bluuebunny/crossref_metadata_2025 huggingface dataset:
THE HYBRID CD‐ROM: POTENTIAL APPLICATIONS IN AFRICA
Authors: Adam Lishan
Published: January 2008

Many believe that CD‐ROM's storage capacity and its full integration with desktop and notebook computers make it an attractive technology for developing countries. Its integration with microcomputers offers developing countries several bonuses. One innovative use of the technology in developing countries is to combine it with online networks. Although there have been projects that improve the awareness of the potential of CD‐ROM in developing countries and a copious body of research work on the use of CD‐ROM technology is also available, there is still a gap between expectation and realisation. Thus several questions arise which require further evaluation. For example, what are the benefits of merging CD‐ROM technology with online networks in Africa? How can optical mass storage such as CD‐ROM and DVD (digital versatile/video disc) effectively be utilised to reduce an information gap in Africa? This paper describes the potential use of hybrid CD‐ROM/online technology in developing countries and provides partial answers to these questions as they relate to Africa.
NEW DATABASE PRODUCTS: BUSINESS AND LAW (ISSUE 10)
Authors: Williams Martha E. , Du Vall Darren C.
Published: January 2008

This is the tenth article on business and law (BSL) databases in a continuing series of articles summarising and commenting on new database products. Two companion articles have appeared, one covering science, technology and medicine (STM) in Online & CDROM Review vol. 21, no. 4 and the other covering social science, humanities, news and general (SSH) in Online & CDROM Review vol. 21, no. 5. The articles are based on the newly appearing database products in the Gale Directory of Databases. The Gale Directory of Databases (GDD) was created in January 1993 by merging Computer‐Readable Databases: A Directory and Data Sourcebook (CRD) together with the Directory of Online Databases (DOD) and the Directory of Portable Databases (DPD).
SCHOOL LIBRARIES IN THE UK: TOWARDS THE MILLENNIUM
Authors: Mabey Mary
Published: January 2008

School libraries, present and future. There is so much talk about the millennium at the moment that I thought I would share with you my vision of school libraries in the year 2000. Today I believe most of us consider our core task to be the promotion of literacy and study skills, primarily through using books and paper‐based resources. CD‐ROMs and online services are regarded as secondary and expensive peripherals. Our IT skills are generally ‘adequate’, our knowledge of books and authors ‘excellent’. Many librarians work single handed, often in isolation from the teaching staff, frequently struggling to introduce new technology despite inadequate finances and often institutional indifference.
PUSHING BACK THE FRONTIERS?
Authors: Murray Paul
Published: January 2008

Technology for technology's sake?. It's been called one‐to‐one marketing on the Internet; it's been compared to subscribing to a magazine so that you never need to visit a newsagent ever again to look for it. But is push technology all it's made out to be? More importantly, is it technology for technology's sake or is it actually useful?
DOCUMENT+PROGRAM HYBRIDS ON THE INTERNET AND THEIR IMPACT ON INFORMATION TRANSFER
Authors: Nieuwenhuysen Paul , Vanouplines Patrick
Published: January 2008

This contribution looks at some relatively new and recent advanced tools, techniques, methods and standards related to the Internet which form the basis for mixtures of documents and services, which we can call ‘document+program hybrids’. The new Internet systems contribute to an evolutionfromdocuments on the one side and computer programs on the other side, neatly separated, apart from each other, without much interaction, so that the static document can also exist without computers and networks,tohybrid systems where the classical distinction between the contents and the container is blurred; where all components are integrated, interwoven and exist in synergy with each other; they can be more dynamic and interactive, in comparison with more classical and static documents, by involving and exploiting the power of computers and networks. A collection is presented of Internet‐based sources (URLs) that can serve as illustrations. Recent methods, techniques, standards and protocols on the Internet that form the basis of the evolution are listed. As professional information intermediaries, the authors also consider the impact in the area of online access to information and knowledge.
NEW DATABASE PRODUCTS: SOCIAL SCIENCE, HUMANITIES, NEWS, AND GENERAL (ISSUE 11)
Authors: Williams Martha E. , Burgard Daniel E.
Published: January 2008

This is the eleventh article on social science, humanities, news, and general databases in a continuing series of articles summarizing and commenting on new database products. Two companion articles, one covering science, technology, and, medicine (STM) appeared in Online & CD‐ROM Review vol. 22, no. 2 and the other covering business and law (BSL) appears here in Online & CD‐ROM Review vol. 22, no. 3. The articles are based on the newly appearing database products in the Gale Directory of Databases. The Gale Directory of Databases (GDD) was created in January 1993 by merging Computer‐Readable Databases: A Directory and Data Sourcebook (CRD) together with the Directory of Online Databases (DOD) and the Directory of Portable Databases (DPD).
THE HUMAN FACTOR
Authors: McKenna Brian
Published: January 2008

Horns. Academic publishers (and academics who publish) — especially those engaged in journal production — still confront a major dilemma thrown up by the much‐trumpeted Great Transition from print‐on‐paper to online publication: PDF or SGML?
NEW DATABASE PRODUCTS: SCIENCE, TECHNOLOGY, AND MEDICINE (ISSUE 12)
Authors: Williams Martha E. , Smith Linda C.
Published: January 2008

This is the twelfth article on science, technology, and medicine (STM) databases in a continuing series of articles summarizing and commenting on new database products. Two companion articles, onecovering social sciences, humanities, news, and general (SSH) (Online & CD‐ROM Review, vol. 22, no. 5) and the other covering business and law (BSL) (Online & CD‐ROM Review, vol. 22, no. 6) will appear in the next issues of this journal. These articles are based on the newly appearing database products in the Gale Directory of Databases. The Gale Directory of Databases (GDD) was created in January 1993 by merging Computer‐Readable Databases: A Directory and Data Sourcebook (CRD) together with the Directory of Online Databases (DOD) and the Directory of Portable Databases (DPD).
REVIEWS
Authors: Oppenheim Charles , Tilsed Ian , Paterson Alasdair , Bradley Jill , Pinfield Stephen , McKenna Brian , Amlani Anand
Published: January 2008

Haworth Press, the well known publishers in the library and information science field, have recently cottoned on to an interesting idea: devote a special issue of one of their journals to a special theme, and at the same time produce a hardback book, reasonably priced, that reproduces the articles. The idea is to appeal to a market other than the libraries that will typically subscribe to the Haworth journals. Success depends upon the collection of chapters forming a coherent whole. This book, reproduced from a special issue of The Reference Librarian, partly succeeds. The 150 page hardback book comprises seven articles, from five different authors (two authors supply two articles each) with an editor's introduction. The articles are fairly typical journal articles, reporting research results; some could easily have graced the pages of Online and CD‐ROM Review. The articles vary somewhat in length and style, but generally either review the literature of a particular topic, or describe some recent research work. The title is somewhat misleading, as the book is NOT comprehensive; a better subtitle would have been ‘Aspects of Use and User Behavior’.
COMING UP ONLINE: THE SAGA OF E‐MAIL IN INDIA
Authors: Subba Rao Siriginidi
Published: January 2008

Comments on general communication forms and then e‐mail in particular, in various applications. Presents the Indian scenario, with service providers from government agencies: ERNET, SIRNET, NICNET, INDONET, VSNL, and from corporate agencies: ICNET, UUNET India, DART, BIIT, RPG Sprint, Datapro. Lists the problems and prospects, considering the views of the infrastructure and the service provider. Concludes that novelty will give way to necessity, that demand will be driven by competition among service providers, and by the prospect of improving the work culture in organizations.
RETAILING INFORMATION: THE CASE OF THE ONLINE SEARCH SERVICES
Authors: Rowley Jennifer E
Published: January 2008

Commences with a review of the differences between consumer and business markets, and then proceeds to review the characteristics of the on‐line search services that have changed in order to facilitate the transition to end‐user services. Products have been significantly re‐designed to meet the needs of the end‐users. Interfaces have been improved, a range of different distribution channels are available, and products and services have been clustered. However, pricing strategies remain reminiscent of business markets. Online search services can not be regarded as retailers, but in offering products that are attractive to the end‐user are engaged in tactics that will push their products through the distribution chain.
REVIEWS
Authors: Winship Ian , Bradley Phil , Barker Anne L , Salter David
Published: January 2008

Lets start with the praise. In many ways this is an excellent book to give LIS professionals some essential background knowledge about the Net to help in using it and in advising others.
ECHOIC MEMORY EXPLORED AND APPLIED
Authors: Clark Terry
Published: January 2008

The author reviews the concept of echoic memory. The topics of the modality advantage of echoic over visually received stimuli, the suffix effect, echoic trace duration, and speech recognition are examined. These concepts are then discussed and their implications for advertising communication are examined.
A SERVICES MARKETING MANAGEMENT MODEL: INTEGRATING INTERNAL AND EXTERNAL MARKETING FUNCTIONS
Authors: Tansuhaj Patriya , Randall Donna , McCullough Jim
Published: January 2008

In services marketing, the employee plays a central role in attracting, building and maintaining relationships with customers. The recognition of the central role of employees in service marketing has given rise to “internal marketing” programs strongly oriented to employee development. This paper explores the linkage between internal marketing activities (directed at employee recruitment, training, motivation, communication, and retention) and the more traditional external marketing activities (e.g., pricing, advertising, and personal selling). An examination of the relationship between the key elements of the services marketing management model (internal and external marketing, employee attitudes and behavior, and customer attitudes and behavior) demonstrates how service managers can enhance customer loyalty, satisfaction and perception of quality.
MAINTAINING QUALITY CONTROL DURING THE “CRUNCH” IN SERVICE FIRMS
Authors: Krentler Kathleen
Published: January 2008

In a recent article marketers in service firms identified demand fluctuation as a problem that produces major concern for them. In fact, while other problems commonly associated with services marketing (such as inability to “mass produce”) were viewed as relevant for less than one‐quarter of the practitioners surveyed, a full 47 percent viewed demand fluctuation as a problem.
THE PRODUCT LIABILITY IMPLICATIONS OF SERVICES MARKETING
Authors: Kelley Craig A. , Orsini Joseph L.
Published: January 2008

Rapid increases in product liability litigation has expanded its importance as an item of concern to all marketers. A recent Conference Board Study reports that two‐thirds of the corporations surveyed have had product liability lawsuits filed against them in the last five years. The number of product liability lawsuits filed in U.S. District and State courts has increased 21 percent from 84,000 in 1979 to an estimated 100,000 in 1985. Costs of product liability cases have increased to the point where legal expenses, excluding jury awards, are expected to reach $28 billion annually by year 1990.
MET LIFE'S QUEST FOR QUALITY
Authors: Falzon John J.
Published: January 2008

Metropolitan Life's President and GEO, John J. Creedon, has said, “Quality is more a journey than a destination.” This phrase is descriptive of what has been happening at Met Life in its quality improvement program.
STRATEGIES FOR SUCCESS FROM THE POLITICAL MARKETERS
Authors: Niffenegger Phillip B.
Published: January 2008

Political campaigns are a form of bloodless but serious marketing warfare, and the various state and national races offer a unique opportunity to study the effectiveness of the winning candidates' marketing strategies and tactics. Trial‐and‐error adjustments to marketing strategy are made at an accelerated pace in political campaigns. The results can be seen in days or weeks, rather than the months or years of most industry programs. Toward the end of a major campaign, polls are taken weekly or even continuously.
STRATEGIES FOR ENHANCING SERVICES QUALITY
Authors: Keiser Thomas C.
Published: January 2008

Everybody pays lip service to service quality. A few have invested the level of effort required to make a difference. This article examines the impact that service quality has on corporate performance. The article also summarizes why so many have underestimated the challenge of improving service quality. Finally the article presents some strategies which have helped companies in building or rebuilding the quality of service that customers expect.
COPING WITH ENVIRONMENTAL UNCERTAINTY AND BOUNDARY SPANNING IN THE PRODUCT MANAGER'S ROLE
Authors: Lysonski Steven , Singer Alan , Wilemon David
Published: January 2008

Evidence suggests that product managers' need to communicate across organizational and environmental boundaries under conditions of uncertainty can give rise to powerful role pressures of conflict and ambiguity. These pressures are generally associated with negative or dysfunctional personal outcomes such as job‐related tension, dissatisfaction, and poorer performance. Moreover, in situations where role conflict is particularly high, experienced product managers are susceptible to “burnout.” Some practical approaches to overcoming these difficulties are discussed.
THE WORK OF THE OMBUDSMAN
Authors: DENISON SIMON
Published: January 2008

Britain's nine ombudsmen provide an informal and inexpensive mechanism for resolving disputes and grievances that arise between individual members of the public and organisations participating in the ombudsmen's schemes. They have been criticised, however, for being at times slow, limited, and ineffective. An ombudsman is defined as an adjudicator who is independent of the organisations he supervises and who is entitled to award compensation to complainants. In this paper, the scope of each scheme, and its strengths and weaknesses, are individually surveyed. Awareness and use of the ombudsmen among members of the public is very low, but whether they would be able to cope with an increased demand for their services without structural change is doubted.
NEW GUIDELINES FROM THE GERMAN BUNDESBANK ON THE ISSUE OF DM‐DENOMINATED BONDS
Authors: WEBER‐REY DANIELA
Published: January 2008

The paper considers the regulatory framework for the issue of DM‐denominated bonds and, in particular, the extent to which the Bundesbank Statement, effective from 1st August, 1992, will liberalise the German capital market. The paper forewarns of the implications of the application of the German Standard Contracts Act to DM‐denominated bond issues aimed at German domestic investors.
PRACTICAL TRAINING FOR COMPLIANCE OFFICERS: AN ASSESSMENT
Authors: BOSWORTH‐DAVIES ROWAN
Published: January 2008

The purpose of this paper is to examine the attitudes of financial service compliance officers towards the provision of practical training in specific aspects of regulatory development, criminal law and procedure which have a significant impact upon their role and function as compliance officers. The paper starts by considering the qualifications of financial service compliance officers, before setting out the aims and contents of a three‐day course designed for compliance officers. After describing the attendees on the course, it gives their assessment of the course and examines their attitudes to what is the proper role of the financial service compliance office.
HISTORICAL TOUCHSTONES IN THE REGULATION OF THE FINANCIAL SERVICES SECTOR: THE EVOLUTION OF FINANCIAL SERVICES REGULATION
Authors: GILLIGAN GEORGE
Published: January 2008

This paper surveys the historical development of financial services regulations in the UK, especially the social conditions and power relations that have shaped the evolution of British financial markets. The analysis specifically focuses upon the role of special interest groups and how they have influenced regulatory innovation.
THE STRUCTURE OF CONTROLS ON THE INVASION OF PRIVACY BY THE PRESS
Authors: CARLISLE QC ALEX
Published: January 2008

This paper examines the historical and contemporary background to the vexed question of control of the press. Consideration of the Younger Report on Privacy (1972) and the Royal Commission on the Press (1977), both of which were critical of the role of the Press Council, is set against the circulation battles of Fleet Street in the 1980s. Some of the worst excesses of recent cases are considered and the whole put into the context of the Calcutt Report (1990). The role of the Press Complaints Commission (PCC) is considered and the advantages and disadvantages of a statutory restriction on the press through legislation is examined. It is concludcd that, despite weaknesses in the present system, the preferred option is for self‐regulation.
THE IMPACT OF THE COSHH REGULATIONS ON THE WORKING ENVIRONMENT
Authors: PURNELL COLIN
Published: January 2008

This paper considers the Control of Substances Hazardous to Health (COSHH) 1988 Regulations. In particular, it notes the Regulations' antecedents in UK legislation and European Directives, explains the key provisions of the Regulations and demonstrates the responsibilities of employers. The paper continues by examining the record of compliance with the Regulations and identifying the main reasons for the failure to implement. Conclusions are drawn on the effect of guidance and policing by the government advisory agency, and recommendations for targeting employers who have failed to comply are given.
CHINESE WALLS: A DEVICE NOT A SOLUTION
Authors: COUNSELL LYNN
Published: January 2008

Recent discussion regarding the protection of investors has focused on the fundamental issue of conflict of interest facing practitioners in the financial services industry. The imposition of Chinese walls might be seen as a way of avoiding such conflict. The author argues that rather than being a solution to the problem Chinese walls should merely be seen as part of the normal structure of securities firms.
FINANCIAL REGULATION FIVE YEARS ON: THE INVESTIGATIVE POWERS OF THE SROS
Authors: HIGH DESMOND , Shah Nalin
Published: January 2008

The authors review the powers of SIB and the SROs, particularly in relation to compliance and investigations, and attempt to assess their effectiveness.
THE NEED FOR A REGULATORY CHARTER
Authors: VELJANOVSKI CENTO
Published: January 2008

There has been growing concern about the accountability and procedural safeguards surrounding the economic regulation in privatised utility industries (telecommunications, gas, airports, water and electricity). In the paper, the source of the problems is identified as the overreliance on the discretion of regulators, the absence of consistent and strong procedural protection which would ensure that decisions are explained, and weak and highly ambiguous channels of accountability. The arm's length relationship between government and industry following privatisation has made regulation more adversarial and personalised. In order to deal with this new situation, more formal procedures are required which limit regulators' powers and discretion, increase procedural safeguards, and formalise and strengthen the system of checks and balances which operate on regulators. A positive set of proposals which satisfy these requirements is set out by the author.
INTERNATIONAL INVESTMENT MANAGEMENT WITHIN A REGULATORY FRAMEWORK
Authors: THOMAS ALAN
Published: January 2008

This paper is based on the author's experience and comments on the daily life of fund managers and stockbrokers, along with the nature of the networks within which many operates. The paper attempts to provide a guide to current market conditions and how regulators may respond to challenges to the self‐regulatory process.
THE SEC: AN EXAMINATION OF ITS STRUCTURE, POWERS AND PROCEDURES
Authors: BOSWORTH‐DAVIES ROWAN
Published: January 2008

The author examines the historical and political background to the creation of the Securities and Exchange Commission, identifying the use made by its architects of earlier English company legislation to define its regulatory remit; before making a detailed evaluation of its structure and powers. The paper continues by setting out the major procedural functions of the Commission before ending with a comparative analysis of its regulatory functions and effectiveness.
TESTING, MEASUREMENT AND EVALUATION TECHNIQUES IN THE TRAINING OF FINANCIAL SERVICES SALES FORCES
Authors: WICKS DAVID
Published: January 2008

This paper considers the role of testing, particularly in the training of financial services salespeople. It examines the potential of testing as a positive influence on the development of salespeople, and the different requirements of knowledge and skills assessment. The use of data derived from testing, both in training and in recruitment, is also considered.
AUDIT REGULATION IN THE UK: SOME PRELIMINARY OBSERVATIONS
Authors: FEARNLEY STELLA , PAGE MICHAEL
Published: January 2008

A new regime for registering and monitoring auditors has come into force in Great Britain. The power to make rules for audit practice, qualification and registration has been delegated to the professional accountancy bodies. Two significantly different systems have come into being, the one operated by the Institutes of Chartered Accountants and the other by the Chartered Association of Certified Accountants. The audit register contains a mixture of information derived from different registration practices. There is evidence that the new regime has significantly increased the cost of auditing small limited companies at a time when the usefulness of such audits is widely questioned, even by auditors themselves. The effects of the new regime on the audit of large companies, about which there has been public concern following recent company collapses, appear limited.
PENSION TRANSFERS AND OPT‐OUTS: GUIDELINES ON HOW TO GET STARTED IN PUTTING MATTERS RIGHT
Authors: BRENER ALAN
Published: January 2008

The Securities and Investments Board (SIB) issued a paper addressed to self‐regulating organisations in May 1994 titled ‘Past Pension Transfers and Opt‐Outs: Model Guidance on Priority Cases and Complaints’. This set out in broad terms what product providers and independent financial advisers should start doing now in connection with past pension transfers and opt‐outs. This includes the criteria for identifying high priority cases and the guidance indicates what action should be taken to determine whether investors had been mis‐advised. The SIB paper sets the objectives for the exercise; the difficulty is knowing how to actually get started on the work. This is addressed in the following paper which describes the need to set up a project team to do the work, a computer database to analyse the information and the mechanism for identifying high priority files. A classification system is outlined together with details on how best to contact investors to obtain the best response rate with the most useful information. Finally, the issue of complaints is briefly addressed.
PREPARING FOR A FIMBRA INSPECTION
Authors: JOHN HAMP E.
Published: January 2008

The purpose of this paper is to give readers an overview of a routine Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) compliance visit and to suggest to new members, who have yet to experience such a review, a basic philosophy that might make the pressures of regulation easier to accommodate. Compliance with FIMBRA's rules is as much in the member's interests as it is in the clients' since the record‐keeping that is insisted upon enables advisers to show the reasons for their recommendations and to prove how thoroughly they have explained those recommendations, and any risks of non‐suitability, to those clients. The principal benefactors from observing FIMBRA's rides are thus FIMBRA members.
THE REGULATION OF TRADE IN FINANCIAL SERVICES
Authors: VIPOND PETER A.
Published: January 2008

Although much of the debate about financial regulation tends to be focused at product, firm or market level, international trade agreements are of growing importance. This paper explains why these ‘macro’ rides have come into existence and examines some of the more important at a multilateral and at a regional level. Recent trade agreements have major consequences for trade in financial services, the rights of establishment and the way financial markets will develop. They provide a framework for nation states to affect both the pace and nature of linkages between domestic and international markets. As such this design of the rules for financial services is, in part at least, the design of markets by regulators. The paper examines some of the more important rides and comments on linkages to other areas of regulatory activity.
WHAT IS COMPLIANCE?
Authors: ADAMS GARETH
Published: January 2008

This paper examines the nature of compliance, and its role within the modern financial services organisation. Defining compliance as the management of regulatory risk, the paper analyses what those risks are, and outlines the process by which firms should seek to manage that risk. It concludes by outlining the possible benefits of such an approach.
DATA PROTECTION: THE FIRST DECADE
Authors: LAMIDEY JOHN
Published: January 2008

This paper considers the effectiveness of the Data Protection Act since its launch in 1984. The National Audit Office prepared a report in 1993, which was critical of the Data Protection Registrar, its implementation of the registration and the eight data protection principles of good practice. These criticisms are discussed here with a view to improving the Registrar's approach to data protection law, and its attitude to those who are required to register under the Data Protection Act.
MANIPULATIONS AND STOCK EXCHANGE TRANSACTIONS: THE APPLICATION OF THE GERMAN CRIMINAL CODE AND INSIDER DEALING PROVISIONS
Authors: NORDHUES HANS‐GÜNTHER
Published: January 2008

German law has recently taken an important and long‐overdue step in the battle against dishonesty on the stock markets by implementing EC directives 88/627 and 89/592, respectively imposing a duty of publication of certain information and prohibiting insider dealing. The resulting law, however, is not a panacea for all evils, in that these provisions do not cover the case of deliberate deception through the promulgation of false facts on the stock exchange, leading to a false influence on price fixing and a consequent loss to third parties. The author wishes to show, however, that German law already has a perfectly adequate provision in the criminal code to deal with such instances, although he is not aware of any cases where this provision has been used to convict an individual for causing losses to investors in this way. Several shortcomings can be seen to be responsible for this. Firstly, the ability of the prosecution to handle such cases must be doubted. Secondly, German criminal law is not capable of dealing with cases where this type of interference with market trends was planned and established by teams. Thirdly, the relevant provisions of the German criminal code is only designed to deal with individuals and not with legal entities.
WHAT IS COMPLIANCE? THE MORAL DIMENSION
Authors: CLARKE MICHAEL
Published: January 2008

In a recent paper Adams begins by noting that the French term for compliance, déontologie, is explicitly moral in character, being the logic of obligation and permissibility, but goes on to analyse compliance at length in terms of risk in a morally neutral fashion. He concludes by comparing this approach to the analysis of risk undertaken by many businesses, and notably by banks as lenders, and suggests that this is a route to gaining acceptance of the practical importance of compliance. It is preferable, he points out, to the attitude that perceives compliance as an arbitrary, externally imposed set of demands, since risks can be specified and engaged with.
FORMALISM OR ANTI‐FORMALISM: REGULATION AND THE BANK OF ENGLAND
Authors: ROBINSON IAN , HUSSEY ROGER
Published: January 2008

The supervisory authority of the Bank of England derives from tradition and statute. The interplay of these two factors can be analysed by applying a formalist/anti‐formalist model. In this paper this has been developed to explain the regulatory cycle and the reasons why anti‐formalism has been adopted. Evidence of recent events in the banking industry has been used to support the argument and explain the actions of the Bank of England.
INTERNAL COMPLIANCE VETTING
Authors: HAMP JOHN
Published: January 2008

The purpose of this paper is to suggest to Personal Investment Authority (PIA) members, and particularly to independent members of PIA, that their successful application to join the PIA and their submission of an outline compliance plan are only the planning stages of the major construction exercise that is to follow. Commitments have been given that will require a great deal of internal control, record‐keeping and reporting and it is necessary to consider the nature of the superstructure to be developed from the compliance plan blueprint.
PRICE SENSITIVE INFORMATION AND SELF‐REGULATION BY UK COMPANIES AND FINANCIAL INSTITUTIONS — PART I
Authors: HOLLAND JOHN
Published: January 2008

This paper, which is published in two parts, is concerned with ‘behind the scenes’ self‐regulation by companies and financial institutions (FIs) relative to the ‘Dissemination of price sensitive information’ guidelines outlined in the Stock Exchange report of February 1994. This paper, therefore, investigates a private form of self‐regulation outside the more public form of self‐regulation overseen by the Securities and Investments Board (SIB). The common focal points for these private self‐regulation processes are close cooperative relationships between FIs and a large portion of their portfolio companies. In Part I of this paper these relationships are employed as a common base around which to illustrate self‐regulatory processes at the level of individual companies. Part II looks at self‐regulation by UK FIs and the connections between the legal, self‐regulatory and social control mechanisms are explored and new directions for research and regulation proposed. The second part of this paper will be published in the next issue of Journal of Financial Regulation and Compliance.
KAUFMANN AND OTHERS V CREDIT LYONNAIS BANK
Authors: JUSTICE ARDEN MRS , Gray Joanna
Published: January 2008

Credit Lyonnais (the Defendant), who at all material times were authorised to conduct investment business by virtue of their membership of the Securities Association (its functions now subsumed by SFA) had managed the Plaintiffs' investments on a discretionary basis. It was in respect of the conduct of that discretionary investment management that the case arose. The Plaintiffs made allegations, inter alia, that in 1990 and in 1991 the Defendants had breached Securities Association (SFA) rules and/or acted negligently and/or were in breach of the fiduciary duty owed to the Plaintiffs, and were thereby liable in damages to the Plaintiffs under s. 62 Financial Services Act 1986 (FSA), such liability being denied by the Defendants.
OPEN‐ENDED INVESTMENT COMPANIES
Authors: HODGE SUSAN
Published: January 2008

The UK Government has recognised for some time that the UK fund management industry would welcome the availability of a new form of investment vehicle, namely an open‐ended investment company. HM Treasury has recently issued draft regulations relating to the establishment and operation of such companies. This paper compares some other currently available investment vehicles and reviews the proposed legal framework for open‐ended investment companies.
PRICE SENSITIVE INFORMATION AND SELF‐REGULATION BY UK COMPANIES AND FINANCIAL INSTITUTIONS — PART II
Authors: HOLLAND JOHN
Published: January 2008

This paper, which is published in two parts, is concerned with ‘behind the scenes’ self‐regulation by companies and financial institutions (FIs) relative to the guidelines on ‘Dissemination of price sensitive information’ outlined in a Stock Exchange (SE) report in February 1994. This paper therefore, investigates a private form of self‐regulation outside the more public form overseen by the Securities and Investments Board (SIB). The common focal points for these private self‐regulation processes are close cooperative relationships between FIs and a large proportion of their portfolio companies. In Part I, published in the previous issue of the Journal of Financial Regulation and Compliance, these relationships were employed as a common base around which to illustrate self‐regulatory processes at the level of individual companies. Part II looks at self‐regulation by UK FIs and the connections between the legal, self‐regulatory and social control mechanisms are explored and new directions for research and regulation proposed.
THE GOLDEN THREADS OF COMPLIANCE
Authors: BRENER ALAN
Published: January 2008

This paper provides a guide to a number of key areas of compliance for product providers and independent financial advisers. These include ensuring high standards of recruitment, sound reporting lines and a properly resourced compliance function and it indicates a number of ‘amber lights’ which may indicate potential problem areas. Finally, the paper suggests various ways in which organisations can check that they are complying properly and ensure they keep abreast of current regulatory developments.
CENTURY LIFE PLC V PENSIONS OMBUDSMAN BRITANNIA LIFE LTD V PENSIONS OMBUDSMAN
Authors: DYSON J
Published: January 2008

The appellant companies were successors to insurance companies which had arranged insurance policies securing the retirement benefits of certain occupational pension schemes. Members of these pension schemes had complained to the Pensions Ombudsman (the Ombudsman) about the conduct of the insurance companies, the Ombudsman having the jurisdiction to investigate complaints set out in s. 146(1) of the Pension Schemes Act 1993:
US CONSIDERATIONS RESPECTING FINANCIAL INSTITUTION INSOLVENCY
Authors: ROSENBERG ROBERT J. , BECKER MARLA S.
Published: January 2008

This paper first generally discusses United States bank liquidations under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and addresses the purposes and impact upon US financial institutions of FIRREA. It also addresses the role and powers of the FDIC as affected by FIRREA. The second section discusses the use of ancillary bankruptcy petitions in the United States to aid in the liquidations of foreign financial institutions. The paper concludes with a discussion of the availability of plenary bankruptcy relief for foreign bank holding companies and foreign banks not engaged in banking business in the United States.
MERIDIAN GLOBAL FUNDS MANAGEMENT ASIA LTD V SECURITIES COMMISSION
Authors: of Kinkel Keith , of Tullichettle Jauncey , Mustill  , of Berwick Lloyd , Hoffmann  , Gray Joanna
Published: January 2008

This case concerned an attempt by predators based in New Zealand, Malaysia and Hong Kong to gain control of, and strip assets and cash from, a publicly listed New Zealand company (ENC). The predators included a New Zealand businessman, a Malaysian stockbroking firm and two gentlemen referred to throughout the case as ‘Koo’ and ‘Ng’. Koo and Ng were employed by the appellant company, Meridian Global Funds Management Asia Ltd (Meridian) and were, respectively, its chief investment officer and a senior portfolio manager. The appellant company was a Hong Kong investment management company with an Australian parent company, and although Koo was at the relevant time under the appellant's managing director in the corporate hierarchy of Meridian, in practice the evidence showed that he was given a very free rein in the conduct of the business of the company. The group of predators intended ultimately to finance their purchase of a controlling interest in ENC by using its own assets but interim finance was needed in order to buy the shares which would give them control of ENC's monies and assets. This was provided by Koo and Ng out of funds managed by Meridian as they improperly used their authority to act on behalf of Meridian and bought and re‐sold shares in various Asian companies (using the Malaysian stockbrokers who were also involved in this asset‐stripping raid on ENC). However, the plan went awry at the final stage when independent directors of ENC frustrated the predators' use of ENC's funds to repay Meridian. The result was that Meridian's Australian parent had to make good the losses suffered by the managed funds' beneficial owners.
CURRENCY BROKERS AND THE DUTY OF CARE
Authors: WADSWORTH QC MR J.P. , Gray Joanna
Published: January 2008

This case involved foreign exchange transactions conducted by the First Defendants, a firm of commodities traders then trading as LHW Futures Ltd (LHW), on behalf of the Plaintiff who was an individual investing his own money in a private capacity. The Second Defendant, Mr Morris, was at all material times a senior account executive with LHW and dealt with the Plaintiff in relation to the transactions at issue. The events giving rise to this action occurred in the years 1984–85. The trading contract between LHW and a client would involve the client paying over a sum which would represent commission and margin on the particular currency trade. The commission, at 2 per cent of the total contract value, was high in comparison to other traders because it was a feature of these contracts that there would be no further margin calls to the client since an automatic stop loss mechanism was built in to the contract which had the effect that a client's total loss was limited to the amount of the original margin. In theory a client's profit on a currency contract was unlimited but in practice merely to break even and cover commission required a substantial rise in the price of the currency bought whereas a relatively small drop in its price would wipe out the client's position once and for all regardless of any subsequent rises. One defence expert testified that the likely effect of this form of currency trading contract was that approximately 90 per cent of investors would be wiped out while only 10 per cent profited. The Plaintiff in this action was an engineer and property developer with most of his assets tied up in a land bank and housing development. He was inexperienced in stock trading and commodities markets. In July 1985 the Plaintiff entered into two trades in Swiss Francs with LHW. He invested £2,600 in the first trade and £23,400 in the second. The Plaintiff was then passed on within LHW to Mr Morris, the Second Defendant, who dealt with ‘bigger clients’. On 30th July, 1985, Morris urged the Plaintiff to invest in one hundred lots of sterling at a total cost to him of £150,000. The Plaintiff bought ten lots of sterling at a cost of £15,000 paying £10,000 in cash and raising the balance by stripping it out of the earlier Swiss Franc deal. The price of sterling went against the Plaintiff and, as the stop loss position was about to be reached Mr Morris rang the Plaintiff to recommend he buy another ten lots of sterling at £15,000 to average out his position. Mr Morris was aware that the Plaintiff did not have the cash available and that he would have to borrow the necessary cash, as indeed he did. On 1st August the Plaintiff entered into the fourth trade at issue in this case. The stop loss position was reached on that trade too and the Plaintiffs position was wiped out. On 5th August the Plaintiff's trading position was closed and of his total stake of around £54,000 he recovered only £2,231.62.
COCKING V PRUDENTIAL ASSURANCE COMPANY LTD MACKRELL V GAN LIFE & PENSIONS PLC SILAVANT V GAN LIFE & PENSIONS PLC SZILAYAGA V TSB PENSIONS LTD AND TSB LIFE LTD PARKER V HILL SAMUEL LIFE ASSURANCE LTD GREENWOOD V IRISH LIFE ASSURANCE PLC AND MILL‐SMITH INSURANCE BROKERS LTD
Authors: Judge Raymond Jack QC Presiding Honour , Gray Joanna
Published: January 2008

This case concerned applications that the aforementioned six actions be stayed. The six separate actions arose out of the personal pensions misselling that in turn forms the basis of the SIB guidance that initiated in October 1994, the Review of Past Business on Pension Transfers and Opt‐outs. That review is currently being imple mented by the Personal Investment Authority (PIA) and its members and is designed to identify individuals who have been sold personal pensions in circumstances so inappropriate to their individual needs that it constitutes a breach of the product provider or Independent Financial Advisers' (IFAs) compliance obligations under the Financial Services Act (FSA) 1986. The review is also designed to compensate such individuals by way of their re‐instatement to the financial position they would have been in had the misselling not taken place, and also provide a limited degree of compensation for any resulting distress suffered. The six Plaintiffs in this case ranged in age and occupation (indeed one of them was retired) but each in his or her own way was very typical of the estimated thousands of individual victims of pensions misselling. They included a retired miner who had been recommended to transfer his benefits from the mineworkers' pension scheme to a private transfer bond, a 34‐year‐old nurse who had opted out of the NHS superannuation scheme in favour of a private pension and a 50‐year‐old school janitor who had been advised by a pensions salesman not to join the local government superannuation scheme which he was eligible to join but rather to take out a personal pension instead. These individuals and the three other Plaintiffs brought actions relying on s. 62 FSA 1986 for compensation for loss suffered as a result of being wrongly advised by the six sets of Defendants that a personal pension policy was better than their occupational scheme.
CONTRACTUAL NETTING IN FRANCE: COMPARISON OF AFB AND ISDA TERMS
Authors: DUROX SERGE
Published: January 2008

In September 1994 the Association Française des Banques published a standard master agreement for derivatives and foreign exchange over‐the‐counter transactions. The introduction of this new multi‐product documentation has been rendered possible by the enactment of a specific netting statute which provides for a legal framework allowing inter alia contractual close‐out netting procedure. This standard documentation is strongly inspired by the 1992 ISDA Multicurrency Cross‐Border Master Agreement.
WHY CAPITAL ADEQUACY REGULATION FOR BANKS?
Authors: SHAH ATUL K.
Published: January 2008

The most significant recent reform in international bank regulation has been in the area of capital adequacy, first instigated by the BASLE Committee and formally introduced in 1988. These reforms have had, and continue to have, significant economic consequences. However, the concept of capital adequacy and its usefulness in bank regulation has attracted a significant amount of criticism from the academic community. This raises the question as to why it was that capital adequacy was adopted as a tool for international bank regulation, despite major concerns with its rationale and effectiveness. Although the topic of capital adequacy has attracted an increasing body of research, the reasons behind the adoption and implementation of capital adequacy by international bank regulators have remained unexamined in the literature. This paper investigates the rationale for capital adequacy, citing documentary and interview evidence surrounding the key decisions, and in the process traces the dynamics of international bank regulation. The principal finding is that regulatory reform was influenced by tradition, convenience and likely acceptability rather than by any serious considerations of regulatory objectives and potential effectiveness of the capital adequacy reforms. This corresponds to findings about the origin and dynamics of regulation in the political economy literature.
REGULATION AND INSOLVENT BANKS
Authors: WILKINSON ANDREW , TURING DERMOT
Published: January 2008

Bank regulation tends to develop as a reaction to bank insolvencies. Much of the detail of regulatory measures, comprising EU Directives, statute and guidance from the Bank of England is intended to enable banks to avoid collapse. The Bank of England's role and duties as prudential supervisor of banks is much more ambiguous than would be expected from this pattern, however. The Bank's effectiveness as supervisor has been subject to criticism since the Barings debacle, calling into question the purpose of bank regulation. After explaining the existing legislative and practical background to supervision of troubled banks, this paper considers the importance of protecting depositors as a guiding principle of regulation and explores possible developments.
STRUCTURING POOLED FUNDS TO INCLUDE US INSTITUTIONAL INVESTORS
Authors: KENYON GEOFFREY R.T. , MARSHALL PETER
Published: January 2008

Pooled investment funds are an extremely important component of the institutional investment management business, serving as a critical tool for achieving diversification and economies of scale in a broad range of market and investment environments. These advantages have increasingly led fund sponsors to seek investors across national borders. Nonetheless, cross‐border sales of pooled funds are fraught with numerous regulatory and tax complexities. This is particularly true for sponsors seeking to tap the enormous United Slates institutional market. This paper takes a solution‐based approach in examining the complexities of selling non‐US pooled funds to US institutional investors.
STATE AID AND BANKING ACTIVITIES: THE IMPACT OF EUROPEAN COMMUNITY LAW
Authors: DASSESSE MARC
Published: January 2008

The purpose of the present paper is not to review the rules applicable whenever a member state wishes, in a straightforward manner, to grant financial aid to a credit institution which has run into difficulties. Its ambition is, instead, to draw attention to the impact of European Community law whenever a credit institution loans money to, or underwrites bonds issued by, a client which benefits from irregular state aid.
THE DISCLOSURE REGIME FOR UNIT TRUSTS AND OTHER NON‐LIFE PRODUCTS
Authors: HAWTIN COLIN
Published: January 2008

In July 1994, following a lengthy development period, new rules were announced for the disclosure of information in the case of life and pensions products. The new rules, which were scheduled for implementation on 1st January, 1995, contained details of how investors should be informed about product content, the effect of charges and expenses and commission or remuneration paid to advisers. In September 1994 work began on the development of a comparable regime for unit trusts and other non‐life products. In July 1996 the Personal Investment Authority announced its conclusions and rules for this range of products will be implemented in May 1997. This paper contains details of requirements.