Dissertations / Theses on the topic 'Investor protection system'

The present thesis aims to evaluate implementation of various methods of asset protection through the example of a real manufacturing company. For this purpose, the thesis summarizes selected theoretical and practical knowledge from the fields of operational management, lean enterprise systems, security systems, financial and investment decision-making.

Betrügerisches Verhalten bei geschlossenen Fonds ist in Deutschland Statistiken zufolge für jährliche Kapitalverluste im mittleren dreistelligen Millionenbereich verantwortlich. Der Gesetzgeber hat sich in der Vergangenheit wiederholt dem Problem angenommen und eine Vielzahl von zivil-, straf- und öffentlich-rechtlichen Maßnahmen zur Verbesserung des Anlegerschutzes auf den Weg gebracht, die mit dem Inkrafttreten des Kapitalanlagegesetzbuchs (KAGB) im Jahr 2013 ihren bisherigen Höhepunkt erreicht haben. Die Zweckdienlichkeit dieser Maßnahmen wird von Kritikern indes bezweifelt, darüber hinaus scheint sich in jüngerer Zeit ein neuartiges Phänomen des „sanktionslosen Betrugs“ auf dem Kapitalmarkt zu etablieren, bei dem es den Tätern gelingt entweder ohne, oder ohne nennenswerte Sanktionen – insbesondere in strafrechtlicher Hinsicht – davonzukommen. Als Beispiele seien hier die Debi Select Fonds aus Landshut sowie die POC-Fonds aus Berlin genannt, bei denen die im Hintergrund agierenden „Strippenzieher“ trotz millionenschwerer Anlegerschädigung weder in zivil- noch in strafrechtlicher Hinsicht zur Rechenschaft gezogen werden konnten. Die vorliegende Arbeit widmet sich der systematischen Erkundung dieses Phänomens, indem sie die Themenkomplexe „(sanktionslose) betrügerische geschlossene Fonds“ und „Anlegerschutz“ aus ökonomischer und rechtlicher Perspektive theoretisch analysiert und hieraus Verbesserungsvorschläge ableitet, die anschließend durch eine explorativ-empirische Expertenbefragung abgesichert und ergänzt werden. Konkret beantwortet die Arbeit folgende zentrale Forschungsfrage: „Was ist betrügerisches Verhalten bei geschlossenen Fonds und warum ist dies zum Teil sanktionslos?“ sowie vier ergänzende Forschungsfragen: (1) „Wie sieht die Anatomie betrügerischer geschlossener Fonds aus?“ (2) „Was sind die Ursachen und Anreizstrukturen, die betrügerisches Verhalten bei geschlossenen Fonds begünstigen?“ (3) „Welche Maßnahmen eignen sich zur Abwehr bzw. zur Eindämmung des betrügerischen Verhaltens bei geschlossenen Fonds?“ (4) „Bieten die zivil-, straf- und öffentlich-rechtlichen Maßnahmen des Gesetzgebers, insbesondere das KAGB einen ausreichenden Schutz vor betrügerischen geschlossenen Fonds?“
Fraudulent behavior in closed-end funds is, according to statistics, responsible for annual capital losses in the mid-triple-digit millions. Legislators have repeatedly addressed the problem in the past and initiated a large number of civil, criminal and public-law measures to improve investor protection, which reached their peak in 2013 with the entry into force of the so-called “Kapitalanlagegesetzbuch” (KAGB). The usefulness of these measures are doubted by critics, moreover it appears that a new phenomenon of 'unsanctioned fraud' on the capital market appears to be established recently, where the perpetrators succeed either without or without significant sanctions, especially in criminal matters. Examples include the Debi Select funds from Landshut and the POC funds from Berlin, in which the 'stripping pullers' operating in the background could be held accountable neither in civil nor in criminal law despite millions in damage to investors. The present work is devoted to the systematic investigation of this phenomenon by theoretically analyzing the topics '(non-sanctioned) fraudulent closed-end funds' and 'investor protection' from an economic and legal perspective and deriving recommendations for improvement, which are then confirmed and supplemented by an explorative-empirical expert survey become. Specifically, the paper answers the following central research question: 'What is fraudulent behavior in closed-end funds and why is this partially sanctionless?' And four complementary research questions: (1) 'What is the anatomy of fraudulent closed-end funds?' (2) 'What are the causes and incentive structures that favor fraudulent behavior in closed-end funds? (3)'What measures are appropriate for the prevention or the containment of fraudulent behavior in closed-end funds?' (4) 'Do civil, criminal and public legislative measures, in particular the KAGB, provide sufficient protection against fraudulent closed-end funds?'

Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privé
The imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector

Plusieurs trillions de dollars d’actifs sous gestion : tel est le poids de l’industrie des hedge funds dans le système financier. Acteurs indispensables des marchés, les hedge funds sont pourtant des créatures méconnues. Réservés aux investisseurs professionnels ou qualifiés, ils ont longtemps tiré partie d’exemptions et échappé à une trop forte contrainte réglementaire. La crise financière de 2008 a bouleversé ce schéma et fait apparaître, en Europe et aux États-Unis, une même volonté d’encadrer davantage ces structures, par le biais de leurs gestionnaires. Aussi cette étude propose-t-elle une analyse comparée des dispositions introduites en la matière par la directive AIFM et par le Dodd Frank Act. Après un nécessaire éclairage sur cette industrie de l’ombre, elle examine les apports des deux textes, les confronte avant d’en dégager forces et faiblesses. Le traumatisme de la crise a fait émerger un double impératif : mieux protéger les investisseurs et prévenir le risque systémique. C’est à la lumière de ces deux objectifs que la seconde partie s’attarde sur le bien-fondé des réformes, leur portée réelle ainsi que leurs limites. Cette vue d’ensemble de la régulation applicable aux gestionnaires de hedge funds est également prétexte à une réflexion plus large sur la régulation financière, ses finalités, ses contours et ses défis. Nous concluons sur une feuille de route pour un acte II de la directive AIFM et formulons plusieurs propositions, en particulier l’interdiction totale de commercialisation auprès d’investisseurs de détail et la création d’une base de données mondiale du risque systémique
The hedge fund industry manages several trillion dollars in assets. Though they are key players of the financial system, hedge funds remain mysterious creatures. Available only to professional or qualified investors, they managed, for a long time, to take advantage of exemptions and to avoid a heavy regulatory burden. The 2008 financial crisis profoundly changed perspectives and led the European Union and the United States to introduce new regulations targeting hedge funds, through their managers and advisers. This study is a comparative analysis of such regulations, brought about by the AIFM Directive and the Dodd Frank Act. After a brief overview of the industry, both texts are examined and compared so as to identify their respective strengths and weaknesses. Two imperatives emerged out of the crisis: increasing investor protection and preventing systemic risk. In light of these two objectives, part II discusses the validity of the reforms, their scope and their limits. This extensive analysis of hedge fund regulation also leads to broader remarks on financial regulation, its aims, contours and challenges. Finally, a roadmap for a revised version of the AIFM Directive is proposed and concrete measures are suggested, such as the total prohibition of marketing to retail investors and the creation of a global database of systemic risk

碩士
淡江大學
國際貿易學系
92
Corporations can use the type of external growth to expanse their business by mutual investing and merger & acquisition( M&A ).For following the trend of internationalization and improving the whole environment of corporate M&A, the related Act was legislated to suit the convenience of company’s activities from 2000 to 2003, especially the Act of corporation merger and acquisition. However, the rush nature of the legislative process cause the Act were questioned that corporations require enormous profits but neglect the main protections of investors. This thesis center on the system of protection of investors, discusses the derivated problems as enterprises proceeding their M&A activities. 1. By studying the process of corporation M&A, we can analyzes the regulations relating the process of determination of director board and the information disclosure. 2. Assembling and discussing the relating rules which can defend the rights of stockholders and creditors. 3. Examining the methods of implementing the appraisal right of minority shareholders under the M&A. 4. The due process of law that shareholders can use to request compensation as their rights damaged by the managers or directors. Through the systematic and comprehensive study, we can conclude that it is admirable that the new regulations regarding corporation M&A provide the enterprises multiple M&A models, however, there are still a lot of problems about the protection of investors should be amended. First, the inconsistency among the different Act should be modified. For example, the rules about requesting elements of appraisal rights of minority stockholders are different between The Company Law and The Act of corporation merger and acquisition. Second, directors face huge profits conflicts in it, so the legislative duty of board and supervisors should be enforced, for example, the independent board directors or supervisors need to be established. Third, the beginning day of information disclosure, the price estimation standard also have to be rule out. Finally, the elements of derivative suit of independent stockholder should be amended and enforce the system of Class Action under the Securities and Futures Investors Protection Center.

碩士
國立臺灣大學
法律學研究所
96
With the rapid growth of financial business, securities markets not only serve the need for publicly-held corporation to raise capital but also provide invesotrs an alternative way to use capital. Since the securities are intangible property, how to prevent fraud and protect investors becomes an important issue for countries all over the world. Among all the supervisory methods, full-disclosure appears to be the most efficient way to prevent fraud. Securities fraud claims are especially suitable for class-action proceedings in that the costs of bringing securities fraud litigation are almost always greater than the losses to individual investors. Furthermore, the proof of transaction causation and loss causation and the assesment of damages are much more difficult than any other kind of law suits. The U.S.-style class action is a unique American procedural device. It allows plaintiffs to sue not only for injury them sustaine but on behalf of other persons similarly situated for injury done to them. It serves the interests of economy by not having to try the same issues again in separate cases. Also, it serves the interests of consistency and finality by avoiding the possibilities of inconsistent outcomes in separate trials of similar cases and resolving all claims in a single case that is binding on all class members. The U.S.-style class action is once considered the most powerful mechanism to enforce federal securities laws. However, the danger of vexatious litigation may also jeopardize the soundness of securities markets. In 1995, the U.S. Congress passed the Private Securites Litigation Reform Act （PSLRA）to address the concern for frivolous suits and the agency problem of plaintiff’s attorneys. Nevertheless, the scholars are still concerned about whether the class action is a good solution for securities fraud. Recent corporate scandals in Europe have affected individual investors on a large scale with similar injuries. This has led to a recent shift in the role of enforcement in several EU member states, from soley state and public consumer group enforcement mechanism to the inclusion of private enforcement. Consequently, there is a trend that more and more EU member states start to adopt the U.S.-style class action. There are other kinds of unique approach of private enforcement. Some countries use their traditional civil procedure to enforce securities fraud claims, such as Germany. The German Capital Investors Model Proceeding is said to be the express rejection of the adoption of U.S.-style class action. Still some other countries use the “nonprofit organization” to enforce securities law claims, such as South Korea and Taiwan. In Taiwan, the corporate scandals in 1998 revealed the demand for better investor protection and related law-enforcement system. Because the participants of the securities markets were mostly unsophisticated individual investors and the barrier to litigation often impeded them from entering lawsuits, the Securities and Futures Commission (SFC) established an Investor Services Center (ISC) under the Securities and Futures Institute to coordinate claims against public companies on behalf individual investors. Due to the court costs, the security-posting and the lack of discovery proceeding, there was still desparate need to establish the class action device in Taiwan. In 2002, the congress passed the Securities and Futures Investors Protection Act (hereinafter “SFIPA”) to establish our own securities class action device. The most unique feature of the securities class action in Taiwan is that it is not driven by attorneys but by the “Securities and Futures Investors Protection Center” (hereinafter “SFIPA”). According to the SFIPA, the SFIPC may bring an action or submit a matter to arbitration in its own name with respect to a single securities or futures matter injurious to a majority of securities investors or futures traders, after having been so empowered by not less than 20 securities investors or futures traders. The concept of this regulation is borrowed from the Consumer Protection Act, which authorizes the authority to represent class members in the court and seek compensation arising from defendants’ product liability. To date, the SFIPC has brought 50 securities class action on behalf of more than 64,000 investors, seeking more than NT$24 billion in civil damages. The SFIPC has won 9 final judgments, including securities fraud, false financial statement, false prospectus statement and insider trading. In order to strengthen investors protection, the draft of the modification of the SFIPA addresses the need for further exemption of court costs and the authority for the SFIPC to open the shareholder derivative suit and the judicial procedure to remove directors and supervisors. This thesis will first introduce the securities class action in Taiwan in chapter 2, and compare the model of the securities class action in Taiwan with other jurisdictions in chapter 3. After analyzing the main features of securities class action in different jurisdictions, this thesis will further examine that whether the securities class action in Taiwan does give investors easier access to litigation and discuss the pros and cons of the draft of modification of the SFIPC in chapter 4. Finally, this thesis will examine the overall investor protection system in chapter 5. Chapter 6 will point out the necessities of the securities class action in Taiwan and the importance of the SFIPC as the conclusion.

The improvement of investor protection systems is increasingly becoming a major concern of the financial sector in almost all jurisdictions because investors play a significant role in sustaining the activities of the securities market. With the enactment of its Capital Market Law, Indonesia has developed a rule and principles-based system to protect investors. However, the purpose of an investor protection system is not merely to provide regulations, ensure market supervision, and law enforcement, but also to provide investors with mechanisms for effective and efficient financial dispute resolution. Moreover, most research on investor protection systems has focused on the issue of compliance with disclosure requirements by public listed companies and issuers. In addition, previous studies of investor protection systems have been concerned with the governance of market institutions and licensed entities when implementing rules and regulations in the securities market. Neither scholars nor practitioners have paid much attention to seeking the means by which disputes between retail investors and license entities can be responded to and resolved quickly and effectively. This study aims to investigate whether the existing Indonesian domestic laws and regulations effectively meet the requirements of securities investments in Indonesia. Another objective of this research is to scrutinise the regulatory framework of the Indonesian financial sectors. The study assessed the feasibility of introducing law reforms in the Indonesian securities market and establishing financial dispute resolution mechanisms in the financial sectors, including the securities market, according to the Financial Services Law. For the purposes of this study, we conducted an extensive review of the literature, the publicly available reports, and the documents pertaining to the investor protection system. We also examined the domestic and international norms, regulations and legislations related to investor protection mechanisms in the financial services sectors. This study has drawn on the empirical experiences and best practices of other jurisdictions in implementing protective measures for retail investors. This research involves several forms of investigations and methods, namely regulatory reviews, informal group discussions, and lessons-learned. The thesis found that the implementation of a financial dispute resolution mechanism in the Indonesia financial services sectors, including the securities market is essential given the failure of the judiciary system in Indonesia in providing legal certainty and better enforcements, especially for retail investors. Further, the regulator needs to establish a close relationship with other enforcement institutions in order to make better decisions in legal proceedings to benefit investors. To address the current shortfall in regulations relevant to the securities market and investor protection system, the study finds that Indonesia needs supports from international paradigms and best practices in order to develop an effective investor protection system.

1 The Influence of EU Common Investment Policy on the System of International Investment Law Abstract Extending exclusive European Union (EU) competence to foreign direct investment (FDI) in the Lisbon Treaty has had profound implications. The EU began to develop its own investment policy, including negotiating either international investment agreements or comprehensive trade and investment agreements with third parties. Taking into account the magnitude of the EU economy and the fact that EU Member States have concluded almost 1 400 bilateral investment treaties (BITs) out of roughly 3 300 in force worldwide, the potential of European influence over the system of international investment, based principally on BITs, is enormous. The aim of this dissertation is to assess how and in which way the new EU competence changes the system. The EU investment policy has developed a specific approach towards investment protection and investment dispute mechanism which does not envision content declared at its beginning. According to initial documents such as the European Commission's Communication Towards a comprehensive European international investment policy, the Union should have followed the available best practices of the Member States. Nevertheless, during the first bilateral negotiations with Canada and...

75 Abstract: The investor compensation scheme is one of the indispensable elements contributing to the stability of capital markets. Protection of retail investors by providing the minimal guarantee in case of investment firm's inability to return securities or money to investors became an essencial instrument in order to restart the economy, particularly in times of economic recession. Given the transboundary nature of investments a single European legislation is not only appropriate, but also practically necessary measure to restore investors' confidence in investment firms and to increase the competitiveness of markets in financial services within the European continent. The investor compensation scheme is still not receiving full attention of Czech legal theory, therefore it is one of the ambitions of this thesis to provide its comprehensive analysis. The aim of my thesis is also to compare whether the Czech legislation of Securities Brokers Guarantee Fund complies with the requirements of European legislation and to analyse proposal for a directive of the European Parliament and of the Council amending Directive 97/9/ES on investor-compensation schemes and its effect on Securities Brokers Guarantee Fund. This thesis is composed of five chapters. Chapter One deals with the genesis of the investor...

Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework.

碩士
銘傳大學
法律學系碩士班
94
Information plays a crucial role in influencing the price of the stock in the stock market. Therefore, the fair disclosure of the information has been the important principle of the stock market. Financial forecast is part of the information disclosure. However, there has been continuous criticism towards the forecast system since its practice a decade ago. The inaccuracy of the information and the high updating rate might have been to blame. Moreover, according the accounting result, the specific timing of the financial forecast somehow affects the price of the stock, and it also leads to doubts of the possibilities of insider trading. What’s more, one cannot help but to concern whether it may be used as a tool for a company to manipulate the stock price. Since the financial forecast system itself has relative uncertainties, the companies will not take the full responsibility. But it has been a concern to redefine the relationship between financial forecast system and the protection of securities investors so that they may not be influenced by incorrect forecast. In addition, companies may not excuse themselves every time by blaming the unpredictability of the economic situation. This thesis aims to focus on the theoretical basis of the financial forecast system and to investigate the legal responsibilities of the compilers of the forecast information. Moreover, I will use recent cases to demonstrate the factors behind the inefficiency of the system and to discuss the related influence after the adjustment of the laws. The chapters of this thesis will be divided as follows: The first chapter focuses on the motive and the methodology of my research. The second chapter discusses the background and process of the making of the financial forecast system within Taiwan and to bring up problems during the discussion. In the third chapter, I look at practical cases that are to do with financial forecast and to investigate the legal aspects of the situation. For the fourth chapter, I discuss the legal responsibilities of the companies which issue the forecast information. In the fifth chapter, I focus on the legal responsibilities of the authorities who help to compile the forecast information. The sixth chapter is the conclusion.

碩士
東吳大學
法律學系
96
Chapter 1: Introduction This chapter covers the incentive of this study, the goal of this study, research methodology and our expectations. Chapter 2：Outlines of securities investment fund and related legislation in China This chapter discusses the features, major categories, and origin of legislation regarding securities investment fund in China. It further introduces the evolvement of legislation system, as well as related regulations, legislation system, and fundamental rules and theories with respect to securities investment fund in China. Chapter 3：The governance structure and system of securities investment fund in China This chapter introduces the concepts of securities investment fund governance structure and illustrations from various countries. It also conducts a study on the current situations of the securities investment fund governance structure, as well as the independent director system and investor protection with respect to securities investment fund in China. Chapter 4：Conflict of interests of securities investment fund in China and measures of precaution First of all, this chapter introduces the unique features of securities investment fund in China, such as fund managers, trustee, with a focus on the content of fiduciary duties, loyal duties, and due care obligations. Secondly, it identifies the causes for conflict of interests. Thirdly, it states the current prevention measures of conflicts of interests, the prevention mechanism and current legislation in China. The operation of securities investment fund may give rise to conflict of interests between investors and fund managers. Therefore, the establishment of ethical rules and professional standards is a critical issue of investor protection system. Furthermore, we conduct a study on the present governance system and legislation of securities investment fund in China and make suggestions on the deficiency of the above system and legislation. Chapter 5: Information disclosure and investor protection with respect to securities investment fund in China The importance of fund information disclosure cannot be overemphasized when it comes to investor protection. Without sufficient and comprehensive information, the investors cannot make accurate investment decisions. Therefore, this chapter will discuss methods of information disclosure regarding securities investment fund and explains legal obligations upon failure to make required disclosure. Chapter 6: Conclusion and suggestion

This study, supported by the Stock Exchange of Thailand (SET), investigated the responses of institutional investors in Thailand to corporate governance practices that promote minority shareholder rights. The study examined the compliance of banks with corporate governance standards in the commercial banking sector in Thailand and the relationship between compliance, ownership types, and bank performance. Interviews with experts from the sector preceded a survey of 173 bank executives and investors. The data were analysed using multivariate statistics and regression analysis.