclear damage and to contribute to the sound development of the nuclear industry by establishing a basic system regarding compensation in case of nuclear damage caused by reactor operation etc.); Act on Indemnity Agreements for Compensation of Nuclear Damage; 3 - Slovak Republic: Act on Civil Liability for Nuclear Damage and on its Financial Coverage and on Changes and Amendments to Certain Laws (This Act regulates: a) The civil liability for nuclear damage incurred in the causation of a nuclear incident, b) The scope of powers of the Nuclear Regulatory Authority (hereinafter only as the 'Authority') in relation to the application of this Act, c) The competence of the National Bank of Slovakia in relation to the supervised financial market entities in the financial coverage of liability for nuclear damage; and d) The penalties for violation of this Act)

  12. Evaluating impacts of Clean Air Act compliance strategies

    International Nuclear Information System (INIS)

    Shirer, D.A.; Evans, R.J.; Harrison, C.D.; Kehoe, D.B.

    1993-01-01

    The Clean Air Act Amendments of 1990 requires that by the year 2000, US SO 2 emissions must be reduced by 10 million tons. This requirement will have significant impact on coal-fired electric utilities. As a result, most utilities are currently evaluating numerous compliance options, including buying allowances, coal cleaning/blending/switching, and flue gas scrubbing. Moreover, each utility must address its own unique circumstances with regard to competition, efficiency, capital expenditures, reliability, etc. and many utilities may choose a combination of compliance options to simultaneously satisfy their environmental, performance, and financial objectives. The Coal Quality Expert, which is being developed under a clean coal technology project funded by US DOE and EPRI, will predict the economic, operational, and environmental benefits of using higher-quality coals and provides an assessment of the merits of various post-combustion control technologies for specific utility applications. This paper presents background on how utilities evaluate their compliance options, and it describes how the Coal Quality Expert could be used for such evaluations in the future to assure that each utility can select the best combination of coal specifications and emission control technologies to meet its compliance objectives

  13. THE IMPACT OF CONTROLS ON FINANCIAL REPORTING QUALITY

    Directory of Open Access Journals (Sweden)

    Cecilia (DAMOC NICA

    2015-11-01

    Full Text Available The study identifies the impact of the internal and external control of the quality of financial reporting, considering the professional accountants’ opinions, evaluating the extent to which financial and non-financial information presented annually by companies represent a guarantee of compliance with the ethical principles of professionals, and also a transparency presentation of the economic activity, risk management, at the same time protecting the interests of stakeholders in the company. The quantitative analysis performed is based on a questionnaire applied to the professional accountants being conducted on a sample of companies in Romania, in various sectors and presents a comparative study of the importance of each type of internal and external control in the delivery of financial reports and non- annual companies, real and credible.

  14. DOD Financial Management: Greater Visibility Needed to Better Assess Audit Readiness for Property, Plant, and Equipment

    Science.gov (United States)

    2016-05-01

    with U.S. generally accepted accounting principles and establish and maintain effective internal control over financial reporting and compliance with... Accountability Office Highlights of GAO-16-383, a report to congressional committees May 2016 DOD FINANCIAL MANAGEMENT Greater Visibility... Accounting Standards Advisory Board FIAR Financial Improvement and Audit Readiness IUS internal-use software NDAA National Defense Authorization Act

  15. Financial Statements: Disclosures and Presentations.

    Science.gov (United States)

    1985-12-01

    may be rendered when the financial statements are p;eaed in full compliance with GAAP , consistently applied. Inadequate disclosures as well as other...a bond payable. A valuation account would be similar to the following: Equipment $18,000,000 Less accumulated depreciation (1o625,000) $16,375,00010...accounting to depreciation accounting.24 The disclosures required are the nature and justification for the change. The justification is necessary to

  16. Accounting Books as a Source of Information and the Basis for Civil Liability

    Directory of Open Access Journals (Sweden)

    Grażyna Voss

    2016-10-01

    Full Text Available Purpose: The aim of the paper is to present inconsistencies in kemping accounting books and legal effects concerning dishonest keeping or not keeping accounting books. Design/methodology/approach: Analysis of legal acts and statistical data on the penalties imposed and court judgments for violation of legal provisions in the preparation and presentation of financial statements. Findings: The scope and size of inconsistencies in financial information indicate the growing role of compliance and application of ethical standards and the Code of professional ethics in accounting. Research and practical limitations/implications: The findings provide recommendations to implement new standards and procedures for improving the quality of information presented to stakeholders and to separate the functions of the executive and control functions related to bookkeeping.

  17. The Impact of Corporate Governance on Financial Performance: (Measured using Accounting and Value-Added based Measures): Evidence from Malaysia

    OpenAIRE

    Abdul Aziz, Khairul Annuar

    2005-01-01

    This paper aims to test empirically which measure, an accounting based financial performance measure such as Return on Equity, Price to Earnings Ratio, Earnings Per Share and Return on Capital Employed; or value-added based financial performance measures such as Economic Value Added and Market Value Added; is more closely related with Corporate Governance Compliance. This paper also aims to study the level of Corporate Governance Compliance of the Smaller Companies listed on the KLSE, the mea...

  18. COBRA compliance: how employers can successfully meet today's complexities.

    Science.gov (United States)

    Trimble, Jim

    2003-03-01

    Although the architects of COBRA had sound and compassionate motivations in place, administration of and compliance with this law are far from easy. COBRA assists employees that lose their jobs by allowing them to purchase insurance benefits from their former employer. Outsourcing COBRA administration can be the best way for some employers to cope with COBRA regulations, contingencies and paperwork and avoid legal fees and penalties. But look for COBRA providers that have a sound track record.

  19. A guide to medico-legal photography for personal injury claims.

    Science.gov (United States)

    Bryson, D

    1994-01-01

    Clinical photographs are in essence medico-legal records but when instructions are given to take photographs for litigation the requirement is for a more specialized approach than when producing a clinical record for the notes. There are special considerations when providing a medico-legal photographic service, from clients' instructions, preparations before photography, and the photography itself to presenting the photographs and handling the administration. As photographs are taken in support of claims for compensation for personal injury many of them can have far greater impact, financially and psychologically, on the client than clinical photographs. Inadequate coverage could be construed as professional negligence.

  20. 40 CFR 265.150 - State assumption of responsibility.

    Science.gov (United States)

    2010-07-01

    ..., STORAGE, AND DISPOSAL FACILITIES Financial Requirements § 265.150 State assumption of responsibility. (a) If a State either assumes legal responsibility for an owner's or operator's compliance with the... 40 Protection of Environment 25 2010-07-01 2010-07-01 false State assumption of responsibility...

  1. 36 CFR 800.2 - Participants in the Section 106 process.

    Science.gov (United States)

    2010-07-01

    ... legal and financial responsibility for section 106 compliance in accordance with subpart B of this part... that historic properties are taking into consideration at all levels of planning and development. (ii... properties, including those of traditional religious and cultural importance, articulate its views on the...

  2. DOE financial assurance presentation

    International Nuclear Information System (INIS)

    Huck, R.

    1990-01-01

    The presentation topic is California's approach to license application review in meeting financial assurances for the proposed Ward Valley site. The purpose of the presentation is to provide information on specific financial assurance provisions contained in 10 CFR Part 61 and how California intends to satisfy those requirements. Also, as rate setter, California intends to demonstrate how it will assure allowable costs to the rate base though a financial prudency review. The key provisions of financial assurance are: 10 CFR Section 61.61 - This provision requires an applicant to demonstrate its ability to finance licensed activities; 10 CFR Section 61.62 - This provision requires an applicant to provide assurance that sufficient funds will be available for site closure and stabilization; and 10 CFR Section 61.63 - This provision requires an applicant to provide 'a copy of a binding arrangement, such as a lease, between the applicant and the disposal site owner, so that sufficient funds will be available to cover the costs of the institutional control period.' To assist California in its determination of financial assurance compliance to be demonstrated by the applicant for Part 61 requirements, is NUREG guidance document 1199 'Standard Format and Content of a License Application for a Low-Level Radioactive Waste (LLRW) Disposal Facility.' The detailed financial assurance provisions of NUREG 1199 are then embodied in NUREG 1200, 'Standard Review Plant for the Review of a License Application for a LLRW Disposal Facility.'

  3. Non-financial reporting and reference to workers' representatives

    NARCIS (Netherlands)

    Cremers, J.

    2013-01-01

    This contribution synthesizes the results of an inquiry by the SEEurope network on the current legal framework and practices in 28 European countries regarding non-financial and sustainability-related reporting by European companies. The object was to analyze whether company policy with regard to

  4. THE IMPORTANCE OF THE BANKING FINANCIAL EDUCATION COMPONENT IN ECONOMIC PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Lucian-Ion MEDAR

    2016-10-01

    Full Text Available Economy and civil society has gone through an unprecedented financial crisis determined by an acute shortage of financial education among the large community of individuals and legal persons. Thus, the low level of economic and financial knowledge from society contributed to the amplification of economic crisis. In 2008, in the midst of financial crisis in the European Union was created Expert Group on Financial Education (EGFE, aimed at supporting a new financial education order. Breaking the vicious circle of banks debt and sovereign one, improvement of supervision European banking system, solving the financial problems of some banks through the mechanism of bank resolution, without recourse to public resources, strengthening the trust of potential customers in the financial market, in the first process of finalizing the Union European banking, can be achieved and by a new order of financial education

  5. A cost-benefit analysis of document management strategies used at a financial institution in Zimbabwe: A case study

    Directory of Open Access Journals (Sweden)

    Rodreck David

    2013-07-01

    Objectives: This study investigated a commercial bank’s document management approaches in a bid to ascertain the costs and benefits of each strategy and related issues. Method: A quantitative research approach was employed through a case study which was used to gather data from a sampled population in the bank. Results: The document management approaches used were not coordinated to improve operational efficiency. There were regulations governing documents management. The skills and competences of staff on both document management and cost analysis are limited. That is partly due to limited training opportunities availed to them. That means that economies are not achieved in the management of records. That has a negative impact on the overall efficiency, effectiveness and legal compliance of the banking institution. Conclusion: The financial institutions should create regulations enabling periodical cost-benefit analysis of document management regimes used by the bank at least at quarterly intervals as recommended by the National Archives of Australia. A hybrid approach in managing records is recommended for adoption by the financial institution. There should be on-the-job staff training complimented by attendance at relevant workshops and seminars to improve the staff’s understanding of both the cost-benefit analysis concept and document management.

  6. Legal and economic protection of the existence of nuclear power plants. Is it legally feasible to back out of nuclear power

    Energy Technology Data Exchange (ETDEWEB)

    Rossnagel, A

    1986-01-01

    The article examines whether a political decision for shutting down all operating reactors would be backed by the law, and to what extent the Chernobyl reactor accident and its effects would justify a revocation of all operating licences in compliance with sec. 17, sub-sec. 5 of the Atomic Energy Act. The legal and economic reason and provisions providing for protection of existence are examined in the light of progress in science and technology, and of the changed safety philosophy. The author's conclusion is that the laws would allow the revocation of licences. (HSCH)

  7. The Dutch "Crisis and Recovery Act": Economic recovery and legal ...

    African Journals Online (AJOL)

    In the Netherlands, the 2010 Crisis and Recovery Act aims at speeding up decisionmaking on a wide variety of activities, hoping that after the financial and economic crisis has passed, development projects can immediately be carried out without any delay caused by legal procedures in court or elsewhere. The Act meets ...

  8. Gaming of performance measurement in health care: parallels with tax compliance.

    Science.gov (United States)

    Mears, Alex; Webley, Paul

    2010-10-01

    Gaming of performance measurement in health care distorts performance, making it appear better than it is. This can conceal potentially hazardous practice and endanger patients and staff. Research has investigated and categorized this behaviour but as yet has offered little in the way of potential solutions as the drivers are still not well understood. Studies of the psychology of tax behaviour, specifically tax avoidance and evasion, reveal some insights into what the underlying causes are. Looking at health care and tax compliance, seven similarities in response can be detected: negative view of those subject to it; not salient except for specific classes of people; general understanding of the need versus resentment of actuality; cognitive dissonance; moral versus legal grey areas; two levels of objective non-compliance; and four categories of subjective behaviour and attitude. We suggest a model of reaction and compliance for gaming and offer some suggestions as to how this phenomenon might be minimized.

  9. COULD BE THE FISCAL RISK MINIMIZED THROUGH FINANCIAL AUDIT?

    OpenAIRE

    Alina DOMNIŞOR; Daniela Nicoleta MEDINȚU; Radu PRODAN

    2016-01-01

    The article approaches a useful theme,for the academic environment, specialists in tax and accounting regulations, but also for the practitioners in the private sector. Our scientific aim is to demonstrate the usefulness of the financial audit for the fiscal component also of the entities which, at present,have no legal requirement to audit the financial statements. Why such a research? Because the fiscal size of businesses represents a continuous risk on the agenda of the management and o...

  10. Financial and testamentary capacity evaluations: procedures and assessment instruments underneath a functional approach.

    Science.gov (United States)

    Sousa, Liliana B; Simões, Mário R; Firmino, Horácio; Peisah, Carmelle

    2014-02-01

    Mental health professionals are frequently involved in mental capacity determinations. However, there is a lack of specific measures and well-defined procedures for these evaluations. The main purpose of this paper is to provide a review of financial and testamentary capacity evaluation procedures, including not only the traditional neuropsychological and functional assessment but also the more recently developed forensic assessment instruments (FAIs), which have been developed to provide a specialized answer to legal systems regarding civil competencies. Here the main guidelines, papers, and other references are reviewed in order to achieve a complete and comprehensive selection of instruments used in the assessment of financial and testamentary capacity. Although some specific measures for financial abilities have been developed recently, the same is not true for testamentary capacity. Here are presented several instruments or methodologies for assessing financial and testamentary capacity, including neuropsychological assessment, functional assessment scales, performance based functional assessment instruments, and specific FAIs. FAIs are the only specific instruments intended to provide a specific and direct answer to the assessment of financial capacity based on legal systems. Considering the need to move from a diagnostic to a functional approach in financial and testamentary capacity evaluations, it is essential to consider both general functional examination as well as cognitive functioning.

  11. Islamic Banking in Malaysia: Arbitration Resolution of Financial Disputes and Obstacles to its Spread

    Directory of Open Access Journals (Sweden)

    Elena V. Sitkareva

    2017-01-01

    Full Text Available Purpose: the article examines the main problems associated with the extension of arbitration of domestic and international Islamic financial disputes in Malaysia. These include the specific features of the legal regulation of Malaysia, excluding the resolution of certain categories of cases by way of arbitration, and the lack of legal certainty in the submission of cross-border contracts in the field of Islamic banking to Sharia law.To achieve this goal in the article you must accomplish the following tasks: to determine whether there are institutions in Malaysia providing arbitration services for disputes in the field of Islamic banking; investigate the reasons for the unwillingness of the parties to a financial dispute to transfer it to arbitration; to identify the main problems of transferring a cross-border financial dispute to international arbitration; to study the practice of international arbitration on this issue.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: currently the popularization of arbitration permits for domestic and international financial disputes in Malaysia faces difficulties due to both internal reasons and the traditional approach of Islamic banks to include in contracts the reservation of subordination of the provisions of the contract to the law of England or the United States in conjunction with the reservation clause financial disputes in the courts and arbitration of these states. Nevertheless, one can assume with great confidence that, following the development of Islamic banking, so-called Islamic arbitration will spread in Malaysia.Conclusions and Relevance: the materials outlined in the article show the special role of arbitration in resolving domestic and international disputes in the field of Islamic banking. Practical application of its results

  12. The meaning of a legal category of “sanction”

    Directory of Open Access Journals (Sweden)

    Al’bina Sergeyevna Panova

    2015-06-01

    Full Text Available Objective to study the legal category of sanction. Methods dialectical systematic and logical methods of analysis synthesis. Results the study of the legal category of quotsanctionquot has shown that a sanction can be applied on a regulatory or contractual basis if stipulated by a civil agreement and as the measures of liability and protection. One of the promising directions of its use is the motivating one ndash sanctions can provide the legal consequences favorable for those who observe the behavior stipulated by the law. The following is offered as the direction of development of domestic legislation on sanctions verification of compliance of the sanctions amount and terms with the offences gravity introduction of previously nonexistent sanctions for example speculation on food and currency markets the use of discretionary sanctions as a means of positive legal stimulation of the economy. Scientific novelty the conclusion is made about the nature of the sanctions it is proved that the sanction is a legal means the use of which enables the victim to protect their violated challenged rights provided for by the legislation and or the agreement and implies adverse consequences of property and or organizational nature for the offender. The sanctions application has its own peculiarities. Their use is aimed at curbing the illegal actions of the offender debtor to stimulate them to the proper performance of statutory or contractual duties often sanctions are aimed at compensating for damage caused to the creditor. A peculiar feature of the sanctions is that they are a necessary component of the legal system. Practical value the results obtained can be used to conduct economic and legal research relating to the economics and entrepreneurship in treaty practice in teaching the disciplines of Civil Law Business Law Commercial Law etc. nbsp

  13. MODEL PERTANGGUNGJAWABAN HUKUM DANA BANTUAN ORANG TUA MURID PADA RSBI (STUDI KASUS SMPN RSBI DI KABUPATEN BOYOLALI

    Directory of Open Access Journals (Sweden)

    Titin Marlina

    2015-07-01

    Full Text Available The objective of this study was to identify the model of legal liability for the budget from the students’ parents in the international program of state junior high school level. The specific obtives of this study include three issues, namely: (1 the implementation of legal liability model for budget management derived students’ parents, (2 the compli- ance of legal liability model with the normative provisions rule of Regional autonomy legislation, education system law, and the provision of local financial management, (3 how to formulate the legal liability model is so applicable and in accordance with the provisions. This research was conducted at SMPN I and II Boyolali. The data analysis technique used was descriptive and predictive. The research findings are as follows: ( 1 there is no basic standards in the financial management legislations, ( 2 management of the funds do not have compliance with the rules of regional autonomy laws, and provision of local financial management, (3 the legal liability model used is a model of financial management in one way through the establishment of local regulation on APBD and accountability of budget legislation (APBD by the Bupati, which is based on the involvement of parents partisipation either directly or through a committee, in the plan- ning stages.

  14. Analysis of the Portuguese legal framework concerning the safeguarding of employees' rights in the event of the transfer of an undertaking or an establishment compliance with the directive 2001/23/CE of 12 march 2001

    Directory of Open Access Journals (Sweden)

    Sónia de Carvalho

    2015-12-01

    Full Text Available The undertaking, business, or part of an undertaking or business can be transferred to another person or corporation as a result of a merger or a legal transfer, transitory or definitive. As a consequence of the transfer, there is subrogation ex lege of the transferee in the rights and obligations arising from the employment relationship existing on the date of a transfer. This issue is of the utmost importance to accomplish the freedom of the employer negotiate the undertaking and the protection of employees' rights as well. The Portuguese legal framework has been shaped by Directive 77/187/ CEE and subsequently by Directive 2001/23/CE. In this paper, in order to assess the compliance of the legal framework concerning the enshrined in Labor Code with the Directive 2001/23/CE, it will be performed a comparative analysis between both regulations, which will be coordinated with the case law from the Court of Justice and Portuguese Courts. We will conclude that, apart from some issues, the Portuguese labour law regarding the safeguarding of employees' rights in the event of the transfer of an undertaking complies with the Directive 2001/23 /CE and the case law from the Court of Justice.

  15. Water Property Models as Sovereignty Prerogatives: European Legal Perspectives in Comparison

    Directory of Open Access Journals (Sweden)

    Dario Casalini

    2010-08-01

    Full Text Available Water resources in European legal systems have always been vested in sovereign power, regardless of their legal nature as goods vested in State property or as res communes omnium not subject to ownership. The common legal foundation of sovereign power over water resources departed once civil law jurisdictions leveled the demesne on ownership model, by introducing public ownership in the French codification of 1804, while common law jurisdiction developed a broader legal concept of property that includes even the rights to use res communes. The models led respectively to the establishment of administrative systems of water rights and markets of water rights. According to the first, public authorities’ power to manage and preserve water resources is grounded in a derogatory regime, whereby water rights, grounded on licenses or concessions, are neither transferable nor tradeable. On the contrary, environmental and social concerns in water market schemes must be enforced by means of regulation, thus limiting private property rights on water, in compliance with the constitutional and common law constraints set out to protect the minimum content of property as a fundamental human right.

  16. Measures of Financial Capacity: A Review.

    Science.gov (United States)

    Ghesquiere, Angela R; McAfee, Caitlin; Burnett, Jason

    2017-05-23

    Capacity to manage finances and make financial decisions can affect risk for financial exploitation and is often the basis for legal determinations of conservatorship/guardianship. Several structured assessments of financial capacity have been developed, but have not been compared regarding their focus, validity, or reliability. Therefore, we conducted a review of financial capacity measures to examine these factors. We searched electronic databases, reference lists in identified articles, conference proceedings and other grey literature for measures of financial capacity. We then extracted data on the length and domains of each measure, the population for which they were intended, and their validity and reliability. We identified 10 structured measures of financial capacity. Most measures could be completed in 25-30 min, and were designed to be administered to older adults with some level of cognitive impairment. Reliability and validity were high for most. Measurement of financial capacity is complex and multidimensional. When selecting a measure of financial capacity, consideration should be made of the population of focus and the domains of capacity to be assessed. More work is needed on the cultural sensitivity of financial capacity measures, their acceptability, and their use in clinical work. Better understanding of when, and to whom, to administer different financial capacity measures could enhance the ability to accurately detect those suffering from impaired financial capacity, and prevent related negative outcomes like financial exploitation. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  17. 40 CFR 264.150 - State assumption of responsibility.

    Science.gov (United States)

    2010-07-01

    ... FACILITIES Financial Requirements § 264.150 State assumption of responsibility. (a) If a State either assumes legal responsibility for an owner's or operator's compliance with the closure, post-closure care, or... 40 Protection of Environment 25 2010-07-01 2010-07-01 false State assumption of responsibility...

  18. 40 CFR 267.150 - State assumption of responsibility.

    Science.gov (United States)

    2010-07-01

    ... STANDARDIZED PERMIT Financial Requirements § 267.150 State assumption of responsibility. (a) If a State either assumes legal responsibility for an owner's or operator's compliance with the closure care or liability... 40 Protection of Environment 26 2010-07-01 2010-07-01 false State assumption of responsibility...

  19. Audit Guide: Audits of Federal Student Financial Assistance Programs at Participating Institutions and Institution Servicers.

    Science.gov (United States)

    Office of Inspector General (ED), Washington, DC.

    All institutions participating in the Federal Student Financial Assistance Programs must have an annual financial aid compliance audit performed by an independent auditor. This guide is effective for fiscal years ending December 31, 1999, and thereafter, for institutions preparing for their yearly audit. The purpose of the document is to assist…

  20. Controlling Business Object States in Business Process Models to Support Compliance

    OpenAIRE

    Peņicina, L

    2016-01-01

    The doctoral thesis addresses the existing gap between business process models and states of business objects. Existing modelling methods such as BPMN and ArchiMate lack an explicitly declarative approach for capturing states of business objects and laws of state transitions. This gap hinders the compliance of business process models with regulations imposed internally or externally, and can result in potential legal problems for organizations. Also this g...

  1. Participation of Public Benefit Organizations in Income Tax – Financial and Legal Issues

    Directory of Open Access Journals (Sweden)

    Robert Musiałkiewicz

    2014-03-01

    Full Text Available The purpose of the article is a legal analysis of the participation of public benefit organizations in personal income tax. The author defines public benefit organizations, indicating the conditions that they need to meet in order to be able to participate in the personal income tax. Broad considerations relate to the analysis of the legal structure of the 1% tax deduction, its scope and the procedures for transfer of funds from the State budget to eligible entities. The article also presents the scale of the issues against the background of the practical functioning of the public finances. The article summarizes the reflection on the rationality and the essence of the transfer of public funds to public benefit organizations.

  2. On the Issue in Classification of Financial Control Types

    Directory of Open Access Journals (Sweden)

    Lvova I. G.

    2014-10-01

    Full Text Available The article is devoted to the issues in classification types (forms of financial supervision, in order to regulate legal budget relationship. The author analyzes the existing in scientific literature approaches to the concept and content of internal and external controls

  3. LEGAL ISSUES IN SHARI’A PAWN GOLD PRACTICE IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Lastuti Abubakar

    2017-12-01

    Full Text Available In the past few years there is a trend of applying Islamic concept in Indonesia’s economic system and it has implications to existing legal system whereby new legal system should accommodate the changes. One of the institutions that uses both conventional and shari’a system in Indonesia is  pawning as an alternative financing mechanism, particularly for micro and consumption sectors. In practice, the function of pawning as financing instrument has shifted into investment by continuously doing pawning and buying. As a result, people who really need fund for financing are not facilitated.  The current regulation has allowed this practice for banks, pawnshops and financial institutions to offer pawn gold that is not for financing activity but for investment activity. Therefore, it raised  a question whether this activity is complying with the shari’a principles. What kind of regulations that can make the function of pawning back to its original purpose as financing mechanism. This study uses normative juridical approach by using secondary data from the legal resources, with specification of research methods using descriptive analysis whereas data are qualitatively described. The findings from this study reveal that the practice of pawning gold in Indonesia has not been fully consistent with the pawning function, therefore; it requires appropriate regulation so that the original function as the alternative financing for households and small medium enterprises (SMEs is not shifted to gold investment vehicles. Pawning gold is expected to be complementary to the businesses and households in terms of financing that cannot be fulfilled by the banks and other financial institutions.   Keywords: Pawn Gold, Legal Pawning, Shari’a

  4. Improvement of national legislation in alternative resolution of legal disputes area

    Directory of Open Access Journals (Sweden)

    Ярослав Павлович Любченко

    2016-01-01

    Full Text Available Problem setting. Current legislation does not adequately regulate using of alternative dispute resolution. The article emphasizes the need for amending existing legislation to ensure its compliance with international standards, its obligations in connection with the signing of the Association Agreement and ensure efficient use of alternative dispute resolution (hereinafter - ADR party relations. Recent research and publications analysis. Problems of alternative dispute resolution were viewed in their works viewed N. Bondarenko-Zelinska, Y. Pritika, O. Spectr, A. Shypilova, V. Yakovleva and others. Paper objective The article goal is to analyze the proposals of the Constitutional Commission in the field of justice, as well as analysis of bills related to ADR, research of problems of legal regulation, which will help optimize procedures and improve the law in general. The paper main body. Realization of economic, political, governmental, legal and other reforms in society lead to a significant strengthening of social and legal tensions, the emergence of a large number of conflicts in the legal field. Traditionally, parties use courts that are organized and funded by the state in order to protect rights and legal interests. However, justice for many obvious advantages has several disadvantages: a large workload of courts, length and complexity of the proceedings, considerable legal costs not properly worked out mechanism of the principle of competition and equality. Conclusions of the research. Problems of alternative dispute resolution in domestic legal literature are mostly synthesis and theoretical. Various alternative forms, procedures, and methods are used by foreign countries, along with the traditional proceedings. They do not replace justice and do not deprive the persons right for judicial protection. Instead, give them a choice between public or non-governmental (private forms of resolving legal disputes, allowing parties to decide which

  5. Conducting financial due diligence of medical practices.

    Science.gov (United States)

    Louiselle, P

    1995-12-01

    Many healthcare organizations are acquiring medical practices in an effort to build more integrated systems of healthcare products and services. This acquisition activity must be approached cautiously to ensure that medical practices being acquired do not have deficiencies that would jeopardize integration efforts. Conducting a thorough due diligence analysis of medical practices before finalizing the transaction can limit the acquiring organizations' legal and financial exposure and is a necessary component to the acquisition process. The author discusses the components of a successful financial due diligence analysis and addresses some of the risk factors in a practice acquisition.

  6. The model of the protection of rights concerning financial institutions and their clients in the field of the EU financial supervision

    Directory of Open Access Journals (Sweden)

    Patrycja Zawadzka

    2017-09-01

    Full Text Available The purpose of this article is to consider the EU system of protection of rights of a broadly understood financial institutions and users of financial services. A comprehensive description of client protection would considerably exceed the framework of this paper. Nevertheless, the author addresses two issues: firstly, a model of verification concerning financial market decisions, which was adopted by the EU and, secondly, a normative position of the Court of Justice of the European Union (CJEU in the EU legal system. It essential to show a relationship between the European Supervisory Authorities and the CJEU, as well as the practice heretofore regarding an application of the law within the scope of this article.

  7. Updated ozone absorption cross section will reduce air quality compliance

    Directory of Open Access Journals (Sweden)

    E. D. Sofen

    2015-12-01

    et al. (2015 as 1.8 % smaller than the accepted value (Hearn, 1961 used for the preceding 50 years. Thus, ozone measurements that applied the older cross section systematically underestimate the amount of ozone in air. We correct the reported historical surface data from North America and Europe and find that this modest change in cross section has a significant impact on the number of locations that are out of compliance with air quality regulations if the air quality standards remain the same. We find 18, 23, and 20 % increases in the number of sites that are out of compliance with current US, Canadian, and European ozone air quality health standards for the year 2012. Should the new cross-section value be applied, it would impact attainment of air quality standards and compliance with relevant clean air acts, unless the air quality target values themselves were also changed proportionately. We draw attention to how a small change in gas metrology has a global impact on attainment and compliance with legal air quality standards. We suggest that further laboratory work to evaluate the new cross section is needed and suggest three possible technical and policy responses should the new cross section be adopted.

  8. Legality, legitimacy and formal and informal decision-making processes: when does a decision become legitimate?

    International Nuclear Information System (INIS)

    Zwetkoff, C.

    2004-01-01

    A few words on the purpose of this paper are given by way of introduction. A brief analysis will be made of the relationship between legality and legitimacy in relation to decision-making processes and within the context of the policies concerning the public management of technological risks. The aim is to raise questions and outline some reflections based on the theory of the state, from the perspective of the conditions of the institutionalization of power. I shall first clarify a few conceptual points. The notion of legality refers to the notion of compliance with legal standards, that is to say, with the law. Is the decision made by a person empowered by law so do to (legal competence)? Is it taken in compliance with legal procedure? And are the effects implicitly in keeping with the spirit of the law? The legitimacy of the power of those who govern, or the legitimacy of their decisions, is not determined solely by legal standards but rather, is a matter of individual and social representation or view. As Hobbes says, in essence, to govern is to convince: to convince people of the rightfulness of the source of the power of those who govern and of the action or public policies that they formulate. The paper is organised around three propositions: 1. The role of the legitimacy or social acceptability of public policies has always been an element of the way all political systems function. This role, however, occupies an increasingly important place on the political agenda in a societal decision-making context that has undergone irreversible changes. 2. Although the essence of the social legitimacy of public policies remains the same, the conditions, mechanisms and criteria evolve. 3. The critical centrality of social legitimacy, together with the evolution of the criteria for legitimate decision, today modify the decision-making mechanisms that were established in response to the requirements of classical democracy. We observe a political organisation i n the

  9. Proactive compliance report 2004

    International Nuclear Information System (INIS)

    2005-01-01

    The Alberta Energy and Utilities Board (EUB) stipulates requirements to protect public safety, minimize environmental impacts, improve conservation, and ensure equity by promoting orderly and responsible energy development. Surveillance activities by the EUB, such as inspections and audits, ensures compliance with these requirements. This report presents statistical results of the enforcement ladder process (inspections, complaints, activities, major initiatives, and enforcement) for 2004 across ten EUB groups, including, Field Surveillance, Resources Applications Group, Operations Group, Environment Group, Utilities Branch, Facilities Applications Group, Corporate Compliance Group, Fort McMurray, Information and Dissemination Group, and Financial Management Group. When a noncompliance is identified, the EUB uses a process that has an established policy for EUB enforcement actions. Enforcement actions are determined by the severity of the noncompliance event and are escalated for subsequent noncompliance or failure to comply with the EUB's corrective order. Within the process, the EUB provides a grace period after an initial enforcement action. During this period, the EUB will take appropriate enforcement actions for subsequent noncompliances but will not escalate enforcement consequences. Enforcement consequences are escalated after the grace period has expired. 72 tabs

  10. Problems of legal regulation of credit organizations employees' work and the ways for their solution

    Directory of Open Access Journals (Sweden)

    Vereshak S.B.

    2016-09-01

    Full Text Available legal and organizational aspects of regulation of work of employees (serving banks and other credit organizations are considered. Specifics of activity of banks and other credit organizations attract need of improvement of the legislation governing the labor relations in this sphere for the purpose of reduction in compliance of established practices and standard legal support. Problems of absence of unity of terminology in the legal acts which are the cornerstone of regulation of work of employees of banks come to light; features of work of bank workers that doesn't allow to provide full protection of their labor law aren't defined; the set of shortcomings of system of compensation in the bank sphere takes place. Conclusions about need of improvement of the existing labor and banking legislation, and also local legal acts of banks for the sphere of the organization of work and its payment are drawn. Elimination of the revealed shortcomings, according to authors, will allow to strengthen legal guarantees of work of employees of banks.

  11. Semantic Legal Policies for Data Exchange and Protection across Super-Peer Domains in the Cloud

    Directory of Open Access Journals (Sweden)

    Kua-Ping Cheng

    2012-10-01

    Full Text Available In semantic policy infrastructure, a Trusted Legal Domain (TLD, designated as a Super-Peer Domain (SPD, is a legal cage model used to circumscribe the legal virtual boundary of data disclosure and usage in the cloud. Semantic legal policies in compliance with the law are enforced at the super-peer within an SPD to enable Law-as-a-Service (LaaS for cloud service providers. In addition, cloud users could query fragmented but protected outsourcing cloud data from a law-aware super-peer, where each query is also compliant with the law. Semantic legal policies are logic-based formal policies, which are shown to be a combination of OWL-DL ontologies and stratified Datalog rules with negation, i.e., so-called non-monotonic cq-programs, for policy representation and enforcement. An agent at the super-peer is a unique law-aware guardian that provides protected data integration services for its peers within an SPD. Furthermore, agents at the super-peers specify how law-compliant legal policies are unified with each other to provide protected data exchange services across SPDs in the semantic data cloud.

  12. Data Science and Political Economy: Application to Financial Regulatory Structure

    Directory of Open Access Journals (Sweden)

    Sharyn O'Halloran

    2016-11-01

    Full Text Available The development of computational data science techniques in natural language processing and machine learning algorithms to analyze large and complex textual information opens new avenues for studying the interaction between economics and politics. We apply these techniques to analyze the design of financial regulatory structure in the United States since 1950. The analysis focuses on the delegation of discretionary authority to regulatory agencies in promulgating, implementing, and enforcing financial sector laws and overseeing compliance with them. Combining traditional studies with the new machine learning approaches enables us to go beyond the limitations of both methods and offer a more precise interpretation of the determinants of financial regulatory structure.

  13. Chief Financial Officer FY 1997 status report and five-year plan

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-10-01

    The Chief Financial Officers Act of 1990 (CFO Act) establishes the legal framework for improved Federal financial management. The Act requires the agency CFO to prepare, and annually revise, a plan to implement the Office of Management and Budget (OMB) Federal Financial Management Status Report and Five-Year Plan. This is the sixth Status Report and Five-Year Plan submission to OMB by the Department of Energy (DOE). Financial management at the Department operates in an environment of Government-wide efforts to improve financial management and implements legislation and administrative provisions which stress the need for change. This report sets forth the Department`s plans for financial management improvements in the coming years. It also highlights several new initiatives completed or currently underway that will significantly improve the overall effectiveness of financial management at the Department of Energy.

  14. Financial Crisis and Changes in Management Controls in Banks

    DEFF Research Database (Denmark)

    Rikhardsson, Pall; Rohde, Carsten; Christensen, Leif

    requirements. Risk management, compliance and internal auditing were relatively mature processes in the Danish banks before the crisis, and the adjustments required to adapt to changed compliance requirements were less extensive. Management controls in general seem to play a critical role in responding......The financial crisis of 2008 hit banks in Iceland and Denmark with different intensity. There was a difference in how management controls changed in response to the crisis. Icelandic banks redefined cultural controls, introducing new values as a “clean break” with the banks’ pre-2008 practices....... They formalised their risk management, compliance and internal auditing practices, and hired more employees to perform these functions. Further, they strengthened and formalised their policies and procedures to ensure consistent practices. The Danish banks adapted their administrative controls to new regulatory...

  15. Regulating internet access in UK public libraries: legal compliance and ethical dilemmas

    OpenAIRE

    Muir, Adrienne; Spacey, Rachel; Cooke, Louise; Creaser, Claire

    2016-01-01

    Purpose – This paper aims to consider selected results from the Arts and Humanities Research Council (AHRC) funded “Managing Access to the internet in Public Libraries” (MAIPLE) project, from 2012-2014. MAIPLE has explored the ways in which public library services manage use of the internet connections that they provide for the public. This included the how public library services balance their legal obligations and the needs of their communities in a public space and the ethical dilemmas tha...

  16. Guardians of EU law? Analysing roles and behaviour of Dutch legislative drafters involved in EU compliance

    NARCIS (Netherlands)

    Mastenbroek, E.

    2017-01-01

    By drafting statutes and delegated acts, national legislative drafters play a crucial role in European Union (EU) compliance. Given their extensive legal training, they can be expected to operate as ‘guardians of EU law’ and thus correct national non-compliant tendencies. Yet, they also have a role

  17. Guardians of EU law? Analysing roles and behaviour of Dutch legislative drafters involved in EU compliance

    NARCIS (Netherlands)

    Mastenbroek, E.; Thomann, E.; Sager, F.

    2018-01-01

    By drafting statutes and delegated acts, national legislative drafters play a crucial role in European Union (EU) compliance. Given their extensive legal training, they can be expected to operate as ‘guardians of EU law’ and thus correct national non-compliant tendencies. Yet, they also have a role

  18. Competitive Legal Professionals’ use of Technology in Legal Practice and Legal Research

    Directory of Open Access Journals (Sweden)

    T du Plessis

    2008-12-01

    Full Text Available Advances in the information and communication technologies have led to the availability of a range of primary and secondary legal research publications online via the Internet, rather than on other storing devices such as compact discs or publications in the print media. Not only has information and communication technology (ICT impacted on the availability of legal information resources, but its effects are also noticed in various law-related areas such as legal practice management, legal education, corporate governance and the law per se. The question addressed by this article is whether the application of ICTs has an effect on the practice of law, and specifically whether information and knowledge management affects the processes of legal research in modern legal practice. Various issues are considered in this regard, including what the concept of knowledge management (KM entails in a law firm and what the current KM trends in South African law firms are. The article investigates global trends in the application of ICTs for legal research purposes, what the specific applications of KM in support of legal research may be, how information technology applications and KM systems and strategies can support the legal research process, and what the benefits of KM are to legal research. It finally discusses the impact technology has had on the skills required of competitive legal professionals.

  19. The Control of the Legality of Administrative Activity through the Court of Justice of the European Union

    Directory of Open Access Journals (Sweden)

    Goga Gina Livioara

    2010-06-01

    Full Text Available According to the law of the European Union, in case one of the institutions of the Union or an organ, office or agency belonging to the Union refrains from making a decision, the member states and theother institutions of the Union are entitled to make a notification to the Court of Justice of the European Union. The Court has the competence to verify the legality of the legislative acts of the institutions, offices, organs or agencies of the Union that are meant to produce judicial effects towards third parties and iscompetent to pronounce itself, by preliminary decision regarding the interpretation of the treaties, namely the validity and interpretation of acts adopted by the institutions, offices, organs or agencies of the Union. Also, according to the primary treaties, any legal issues related to the non- fulfillment of the treaty’s provisions, non compliance with the community legislation, not executing the decisions of the Court of Justice or non compliance with the terms of an agreement between the EU and a third state, as well as the legal aspects related to the application of penalties based on the regulations of the EU, contractual and extra contractualliability are subordinated to the control of the Unions’ judicial instance.

  20. Legal aspects of the transfer of nuclear technology

    International Nuclear Information System (INIS)

    Sartorelli, C.

    1980-03-01

    The paper stresses the importance of nuclear technology transfer and describes the legal instruments for transfer of technical and scientific technology, particularly from the contractual viewpoint. A description follows of the setting-up of national joint ventures for nuclear power plant projects with emphasis on technological know-how to enable operation of plants in compliance with safety standards. The possibility is discussed of the export of nuclear technology, and finally mention is made of a proposal for a 'code of conduct' on such transfers in the framework of the United Nations, having regard to the 'London agreements' on nuclear exports. (NEA) [fr

  1. Introduction to the French legislation dealing with nuclear financial liabilities

    International Nuclear Information System (INIS)

    Maocec, Ch.; Olivier, M.

    2008-01-01

    This paper aims at describing the new legal frame that has been set in France by law to face the issue of the financial liabilities of the nuclear industry, i.e. financing of the decommissioning and of the long term management of spent fuel and radioactive waste. An Act has been passed, dated 28 June 2006 (waste law), for a sustainable management of radioactive material and waste, which, in particular, implies new financial duties for nuclear operators. (authors)

  2. INTEGRATION OF FINANCIAL AND NON-FINANCIAL REPORTS UNDER MANAGEMENT CONDITIONS

    Directory of Open Access Journals (Sweden)

    Mihail PRODANCIUK

    2013-02-01

    Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models. The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

  3. Integration of financial and non-financial reports under management conditions

    Directory of Open Access Journals (Sweden)

    Prodanciuk Mihail

    2013-02-01

    Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models.The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

  4. Evaluation of financial assurance alternatives of licensees

    Energy Technology Data Exchange (ETDEWEB)

    Douglas, J N

    1995-09-01

    The Uranium and Thorium Mining Regulations of the Atomic Energy Control Act require that applicants/licensees indicate to the AECB what financial assurance plans they have made to fund the decommissioning plan they propose to put in place. We have determined through our own business knowledge from other projects, as well as information provided by contacts in the banking, accounting, legal, investment and insurance communities, what financial assurance plans might be available. We have tabulated these alternatives, included explanations of how each might be implemented, and recorded advantages and disadvantages of each alternative to both the AECB and the applicant/licensee. In addition we have ranked the alternatives in order of most suitable to least suitable, from the AECB`s perspective. Although these financial assurance mechanisms have been tabulated with a view to decommissioning of a uranium mine, they could be used in other licence or business arrangements that require financial assurance. (author). 3 tabs., 1 fig.

  5. Evaluation of financial assurance alternatives of licensees

    International Nuclear Information System (INIS)

    Douglas, J.N.

    1995-09-01

    The Uranium and Thorium Mining Regulations of the Atomic Energy Control Act require that applicants/licensees indicate to the AECB what financial assurance plans they have made to fund the decommissioning plan they propose to put in place. We have determined through our own business knowledge from other projects, as well as information provided by contacts in the banking, accounting, legal, investment and insurance communities, what financial assurance plans might be available. We have tabulated these alternatives, included explanations of how each might be implemented, and recorded advantages and disadvantages of each alternative to both the AECB and the applicant/licensee. In addition we have ranked the alternatives in order of most suitable to least suitable, from the AECB's perspective. Although these financial assurance mechanisms have been tabulated with a view to decommissioning of a uranium mine, they could be used in other licence or business arrangements that require financial assurance. (author). 3 tabs., 1 fig

  6. 17 CFR Appendix A to Part 38 - Guidance on Compliance With Designation Criteria

    Science.gov (United States)

    2010-04-01

    ... the criteria for designation. To the extent that compliance with, or satisfaction of, a criterion for... based on order priority factors other than price and time should include a brief explanation of the... financial integrity of transactions and intermediaries, and the protection of customer funds should include...

  7. Counselors' Role in Preventing Abuse of Older Adults: Clinical, Ethical, and Legal Considerations

    Science.gov (United States)

    Forman, Julia M.; McBride, Rebecca G.

    2010-01-01

    Mistreatment of older adults is commonplace. These individuals are subjected to abuse, financial exploitation, and neglect. The authors present an overview of the literature concerning mistreatment, with an emphasis on clinical, ethical, and legal considerations. Methods are proposed for prevention, including counselor education, advocacy, and…

  8. 7 CFR 1465.5 - Program requirements.

    Science.gov (United States)

    2010-01-01

    ... according to the purpose and projected cost for which the financial assistance is provided in a fiscal year... assess the merits of a proposed project and to monitor contract compliance; (5) Provide a list of all members of the legal entity and embedded entities along with members' tax identification numbers and...

  9. 'Around here I am the law!' Strengthening police officers' compliance with the rule of law in Costa Rica

    NARCIS (Netherlands)

    Eijkman, Q.A.M.

    2006-01-01

    At the end of the last decade many Latin American states initiated public security reform. This included police human rights strategies, which aim to improve police officers' compliance with human rights. Particular strategies emphasized the development of police legal expertise. In Costa Rica this

  10. Laboratory analysis of phacoemulsifier compliance and capacity.

    Science.gov (United States)

    Nejad, Mitra; Injev, Valentine P; Miller, Kevin M

    2012-11-01

    To compare the compliance and capacity of 7 fluidics modules used by 6 phacoemulsifiers from 3 manufacturers. Jules Stein Eye Institute, Los Angeles, California, USA. Experimental study. Previous-model and current-model phacoemulsifiers from 3 manufacturers were subjected to laboratory analysis of compliance and capacity. Previous-generation models tested included the Legacy Advantec, Whitestar Sovereign Phacoemulsification System, and Millennium Microsurgical System. Current models tested were the Infiniti Vision System with standard and Intrepid cassettes, Whitestar Signature Phacoemulsification System, and Stellaris Vision Enhancement System. To measure compliance, the aspiration line was connected to an electronic pressure transducer and small volumes of fluid were injected or aspirated. To measure capacity, the space between the distal end of the aspiration line and the pump was filled with methylene blue-dyed fluid. The Legacy was the most compliant phacoemulsifier. The old and new Whitestar systems, Millennium system, and Stellaris system showed similar midrange compliances. The Infiniti Vision System with the Intrepid fluidic management system was the least compliant. The Infiniti cassettes had the greatest capacity, which is a detriment from a surge-control perspective, and Signature cassettes had the least capacity. The Infiniti Intrepid system had the lowest compliance of the 6 units tested, which is optimum from a surge-control perspective. All other things being equal, the Infiniti should have the safest occlusion-break surge response. Mr. Injev is an employee of Alcon Laboratories. Dr. Miller is a consultant to and investigator for Alcon Laboratories. Ms. Nejad has no financial or proprietary interest in any material or method mentioned. Copyright © 2012 ASCRS and ESCRS. Published by Elsevier Inc. All rights reserved.

  11. Assessment of financial control practices in Polytechnics in Ghana. A case study of Sunyani Polytechnic

    OpenAIRE

    Prempeh, Kwadwo Boateng; Twumasi, Patrick; Kyeremeh, Kwadwo

    2015-01-01

    The study sought to assess the financial Control systems of Polytechnics in Ghana and suggest ways of improving them. Financial control systems exist to help organizations meet their goals and objectives, promote efficiency, reduce the risk of loss, and help ensure financial statement reliability and compliance with laws and regulations. The study adopts the case study design using Sunyani Polytechnic in the Brong Ahafo region, Ghana. A sample size of 50 staff members was selected for the stu...

  12. IFRS COMPLIANCE REGARDING INFORMATION DISCLOSED BY COMPANIES IN CONSOLIDATED FINANCIAL STATEMENTS - CASE STUDY ON IAS 23 BORROWING COSTS APPLICABILITY-

    Directory of Open Access Journals (Sweden)

    Dragu Ioana - Maria

    2011-07-01

    Full Text Available This paper concentrates on information disclosure regarding IAS 23, being included in accounting research field. It comprises an empirical study on the correlation between information published by companies in consolidated financial statements with respect to borrowing cost policies and a series of variables that characterize a firm. The objectives of this paper involve estimating and establishing an econometric model in which is assumed that disclosure index for information required by IAS 23 depends on certain elements in the form of country of origin, sales, total assets, debt ratio, ROA and ROE. International accounting literature presents a series of studies on the subject of compliance with IAS disclosure requirements. Similar with this paper, various authors considered annual reports as starting point for data gathering in their reasearch on disclosure phenomena. The criteria used for data gathering, processing and analysing have been previously used in a successful manner by important scientists who published in accounting field. The methodology used involves Disclosure Index computation, as well as SPSS data processing, analysis and interpretation of results. Results show that the model is valid, meaning that there is correlation between information disclosure with respect to IAS 23 and the analyzed variables. According to our estimated econometric model, most of the variables maintain a certain influence on disclosure as we can observe a significant correlation level between the studied elements. This research contributes to the development of both accounting field and international accounting literature, by studying borrowing costs disclosed information in relation to certain elements that best characterize the activity of a company. Although an empirical paper, it concentrates also on accounting practices, as it uses real data extracted from annual reports and consolidated financial statements. The importance of this research relies

  13. Customs Service Modernization: Impact of New Trade Compliance Strategy Needs to Be Assessed.

    Science.gov (United States)

    1999-12-01

    The Mod Act fundamentally altered the relationship between importers and Customs by shifting from Customs to the importer the legal responsibility...New Trade Compliance Strategy B-280470 • account management : Customs ’ approach to managing its work through accounts (importing companies) rather...assessment, account management , and Customs ’ responses to noncompliant importers have been implemented but have not yet reached many of the intended

  14. Is fair value currently in compliance with the principle of true and real reflection in the Czech accounting?

    Directory of Open Access Journals (Sweden)

    Jana Gláserová

    2012-01-01

    Full Text Available Information value of data provided by the accounting is in significant extent dependent on the method of valuation used in accounting of individual economic operations especially on the method of valuation of individual items in the financial statements. Financial expression of the individual value of assets and liabilities of the company (including the balance sheet of the company, as well as the amount of equity, depend just on specific method of valuation of assets and liabilities that each entity used in the accounting system. This fact has also a crucial influence on the overall level of financial analysis since mostly aggregated data in the appropriate valuation gained from various parts of the financial statements are the input data for financial analysis.Certain items of assets and liabilities are valued at fair value at the balance sheet day in the Czech accounting in compliance with the global developments. The concept of fair value in Czech accounting is regulated by Czech Accounting Act in § 27 paragraph 4 and 5. The Czech regulation of the concept of the fair value is based on its detailed definition of the IAS / IFRS, including cases of practical use.The aim of this paper is to answer the question whether currently the fair value in the Czech accounting reflects the reality, based on definition of its content in accordance with applicable legal regulation. Partial aim is to identify specific cases of its application in the accounting of various types of business entities in the Czech Republic in existing practice. The paper also identifies methodological procedure of recording changes resulting from the valuation or revaluation of various types of assets at fair value, including their impacts on the financial statements. An integral part of the paper is the perspective of IAS / IFRS on fair value in accounting, so the definition of the fair value and also there is historical development of valuation of assets according to IAS

  15. The final management of nuclear fuel. Legal and economic aspects

    International Nuclear Information System (INIS)

    Villota, C. de

    2009-01-01

    This article gives a brief summary of the characteristics of spent fuel and the lines of action considered for its management. It describes the legal framework that supports the Radioactive Waste Management Plan (PGRR), which contains the lines applicable to Final Spent Fuel Management, as well as the evolution of this legal framework. The article contains the 2008 updated costs of the various items of the PGRR, with a more detailed description of those related to this type of fuel, as well the source and amount of the financial contributions to the fund for meeting these costs, including how they have evolved over time. finally, it provides some personal reflections on this issue. (Author)

  16. FINANCIAL STABILITY OF THE UKRAINE NATIONAL SYSTEM OF PENSION INSURANCE

    Directory of Open Access Journals (Sweden)

    A. Khemii

    2014-03-01

    Full Text Available The system of pension insurance is a combination of created by the state legal, economic and organizational institutions and norms, providing financial support to citizens in the form of pensions. In the article analyzing the demographic situation and the condition of pension payments in the country today. In the terms of economic and social reforms, the level of financial stability the pension system is low. Therefore important is the analysis and exploring new methods to ensure financial stability of the Ukraine national system of pension insurance. The main institution of the national pension insurance is the National Pension Fund of Ukraine.

  17. Legality of the threat or use of nuclear weapons

    International Nuclear Information System (INIS)

    Chang Yenchiang

    2009-01-01

    This paper examines international treaties in relation to the threat or use of nuclear weapons including the 1968 Nuclear Non-Proliferation Treaty and the 1996 Comprehensive Test Ban Treaty. It can be concluded that the effect of the aforesaid international treaties is still in doubt without explicit enforcement mechanisms and penalty for non-compliance. This paper also reviews the International Court of Justice's advisory opinion on the legality of the threat or use of nuclear weapons and comments that a clear explanation on the legality of use of nuclear weapons in 'extreme circumstances of self-defence' is required. Examples from current state practice in relation to nuclear non-proliferation efforts are also provided, with special attention to China, North Korea and Iran. This paper suggests that China as a leader of developing countries should extend its efforts on nuclear non-proliferation and conduct communication between North Korea and Iran and other nuclear weapons states to reduce or prohibit nuclear weapons.

  18. APPLICATION OF COMPLIANCE RULES UNDER THE LAW No. 13.303/2016

    Directory of Open Access Journals (Sweden)

    Guilherme Maximiano

    2017-12-01

    Full Text Available This paper aims to analyze the mechanisms introduced in the Brazilian legal system by Federal Law No. 13.303/2016, also called Government Companies Law. This law established mandatory rules related to corporate governance, transparency, risk management practice and internal control for government companies and government-controlled companies. In particular, the legal provisions about compliance policy mechanisms are analyzed, whose primary function is to ensure that the government company achieves its social function, keeping intact its image and reliability and guarantees its survival with the necessary honor and dignity. These innovations are beneficial to the society in general, once they grant greater efficiency to the government companies, as well as institute control and management mechanisms aiming the integrity and the fight against corruption in the Brazilian Public Administration.

  19. The Analysis of Prospects for Derivatives Market Development in Ukraine in View of Solving the Problems of its Normative Legal Regulation

    Directory of Open Access Journals (Sweden)

    Kolodizev Oleg M.

    2016-02-01

    Full Text Available The increased uncertainty in the country’s economy, impossibility of raising capital only by standard financial instruments substantiated the need for such financial innovations as derivatives. The relevance of the suggested topic is justified by the lack of strong legislative framework regulating the market of derivative financial instruments, as well as by significant demand for them in Ukraine. The aim of the article is to analyze the development level of the normative and legal field of trade in the derivatives market as well as the quality of the formed system of main indicators for derivatives trading in Ukraine. The paper identifies the problem, which could be neutralized through the use of derivative financial instruments. The volume and structure of the world and domestic derivatives markets have been analyzed. Based on the analysis of the legal field of regulating the market of derivative financial instruments as well as statistical analysis of its volume and structure, the reasons for the low activity in the considered market have been justified and recommendations to improve the current situation proposed.

  20. Why do French civil-law countries have higher levels of financial efficiency?

    OpenAIRE

    Asongu Simplice

    2011-01-01

    The dominance of English common-law countries in prospects for financial development in the legal-origins debate has been debunked by recent findings. Using exchange rate regimes and economic/monetary integration oriented hypotheses, this paper proposes an “inflation uncertainty theory” in providing theoretical justification and empirical validity as to why French civil-law countries have higher levels of financial allocation efficiency. Inflation uncertainty, typical of floating exchange rat...

  1. Legal and policy issues associated with monitoring employee E-mail

    Energy Technology Data Exchange (ETDEWEB)

    Segura, M.A.; Rither, A.C.

    1997-01-01

    This paper examines the legal issues involved with employer monitoring of employee e-mail. In addition to identifying pertinent legal issues, the paper provides guidelines that will help the Pacific Northwest National Laboratory (PNNL) establish a program for monitoring outgoing e-mail to insure compliance with company policies, particularly those regarding protection of trade secrets and proprietary information, and to comply with the Department of Energy`s (DOE) procedures for protecting Export Controlled Information (ECI). Electronic communication has allowed companies to enhance efficiency, responsiveness and effectiveness. E-mail allows employees to transmit all types of data to other individuals inside and outside of their companies. The ease with which information can be transmitted by e-mail has placed trade secrets, proprietary information, and other sensitive data at risk from inadvertent disclosure by employees. As employers attempt to protect their interests through measures such as monitoring e-mail, they may expose themselves to liability under federal and state laws for violating employee privacy. Business use of e-mail has proliferated so rapidly that the federal and state legal systems have not been able to adequately address the issues arising out of its use in the workplace.

  2. THE ROLE OF COMPLIANCE IN AN ORGANIZATION. WAYS OF IMPLEMENTATION

    Directory of Open Access Journals (Sweden)

    Andreescu Nicoleta Alina

    2014-07-01

    Full Text Available In this paper we analyzed the importance of ethical and conduct codes in implementing the compliance programs in an organization. We presented the assumptions that were the basis for the forming of ethic and compliance programs, as well as their evolution in the last decades. In the first part of this paper we highlighted the legislation that outlined principles required for organizations to implement their compliance programs and business ethics. This legislation came as a response to corporate scandals relating to bribery, fraud and corruption in the 70s, and governments of the affected countries were forced to react in order to prevent, detect inappropriate behaviour, as well as improve corporate behaviour. After coming into force of the Federal Law "The Foreign Corrupt Practices Act of 1977" (FCPA, 1977, there was an increase in the number of codes of conduct and corporate involvement in adopting a conduct supported by consumers and stakeholders and to redefine the standards and values, to create a new image corresponding to the new market requirements. In the Guidelines 2002 basic principles are set out in order to efficiently implement a compliance and ethics program in business. The case study was materialized in the analysis of ethics and compliance codes, and the method used for implementing them in three Romanian companies. Analyzing the three ethics and conduct codes, we can conclude that the most important factor to successfully implement ethics and compliance within an organization is "tone from the top". CEO conduct is one that has a direct effect on members of the organization. Furthermore, we followed capturing developments in the rules governing the international business ethics and evaluated the legal framework regulating these issues. The primary aim was to assess how rules are implemented throughout business ethics compliance programs developed at company level and to identify ways to promote - at an organizational level

  3. Annual review and summary financial statement 1992/93

    International Nuclear Information System (INIS)

    1993-01-01

    The report of the Board of Directors of Scottish Power for 1992/1993 is presented along with the Chairman's statement, the Chief Executive's Review, and the Environmental Statement. A financial review with group profit and loss account, balance sheets and auditors statement is given. Scottish Power welcomes the findings of the Cadbury Committee report on the Financial Aspects of Corporate Governance which recommends that listed companies should include in their report details of their compliance with a Code of Best Practice Highlights such as the 1,486 million pounds turnover, the 220 million pounds profit and the 11.15p dividend per share are quoted. (UK)

  4. Annual review and summary financial statement 1992/93

    Energy Technology Data Exchange (ETDEWEB)

    1993-10-01

    The report of the Board of Directors of Scottish Power for 1992/1993 is presented along with the Chairman`s statement, the Chief Executive`s Review, and the Environmental Statement. A financial review with group profit and loss account, balance sheets and auditors statement is given. Scottish Power welcomes the findings of the Cadbury Committee report on the Financial Aspects of Corporate Governance which recommends that listed companies should include in their report details of their compliance with a Code of Best Practice Highlights such as the 1,486 million pounds turnover, the 220 million pounds profit and the 11.15p dividend per share are quoted. (UK)

  5. 17 CFR 240.17d-1 - Examination for compliance with applicable financial responsibility rules.

    Science.gov (United States)

    2010-04-01

    ... cooperation and coordination among self-regulatory organizations, and the development of a national market... with applicable financial responsibility rules. 240.17d-1 Section 240.17d-1 Commodity and Securities... financial responsibility rules. (a) Where a member of SIPC is a member of more than one self-regulatory...

  6. LA PROTECTION DE DROITS CIVIQUES PAR LE DROIT ADMINISTRATIF DANS CERTAINS PAYS EUROPÉENS

    Directory of Open Access Journals (Sweden)

    Iulian NEDELCU

    2008-09-01

    Full Text Available A very important topic, regarding the relationship between the public administration and the citizens, concerns the reports of administrative law; the degree of the compliance with the legal rules relating to the deployment of the rapport between the public administration and the citizens depends on the level of the civil rights protection. In the legal doctrine it is established for the onset and the manifestation of administrative law report, that it is necessary the existence of certain premises. These premises are generally considered the standard of administrative law, the law subjects and the legal fact of the administrative law. It is estimated that the reports of administrative law represent the legal relationships that occur through the intervention of the legal standard of administrative law on social relations, that are the activity object of the administrative activity of the State or local community, therefore conducted by the authorities of the public administration, in accordance with the legal standards, with the exception of the social relations that emerged in the process of achieving financial activity. From the analysis of administrative reports it results two aspects: the fact that the reports of administrative law represent a part of the juridical reports in the public administration authorities, and the juridical reports concerning the achievement of the financial activity, even though they are made by the public administration bodies, they are the object of the financial law, as they are considered the reports of the financial law.

  7. Civil Law Obligations in the Financial Law Regulations A seminar at the Faculty of Law and Administration, Torun, 24 March 2015

    Directory of Open Access Journals (Sweden)

    Mirosław Bączyk

    2015-06-01

    Full Text Available The problem, which is examined in the study, is the legal way of creation of civil law obligations. Civil law obligations are created by civil law transactions (especially by contracts. There is the question, if civil law obligations can be created directly by the legal regulations? This issue is important for the legal and financial relations between the Treasury, local government and other legal persons.

  8. Mining Legal and Business Resources on Canadian Banking

    Directory of Open Access Journals (Sweden)

    Rajiv Johal

    2013-06-01

    Full Text Available Given the distinct nature of the Canadian banking system, it is important for novice researchers to know which business and legal resources to consult in order to quickly find information that is particular to Canadian banking. However, there are very few articles or monographs in the library literature that describe how to find information sources exclusively on this subject from a Canadian perspective. Most available publications tend to specialize in sources for the US banking and Federal Reserve System with little attention to Canada. The paper begins with a brief introduction to Canadian banking. From there, the authors demonstrate where researchers can find primary sources such as legislation, regulations and case law. In addition, this article identifies and discusses the different types of information found on the websites of associations and government agencies such as the Office of the Superintendent of Financial Institutions, which supervises and regulates various areas of Canada’s financial system. Also discussed are secondary sources such as industry research and reports that are available from reliable websites and subscription-based resources. This paper also explores the best business and legal databases for researchers. Based on results from searching in periodical directories and indexes, the paper additionally provides a description of the most pertinent academic, trade and general publications relevant to the Canadian banking system and where their contents are indexed.

  9. Legal Instruments of Regulation of Development of Banking Activity in Ukraine

    Directory of Open Access Journals (Sweden)

    Senyshch Pavlo M.

    2014-03-01

    Full Text Available The article considers main approaches to identification of essence of legal instruments of regulation of development of the banking activity, identifies the mechanism of legal regulation of the banking activity and its elements and justifies the system and form of legal regulation of the banking activity in Ukraine. It describes subjects of legal regulation of the banking activity at the international level, which are the Basel Committee on Banking Supervision, European Central Bank, IMF, International Financial Reporting Standards Foundation and others. The article considers specific features of the regulatory requirements of Basel II and Basel III and specific features of their introduction into the banking activity. It describes anti-cyclic measures offered by the Basel Committee, which should facilitate formation of such conditions, under which the banking sector could have a lower level of leverage and stability with respect to influence of system risks. Significant attention is paid to international instruments of regulation of the banking activity, which include the following legal acts: Uniform Rules for Collections, Uniform Customs and Practice for Documentary Credits, and Unified Rules for Loan Guarantees. The article shows that the share of subordinate legal acts is significant in the Ukrainian system of banking regulatory and legal acts since the state cannot operatively react to the changing processes in banking at the legislative level and, that is why, basic provisions on carrying out banking activity should be fixed in law.

  10. Study of interconnection of financial and tax accounting of profit in Russia and abroad

    OpenAIRE

    Labyntsev Mykola T.; Tsepilova Olena S.

    2013-01-01

    The article analyses the degree of interconnection of financial and tax accounting of profit in Russia and some foreign countries – USA, France and Germany. The legal principle – common law or unified law – is taken as a criterion. The article shows that existence of the system of tax accounting by one tax (organisation profit tax) separately from the financial accounting in Russia from 2002 is not rational. At present Russia actively develops a variant of making financial accounting and tax ...

  11. Corporate Governance and Financial Performance of Banks: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Ogege S.

    2014-06-01

    Full Text Available Banks are the backbones of any economy therefore it is of immense importance for economies to possess a healthy and buoyant banking system with effective corporate governance practices. In Nigeria, the Central Bank replaced the past governance codes with the CBN code (2012. Therefore this study examines corporate governance and financial performance in Nigerian banks, using this new code. The main issues in this study are: what is the relationship between board size and financial performance of banks in Nigeria? What is the effect of the proportion of non- executive directors on the financial performance of banks in Nigeria? To what extent is the corporate governance disclosure of banks in Nigeria in compliance to CBN governance code (2012? Does a relationship actually exist between banks that disclose on corporate governance and their financial performance in Nigeria? These questions were answered by examining the yearly published reports of the listed banks in Nigeria. In examining whether or not there is a relationship between corporate governance and the financial performance of the banks, this research employed the regression analysis method to determine the relationship. However, the variables that was employed for corporate governance are: board size, board composition (the ratio of non-executive directors to total directors, and corporate governance disclosure index. Variables used in this study for examining the financial performance of these banks were the financial accountant measure for performance. These measures are return on equity (ROE and return on asset (ROA. In examining the level of compliance of the banks in this study to the CBN (2012 governance code, the research employed the content analysis method. Employing the content analysis, a disclosure index was formed and the annual report for each bank was examined using the CBN code of corporate governance (2012 as a guide. The results of the study showed that a positive

  12. 29 CFR 4010.12 - Alternative method of compliance for certain sponsors of multiple employer plans.

    Science.gov (United States)

    2010-07-01

    ... BENEFIT GUARANTY CORPORATION CERTAIN REPORTING AND DISCLOSURE REQUIREMENTS ANNUAL FINANCIAL AND ACTUARIAL INFORMATION REPORTING § 4010.12 Alternative method of compliance for certain sponsors of multiple employer... part for an information year if any contributing sponsor of the multiple employer plan provides a...

  13. Toward a Theory of Legal Impact: Some Perspectives on Compliance. Discussion Papers #389-77.

    Science.gov (United States)

    Sosin, Michael

    An important question to both social theory and policy is the impact of law on behavior. This question has received considerable empirical attention, but the need for a consistent theoretical approach is evident. In this paper a preliminary theory of legal impact is suggested, and one specific aspect of it is detailed. The paper points out that a…

  14. Discrimination of legal entities: Phenomenological characteristics and legal protection

    Directory of Open Access Journals (Sweden)

    Petrušić Nevena

    2017-01-01

    Full Text Available Their social nature encourages people to associate and jointly achieve the goals that they would not be able to achieve individually. Legal entities are created as one of the legal modalities of that association, as separate entities that have their own legal personality independent of the subjectivity of their members. Legal entities are holders of some human rights, depending on the nature of the right, including the right to non-discrimination. All mechanisms envisaged for legal protection against discrimination in the national legislation are available to legal persons. On the other hand, the situation is quite different in terms of access to international forums competent to deal with cases of discrimination. Legal entities do not have access to some international forums, while they may have access to others under the same conditions prescribed for natural persons. Legal entities may be exposed to various forms of direct and indirect discrimination both in the private and in the public sphere of social relations. Phenomenological characteristics of discrimination against legal persons are not substantially different from discrimination against individuals. There are no significant differences regarding the application of discrimination test in cases of discrimination of legal entities as compared to the use of this test in cases involving discrimination of natural persons or groups of persons. Legal entities may be discriminated against on the basis of characteristics of their legal personality, such as those which are objective elements of the legal entity and part of its legal identity. Discrimination of legal entities may be based on personal characteristics of its members (i.e. people who make a personal essence of a legal entity because their characteristics can be 'transferred' to the legal entity and become part of its identity. Legal entities should also be protected from this special form of transferred (associative discrimination.

  15. Investigating correlation between legal and physical property: possibilities and constraints

    Science.gov (United States)

    Dimopoulou, E.; Kitsakis, D.; Tsiliakou, E.

    2015-06-01

    Contemporary urban environment is characterized by complexity and mixed use of space, in which overlapping land parcels and different RRRs (Rights, Restrictions and Responsibilities) are frequent phenomena. Internationally, real property legislation either focuses on surface property or has introduced individual 3D real property units. The former approach merely accommodates issues related to subdivision, expropriation and transactions on part of the real property above or below surface, while the latter provides for defining and registering 3D real property units. National laws require two-dimensional real property descriptions and only a limited number of jurisdictions provide for threedimensional data presentation and recording. International awareness on 3D Cadastre may be apparent through the proposals for transition of existing cadastral systems to 3D along with legal amendments improving national 3D Cadastre legislation. Concurrently the use of appropriate data sources and the correct depiction of 3D property units' boundaries and spatial relationships need to be addressed. Spatial relations and constraints amongst real world objects could be modeled geometrically and topologically utilizing numerous modeling tools, e.g. CityGML, BIM and further sophisticated 3D software or by adapting international standards, e.g. LADM. A direct correlation between legal and physical property should be based on consistent geometry between physical and legal space, improving the accuracy that legal spaces' volumes or locations are defined. To address these issues, this paper investigates correlation possibilities and constraints between legal and physical space of typical 3D property cases. These cases comprise buildings or their interior spaces with mixed use, as well as complex structures described by explicit facade patterns, generated by procedural or by BIM ready 3D models. The 3D models presented are evaluated, regarding compliancy to physical or legal reality.

  16. RESEARCH OF PROCESS OF FINANCIAL MONITORING ORGANIZING IN BANKS

    Directory of Open Access Journals (Sweden)

    Viktoriia Kovalenko

    2017-03-01

    Full Text Available The article aims to study methods and tools for financial monitoring by banks. It is proved that one of the main global financial problems in recent years is increasing number of cases of banks participating in the money laundering. It causes banks huge losses, undermines the credibility of honest depositors, in addition, circulation of funds like these hurts the national economy. The article is to develop recommendations to improve the effectiveness of financial monitoring in banks. It is proved that the current model of the national financial monitoring system includes the following elements: the purpose of macroeconomic and microeconomic levels; principles; function; facilities; subjects; types of financial monitoring; methods of implementation and regulatory prevue regulation. It is proved that the major problems related to the financial monitoring of banks are the following: lack of legislatively established quality requirements of customer information; persons engaged in legalization of illegal incomes are highly qualified, which greatly facilitates them through the bank of suspicious transactions; the process of settlement bank failure in the conduct of questionable transactions. Keywords: financial monitoring, suspicious transactions, bank, money laundering, financing of terrorism.

  17. Laboratory manager's financial handbook. Cost accounting: the road map to financial success.

    Science.gov (United States)

    Travers, E M

    1996-01-01

    Cost accounting is the most basic element of the laboratory's financial management structure. Historically, cost accounting in the nonmedical world referred to accumulating and assigning costs to units of production and departments, primarily for inventory valuation and income determination. In the health industry, microcost accounting is distinguishable from macrocost (management/internal) accounting and serves multiple purposes. Microcost accounting pertains to gathering and providing information for decision making. The range of decisions include managing recurring operations, making nonrecurring strategic decisions, and formulating major organizational policies. Macrocost accounting fulfills the legal requirements of reporting to stockholders, auditors, governmental agencies, and other external parties.

  18. 49 CFR 27.19 - Compliance with Americans with Disabilities Act requirements and FTA policy.

    Science.gov (United States)

    2010-10-01

    ... requirements and FTA policy. 27.19 Section 27.19 Transportation Office of the Secretary of Transportation... General § 27.19 Compliance with Americans with Disabilities Act requirements and FTA policy. (a... subpart F of this part. (b) Consistent with FTA policy, any recipient of Federal financial assistance from...

  19. Summary of DoD Office of the Inspector General Audits of DoD Financial Management Challenges

    Science.gov (United States)

    2015-07-07

    were not always recorded using accrual accounting . Additionally, Army systems did not always record the transaction on an accrual basis as...mission is to provide independent, relevant, and timely oversight of the Department of Defense that supports the warfighter; promotes accountability ...financial management. The most prevalent areas of concern were DoD financial management systems, accounting entries, compliance with laws and

  20. Legal environment and operation of general aviation aerodromes – the overview

    Directory of Open Access Journals (Sweden)

    Henryk JAFERNIK

    2015-12-01

    Full Text Available The functioning of general aviation aerodromes in Poland are regulated by more than 20 national and international legal acts. Knowledge about air law and its application ensures safe operations and flights at aerodromes and airfields. This paper summarizes source of law for general aviation and associated with its development strategies and reports. In the development of general aviation important role play small aerodromes, which are a “meeting point” for air transport sector and local economy, increase investments and tourism attractiveness of the region as well as are "meaningful way for the development of the region". Despite this, there is no legal act comprehensively regulating the issue of financial support for investment at important local aerodromes.

  1. Krsko Nuclear Power Plant's Environmental Management System in Compliance with ISO 14001:2004

    International Nuclear Information System (INIS)

    Kusar, A.; Kavsek, D.

    2010-01-01

    Krsko Nuclear Power Plant (NPP) pays special attention to environmental protection and practices environmental safety in all plant processes and management. In 2008, Krsko NPP introduced the Environmental Management System in compliance with ISO 14001:2004 standard. The plant management announced the Environmental policy which is a part of the business strategy of Krsko NPP which is an eco-friendly company. The Policy is a commitment of the plant management and all staff to act in compliance with requirements of ISO 14001:2004. The standard served as a basis for developing some new documentation such as Environmental Management System Quality Manual, Environmental planning procedures identifying legal and other requirements, Register of environmental aspects, Register of legal and other requirements etc. When establishing the Register of environmental aspects, all possible environmental impacts of the plant were carefully reviewed and estimated. Following the introduction and certification audit in October and December 2008 of Bureau Veritas Certification, Krsko NPP was awarded certificate ISO 14001:2004 attesting conformity of its Environmental Management System with this standard. The Environmental Certificate means that Krsko NPP will promote a positive environmental culture and maintain a safe, healthy and environmentally-sound workplace for all its employees, contractors and visitors.(author).

  2. Safeguards agreements - Their legal and conceptual basis

    International Nuclear Information System (INIS)

    Sanders, B.; Rainer, R.H.

    1977-01-01

    The application of Agency safeguards requires treaty arrangements (Safeguards Agreements) between the State or States concerned and the Agency. The authority for the Agency to conclude such agreements and to implement them is provided for in the Agency's Statute. On the basis of the statutory provisions safeguards principles and procedures have been elaborated. These have been laid down in: The Agency's Safeguards System 1965, extended in 1966 and 1968; and the basis for negotiating safeguards agreements with NNWS pursuant to NPT. The verification of the undertaking by the State concerned not to use items subject to safeguards for purposes contrary to the terms of the agreement is ensured through the application of various safeguards measures. Containment and surveillance measures are expected to play an increasingly important role. One of the specific features of NPT Safeguards Agreements is the establishment of national systems of accounting and control of nuclear material. The majority of the agreements concluded under the non-NPT safeguards agreements implement obligations undertaken under co-operation agreements between States for peaceful uses of nuclear energy. These agreements naturally reflect approaches adopted by the parties, in particular regarding the circumstances under which safeguards should be applied. Thus, the concepts used in the non-NPT safeguards agreements and the Safeguards System document, which is incorporated in these agreements by reference, are in continuous evolution. The Agency's Safeguards System document (INFCIRC/66/Rev.2) continues to be supplemented in practical application and through explicit decision by the Board. The non-NPT safeguards agreements contain, besides technical safeguards provisions from this document, and further provision for notification, inventories and financial matters, legal and political provisions such as sanctions in the case of non-compliance, and privileges and immunities. The paper discusses the

  3. Corporate income tax and its impact on financial reporting

    OpenAIRE

    Krajčová, Lenka

    2010-01-01

    Thesis called "Corporate income tax and its impact on financial reporting" focuses on the problem of calculating the tax on corporate income of legal entity established for business purposes. The thesis deals with the issue of adjustment of profit in order to create the tax base and displays impact of this adjustment on due tax.

  4. THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE

    OpenAIRE

    Sukamulja, Sukmawati; Sikora, Cornelia Olivia

    2018-01-01

    Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, e...

  5. The Canadian Natural Health Products (NHP) regulations: industry compliance motivations.

    Science.gov (United States)

    Laeeque, Hina; Boon, Heather; Kachan, Natasha; Cohen, Jillian Clare; D'Cruz, Joseph

    2007-06-01

    This qualitative study explores corporations' motivations to comply with new natural health products (NHP) Regulations in Canada. Interviews were conducted with representatives from 20 Canadian NHP companies. Findings show that the rationale for compliance differs for large compared to small and medium-sized enterprises (SMEs). Large firms are motivated to comply with the regulations because of the deterrent fear of negative media coverage, social motivations, ability to comply and maintaining a competitive market advantage. In contrast, SMEs are motivated to comply due to the deterrent fear of legal prosecution and a sense of duty.

  6. The legal responsibilities of the health-care librarian.

    Science.gov (United States)

    Muir, A; Oppenheim, C

    1995-06-01

    This article discusses the legal responsibilities that information intermediaries have towards the users of their services. The areas of law that affect legal liability are contract law, tort and strict liability. The likelihood of health-care librarians being held liable for the service they provide is assessed, and methods of reducing this risk are discussed. The key issues are: whether the recipient is relying on the information you provide and whether this reliance is reasonable; whether money changed hands; and whether the institution is under a statutory obligation to provide the information. All-embracing exclusion clauses are often used as an attempt to exclude liability, but their validity in law is doubtful, and they should be replaced by more reasonable ones. Adhering to good professional practice, and avoiding interpreting information for laymen are ways of minimizing liability. If court proceedings do take place, professional indemnity insurance can reduce financial loss.

  7. STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

    Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

  8. SOME FINANCIALLEGAL ASPECTS OF BANK CREDIT MEDIATION IN FOREIGN TRADE

    Directory of Open Access Journals (Sweden)

    Ignat Papazov

    2017-03-01

    Full Text Available Commercial banks are one of the most important and influential economic agents whose outputs produce the movement of large financial resources, as well as the increase in the magnitude of the same. This circumstance is in direct connection with the bank credit intermediation and precisely the specific operations framed within its scope reinforce the dominant position of the banks in the monetary circle. It is the banks that are at the center of a complex of financial - monetary and credit relations, where at the entrance and the exit of which are the clients - in different quality. Once, as creditors, and second time - as debtors/borrowers vis-à-vis the banking institution. The credit mechanism has as a consequence the growth of the foreign capital advanced to the banking business, transposing it into credit resources.

  9. The business of death: a qualitative study of financial concerns of widowed older women.

    Science.gov (United States)

    DiGiacomo, Michelle; Lewis, Joanne; Phillips, Jane; Nolan, Marie; Davidson, Patricia M

    2015-04-18

    The feminisation of ageing and increasing number of widowed women in contemporary society has significant implications. Older women are at risk of poor health, social, and economic outcomes upon widowhood. The aim of the study was to describe women's experiences in the period soon after their husbands' death, including their financial issues and concerns, and the ways in which these experiences impacted on the transition to widowhood late in life. This was a longitudinal study using serial in-depth semi-structured interviews with 21 community-dwelling women over the age of 65 in Australia. Verbatim transcripts underwent Interpretive Phenomenological Analysis. Thematic analysis revealed: 1) administrative burden increases vulnerability; 2) gender roles impact on transitions; and 3) financial adjustments render housing insecurity and health risk. High administrative burden within the context of significant grief and mourning was a defining feature of the early bereavement period. Complicated protracted administrative processes, insensitive interactions, and reminders of loss contributed to distress, anxiety and feelings of demoralisation. Several women identified assumption of household financial management as the most difficult aspect of coping with their husband's death. Older women may have unmet needs for assistance with administrative, financial, and legal issues immediately following spousal death and potentially for years afterward. Lack of familiarity and absence of instrumental support with financial and legal issues signal the need for policy reform, resources to improve financial literacy in women throughout the life course, increased advocacy, and consideration of different support and service models.

  10. Developing Financial Mechanisms for Long-Term Funding of Biodiversity Conservation

    OpenAIRE

    Jeri Larsen

    1993-01-01

    On March 12, 1992, the Regional Environment Divisions and the Global Environment Facility Administration in the Environment Department sponsored a one-day workshop. Conservation professionals, financial and legal specialists, and Bank operational staff involved with biodiversity, particularly Global Environment Facility (GEF) projects, gathered to discuss trust funds, endowments, and found...

  11. The Canadian Nuclear Safety Commission Compliance Program for Uranium Mines and Mills

    Energy Technology Data Exchange (ETDEWEB)

    Schryer, D., E-mail: denis.schryer@cnsc-ccsn.gc.ca [Canadian Nuclear Safety Commission, Saskatoon, Saskatchewan (Canada)

    2014-05-15

    The Canadian Nuclear Safety Commission (CNSC) is the principal nuclear regulator in Canada. The CNSC is empowered through the Nuclear Safety and Control Act (NSCA) and its associated regulations, to regulate the entire nuclear cycle which includes: uranium mining and milling, uranium refining and processing, fuel fabrication, power generation and nuclear waste management. A CNSC uranium mine licence is required by a proponent to site, prepare, construct, operate, decommission and abandon this nuclear facility. The CNSC licence is the legal instrument that authorizes the regulated activities and incorporates conditions and regulatory controls. Following a favourable Commission Tribunal decision to issue a licence to authorize the licensed activities, CNSC develops and executes a compliance plan of the licensee’s programs and procedures. The CNSC compliance plan is risk-informed and applies its resources to the identified higher risk areas. The compliance program is designed to encourage compliance by integrating three components: promotion, verification and enforcement and articulates the CNSC expectations to attain and maintain compliance with its regulatory requirements. The licensee performance is assessed through compliance activities and reported to the Commission to inform the licensing process during licence renewal. The application of the ongoing compliance assessment and risk management model ensures that deviations from impact predictions are addressed in a timely manner. The Uranium Mines and Mills Division of the CNSC are preparing to meet the challenges of the planned expansion of their Canadian uranium mining industry. The presentation will discuss these challenges and the measures required to address them. The Uranium Mines and Mills Division (UMMD) have adopted a structured compliance framework which includes formal procedures to conduct site inspections. New UMMD staff are trained to apply the regulations to licensed sites and to manage non-compliance

  12. The clinical management of diabetic foot in the elderly and medico-legal implications.

    Science.gov (United States)

    Terranova, Claudio; Bruttocao, Andrea

    2013-10-01

    Diabetic foot is a complex and challenging pathological state, characterized by high complexity of management, morbidity and mortality. The elderly present peculiar problems which interfere on one hand with the patient's compliance and on the other with their diagnostic-therapeutic management. Difficult clinical management may result in medico-legal problems, with criminal and civil consequences. In this context, the authors present a review of the literature, analysing aspects concerning the diagnosis and treatment of diabetic foot in the elderly which may turn out to be a source of professional responsibility. Analysis of these aspects provides an opportunity to discuss elements important not only for clinicians and medical workers but also experts (judges, lawyers, medico-legal experts) who must evaluate hypotheses of professional responsibility concerning diabetic foot in the elderly.

  13. The possible ways to IFRS (International Financial Reporting Standards for SME (Small and Medium sized Entities development

    Directory of Open Access Journals (Sweden)

    Hana Bohušová

    2007-01-01

    Full Text Available The most business entities in Europe are small or medium-sized enterprises (SME, which have a legal obligation to prepare financial statements in accordance with a set of accounting principles accepted in their country. Those statements are available to creditors, suppliers, and national governments but they could be badly understandable to creditors, suppliers and subjects in other countries. This is a great obstacle of their activities in the EU internal market. The existence of 27 different national accounting systems in the EU can be held for the most important obstacle.There are many ways how to develop compatible accounting standards for SMEs but the most significant activity in this field is the research project of IASB (International Accounting Standards Board. IASB has developed IFRS (International Financial Reporting Standards. Even though IFRS are suitable for all enterprises, their application in case of SMEs would be very expensive and could significantly increase compliance costs of taxation. This development has not been finished yet and there are still some problems which need to be solved before the introduction of accounting standards to the public. The research has shown that IFRS for SMEs should be used mainly by the entities which do not have public accountability – i.e. that its equities are not publicly traded and do not hold assets in a fiduciary capacity for a broad group of outsiders. This paper discusses those IFRS modifications, which should be done in case of SMEs.

  14. FINANCIAL AUDIT IN ROMANIA ACCORDING TO THE INTERNATIONAL AND EUROPEAN REQUIREMENTS

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2016-10-01

    Full Text Available This paper presents the importance of the financial audit, the necessity of improving the organizational framework and of achieving the financial audit missions, respectively extent to which the financial statements of the Romanian economic entities meet the international and European requirements in the field. This paper presents the influence that financial audit seems to have in a long period of time upon the financial reporting in certain economic environments. A questionnaire based on four questions has been used, its outcomes being analyzed and its conclusions laid at the foundation of our entire scientific research. The research was based on the information gathered from financial auditors - natural and legal persons - and from economic entities that are obliged or not to audit their financial statements concerning the way a financial audit mission is developing, with respect to the European and international requirements and the International Financial Audit Standards implementation in Romania. The paper ends up with authors’ conclusions concerning the challenges the business environment is confronted to, these being directly reflected in the efforts the financial auditors must do in order to assess the impact on the financial statements and on the financial performance of an economic entity submitted to audit.

  15. Influence Of International Financial And Economic Organizations On The Development Of Russian Law

    Directory of Open Access Journals (Sweden)

    Dmitriy A. Pashencev

    2015-03-01

    Full Text Available In the present article characteristics and patterns of the impact of the international financial and economic organizations on the development of Russian law in the present-day conditions are described. It is noted, that the international financial and economic organizations firmly rooted in the world. They are based on international agreements, which participants could be also non-State structures. The role of international financial and economic organizations in the development of the negative effects of globalization and the production of global financial crisis is considered. The necessity to change the economic course of our country was proved because of the crisis and sanctions, as well as the need to find new ways of structuring the international financial and economic space, including the basis of the new inter-state unions and a new reserve currency. It is shown that the Russian domestic law should be the barrier against the destabilizing influence of transnational corporations. Legal acts of the Russian Federation defining the terms and scope of cooperation with international economic and financial organizations were analyzed. It is noted, that in accordance with applicable Russian legislation, international financial institutions have the right to invest in Russian companies, including and strategic. It is proved that the situation in the modern world and its negative manifestations determine the need for a number of effective measures and require changes in legislation. It is necessary to make changes in the current Russian legislation, first of all, investment, banking, trade, etc., to develop effective legal mechanisms for the protection of domestic producers and the national market from the expansion of multinational corporations.

  16. Environmental Compliance by Firms in the Manufacturing Sector in Mexico

    OpenAIRE

    Lata Gangadharan

    2003-01-01

    To date, little empirical evidence exists to help regulators understand why some firms comply even when there is little financial incentive to do so and others continually violate environmental regulations. This paper examines data on compliance with environmental regulations within the manufacturing sector in Mexico. The probability of complying depends, among other factors, on the kind of management practices of the firm and the level of environmental training. Some firms in the manufacturi...

  17. Documentary Letters of Credit, Legal Nature and Sources of Law

    Directory of Open Access Journals (Sweden)

    Alavi Hamed

    2016-06-01

    Full Text Available There is no doubt about risky nature of international trade. Such risk can be conceptualized as country risk, transportation risk, customer risk and etc. Documentary Letters of Credit (LC are used as a method of payment in international business for many centuries in order to reduce risk of trade specially when parties are located in different countries and do not have precise information from financial standing of each other. In such occasion LC will reduce the risk of trade by shifting payment obligation from buyer as an individual to a payment guarantee of a bank as a legal entity in return for presentation of complying documents with terms of credit by seller. Familiarity with legal nature and different legal frameworks which govern the international operation of documentary letters of credit can facilitate the process of international trade for businessmen and boost national economies. However, lack of knowledge about them can impose huge losses on international traders. Situation will be more complicated when we understand that there are many internationally recognized legal frameworks which can affect the operation of LC and they get frequently updated in order to address technological and economic developments in global market. In this paper, author tries to answer questions regarding (i what are international legal frameworks governing operation of documentary letters of credit? (ii which areas of LC operation has been covered by them and (iii how do they address the legal questions regarding international operation of documentary letters of credit?

  18. Financial audit: DOE Uranium Enrichment Activity financial statements - September 30, 1984

    International Nuclear Information System (INIS)

    1986-01-01

    In GAO's opinion the Department of Energy did not comply with the terms and provisions of laws and regulations for the financial transactions tested. Specifically, DOE did not comply with the Atomic Energy Act of 1954, as amended, requiring the Uranium Enrichment Activity to recover the cost of its operations when setting prices to be charged to its customers. Also, DOE's actions concerning its new utility services contract were not in compliance with applicable statutory principles. UEA did not amend its pricing criteria as required by the Atomic Energy Act, as amended. Consequently UEA did not comply with the 45-day notification to the appropriate congressional oversight committees as also required by the act

  19. Financial reporting reliability concept and impact factors in its determination

    Directory of Open Access Journals (Sweden)

    Vygivska I.М.

    2017-03-01

    Full Text Available The article sets the goal to assess the reliability of financial reporting essence and summarize the factors that affect it. The article grounds the reliability of financial reporting urgency and characterizes its dual nature (on one hand, it is accounting containing reliable, reasonable data, characterized by the absence of errors and can be correctly perceived by users, on the other hand, reliable financial statements are considered to be formed according to the rules regulated by normative documents. It is proved that making decisions by interested users based on financial statements is closely related to information risk that arises because of the restrictions affect the flow of information on which management decisions are taken (accounting information that is difficult to understand by unskilled users, the impact of human factor, the level of information importance. The author establishes that the reliability of financial reporting is affected by many factors whose influence can be seen both outside, and within an enterprise. The main factors include: informational, political, legal, human, organizational and financial and they should be taken into account while making management decisions.

  20. Disclosure, Evaluation and Management of Financial Conflict of Interest in Research

    Science.gov (United States)

    Ward, Winona; Strong, Carolyn

    2016-01-01

    The most difficult aspect of financial conflict of interest (FCOI) and compliance with federal regulations involves the assessment and management of identified FCOIs. While some federal agencies provide examples of the structure and content of management plans, it is up to institutions to evaluate FCOI to determine whether and how research may be…

  1. 28 CFR 73.4 - Partial compliance not deemed compliance.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Partial compliance not deemed compliance. 73.4 Section 73.4 Judicial Administration DEPARTMENT OF JUSTICE (CONTINUED) NOTIFICATIONS TO THE ATTORNEY GENERAL BY AGENTS OF FOREIGN GOVERNMENTS § 73.4 Partial compliance not deemed compliance. The fact...

  2. CONCEPTUAL AND LEGAL FRAMEWORK FOR THE ORGANIZATION OF MANAGEMENT ACCOUNTING AND COST CALCULATION IN INDUSTRY OF MANUFACTURING DAIRY PRODUCTS

    OpenAIRE

    Cristiana Bogdanoiu

    2012-01-01

    According to the legal framework of our country, economic units are responsible for organizing the management accounting adjusted to the specific activity. Economic and social transformations after 1989 led to significant changes in financial accounting, this being in a continuous process of harmonization with the principles, rules, conventions and accounting standards in countries with developed market economy. Legal framework in our country favored and still favors notable changes in accoun...

  3. Financial auditing at enterprises for control of projects realized with credit fund-raising

    Science.gov (United States)

    Lukmanova, Inessa

    2017-10-01

    The article analyzes methods of conducting financial audit under the construction control of projects implemented with raising credit funds in modern conditions. This work aims to improve the methodological toolkit of construction control when lending projects of the construction of transport infrastructure. The paper considers correlations of various procedures of construction control, financial audit and organizational and technical factors affecting investment and construction projects. The authors presented the logical scheme of the process of lending to legal entities and developed an algorithm of the procedure for conducting a financial audit, allowing to make possible adjustments and the right decision.

  4. End-of-life decisions in Malaysia: Adequacies of ethical codes and developing legal standards.

    Science.gov (United States)

    Kassim, Puteri Nemie Jahn; Alias, Fadhlina

    2015-06-01

    End-of-life decision-making is an area of medical practice in which ethical dilemmas and legal interventions have become increasingly prevalent. Decisions are no longer confined to clinical assessments; rather, they involve wider considerations such as a patient's religious and cultural beliefs, financial constraints, and the wishes and needs of family members. These decisions affect everyone concerned, including members of the community as a whole. Therefore it is imperative that clear ethical codes and legal standards are developed to help guide the medical profession on the best possible course of action for patients. This article considers the relevant ethical, codes and legal provisions in Malaysia governing certain aspects of end-of-life decision-making. It highlights the lack of judicial decisions in this area as well as the limitations with the Malaysian regulatory system. The article recommends the development of comprehensive ethical codes and legal standards to guide end-of-life decision-making in Malaysia.

  5. ROLE OF FINANCIAL INSTITUTIONS IN THE PUBLIC-PRIVATE PARTNERSHIPS DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Ion POTLOG

    2015-12-01

    Full Text Available Public-Private Partnership represents institutional and organizational alliance of the state and business, consisting of financial actors interaction, legal, social and policy oriented joint public and private resources from different sources into a single complex to solve strategic socio-economic problems of country. The aim of the research is to demonstrate the importance of financial institutions in publicprivate partnership projects implementation. Research methodology – in order to achieve the expected results, author applied recognized methods and techniques applied as economic investigations: comparative method, statistical method, logical analysis method. The research results, expressed by knowledge through mentioned field can be applied to improve the process of attracting local and international financial institutions to ensure success in public-private partnerships projects in Republic of Moldova.

  6. Inspector General, DOD, Oversight of the Audit of the FY 2000 Military Retirement Fund Financial Statements

    National Research Council Canada - National Science Library

    Lane, F

    2001-01-01

    .... This Bulletin requires the Inspector General, DoD, or an independent auditor, to express an opinion on the DoD financial statements and to report on the adequacy of internal controls and compliance...

  7. Tax Compliance Inventory: TAX-I Voluntary tax compliance, enforced tax compliance, tax avoidance, and tax evasion

    Science.gov (United States)

    Kirchler, Erich; Wahl, Ingrid

    2010-01-01

    Surveys on tax compliance and non-compliance often rely on ad hoc formulated items which lack standardization and empirical validation. We present an inventory to assess tax compliance and distinguish between different forms of compliance and non-compliance: voluntary versus enforced compliance, tax avoidance, and tax evasion. First, items to measure voluntary and enforced compliance, avoidance, and evasion were drawn up (collected from past research and newly developed), and tested empirically with the aim of producing four validated scales with a clear factorial structure. Second, findings from the first analyses were replicated and extended to validation on the basis of motivational postures. A standardized inventory is provided which can be used in surveys in order to collect data which are comparable across research focusing on self-reports. The inventory can be used in either of two ways: either in its entirety, or by applying the single scales independently, allowing an economical and fast assessment of different facets of tax compliance. PMID:20502612

  8. Tax Compliance Inventory: TAX-I Voluntary tax compliance, enforced tax compliance, tax avoidance, and tax evasion.

    Science.gov (United States)

    Kirchler, Erich; Wahl, Ingrid

    2010-06-01

    Surveys on tax compliance and non-compliance often rely on ad hoc formulated items which lack standardization and empirical validation. We present an inventory to assess tax compliance and distinguish between different forms of compliance and non-compliance: voluntary versus enforced compliance, tax avoidance, and tax evasion. First, items to measure voluntary and enforced compliance, avoidance, and evasion were drawn up (collected from past research and newly developed), and tested empirically with the aim of producing four validated scales with a clear factorial structure. Second, findings from the first analyses were replicated and extended to validation on the basis of motivational postures. A standardized inventory is provided which can be used in surveys in order to collect data which are comparable across research focusing on self-reports. The inventory can be used in either of two ways: either in its entirety, or by applying the single scales independently, allowing an economical and fast assessment of different facets of tax compliance.

  9. The Politics of Financial Regulation Expertise

    DEFF Research Database (Denmark)

    Ban, Cornel; Seabrooke, Leonard; Freitas, Sarah

    Who controls global policy debates on shadow banking regulation? By looking at the policy recommendations of the Bank of International Settlements, the International Monetary Fund and the Financial Stability Board, we show how experts tied to these institutions secured control over how shadow...... banking is treated. In so doing, these technocrats reinforced each other’s expertise and excluded some potential competitors (legal scholars), coopted others (select Fed and elite academic economists). The findings have important implications for studying the relationship between IOs technocrats...

  10. 78 FR 45291 - Interpretive Guidance and Policy Statement Regarding Compliance With Certain Swap Regulations

    Science.gov (United States)

    2013-07-26

    ... Report''), available at http://www.pwc.co.uk/en_uk/uk/assets/pdf/lbie-progress-report-140409.pdf . Even... have caused significant market disruption in the United States.\\11\\ \\9\\ See The President's Working... differences in cultures, legal and political traditions, and financial systems.\\14\\ \\14\\ Legislatures and...

  11. Financial Leasing: Problems and Prospects of Development in Ukraine

    Directory of Open Access Journals (Sweden)

    Ganna Gridina

    2017-09-01

    Full Text Available The article highlights the current state of the financial services market, in particular financial leasing, which is a form of intensification of the investment process in Ukraine. The main problems of financial leasing development and prospects of its development in Ukraine are revealed. The shortcomings and advantages of financial leasing and its characteristics are determined. The article assesses the state of the Ukrainian market of leasing services and identifies the main problems of its functioning. An estimation of the development of the number of leasing companies in Ukraine is made. It is established that the number of legal entities - lessors remains almost unchanged, but financial companies that provide financial leasing services are rapidly developing. It is substantiated that financial companies providing financial leasing services as universal institutions provide a wider range of financial services in crisis conditions; it serves as the basis for the growth of their number. In these circumstances, these financial institutions can take over the functions of banks and develop at the expense of a larger portfolio of financial services than in highly specialized institutions. Distribution of concluded financial leasing agreements is characterized by the fact that transport, agriculture and construction were the most significant decrease. The services sector, machine building and metallurgy were almost not influenced of the destructive processes. Extractive industry, in contrast to the rest of the industries, has increased the volumes of financial leasing contracts. In the course of the study, the hypothesis of the substitutability of bank lending by leasing was confirmed, which is confirmed by the growing number of financial companies providing financial leasing services while simultaneously reducing the number of banks.

  12. Compliance Groundwater Monitoring of Nonpoint Sources - Emerging Approaches

    Science.gov (United States)

    Harter, T.

    2008-12-01

    and its typically large spatial extend requires extensive networks at an individual site to accurately and fairly monitor individual compliance. In contrast, regional networks seemingly fail to hold individual landowners accountable. But regional networks can effectively monitor large-scale impacts and water quality trends; and thus inform regulatory programs that enforce management practices tied to nonpoint source pollution. Regional monitoring networks for compliance purposes can face significant challenges in the implementation due to a regulatory and legal landscape that is exclusively structured to address point sources and individual liability, and due to the non-intensive nature of a regional monitoring program (lack of control of hot spots; lack of accountability of individual landowners).

  13. Making sense of the disclosure of latent defects in financial statements and company acquisition contracts

    Directory of Open Access Journals (Sweden)

    Cornelius Killian

    2011-05-01

    Full Text Available This paper analyses the statement made by the South African Appeal Court Judge Holmes in the Phame v Paizes (1973 case and, using economic and unique South African legal principles, it examines the true legal nature of a contract to regulate company acquisitions.1 Two solutions are offered for financial managers in South Africa: (1 the contract to regulate company acquisitions is a forward contract and (2 the difficulty in identifying latent defects should not be grounds for reducing the price paid for a company or enterprise in the South African legal system.

  14. CSR in the Aftermath of the Financial Crisis

    DEFF Research Database (Denmark)

    Lauesen, Linne Marie

    2013-01-01

    with the consequences of the financial crisis, and to suggest new research as well as policy-­‐making possibilities to highlight the importance and necessary survival of CSR as an instrument for sustainable and financial progress. Design/methodology/approach – The paper uses a literature review of CSR prior...... governments can engage not only multinational companies but also smaller companies and other kinds of organizations acting on the market to make them engage more in CSR. Originality/value – The paper proposes a new Four-­‘E’-­Principle to guide the development of new CSR-­‐models based upon the core...... of Schwartz and Carroll’s ‘Three-­domain CSR-­model’, which the Principle extends and revises to: Economy, L/Egal, Environment, and Ethics. This Principle disentangles the dialectic relationship between economic and social responsibility; takes financial products into a consideration; refines the definitions...

  15. CSR in the Aftermath of the Financial Crisis

    DEFF Research Database (Denmark)

    Lauesen, Linne Marie

    2013-01-01

    with the consequences of the financial crisis, and to suggest new research as well as policy-making possibilities to highlight the importance and necessary survival of CSR as an instrument for sustainable and financial progress. Design/methodology/approach – This paper uses a literature review of CSR prior to and after......, not only multinational companies, but also smaller companies, and other kinds of organizations acting on the market, to make them engage more in CSR. Originality/value – The paper proposes a new Four-“E”-Principle to guide the development of new CSR-models based upon the core of Schwartz and Carroll......'s “Three-domain CSR-model”, which the Principle extends and revises to: Economy, L/Egal, Environment, and Ethics. This Principle disentangles the dialectic relationship between economic and social responsibility; takes financial products into consideration; refines the definitions of good stakeholder...

  16. ASPECTS CONCERNING INTERIM FINANCIAL REPORTING IN ROMANIA: STANDARDS AND REGULATIONS

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2014-12-01

    Full Text Available The mechanisms employed for the communication of accounting information that is necessary for users in their economic decision-making process consist of the financial statements of an entity. All legal entities, no matter the domain of their activity, have the obligation to draw up annual financial statements for every completed financial year. For certain categories of entities, reporting obligations are also required for periods other than the annual reporting, throughout the financial year. It is the case of interim financial reporting. At the level of the international accounting framework, the aspects related to interim financial reporting are the subject of a separate standard, namely, IAS 34 Interim Financial Reporting. In Romania, the current system of accounting regulations concerning the annual financial statements comprises accounting regulations that comply with the European directives and which apply to the various categories of entities, on the one hand and, on the other, accounting regulations in line with the IFRS, which are applicable to other classes of entities from certain activity sectors. The accounting regulations that apply to each category refer to, among other things, the contents and the format of financial statements that have to be presented. Analysing the system of norms and regulations, this article identifies the requirements concerning interim financial reporting in Romania, with reference to the different types of entities.

  17. Electricity trade under financial market supervision; Der Stromhandel unter Finanzmarktaufsicht

    Energy Technology Data Exchange (ETDEWEB)

    Hagena, Martin

    2011-07-01

    With the competitive opening of the electricity market at European and national level, the goods electricity became a freely traded commodity. The author of the contribution under consideration describes the legal consequences related to financial market for trading electricity in the context of the current Directive 2004/39/EC now under consideration of the commodity futures trading in its representational scope. The statements clearly indicate that the power market is a goods market with its own laws and not a classical financial market. It considers what characteristics exist in electricity trading and whether and how they are considered for regulatory purposes.

  18. Achieving compliance with healthcare waste management regulations : empirical evidence from small European healthcare units

    OpenAIRE

    Botelho, Anabela

    2011-01-01

    Healthcare units generate substantial amounts of hazardous or potentially hazardous wastes as by-products of their medical services. The inappropriate management of these wastes poses significant risks to people and the environment. In Portugal, as in other EU countries, the collection, storage, treatment and disposal of healthcare waste is regulated by law. Although legal provisions covering the safe management of healthcare waste date back to the 1990s, little is known about the compliance ...

  19. Selected aspects of proposed new EU general data protection legal framework and the Croatian perspective

    Directory of Open Access Journals (Sweden)

    Nina GUMZEJ

    2013-12-01

    Full Text Available Proposed new EU general data protection legal framework profoundly affects a large number of day-to-day business operations of organizations processing personal data and calls for significant effort on their part toward the necessary legal-regulatory compliance. In this paper the author examines key legislative developments towards this new EU frame and impact for the Republic of Croatia as the youngest EU Member State. Following introductory overview, legal analysis of draft EU General Data Protection Regulation as proposed by the European Commission and recently adopted amendments by the European Parliament mainly focuses on selected solutions impacting national data protection supervisory authorities. This is complemented with examination of relevant sources of EU law, including the case law of the Court of Justice of the European Union. Assessment of results of this research is next made with respect to prospects of the data protection legal framework of the Republic of Croatia. The paper is concluded with the author’s critical overview of analyzed EU proposals impacting national data protection supervisory authorities in light of EU pivotal goals, and de lege ferenda proposals to timely address identified obstacles towards more adequate enforcement of data protection legislation in Croatia.

  20. Cannabis, pesticides and conflicting laws: the dilemma for legalized States and implications for public health.

    Science.gov (United States)

    Stone, Dave

    2014-08-01

    State laws on the legalization of medical and recreational cannabis are rapidly evolving. Similar to other crops, cannabis is susceptible to multiple pests during cultivation. Growers have an economic incentive to produce large yields and high quality plants, and may resort to pesticides to achieve these outcomes. Currently, there are no pesticides registered for cannabis in the United States, given its illegal status by the federal government. This discrepancy creates a regulatory vacuum and dilemma for States with legal medical and recreational cannabis that seek to balance lawful compliance with pesticides and worker or public health. Pesticide use presents occupational safety issues that can be mitigated through established worker protection measures. The absence of approved products for cannabis may result in consumer exposures to otherwise more hazardous pesticides or higher residue levels. While many legal and scientific hurdles exist to register conventional pesticides for use on cannabis, legalized States have explored other opportunities to leverage the present regulatory infrastructure. Stakeholder engagement and outreach to the cannabis industry from credible sources could mitigate pesticide misuse and harm. Copyright © 2014 Elsevier Inc. All rights reserved.

  1. The Mechanism of Financial Stimulation of Investment Activity

    Directory of Open Access Journals (Sweden)

    Vasiliy Valeryevich Tarakanov

    2016-03-01

    Full Text Available Modernization of the Russian economy and creation of conditions for its economic growth demand activization of investment activity that is possible by means of its financial stimulation. Financial stimulation of investment activity defines the need of changes of the contents, the directions and ways of implementation of the financial relations between subjects of investment activity. Financial stimulation of investment activity is carried out via the mechanism in the context of which these financial relations are settled. For defining the mechanism of financial stimulation of investment activity the authors consider the very concept of financial mechanism. The conclusion is drawn that all elements of the financial mechanism are the integrated unity, they are interdependent and interconnected, and the combination of types, forms, methods of the organization of the financial relations forms “a design of the financial mechanism”. The article specifies the maintenance of the mechanism of financial stimulation of investment activity, and reveals its essence. The structure of the mechanism of financial stimulation of investment activity is presented by the following elements: subjects of financial stimulation of investment activity, the purpose of attraction of investments by them, set of financial methods and tools, sources of means of achievement of goals, standard - legal and information support of financial stimulation of investment activity. It is proved that in the mechanism of financial stimulation of investment activity the leading role is played by the state by means of forms of direct and indirect participation in attraction of investments, each of which is realized by means of specific methods and the corresponding tools. The widespread instrument of financial stimulation of investment activity is the investments which are carried out by the state institutes of development participating in the organization of the process of financial

  2. The Financial Crisis: Origins, Causes And Conclusions

    Directory of Open Access Journals (Sweden)

    Eneida Permeti

    2015-03-01

    Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

  3. The self employed occupational and environmental health nurse: maximizing business success by managing financial resources.

    Science.gov (United States)

    Rainer, S R; Papp, E

    2000-04-01

    The occupational and environmental health nurse entrepreneur can avoid business failure by engaging in a planning process that maximizes financial resources. Successful financial management involves understanding key financial reports and using those reports as management tools to "keep score" on the business. The prices the occupational and environmental health nurse entrepreneur charges for services will have a direct effect on the success of the business. Payroll, earnings, and expense records are useful management tools to help the occupational and environmental health nurse entrepreneur track the business and meet legal requirements.

  4. Nuclear waste: Department of Energy's program for financial assistance

    International Nuclear Information System (INIS)

    1986-01-01

    The Department of Energy's existing grant guidelines for financial assistance to first and second repository states do not clearly establish a basis for determining who is funded, what activities are funded, and how much funding is provided each activity. Because the guidelines do not cover all funding circumstances, DOE has interpreted them differently when making both mandatory and discretionary grant decisions. In addition, DOE has not considered state and Indian tribe needs in establishing its budget request for grant awards. Instead, the requests are based on the amounts of grants awarded in prior years and DOE planned activities. Finally, both grantee compliance with certain reporting requirements of DOE's financial assistance regulations and DOE's enforcement of them has been inconsistent

  5. Policy issues raised by intervenor requests for financial assistance in NRC proceedings

    International Nuclear Information System (INIS)

    1975-01-01

    The purpose of the report presented is to focus and develop the myriad issues raised by intervenor requests for financial assistance for the NRC's proposed rulemaking proceeding. The report analyzes and assesses the various alternatives open to the Commission, and collects relevant data and material which may be informative to those participating in and conducting the rulemaking. Three major questions are examined: (1) should the Commission, as a matter of policy choice, provide financial assistance to intervenors in NRC proceedings; (2) are there preferable alternatives to direct intervenor financial aid, such as the establishment of an office of public counsel or provision of other forms of Commission assistance; and (3) what are the legal, administrative and policy considerations involved in implementing a determination to award financial assistance to intervenors, should the Commission so decide

  6. “Lamfalussy Architecture” – A Model for Consolidating the Financial Markets’ Supervision

    Directory of Open Access Journals (Sweden)

    Nicolae Dardac

    2008-08-01

    Full Text Available The enhancement of convergence in the supervisory practices, both by increasing the quality of the legal framework and of the regulations in the field of financial services and by improving the consultation process, represents a prerequisite for setting up the Single Market for financial services at EU level. In order to reach this goal a new approach, known as “Lamfalussy Architecture”, has been developed. The implementation of this model will increase the efficiency of the regulatory and supervisory framework within the financial markets, by removing the obstacles in the way of their integration into the Single Market. At the same time, setting up an EU Single Market implies a thorough monitoring of the financial stability through a constant review of the regulatory and supervisory framework.

  7. Internal Controls and Compliance with Laws and Regulations for the FY 1997 Financial Statements of Other Defense Organizations

    National Research Council Canada - National Science Library

    1998-01-01

    ... consolidated financial statements for FY 1996 and each succeeding year. The DoD Consolidated Financial Statements for FY 1997 include financial statements for a reporting entity entitled "Other Defense Organizations...

  8. Implementing energy transition - A legal deciphering

    International Nuclear Information System (INIS)

    Bain-Thouverez, Justine; Romi, Raphael; Chautard, Thomas

    2016-07-01

    As the French law on energy transition reconfigures many parameters of implementation of public action, the authors propose a cross-referenced reading of this law, of the law for new organisation of territories (NOTRe) in its environmental dimension, and of the regulation which results from these legal standards, in order to have a better view on public action in terms of abilities, and of action and financial levers. In a first part, the author discuss the relationships of energy transition with State, regions, districts, EPCI (communal collaboration public body), communes, and public bodies. In the second part, they address the new levers for action, and finally address the financing of energy transition (financing funds, third-party financing companies)

  9. International countertrade arrangements and their legal structure: Double edge sword or future of the modern trade

    Directory of Open Access Journals (Sweden)

    Milenković-Kerković Tamara

    2011-01-01

    Full Text Available The experiences and the practice of many countries show that countertrade could be used as the significant method for incensement of the export as well as for the promotion of the foreign investments even in the period of deep financial crises. Contemporary governments' pro-active countertrade orientation in USA, Israel, Sweden, Norway, Japan and other developed countries highlights the inadequacy of the obsolete and stereotypical concept of the countertrade as the compensation transaction based on the 'trade without money' concept. Besides this, the practices proved that countertrade transactions are the consequence and the indicator of economic shocks. Therefore, the study of the special legal issues that may arise in countertrade transactions will be very important not only for the domestic legal doctrine but also for the commercial practice. As national laws do not contain provisions specific for countertrade, it is of particular importance to analyze legal question such as structuring and drafting of countertrade arrangements as well as to study the question of the legal nature of the contractual link between legal instruments which form multicontractual mechanism of countertrade transactions. The character of the legal connection among the legal instruments in countertrade arrangement, as well as the legal nature of the countertrade commitment, strongly influence the countertrade agreement's legal nature. The economic reality of a group of contracts joined by the common goal of the transaction (consideration and the countertrade commitment has to be followed by the legal reality which will recognize the legal interdependence of the obligation deriving from the legally independent countertrade arrangement.

  10. Legal issues related to adolescent pregnancy: current concepts.

    Science.gov (United States)

    Rhodes, A M

    1986-09-01

    Adolescent pregnancies have risen in recent years. Options open to the pregnant adolescent are: terminating the pregnancy; giving birth to the child out of wedlock; keeping the baby; giving the baby up for adoption; and marriage before or after the birth of the baby. Each of these options carries certain legal ramifications, since the adolescent patients have not reached the age of majority. The state or the parents usually assume the role of decision making on behalf of the adolescent or assist in the decision making process. Court rulings since the early seventies have legalized abortion and enlarged the rights of minors seeking termination of their pregnancies. Both parents and minors have rights under the certain state laws; parent have the right to notification, minors have the right to privacy. Keeping the child, out of wedlock, might result in legal battles over custody and/or establishing financial support from the father. Some adolescent mothers give up their children for adoption. There are 2 legal procedures that have to be accomplished before a child can be adopted: termination of the rights of the natural parents and adoption proceedings. If the parents marry after the birth of the child, the child is then considered legitimate and the father does not have to go through the process of adopting the child. Other issues requiring parental or individual consent include consent to treatment, contraception, or sterilization. In the case of forcible rape or incest, the physician is required to report incidents to law enforcement officials.

  11. The fiduciary guarantee in the Romanian and European legal context

    Directory of Open Access Journals (Sweden)

    Cornelia Lefter

    2016-12-01

    Full Text Available The importance of the fiduciary guarantee has not reached its full potential in the Romanian market, nor in the European area. The ongoing “dispute” between the fiduciary operations (familiar to the continental law and the trust (with its common -law heritage seems to be won by the latter. However, considering the express provisions on the fiduciary operations in the Romanian Civil Code entered into force in 2011, similar to the introduction of the same legal instrument in the French Civil Code in 2007, could give a boost to this ancient tool, present from the Roman era. Even if the European legal framework do not provide many rules on this institution, however, the Financial Collateral Directive raised many questions on how the fiduciary guarantees can be used in practice, and contributed to the change that followed in this area.

  12. THE RELEVANCE OF SOCIO-LEGAL STUDIES IN LEGAL SCIENCE

    Directory of Open Access Journals (Sweden)

    Victor Imanuel W. Nalle

    2015-02-01

    Full Text Available Some law schools in Indonesia reject socio-legal studies with epistemological arguments that puts jurisprudence as sui generis. Rejection is based argument that jurisprudence is a normative science. In fact socio-legal studies in the development of jurisprudence outside Indonesia has long existed and contributed to the legal reform. Socio-legal studies also significant for legal reform. It is caused by the existence of non doctrinal aspect in law making and implementation of the law. Therefore the position and relevance of socio-legal research is not related to the benefits that provided for the development of national law or jurisprudence. Beberapa fakultas hukum di Indonesia menolak penelitian sosio-legal dengan argumentasi epistemologis yang menempatkan ilmu hukum sebagai sui generis. Penolakan tersebut didasarkan argumentasi bahwa ilmu hukum adalah ilmu yang bersifat normatif. Kenyataannya studi sosio-legal dalam perkembangan ilmu hukum di luar Indonesia telah lama eksis dan berperan dalam pembaharuan hukum. Selain itu, studi sosiolegal juga berperan dalam pembaharuan hukum. Hal ini disebabkan adanya aspek-aspek nondoktrinal yang berperan dalam pembentukan hukum dan implementasi hukum di masyarakat. Oleh karena itu kedudukan dan relevansi penelitian sosio-legal pada ada tidaknya manfaat yang diberikan bagi perkembangan hukum nasional ataupun ilmu hukum.

  13. THE RELEVANCE OF SOCIO-LEGAL STUDIES IN LEGAL SCIENCE

    Directory of Open Access Journals (Sweden)

    Victor Imanuel W. Nalle

    2015-02-01

    Full Text Available Some law schools in Indonesia reject socio-legal studies with epistemological arguments that puts jurisprudence as sui generis. Rejection is based argument that jurisprudence is a normative science. In fact socio-legal studies in the development of jurisprudence outside Indonesia has long existed and contributed to the legal reform. Socio-legal studies also significant for legal reform. It is caused by the existence of non doctrinal aspect in law making and implementation of the law. Therefore the position and relevance of socio-legal research is not related to the benefits that provided for the development of national law or jurisprudence.   Beberapa fakultas hukum di Indonesia menolak penelitian sosio-legal dengan argumentasi epistemologis yang menempatkan ilmu hukum sebagai sui generis. Penolakan tersebut didasarkan argumentasi bahwa ilmu hukum adalah ilmu yang bersifat normatif. Kenyataannya studi sosio-legal dalam perkembangan ilmu hukum di luar Indonesia telah lama eksis dan berperan dalam pembaharuan hukum. Selain itu, studi sosiolegal juga berperan dalam pembaharuan hukum. Hal ini disebabkan adanya aspek-aspek nondoktrinal yang berperan dalam pembentukan hukum dan implementasi hukum di masyarakat. Oleh karena itu kedudukan dan relevansi penelitian sosio-legal pada ada tidaknya manfaat yang diberikan bagi perkembangan hukum nasional ataupun ilmu hukum.

  14. Proactive Public Disclosure: A new regulatory strategy for creating tax compliance?

    Directory of Open Access Journals (Sweden)

    Boll Karen

    2015-12-01

    Full Text Available This article discusses proactive public disclosure of taxpayer information and how this may form a new strategy for securing tax compliance by tax administrators. It reports a case study from the Danish Customs and Tax Administration in which consumers of services-over a short period of time-were informed about businesses’ lack of value-added tax (VAT registration. Our approach to the case is twofold: First, the article lays out a legal analysis of the disclosure practice, and second, the article presents an organizational analysis of why the practice was initiated. The analyses show that using proactive public disclosure is compatible with the Duty of Confidentiality, but incompatible with Good Public Governance. Furthermore, the analyses show that there are a number of strong organizational rationales for using proactive public disclosure, despite its apparent incompatibility with Good Public Governance. The article is innovative in that it combines a legal and organizational approach to analyse a new regulatory strategy within tax administration.

  15. Convergence Between Kazakhstan’S Financial Systemand International Standards: Overcoming Difficulties

    Directory of Open Access Journals (Sweden)

    Uvarova Natalya

    2015-06-01

    Full Text Available This article deals with the convergence of the Kazakh financial system with international standards in light of the new, enhanced agreement with the European Union on partnership and cooperation (January 19, 2015. Based on this research, the approaches used by the Kazakh financial system to converge with the European Union (EU and the mechanism of implementing international standards in the national regulatory framework are determined. In practice, the study provides justification for the necessity of arranging the systematization of existing rules and regulations covering financial activity in the Republic, eliminating discrepancies between the national regulatory framework and international standards, and determining clear security guarantees for foreign investors’ financial activity in the Republic. The research results are primarily focused on the development of public finance management theory. Theories and conclusions present in the study can be used in the educational processes of economic and legal institutions and in the policymaking activity of public finance management bodies.

  16. Modeling the legal field of formation of socially responsible conduct among pharmacy specialists

    Directory of Open Access Journals (Sweden)

    N. O. Tkachenko

    2018-03-01

    of the conceptual-categorical apparatus of social standards and guarantees; contradiction between normative legal acts; unfavorable conditions for small business, created by the Tax Code of Ukraine; the neglect of legal norms, the determination of a priority exclusively by receiving a profit, ignoring the PhO and pharmacists moral and ethical principles; inadequate level of political and legal culture in the society; the rejection of the law rule by the political elite and the interpretation of legal norms in their favor; passive behavior of public organizations in the pharmaceutical sector; weak control of the public authorities compliance with standards of current legislature. All specified problems stipulate difficulties in the effective SR implementation.

  17. Obligaciones legales de las asociaciones cooperativas bancos comunales en Venezuela

    Directory of Open Access Journals (Sweden)

    Coromoto Aguilar González, Herleny

    2009-06-01

    Full Text Available n Venezuela se promulga la Ley Especial de Los Consejos Comunales en el año 2006. El Consejo Comunal está constituido por tres órganos: Órgano Ejecutivo, Unidad de Gestión Financiera, y Unidad de Contraloría Social. La Unidad de Gestión Financiera o Banco Comunal adquirirá la figura jurídica de cooperativa, por consiguiente el presente trabajo tiene por objeto analizar los deberes formales que debe cumplir el Banco Comunal: 1. Inscribirse en los registros correspondientes; 2. Llevar Libros Legales; 3. Presentar Declaración Informativa de ISLR; 4. Practicar retención de ISLR; 5. Emitir factura de conformidad con lo establecido en la regulación venezolana.Venezuela promulgated the Special Law of the Communal Councils in 2006. The Communal Council is constituted by three agencies: Executive agency, Financial Management Unit, and Social comptroller Unit. The Financial Management Unit or Communal Bank will acquire the legal figure of a cooperative, therefore the present paper intends to analyze the formal duties established in the Venezuelan tax laws, that the Communal Bank must fulfil: 1. To register in the corresponding registration system; 2. Keep the accountancy Books required by tax laws; 3. To file an informative income tax return; 4. To practice income tax withholding; 5. To emit invoice in accordance with Venezuelan tax regulations.

  18. Would GAAP - Based Accounting Practices Improve Financial Management and Decision-Making in the Department of Defense?

    Science.gov (United States)

    1990-08-01

    was in complete compliance with the act. 6 U. S . General Accounting Office. Manaaina the Cost of Government: Building an Effective Financial Management...34 Journal of Accountancy , April 1987, 58-70. 10 7. S . General Accounting Office. Managing the Cost of Government: Building and Effective Financial...N. J.: Prentice-Hall, 1981. pp. 62-64. 111 Ibid., pp. 63. 112 Horngren , Charles T. Cost Accounting : A Managerial EEmRhsi, 5th ed., Englewood Cliffs

  19. The effect of explicit financial incentives on physician behavior.

    Science.gov (United States)

    Armour, B S; Pitts, M M; Maclean, R; Cangialose, C; Kishel, M; Imai, H; Etchason, J

    2001-05-28

    Managed care organizations use explicit financial incentives to influence physicians' use of resources. This has contributed to concerns regarding conflicts of interest for physicians and adverse effects on the quality of patient care. In light of recent publicized legislative and legal battles about this issue, we reviewed the literature and analyzed studies that examine the effect of these explicit financial incentives on the behavior of physicians. The method used to undertake the literature review followed the approach set forth in the Cochrane Collaboration handbook. Our literature review revealed a paucity of data on the effect of explicit financial incentives. Based on this limited evidence, explicit incentives that place individual physicians at financial risk appear to be effective in reducing physician resource use. However, the empirical evidence regarding the effectiveness of bonus payments on physician resource use is mixed. Similarly, our review revealed mixed effects of the influence of explicit financial incentives on the quality of patient care. The effect of explicit financial incentives on physician behavior is complicated by a lack of understanding of the incentive structure by the managed care organization and the physician. The lack of a universally acceptable definition of quality renders it important that future researchers identify the term explicitly.

  20. 76 FR 36586 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of...

    Science.gov (United States)

    2011-06-22

    ... as part of FINRA's outsourcing proposal.\\14\\ Another commenter requests that FINRA limit covered... the international financial services community and could have implications with respect to whether... findings cited by the commenter relate to the firm's outsourcing arrangements and compliance with Exchange...

  1. INTERNAL CONTROL MECHANISMS IN THE CONTEXT OF THE CHALENGE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Budacia Lucian Constantin Gabriel

    2010-12-01

    Full Text Available Prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports. Thus the first focus of the Sarbannes-Oxley Act’s recommendations is the public company. These recommendations, taken together, will improve a company's overall financial reporting process and increase the likelihood of preventing fraudulent financial reporting and detecting it earlier when it occurs. For some companies, implementing these recommendations will require little or even no change from current practices; for other companies, it will mean adding or improving a recommended practice. Whether it means adding or improving a practice, the benefits justify the costs. The Sarbanes-Oxley Act is a direct response to the recent scandals in the US corporate world. Governance, compliance, risks and internal controls are mounting concerns for almost all organizations. As the numbers of rules, regulations and contractual obligations steadily rise, management is growing more and more concerned about their exposure on day-to-day operational decisions!

  2. A NEW DIMENSION IN ACTIVITY REPORTING AND THE PERFORMANCE OF THE ENTERPRISE – NON-FINANCIAL REPORTING

    Directory of Open Access Journals (Sweden)

    Liana Gadau

    2016-07-01

    Full Text Available Currently the focus is on the fact that non-financial reporting is essential for the transition to a sustainable economy which combines long-term profitability with social inclusion and protection of natural resources. Therefore, the present requirements of the European Union institutions on reporting non-financial enterprises and large groups of enterprises require that they report to both environmental and social as well as issues regarding compliance with human rights issues on combating corruption and bribery.It aims to increase the transparency and comparability among large companies. The merit and importance of non-financial reporting is that business goes beyond performance reporting financial size classical concept of performance thus completing two new dimensions, environmental and social.

  3. Foreign Strategic Investment and China’s Financial Security

    Institute of Scientific and Technical Information of China (English)

    朱盈盈; 曾勇; 李平; 何佳

    2008-01-01

    We analyze the background, status quo and characteristics of introducing foreign strategic investors into Chinese banks, and summarize various arguments on this issue. Our conclusions are as follows: introducing foreign strategic investors into Chinese banks is a necessary step in the reform and opening of China’s banking sector, and is encouraged by the regulatory authorities; introducing foreign strategic investors into Chinese banks has presented some unique features; from the perspective of control of financial resources, under the current institutional and legal regimes, introducing foreign strategic investors will not threaten China’s financial security; there is no convincing evidence that Chinese banks have been sold short with the introduction of foreign strategic investors; the results of strategic investment remain to be seen.

  4. The Dutch Crisis and Recovery Act: Economic Recovery and Legal Crisis?

    Directory of Open Access Journals (Sweden)

    J Verschuuren

    2010-12-01

    Full Text Available In the Netherlands, the 2010 Crisis and Recovery Act aims at speeding up decisionmaking on a wide variety of activities, hoping that after the financial and economic crisis has passed, development projects can immediately be carried out without any delay caused by legal procedures in court or elsewhere. The Act meets great criticism for many reasons: it allegedly curtails citizen's procedural rights because it focuses almost exclusively on environmental standards as "obstructing" standards that need to be removed, and it infringes international and European Union law. In this note, the legal critique on the Act is analysed. The conclusion is that the sense of urgency surrounding the design of legal measures to address the economic crisis enables the legislature to implement innovations and long-time pending amendments to existing legislation. Most issues have however not been fully or properly considered. Many legal questions will arise when implementing the Act, which will retard rather than expedite projects. It is difficult to predict whether the positive effects of the Crisis and Recovery Act would outweigh the negative aspects. Much depends on the manner in which the authorities will actually apply the Act. Should they implement the Act to its full potential, the effect of the Act in sum will be negative. In that case, the Act may help the economy to recover, but it will bring about a crisis in the legal system. It will, in all probability, also not contribute to sustainable development.

  5. The European platform for financial education as incentive for the national efforts in implementing financial literacy programs: The case of the Association of Serbian Banks

    Directory of Open Access Journals (Sweden)

    Sredojević Slađana

    2017-01-01

    Full Text Available A sustainable financial system relies on two pillars: the functional and healthy financial institutions, as well as the financially competent customers-investors-entrepreneurs. The responsibility for the implementation of training programs and preparation for the well-informed choice does not lie only with the natural persons and legal entities. This is a shared responsibility of different stakeholders: individuals, families, small and medium enterprises, public administration, the Ministry of Education, the financial services sector, employers and representatives of trade unions and consumer protection organizations as well as other civil society initiatives. A prime example of such an integrated approach towards the same goal is the European Platform for Financial Education, an initiative launched by the European Banking Federation, the European Banking Training Network and other institutions (professional associations, in February 2017 in Brussels as an incentive for the national level efforts in implementing the respective financial literacy programs. In this paper we analyzed the importance and role of the European Platform for Financial Education in the case of the Serbian banking sector through the activities of the Association of Serbian Banks. These activities will be implemented by the Association of Banks of Serbia continuously throughout the year, and after the celebration of the European Money Week on 27-31 March 2017.

  6. International financial institutes and multipolarity challenges

    Directory of Open Access Journals (Sweden)

    Aleksei Vladimirovich Kuznetsov

    2017-12-01

    Full Text Available The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author argues that the widely-discussed reform of the IMF quota and governance has not led to a significant strengthening of the role of the most dynamically developing emerging economies in the Fund’s decision-making. Regional economic players (such as the BRICS have been actively involved in the international division of labor. However, the existence of institutional financial monopolies hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce global resources in favor of the world-systemic core. The study is based on comparative methods and system analysis and aims to provide a comprehensive view on the way of involvement of global financial institutions in the control of the processes of financial globalization. US dominance in international financial institutions contribute to the further advancement of the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments. It’s shown that the implementation of financial globalization is strongly correlated with the concept of the «center-periphery» model, on which the functioning of the global capital market is dependent. The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects of global governance, in particular the role of the Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS countries, in the processes of globalization, it is necessary to

  7. Communicating financials in the biotech industry

    DEFF Research Database (Denmark)

    Holmgreen, Lise-Lotte

    2008-01-01

    , Novozymes. Research indicates that besides accommodating a legal demand for the disclosure of company financial details, the annual report, in particular the letter to the shareholders or the CEO's letter, serves the purpose of marketing the company to its constituents (Bowman 1984; Bülow-Møller 2003...... discourse. In this context, the rhetorical appeals of rationality, credibility and affect play an important role. Further, the New Rhetorical focus on audience, involving the concept of ‘presence', as well Conceptual Metaphor Theory's focus on metaphor's cognitive and functional qualities yields useful...

  8. Defining Legal Moralism

    DEFF Research Database (Denmark)

    Thaysen, Jens Damgaard

    2015-01-01

    This paper discusses how legal moralism should be defined. It is argued that legal moralism should be defined as the position that “For any X, it is always a pro tanto reason for justifiably imposing legal regulation on X that X is morally wrong (where “morally wrong” is not conceptually equivalent...... to “harmful”)”. Furthermore, a distinction between six types of legal moralism is made. The six types are grouped according to whether they are concerned with the enforcement of positive or critical morality, and whether they are concerned with criminalising, legally restricting, or refraining from legally...... protecting morally wrong behaviour. This is interesting because not all types of legal moralism are equally vulnerable to the different critiques of legal moralism that have been put forth. Indeed, I show that some interesting types of legal moralism have not been criticised at all....

  9. A Study on Some Non ـ Financial Rights of Couples in Discontinuous Matrimony

    Directory of Open Access Journals (Sweden)

    مصطفي فضائلي

    2015-12-01

    Full Text Available If a marriage occurs correctly, it will raise some given rights and commitments for couples. In personal marriage such as matrimony, some of these rights are non-financial and commitments. Discontinuous matrimony is not excluded from this issue and by approving it, couple undertake some rights that dissolution right through man and woman's fault and also duration munificence right is their responsibility. However, Iran's lawmaker and hereafter, lawyers have neglected of exact, and explicit explaining. It seems that with regard to this kind of matrimony's extension in modern society and available legal spaces for discontinuous matrimony and its results, council agents should persist in compiling explicit and clear legal provisions in order to express the results of this marriage that among them is non-financial rights of couple, until people can conclude sentences and this marriage results with full understanding. An answer which can be argued in generalis that we can also transmit continual marriage dissolution instances to discontinuous matrimony based on the fat that there is no forced loss in Islam as a rile. Also, according to jurisprudence rules, duration munificence right can be granted to couple under some conditions. Particularly for each right, there are questions, legal ambiguities and different opinions. This article aims to address these points in details.

  10. US Department of Energy Naval Petroleum and Oil Shale Reserves combined financial statements and management overview and supplemental financial and management information, September 30, 1995 and 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-02-15

    This report presents the results of the independent certified public accountant`s audit of the Department of Energy`s (Department) Naval Petroleum and Oil Shale Reserves (NPOSR) financial statements as of September 30, 1995. The auditors have expressed an unqualified opinion on the 1995 statements. Their reports on the NPOSR internal control structure and compliance with laws and regulations are also provided.

  11. Inspector General, DOD, Oversight of the Audit of the FY 2000 Military Retirement Fund Financial Statements

    Science.gov (United States)

    2001-02-28

    statements and to report on the adequacy of internal controls and compliance with laws and regulations. We contracted the audit of the FY 2000 Military...performed on the oversight of the audit of the FY 2000 Military Retirement Fund Financial Statements.

  12. Corporate Governance in Shareholding Companies: Comparing Legal Perspective and Position of Shari’ah

    Directory of Open Access Journals (Sweden)

    Aznan, H.

    2015-12-01

    Full Text Available This study examines the concept of corporate governance in shareholding companies and the legal perspective in comparison with the position of Shari’ah. The purpose of governance is to instil confidence among the stakeholders that the Boards of Directors are applying a diligent legal and administrative framework, to avoid potential administrative and financial failures and corruption. The study has proceeded by defining the concept of governance from linguistics, accounting, administrative, and legal perspectives. The study also discusses the stands of international organisations on the issue of corporate governance. Then, it is proceeded by discussing the concept of corporate governance from Shari’ah point of view. The study found that even with the absence of the term “company governance” in Islamic Law, the concept of corporate governance is in line with the Shari’ah and that their scholars have clearly referred to it in their literature. The study has used the descriptive, analytical, inductive and comparative methodology in analyzing the subject matter.

  13. THE DILEMMA "FOR" AND "AGAINST" EUTHANASIA AND LEGAL AWARENESS OF THE DISABLED

    Directory of Open Access Journals (Sweden)

    Paraskeva Mancheva

    2016-10-01

    Full Text Available Aim: to study the legal awareness of the disabled and to solve the "for" or "against" euthanasia issue Material and methods: The study includes 305 polymorbid disabled people and is certificated by the General territorial Expert Medical Commission (LEDC at University Hospital "St. Marina " Varna for the period October-December 2011. The study uses sociological method - direct and group inquiry and statistical methods: analysis (χ2, analysis of variance, correlation analysis (r, regression analysis (β. The processing of the results was performed by SPSS v.17.0 for Windows. Results: The study of the legal awareness of euthanasia revealed a need for more information among polymorbid disabled people. There is a discrepancy between their more positive, supportive attitude (acceptance of euthanasia and lack of willingness to actually conduct. The reasons for this can be found in the sporadic public discussions on the debate on euthanasia and in the increased distrust of the health care system. Respondents believe that euthanasia at this stage cannot be imputed as an obligation for the Bulgarian medics. Conclusion: The legal public awareness issue is essential to protect the rights of the citizens, for the realization of those activities that require strict compliance with the Constitution, laws and regulations. The legal awareness study of the disabled for solution of the "for" or "against" euthanasia issue presents an opportunity to discuss a way out of a hopeless situation for patients in terminal condition.

  14. Preventing Financial Crime

    DEFF Research Database (Denmark)

    Boll, Karen

    This paper investigates the Swedish tax authority’s (Skatteverkets) compliance initiative called Preventing Financial Crime. In Sweden tax evasion related to organised moon-lighting is defined as a major risk to the revenue collection and to the legitimacy of Skatteverket. The traditional approach...... on this, the paper shows that the Swedish tax officials seek to motivate large construction contractors and municipalities to take preventive measures in relation to their sub-contractors to avoid and abate tax evasion. The paper shows the challenges in engaging and involving these external stakeholders...... has implications for how tax authorities (and other state authorities) reform their coercive regulation. If they decide to pursue a voluntary based approach where the actions of external partners play a central role, then the analysis helps to show some of the implied challenges and potentials....

  15. Some aspects in the compliance with the Japanese radiation protection regulations

    International Nuclear Information System (INIS)

    Yamamoto, Hideaki; Mizushita, Seiichi

    2007-01-01

    This paper gives an overview of the major subjects in the recent amendments to the Japanese radiation protection regulations. These are related to the scope of the application of regulations: exclusion, exemption and clearance. The Radiological Hazards Prevention Law has modified the legal definition of 'radioactive materials'. The Reactors Control Law has been amended to establish clearance levels for releasing radioactive materials from regulatory control. The Japanese government has a plan to develop guidelines for exclusion and exemption of certain types of naturally-occurring radioactive materials (NORM). Some aspects in the compliance with the regulations are addressed. (author)

  16. 76 FR 4992 - Agency Information Collection: Activity Under OMB Review: Report of Financial and Operating...

    Science.gov (United States)

    2011-01-27

    ... Administration (RITA), Bureau of Transportation Statistics (BTS), DOT. ACTION: Notice. SUMMARY: In compliance... and usefulness of BTS collecting financial data from large certificated air carriers. Large..., RTS-42, Room E36-303, RITA, BTS, 1200 New Jersey Avenue, SE., Washington, DC 20590-0001, Telephone...

  17. A preliminary study on financial risk management of the uranium enrichment company, given China's fast development of nuclear power industry

    International Nuclear Information System (INIS)

    Sun Wumei

    2010-01-01

    In market economy, control and prevention of financial risk is a factual and urgent issue of financial management. As an independent legal identity, the enterprise strives to achieve business operations and developments while bearing risks. In an era of fast growth of China's nuclear power industry, uncertainties facing uranium enrichment companies are inevitable. Without being aware of financial risks, the enterprise could be driven to hopeless situation when catastrophe comes. Recognizing financial risk factors, knowing the cause and effect of risk events, building a mechanism to prevent and control financial risks, are the right approaches for building a robust enterprise. (author)

  18. Developing and implementing an anti-corruption ethics and compliance programme in the African environment

    Directory of Open Access Journals (Sweden)

    Alain Ndedi

    2015-12-01

    Full Text Available This article discusses the development and implementation of anti-corruption ethics and compliance programme in the African business environment. In the past decade, an international legal framework has been developed to tackle corruption both in public and private sectors. This framework includes the United Nations Convention against Corruption (UNCAC, which entered into force in 2005, and the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, which entered into force in 1999. These instruments mandate that State Parties must criminalise and punish a variety of corrupt practices. Relevant domestic laws have a direct impact on business, especially in States Parties instruments that require the establishment of liability of legal persons for corrupt acts. The African Union Convention also requires States Parties to establish mechanisms to encourage participation by the private sector in the fight against unfair competition, respect of the tender procedures and property rights. The paper details various steps needed to efficiently and effectively implement anti-corruption ethics and compliance programme in the African context. The first part of the paper develops the primary objective of the corruption risk assessment which is to better understand the risk exposure so that informed risk management decisions may be taken. A structured approach for how enterprises could conduct an anti-corruption risk assessment will be outlined in this first section. The author argued in this same first section that each enterprise’s own risk assessment exercise is unique, depending on that enterprise’s industry, size, location, and other factors inherent to that organisation. The second part of the paper drafts the development and the implementation of an anti-corruption programme. The paper concludes by stating that an anti-corruption and compliance programme is not a panacea for fighting all the ills on

  19. Report on the Observance of Standards and Codes, Accounting and Auditing : Module B - Institutional Framework for Corporate Financial Reporting, B.3 Financial Sector - Banking

    OpenAIRE

    World Bank

    2017-01-01

    The purpose of this report is to gain an understanding of the financial reporting requirements for the banks in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. The term bank in this assessment is used to refer to institutions authorized to receive deposits and to lend money as defined by the legal framework in the jurisdiction. There are also ...

  20. The role of trust in nurturing compliance: a study of accused tax avoiders.

    Science.gov (United States)

    Murphy, Kristina

    2004-04-01

    Why an institution's rules and regulations are obeyed or disobeyed is an important question for regulatory agencies. This paper discusses the findings of an empirical study that shows that the use of threat and legal coercion as a regulatory tool--in addition to being more expensive to implement--can sometimes be ineffective in gaining compliance. Using survey data collected from 2,292 taxpayers accused of tax avoidance, it will be demonstrated that variables such as trust need to be considered when managing noncompliance. If regulators are seen to be acting fairly, people will trust the motives of that authority, and will defer to their decisions voluntarily. This paper therefore argues that to shape desired behavior, regulators will need to move beyond motivation linked purely to deterrence. Strategies directed at reducing levels of distrust between the two sides may prove particularly effective in gaining voluntary compliance with an organization's rules and regulations.

  1. A Story of Law and Incentives: A Comparative Legal Understanding of Corporate Risk and Incentives in Relation to Human Rights Liability

    OpenAIRE

    Kaeb, Caroline

    2012-01-01

    This work examines the concept of Corporate Social Responsibility (CSR), particularly corporate human rights responsibility, by telling a “story of law and incentives” in way that fosters a comparative legal understanding of corporate risks and motivational drivers. The 2008 financial crisis has shown that trustworthiness on the part of corporations is indispensable for the sustainable well-being of society and corporate success alike. This reality mandates assessing the current legal and eco...

  2. What is legal medicine--are legal and forensic medicine the same?

    Science.gov (United States)

    Beran, Roy G

    2010-04-01

    Some consider the terms "forensic" and "legal" medicine to be synonymous but this is counter to the title of the Faculty of Forensic and Legal Medicine or the dual strands for progression to fellowship of the Australian College of Legal Medicine. The paper examines a very brief historical background to legal medicine and develops a definition of the strands thereof, namely legal and forensic medicine. It demonstrates that the two are different components of the application of medical knowledge upon the legal system. Legal medicine has greater relevance to civil and tort law, impacting upon patient care, whereas forensic medicine relates to criminal law and damage to, or by, patients.

  3. E-Business Reporting: Towards a Global Standard for Financial Reporting Systems Using XBRL

    Science.gov (United States)

    Long, Margaret J.

    2013-01-01

    Reporting systems can provide transparency into financial markets necessary for a sustainable, prosperous global economy. The most widely used global platform for exchanging electronic information about companies to regulatory bodies is XBRL. Standards for this platform are in the process of becoming legally harmonized, but not all countries are…

  4. Non-financial reporting beyond the strict minimum: is the workforce a well-informed stakeholder?

    NARCIS (Netherlands)

    Cremers, J.

    2013-01-01

    This working paper by Jan Cremers of the Amsterdam Institute of Advanced Labour Studies summarises the results of an inquiry by the SEEurope network on the current legal framework and practices in 28 European countries regarding non-financial and sustainability-related reporting by European

  5. Controlling Legal Risk for Effective Hospital Management

    Directory of Open Access Journals (Sweden)

    Hyun Jun Park

    2016-04-01

    Full Text Available Purpose: To analyze the types of medical malpractice, medical errors, and medical disputes in a university hospital for the proposal of countermeasures that maximize the efficiency of hospital management, medical departments, and healthcare providers. Materials and Methods: This study retrospectively reviewed and analyzed 55 closed civil lawsuits among 64 medical lawsuit cases carried out in Pusan National University Hospital from January 2000 to April 2013 using medical records, petitions, briefs, and data from the Medical Dispute Mediation Committee. Results: Of 55 civil lawsuits, men were the main plaintiffs in 31 cases (56.4%. The average period from medical malpractice to malpractice proceeding was 16.5 months (range, 1 month to 6.4 years, and the average period from malpractice proceeding to the disposition of a lawsuit was 21.7 months (range, 1 month to 4 years and 11 months. Conclusions: Hospitals can effectively manage their legal risks by implementing a systematic medical system, eliminating risk factors in administrative service, educating all hospital employees on preventative strategies, and improving customer service. Furthermore, efforts should be made to establish standard coping strategies to manage medical disputes and malpractice lawsuits, operate alternative dispute resolution methods including the Medical Dispute Mediation Committee, create a compliance support center, deploy a specialized workforce including improved legal services for employees, and specialize the management-level tasks of the hospital.

  6. Development and Delivery of Coursework: The Legal/Regulatory/Policy Environment of Cyberforensics

    Directory of Open Access Journals (Sweden)

    John W. Bagby

    2006-06-01

    Full Text Available This paper describes a cyber-forensics course that integrates important public policy and legal issues as well as relevant forensic techniques. Cyber-forensics refers to the amalgam of multi-disciplinary activities involved in the identification, gathering, handling, custody, use and security of electronic files and records, involving expertise from the forensic domain, and which produces evidence useful in the proof of facts for both commercial and legal activities. The legal and regulatory environment in which electronic discovery takes place is of critical importance to cyber-forensics experts because the legal process imposes both constraints and opportunities for the effective use of evidence gathered through cyber-forensic techniques. This paper discusses different pedagogies that can be used (including project teams, research and writing assignments, student presentations, case analyses, class activities and participation and examinations, evaluation methods, problem-based learning approaches and critical thinking analysis. A survey and evaluation is provided of the growing body of applicable print and online materials that can be utilized. Target populations for such a course includes students with majors, minors or supporting elective coursework in law, information sciences, information technology, computer science, computer engineering, financial fraud, security and information assurance, forensic aspects of cyber security, privacy, and electronic commerce.

  7. Amendment of liability and financial security under atomic energy law. Position of the insurers

    International Nuclear Information System (INIS)

    Boetius, J.

    1991-01-01

    Since Chernobyl in 1986, there have also been intensive activities in the insurance business in reviewing the legal framework conditions in terms of there consequences for a possible settlement of claims and in dealing with the question whether the old organizational rulings can still be considered sufficient in the light of the aforementioned disaster that has occured. This leads to the deliberations on a legal canalization of liability, on third party liability, financial security, indemnification by the state, damages through precautionary measures (evacuation) and organisation of the settlement of claims. (orig./HSCH) [de

  8. The Role of the Public Administration and the Methods Used to Reduce the Effects of the Economic and Financial Crisis

    Directory of Open Access Journals (Sweden)

    Ion Popescu Slaniceanu

    2011-09-01

    Full Text Available The current worldwide economic crisis brought back into discussion a topic long debated in the legal scholarship, pertaining both to administrative law, as well as to corporate and financial law, namely the optimal relationship between the self-regulation of the corporate and financial sector and its regulation and auditing by the institutions of the public administration .

  9. (Re)disclosing physician financial interests: rebuilding trust or making unreasonable burdens on physicians?

    Science.gov (United States)

    Sperling, Daniel

    2017-06-01

    Recent professional guidelines published by the General Medical Council instruct physicians in the UK to be honest and open in any financial agreements they have with their patients and third parties. These guidelines are in addition to a European policy addressing disclosure of physician financial interests in the industry. Similarly, In the US, a national open payments program as well as Federal regulations under the Affordable Care Act re-address the issue of disclosure of physician financial interests in America. These new professional and legal changes make us rethink the fiduciary duties of providers working under new organizational and financial schemes, specifically their clinical fidelity and their moral and professional obligations to act in the best interests of patients. The article describes the legal changes providing the background for such proposals and offers a prima facie ethical analysis of these evolving issues. It is argued that although disclosure of conflicting interest may increase trust it may not necessarily be beneficial to patients nor accord with their expectations and needs. Due to the extra burden associated with disclosure as well as its implications on the medical profession and the therapeutic relationship, it should be held that transparency of physician financial interest should not result in mandatory disclosure of such interest by physicians. It could lead, as some initiatives in Europe and the US already demonstrate, to voluntary or mandatory disclosure schemes carried out by the industry itself. Such schemes should be in addition to medical education and the address of the more general phenomenon of physician conflict of interest in ethical codes and ethical training of the parties involved.

  10. Legal Hybrids

    DEFF Research Database (Denmark)

    Herrmann, Janne Rothmar

    2009-01-01

    in which embryos and foetuses are placed are much more complex. These categories are identified using Danish legislation as an example and on that basis the article extracts and identifies the different parameters that play a part in the legal categorisation of the human conceptus.......The article discusses the inadequacy of traditional theory on legal personhood in relation to embryos and foetuses. To challenge the somewhat binary view of legal personhood according to which the ‘born alive' criterion is paramount the article demonstrates that the number of legal categories...

  11. FINANCIAL ASPECTS OF ECOLOGICAL CLEAN LEASE IN CARPATHIAN MACROREGION

    Directory of Open Access Journals (Sweden)

    Taras Sus

    2016-06-01

    Full Text Available The features of the modern development of the agricultural land lease market in Ukraine are considered. The possible two scenarios of development of land relations in the context of the moratorium on land sales and financial crisis are proposed. The basic directions of development of land relations and the threat of sale of agricultural land bypass the moratorium by perpetual lease transaction are considered. Because of the difficult economic conditions in Ukraine, devaluation of the national currency and decreasing of real rent, increasing poverty among the rural population perpetual lease agreements will gain more and more popularity. This creates dangerous tendencies for legal land quasi market organization in terms of the moratorium and in modern realities it is gaining popularity among large agricultural holdings. The increasing popularity of perpetual lease promotes the factor that land owners are able to obtain a large sum of money immediately after contract conclusion, but not in parts during the lease term. Inducing factors of such a scenario of land relations development and the gaps in legal support of agricultural reform are considered. Financial problems of ecological clean land lease and the ways of their solution are outlined. Key words: ecological agricultural production, lease, perpetual lease, rent, land  relations. JEL: Q 14, R 58

  12. Occlusion and temporomandibular disorders: a malpractice case with medical legal considerations.

    Science.gov (United States)

    Bucci, M B; Aversa, M; Guarda-Nardini, L; Manfredini, D

    2011-01-01

    Occlusion and temporomandibular The issue of temporomandibular disorders (TMD) diagnosis and treatment has become a matter of increasing interest in the medical legal field in recent years. The old-fashioned theories based on the occlusal paradigm was proven to be erroneous, and clinicians who still provide irreversible treatments to TMD patients have to be conscious of the potential legal consequences of their behavior. The present paper described an illustrative case report of a patient to whom extensive and irreversible occlusal therapies were performed with the unique aim to provide relief from TMD symptoms. The treatment was unsuccessful and the dental practitioner was called into cause for a professional liability claim. The clinician was judged guilty of malpractice on the basis of the lack of scientific evidence of the irreversible occlusal approaches to TMD, which were erroneously used and did not give the patient any benefit, thus forcing him to a non necessary financial and biological cost. The failure to satisfy the contract with the patient, which is usually not covered by any insurance company, forced the practitioner to give the money back to the patient. The ethical and legal implications of such case were discussed, with particular focus on the concept that medical legal advices need to satisfy the highest standards of evidence and have to be strictly based on scientific knowledge.

  13. NEW MULTIANUAL FINANCIAL FRAMEWORK: PRIORITIES FOR THE EUROPEAN UNION, PRIORITIES FOR ROMANIA

    Directory of Open Access Journals (Sweden)

    ROXANA-DANIELA PĂUN

    2013-05-01

    Full Text Available This article proposes a brief foray into the situation of the European economy, but especially of the banking system of the Member States affected differently by the current world economic crisis, or recession, but especially for a detailed analysis of the New Multiannual Financial Framework for the period 2014-2020, with the priorities which appear to be distinct for the EU and for Romania. After a comparative analysis of European regulations on the agreements of the previous financial negotiated for the period 2014-2020, and Delors I (1988-1992, Delors II (1993-1999, the Agenda 2000 (2000-2006 and multiannual financial framework (2007- 2013 and ultimately the provisions of the Treaty of Lisbon (which convert multiannual financial framework in an essential act from a legal point of view; express personal opinions on Romania’s priorities and on the challenges and perspectives in the actual European and global context.

  14. The legal process of environmental evaluation and examination in North America and in the European Union

    International Nuclear Information System (INIS)

    Delpiano, V.

    1999-01-01

    The most important goal of the Environmental Law is to maximize the prevention approach. As so far, a scheme has been initiated since a few years to reach this objective: a legal environmental process with a lot of mechanisms whose the objective is to estimate the environmental impact of a project in order to control it. This legal environmental process including for example the Environmental Impact Assessment is more and more integrated in the environmental policies of the industrialized countries. It began in North America, first in the U.S.A. but also in Canada. A few years after, the countries of the Western Europe, particularly the European Unions, have introduced a similar legal process taking into account the specificities of these European countries. So if the goals of this legal environmental preventive approach are similar in North America and in Western Europe, the implementation is often different according to the legal, economic but also sociological structures of these two major regions. This Phd Thesis try to study the two major impacts of this legal evaluating process: it is implemented by the public authorities to reach with a best result a Sustainable Development. But also, it tries to combine the protection of the Environment and the utilisation of legal, economic and financial mechanisms of the Market to obtain a fair trade competition. (authors)

  15. Legal considerations for social media marketing by pharmaceutical industry.

    Science.gov (United States)

    Yang, Y Tony; Chen, Brian

    2014-01-01

    Social media marketing is the next frontier for direct-to-consumer advertising of pharmaceutical products, but represents an unchartered territory for regulatory action. With explosive growth in the use of social media, along with pharmaceutical companies' increasing adeptness at taking advantage of opportunities for social media marketing, the Food and Drug Administration (FDA) faces an urgent need to develop its own capacities to monitor and engage with social media marketing. In response to potential FDA action, pharmaceutical companies' marketing, regulatory compliance and legal staffs must work closely to design initiatives that are sensitive to FDA concerns. This article will address the current status of FDA regulations on social media advertising, their historical origins, challenges to implementation, and their likely future direction.

  16. Legal analysis at the Law for Civil liabilities by nuclear damage

    International Nuclear Information System (INIS)

    Gonzalez G, A.

    2000-01-01

    The present work has the objective to analyse in specific terms the legal regime of the Civil liability by nuclear damage. It has been the intention of that this compilation is the initiation of a large way which awake the interests of jurists and specialists dedicated to study the aspects as the liability by nuclear damage, compensation guarantee, risk and nuclear damage among others. The peaceful applications of the nuclear energy require the necessity of a legal ordinance that it is updated according to the nuclear technology development that the regulations of the common law do not cover. This work is initiated mentioning some antecedents of the nuclear energy law in Mexico. Also is realized the study of the elemental concepts and definitions about the subject as the evolution of the legal figure in the National law frame where the jurist must do an incursion in the nuclear field and make use of scientific and technical terminology. It was analysed and it was made the reflection of the legal figure of liability, its exoneration cases, about the concepts of risk and nuclear damage overcoming the conceptual error among them. It is talked about the study of nuclear damage and its repairing as financial guarantee to compensate to the people injured by a nuclear accident. Finally, it was treated about the legal analysis and proposals of additions and reforms for updating the Nuclear damage liability Law, concluding with general contributions to the Law resulting products of this work. (Author)

  17. THE EUROPEAN BANKING UNION AND ROMANIA. THE IMPACT OF THE NEW EUROPEANLEGAL FRAME ON THE ROMANIAN FINANCIAL AND BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Dan-Adrian Cărămidariu

    2014-11-01

    Full Text Available The paper studies from a legal and economical perspective the European Banking Union, the latest set of measures adopted by the European Union in order to assure the stability of Europe’s financial and banking system and to prevent future crises. At the same time, the paper analyzes the influence this new institutional and legal mechanism could have on the Romanian financial and banking system, if our country is to take part in the European Banking Union. The paper will discuss the four European legal texts, namely the EU Regulation No 575/2013 and the three directives concerning the capital requirements for the banking system, the recovery and resolution of credit institutions and the deposit guarantee schemes, which, together, set up the European Banking Union’s legal frame. Further, the paper will study the implementation and the transposition of these European provisions into national law. The study’s conclusions will take into consideration the advantages and disadvantages connected to Romania’s participation to the European Banking Union, by showing that, in the context of the introduction of the single currency, the participation to the Banking Union is a necessary exercise.

  18. Regional Legal Assistance

    Directory of Open Access Journals (Sweden)

    Abdul Fatah

    2015-06-01

    Full Text Available Legal aid policy in the area carried out on several considerations including: Implementation of the authority given to the legal aid act, granting the guarantee and protection of access to justice and equality before the law in the area, equitable distribution of justice and increase public awareness and understanding of the law, and legal implications that accompanied the emergence of the right to legal counsel without pay and the right to choose the legal settlement. How To Cite Fatah, A. (2015. Regional Legal Assistance. Rechtsidee, 2(1, 1-10. doi:http://dx.doi.org/10.21070/jihr.v2i1.7

  19. CONCEPTUALIZATION OF FINANCIAL RESOURCES OF LOCAL AUTHORITIES

    Directory of Open Access Journals (Sweden)

    Аnna Briazkalo

    2016-11-01

    Full Text Available Aim of the article is to study and generalize scientific approaches to the determination of essence, content and components of financial resources of local authorities. The methodology is the use of various general scientific and special methods of research. So, during the study the following methods were used: dialectic method, with the help of which the essence of financial resources of local authorities was determined; methods of comparative analysis of scientific thoughts about the category “financial resources”, “financial resources of local authorities”; systematization of main characteristics of financial resources at the level of state and local authorities; structuralfunctional method in order to classify financial resources. Study results are represented by determination of economic essence of financial resources, their main features, and it is proposed an improvement of the concept “financial resources”, “financial resources of local authorities”. Financial resources are an aggregate of resources (monetary and non-monetary, which are creating and forming owning to distribution and redistribution of gross domestic product by economic entities, households, state and local authorities and are in fund and non-fund form with the aim to ensure their purposeful productive use for the benefit of natural and legal persons as well as society in general. Thus, the financial resources of local authorities – are an aggregate of monetary resources created as a result of the distribution and redistribution of the gross domestic product (some of which are in the appropriate funds, required by local authorities to perform their functions and tasks in order to ensure economic and sociocultural development of the local community. Taking into attention the features of functioning of the main subjects of local finance for thorough study of the essence of local authorities’ financial resources, their main components are considered

  20. [Compliance with antismoking laws in official institutions].

    Science.gov (United States)

    Cordovilla, R; Barrueco, M; González Ruiz, J M; Hernández, M A; de Castro, J; Gómez, F

    1997-01-01

    The prevention of nicotine addiction involves a wide range of measures, including writing laws to preserve public health by protecting nonsmokers from smoke and discouraging smokers from consumption. Also important are campaigns to educate both parties (smokers and nonsmokers) about the negative effects of tobacco. The main antismoking law in Spain is the Health and Consumer Ministry's Royal Decree 192/1988 limiting the sale and use of tobacco with the aim of protecting public health. Other regulations have since been enacted by public administrations to complement that law. Research finding published in recent years have been the basis for major legal changes leading in two directions; toward standardizing laws existing in different countries and toward increasing restrictions on the advertising and sale of tobacco. Various scientific and social groups have demanded that current laws be made stricter. Little has been done, however, to assess the degree of vigilance and compliance, and consequently the efficacy, of current legislation. The aim of this study was to determine the level of compliance with the law in governmental institutions in Salamanca. We visited 30 centers and saw that while notices prohibiting smoking were visible in 80%, the number of smokers was high: 43% among workers (none of whom was in educational or medical centers) and 37% among the public. No posters warning of the dangers of tobacco were seen in any of the centers visited. It appears necessary to further restrict the sale and use of tobacco in public places, to enforce compliance with existing regulations and to increase the amount of information on the toxic effects of tobacco in order to gain the cooperation of both smokers and nonsmokers toward achieving smoke-free environments.

  1. An Approach to Regulation on Financial Derivatives in the Spanish Law

    Directory of Open Access Journals (Sweden)

    Pablo Sanz Bayón

    2013-07-01

    Full Text Available This review examines the major reforms implemented in the regulations governing the trading of financial derivatives in Spain. This new regulation is intended to harmonize the treatment of derivative products with the legal standards of international markets in the European area as well as improving their competitiveness by enhancing the trading of new products and business lines in the Spanish markets while reducing the systemic risk associated to the clearing and settlement of derivatives contracts. Including measures regarding the conversion of OTC derivatives into assets quoted on organized markets into Spanish law has made an important contribution to a better regulation, security and transparency of the financial system.

  2. The Amsterdam Hip Protector Study: Compliance and determinants of compliance

    NARCIS (Netherlands)

    van Schoor, N.M.; Asma, G.; Smit, J.H.; Bouter, L.M.; Lips, P.T.A.M.

    2003-01-01

    Hip protectors appear to be effective in reducing the incidence of hip fractures. However, compliance is often poor. Therefore, the objective of this study was to examine the compliance and determinants of compliance with external hip protectors. A prospective study was performed in residents from

  3. ACCOUNTING AND FINANCIAL REPORTS IN THE FUNCTION OF CORPORATE GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Jugoslav Aničić

    2017-04-01

    Full Text Available Market economy development is highly dependent upon accounting data reliability and financial report quality because the investors decide more easily on investments in the market which had earned trust and safety in the previous period. Big financial scandals from the beginning of the 21st century and still actual financial crisis at the global level have especially contributed to that. The information prepared on the basis of high quality, transparent and comparable international standards considerably reduce investment risks as well as the cost of raising capital. On the other hand, the management of a large number of companies is focused on the creation of short-term personal benefits as opposed to the investors primarily interested in company survival and growth, that is, long-term goals. Information asymmetry is often present in the financial markets, and its damaging results, as a rule, are borne by shareholders and other stakeholders of the company. Corporate governance depends on legal, regulative and institutional environment, and it should balance the interests of the shareholders, capital owners, managers as well as company business managers.

  4. Economic Meaning of the Concept of “Non-Financial Reporting”

    Directory of Open Access Journals (Sweden)

    Bezverkhiy

    2017-02-01

    Full Text Available The issue related with interpretation of the economic meaning of “non-financial reporting” becomes vital in view of harmonizing the Ukrainian legal acts with EU standards, including ones on accounting. In practice, much confusion still occurs: non-financial reporting may either be seen as separated reporting, or as one identical to integrated reporting, or as an integrated reporting component. The aim of the study is to clarify the economic meaning of the concept of “non-financial reporting. A review and systematization of definitions of the economic meaning of “non-financial reporting”, given by various authors in 2009 to 2016, is made. The sample of reviewed sources includes reference literature, books, theses and theses abstracts, scientific articles and proceedings of scientific conferences. The dynamics of publication activity of researchers and economists in interpreting the economic meaning of “non-financial reporting” over this period is analyzed. It is found that the highest publication activity in interpreting the economic meaning of the term “non-financial reporting” was in 2015. Approaches to the interpretation of the economic meaning of “non-financial reporting” are summed up. It is found that the largest share of literary sources (76.32% define non-financing reporting as a tool to meet information needs of stakeholders regarding the company’s economic, social or ecological indicators. The author’s definition of “non-financial reporting” is proposed.

  5. Financial aspects of decommissioning

    International Nuclear Information System (INIS)

    Chirica, T.; Havris, A.

    2003-01-01

    European Commission adopted recently two proposals of Directives designed to pave the way for a Community approach to the safety of nuclear power plants and the processing of radioactive waste. Nuclear safety cannot be guaranteed without making available adequate financial resources. With regard, in particular, to the decommissioning of nuclear facilities, the Directive defines the Community rules for the establishment, management and use of decommissioning funds allocated to a body with legal personality separate from that of the nuclear operator. In order to comply with the acquis communautaire, Romanian Government issued the Emergency Ordinance no. 11/2003 which set up the National Agency for Radioactive Waste (ANDRAD) and soon will be established the financial mechanism for raising the necessary funds. Societatea Nationala 'Nuclearelectrica' S.A. operates, through one of its branches, Cernavoda NPP Unit 1 and has to prepare its decommissioning strategy and to analyze the options to assure the financing for covering the future costs. The purpose of this paper is to clarify the financial systems' mechanisms to the satisfaction of the nuclear operator obligations, according to the disbursement schedule foreseen by decommissioning projects . The availability of cash to pay for all the decommissioning expenditure must be foreseen by setting up assets and establishing a suitable financing plan. The different practices of assets management shall be presented in this paper on the basis of the international experience. Some calculation samples shall be given as an illustration. (author)

  6. VALUES OF THE EUROPEAN FINANCIAL SPACE

    Directory of Open Access Journals (Sweden)

    NICU DURET

    2011-04-01

    Full Text Available This paper aims to analyze the perspective of the European financial space which should allow the professional intermediaries – the credit establishments, the insurance companies or investment services, to propose their services to the entire community of customers. Actually, here are considered the traditional banking services, such as those that provide insurance, especially those relating to life insurance.The access to regulated markets, it takes place in the perspective of this financial space, especially after coming into circulation of Euro coin. It should be insight, that the access to these markets, often requires the using of intermediaries. We can not speak about the existence of the financial space, without the freedom of action of these professional intermediaries. Concerning the freedom of these services, we can say that they depend on the movement of capital, and the movement capital is engaged since the directive of May 11, 1966, and subsequently is required after the June 24, 1988 and was confirmed by the Maastricht Treaty. Thus, we can discuss about the liberty of movement of capital, through angle the coordination of national legislation in matters of banks, the insurance and the investment services through a significant number of directives adopted. Nowadays, the European financial space is overtake, the EU borders and the internationalization of operations is require the extensive possible legal framework of application, also all the directives issued in matters of banks and insurance are covered by Annex VIII of the Agreement on the European Financial Space. The agreement also provides the interdictions of restrictions or discrimination concerning the movements of capital. As a consequence, the study is approach both to aspects concerning the European financial space and the interdictictions of restrictions or discrimination concerning the movements of capital.

  7. Mapping Tax Compliance

    DEFF Research Database (Denmark)

    Boll, Karen

    2014-01-01

    Tax compliance denotes the act of reporting and paying taxes in accordance with the tax laws. Current social science scholarship on tax compliance can almost entirely be divided into behavioural psychology analyses and critical tax studies. This article, which presents two cases of how tax...... compliance is constructed, challenges the explanatory reaches of today's social science approaches, arguing that an alternative approach to understanding tax compliance is worthwhile exploring. This other choice of approach, inspired by actor–network theory (ANT), adopts a more practice-oriented focus...... that studies tax compliance where it takes place as well as what it is made of. Consequently, this article argues that tax compliance is a socio-material assemblage and that complying is a distributed action. The article concludes by highlighting how an ANT approach contributes to the further theoretical...

  8. RTE - Business and sustainable development report 2015. Management report consolidated financial statements 2015. Report by the chairman of the supervisory board 2015

    International Nuclear Information System (INIS)

    2016-01-01

    After an introduction by the RTE's CEO, brief presentations of governance bodies (management board, executive committee, supervisory board), and a presentation of some statistics illustrating RTE activities and efficiency, the activity report addresses and illustrates some specific issues: moving for local to European scale by promoting electrical solidarity among the regions, climate solutions in support of sustainable, economical and efficient power system, experts solutions for tomorrow's electricity. The management report contains financial and legal information (significant events of 2015, economic environment, business and results, financing, financial structure, outlook for 2016, risk analysis), company information (employment, work organisation, labour relations, health and safety, training, diversity and equal opportunities, compliance with International Labour Organisation conventions), environmental information (general environmental policy, pollution and waste management, sustainable use of resources, climate change, protection and development of biodiversity), and societal information (local, economic and social impact of RTE's business, relations with people and organisations concerned by RTE's business, out-sourcing and suppliers, fair practices, other action to promote human rights). The third report presents the governance organisation of RTE (supervisory board, executive board, principles of remuneration of supervisory board and executive board members, general meetings, information publication). It describes the internal control at RTE (organisation, actors), presents the policy of risk management and control, activities of audit and control within RTE. It finally presents external controls made by different public bodies

  9. FORMATING SPECIAL FINANCIAL FEATURES RESOURCES OFAGRICULTURAL ENTERPRISES IN MODERN CONDITIONS

    Directory of Open Access Journals (Sweden)

    Bodnar O.

    2018-01-01

    Full Text Available The essence of financial resources of enterprises of agrarian sphere, peculiarities of their formation are considered. Theoretical views of scholars-economists on the definition of “financial resources” are systematized, their nature, forms and meaning have been investigated to ensure the expanded reproduction of agricultural enterprises. The interrelation of sources of formation of financial resources of agricultural enterprises with their financial and economic activities were analyzed. The classification of sources of formation of financial resources is proposed and its detailed analysis of the types of financial (cash relations which arise in the agricultural enterprises are established. A number of characteristics of agriculture, which affects its functioning in conditions of market economy, was identified. The factors influencing financial security of agricultural enterprises are established and categorized. The organizational and legal forms of agribusiness have been determined and the advantages and disadvantages of the formation of enterprises of different ownership forms have been analyzed. There are several organizational forms of entrepreneurial activities in agriculture: an individual, partnership, corporate. The peculiarities of formation of financial resources in the world practice are considered, and a number of financial instruments that may use the agricultural enterprises of Ukraine are offered. There is one of the most effective tool for attracting enterprises with large amounts of financial resources was offered and its importance to the agricultural private enterprises was substantiated. Attention to the impact of modern globalization processes with the financial support of the enterprises of agrarian sphere was drawn. The state programs of financial support of agricultural complex were analyzed and the main directions of further development of the system of state support of the financial mechanism in agriculture of

  10. Financing and financial management of network managers; Financiering en financieel beheer van netbeheerders

    Energy Technology Data Exchange (ETDEWEB)

    De Witt Wijnen, R.; Aarts, V.P. [De Brauw Blackstone Westbroek, Den Haag (Netherlands)

    2006-10-15

    In proceedings running side-by-side to the legislative initiative (the Bill) aimed at forced unbundling of energy network companies on the one hand and commercial energy companies on the other, the Dutch office for energy regulation (DTe) adopted the so-called Enforcement Plan on the financing of energy group companies (the Plan). The Plan obtained the approval of the Dutch Minister of Economic Affairs shortly after and implements at policy level existing legal provisions aimed at preventing cross-subsidization from and providing competitive advantages by network managers to commercial group companies as well as at banning the use of the networks or income derived therefrom as security other than for the benefit of network management. In the Bill provisions are proposed which expand the prohibitions of the existing legal provisions even further. The authors discuss the legal status of the Plan as well as the various financial regulations set forth in the Plan. They question whether the Plan really is an enforcement plan as specifically provided for in the Electricity Act 1998 and the Natural Gas Act. They conclude that for the largest part the Plan contains material norms (which they discuss in some detail). Arguably, some of these not only interpret the current legal provisions but effectively implement these provisions beyond the limits of current legislation and without the required power of delegation provided by law. The authors venture that for these reasons, in the case occurring, some elements of the Plan may turn out to be unenforceable and that a judicial review of other elements may turn out to be less marginal than could otherwise be expected where policy decisions are being contested. The Bill would seem to provide the opportunity to (partially) remedy the lack of a sufficient legal basis of some of the elements of the Plan. The expanded provisions in the Bill on financial management by network operators provide for implementing rules to be adopted in

  11. Diversity management in the workplace: beyond compliance

    Directory of Open Access Journals (Sweden)

    N.S. Gwele

    2009-09-01

    Full Text Available Diversity management is not a numbers game. Diversity management is a holistic and strategic intervention aimed at maximizing every individual’s potential to contribute towards the realization o f the organization’s goals through capitalizing on individual talents and differences within a diverse workforce environment. Managing interpersonal relationships within a diverse workforce environment presents a number of challenges related to changes in the social, legal and economic landscape, individual expectations and values as well as the inevitable change in organizational culture (Chartered Institute of Personnel and Development 2005: 1-7. Whether or not organizations are effective in managing diversity is a function of senior managements’ commitment, and the perceived centrality of diversity management by all those who populate the institution’s workspace. Above all it should be clear to all employees, irrespective of race, gender, or vocational/professional status, that each and every one of them has something of value to contribute towards the realization of the institution’s mission and goals. It is crucial to determine clear and manageable success indicators, focusing not only on compliance with legal obligations to include and/or increase the number of employees from the underrepresented and designated groups, but also on strategic intervention strategies to be used to promote and nurture individual talent and potential toward the realization of both individual aspirations and organizational goals re-quality patient outcomes.

  12. Exploring the Role of Cognitive Factors in a New Instrument for Elders' Financial Capacity Assessment.

    Science.gov (United States)

    Giannouli, Vaitsa; Stamovlasis, Dimitrios; Tsolaki, Magda

    2018-01-01

    The influence of cognitive factors on financial capacity across the dementia spectrum of cognitive aging, Alzheimer's disease (AD), and mild cognitive impairment (MCI) has been little investigated, while it has not been investigated at all in other types of dementia as well as in extended samples of elders in Greece. The aim of this study is to investigate financial capacity, to develop a tool, test its psychometric properties, validate, and then test the tool in groups of healthy controls compared to elders with dementia, while examining other facets of their cognitive performance. 719 elders from Greece including healthy participants and patients with different types of dementia were examined with Legal Capacity for Property Law Transactions Assessment Scale (LCPLTAS) and a battery of neuropsychological tests concerning various cognitive functions. Significantly different profiles in the scores and subscores of LCPLTAS for all the groups of dementia patients were found, with a general incapacity finding for all the dementia groups including the MCI patients. Logistic regression showed that Mini-Mental State Examination (MMSE), Geriatric Depression Scale, and Trail Making Part B predicted competence on LCPLTAS for the dementia patients. Persons with MCI and dementia had lower financial knowledge scores than those without cognitive impairment, with MMSE scores below 27 suggestive as an indication of financial incapacity. The LCPLTAS provides information for a strong positive correlation with MMSE, while the use both of MMSE and LCPLTAS as adequate measures of financial (in)capacity is discussed for the Greek legal procedures regarding elder guardianship cases.

  13. THE PROBLEM OF LEGAL REGULATION OF THE OPERATION OF THE OVER-THE-COUNTER (OTC CURRENCY MARKET (FOREX IN UKRAINE AND THE EU

    Directory of Open Access Journals (Sweden)

    Eugene Podorozhnyi

    2017-12-01

    Full Text Available The aim of the article is to evaluate the state of legal institutionalization of the OTC foreign exchange market in Ukraine, as well as its comparison with the foreign experience of legal regulation of OTC currency relations in Ukraine and EU countries. The subject of the study is the legal and administrative framework for the functioning of the OTC currency market (Forex in Ukraine and in the EU countries. The methodology of the study consists of: historical and legal method, which allowed determining the preconditions for the emergence of OTC markets in Ukraine and the world and the principles of their functioning; system and structural method, which was used to analyse the world monetary system as an institutional and functional form of organization of international monetary and financial relations; a formal legal method that allowed us to comprehensively investigate a condition of regulation of the functioning of Forex in Ukraine, to identify its shortcomings, gaps, contradictions, and miscalculations, as well as to develop recommendations aimed at their elimination; a comparative and legal method that provided a deeper study of the specifics of the legal regulation of the functioning of Forex in the EU and to define ways of implementing a positive foreign experience in the national legal system. The results of the conducted legal study have shown that in Ukraine, the Forex market operates in legal vacuum conditions that negatively affect either the protection of the rights of forex clients or the amount of tax revenues to the state budget. The most acceptable way to eliminate this shortcoming is to implement the main principles and requirements of the MiFID in the national legislation. Practical impact. The research of experience of EU countries regarding the legal regulation of Forex companies activity and also regarding the creation of legal bases for implementation by the specified companies of self-regulation – it is a necessary

  14. Integrated system for automated financial document processing

    Science.gov (United States)

    Hassanein, Khaled S.; Wesolkowski, Slawo; Higgins, Ray; Crabtree, Ralph; Peng, Antai

    1997-02-01

    A system was developed that integrates intelligent document analysis with multiple character/numeral recognition engines in order to achieve high accuracy automated financial document processing. In this system, images are accepted in both their grayscale and binary formats. A document analysis module starts by extracting essential features from the document to help identify its type (e.g. personal check, business check, etc.). These features are also utilized to conduct a full analysis of the image to determine the location of interesting zones such as the courtesy amount and the legal amount. These fields are then made available to several recognition knowledge sources such as courtesy amount recognition engines and legal amount recognition engines through a blackboard architecture. This architecture allows all the available knowledge sources to contribute incrementally and opportunistically to the solution of the given recognition query. Performance results on a test set of machine printed business checks using the integrated system are also reported.

  15. Analysis of the Ethical, Legal and Economic Domains of Corporate Social Responsibility: A Business Case

    Directory of Open Access Journals (Sweden)

    Diana Carolina Peláez Villada

    2013-12-01

    Full Text Available The tendency of organizations is to achieve positioning and legitimacy through strategies of corporate social responsibility (CSR. This article focuses on the analysis of CSR practices and it seeks, through a business case, to define a method to examine the benefits of its application in society and in organizations. From the proposal of Schwartz (2011 on the domains of corporate social responsibility, where the ethical, economic, and legal dimensions of philanthropic organizations converge, financial reports and social balances of a company, were studied, where we identified, financial, ethical, and tax variables which allowed us to establish the orientation and balance between social responsibility practices and corporate image.

  16. The Determinants of the Compliance to Public Procurement Policy Requirements among Public Enterprises in Zimbabwe

    Directory of Open Access Journals (Sweden)

    Maxwell Sandada

    2016-09-01

    Full Text Available Many public entities in Zimbabwe are operating in a very volatile environment characterised by public procurement systems open to abuse. Zimbabwe is one of the first countries in Africa to have a Procurement Act however non-compliance issues are still a challenge. Public procurement scandals have been a hot topic with the media and also with the Report of the Auditor General for the financial year ended December 31, 2014 having picked on a lot of issues relating to non-compliance with procurement regulations in a number of public enterprises. The purpose of the study was to assess the influence selected factors (enforcement, professionalism, political interferences, familiarity with Procurement Act regulations and ethics on compliance to procurement regulations within the public entities. A quantitative survey research approach was used to collect data from 144 public procurement professionals in public entities in Harare, Zimbabwe. SPSS software version 21 was used to process the data that were later analysed through correlation and regression analyses. Familiarity with procurement regulations, enforcement and political interference were found to be statistically significant predictors of compliance. The managerial implications and direction for future research are provided.

  17. Environmental Compliance Mechanisms

    NARCIS (Netherlands)

    Merkouris, Panagiotis; Fitzmaurice, Malgosia

    2017-01-01

    Compliance mechanisms can be found in treaties regulating such diverse issues as human rights, disarmament law, and environmental law. In this bibliography, the focus will be on compliance mechanisms of multilateral environmental agreements (MEAs). Compliance with norms of international

  18. [Marketability of food supplements - criteria for the legal assessment].

    Science.gov (United States)

    Breitweg-Lehmann, Evelyn

    2017-03-01

    To be placed on the market legally, food supplements have to meet national and European food law regulations. This is true for all substances used as well as for the labeling on the packaging of and the advertising for food supplements. The food business operator is responsible for its compliance with all regulations. Therefore, in this article, a concise step-by-step assessment is presented, covering all necessary legal requirements to market food supplements. Additionally, all steps are visualized in a flow chart. All vitamins, minerals and other substances used have to meet the legal conditions. Food business operators have to make sure that their products do not contain medicinal ingredients based on their pharmacologic effect. It is prohibited to place medicinal products as food supplements on the market. Furthermore, food business operators have to make sure that their products are not non-authorized novel foods according to the novel food regulation (EC) no. 258/97. Also, food supplements have to meet the requirements of article 14 of Regulation (EC) No. 178/2002 concerning the safety of foodstuff. Food shall not be placed on the market if it is unsafe. For food supplements that fail the German food-related legal standards but are legally manufactured in another EU member state or are legally put into circulation, the importer requires the so-called general disposition, which must be applied for at the BVL according to § 54 of the German Food and Feed Act. Another possibility for food which fails to meet German food law is to apply for a certificate of exemption according to § 68 of the Food and Feed Act. The food business operator has to meet the harmonized regulations concerning maximum and minimum levels of additives, flavors and enzymes. The packaging has to meet the compulsory labeling as well the voluntary labeling, like health claims. The BVL is also the relevant authority for other tasks concerning food supplements. A figure shows all

  19. Risk management, derivatives and shariah compliance

    Science.gov (United States)

    Bacha, Obiyathulla Ismath

    2013-04-01

    Despite the impressive growth of Islamic Banking and Finance (IBF), a number of weaknesses remain. The most important of this is perhaps the lack of shariah compliant risk management tools. While the risk sharing philosophy of Islamic Finance requires the acceptance of risk to justify returns, the shariah also requires adherents to avoid unnecessary risk-maysir. The requirement to avoid maysir is in essence a call for the prudent management of risk. Contemporary risk management revolves around financial engineering, the building blocks of which are financial derivatives. Despite the proven efficacy of derivatives in the management of risk in the conventional space, shariah scholars appear to be suspicious and uneasy with their use in IBF. Some have imposed outright prohibition of their use. This paper re-examines the issue of contemporary derivative instruments and shariah compliance. The shariah compatibility of derivatives is shown in a number of ways. First, by way of qualitative evaluation of whether derivatives can be made to comply with the key prohibitions of the sharia. Second, by way of comparing the payoff profiles of derivatives with risk sharing finance and Bai Salam contracts. Finally, the equivalence between shariah compliant derivatives like the IPRS and Islamic FX Currency Forwards with conventional ones is presented.

  20. Evaluation of Legal Data Protection Requirements in Cloud Services in the Context of Contractual Relations with End-Users

    Directory of Open Access Journals (Sweden)

    Darius Štitilis

    2014-03-01

    Full Text Available Purpose – to analyse the compliance with basic principles of data protection in selected consumer oriented cloud services contracts, and also to highlight the adequate level of data protection in the mentioned contracts, evaluating existing data protection directive 95/46/EC, also proposed General data protection regulation.Design/methodology/approach – various survey methods have been used in the work integrated. Documental analysis method has been used in analysis of scientific literature, legal acts and other documents, where aspects of legal data protection requirements have been included. Legal documents analysis method together with logical-analytic method has been used in analysing Directive 95/46/EU, Proposal for a regulation of the European Parliament and of the Council and jurisprudence of the European Court of Human Rights. Comparative method has been applied for revealing difference between particular cloud services contracts and also comparing the compliance of cloud services contracts to requirements of basic European data protection principles, established in the international documents.Findings – from the brief analysis of selected consumer oriented cloud service providers, it may be implied that more or less all the legal principles, established in the legal acts, are reflected in the privacy policies and/or service agreements. However, it shall be noted that there is a big difference in wording of the analysed documents. Regarding other principles, all examined cloud service providers do not have indemnification provisions regarding unlawful use of personal data.Research limitations/implications – the concept of the contract was presented in a broad sense, including the privacy policies and/or terms and conditions of the service providers. In accordance with the content of the principles, the authors grouped data protection principles, applied in cloud services into fundamental and recommendatory.Practical implications

  1. Watch out worker

    International Nuclear Information System (INIS)

    2007-12-01

    This material is intended to inform the TOE on the advantages and objectives of an adequate radiation protection and assistance offered by using a personal dosimeter at the same time clearly specifies the obligations of the same when it comes to compliance with the rules legal force in the country. The material was done by specialists in the field and with the financial support of the IAEA [es

  2. Presentation of Accrued Annual Leave in the FY 1996 Defense Agency Financial Statements of the Defense Business Operations Fund

    National Research Council Canada - National Science Library

    1997-01-01

    .... We also assessed internal controls and compliance with laws and regulations. As part of that objective, we evaluated how the Defense agencies presented the accrued leave account on the FYs 1994,1995, and 1996 Statements of Financial Position...

  3. ECONOMIC AND LEGAL ASPECTS OF CREATION OF AN INTERNATIONAL FINANCIAL CENTER AS IMPORTANT CIS AND EVRASES COUNTRIES INTERGATION FACTOR

    Directory of Open Access Journals (Sweden)

    V. S. Balabanov

    2011-01-01

    Full Text Available The process of forming in Moscow a regional (to be in future transformed into a global international Single Economic Space (SES financial center should become for the Commonwealth of Independent States (CIS and Euroasian Economic Community (EvrAsES countries an universal integration instrument to be used to create their common economic and commercial space. The international center along with SES national financial centers will form an internationally competitive polycentric financial network with single institutional (regulatory, law, customs, etc.agreements. A mechanism should be formed to attract countries outside Customs Union to participate in creation of the international financial center.

  4. Legal Central Bank Independence and Inflation in Latin America During the 1990s

    OpenAIRE

    Luis Ignacio Jácome

    2001-01-01

    This paper reviews central banks' legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks' financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased ce...

  5. Federal Energy Regulatory Commission fiscal year 1997 annual financial statements

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-02-24

    This report presents the results of the independent certified public accountants` audit of the Federal Energy Regulatory commission`s statements of financial position, and the related statements of operations and changes in net position. The auditors` work was conducted in accordance with generally accepted government auditing standards. An independent public accounting firm conducted the audit. The auditors` reports on the Commission`s internal control structure and compliance with laws and regulations disclosed no reportable conditions or instances of noncompliance.

  6. Legal ivory trade in a corrupt world and its impact on African elephant populations.

    Science.gov (United States)

    Bennett, Elizabeth L

    2015-02-01

    Illegal hunting of African elephants (Loxodonta africana) for ivory is causing rapid declines in their populations. Since 2007, illegal ivory trade has more than doubled. African elephants are facing the most serious conservation crisis since 1989, when international trade was banned. One solution proposed is establishment of a controlled legal trade in ivory. High prices for ivory mean that the incentives to obtain large quantities are high, but the quantity of tusks available for trade are biologically constrained. Within that context, effective management of a legal ivory trade would require robust systems to be in place to ensure that ivory from illegally killed elephants cannot be laundered into a legal market. At present, that is not feasible due to corruption among government officials charged with implementing wildlife-related legislation. With organized criminal enterprises involved along the whole commodity chain, corruption enables the laundering of illegal ivory into legal or potentially legal markets. Poachers and traffickers can rapidly pay their way out of trouble, so the financial incentives to break the law heavily outweigh those of abiding by it. Maintaining reliable permitting systems and leak-proof chains of custody in this context is challenging, and effective management breaks down. Once illegal ivory has entered the legal trade, it is difficult or impossible for enforcement officers to know what is legal and illegal. Addressing corruption throughout a trade network that permeates countries across the globe will take decades, if it can ever be achieved. That will be too late for wild African elephants at current rates of loss. If we are to conserve remaining wild populations, we must close all markets because, under current levels of corruption, they cannot be controlled in a way that does not provide opportunities for illegal ivory being laundered into legal markets. © 2014 Society for Conservation Biology.

  7. Tax management in strengthening financial independence of local government

    Directory of Open Access Journals (Sweden)

    Badida M.P.

    2017-05-01

    Full Text Available The article analyses the directions of tax management in the context of budgetary decentralization. The paper aims to research tax management in the system of forming local budgets in the conditions of financial resources decentralization and analyze the current tools of tax management on the local level. In spite of a great number of researches, the issue of tax management in strengthening financial independence of local budgets is not enough studied; therefore, to reach financial independence of local communities it is necessary to adopt new normative and legal acts concerning decentralization of financial resources taking into account tax potential of each territorial community. The lack of financial resources causes the problem of optimal redistribution of power among central and local authorities. The author proposes the new mechanisms of solving the current problems on the example of local budget of the city of Uzgorod to contribute budgetary decentralization. The principal idea while conducting the reform of the budgetary process must be the adoption of certain changes in budgetary legislation which have to shift the mechanisms of budgetary financing and equating local budgets. The author concludes that the progressive vector of well-being increasing completely depends on the developed concept of regional economic policy. The article pays attention to the importance of taking into account the tax potential of a territory and characterizes the directions of strengthening financial independence of local government.

  8. ENHANCING VOLUNTARY COMPLIANCE BY REDUCING COMPLIANCE COSTS: A TAXPAYER SERVICE APPROACH

    OpenAIRE

    Glenn Jenkins; EDWIN FORLEMU

    1993-01-01

    In this paper an overview is made of the determinants of voluntary tax compliance. Unlike previous treatments of this subject, the cost of taxpayer compliance is considered as an important determinant of overall level of voluntary compliance in a country. A number of ways that tax authorities reduce compliance are discussed, and the most common uses of information technology in providing taxpayer service is described. Finally, the paper considers some of the ways that such activities might be...

  9. Legal framework of the environmental regulatory regime

    International Nuclear Information System (INIS)

    Black, D.

    1992-01-01

    The growing concern regarding environmental issues has presented a number of new challenges to those exploring and developing the hydrocarbon reserves located on the Newfoundland continental shelf. Not the least of these challenges is the development of new technologies in the harsh environment of the North Atlantic; in addition, these new technologies must be implemented in an existing and ever-changing regulatory regime. The legal framework of the environmental regulatory regime relating to offshore development in Canada is reviewed along with some of the more important legislation involved in regulating environmental issues in the offshore area. The legal basis for exploration, development, and management of resources located on the Newfoundland continental shelf is the Canada-Newfoundland Accord on Joint Management of Offshore Oil and Gas Resources off Newfoundland and Labrador. Administration of the Accord is the responsibility of the Canada-Newfoundland Offshore Petroleum Board. To be able to apply Canadian laws to the continental shelf, legislation was passed including the Canadian Laws Offshore Application Act as well as the Act implementing the Accord. The latter gives the Offshore Petroleum Board authority to regulate all stages involved in bringing an oil pool to production, such as granting of licenses and work authorizations. Granting of such licenses and authorizations is subject to compliance with environmental requirements, and there are provisions against certain environmental offenses such as spills. Other federal legislation applicable to the offshore includes the Canada Shipping Act and the Canadian Environmental Protection Act

  10. Research Challenges in Financial Data Modeling and Analysis.

    Science.gov (United States)

    Alexander, Lewis; Das, Sanjiv R; Ives, Zachary; Jagadish, H V; Monteleoni, Claire

    2017-09-01

    Significant research challenges must be addressed in the cleaning, transformation, integration, modeling, and analytics of Big Data sources for finance. This article surveys the progress made so far in this direction and obstacles yet to be overcome. These are issues that are of interest to data-driven financial institutions in both corporate finance and consumer finance. These challenges are also of interest to the legal profession as well as to regulators. The discussion is relevant to technology firms that support the growing field of FinTech.

  11. Legal method in danish law

    DEFF Research Database (Denmark)

    Blume, Peter Erik

    and furthermore a brief account of Danish legal history is provided. The following chapters concern: • Legal institutions, • Statute and Statutory Law • Legal Decisions • Legal Literature and Legal Knowledge • Other National Legal Sources • External Influences on Danish Law......This book describes how legal method is used within the Danish legal system. Its target group is foreign lawyers and law students who have an interest in knowing how Danish law commonly is determined and applied. In the first chapters legal method and legal sources in general are defined...

  12. LEGAL AND ECONOMIC PERSPECTIVES ON THE LEGAL PENALTY INTEREST

    Directory of Open Access Journals (Sweden)

    Rodica Diana APAN

    2014-06-01

    Full Text Available The legal evaluation of the penalty interest, meaning the ex lege determination of its level is applicable only in the case of non-fulfillment of a monetary payment obligation. The applicability of the system of legal evaluation of the interest is generally determined by the absence of a document that ascertains the agreement of the parties, such as a contract, through which the parties, following this agreement, evaluate the prejudice caused by the non-fulfillment of a monetary payment obligation, before the prejudice has occurred. The legal evaluation of the penalty interest, as a component of the regulation in the field of legal interest has the purpose to ensure creditor’s protection. Regardless of the prejudice caused to the creditor, the legal penalty interest shall be determined by relating it to a variable benchmark that is the level of the reference interest rate of the National Bank of Romania, which is the monetary policy interest rate of the National Bank of Romania.

  13. Overcoming the hard law/soft law dichotomy in times of (financial crises

    Directory of Open Access Journals (Sweden)

    Rolf H. Weber

    2012-03-01

    Full Text Available Traditional legal doctrine calls for hard law to regulate markets. Nevertheless, in financial markets, soft law has a long tradition, not at least due to the lack of multilateral agreements in this field. On the one hand, the recent financial crisis has shown that soft law does not suffice to avoid detrimental developments; on the other hand, a straight call for hard law would not be able to manage the recognized regulatory weaknesses. Therefore, emphasis should be put on the possibilities of combining hard law and soft law; specific areas allowing realizing such kind of “combination” are organizational issues, transparency requirements, and dispute settlement mechanisms.

  14. Perspectives on compliance: non-compliance with environmental licenses in the Netherlands

    NARCIS (Netherlands)

    van Snellenberg, A.H.L.M.; van de Peppel, R.A.

    2002-01-01

    Compliance with environmental law is not self-evident. In many instances enforcement of environmental regulations is a necessary means for achieving compliance. Assuming that an enforcement strategy, in order to be effective, has to fit the type of non-compliance, we integrate six different

  15. Compliance and data privacy of employees in power supply companies - a tightrope walk. Part 2.; Ein schmaler Grat. Compliance und Beschaeftigtendatenschutz in Energieversorgungsunternehmen. T. 3

    Energy Technology Data Exchange (ETDEWEB)

    Schaefer, Ralf; Soetebeer, Joerg B. [Sozietaet Becker Buettner Held, Berlin (Germany); Holzinger, Sebastian [KoM-SOLUTION GmbH, Berlin (Germany)

    2012-05-15

    Employee surveillance measures are an indispensable part of effectively ensuring compliance and preventing harm to the business in the day-to-day operations of power supply companies. Beside bag searching and door control surveillance measures are focused above all on data screening and monitoring employees' electronic and/or private communication. Part one of this two-part series (''et'' 4/2012, p. 88 ff.) related background information on the amending draft to the German Federal Law on Data Privacy and inquired in detail into the content of the provisions of draft articles 32, 32a and 32b on the collection, processing and utilisation of personal data prior to the conclusion of an employment contract and their impact on day-to-day operations in power supply companies. Part two now focuses on the planned regulatory framework for data privacy during the period of employment. The intent of paragraph paragraph 32c ff. of the draft amendment is to more clearly delineate and specify the legal boundaries for the above-named measures where they fall within the scope of data privacy legislation and thus improve legal certainty in this area in the future.

  16. Dispensing with conscience: a legal and ethical assessment.

    Science.gov (United States)

    Wernow, Jerome R; Grant, Donald G

    2008-11-01

    For over 30 years, pharmacists have exercised the right to dispense medications in accordance with moral convictions based upon a Judeo-Christian ethic. What many of these practitioners see as an apparent shift away from this time-honored ethic has resulted in a challenge to this right. To review and analyze pharmacy practice standards, legal proceedings, and ethical principles behind conflicts of conscientious objection in dispensing drugs used for emergency contraception. We first searched the terms conscience and clause and Plan B and contraception and abortion using Google, Yahoo, and Microsoft Networks (2006-September 26, 2008). Second, we used Medscape to search professional pharmacy and other medical journals, restricting our terms to conscience, Plan B, contraceptives, and abortifacients. Finally, we employed Loislaw, an online legal archiving service, and did a global search on the phrase conscience clause to determine the status of the legal discussion. To date, conflicts in conscientious objection have arisen when a pharmacist believes that dispensing an oral contraceptive violates his or her moral understanding for the promotion of human life. Up to this time, cases in pharmacy have involved only practitioners from orthodox Christian faith communities, primarily devout Roman Catholics. A pharmacist's right to refuse the dispensing of abortifacients for birth control according to moral conscience over against a woman's right to reproductive birth control has created a conflict that has yet to be reconciled by licensing agents, professional standards, or courts of law. Our analysis of prominent conflicts suggests that the underlying worldviews between factions make compromise improbable. Risks and liabilities are dependent upon compliance with evolving state laws, specific disclosure of a pharmacist's moral objections, and professionalism in the handling of volatile situations. Objecting pharmacists and their employers should have clear policies and

  17. Ensuring More Sustainable Reporting in Europe Using Non-Financial Disclosure—De Facto and De Jure Evidence

    Directory of Open Access Journals (Sweden)

    Francesca Manes-Rossi

    2018-04-01

    Full Text Available Non-financial disclosure has become increasingly popular, as it can satisfy the information needs of a growing range of stakeholders. Because traditional financial reports cannot provide comprehensive accountability, several frameworks and guidelines for facilitating non-financial information disclosure have been developed. Recently, the European Union issued Directive 2014/95/EU (EU Directive and subsequent guidelines (EU Guidelines 2017/C215/01 [EUG] to mandate European entities of public interest to convey non-financial information to improve such organizations’ accountability toward their stakeholders. This paper studies the European stage of non-financial reporting from a regulatory and practical point of view. To this end, the first research objective is to analyze the elements that the EUG have in common with the IIRF and the GRI 4 guidelines. Second, the paper proposes a first analysis to assess the compliance to the EUG by performing a content analysis on a sample of annual reports and integrated reports (IR drafted by the 50 biggest European companies. The results highlight that the content elements required by the Directive exceed the requirements of the two frameworks and that there is already a high level of compliance by European big companies with the EUG. More specifically, particular attention is devoted to Social, Employee and Environmental Matters. Accordingly, the companies demonstrated a common awareness of the necessity to provide an exhaustive amount of social and environmental disclosure in order to maintain legitimacy. Also the disclosure on Principal Risks and Their Management is widespread to meet investors’ and stakeholders’ requirements in recent years with respect to the general level of risk disclosure provided by companies.

  18. Inspector General, DOD, Oversight of the Naval Audit Service Audit of the FY 2000 Department of the Navy General Fund Financial Statements

    National Research Council Canada - National Science Library

    2001-01-01

    .... This Bulletin requires the Inspector General, DoD, to express an opinion on the DoD financial statements and to report on the adequacy of internal controls and compliance with laws and regulations...

  19. Problems of software financial resources agrarian sector in the current economic conditions of management

    Directory of Open Access Journals (Sweden)

    Grischuk Nadiya Viktorivna

    2016-12-01

    Full Text Available Research of financial science on questions providing of financial resources does not exhaust and needs a further study that acquires new descriptions and vectors of development constantly, what costing illuminations in the conditions of present time. Research of the state of provision of financial resources agrarian to the sector of economy with allocating of main segment – loan and attracted financial resources, today topically. In the article the essence funds are considered sources of agricultural enterprises financial resources and problems associated with the formation and use of financial resources in the modern world. Also the problems arising in improving the process of raising funds agricultural enterprises. Revealed that an effective tool to attract financial resources is the issue of convertible bonds and the introduction of agricultural receipts. It is well-proven that in the conditions of unstable environment forward development of the system of agrarian relations must be carried out on the basis of the government programs, and normatively-legal adjusting that take into account not only the existent state of affairs at the market of agroindustrial products but also economic provision of enterprises national agrarian to the sector.

  20. BANKING INTERMEDIATION AND CONSEQUENCES OF FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Medar Lucian-Ion

    2012-12-01

    Full Text Available The financial intermediation of bank institutions, has an essential role in mobilising of the available funds and their distribution in various products and services, for economic growth. The extent that banking system is in distress or passing through a period of crisis, then, everything turns into a general crisis, especially that, in some states, natural and legal persons have been learned ,,to live’’ on the credits.The effectiveness of banking intermediation activity in Romania depends on how fast the market is enabled under the influence of the new European regulations. The Romanian market in all its forms is the second largest in the EU, and the banking system is almost entirely made up of banks with foreign capital. The romanian banking market has not suffered so much because of the financial crisis. To the extent that banking institutions provide the necessary funds, Romania has important resources for the transition to a new economic cycle based on sustainable development.

  1. A conceptual framework for detecting financial crime in mobile money transactions

    Directory of Open Access Journals (Sweden)

    Cross Gombiro

    2015-12-01

    Full Text Available Mobile money has made it possible for the unbanked to access financial service to areas previous not accessibly to traditional banking systems. Africa in particular, has indeed seen a growth in use of such services owing to the high penetration of mobile phones. While traditional banking services have been well regulated and secured, mobile money services are still new and vulnerable. Also, attacks and crimes targeting the internet, new technologies and new methods of payments have become sophisticated. This scenario requires novel proactive, real time techniques and solutions to detect financial crimes in mobile money transactions (MMT. The Financial Action Task Force (FATF 2012 requires mobile money to be subject for monitoring and for compliance. Payment systems have evolved from hard cash, to credit cards, debit cards and now to the M-money, there are several approaches that have been used to detect financial crime in platforms such as credit cards and in the traditional banking system. However, most of these approaches are not suitable for m-money methods. A conceptual framework for detection of mobile money financial crime is proposed. The framework incorporates data mining techniques, big data analytics, Know Your Customers, historical databases and a knowledge base among other things.

  2. Non-clinicians' judgments about asylum seekers' mental health: how do legal representatives of asylum seekers decide when to request medico-legal reports?

    Science.gov (United States)

    Wilson-Shaw, Lucy; Pistrang, Nancy; Herlihy, Jane

    2012-01-01

    Procedures for determining refugee status across Europe are being speeded up, despite the high prevalence of mental health difficulties among asylum seekers. An assurance given is that ''vulnerable applicants'' will be identified and excluded from accelerated procedures. Although experts have recommended assessments to be undertaken by experienced clinicians, this is unlikely to happen for political and financial reasons. Understanding how non-clinically qualified personnel perform assessments of mental health issues is timely and crucial. Misrecognition of refugees due to the inappropriate use of accelerated procedures involves the risk of returning the very people who have the right to protection from further persecution. To examine the decision making of immigration lawyers, who are an example of a group of nonclinicians who decide when and whether to refer asylum-seekers for psychiatric assessment. Semi-structured interviews were conducted with 12 legal representatives working with people seeking refugee or human rights protection in the United Kingdom. The resultant material was analysed using Framework Analysis. Themes clustered around the legal case, the client, the representative and the systems, all with sub-themes. A mapping exercise integrated these themes to show how representatives brought together questions of (1) evidential reasons for a report, influenced by their legal, psychological and case law knowledge, and (2) perceived evidence of mental distress, influenced by professional and personal experiences and expectations. The legal representatives interviewed were well-informed and trained in psychological issues as well as clearly dedicated to their clients. This helped them to attempt quasi-diagnoses of common mental health problems. They nonetheless demonstrated stereotypical understanding of post-traumatic stress disorder and other possible diagnoses and the role of subjectivity. The study has implications for other groups - particularly those

  3. Non-clinicians’ judgments about asylum seekers’ mental health: how do legal representatives of asylum seekers decide when to request medico-legal reports?

    Directory of Open Access Journals (Sweden)

    Lucy Wilson-Shaw

    2012-10-01

    Full Text Available Background : Procedures for determining refugee status across Europe are being speeded up, despite the high prevalence of mental health difficulties among asylum seekers. An assurance given is that ‘‘vulnerable applicants’’ will be identified and excluded from accelerated procedures. Although experts have recommended assessments to be undertaken by experienced clinicians, this is unlikely to happen for political and financial reasons. Understanding how non-clinically qualified personnel perform assessments of mental health issues is timely and crucial. Misrecognition of refugees due to the inappropriate use of accelerated procedures involves the risk of returning the very people who have the right to protection from further persecution. Objective : To examine the decision making of immigration lawyers, who are an example of a group of nonclinicians who decide when and whether to refer asylum-seekers for psychiatric assessment. Method : Semi-structured interviews were conducted with 12 legal representatives working with people seeking refugee or human rights protection in the United Kingdom. The resultant material was analysed using Framework Analysis. Results : Themes clustered around the legal case, the client, the representative and the systems, all with sub-themes. A mapping exercise integrated these themes to show how representatives brought together questions of (1 evidential reasons for a report, influenced by their legal, psychological and case law knowledge, and (2 perceived evidence of mental distress, influenced by professional and personal experiences and expectations. Conclusions : The legal representatives interviewed were well-informed and trained in psychological issues as well as clearly dedicated to their clients. This helped them to attempt quasi-diagnoses of common mental health problems. They nonetheless demonstrated stereotypical understanding of post-traumatic stress disorder and other possible diagnoses and the

  4. Finansal Türevler: Efsaneleri ve Algılanma Hataları(Financial Derivatives: Myths and Misperceptions

    Directory of Open Access Journals (Sweden)

    Cantürk KAYAHAN

    2009-01-01

    Full Text Available World’s financial services industry has been developing and changing fast. In this development or changing, derivative markets constitute changing side of finance sector by their applications in risk measurement, management and conception. Though, this instruments were used for risk management, many people think that they are dangerous and should be forbidden. In fact, these instruments are the main contemporary financial risk management instruments which can be used for protecting firms to changing market conditions and for corresponding to these changes. In this study, some evaluations about 10 basic myths explaining financial derivative products and misperceptions of these myths are performed in terms of both Turkey and world financial markets. Accordingly, it is emphasized that market regulations and legal structure are not enough and it is mistake to show that these instruments are fully responsible for organizational failures.

  5. Modeling complex metabolic reactions, ecological systems, and financial and legal networks with MIANN models based on Markov-Wiener node descriptors.

    Science.gov (United States)

    Duardo-Sánchez, Aliuska; Munteanu, Cristian R; Riera-Fernández, Pablo; López-Díaz, Antonio; Pazos, Alejandro; González-Díaz, Humberto

    2014-01-27

    The use of numerical parameters in Complex Network analysis is expanding to new fields of application. At a molecular level, we can use them to describe the molecular structure of chemical entities, protein interactions, or metabolic networks. However, the applications are not restricted to the world of molecules and can be extended to the study of macroscopic nonliving systems, organisms, or even legal or social networks. On the other hand, the development of the field of Artificial Intelligence has led to the formulation of computational algorithms whose design is based on the structure and functioning of networks of biological neurons. These algorithms, called Artificial Neural Networks (ANNs), can be useful for the study of complex networks, since the numerical parameters that encode information of the network (for example centralities/node descriptors) can be used as inputs for the ANNs. The Wiener index (W) is a graph invariant widely used in chemoinformatics to quantify the molecular structure of drugs and to study complex networks. In this work, we explore for the first time the possibility of using Markov chains to calculate analogues of node distance numbers/W to describe complex networks from the point of view of their nodes. These parameters are called Markov-Wiener node descriptors of order k(th) (W(k)). Please, note that these descriptors are not related to Markov-Wiener stochastic processes. Here, we calculated the W(k)(i) values for a very high number of nodes (>100,000) in more than 100 different complex networks using the software MI-NODES. These networks were grouped according to the field of application. Molecular networks include the Metabolic Reaction Networks (MRNs) of 40 different organisms. In addition, we analyzed other biological and legal and social networks. These include the Interaction Web Database Biological Networks (IWDBNs), with 75 food webs or ecological systems and the Spanish Financial Law Network (SFLN). The calculated W

  6. The Legal Case

    NARCIS (Netherlands)

    Sartor, Giovanni; Contissa, Giuseppe; Schebesta, H.; Laukyte, Migle; Lanzi, Paola; Marti, Patrizia; Paola, Tomasello

    2013-01-01

    This paper presents the first release of the Legal Case, recently developed by the ALIAS Project and still under refinement. The Legal Case is a methodological tool intended to address liability issues of automated ATM systems: it provides for a legal risk management process that can be applied

  7. The financial implications of certain types of cross-border pollution: The polluter-pays principle

    International Nuclear Information System (INIS)

    Montmayeul, J.P.

    2001-01-01

    Favorable Paris Convention regulations: absolute liability, exclusive liability, channeling of liability to the operator in case of nuclear damage, financial security, limited maximum liability, single legal forum, ten-year time limit. Difficulties of application for certain types of cross-border pollution not covered by the Paris Convention: so-called orphan sources (stolen, lost, or abandoned sealed sources or confiscated contaminated metallurgical scrap). Benefits of the polluter-pays principle: identification of the polluter, identification of the holder of the polluted materials, responsible parties held accountable, financial reparations. Analysis of the polluter-pays principle already recognized in numerous international texts on environmental law. (author)

  8. The Introduction of Corporate Governance Codes in a Transitional Economy And its Impact on Compliance with Mandatory Disclosures: The Case of Egypt

    Directory of Open Access Journals (Sweden)

    Marwa Hassaan

    2016-01-01

    extends the financial reporting literature and the emerging markets disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRSs disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRSs disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.

  9. Legal obstacles and incentives to the development of small scale hydroelectric power in Kentucky

    Energy Technology Data Exchange (ETDEWEB)

    None,

    1980-05-01

    The legal and institutional obstacles to the development of small-scale hydroelectric energy at the state level are examined. The introductory section examines the dual regulatory system from the standpoint of the appropriate legal doctrine, the law of pre-emption, application of the law to the case of hydroelectric development, and concludes with an inquiry into the practical use of the doctrine by the FERC. Additional sections cover acquisition; liability; Department for Natural Resources and Environmental Protection; energy utilities; local regulations; incidental impacts; financial considerations; and sources of information. In Kentucky, many of the impacts have not been implemented with regard to small-scale hydroelectric energy, since in Kentucky most electricity is coal-generated and any hydroelectric power that does exist, is derived from TVA or the Army Corp of Engineer projects.

  10. THE FUNCTIONING OF THE BOARDS OF NORMATIVISM: ECONOMIC AND LEGAL AT LOCAL AUTHORITY LEVEL

    Directory of Open Access Journals (Sweden)

    ADELIN UNGUREANU

    2014-12-01

    Full Text Available Public administration is an area with particularly social impact over all members of society. In the autonomous administrative authorities, local councils have important responsibilities in the organization of local community life. Within these councils several specialized committees operate and those that have the highest volume of activity are usually economic and legal committee. Their role is to filter out under a particular form, the specific procedure being the approval of local initiatives in the field of specific activity, namely economic and financial and legal. The effects of this operation need to be reflected in the adoption of decisions that meet not only the initiator's intentions, but also the point of view of local elected officials who are specialized in a particular area and reunited within the previous committees.

  11. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  12. 12 CFR 360.6 - Treatment by the Federal Deposit Insurance Corporation as conservator or receiver of financial...

    Science.gov (United States)

    2010-01-01

    ... accepted accounting principles, other than the “legal isolation” condition as it applies to institutions... the conditions for sale accounting treatment set forth by generally accepted accounting principles in... Corporation as conservator or receiver of financial assets transferred in connection with a securitization or...

  13. PARTICULARITIES REGARDING THE REFLECTION OF FOREIGN CURRENCY TRANSACTIONS IN FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Ionela Cristina Breahna Pravat

    2014-07-01

    Full Text Available The structure and the constituent parts of financial statements are regulated at a national level, mainly by Accounting regulations compliant with European Directives ̶ O.M.P.F. no. 3055/2009, but also by Accounting regulations compliant with International Financial Reporting Standards applied by the trading companies whose securities are rated on a regulated capital market ̶ O.M.P.F. no. 1286/2012. From this latter point of view, an important role is played by IAS 1 “Presentation of Financial Statements”, respectively IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Therefore, this study aims to describe a series of theoretical and practical aspects regarding the particularities of presenting elements generated by foreign currency transactions in financial statements, which are prepared in compliance with the Romanian accounting regulations ̶ balance sheet, profit and loss account, cash flow statement, statement of changes in equity, explanatory notes. The paper also approaches the effect of changes in foreign exchange rates, respectively the accounting recognition of exchange differences, which are specific to different foreign currency operations, according to national regulations (and implicitly, to European Directives, but also according to international regulations (IFRS.

  14. NAFTA Students'Whistle-blowing Perceptions: A Case of Sexual Harassme

    OpenAIRE

    Peek, L., M; Roxas, G. Peek; Robichaud, B; Covarrubias; J. Barragan

    2005-01-01

    Whistle-blowing mechanisms in the U.S. have gained more prominence as an element of legal compliance and antifraud programs. Sexual harassment is a significant business risk in terms of financial costs and the loss of reputation. lt is important for corporations to develop sexual harassment policies and to provide mechanisms for employees toreport sexual harassment behaviors to upper level management. This paper reports on business students' responses to a possible Sexual Harassment scenar...

  15. AUDIT REPORTING AND CORPORATE GOVERNANCE: LINKS AND IMPLICATIONS

    OpenAIRE

    George Silviu CORDOȘ; Melinda Times FÜLÖP

    2014-01-01

    Financial scandals of the last decade have had a negative effect upon the trust and perception of investors regarding auditor responsibility and their part in fraud and error detection. As a result of legal conditions and regulations, audit firms in some jurisdictions have recently started to compile transparency reports, which contain information regarding corporate governance compliance of audit firms. This study aims to investigate if corporate governance has a significant effect on audit ...

  16. Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications

    OpenAIRE

    Coates, John

    2015-01-01

    Some members of Congress, the D.C. Circuit, and legal academia are promoting a particular, abstract form of cost-benefit analysis for financial regulation: judicially enforced quantification. How would CBA work in practice, if applied to specific, important, representative rules, and what is the alternative? Detailed case studies of six rules – (1) disclosure rules under Sarbanes-Oxley Section 404, (2) the SEC’s mutual fund governance reforms, (3) Basel III’s heightened capital requirements f...

  17. Copyright case a victory for science publishing

    Science.gov (United States)

    Cole, Stephen

    An important victory for the financial health and future of scientific journals was won July 23 when Judge Pierre Leval of the Federal District Court in New York handed down his decision on the copyright infringement suit, American Geophysical Union, et al. v. Texaco Inc. Leval ruled that profit-making companies cannot photocopy copyrighted journal articles without permission and without compensating the copyright holder.The class action suit was brought in 1985 by AGU and six other scientific publishers on behalf of 8500 publishers worldwide who make their titles available for legal copying under licenses granted by the Copyright Clearance Center, Inc. This licensing system was designed in cooperation with major corporations to facilitate compliance with the 1976 Copyright Act. Although more than 200 companies now use the center, some corporations, such as Texaco, have not. The suit was initiated to force compliance with copyright law. The current decision is very important because it establishes legal precedents on the “fair use” issue.

  18. FINANCIAL AND LEGAL CONSIDERATIONS OF THE FOREIGN EXCHANGE RATES ON BANK EXTERNAL TRADING OPERATIONS

    Directory of Open Access Journals (Sweden)

    Ignat Papazov

    2017-06-01

    Full Text Available The term "currency" has different meanings but is usually defined as any means of payment that is not in local currency units. The ratio between the foreign currency and local currency units results into exchange rate. When arranging payment transactions abroad, local entities - natural and legal persons must exchange their national currency in advance for the currency of the country in which they are due or in another currency commonly accepted as an international payment. Under this regime, the national currency is quoted in relation to another currency, that is exchange rate.

  19. General Fund Enterprise Business System Did Not Provide Required Financial Information

    Science.gov (United States)

    2012-03-26

    Management of the General Fund Enterprise Business System,” January 14, 2008 Army AAA Report No. A-2010-0187- FFM , “General Fund Enterprise Business System...A-2009-0232- FFM , “General Fund Enterprise Business System – Federal Financial Management Improvement Act Compliance, Examination of Releases...1.4.1, 1.4.2, 1.4.3, and 1.4.4 Requirements,” September 30, 2009 AAA Report No. A-2009-0231- FFM , “General Fund Enterprise Business System – Federal

  20. ACCOUNTING CONVERGENCES AND DIVERGENCES IN THE CONTEXT OF HARMONIZATION AND THE COMPLIANCE OF NATIONAL REGULATIONS WITH DIRECTIVE 2013/34/EU

    Directory of Open Access Journals (Sweden)

    Mateș Dorel

    2015-09-01

    Full Text Available The accounting field difficulties, generated by the social or cultural climate, often lead to distortions in economic behaviour which involve the loss of economic and financial opportunities or lead to ineffective activities. The increasingly globalisation of economies, the financial requirements statement users and the globalization of capital markets have introduced new forms of financial reporting; thus the contemporary evolution of accounting is marked by the following phenomena: standardization, harmonization, compliance and convergence. Based on the need for modernization and improvement of the European Directives, Directive 2013/34/EU focuses on at least four important aspects: the faithful representation of the information presented in the financial statements, financial reporting cost reduction, fighting against tax evasion and avoiding money laundering. In the present paper, we aim to highlight the elements which will undergo significant change as well as their impact on the entities in our country through the implementation of this directive.

  1. Formalizing and appling compliance patterns for business process compliance

    NARCIS (Netherlands)

    Elgammal, A.; Turetken, O.; van den Heuvel, W.; Papazoglou, M.

    2016-01-01

    Today’s enterprises demand a high degree of compliance of business processes to meet diverse regulations and legislations. Several industrial studies have shown that compliance management is a daunting task, and organizations are still struggling and spending billions of dollars annually to ensure

  2. Formalizing and applying compliance patterns for business process compliance

    NARCIS (Netherlands)

    Elgammal, A.F.S.A.; Türetken, O.; van den Heuvel, W.J.A.M.; Papazoglou, M.

    Today’s enterprises demand a high degree of compliance of business processes to meet diverse regulations and legislations. Several industrial studies have shown that compliance management is a daunting task, and organizations are still struggling and spending billions of dollars annually to ensure

  3. Dementia and legal competency.

    Science.gov (United States)

    Filaković, Pavo; Erić, Anamarija Petek; Mihanović, Mate; Glavina, Trpimir; Molnar, Sven

    2011-06-01

    The legal competency or capability to exercise rights is level of judgment and decision-making ability needed to manage one's own affairs and to sign official documents. With some exceptions, the person entitles this right in age of majority. It is acquired without legal procedures, however the annulment of legal capacity requires a juristic process. This resolution may not be final and could be revoked thorough the procedure of reverting legal capacity - fully or partially. Given the increasing number of persons with dementia, they are often subjects of legal expertise concerning their legal capacity. On the other part, emphasis on the civil rights of mentally ill also demands their maximal protection. Therefore such distinctive issue is approached with particular attention. The approach in determination of legal competency is more focused on gradation of it's particular aspects instead of existing dual concept: legally capable - legally incapable. The main assumption represents how person with dementia is legally capable and should enjoy all the rights, privileges and obligations as other citizens do. The aspects of legal competency for which person with dementia is going to be deprived, due to protection of one's rights and interests, are determined in legal procedure and then passed over to the guardian decided by court. Partial annulment of legal competency is measure applied when there is even one existing aspect of preserved legal capability (pension disposition, salary or pension disposition, ability of concluding contract, making testament, concluding marriage, divorce, choosing whereabouts, independent living, right to vote, right to decide course of treatment ect.). This measure is most often in favour of the patient and rarely for protection of other persons and their interests. Physicians are expected to precisely describe early dementia symptoms which may influence assessment of specific aspects involved in legal capacity (memory loss, impaired task

  4. Financial sector taxation: Financial activities tax or financial transaction tax?

    Directory of Open Access Journals (Sweden)

    Danuše Nerudová

    2011-01-01

    Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.

  5. The Financialization of Companies in Italy

    Directory of Open Access Journals (Sweden)

    Angelo Salento

    2016-09-01

    Full Text Available This paper presents an empirical and theoretical analysis of the financialization of companies and the diffusion of shareholder value maximization in Italy. Unlike the anglo-saxon contexts, financial accumulation and short-termism in Italy are not a consequence of institutional investors’ activism: Italian capitalism is still a holigarchic family capitalism, and few blockholders are in control of Italian large firms. Financialization of companies and the orientation to maximize shareholder value in Italy are rather the outcome of isomorphic processes, supported by institutional and legal transformations occurred since 1980s: reforms of finance, company and labour law, the privatization of state firms, the diffusion of finance-oriented accounting rules. The statutory reforms enabled the dominant coalitions within Italian capitalism to operate in a regulatory framework harmonized with a transnational context, largely assimilated to Anglo-Saxon norms, promoting a finance-oriented conception of control and managerial practices.En este trabajo se presenta un análisis empírico y teórico de la financiarización de las empresas y la difusión de la maximización del valor para los accionistas en Italia. A diferencia de los contextos anglosajones, la acumulación financiera y el cortoplacismo en Italia no son una consecuencia del activismo de los inversores institucionales: el capitalismo italiano es todavía un capitalismo familiar holigarchic, y pocos son blockholders en el control de las grandes empresas italianas. La financiarización de las empresas y la orientación para maximizar el valor para los accionistas en Italia son más bien el resultado de los procesos isomórficos, con el apoyo de las transformaciones institucionales y legales ocurrieron desde 1980: las reformas de las finanzas, empresa y derecho laboral, la privatización de empresas estatales, la difusión de finanzas- normas de contabilidad orientados. Las reformas estatutarias

  6. When the grace period is over: Assessing the new Member States' compliance with EU requirements for oil stockholding

    International Nuclear Information System (INIS)

    Tosun, Jale

    2011-01-01

    The accumulation of appropriate emergency stocks of crude oil and petroleum products has been at the heart of the European Commission's efforts to increase the security of supply. This study investigates how effectively the 'new' Member States comply with the requirements of Council Directive 2006/67/EC, which imposes the obligation to maintain minimum stocks of crude oil and/or petroleum products. The empirical focus of this analysis is not only motivated by the practical relevance of this issue, but also by the fact that eleven of the twelve new Member States were given grace periods between one and seven years to bring their national stockholding arrangements in line with the European requirements. The granting of extended deadlines raises the question whether this instrument indeed facilitates the transposition process. The empirical findings show that except for Latvia, compliance with the EU stockholding requirements is generally very good. A more detailed analysis of the Latvian case highlights that the transposition delays principally stem from budgetary constraints. More generally, the individual new Member States' capacity to cope with the financial burdens and the degree of adjustment pressure determine the variation in oil stock levels. - Highlights: → Compliance with Council Directive 2006/67/EC is generally very good in the new Member States. → Solely Latvia faces difficulties in developing adequate oil stock levels. → Latvia's insufficient compliance can be attributed to severe budgetary constraints. → Financial capacity and adjustment pressure determine cross-country variation in stock levels.

  7. Legal Philosophy - Five Questions

    DEFF Research Database (Denmark)

    This collection gathers together a host of the most eminent contemporary legal philosophers, who writes about their take on legal philosophy, its fundamental questions and potential.......This collection gathers together a host of the most eminent contemporary legal philosophers, who writes about their take on legal philosophy, its fundamental questions and potential....

  8. Item response theory analysis of the Lichtenberg Financial Decision Screening Scale.

    Science.gov (United States)

    Teresi, Jeanne A; Ocepek-Welikson, Katja; Lichtenberg, Peter A

    2017-01-01

    The focus of these analyses was to examine the psychometric properties of the Lichtenberg Financial Decision Screening Scale (LFDSS). The purpose of the screen was to evaluate the decisional abilities and vulnerability to exploitation of older adults. Adults aged 60 and over were interviewed by social, legal, financial, or health services professionals who underwent in-person training on the administration and scoring of the scale. Professionals provided a rating of the decision-making abilities of the older adult. The analytic sample included 213 individuals with an average age of 76.9 (SD = 10.1). The majority (57%) were female. Data were analyzed using item response theory (IRT) methodology. The results supported the unidimensionality of the item set. Several IRT models were tested. Ten ordinal and binary items evidenced a slightly higher reliability estimate (0.85) than other versions and better coverage in terms of the range of reliable measurement across the continuum of financial incapacity.

  9. Covenant model of corporate compliance. "Corporate integrity" program meets mission, not just legal, requirements.

    Science.gov (United States)

    Tuohey, J F

    1998-01-01

    Catholic healthcare should establish comprehensive compliance strategies, beyond following Medicare reimbursement laws, that reflect mission and ethics. A covenant model of business ethics--rather than a self-interest emphasis on contracts--can help organizations develop a creed to focus on obligations and trust in their relationships. The corporate integrity program (CIP) of Mercy Health System Oklahoma promotes its mission and interests, educates and motivates its employees, provides assurance of systemwide commitment, and enforces CIP policies and procedures. Mercy's creed, based on its mission statement and core values, articulates responsibilities regarding patients and providers, business partners, society and the environment, and internal relationships. The CIP is carried out through an integrated network of committees, advocacy teams, and an expanded institutional review board. Two documents set standards for how Mercy conducts external affairs and clarify employee codes of conduct.

  10. Interrelation of the concepts «legal influence» and «administrative-legal influence»

    OpenAIRE

    Голуб, Віктор Олександрович

    2014-01-01

    The author analyzes the concept of «legal influence» and «administrative-legal influence» and examines their interrelation. Also the scientific positions related to understanding the essence of these concepts are analyzed. The author gives characteristic of the features, structural elements and forms of the administrative-legal influence. English abstract V. Golub Interrelation of the concepts «legal influence» and «administrative-legal influence» The author analyzes the concept of «legal inf...

  11. Business structures and sustainable regional legal practice: the use of incorporated legal practices by regional, rural and remote legal practitioners

    OpenAIRE

    Caroline Lydia Hart

    2012-01-01

    Since 2007 the Legal Profession Act 2007 (Qld) has offered legal practitioners a wider choice of business structure other than sole practitioner or partnership, to include incorporated legal practice ('ILP') or multidisciplinary partnership. In particular the use of ILPs offers legal practitioners a range of benefits in terms of operating a law firm consistent with business management practices. The status of ILP however comes at a cost of putting in place 'appropriate management systems'. ...

  12. A sense of self-suspicion: global legal pluralism and the claim to legal authority

    Directory of Open Access Journals (Sweden)

    Mariano Croce

    2015-03-01

    Full Text Available Legal pluralism has become common currency in many contemporary debates on law and globalization. Its main claim is that a form of global legal pluralism represents both the most accurate description of law in times of globalization and the best normative option. On the descriptive level, global legal pluralism is considered more reliable than state-based accounts. On the normative level, global legal pluralism is understood as a possibility to open up the legal realm to previously unheard voices. This article assesses these claims against the background of classic legal-pluralist scholarship. After reconstructing the emergence of global legal pluralism and then examining its epistemic and normative versions, the last two sections identify the shortcoming of this approach by underlining the absence of what the authors call ‘a sense of self-suspicion’ in drawing the map of legalities in the global sphere. The main argument put forward is that global legal pluralism is oblivious of a few key insights offered by the founding fathers of classic legal pluralism.

  13. Alaska Power Administration combined financial statements, schedules and supplemental reports, September 30, 1996 and 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-04-01

    This report presents the results of the independent certified public accountants` audit of the Department of Energy`s Alaska Power Administration`s (Alaska) financial statements as of September 30, 1996. The auditors have expressed an unqualified opinion on the 1996 combined statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Alaska`s internal control structure disclosed no reportable conditions that could have a material effect on the financial statements. The auditors also considered the overview and performance measure data for completeness and material consistency with the basic financial statements, as noted in the internal control report. The auditor`s report on compliance with laws and regulations disclosed no instances of noncompliance by Alaska.

  14. FATCA from the European Union perspective

    Directory of Open Access Journals (Sweden)

    Alicja Brodzka

    2013-07-01

    Full Text Available The Foreign Account Tax Compliance Act requires foreign financial institutions to report to the US Internal Revenue Service the information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. This aim of FATCA, which is to increase the ability of the American tax authorities to combat cross-border tax evasion by US persons, is reasonable. However, it imposes burdensome due-diligence, information reporting and withholding obligations on all foreign (non-US financial institutions. It also raises legal concerns – notably data protection issues. The article analyses the main issues connected with FATCA, presents the pro and contra opinions, and looks at the reaction of EU Member States at the announcement of American provisions.

  15. Non-Metropolitan Drinking Water Suppliers’ Response to the Diagnostic Tool for Non-Technical Compliance in Limpopo, South Africa

    Directory of Open Access Journals (Sweden)

    Avhashoni Dorcas Nefale

    2017-11-01

    Full Text Available Without the planning of non-technical issues, water treatment plants may face challenges in sustaining safe drinking water. Parameters such as the planning of financial resources, human resources, a lack of professional process controllers, poor working conditions, staff shortages and a lack of appropriate training of process controllers contribute to the underperformance of drinking water treatment plants. This study aimed at applying the Diagnostic Tool for Non-Technical Compliance to assess the compliance of small drinking water plants with management norms. Six water treatments (Vondo water scheme, Malamulele, Mutshedzi, Mutale regional water treatment plant, Tshedza and Tshedza package plant were selected from the Vhembe district municipality of the Limpopo province in South Africa. From the abovementioned non-technical parameters, the results showed that during the first assessment period (August 2008 and June 2009 selected water treatment plants scored between 53% and 68% and fell under Class 2, indicating serious challenges requiring attention and improvement. During the second assessment period (November and December 2010, a slight improvement was observed as all plants scored between 72% and 80%, falling under the Class 2 category. Even after corrective actions and remeasurement, none of the plants met the compliance standards, which range from 90% to 100% to obtain the Class 1 compliance standard. The study recommended that tactical and strategic plans that clearly define the operational procedures, process controlling, financial planning, maintenance culture, emergency preparedness and regular monitoring and evaluation should be entrenched for the smooth running of the small water treatment plants. Furthermore, all water services providers and water services authorities should apply the diagnostic tools as developed, which provides guidance on a stepwise procedure on plant operations and management on a daily basis.

  16. Study of interconnection of financial and tax accounting of profit in Russia and abroad

    Directory of Open Access Journals (Sweden)

    Labyntsev Mykola T.

    2013-03-01

    Full Text Available The article analyses the degree of interconnection of financial and tax accounting of profit in Russia and some foreign countries – USA, France and Germany. The legal principle – common law or unified law – is taken as a criterion. The article shows that existence of the system of tax accounting by one tax (organisation profit tax separately from the financial accounting in Russia from 2002 is not rational. At present Russia actively develops a variant of making financial accounting and tax accounting closer without a principal reconstruction of norms of tax legislation. Low level of interconnection of tax accounting and financial accounting is characteristic for the USA, which is one of the founders of the British-American (British-American-Dutch in interpretation of some authors accounting model. The level of interconnection of norms of financial and tax accounting is rather high in France and Germany and the taxation policy of the theoretical base of the accounting system, which allows speaking about the French-German accounting model.

  17. Financial and economic approach: Financial & banking sector development pact from the perspective of the euro area European economic policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2004-01-01

    Full Text Available Powerful obstacles to the further integration of repot, bond and equity markets remain the still fragmented securities settlement industry in Europe, which charges much higher fees for cross border transactions than for domestic transactions, and differences in legal systems. This paper describes the main developments in the euro area financial markets before and after the introduction of the single currency. It looks at the evolution of the euro area financial structure in the last few years. Interestingly in various dimensions the financial structure of euro area countries seems to become more diverse over time. We assess the progress towards financial integration in the most important euro-area financial segments, namely money and equity markets, as well as banking. The available data suggest that the unsecured money market strongly integrated with the introduction of the euro, as the single currency and related euro-area-wide large-value payment systems link the different countries well. Also, some progress occurred in the integration of euro-area equity markets, as stock exchanges in a few countries merged to form Euronext and professional asset managers replaced country allocation by sector allocation strategies. Overall, while asset holdings have become more international in the euro area since the introduction of the single currency, securities markets are still much less integrated than in the US. In the area of retail banking the increased homogeneity of interest rates seems to be driven more by macroeconomic convergence than by market integration. In addition we consider a wide range of other determinants, such as foreign debt or net foreign assets, terms of trade, government debt and regulated prices.

  18. Analysis - what is legal medicine?

    Science.gov (United States)

    Beran, Roy G

    2008-04-01

    Legal medicine addresses the interface between medicine and law in health care. The Australian College of Legal Medicine (ACLM) established itself as the peak body in legal and forensic medicine in Australia. It helped establish the Expert Witness Institute of Australia (EWIA), the legal medicine programme at Griffith University and contributes to government enquiries. Public health, disability assessment, competing priorities of privacy verses notification and determination of fitness for a host of pursuits are aspects of legal medicine. Complementing the EWIA, the ACLM runs training programmes emphasising legal medicine skills additional to clinical practice, advocating clinical relevance. Assessment of athletes' fitness and ensuring that prohibited substances are not inadvertently prescribed represent a growing area of legal medicine. Ethical consideration of health care should respect legal medicine principles rather than armchair commentary. International conventions must be respected by legal medicine and dictate physicians' obligations. The NSW courts imposed a duty to provide emergency medical care. Migration and communicable diseases are aspects of legal medicine. Police surgeons provide a face to legal medicine (which incorporates forensic medicine) underpinning its public perception of specialty recognition. Legal medicine deserves its place as a medical specialty in its own right.

  19. INTERNAL CONTROLS IN ENSURING GOOD CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    KOSMAS NJANIKE

    2011-01-01

    Full Text Available This paper assessed factors that influence the internal controls in ensuring good corporate governance in financial institutions in developing economies with special reference to Zimbabwe. The research paper assessed how lack of internal controls affected good corporate governance and aimed to bring out elements of good corporate governance. It emerged that failure to effectively implement internal controls contributed significantly to poor corporate governance. The study discovered that internal control system overrides and the issue of “fact cat” directors also contributed to poor corporate governance. The study recommended that there is need for the board of directors to guarantee an organizational structure that clearly defines management responsibilities, authority and reporting relationships. There is also need to ensure that delegated responsibilities are effectively carried out to ensure compliance with internal controls of the financial institution concerned.

  20. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.