Articles de revues sur le sujet « Subscription or purchase of shares or securities »

The article shows that junk securities never demonstrate a smooth trend to rate growth and any jump or drop usually happen by sharp change in the trend. The investor making deals on OTC call-boards should realize that 95% of dark market shares cannot pass analysis and the majority of investors who deal with dark market shares would lose money. Sometimes after good results shares on dark market can go ‘darker' and are not reported for a long time. It resembles ‘leaving on a high pitch'. But occasionally figures can become worse, therefore the company would not like to acknowledge the fact. Junk shares always imply high risk, as in the majority of cases there is no reliable information about the organization issuing shares and securities themselves. The authors point out that in case of placement at outside markets external audit is not carried out and real quotation could differ from those presented. At the same time it is rather difficult to analyze junk shares because of low exchange purchase, as few investors buy securities with low rating.

The purpose of this study is to find out how the position of the agreement in the sale and purchase of shares with repurchase rights (REPO) in law in Indonesia, whether the sale and purchase agreement of shares with repurchase rights (REPO) has protected the interests of investors, as well as how the settlement of disputes in the sale and purchase agreement shares with repurchase rights (REPO) between issuers and investors by PT. OSO Medan Branch Securities. The method in this research is a normative juridical legal method with qualitative analysis. From the results of the study, it was found that the sale and purchase agreement of shares brokered by PT. OSO Sekuritas is a form of agreement or contract which must comply with the provisions in the Civil Code in general and specifically must comply with the laws and regulations relating to REPO. In the share sale and purchase agreement brokered by PT. OSO Sekuritas has provided legal certainty and protection to investors because in the agreement clause the form of protection has been explained. Settlement of disputes that occur between the parties in the REPO share-purchase agreement brokered by PT. OSO Sekuritas, contained in the agreement clause, which is an agreement for mediation and deliberation as well as resolving issues through the capital market arbitration body, if deliberation is not reached.

Acquisition has been extensively regulated in the Indonesian Company Law and various implementing regulations. In general acquisition denotes a purchase of all or substantial shares of a company resulting in transfer of control of the company. However, the regulatory concept of share purchase transaction in acquisition has developed into the concept of corporatecontrol transaction. This paper observes to what extent the Indonesian corporate legislation regulates the corporate control transaction, in particular in the securities or capital market regulations.

At present, in contrast to lending and investment services, models for raising additional capital for a company by issuing shares and then placing them on the securities market are becoming more popular. This article discusses the model of issuing shares for a joint-stock company (JSC) and the subsequent purchase of their traders. The model has a two-level hierarchical structure, where the leading party is the JSC, and the lead, in turn, is the shareholders. The company determines the number of shares and their issue price. Depending on the total capitalization of the company and the nominal share price, the company’s revaluation coefficient (P/BV) is formed. This coefficient affects the General mood of shareholders in the market, who use the sale or purchase of shares to change the total capitalization of the company. The price for the current time period consists of the algebraic sum of the price for the previous time period and the total capitalization, thus, through changes in the total turnover of funds, shareholders are able to influence the share price. The main income for a shareholder is the difference between the purchase and sale of shares, as well as the payment of its dividends. For the company, the task is to maximize profits by buying shares on the stock exchange, as well as minimize losses when selling them. After describing the target functions and applying the simulation method, the optimal issue price for a fixed number of shares was found for the company. Unfortunately, the market does not lend itself to accurate forecasts due to the large influence of the human factor. Very often, shareholders can act against the rational and most profitable strategy. Despite this, this model will help to approximate the behavior of players in the stock market in subsequent development, thereby facilitating the study of price movements on the stock exchange.

Investment is a very sensitive matter especially relating to securities commonly known as shares. Shares are not merely as securities or certificates of ownership but as a business area in achieving profits. One alternative factor for investment is option. Stock options are one of the trading tools used to secure stock investments owned by investors. The real value of stock options can be known when the due date. The stock option value formula can be used to find out the value before the due date. The most widely known stock option value is to use the Black-Scholes equation which is obtained from a constant volatility value. Then it was developed because it saw the conditions in the market based on the volatility of the value (not constant). The purpose of this study is to determine the value of stock options in the market based on volatile values ??that change using the Constant Elasticity of Variance model with the limit of European stock purchase options. If the resulting stock option value is greater than the option price in the market, investors are advised to buy the stock option.

This article examines merger and acquisition strategies under corporate securities legislation of the Provinces of Alberta and Ontario and the corporate legislation of Canada. The author begins by defining terms that are integral to mergers and acquisitions and then moves on to discuss some preliminary considerations. Four takeover alternatives are presented: (1) purchase of treasury shares by private agreement; (2) exempt takeover by private agreement; (3) formal takeover bid; and (4) negotiated acquisition by amalgamation or arrangement. For each of these alternatives the author first looks at procedural and technical requirements, and then discusses the advantages and disadvantages of the particular procedure. The author then reviews the impact of the Ontario Securities Commission Policy No. 9.1 on merger and acquisition strategies. Finally, the author briefly looks at the multijurisdictional disclosure system adopted in Canada and the United States.

Along with the rapid development of information technology, the Indonesian Stock Exchange (IDX) began to develop a more efficient transaction concept by starting to apply the concept of floorless trading. Which previously all places and processes of buying and selling shares were only centered on the IDX floor or better known as floor trading. The floorless trading system is a new stock trading transaction system implemented by the IDX by moving the place and process of buying and selling of shares to each securities company from what was previously centralized on the stock exchange (IDX). So now the concept of a new stock sale and purchase transaction, or better known as remote trading, has begun to be developed. The purpose of writing this research is to evaluate the remote trading system implemented by the company and provide input to improve the effectiveness of the remote trading system. This study uses the UTAUT methodology to evaluate and measure user acceptance, the results of which will be a reference to provide input to the company. The results achieved are a new system design created to meet user needs based on the analysis that has been done. With this new system design will increase system effectiveness and employee performance.

Purpose The purpose of this paper is to analyze the practice of contra trading in Bursa Malaysia Securities Berhad. Through a critical examination of the practice, it aims to discuss the issues from the angles of Sharīʿah and Malaysian common law. Design/methodology/approach The paper uses a qualitative research methodology. The information on the practice of contra trading is obtained through the Bursa Malaysia Securities Berhad’s website and literature as well as series of meetings and discussions held with Bursa Malaysia Securities Berhad. In comprehending and dissecting the Sharīʿah and legal issues, classical along with contemporary Sharīʿah literature including local and international Sharīʿah advisory bodies’ resolutions and standards have been referred to. The Sharīʿah analysis of these issues is further supported by reference to the statute and by-laws of Bursa Malaysia Securities Berhad as well as other related legal literature. Findings This paper finds that contra trading involves a real sale and purchase of shares; the shares are not taken into the possession of the contra trader, neither physically nor constructively; the liability of shares is not transferred to the contra trader; though the practice of profiting in contra trading may contradict the prohibition on profiting without bearing liability, the permissibility of contra trading could still be argued from the contextual approach of public interest (maṣlaḥah) and needs (hājah); and contra trading is not gambling. Research limitations/implications This paper is limited in its analysis to only Sharīʿah and legal perspectives. It does not cover a thorough empirical and quantitative investigation that would measure the extent of the public needs for contra trading and the real benefits that contra trading brings about to the society in the long run. Such studies will further demonstrate whether contra trading deserves a relaxation from the strict Sharīʿah ruling thus affirming the issue of permissibility of contra trading. Moving forward, this paper recommends ways to address the predicaments faced in the contra trading practices as well important research areas that could be taken up in future. Originality/value This paper provides an in-depth investigation of the practice of contra trading at the Bursa Malaysia Securities Berhad from the angles of Sharīʿah and common law.

Development of the securities market in Latvia compared with the countries of Western Europe, Scandinavia, and North America has started much later and has been slow; therefore, the interest of individuals and companies to actively participate in the capital market can be assessed as low. The stock market that is considered as one of the types of the securities market is an unstructured environment where every investor has to decide on how to invest. The potential investor interested in stocks as an investment object can buy shares of the companies and potentially earn money despite the fact that investments in stocks are considered as a very high-risk investment. The research aim: to evaluate the Latvian stock market as one of the investment objects. The scope of the research determines the topics covered: investment opportunities in the stocks of the regulated Latvian stock exchange. The research findings point out that the performance of the Nasdaq Riga stock exchange despite its relatively small number of the issuers of shares is effective. The author concludes that use of the investment accounts is not sufficiently promoted for private individuals, consequently, the culture of savings lags behind in Latvia. In order to educate the private investors and promote decision-making on the purchase of shares, it would be advisable for the Nasdaq Riga to provide the investors with concise information on the shares of the companies and their characteristics. The quantitative and qualitative methods of economics research, including the method of comparative analysis and synthesis, as well as statistical and graphical analysis methods are used in the research.

Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts) with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.

Basically, investors in general and investors in securities including shares or bonds, in particular, are always looking for reliable and reasonable models that can help them choosing the number and time of the transaction of purchase and sale of their investments in order to maximize yields and guide them properly. In the last century with the development of financial markets, especially the stock market and more diversified securities of transactions in these markets, and more participation of larger groups of people in stock, their demands have become more important. Two important and widely used strategies among analysts include reverse and momentum strategies which against each other. They predict future performance using past performance. Momentum strategy believes that recent trends continue, but reverse strategy believes that recent trends will return.In this study conducted in a six-year period between 2009 and 2014 and its portfolio is made up, the results of this study in the Tehran Stock Exchange which has been due to two hypotheses showed that the mean abnormal return of loser and winner portfolios are positive and negative, respectively, and hypotheses have been confirmed.

The Corporations Act 1989 (Cwlth) ('the Act'), which is expected to come into force on 1 January 1991, will introduce major changes to the regulation of fund-raising by a corporation.The notion of an offer to the public, which governs whether a prospectus is required to be issued or not under the Companies Code 1981 ('the Code'), will be replaced by a blanket prohibition on offers or invitations for subscription or purchase of securities, subject to enumerated exclusions. Consequently, rights issues and dividend reinvestment schemes will be required to be accompanied by the issue of a prospectus, as will offers of prescribed interests.While farm-outs and unincorporated joint ventures fall within the present definition of 'prescribed interests', the Australian Securities Commission (ASC) has indicated that Regulations will be promulgated to exempt them.The contents of prospectuses will be governed by a general disclosure provision together with a catalogue of factors designed to ensure that the information supplied in a prospectus is directly proportional to the informational needs of the proposed offerees.The Act has expanded the civil liability of persons associated with the preparation of a prospectus by increasing both the class of potential plaintiffs and the class of potential defendants.To fine-tune the operation of the scheme and the significant changes wrought, the legislature may have to resort to the promulgation of regulations as well as amendment by statute.

In English; Along with the rapid development of information technology, the Indonesian Stock Exchange (IDX) began to develop a more efficient transaction concept by starting to apply the concept of floorless trading. Which previously all places and processes of buying and selling shares were only centered on the IDX floor or better known as floor trading. The floorless trading system is a new stock trading transaction system implemented by the IDX by moving the place and process of buying and selling of shares to each securities company from what was previously centralized on the stock exchange (IDX). So now the concept of a new stock sale and purchase transaction, or better known as remote trading, has begun to be developed. The purpose of writing this research is to evaluate the remote trading system implemented by the company and provide input to improve the effectiveness of the remote trading system. This study uses the UTAUT methodology to evaluate and measure user acceptance, the results of which will be a reference to provide input to the company. The results achieved are a new system design created to meet user needs based on the analysis that has been done. With this new system design will increase system effectiveness and employee performance. Dalam Bahasa Indonesia Seiring dengan pesatnya perkembangan teknologi informasi maka Bursa Efek Indonesia (BEI) mulai mengembangkan konsep transaksi yang lebih efisien yakni dengan mulai menerapkan konsep floorless trading. Yang mana sebelumnya seluruh tempat dan proses terjadinya transaksi jual beli saham hanya terpusat di lantai BEI atau lebih dikenal dengan istilah floor trading. Sistem floorless trading merupakan sebuah sistem transaksi jual beli saham baru yang diterapkan oleh BEI dengan memindahkan tempat dan proses terjadinya transaksi jual beli saham ke masing-masing perusahaan efek dari yang tadinya terpusat di lantai bursa (BEI). Maka sekarang ini mulai dikembangkan konsep transaksi jual beli saham yang baru atau lebih dikenal dengan istilah remote trading. Tujuan dari penulisan penelitian ini adalah mengevaluasi system remote trading yang diimplementasikan oleh perusahaan serta memberikan masukan untuk meningkatkan efektivitas system remote trading. Penelitian ini mengunakan metodologi UTAUT untuk melakukan evaluasi dan pengukuran terhadap user acceptance yang hasilnya akan menjadi acuan untuk memberikan masukan kepada perusahaan. Hasil yang dicapai adalah sebuah rancangan sistem baru yang dibuat untuk memenuhi kebutuhan user berdasarkan analisa yang telah dilakukan. Dengan rancangan sistem yang baru ini akan meningkatkan efektivitas sistem dan kinerja karyawan.

Introduction: the paper is devoted to the study of economic and legal bases of regulating the turnover of assets in the book-entry securities market, in which transactions of purchase and sale of stocks, bonds, and other instruments are implemented by different subjects of economic relations falling within the jurisdiction of the Russian Federation and foreign states. Methods: the methodological framework for the research is the method of historical materialism, the dialectical method, as well as such general scientific methods of knowledge as analysis, synthesis, hypothesis, analogy, and etc. As specific scientific research methods the comparative legal and functional methods were used. Results: the turnover of assets in the book-entry securities market is studied in the paper as a special channel for financing the economy. The main functions of the market of book-entry securities and their impact on the relationship of all participants of the securities market, among which the main ones are issuers and investors, are defined. The paper shows the vector of transition from a labor-intensive and resource-intensive method of protecting the right - vindication of shares. The categories and roles of investors, their behavior in the securities market, as well as a number of requirements that apply to all investors within the territory of the Russian Federation are compared. The popular mechanisms for protecting the rights of investors are studied. The role and legal possibilities of a vindication claim are analyzed as the main method of protecting the rights. The evolution of the society’s movement to the “Industry 4.0.” format and the application of an innovative method of investment using digital cryptographic records are considered. Conclusions: it is proved that the development of ICO investments is continuing rapidly, and capital investment using this tool is increasing due to attracting a new circle of investors. It is proved that the growing popularity of ICO will lead to the development of the technical “base” of the financial instruments market, strengthening the crypto protection of smart contracts and transactions within their execution, which will eventually make digital cryptographic records used to finance foreign trade transactions habitual investment tools, as well as change the position of individuals and legal entities in the market of bookentry securities, namely, in the process of protecting corporate rights. As a result of the research, it is recommended that the legislation in the field of the stock market provide a preventive method of electronic blockchain registration of jural facts and transactions with book-entry securities, which will avoid fraudulent actions by unscrupulous shareholders, as well as strengthen the rule of law in the execution of public (tax) obligations. The recommendations are made to improve the current legislation; the amendments to Article 149.3. “Violated copyright protection” of the Civil Code of the Russian Federation are proposed; a new version of the Article is given.

Purpose This study aims to examine the association between corporate governance mechanism and firm performance measured by return on assets (ROA). The question is whether an effective corporate governance mechanism is able to increase the firm performance of Bursa and Construction Industry Development Board (CIDB) Klang Valley, Malaysia. The main purpose of this study is the in-depth analysis of the corporate governance mechanism and construction industry Malaysia via Bursa and CIDB. Design/methodology/approach Following the primary and secondary data comparative approach, data are collected from 46 listed construction companies and 250 CIDB-registered SMEs for the financial year 2015. Descriptive statistics, Pearson correlation test are reported, and model estimation is performed using logistic regression. Findings The empirical outcome shows that the corporate governance mechanism is significant in case of the CIDB Malaysia-registered SMEs. While, it has insignificant impact on firm’s performance for Bursa Malaysia. Practical implications This paper offers evidence specifically for Bursa and CIDB Malaysia construction industry. It can also provide guidance to the board of directors for the subscription of shares under the corporate governance measures at Bursa Malaysia. The findings also suggest that CIDB should increase awareness regarding institutional investment to assist the securities market to develop further. Originality/value This study gives an indication about corporate governance, specifically for the CIDB-registered SMEs and Bursa Malaysia. It also discusses the matter of firm performance under the light of corporate governance.

<p>Abstract<br />This article aims to determine about legal protection for consumers of securities companies that purchase shares of public listed company that committed acts of corruption. This article using a normative prespective<br />legal research with statue approach. Legal materials that used include primary and secondary legal material obtained by data collection techniques based on literature study with analysis techniques with deductive logic, explain a general thing then drawing it into more specific conclusions. The result of this study explains that there is a legal protection in the form of efforts that can be done by the investors as explained in the Chapter VI Article 28 through Article 30 of Law Number 21 of 2011 on Financial Services Authority (FSA) and also through the predetermined Internal Dispute (IDR) mechanism by FSA. If the mechanism unsuccessfully, then they can do an alternative dispute resolution through an Alternative Dispute Settlement Institution in the Financial Services Sector as regulated in POJK Number 1 / POJK.07 / 2013. As a customer, it is expected to find out more about their rights and obligations in the capital market sector before deciding to invest their funds through a securities company. FSA also needs to provide more education regarding the rights and obligations of financial service businesses and financial service consumers. In addition, it is expected that the FSA can have a greater role related to the protection of consumers and society.<br />Keywords: Protaction; Securities Companies; Consumers of Securities Companies.</p><p>Abstrak<br />Penulisan artikel ini bertujuan untuk mengetahui tentang perlindungan hukum bagi konsumen perusahaan efek yang melakukan pembelian saham korporasi terbuka yang dinyatakan melakukan tindak pidana korupsi. Metode yang digunakan adalah penelitian hukum normatif yang bersifat prespektif dengan menggunakan pendekatan perundang-undangan (statue approach). Jenis data yang digunakan berupa data primer dan sekunder yang diperoleh dengan teknik pengumpulan data berdasarkan studi kepustakaan dengan teknik analisis data dengan logika deduktif, yaitu menjelaskan suatu hal yang bersifat umum kemudian menariknya menjadi kesimpulan yang lebih khusus. Hasil dari kajian ini adalah adanya perlindungan hukum berupa upaya yang dapat dilakukan oleh konsumen sebagaimana dijelaskan pada Bab VI Pasal 28 sampai dengan Pasal 30 Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan dan juga melalui mekanisme Standar Internal Dispute (IDR) yang telah ditentukan oleh OJK. Jika melalui mekanisme tersebut belum menemui titik terang maka dapat melakukan alternatif penyelesaian sengketa melalui Lembaga Alternatif Penyelesaian Sengketa di Sektor Jasa Keuangan sebagaimana diatur dalam POJK Nomor 1/ POJK.07/2013. Sebagai nasabah diharapkan untuk lebih mencari tahu kembali terkait hak-hak dan kewajibannya selaku nasabah di sektor pasar modal sebelum memutuskan untuk menginvestasikan dananya melalui perusahaan efek. OJK juga perlu memberikan edukasi lebih terkait hak dan kewajiban baik pelaku usaha jasa keuangan dan konsumen jasa keuangan, selain itu OJK diharapkan dapat memiliki peranan yang lebih besar lagi terkait dengan perlindungan konsumen dan masyarakat.<br />Kata kunci: Perlindungan; Perusahaan Efek; Konsumen Perusahaan Efek.</p>

Learning outcomes The case explores information technology (IT) company Mindtree’s journey of 20 years from the time it was founded in 1999 to be different from others, and how it became a target for acquisition by an Indian diversified conglomerate in 2019. It offers insights into developing organizational culture and values in an organization, threats faced by a company when promoters dilute their shareholding, and the strategies followed by the acquirer and the target firm. It also deals with the challenges in the acquisition of a knowledge service digital firm. After working through the case and assignment questions, students will be able to: identify the circumstances under which a company can become a target for hostile takeover; describe motivations of the acquirer firm in an acquisition; distinguish between acquisition and hostile takeover, and discuss salient features of Securities and Exchange Board of India (substantial acquisition of shares and takeover) regulations, 2011; list the defenses a target firm can adopt to ward off hostile acquirer; explore strategies followed by acquirer and target firms; analyze important ingredients of organization culture, and importance of cultural congruence in an acquisition; and discuss challenges faced by an acquirer in India, namely, legal, retention of clients and key people in the target firm particularly in hostile environment. Case overview/synopsis The case explores how ten IT professionals founded mid-tier IT services company Mindtree in 1999 in Bengaluru, India (home to Infosys and Wipro) to be different from others – by inserting themselves at a higher level in the value chain, being philanthropic as a part of broader business strategy to attract a certain kind of employee and customer. It developed a culture of equality, consideration and respect. Its attrition rate of 12 to 13 per cent was significantly lower than the Industries. Mindtree crossed annual revenue of US$1bn for FY 2019 and was growing at twice the industry’s growth rate. The most attractive part was that its proportion of revenue from digital services was about 50 per cent as compared to 25-35 per cent of other services vendors. With time, the share of promoters/founders declined and increased one investor’s shareholding of V. G. Siddhartha and his related entities. In early March 2019, the promoters’ stake was 13.32 per cent while Siddhartha had 20.32 per cent. Larsen and Toubro (L&T) one of India’s conglomerate entered into a share purchase agreement on March 18, 2019 with Siddhartha to acquire his 20.32 per cent stake. Immediately, L&T asked its broker to purchase up to 15 per cent of share capital of Mindtree at a price not exceeding INR 980 per share (each share of face value INR 10). This would trigger an open offer by L&T to purchase additional 31 per cent shares of Mindtree. The action of hostile takeover bid by L&T evoked emotional criticism from Mindtree founders. Mindtree efforts to defend itself could not materialize. L&T’s stake crossed 26 per cent on May 16, 2019. After Indian regulator SEBI’s approval, L&T’s open offer to buy shares from Mindtree shareholders commenced on June 17, 2019. The case examines motivation of the acquirer firm particularly when it is a conglomerate, and how a well-performing company became a target for hostile takeover. It looks at vulnerabilities of a target firm, and defensive steps a firm can take to fence itself against such takeover. The case also explores how organizational culture is built in a people-oriented business, namely, digital services, and what role it plays in a merger of two firms. Complexity academic level The case is suited for postgraduate students of management, as well as those undergoing executive courses in management. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 11: Strategy.

More than 100 million Americans invest $25 trillion in mutual funds and exchange-traded funds (collectively, “funds”) regulated by the Investment Company Act of 1940 (the “Act”), making funds the predominant investment vehicle in the United States. Everyday investors rely on funds to save for retirement, pay for college, and seek financial security. In this way, funds demonstrate how “Wall Street” can connect with “Main Street” to improve people’s lives. By way of background, funds are created by investment advisers (“advisers”) that provide investment advisory (e.g., stock selection) and other services to their funds in exchange for a fee. Investors purchase shares of a fund, which represent a pro-rata interest in the fund’s net assets—essentially, the securities chosen by the adviser—with the hope that the value of those assets, and in turn, the value of the fund, will appreciate. Although managing a fund is expensive, pooling investments from the public allows an adviser to spread its costs over an entire fund, which allows professional money management to be affordable for all. Prior to the Act, the unique structural aspects of funds, coupled with a lack of regulation, enabled rogue advisers to put their own interests ahead of those of fund shareholders. These structural aspects include that a fund typically relies on its adviser, which seeks to make a profit, to manage its day-to-day operations. Before 1940, adviser personnel also dominated the boards of directors of funds, which are responsible for overseeing the adviser and negotiating its compensation. This made funds susceptible to rogue advisers that were more interested in managing funds to benefit themselves and their “affiliates” (i.e., their employees and related businesses), as opposed to increasing the value of their funds. Recognizing the vital role that funds play for both the overall economy and the citizen of “small means,” the Securities and Exchange Commission (SEC) and the fund industry worked together to draft the Act, which Congress passed unanimously. The incredible growth of funds over the past 80 years is often attributed to the oversight and direction provided by the Act, which regulates all facets of fund operations and is arguably the most complex of our nation’s securities laws. Understanding the policy concerns that led to the Act helps to cut through that complexity and make sense of the Act’s provisions. As a result, this article focuses on those concerns, which can be thought of as guiding “Principles,” to demonstrate how the Act seeks to: (1) prevent insiders from taking advantage of funds they manage; (2) require effective disclosure; and (3) ensure the equitable treatment of shareholders. The Principles make the Act easier to apply by serving as shoal markers for conduct to avoid. But, just as a buoy indicates dangerous areas to avoid, the Principles also help guide conduct that steers clear of them. The Principles are thus a useful lens for interpreting the Act, particularly when considering novel situations or whether, per the “rubber” built into the Act, exemptive or other relief is appropriate. In these instances, harnessing the history and purpose of the Act can help advisers, fund directors, practitioners, and regulators apply the Act and ensure that funds remain a driver of national and, most importantly, investor gain.

AbstrakSaham syari’ah sebagai sebuah instrumen keuangan Islam merupakan produk baru dalam dunia ekonomi Islam. Perusahaan-perusahaan yang hendak menerbitkan saham harus melalui seleksi syari’ah yang dilakukan oleh Otoritas Jasa Keuangan bersama Dewan Syari’ah Nasional. Seleksi tersebut meliputi bentuk usaha, produksi perusahaan, maupun pengelolaan keuangan. Apabila bentuk usaha dari suatu perusahaan dinilai bertentangan dengan prinsip-prinsip syari’ah, maka saham dari perusahaan tersebut pun tidak termasuk saham syari’ah. Para ‘ulama, dalam hal ini Dewan Syari’ah Nasional-Majelis Ulama Indonesia (DSN-MUI) mengeluarkan fatwa tentang prinsip-prinsip syari’ah yang harus diterapkan dalam jual beli saham syari’ah. Seiring dengan perkembangan saham syari’ah ini, PT Phintraco Securities yang merupakan salah satu broker/pialang saham, telah mendapat sertifikat dari Dewan Syari’ah Nasional (DSN-MUI) untuk menjalankan praktik jual beli saham syari’ah dipasar modal syari’ah. PT Phintraco Securities sendiri sudah memiliki aplikasi yang mendukung bagi para investor untuk melakukan transaksi saham syari’ah secara online. Dalam praktiknya, PT Phintraco Securities mengenakan kepada para nasabahnya biaya upah atas penyediaan layanan tersebut yang kemudian disebut Ujroh. Dengan adanya aplikasi ini, praktik-praktik yang bertentangan dengan prinsip syari’ah dapat dikontrol. Karena aplikasi ini memiliki sistem Auto Rejact dan membatalkan otomoatis setiap transaksi yang dianggap merugikan pihak lain. Dalam sudut pandang agama Islam berdasarkan analisis yang telah kami lakukan, menghasilkan kesimpulan bahwa praktik jual beli saham syari’ah di PT Phintraco Securities sudah sesuai dengan apa yang dijadikan standar baik menurut Alqur’an, Alhadits, Ijma’ para ‘ulama maupun undang-undang yang berlaku di IndonesiaKata Kunci : Praktik Jual Beli Saham Syari’ah, Saham Syari’ah, Hukum Islam AbstractShariah shares as an Islamic financial instrument is a new product in the world of Islamic economics. Companies that want to issue shares must be through the selection of shariah conducted by the Financial Services Authority along with the National Shari'ah Council. Selection includes the form of business, company production, and financial management. If the form of business of a company is considered contrary to the principles of shari'ah, then the shares of the company also does not include Shari'ah shares. The 'ulama, in this case the National Shari'ah Council-Majelis Ulama Indonesia (DSN-MUI) issued a fatwa on the principles of shari'ah that should be applied in the sale and purchase of Shariah shares. Along with the development of Shari'ah shares, PT Phintraco Securities which is one of the brokers / sharebrokers, has been certified by the National Shari'ah Board (DSN-MUI) to practice the sale and purchase of syari'ah shares in the syari'ah capital market. PT Phintraco Securities itself already has a supporting application for investors to conduct stock transactions shari'ah online. In practice, PT Phintraco Securities charges its customers with wage fees for the provision of the service, which Ujroh later called. With this application, practices that are contrary to Shariah principles can be controlled. Because this application has an Auto Rejact system and cancel any otomoatis transactions that are considered harmful to other parties.In the viewpoint of Islamic religion based on analysis we have done, the conclusion that practice of buying and selling Shari'ah shares in PT Phintraco Securities is in accordance with what is used as a good standard according to Alqur'an, Alhadits, Ijma 'para' ulama or law applicable in IndonesiaKeywords: practice of shari'ah share buy and sell, shari'ah share, Islamic Law.

In India, the savings from individual households contribute a large share in the capital appreciation. There are various ways such as purchase of real assets, Shares, stocks and securities in which the savings can be invested. Mutual Funds play a predominant role in collecting the funds from small investors and invest in balanced portfolio of securities. Investors have completely different outlook while they choose of investing in a specific avenue. The primary objective of investor is to safeguard his saving in safer and liquid investment opportunity taking into account his anticipation and his risk tolerance capacity. Hence, an attempt is made to identify the preferential attitude of investors and its influence on SBI mutual fund schemes taking into account social economic individual saving habit, social, economic, individual savings pattern and the level of confidence on investment schemes.

The European Central Bank’s (ECB) unconventional monetary policy has so far failed to deliver the much-anticipated results. In October 2019, the euro area’s (EA-19) HICP-inflation fell to a three-year low of just 0.7% year-over-year (y/y), thus being far below the ECB’s goal of “below, but close to 2.00% over the medium term”. By November 2019, HICP-inflation had recovered to a modest 1.0% (y/y) with seasonally-adjusted Eurozone GDP growing at a disappointing 1.2% (y/y) in Q3 2019 compared with the same quarter of the previous year (Eurostat, 2019). Inevitably, these developments raise the question to what extent the ECB might eventually consider extending its Quantitative Easing (QE) program, i.e. its €2.6tn asset purchase programs (APP) beyond the ongoing €20bn-per-month purchase of fixed income securities. Any further easing could, for example, foresee an enhancement of the securities purchased to inter alia include shares of stock. In contrast to widely held beliefs, this by no means were an entirely unprecedented phenomenon, but corresponded to measures (so-called comprehensive monetary easing, CME) adopted by the Bank of Japan (BoJ) as early as 2010 (Bank of Japan, 2010a). Notwithstanding the BoJ’s CME, however, HICP-inflation in Japan fell to 0.0% (y/y) in December 2019, the latest date for which data were available, which caused annual HICP-inflation for the full year to drop to only 0.8% (y/y). Based on the experiences gained in Japan, and notwithstanding a potential revision of the ECB’s inflation target to a 1.5% to 2.5% range, this contribution will analyse the extent to which an expansion of the ECB’s set of hitherto employed unconventional monetary policies through CME could sustainably stimulate economic growth - and inflation - in the euro area. Preliminary results suggest a rather muted impact.

На протяжении последних двух десятилетий Китай постепенно, но планомерно открывает свой национальный рынок капитала для иностранных инвесторов. К текущему моменту через так называемые мосты между биржами Шанхая, Шэньчжэня и Гонконга иностранным и китайским инвесторам доступно свыше 2 000 акций для взаимной торговли.For more than the past two decades China has been gradually but systematically opening up its national capital market to foreign investors. Over 2,000 shares for mutual trade have been made available by now to foreign and Chinese investors via the so-called Connects between the exchanges in Shanghai, Shenzhen and Hong Kong. The Chinese stock market today is one of the youngest (the Shanghai Stock Exchange, for example, turns 29 years old this year) and at the same time the most attractive in terms of the profitability/risk ratio developed countries show no tangible dynamics of economic growth, nor yields on their securities, while India and Vietnam, which are comparable in terms of economic growth rates to Chinese ones, cannot offer similar market volumes. For example, the United States has long sought the Chinese capital market to be opened, especially after China had entered the WTO. Russian investors have also been interested in the securities of Chinese companies for a long time, but until as recently as 2014 they had not had a simple mechanism to purchase them. The opening of Chinas huge capital market which is in progress expands the opportunities for Russian investors to diversify their investment portfolios this is especially important in the face of the risk of various sanctions bans that may be imposed by the UK, the EU and the USA. From the standpoint of bilateral economic relations, the access of Russian investors to the Chinese stock and debt markets may contribute to increasing the volume of the currency derivatives market and, subsequently, expanding and strengthening the use of national currencies in trade between Russia and China. The article examines main causes and stages of the liberalization of the Chinese capital market, terms of trade through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and the prospects for further opening of the Chinese capital market.

Background: Sections 30(4) and 30(5) of the Companies Act 71 of 2008 (the Act) require, inter alia, disclosure of the remuneration received by each director in a company’s annual financial statements. Section 30(6) defines the term ‘remuneration’, which includes, inter alia, in Section 30(6)(e) the ‘value’ of any option or right granted to a director, as contemplated in Section 42, which deals with options for the allotment or subscription of securities or shares of a company. It is uncertain what the intended meaning of the term ‘value’ is in this context and it is interpreted differently by different companies in practice. Aim: The objective of this study was to understand the meaning of the term ‘value’ in Section 30(6)(e) of the Act (including the date of measurement thereof), as intended by the legislature. Setting: This article examined existing literature in a South African corporate and legislative environment. Method: A non-empirical study of existing literature was conducted by performing a historical analysis within a South African context. A doctrinal research approach was followed. Results: Possible interpretations of the term ‘value’ include the grant date fair value of the rights, the fair value at reporting date, the fair value on vesting date, the expense calculated in terms of the International Financial Reporting Standard on share-based payments, the gain on exercise of the rights and the intrinsic value on reporting date. It is submitted that the most likely meaning is the grant date fair value. Conclusion: It was found that the meaning of the term ‘value’, for purposes of Section 30(6)(e) of the Act, is unclear and interpreted differently by different companies. It is, therefore, recommended that the wording of Section 30(6)(e) is amended to reflect the meaning intended by the legislature.

In recent years, transfer (internal) prices have become the subject of interest of many theorists and regulators, both for determining their effects on business and for the possibility of exploiting tax evasion. The foundations for the functioning of transfer pricing are given in the OECD guidelines, and further elaborated through national tax laws and regulations for their application. This regulatory framework treats all relevant entities, circumstances and conditions of transfer pricing, identification and explanation of transfer pricing methodology, and providing objective evidence on the application of the principle of independence and setting other conditions in transactions between related companies, all in order to prevent tax evasion and proven application of legal regulations in the field of transfer pricing. Since transfer prices are linked to decentralized related business entities consisting of parent companies and branches (organizational units or centers of responsibility) operating in the same or another country, tax evasion is done through the transfer of profits from a country with a high tax burden to a country with a lower tax rate. In addition, tax evasion is performed by reducing the tax base for value added tax, which is the difference between the transfer (non-market) price and the market price. Transfer price is formed using methods that are classified into two groups: classical transaction methods or transaction profit methods. Which method will be applied from these two groups depends on the adopted policy of the business entity. In principle, methods that are in line with the nature of the business of the business entity and that can determine the tax base in the most objective way should prevail. In practice, a method is chosen that results in maximizing profits and minimizing tax liabilities, which further leads to a better competitive position of the business entity, improvement of market position and increase of market shares. The subject of observation are all transactions between related parties on the basis of direct and indirect agreements, contracts, agreements and similar business relationships that affect the tax base, namely transactions with assets, services, financial transactions, capital transactions (purchase and sale of securities and shares ) and other similar transactions. The purpose of this paper is to investigate whether transfer prices are in line with the principle of marketability, regardless of the applied calculation method. The aim of this paper is to eliminate all possibilities of tax evasion in transactions between the parent company and subsidiaries within the group. In order to achieve the stated goal and purpose, the basic hypothesis of the work is set, which states that the application of different methods of calculating transfer prices affects the amount of the tax base. Proof of this hypothesis will be done on a case study example. The obtained results can serve as a basis for the commitment of the business entity for the appropriate method of calculating transfer prices. This excludes the individual goals of the business entity and the primacy given to one of the basic goals of taxation: achieving efficiency and fairness.

Writing in the American Annals of the Deaf in 1931, Emil S. Ladner Jr, a Deaf high school student, predicted the invention of words on screen to facilitate access to “talkies”. He anticipated:Perhaps, in time, an invention will be perfected that will enable the deaf to hear the “talkies”, or an invention which will throw the words spoken directly under the screen as well as being spoken at the same time. (Ladner, cited in Downey Closed Captioning)This invention would eventually come to pass and be known as captions. Captions as we know them today have become widely available because of a complex interaction between technological change, volunteer effort, legislative activism, as well as increasing consumer demand. This began in the late 1950s when the technology to develop captions began to emerge. Almost immediately, volunteers began captioning and distributing both film and television in the US via schools for the deaf (Downey, Constructing Closed-Captioning in the Public Interest). Then, between the 1970s and 1990s Deaf activists and their allies began to campaign aggressively for the mandated provision of captions on television, leading eventually to the passing of the Television Decoder Circuitry Act in the US in 1990 (Ellis). This act decreed that any television with a screen greater than 13 inches must be designed/manufactured to be capable of displaying captions. The Act was replicated internationally, with countries such as Australia adopting the same requirements with their Australian standards regarding television sets imported into the country. As other papers in this issue demonstrate, this market ultimately led to the introduction of broadcasting requirements.Captions are also vital to the accessibility of videos in today’s online and streaming environment—captioning is listed as the highest priority in the definitive World Wide Web Consortium (W3C) Web Content Accessibility Guideline’s (WCAG) 2.0 standard (W3C, “Web Content Accessibility Guidelines 2.0”). This recognition of the requirement for captions online is further reflected in legislation, from both the US 21st Century Communications and Video Accessibility Act (CVAA) (2010) and from the Australian Human Rights Commission (2014).Television today is therefore much more freely available to a range of different groups. In addition to broadcast channels, captions are also increasingly available through streaming platforms such as Netflix and other subscription video on demand providers, as well as through user-generated video sites like YouTube. However, a clear discrepancy exists between guidelines, legislation and the industry’s approach. Guidelines such as the W3C are often resisted by industry until compliance is legislated.Historically, captions have been both unavailable (Ellcessor; Ellis) and inadequate (Ellis and Kent), and in many instances, they still are. For example, while the provision of captions in online video is viewed as a priority across international and domestic policies and frameworks, there is a stark contrast between the policy requirements and the practical implementation of these captions. This has led to the active development of a solution as part of an ongoing tradition of user-led development; user-generated captions. However, within disability studies, research around the agency of this activity—and the media savvy users facilitating it—has gone significantly underexplored.Agency of ActivityInformation sharing has featured heavily throughout visions of the Web—from Vannevar Bush’s 1945 notion of the memex (Bush), to the hacker ethic, to Zuckerberg’s motivations for creating Facebook in his dorm room in 2004 (Vogelstein)—resulting in a wide agency of activity on the Web. Running through this development of first the Internet and then the Web as a place for a variety of agents to share information has been the hackers’ ethic that sharing information is a powerful, positive good (Raymond 234), that information should be free (Levey), and that to achieve these goals will often involve working around intended information access protocols, sometimes illegally and normally anonymously. From the hacker culture comes the digerati, the elite of the digital world, web users who stand out by their contributions, success, or status in the development of digital technology. In the context of access to information for people with disabilities, we describe those who find these workarounds—providing access to information through mainstream online platforms that are not immediately apparent—as the disability digerati.An acknowledged mainstream member of the digerati, Tim Berners-Lee, inventor of the World Wide Web, articulated a vision for the Web and its role in information sharing as inclusive of everyone:Worldwide, there are more than 750 million people with disabilities. As we move towards a highly connected world, it is critical that the Web be useable by anyone, regardless of individual capabilities and disabilities … The W3C [World Wide Web Consortium] is committed to removing accessibility barriers for all people with disabilities—including the deaf, blind, physically challenged, and cognitively or visually impaired. We plan to work aggressively with government, industry, and community leaders to establish and attain Web accessibility goals. (Berners-Lee)Berners-Lee’s utopian vision of a connected world where people freely shared information online has subsequently been embraced by many key individuals and groups. His emphasis on people with disabilities, however, is somewhat unique. While maintaining a focus on accessibility, in 2006 he shifted focus to who could actually contribute to this idea of accessibility when he suggested the idea of “community captioning” to video bloggers struggling with the notion of including captions on their videos:The video blogger posts his blog—and the web community provides the captions that help others. (Berners-Lee, cited in Outlaw)Here, Berners-Lee was addressing community captioning in the context of video blogging and user-generated content. However, the concept is equally significant for professionally created videos, and media savvy users can now also offer instructions to audiences about how to access captions and subtitles. This shift—from user-generated to user access—must be situated historically in the context of an evolving Web 2.0 and changing accessibility legislation and policy.In the initial accessibility requirements of the Web, there was little mention of captioning at all, primarily due to video being difficult to stream over a dial-up connection. This was reflected in the initial WCAG 1.0 standard (W3C, “Web Content Accessibility Guidelines 1.0”) in which there was no requirement for videos to be captioned. WCAG 2.0 went some way in addressing this, making captioning online video an essential Level A priority (W3C, “Web Content Accessibility Guidelines 2.0”). However, there were few tools that could actually be used to create captions, and little interest from emerging online video providers in making this a priority.As a result, the possibility of user-generated captions for video content began to be explored by both developers and users. One initial captioning tool that gained popularity was MAGpie, produced by the WGBH National Center for Accessible Media (NCAM) (WGBH). While cumbersome by today’s standards, the arrival of MAGpie 2.0 in 2002 provided an affordable and professional captioning tool that allowed people to create captions for their own videos. However, at that point there was little opportunity to caption videos online, so the focus was more on captioning personal video collections offline. This changed with the launch of YouTube in 2005 and its later purchase by Google (CNET), leading to an explosion of user-generated video content online. However, while the introduction of YouTube closed captioned video support in 2006 ensured that captioned video content could be created (YouTube), the ability for users to create captions, save the output into one of the appropriate captioning file formats, upload the captions, and synchronise the captions to the video remained a difficult task.Improvements to the production and availability of user-generated captions arrived firstly through the launch of YouTube’s automated captions feature in 2009 (Google). This service meant that videos could be uploaded to YouTube and, if the user requested it, Google would caption the video within approximately 24 hours using its speech recognition software. While the introduction of this service was highly beneficial in terms of making captioning videos easier and ensuring that the timing of captions was accurate, the quality of captions ranged significantly. In essence, if the captions were not reviewed and errors not addressed, the automated captions were sometimes inaccurate to the point of hilarity (New Media Rock Stars). These inaccurate YouTube captions are colloquially described as craptions. A #nomorecraptions campaign was launched to address inaccurate YouTube captioning and call on YouTube to make improvements.The ability to create professional user-generated captions across a variety of platforms, including YouTube, arrived in 2010 with the launch of Amara Universal Subtitles (Amara). The Amara subtitle portal provides users with the opportunity to caption online videos, even if they are hosted by another service such as YouTube. The captioned file can be saved after its creation and then uploaded to the relevant video source if the user has access to the location of the video content. The arrival of Amara continues to provide ongoing benefits—it contains a professional captioning editing suite specifically catering for online video, the tool is free, and it can caption videos located on other websites. Furthermore, Amara offers the additional benefit of being able to address the issues of YouTube automated captions—users can benefit from the machine-generated captions of YouTube in relation to its timing, then download the captions for editing in Amara to fix the issues, then return the captions to the original video, saving a significant amount of time when captioning large amounts of video content. In recent years Google have also endeavoured to simplify the captioning process for YouTube users by including its own captioning editors, but these tools are generally considered inferior to Amara (Media Access Australia).Similarly, several crowdsourced caption services such as Viki (https://www.viki.com/community) have emerged to facilitate the provision of captions. However, most of these crowdsourcing captioning services can’t tap into commercial products instead offering a service for people that have a video they’ve created, or one that already exists on YouTube. While Viki was highlighted as a useful platform in protests regarding Netflix’s lack of captions in 2009, commercial entertainment providers still have a responsibility to make improvements to their captioning. As we discuss in the next section, people have resorted extreme measures to hack Netflix to access the captions they need. While the ability for people to publish captions on user-generated content has improved significantly, there is still a notable lack of captions for professionally developed videos, movies, and television shows available online.User-Generated Netflix CaptionsIn recent years there has been a worldwide explosion of subscription video on demand service providers. Netflix epitomises the trend. As such, for people with disabilities, there has been significant focus on the availability of captions on these services (see Ellcessor, Ellis and Kent). Netflix, as the current leading provider of subscription video entertainment in both the US and with a large market shares in other countries, has been at the centre of these discussions. While Netflix offers a comprehensive range of captioned video on its service today, there are still videos that do not have captions, particularly in non-English regions. As a result, users have endeavoured to produce user-generated captions for personal use and to find workarounds to access these through the Netflix system. This has been achieved with some success.There are a number of ways in which captions or subtitles can be added to Netflix video content to improve its accessibility for individual users. An early guide in a 2011 blog post (Emil’s Celebrations) identified that when using the Netflix player using the Silverlight plug-in, it is possible to access a hidden menu which allows a subtitle file in the DFXP format to be uploaded to Netflix for playback. However, this does not appear to provide this file to all Netflix users, and is generally referred to as a “soft upload” just for the individual user. Another method to do this, generally credited as the “easiest” way, is to find a SRT file that already exists for the video title, edit the timing to line up with Netflix, use a third-party tool to convert it to the DFXP format, and then upload it using the hidden menu that requires a specific keyboard command to access. While this may be considered uncomplicated for some, there is still a certain amount of technical knowledge required to complete this action, and it is likely to be too complex for many users.However, constant developments in technology are assisting with making access to captions an easier process. Recently, Cosmin Vasile highlighted that the ability to add captions and subtitle tracks can still be uploaded providing that the older Silverlight plug-in is used for playback instead of the new HTML5 player. Others add that it is technically possible to access the hidden feature in an HTML5 player, but an additional Super Netflix browser plug-in is required (Sommergirl). Further, while the procedure for uploading the file remains similar to the approach discussed earlier, there are some additional tools available online such as Subflicks which can provide a simple online conversion of the more common SRT file format to the DFXP format (Subflicks). However, while the ability to use a personal caption or subtitle file remains, the most common way to watch Netflix videos with alternative caption or subtitle files is through the use of the Smartflix service (Smartflix). Unlike other ad-hoc solutions, this service provides a simplified mechanism to bring alternative caption files to Netflix. The Smartflix website states that the service “automatically downloads and displays subtitles in your language for all titles using the largest online subtitles database.”This automatic download and sharing of captions online—known as fansubbing—facilitates easy access for all. For example, blog posts suggest that technology such as this creates important access opportunities for people who are deaf and hard of hearing. Nevertheless, they can be met with suspicion by copyright holders. For example, a recent case in the Netherlands ruled fansubbers were engaging in illegal activities and were encouraging people to download pirated videos. While the fansubbers, like the hackers discussed earlier, argued they were acting in the greater good, the Dutch antipiracy association (BREIN) maintained that subtitles are mainly used by people downloading pirated media and sought to outlaw the manufacture and distribution of third party captions (Anthony). The fansubbers took the issue to court in order to seek clarity about whether copyright holders can reserve exclusive rights to create and distribute subtitles. However, in a ruling against the fansubbers, the court agreed with BREIN that fansubbing violated copyright and incited piracy. What impact this ruling will have on the practice of user-generated captioning online, particularly around popular sites such as Netflix, is hard to predict; however, for people with disabilities who were relying on fansubbing to access content, it is of significant concern that the contention that the main users of user-generated subtitles (or captions) are engaging in illegal activities was so readily accepted.ConclusionThis article has focused on user-generated captions and the types of platforms available to create these. It has shown that this desire to provide access, to set the information free, has resulted in the disability digerati finding workarounds to allow users to upload their own captions and make content accessible. Indeed, the Internet and then the Web as a place for information sharing is evident throughout this history of user-generated captioning online, from Berner-Lee’s conception of community captioning, to Emil and Vasile’s instructions to a Netflix community of captioners, to finally a group of fansubbers who took BRIEN to court and lost. Therefore, while we have conceived of the disability digerati as a conflation of the hacker and the acknowledged digital influencer, these two positions may again part ways, and the disability digerati may—like the hackers before them—be driven underground.Captioned entertainment content offers a powerful, even vital, mode of inclusion for people who are deaf or hard of hearing. Yet, despite Berners-Lee’s urging that everything online be made accessible to people with all sorts of disabilities, captions were not addressed in the first iteration of the WCAG, perhaps reflecting the limitations of the speed of the medium itself. This continues to be the case today—although it is no longer difficult to stream video online, and Netflix have reached global dominance, audiences who require captions still find themselves fighting for access. 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