bluuebunny/crossref_metadata_2025_split huggingface dataset:
May foreign benefits plans invest in new issues under FINRA Rules 5130 and 5131
Authors: Francis Samuel 
Published: September 2012

PurposeThe purpose of this article is to analyze whether and how employee benefits plans established in foreign jurisdictions may participate in initial equity public offerings in the USA in compliance with the Financial Industry Regulatory Authority's rules restricting the sale and allocation of such offerings by registered broker‐dealers.Design/methodology/approachThe article explains the relevant rules and how they affect benefits plans, examines the regulatory guidance specifically pertaining to foreign plans and offers some practical considerations.FindingsForeign benefits plans are currently accorded some, albeit limited, means to comply with the rules.Originality/valueThe article presents practical analysis of a particular yet common issue from a financial services lawyer experienced in this area.
JOBS Act eases securities‐law regulation of smaller companies
Authors: Parrino Richard J. , Romeo Peter J. 
Published: September 2012

PurposeThe purpose of this paper is to review the principal provisions of the Jumpstart Our Business Startups (JOBS) Act, which was enacted in April 2012 and represents significant legislative reform of securities regulation in the USA.Design/methodology/approachThe paper examines the modified US securities regulatory regime introduced for initial public offerings and SEC reporting by a newly designated class of smaller securities issuers referred to as “emerging growth companies” and summarizes reforms to the regulation of capital‐raising transactions by small issuers and other companies that are intended to facilitate the creation of new jobs by easing regulatory burdens.FindingsThe JOBS Act should meet its objective of providing emerging growth companies, at reduced cost, with an orderly transition from a private existence with relatively few securities‐law concerns to a public one with numerous compliance obligations. Companies also will have greater opportunities to access capital through the availability of additional exemptions from Securities Act registration and the elimination of some restrictions on offering‐related communications with investors. The relaxation or elimination of long‐accepted methods for minimizing fraud and abuse in securities offerings, however, could result in a significant increase in investment scams and other wrongdoing.Originality/valueThe paper provides expert guidance from experienced financial services lawyers.
CFTC's rulemaking on the segregation of cleared swaps customer collateral: LSOC and beyond
Authors: Architzel Paul M. , Walker Petal P. 
Published: September 2012

PurposeThe paper's aim is to explain the rules the Commodity Futures Trading Commission has adopted for the segregation of cleared swaps customers' collateral as mandated by the Dodd‐Frank Act.Design/methodology/approachThe paper discusses: the deliberations that led the commission to arrive at the legal separation with operational commingling model (“LSOC”) as the regulatory standard; the characteristics of the LSOC model; and the possible future enhancements to the segregation framework under consideration by the commission, including the guaranteed clearing participant model.FindingsAlthough the commission has adopted the final rules that will implement LSOC as the segregation model for cleared swaps, a number of significant issues remain open and are likely to be revisited by the commission. Additional changes to the segregation framework may be proposed as the lessons of the MF Global Bankruptcy proceedings become evident.Originality/valuePractical guidance from experienced financial services lawyers is provided by the paper.
CFTC and SEC jointly adopt final swap entity definition rules
Authors: Lurton Allison , Bennett Bruce , Massey William , Fleishman Robert , Herman Mark , Sorrell Michael , Hewitt Ronald 
Published: September 2012

PurposeThe aim of the paper is to explain the joint final rules adopted on April 18, 2012 by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) further defining the major categories of swap and security‐based swap market participants, “swap dealer“, “security‐based swap dealer”, “major swap participant”, “major security‐based swap participant” and “eligible contract participant” and to explain the process of evaluating a party's status under the rules.Design/methodology/approachThe paper provides the statutory definition of a dealer, and explains the CFTC's and the SEC's interpretive guidance, including four tests and a discussion of the CFTC and SEC dealer trader distinctions, swaps not considered in determining dealer status, and a de minimis exception. It provides the statutory definition of a major participant, along with the four major categories of swaps and an explanation of the “substantial position”, “substantial counterparty exposure” and “highly leveraged” criteria, along with the exclusion of positions held for hedging or mitigating commercial risk from the substantial position analysis. A Dodd‐Frank amended definition of an eligible contract participant (ECP) along with the final ECP rules is provided.FindingsAll swap market participants will need to know whether they qualify as one of these entities because each type of entity figures prominently in the new swap market requirements imposed by the Dodd‐Frank Act.Originality/valueThe paper provides practical guidance from experienced financial services lawyers.
SEC approves MSRB's new underwriter disclosure requirements
Authors: Hardy Callcott W. , Baird Elizabeth H. , Foley Timothy C. , Tyrrell Paul M. 
Published: September 2012

PurposeThe aim is to explain certain disclosure and other obligations of municipal securities dealers when they act as underwriters to municipal securities issuers, as contained in a Municipal Securities Rulemaking Board interpretive notice regarding MSRB Rule G‐17, approved by the Securities and Exchange Commission on May 4, 2012.Design/methodology/approachThe paper explains the basic fair dealing principle; required disclosure by an underwriter; timing, manner, acknowledgement, and substance of disclosures; guidance concerning the role and compensation of the underwriter; disclosures of other conflicts; disclosures required in the case of complex financing structures; guidance concerning underwriter compensation and new issuance pricing; requirements for underwriters to honor retail order periods; and guidance on dealer payments to issuer personnel.FindingsAlthough most underwriters have always viewed themselves as having a duty of fair dealing to municipal issuers, the MSRB's notice will require underwriters to formalize their procedures. Underwriters will have to develop mandatory disclosures, checklists of potential conflict disclosures, and procedures for receiving written acknowledgments. They will need to rethink how they approach complex financings.Originality/valueThe paper provides practical guidance from experienced securities lawyers.
Economic crisis in Greece: risks and challenges for drug policy and strategy
Authors: Poulopoulos Charalampos 
Published: September 2012

PurposeThis paper aims to provide a political commentary on the economic crisis in Greece and to consider the subsequent risks and challenges for drug policy and strategy.Design/methodology/approachThe author considers the effect of the current economic problems on individuals, families and communities. A background on patterns of drug use in Greece is given and then consideration made to the need for service provision. The paper also considers links between addiction and delinquency and crime against a backdrop of legislative reform in Greece.FindingsThe paper highlights the effects of economic crisis on drug related phenomena in Greece.Practical implicationsThe risks and challenges presented to drug treatment organizations as a result of economic crisis are discussed together with the new challenges presented by the affected population of drug users in Greece. The paper also gives emphasis to the obstacles to the adoption and implementation of a new Drugs Law.Social implicationsThe situation of drug addicts in the correctional system is also presented and the various issues that arise from limited services and access to drug treatment services. It is suggested that a humanitarian approach towards the drug addicted population should be adopted, including de‐criminalization of drug use, together with increased access to physical, mental health and drug services within the criminal justice system.Originality/valueThe paper provides an up to date discussion of drug policy in Greece in the light of the current economic pressures.
Drug policy in the Americas – a new set of Latin American policy proposals
Authors: Metaal Pien 
Published: September 2012

PurposeThis article aims to give some background information about the debate around drug policies in Latin America and to provide a view on a possible future direction of the developing debate.Design/methodology/approachRecently increasing signs coming from the highest political level indicate that current strategies are perceived as failed, and incentives for a debate on alternatives to prohibition should be discussed. The article reflects on the origin and conditions in which this debate is taking place, and the ideas, options and projection into the political institutions that are designed for that purpose. The article describes the process using existing and new materials and insights produced by scholars and participants in the Latin American drug policy debate.FindingsThe article finds that the impetus given to the drug policy reform debate has now reached a level, that it can no longer be avoided to talk openly at the highest political level, about alternatives to current drug policy strategies, based mainly on prohibition.Originality/valueThe article connects recent drug policy debates into a historical perspective, and helps to underscore the need for these reforms, as a solution for the problems faced by Latin American countries, such as increased levels of violence related to the drugs market.
Maintenance treatment programme for opioid dependence: characteristics of 50+age group
Authors: Raja Badrakalimuthu Vellingiri , Tarbuck Andrew , Wagle Ajay 
Published: September 2012

PurposeThe aim of this study is to explore the characteristics of a group of patients over 50 years old who are entering a substitution treatment programme for opioid dependence and to compare the characteristics of this group with those aged under 50 who are enrolled in the same substitution treatment programme.Design/methodology/approachThis is a cross sectional survey involving 92 cases in the 50 and above age group and 194 cases in the under 50 age group from community drug and alcohol services. Data were collected on demographic details, substance misuse and treatment history and progress with treatment. All the data were analysed using the Statistical Package for the Social Sciences (SPSS), version 1.1. Statistical significance between fewer than 50 and 50+ groups were assessed using Fisher's exact test.FindingsAmongst the 92 in the group 50 years and above, 67 (average dose=63.25 mg) were on methadone maintenance (average dose=63.25 mg) and 19 (average dose=10.37 mg) on buprenorphine. In total, 11 per cent started using opiates after the age of 50. Sixty per cent used other substances out of which 31 per cent used multiple substances. Benzodiazepines, cocaine and amphetamines were the common substances of misuse. Thirty seven were infected with HCV. Comorbid rates for physical and mental illnesses were 64 per cent and 62 per cent, respectively. Nearly 86 per cent achieved good compliance with the treatment programme. Statistically higher rates of being single, lacking stable accommodation, prescription of buprenorphine, high dose prescriptions and lower rates of blood‐borne viruses, physical health and mental health, past forensic history were found in the under 50 age group compared with the 50+ age group.Practical implicationsThere are a considerable number of patients above the age of 50 in maintenance treatment and they differ from the less than 50 age group. Old age and substance misuse psychiatrists should be aware of the prevalence of comorbid substance misuse, physical (including blood borne viruses) and psychiatric disorders in this population. Further research is required in this neglected area and a service provision should be based on such robust research.Originality/valueThis is the first study to the authors' knowledge that compares the demographic and treatment profiles of under 50 and over 50 years by age of patients in a methadone maintenance treatment programme. It clearly points to significant differences in the profiles based on age which will have implications for service provision which will have to take into account these age‐related differences in particular related to physical health and social needs.
Psychological effects of ketamine: a research note
Authors: Stirling John , Morris Rohan , McCoy Lauren 
Published: September 2012

PurposeKetamine intoxication has been mooted as a model of some of the signs and symptoms of psychosis. However, little research has focused on the self‐report experience of ketamine users. The purpose of the current study is to quantify (the frequency of occurrence of) ketamine induced phenomenology in recreational users. The paper also seeks to meaningfully group these experiences into facets and their principal components.Design/methodology/approachRespondents completed a checklist of experiences, the Ketamine Experiences Questionnaire (KEQ). Two samples were recruited via opportunity and snowball sampling one in 2009 (n=52) and one in 2010/11 (n=35).FindingsThe “Q‐sort” and principal component analysis (PCA) indicate that there are two factors, factor one representing aversive ketamine experiences (accounting for 48.2 per cent of the variance) and factor two representing appetitive ketamine experiences (accounting for 20.1 per cent of the variance). Ketamine induces a raft of appetitive, aversive and transcendental experiences many of which are illustrated. The data suggest that a decision about whether to continue using ketamine (and if so, how often) depends in part on an intuitive cost‐benefit analysis of the phenomenology that it induces.Research limitations/implicationsThere are some notable limitations to the current study; the small sample size to variable ratio necessitated a “Q‐sort” before PCA; the sampling procedure prohibited the generation of a representative sample; and there were no means of independently verifying ketamine use.Originality/valueThis study represents a novel exploration into ketamine phenomenology and the principal components of these experiences.
A six‐year study of substance use and mental health disorders: ascertaining the prevalence of comorbidity
Authors: Man Xiong Lai Harry , Sitharthan Thiagarajan 
Published: September 2012

PurposeCharacteristics of substance use disorders (SUDs) comorbid with mental health disorders (MHDs) are not completely clear in early population based studies. The objective of this paper is to examine the association of SUDs comorbid with MHDs and vice‐versa using a large inpatient dataset.Design/methodology/approachThe data (1 July 2001 to 30 June 2007) were extracted from the New South Wales Inpatient Statistic Data Collection. Statistical analysis was performed using SAS.FindingsThere was a total of 10,211,596 (4,671,243 males (45.75 per cent) and 5,540,353 females (54.25 per cent)) admissions. Over the six years, between 9.4 per cent and 12.6 per cent of the patients with MHDs were diagnosed as having SUDs. Of the patients diagnosed with SUDs, between 42.5 per cent and 57.4 per cent also had a diagnosis of MHDs. Overall, the comorbidity for both MHDs and SUDs was between 8.4 per cent and 11.3 per cent. The odds ratio for either SUDs or MHDs compared to the general population was between 13.0 to 20.8.Originality/valuePatients with SUDs are highly likely to have a mental health problem. This is the first largest study and the findings imply that different efforts towards the prevention, care and management of comorbidity may be warranted.
Boundary action in construction projects: new collaborative project practices
Authors: Karrbom Gustavsson Tina , Gohary Hayar 
Published: September 2012

PurposeTraditional construction project practice has been based on rigid and impermeable boundaries that have made communication, cooperation and integration a major challenge. However, new collaborative approaches have been developed. This paper aims at adding to knowledge on projects‐as‐practice by interpreting findings from a case study on a contemporary collaborative construction project. The purpose of this paper is to provide knowledge about organizational development in the project‐based construction industry by identifying boundary actions in contemporary collaborative construction practices.Design/methodology/approachThe paper is based on an exploratory longitudinal case study approach covering both early design phase and the following production phase, including interviews, participant observation at formal meetings and informal gatherings and internal and external documents. Thus, the methodology used is triangulation and the analysis has followed an interpretative process.FindingsThe paper provides empirical insights into three examples of boundary actions of a collaborative construction project: stakeholder boundary action, professional boundary action and geographical boundary action. From a project‐as‐practice perspective, these boundary actions turn out to be interesting renewal initiatives, providing increased understanding of where and how renewal can take place.Research limitations/implicationsThe findings are based on a single case study and more research on this area is needed. However, the paper shows examples of boundary actions in a contemporary project and thus adds to the knowledge on contemporary projects‐as‐practice.Practical implicationsThe paper provides implications for construction project managers on examples of renewal arenas.Originality/valueThe paper is exploratory and the findings are important for much needed development and renewal of the construction industry.
Transition processes in an interorganizational platform project
Authors: Burström Thommie , Jacobsson Mattias 
Published: September 2012

PurposeThe purpose of this paper is to identify and understand challenges related to transition processes that occur between projects and the permanent organisation, as well as the outcome of such processes.Design/methodology/approachThe study is based on an explorative, in‐depth case study of a multi‐project setting. The concept phase of three projects was followed by participative observations and ongoing interviews over a 15‐week period at two sites and in two countries. The empirical material was analyzed through a process‐oriented approach focusing on daily project activities.FindingsTransition processes are characterized by containing operational complexities. These operational complexities demand project stakeholders to perform multiple translational and transformative activities. The outcomes from these activities are, for example, strategic, operational, and functional fine‐tuning, but also attitudinal turnaround.Research limitations/implicationsThis research is based on an interorganizational vehicle platform project setting. Therefore, the findings from this study cannot easily be generalized to other settings. However, it is likely that actors in other interorganizational project settings can benefit from the finding, since there probably are a multitude of transition processes in such projects as well.Practical implicationsManagers can learn that it is important to map all related transition processes, analyze the implications that these processes have on the project, and perform a dialog with project members so that the sense of operational complexity and uncertainty can be reduced. This type of action will reduce feelings of frustration and create a sense of readiness to deal with unexpected events.Originality/valueThe paper's value is two‐fold. First, the setting “an interorganizational vehicle platform” is largely under studied; and second, the paper pinpoints three unique transition processes and thereby contributes to the sparsely researched area of transition processes.
The project planning myth in international development
Authors: Ika Lavagnon A. , Saint‐Macary Jan 
Published: September 2012

PurposeThe purpose of this paper is to improve understanding and practice of project management by assessing whether two of its core myths also prevail in international development (ID): first, that project managers (PMs) plan fully for project success, including implementation success and end‐user satisfaction; and second, that they can focus on “getting things done”, free of concern for strategic issues.Design/methodology/approachThe analysis of a high‐profile World Bank project and of the policies and rules under which their PMs operate serves as a means to carry out the research. The authors uncover certain “facts” that challenge the myths that prevail in standard project management. Furthermore, they examine how these facts and the corollaries they produce guide the behaviours of PMs differently in the ID field.FindingsIn the ID field, and contrary to the standard practice in project management, it is found that: PMs are not involved in overall planning, and are limited to implementation planning, because they lack the necessary latitude. Hence, they practice project implementation as the art of avoiding making mistakes as they juggle donor procedures and guidelines. Second, PMs are well informed about the overall strategy of their project, which is articulated by the donors and the beneficiary country, but they are limited in their ability to contribute directly to its success. Thus, they may fail to deliver the intended development strategy even if they “get things done”.Research limitations/implicationsThis paper argues that these two core PM tenets are convenient myths at best, given the asymmetrical distribution of power, the strong front‐end activity, and the procedures orientation of international development projects.Practical implicationsThis paper addresses questions regarding the nature and the content of the work of PMs in the context of ID. In contrast to other sectors, projects are found to be linked more clearly to the higher strategic issues, and yet PMs are less empowered to contribute to them. Thus, all stakeholders may have to revise their expectations regarding what PMs can realistically do in ID. These findings are relevant to scholars and practitioners alike.Originality/valueThe value of this paper lies in examining the basic question of “what PMs do”. Although ID has been project‐oriented since the 1950s, this question has not received much attention in standard PM literature. In assessing “what PMs do”, the paper also brings into question “what project management is”.