Dissertations / Theses on the topic 'Advisory commission'

This dissertation consists of three studies related to corporate governance of equity mutual funds in a framework of relations between the three closely interrelated actors of mutual fund industry. The mutual fund advisers, the shareholders and the mutual fund board being the advocate of shareholders rights. The first study analyzes the advisory fee, using a survivorship bias free data set of 176 equity funds managed by 125 different advisers. The price of professional portfolio management provided by the mutual fund adviser depends not only on the fund characteristics but also on the fund objective, the adviser's portfolio related and management based decisions, and the portfolio performance. I find that the advisers may reduce their own costs through the use of derivatives or manipulate the actual fee contract by engaging in soft dollar agreements. Advisers actively manage the advisory fee contracts responding to the outcome of their management decisions. The advisory fee increases after voluntary fee reimbursement or if the adviser is not fully reimbursed for certain services. Risk taking behavior is the main motivation behind the structure of advisory contracts. Also, I show that non-surviving funds have higher advisory fees, suggesting competitive fee pricing may be necessary for survival. The second study focuses on the relation between general board characteristics, independent director characteristics and the advisory fee which is solely an outcome of the negotiations between the fund board and the adviser, thus a good proxy for the governance skills of the board. I also examine the impact of SEC's regulation change of 2000. Mutual fund scandals that took place after the regulation change of 2000 suggested that besides the fraction of independent seats, the individual characteristics of the members that occupy board seats are crucial for mutual fund board governance. I find that boards benchmark objective average fee but not necessarily for the best interest of shareholders. Shareholders are likely to benefit from the expertise of members with higher tenure and finance backgrounds. Although increase in board independence is likely to contribute to board governance, the effect of 2000 regulation change of board independence on its arguably target group is limited. Nominating committee improves the board governance. Although the results do not suggest that an independent chairman directly improves board governance, I find modest evidence that the impact of an independent chairman is likely to depend on the expertise of the member that would occupy the chairman seat. Third study analyzes a specific tool, soft dollar arrangements using a survivorship bias free data set of 432 equity funds managed by 129 different advisers. Soft dollar arrangements affect all three actors of mutual fund industry. They are widely used by the advisers, have to be monitored closely by the fund board and eventually affect the overall wealth of shareholders. Fund advisers determine the broker base, scope of brokerage services and whether to self produce or outsource brokerage services through soft dollar arrangements. In return, shareholders expect to benefit from better fund performance and reduction in advisory fee. I find that transaction execution not necessarily motivated by additional brokerage services is likely to be responsible for high turnover. Construction of brokerage base by the adviser is not arbitrary. Advisers ex ante construct the broker base in order to minimize the brokerage commissions and considering ex post soft dollar arrangements. Transaction execution related services lead to less brokerage commissions and soft dollar use while both increase if research is a consideration for broker participation. More concentrated broker base leads to lower brokerage fee and higher soft dollar use. Results indicate that advisers enforce competition within brokerage industry for lower cost of transaction execution. Shareholders benefit from increasing soft dollar use through performance improvement and reduction in advisory fee. Yet, the cost of soft dollar arrangements seems to exceed their benefit to shareholders. If the results indicate competition within brokerage industry for lower cost of transaction execution, the undisclosed premium paid for the additional services are likely to be responsible for this adverse effect.
Ph.D.
Department of Finance
Business Administration
Business Administration: Ph.D.

This thesis investigates the contribution of interest groups to European governance. The central topic here is the question of if and how interest groups may contribute to the democratisation of the European polity, both through participation and expertise. Literature focusing on the European Union’s (EU) so-called “democratic deficit” has largely centred on issues of territorial representation and citizen’s rights while literature on EU interest group participation tends towards the descriptive. Consequently, there is a particular demand for research that addresses issues of legitimacy and procedural aspects of democracy linked to functional participation in policymaking. Rather than focusing on European interest intermediation in general, this study homes in on a particular institutionalised form of functional participation. The contribution that institutions of functional participation can make to rolling-back the democratic deficit by providing a potential additional source of legitimacy in a specific sector of the European polity, notably European agricultural policymaking is examined. The core argument is that for such institutionalised forms of functional participation to provide such an additional source of legitimacy and contribute to participatory democracy, they must themselves be considered legitimate. The thesis builds on previous studies related to the legitimacy of associative actors and their particular legitimacy and knowledge. It also seeks to understand the potential of this type of representation and its capacity to diminish, at least partially, the democratic deficit. The theoretical framework developed is institutional legitimacy. Five political principles are used to determine the AACs’ institutional legitimacy: representativeness, deliberative capacity, credibility and influence on decision-making and transparency. As an organizational framework, the thesis’s empirical investigation searched for indicators of limited legitimacy according to these principles. The indicators identified are classified as legal, cultural or resource-linked. The indicators revealed confirm the sub-hypotheses whereby: the AACs’ legitimacy is undermined by their lack of 1) representativeness, 2) deliberative capacity, 3) credibility and influence on CAP decision-making and 4) transparency. The substantiation of these subhypotheses answers the analysis’s research question and corroborates its core hypothesis, namely: legal, cultural and resource-linked indicators signal that the AACs are not entirely legitimate institutions.

Thesis (M.A.)--University of Akron, Dept. of History, 2006.
"December, 2006." Title from electronic thesis title page (viewed 12/31/2008) Advisor, Walter L. Hixson; Co-Advisor, Jane Kate Leonard; Department Chair, Walter L. Hixson; Dean of the College, Ronald F. Levant; Dean of the Graduate School, George R. Newkome. Includes bibliographical references.

This thesis analyses the resolution made by the Shariah Advisory Council of the Malaysian Securities Commission (SAC) which resolves that the crude palm oil futures contract is permissible. This resolution is controversial as it collides with the resolutions of other mainstream or internationally represented organisations of Shari'ah scholars. These mainstream resolutions rule that the commodity futures contract transgresses Sharf'ah principles. However, the SAC contends that it is permissible on the principle of public interest (ma#a~ah) and on the notion that trading regulations have overcome Sharf'ah prohibitions; namely, that of gharar (uncertainty) and maysir (gambling). The focus of this thesis is thus to analyse the adequacy of the SAC resolution in terms of its coherence with the real trading of the crude palm oil futures contract as well as the adequacy of the crude palm oil futures legal framework in overcoming Sharf' ah prohibitions. This is an area which has not been given adequate attention in the current literature. Apart from the liteniture on the legality of the commodity futures contract, this thesis examines the legal framework of the Malaysian commodity futures market as well as the American and European markets. To compliment this research, non-structured interviews and discussions have been undertaken. In the final analysis, the data gathered from the interviews and discussions, as well as the relevant literature, evidences that the SAC resolution is not coherent with real trading and that the elements of gharar and maysir have not been eliminated by the trading regulations. Additionally, the analysis finds that, contrary to the argument of its proponents, the commodity futures market has failed to represent its purpose as a risk management tool as well as a price discovery tool. In summation, an inadequate resolution would inevitably undermine the SAC's, position as Malaysia's sole Islamic capital market's Sharf'ah advisor, and Malaysia's reputation as the international Islamic capital market hub.

Die Honorarberatung befindet sich überall in Europa auf dem Vormarsch. Sie ist eine von Regulierern geschätzte Alternative zur viel kritisierten Provisionsberatung. Im Widerspruch dazu verhalten sich Bankkunden zurückhaltend bis ablehnend. Dies wirft die Frage auf, worin die Ursachen liegen könnten. Mögliche Antworten werden auf Basis einer Choice-Based Conjoint-Analyse mit Kundenclusterung abgeleitet. Es zeigt sich, dass die Bankkunden gespalten sind. Eine kleine Gruppe von agilen, gut informierten, einkommensstarken Personen präferiert die Honorarberatung (6% aller Bankkunden). Währenddessen tendiert die große Masse der Kunden zur Provisionsberatung. Diese Masse zeichnet sich durch ein erstaunlich realistisches Bild von sich selbst aus. Sie hält sich für schlecht informiert und wenig erfahren, für unflexibel und nicht offen für Neues. Sie sucht ihr Heil in einem bedingungslosen Vertrauen zur Bank. Ein solches eröffnet Spielräume für opportunistisches Verhalten auch bei der Honorarberatung. Die Politik muss daher entweder die Honorarberatung regulatorisch gegen jede Art des Opportunismus absichern oder liberal agieren und Verstöße gegen den Vertrauensvorschuss ex post sanktionieren
The transition to fee-based advisory is underway in Europe. The regulatory bodies consider this the preferred alternative in contrast to the commission-based agent approach. However, the same state of euphoria cannot be found among clients. Up until now, banking clients in Germany have been cautious, modest and reluctant. This prompts questions as to what could be the cause of such behaviour. Possible explanations can be found in a conjoint-analysis with client clustering. It can be shown that the behaviour of German clients in banking is divided. A small group of agile, well-informed individuals with high incomes prefers fee-based advisory services (6% of all clients). Meanwhile, the large majority of clients tend to prioritise the commission-based advisory service. Interestingly, this group is characterized by an astonishingly realistic picture of themselves. The clients consider themselves not properly informed, lacking experience, inflexible and not open for innovation. They seek salvation by granting unconditional trust to their banks. These clients cannot assess or judge if a new type of advisory method will offer any kind of advantage. If politics wants to promote the fee-based model it has to assure absolutely water-proof solutions, otherwise a resulting loss of confidence in case of misuse will be inevitable. Taking a more liberal approach, politics could leave several avenues open and instead sanction infringements of accredited trust

This dissertation is broadly concerned with the relationship between democracy and race in the United States federal government. To analyze this problem, I rely on archival research from the 1967-8 National Advisory Commission on Civil Disorders (commonly known as the Kerner Commission, after chairperson Governor Otto Kerner) to examine how the discussion and management of hundreds of so-called "race riots" in the summer of 1967 both challenges civil disobedience and embodies structural racism. Employing a content analysis of the final 425-page Kerner Commission government report, I assess the categorization, labeling, and language used to describe and document the hundreds of "race riots" and related state violence through acts of police misconduct that engulfed the country in the summer of 1967. I rely heavily on the report and background research itself, as well as major books related to race riots and presidential commissions, such as Anthony Platt's 1971 The Politics of Riot Commissions and Steven Gillon's 2018 Separate and Unequal. I incorporate theories of exit and the entitlement to rights advanced in literature by scholars like Jennet Kirkpatrick, James C. Scott, and Hannah Arendt. This dissertation is concerned with the relationship between morality and civic participation in democratic politics. I analyze Christopher Kutz's book Complicity: Ethics and Law for a Collective Age to delve into the ramifications of democracy and US citizenship being considered a kind of "collective project" and further contemplate what obligations and implications exist for citizens in US democracy against racial injustice. Since the Kerner Commission coincided with the rise of "law and order" politics in the nation's political vernacular, it represents a unique opportunity to witness an ideological shift toward a Garrison state and neoliberal ethos, both of which undermine the country's espoused democratic values, resting on the grammar of equality and justice for all. The Kerner Commission can provide valuable lessons in studies of political domination that remain pertinent to overcoming oppression and injustice today.
Doctor of Philosophy
This dissertation is broadly concerned with the relationship between democracy and race in the United States federal government. American democracy espouses moral virtues related to freedom and justice for all, and yet structural racism remains pervasive in how the government operates. To analyze this problem, I rely on archival research from the 1967-8 National Advisory Commission on Civil Disorders (commonly known as the Kerner Commission, after chairperson Governor Otto Kerner) to examine how the discussion and management of hundreds of so-called “race riots” in the summer of 1967 both challenges civil disobedience and embodies structural racism. I rely heavily on the report and background research itself to do a content analysis. I also use major books related to race riots and presidential commissions, such as Anthony Platt’s 1971 The Politics of Riot Commissions and Steven Gillon’s 2018 Separate and Unequal. Given that this dissertation is concerned with how morality shapes civic participation in democratic politics, I analyze Christopher Kutz’s book Complicity: Ethics and Law for a Collective Age. Since the Kerner Commission coincided with the rise of “law and order” politics in the nation’s political vernacular, it represents a unique opportunity to witness an ideological shift toward a Garrison state and neoliberal ethos, both of which undermine the country’s espoused democratic values, resting on the grammar of equality and justice for all. Individual advocates as well as scholars can learn valuable lessons from the Kerner Commission about oppression and injustice in today’s society.

Magister Legum - LLM (Mercantile and Labour Law)
The establishment of an anti-dumping regime has become commonplace for many a government that seeks to protect and promote its local industries. One reason which appears to be dominant by its proponents is the need to curb predatory pricing. Another reason given by the proponents of anti-dumping is the need to maintain a level playing field for players in any particular industry. With these reasons and probably many others, anti-dumping legislation began to find its way into present-day trade. Canada, with its anti-dumping statute of 1904 [An Act to Amend the Customs Tariff 1897, 4 Edw VIII, 1 Canada Statutes 111 (1904)] is credited with the first modern anti-dumping legislation. New Zealand followed in 1905 with the Agricultural Implement Manufacture, Importation and Sale Act 1905, which was primarily meant to protect New Zealand's manufacturers of agricultural implements. The Industries Preservation Act 1906 which Australia enacted was to deal with market monopoly by manufacturers but it also contained provisions on anti-dumping. The first decade of the 20th century will thus qualify to be called the introductory decade of anti-dumping legislation.

The idea that the payment of commission to those working within the financial services sector is not in the interests of consumers is gaining ground. Legislation now exists banning the majority of such payments within the financial advice sector. This work considers compliant strategies that might be employed to the benefit of both the adviser community and their clients. To ascertain existing attitudes, beliefs and practices amongst advisers and product providers semi-structured interviews were conducted and the existence or absence of recurring themes analysed using Applied Thematic Analysis techniques. The needs, as opposed to wants of consumers were identified by analysing records of what clients had actually done and comparing these with their original requirements. Analysis showed that product providers’ aims only partly satisfied the needs of consumers and that independent financial advisers are seen as elements of providers’ distribution channels. IFAs espoused the view that they were free from any influence from product providers, without being able to demonstrate what other sources of revenue they had. Furthermore, the income they did receive was usually calculated as a percentage of the value of the investment product sold, both initially and thereafter. Changes in practice are inevitable for to survive as Independent Financial Advisers and Planners there must be compliance with the regulations that a regulator imposes. Commissions, by any name, will ultimately be replaced by a fees-based service. To comply a knowledge of business management, including cost awareness and product pricing, will be vital. Invoicing clients transparently for the entirety of the service will ensure that businesses operate ethically and have long-term futures that are no longer reliant upon product providers. Furthermore, they will be organised around the constituent parts of the title, “Independent,” “Financial” and “Adviser/Planner.” This work points towards a practical solution.

This thesis examines the history of Commonwealth Government higher education policy in Australia between 1958 and 1997 and its impact on the development of two groups of academic librarians: the Association of Librarians in Colleges in Advanced Education (ALCAE) and the Committee of Australian University Librarians (CAUL). Although university librarians had met occasionally since the late 1920s, it was only in 1965 that a more formal organisation, known as CAUL, was established to facilitate the exchange of ideas and information. ALCAE was set up in 1969 and played an important role helping develop a special concept of library service peculiar to the newly formed College of Advanced Education (CAE) sector. As well as examining the impact of Commonwealth Government higher education policy on ALCAE and CAUL, the thesis also explores the influence of other factors on these two groups, including the range of personalities that comprised them, and their relationship with their parent institutions and with other professional groups and organisations. The study focuses on how higher education policy and these other external and internal factors shaped the functions, aspirations, and internal dynamics of these two groups and how this resulted in each group evolving differently. The author argues that, because of the greater attention given to the special educational role of libraries in the CAE curriculum, the group of college librarians had the opportunity to participate in, and have some influence on, Commonwealth Government statutory bodies responsible for the coordination of policy and the distribution of funding for the CAE sector. The link between ALCAE and formal policy-making processes resulted in a more dynamic group than CAUL, with the university librarians being discouraged by their Vice-Chancellors from having contact with university funding bodies because of the desire of the universities to maintain a greater level of control over their affairs and resist interference from government. The circumstances of each group underwent a reversal over time as ALCAE's effectiveness began to diminish as a result of changes to the CAE sector and as member interest was transferred to other groups and organisations. Conversely, CAUL gradually became a more active group during the 1980s and early 1990s as a result of changes to higher education, the efforts of some university librarians, and changes in membership. This study is based principally on primary source material, with the story of ALCAE and CAUL being told through the use of a combination of original documentation (including minutes of meetings and correspondence) and interviews with members of each group and other key figures.

This thesis deals with the financial market intermediation and distribution on the financial market. By using situational analysis reveals connections and principles of the functioning of financial intermediation and focuses on the role of financial market regulation and commission fees. Thesis is analyzing the effects of changes in commission system and impact to different distribution models.

Bakgrund: I och med den globala finansiella kris som utbröt år 2008 påvisades ett flertal brister i den befintliga lagstiftningen på finansmarknadsområdet. Den rådande EU-lagstiftningen behövde uppdateras och anpassas efter en mer komplex finansmarknad. Därmed antogs av Europaparlamentet och rådet år 2014 två nya rättsakter, MiFID II och MiFIR, i syfte att täcka rådande brister och vidareutveckla den befintliga regleringen i det gällande direktivet MiFID.   Syfte: Syftet med uppsatsen är att utreda och analysera de effekter som införandet av MiFID II får för finansiella rådgivare såväl som för portföljförvaltare i deras löpande verksamhet.   Genomförande: Studien har genomförts med ett rättsdogmatiskt angreppssätt i referensramen. Vidare används ett rättsekonomiskt angreppssätt i analysen där det även förs en etisk diskussion. Underliggande direktiv ”Europaparlamentets och rådets direktiv 2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om ändring av direktiv 2002/92/EG och av direktiv 2011/61/EU” har legat till grund för studien där störst vikt har lagts vid regeringens proposition 2016/17:162: “Nya regler om marknader för finansiella instrument”.                                                                  Slutsats: Studiens resultat av de analyserade ändringarna visar på att regleringen kring tillståndspliktiga värdepappersbolag kommer att bli mer omfattande samt att det kommer att ställas högre krav på dokumentation vid investeringssammanhang. Dessa ökade krav torde medföra att kostnaderna, för såväl tillståndspliktiga bolag som tillsynsmyndigheter, kommer att öka samtidigt som fler bolag kommer att bli tvungna att underkasta sig tillståndsplikt. Ur en konkurrenssynpunkt riskerar ändringarna att gynna stora och/eller kapitalstarka aktörer och därigenom snedvrida konkurrensen på marknaden. Det föreslagna provisionsförbudet torde å sin sida verka för att kapital omallokeras från bolag som tidigare levt på höga avgifter och incitamentsstrukturer till att istället förflyttas till bolag vilka levererar en bra tjänst och produkt.
Background: Due to the global financial crisis that occurred in 2008, multiple deficiencies in existing financial market legislation were identified. The current EU legislation was in need of update and to be adapted to a more complex financial market. Therefore, the European Parliament and the Council adopted two new legal acts in 2014, MiFID II and MiFIR, to overcome current shortcomings and further develop the existing regulation in the current MiFID Directive. Aim: The purpose of this paper is to investigate and analyze the effects of the introduction of MiFID II for financial advisors as well as for asset managers in their ongoing operations. Completion: The study has been conducted with a legal-judicial approach in the theoretical part, whereas we in the analysis part we use law and economics. In the analysis the ethical impact of the changes in legislation is also discussed. “Directive 2014/65/EU of the European parliament and of the council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU” as well as the Swedish bill “2016/17:162: “Nya regler om marknader för finansiella instrument” has provided the basis for the study. Conclusion: The results of the study indicate that the regulation of licensed securities companies will increase and become more extensive, and that there will be more requirements for documentation in investment context. These increased requirements will lead to a rise in costs, both for licensed companies and regulators, as more companies will need to be subject to a license requirement. From a competitive point of view, the changes tend to benefit large and/or capital-strong players, thereby distorting competition in the market. The prohibition of commission, on the other hand, should result in a re-allocation of capital from companies that previously received their incomes from high fees and incentive structures to instead be re-allocated to companies that deliver a good service and a good product.

Advances in medical technology have altered the need for certain types of surgery to be performed in traditional inpatient hospital settings. Less invasive surgical procedures allow a growing number of medical treatments to take place on an outpatient basis. Hospitals face growing competition from ambulatory surgery centers (ASCs). The competitive threats posed by ASCs are important, given that inpatient surgery has been the cornerstone of hospital services for over a century. Additional research is needed to understand how surgical volume shifts between and within acute care general hospitals (ACGHs) and ASCs. This study investigates how medical technology within the hospital industry is changing medical services delivery. The main purposes of this study are to (1) test Clayton M. Christensen’s theory of disruptive innovation in health care, and (2) examine the effects of disruptive innovation on appendectomy, cholecystectomy, and bariatric surgery (ACBS) utilization. Disruptive innovation theory contends that advanced technology combined with innovative business models—located outside of traditional product markets or delivery systems—will produce simplified, quality products and services at lower costs with broader accessibility. Consequently, new markets will emerge, and conventional industry leaders will experience a loss of market share to “non-traditional” new entrants into the marketplace. The underlying assumption of this work is that ASCs (innovative business models) have adopted laparoscopy (innovative technology) and their unification has initiated disruptive innovation within the hospital industry. The disruptive effects have spawned shifts in surgical volumes from open to laparoscopic procedures, from inpatient to ambulatory settings, and from hospitals to ASCs. The research hypothesizes that: (1) there will be larger increases in the percentage of laparoscopic ACBS performed than open ACBS procedures; (2) ambulatory ACBS will experience larger percent increases than inpatient ACBS procedures; and (3) ASCs will experience larger percent increases than ACGHs. The study tracks the utilization of open, laparoscopic, inpatient and ambulatory ACBS. The research questions that guide the inquiry are: 1. How has ACBS utilization changed over this time? 2. Do ACGHs and ASCs differ in the utilization of ACBS? 3. How do states differ in the utilization of ACBS? 4. Do study findings support disruptive innovation theory in the hospital industry? The quantitative study employs a panel design using hospital discharge data from 2004 and 2009. The unit of analysis is the facility. The sampling frame is comprised of ACGHs and ASCs in Florida and Wisconsin. The study employs exploratory and confirmatory data analysis. This work finds that disruptive innovation theory is an effective model for assessing the hospital industry. The model provides a useful framework for analyzing the interplay between ACGHs and ASCs. While study findings did not support the stated hypotheses, the impact of government interventions into the competitive marketplace supports the claims of disruptive innovation theory. Regulations that intervened in the hospital industry facilitated interactions between ASCs and ACGHs, reducing the number of ASCs performing ACBS and altering the trajectory of ACBS volume by shifting surgeries from ASCs to ACGHs.

The protection of clients in their dealings with insurance advisors is very important. This is mainly because clients are not too knowledgeable about insurance products. This lack of knowledge makes vulnerable to exploitation by insurance advisors. It is the duty of the regulator of insurance to ensure adequate protection of clients in their dealings with insurance advisors. However, this may not be easily attainable in a jurisdiction like Lesotho where there is only one regulator for all financial institutions, the Central Bank of Lesotho. This more so because insurance is very complex as there are different persons and contracts involved. The client has to firstly deal with insurance advisors or intermediaries before an actual contract of insurance comes into existence. In Lesotho the insurance sector is regulated by the Insurance Act 18 of 1976. Although there are systems in place regarding the regulation of the insurance industry, they are not adequate nor guarantee effective protection of the clients. These measures are mainly focused on the relationship between the Commissioner and the insurance advisors and not the relationship between the insurance advisors and the clients. The ineffectiveness of the current regulatory framework in Lesotho was exposed by the MKM situation in 2007 which showed that clients in Lesotho are to a very large extent left unprotected against insurance advisors. Even the proposed Insurance Bill of 2013 which was meant to address problems not addressed by the Insurance Act, does not offer any assistance as it contains no provisions on the protection of clients. The problem with the legal framework in Lesotho is that does not address the most important of protection of clients in their dealings with insurance advisors. This is also due to the fact that there is only one regulator for all financial institutions and this places a very burdensome duty on the Central Bank of Lesotho. In order to find solutions to this problem, a comparative study based on literature was done between Lesotho and South Africa. This is because South Africa on the other hand is more advance. The current legal framework in South Africa ensures the protection of clients in their dealings with insurance advisors. The non-banking institutions such as insurance advisors are regulated by the Financial Services Board. There are systems in place in South Africa regulating the conduct of insurance advisors towards clients. The Financial Advisory and Intermediary Services Act is one of the measures in place meant to ensure that those who render advice are fit and proper by requiring them, amongst others, to be in possession of relevant academic qualifications and operational ability to dispose of their duties in terms of the Act. This is different from the position in Lesotho where the only piece of legislation regulating the insurance advisors is the Insurance Act. Furthermore, by virtue of section 2B of the General Proclamation of 1884, the common law of South Africa is applicable in Lesotho so it is important to examine the changes that South Africa has made to it common law on which Lesotho mostly relies. The results show that the clients in Lesotho are to a very large extent left unprotected against insurance advisors as the current legal framework offers them no protection. The legal framework in South Africa on the other hand affords clients more protection. However, economic position of Lesotho it would not be ideal to take all measures applicable in South Africa and apply them to Lesotho as they are. Based on these findings recommendations made include that the Commissioner must engage in consumer education to ensure that clients know about their rights in dealings with insurance advisors. Another recommendation made is that the current legal framework be amended to include provisions relating to the protection of clients. It is also recommended that the Central Bank of Lesotho is well equipped to deal with matters relating to the protection of clients.
LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

C'est avec beaucoup de complexité et d'ambiguïté que les opérations de la paix des Nations Unies se sont déployées sur la scène internationale au cours des dernières décennies. Si le déploiement de ces opérations reflète avant tout la matérialisation de l’un des buts fondamentaux de l’ONU, à savoir : le maintien de la paix et de la sécurité internationale (Article 1(1) de la Charte des Nations Unies), il n'en reste pas moins manifeste que les actions qu’elles entreprennent sur le terrain sont susceptibles de produire des effets préjudiciables pour les tiers. La question que pose le présent mémoire est donc de savoir si, et dans quelle mesure, la responsabilité de l'ONU est régie par le droit international lorsque des tiers subissent des dommages matériels et corporels du fait des troupes des opérations de paix des Nations Unies. Que prévoit le droit international ? Existe-t-il pour les victimes des voies de réparations ? S’interroger sur la responsabilité de l’ONU suppose que l’on tienne compte avant tout de sa personnalité juridique internationale, car l’existence juridique de l’Organisation universelle constitue le postulat primaire sur lequel sera fondée sa responsabilité internationale. L’avis consultatif de la Cour Internationale de Justice du 11 avril 1949 sur la Réparation des dommages subis au service des Nations Unies représente le moment précis de cette personnification de l’ONU sur la scène internationale. D’un point de vue plus substantiel, les contours de la responsabilité onusienne dans le contexte du maintien de la paix se dessineront autour d’un élément central : « le fait internationalement illicite ». Celui-ci comprend deux éléments; d’une part, un élément objectif consistant en un comportement précis (action ou omission)violant une obligation internationale; et, d’autre part, un élément subjectif attribuant à l’Organisation ce manquement au droit international. Cette ossature de la responsabilité onusienne permettra d’appréhender de façon plus précise dans quelle mesure l’Organisation pourrait être tenue responsable de ses actes ou omissions dans le contexte du maintien de la paix. Plus encore, elle nous permet de plaider pour une responsabilité intégrée tenant compte des facteurs endogènes propres à toute situation, mais aussi faisant de l’individu dans le droit international des sujets dont les intérêts sont susceptibles de protection juridique.
It is with great complexity and ambiguity that the United Nations Peace Operations took place on the international scene during the last decade. Since their deployment reflects first and foremost one of the most fundamental goal of the Unites Nations Organization, namely: to maintain international peace and security (Section 1(1) of the Charter of the United Nations), it is predictable that the actions they undertake on the field may produce harmful effects for the third parties. The question raised by this thesis aims to discover if and to what extent the UN responsibility is governed by International Law when such third parties suffer from material and personal damages at the hand of UN Peace Operations troops. What does International Law provide? Are there any means of reparation for the victims? Searching for the UN responsibility includes the supposition that the Organization possesses the international legal personality, because its legal existence represents the basic postulate on which its responsibility will be based. The Advisory Opinion of 11 April 1949 of the International Court of Justice on Reparation for Injuries Suffered in the Service of the United Nations constitutes the exact moment of the personification of the UN on the international scene. From a more substantial perspective, the outlines of the UN responsibility in the peacekeeping context are being drawn around one crucial element: « the internationally wrongful act ». This element includes two parts; on the one hand, an objective component which consists of a specific conduct (action or omission) breaching an international obligation; and, on the other hand, a subjective component attributing to the Organization the breach of this international obligation. This framework of the UN responsibility will allow a better understanding of the extent to which the responsibility of the Organization can be retained for actions or omissions committed in a peacekeeping context. More importantly, it allows us to plead for a responsibility which encompasses not only the endogenous characteristics of each situation, but also a legal protection by International Law of the interest of each individual.