scholarly journals Prozessverträge im Investmentrecht

2021 ◽  
Author(s):  
Alexander Matthias Urhahn
Keyword(s):  
Investment Fund ◽  
Investment Funds ◽  
Contractual Relationship ◽  
Contractual Relations ◽  
The Law ◽  
German Investment

This book answers the question how to implement procedural contracts into the contractual structure of German investment funds. In practice, procedural contracts are primarily concluded where there is already a contractual relationship. The thesis thus analyzes the contractual relations constituting an investment fund. Subsequently, it presents the special requirements the law of investment funds holds for procedural agreements. It thereby shows that the protection for investors under the law of investment funds impacts the validity of procedural contracts. In this manner, the book fills a gap in research and offers numerous insights especially for legal scholars, fund initiators, attorneys and professional investors.

scholarly journals The agency dilemma of investment fund management

2009 ◽  
Vol 6 (3) ◽  
pp. 283-292
Author(s):  
Daniel Kohlert ◽  
Andreas Oehler ◽  
Stefan Wendt
Keyword(s):  
Governance Structure ◽  
The Other ◽  
Investment Fund ◽  
Fund Management ◽  
Investment Company ◽  
Investment Funds ◽  
Internal Governance ◽  
Investment Companies ◽  
Conflicting Interests ◽  
German Investment

The currently observable flight of investors out of investment funds is counterintuitive even in a crisis situation, because they forego the benefits of the collective investment offered by the funds. In order to unveil the reasons for this development we analyze the internal governance structure of German investment funds from a principal-agent perspective. We find that investment companies face severe governance problems because they are agents to at least two groups of principals with potentially conflicting interests. One group of principals consists of the shareholders of the investment company itself, the other group of principals consists of the actual fund investors.

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

2018 ◽  
Vol 19 (1) ◽  
pp. 63-68 ◽  
Author(s):  
Anne-Marie Godfrey
Keyword(s):  
Hong Kong ◽  
Asset Management ◽  
Service Providers ◽  
Governance Structures ◽  
Investment Fund ◽  
Extensive Experience ◽  
Investment Funds ◽  
Content Type ◽  
Best Execution ◽  
Asset Managers

Purpose To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC) circular dated September 15, 2017, directed at SFC-licensed asset managers. Design/methodology/approach Discusses a July 2017 circular indicating the SFC’s general concerns and analyzing the following nine common areas of non-compliance cited in the September 15, 2017 circular: (1) inappropriate receipt of cash rebates giving rise to apparent conflicts of interests, (2) failure to follow investment-suitability and discretionary account mandates during solicitation, (3) failure to implement liquidity-risk management processes, (4) deficiencies in governance structures and fair-valuation procedures, (5) deficiencies in systems for ensuring best execution, (6) failure to safeguard fair order allocation, (7) inadequate controls for protection of client assets, (8) inadequate systems to comply with investment restrictions, and (9) inadequate safeguards to address market misconduct risk. Findings The nine examples of non-compliance provide a useful insight into key “problem areas” indicated to currently be of particular concern to the SFC. Practical implications All SFC-licensed asset managers would be well advised to revisit their internal governance structures and operational policies and procedures in order to ensure that they are compliant with applicable standards and requirements. Originality/value Practical guidance from a lawyer with extensive experience advising investment managers and advisers, fund administrators, trustees and other fund service providers on investment fund-related issues.

scholarly journals Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System

2021 ◽  
Vol 21 (1) ◽  
pp. 47-61
Author(s):  
Zuzana Šiková
Keyword(s):  
Czech Republic ◽  
Legal System ◽  
European Parliament ◽  
Investment Fund ◽  
Investment Funds ◽  
Scientific Methods ◽  
Fund Managers ◽  
Investment Companies ◽  
Alternative Investment

This contribution deals with the implementation of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 into Czech legal system. The main aim of the contribution is to confirm or disprove the hypothesis that entity in Section 15 of Act no. 240/2013 Coll, on Investment Companies and Investment Funds, as amended, is an alternative fund according to the Directive 2011/61/EU and that Directive 2011/61/EU was not transposed in Czech Republic properly. Author used to confirm or disprove above mentioned hypothesis scientific methods, especially comparison, induction and deduction. This contribution also looks at the Directive 2011/61/EU evaluation of its effectiveness and possible development of regulation in this area.

scholarly journals GROWTH SUFFICIENCY OF THE INDUSTRIAL INVESTMENT FUND FOR LOCAL GOVERNMENT IN HENAN, CHINA

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Zhang Li ◽  
Jacquline Tham ◽  
S. M. Ferdous Azam
Keyword(s):  
Local Government ◽  
Local Governments ◽  
Survey Methods ◽  
Investment Fund ◽  
Government Investment ◽  
Investment Funds ◽  
Funding Mechanism ◽  
Overseas Investment ◽  
Industrial Investment Fund ◽  
Industrial Investment

This study aims to explore the determinants of sufficient growth of the Local Government Industrial Investment Fund in Henan, China. The industrial investment fund in China started with the development of an overseas investment fund. China has become the world’s second-biggest equity investment market. Industrial capital has thrived in recent years. In China, local government investment funds also have a broader role and importance and are becoming an important funding mechanism that local governments can function and encourage. This research methodologically constitutes a quantitative study. Another is the consequence, rather than explaining variables as a cause. Under the probability sampling design, the analysis uses the basic random sampling approach, using survey methods that include structured questionnaires. The result indicates that the local government’s industrial investment fund in Henan, China, would be an infrastructure for economic development. <p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/edu_01/0720/a.php" alt="Hit counter" /></p>

FUNDAMENTAL PROBLEMS OF INVESTMENT FUNDS IN UKRAINE FROM THE POINT OF VIEW OF COMPLEMENTARY PENSION PROVISION OF CITIZENS

2021 ◽  
Vol 298 (5 Part 1) ◽  
pp. 57-62
Author(s):  
Illia Morhachov ◽  
Keyword(s):  
Capital Accumulation ◽  
Pension System ◽  
Fundamental Problem ◽  
Balance Sheet ◽  
Point Of View ◽  
Investment Fund ◽  
Investment Funds ◽  
Optimal Balance ◽  
Sheet Structure ◽  
Balance Structure

The relevance and urgent need for the formation of complementary pension provision for the population in Ukraine has been determined. The complementary pension provision of the citizens of the country is considered as not at all implying the complete destruction of the existing solidarity pension system, but only the formation of additional mechanisms that make the pension provision of citizens generally successful even in the existing conditions. Such a mechanism can be a set of investment funds (joint investment institutions) in the country, which will add to the existing solidarity pension system elements of capital accumulation through the activation of investment processes. The purpose of the work was to determine the fundamental problems and prospects of Ukrainian investment funds (joint investment institutions) from the point of view of complementary pension provision for citizens in Ukraine. The purpose of the work was to determine the fundamental problems and prospects of Ukrainian investment funds (joint investment institutions) from the point of view of complementary pension provision for citizens in Ukraine. The article defines that the prerequisite for effective complementary provision is the optimal balance structure, which is similar to such better analogues as the Berkshire Hathaway and the Vanguard S & P 500 ETF. It is specified that the formation of a balance sheet structure in accordance with the best foreign analogues contradicts the current regulatory framework in the country, which is a fundamental problem in the formation of complementary pension provision on the basis of joint investment institutions. It is determined that the majority of investment funds existing in Ukraine in the form of joint investment institutions (ISI) under the current legislation are not able to provide a complementary pension for citizens of the country at a sufficient level of efficiency due to the impossibility of forming an optimal asset structure. The fundamental problem of ISI in the country is the legislative restrictions on the formation of the optimal structure of their balance. The optimal balance sheet structure of the investment fund, in particular assets (dominated by shares of the world’s leading companies) and liabilities (dominated by equity and raised funds by issuing bonds) is the basis for the effectiveness of complementary pension provision.

The Contractualisation of Labour Law

2018 ◽  
pp. 33-47
Author(s):  
John Gardner
Keyword(s):  
Common Law ◽  
Employment Relationship ◽  
Labour Law ◽  
Work Relations ◽  
Contractual Relationship ◽  
The World ◽  
British Labour ◽  
The Common ◽  
The Law ◽  
Main Ideas

This chapter explores the idea that labour law rests on ‘a contractual foundation’, and the idea that work relations today are ever more ‘contractualised’. Section 1 lays out some essentials of British labour law and its connections with the common law of contract. Section 2 explains what contractualisation is, not yet focusing attention on the specific context of labour law. The main claims are that contract is not a specifically legal device, and that contractualisation is therefore not a specifically legal process, even when the law is complicit in it. Section 3 shifts attention to the world of work, especially the employment relationship. Here the main ideas are that the employment relationship is not (apart from the law) a contractual relationship, and that all the norms of the employment relationship cannot therefore be captured adequately in a contract, legally binding or otherwise. Section 4 illustrates the latter point by focusing on the rationale and the limits of the employer’s authority over the employee. A contractual rationale yields the wrong limits. It gives its blessing to authoritarian work regimes and lends credence to the miserable view that work is there to pay for the life of the worker without forming part of that life. Throughout the chapter there are intimations of the conclusion drawn in section 5: that contractualisation, in the labour market at least, is a process that lovers of freedom, as well as lovers of self-realisation, should resist—or rather, should have resisted while they still had the chance.

Functionalism

2021 ◽  
pp. 17-32
Author(s):  
Lorenzo Gasbarri
Keyword(s):  
Member State ◽  
International Law ◽  
International Organizations ◽  
Member States ◽  
Institutional Rules ◽  
Contractual Relationship ◽  
The Law

Functionalism is conventionally considered the mainstream paradigm of the law of international organizations: organizations are agents of their member states by the means of a contractual relationship; the law created by international organizations is purely international law; the institutional veil is characterized by a crystallin transparency; the autonomy of the organization is minimal and only granted by a rigid conferral of competences and few implied powers; the conduct of member states acting in the institutional forum is relevant as a matter of international law. This chapter introduces the historical roots of this conceptualization and elaborates why under this perspective the rules of the organizations are purely international law. It describes the flaws of this theory, discussing the breach of institutional rules by the organization and the adoption of countermeasures against a wrongful act committed by a member state.

Corporate Governance and the Role of Investment Funds

2002 ◽  
Vol 3 (11) ◽  
Author(s):  
Ulrich Seibert
Keyword(s):  
Corporate Governance ◽  
Driving Forces ◽  
Master Plan ◽  
Investment Funds ◽  
Proxy Voting ◽  
Striking Increase ◽  
The Law ◽  
To Come ◽  
Transparency And Disclosure

Since the mid-90\'s Germany has seen a whole range of laws on corporate governance: first and foremost the KonTraG, i.e. the law on control and transparency, followed by the NaStraG, i.e. the law on registered shares and the facilitating of proxy voting, then, more recently, the TransPuG, i.e. the law on transparency and disclosure, and - finally - the German Corporate Governance Codex issued by the Cromme Commission – and there is probably more to come during the next legislative period. What are the reasons for this striking increase in activity? What are the driving forces and is there a master plan behind these efforts?

17 Towards a Unified Theory for Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Private Equity ◽  
Global Financial Crisis ◽  
Financial Innovation ◽  
Private Investment ◽  
Investment Fund ◽  
Investment Funds ◽  
Equity Funds ◽  
The Global Financial Crisis

This chapter considers future legal and regulatory responses to private investment funds in the context of a country’s current political dynamics. It begins with a discussion of the regulatory policy issues surrounding private investment funds before and after the global financial crisis, criticisms against private equity funds and hedge funds, and lessons from the Alternative Investment Fund Managers Directive. It then examines indirect regulation of private investment funds as a way forward, along with financial innovation and regulatory arbitrage. In particular, it explains how the global financial crisis has exposed the complexity of modern financial markets, noting that one of the primary drivers of this complexity has been financial innovation. The chapter concludes by analysing investor-centric approaches to addressing the governance challenge present in private investment funds.

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