In a work of this kind, it is not without difficulty that I record my indebtedness to all the people who have inspired me at different stages of my career. Their silent and unwavering support remains a great pillar and foundation from which I continue to draw some strength.
Changes to the UCITS directive introduced in 2001 extended the scope of eligible assets for
UCITS to new classes of assets.
As a result, UCITS managers now invest in a much greater
number of countries and in more complex instruments than in 1985. As more investment
opportunities arise in different third country jurisdictions, the necessity to appoint sub-
custodians in these jurisdictions increases.
Despite the enlargement of eligible investment instruments, the UCITS Directive does not
define the conditions applicable in case a depositary delegates custody to a sub-custodian.
The Shares have not been and will not be offered for sale or sold in the United States of America, its territories or possessions and all
areas subject to its jurisdiction, or to United States persons, except in a transaction which does not violate the securities laws of the
United States of America.
The laws of continental Europe and those of the USA are substantially distinct. The general difference
between common law, as practiced in the US, and civil law, as practiced in continental Europe, is widely
accepted, even if it is not always fully understood. American court rulings, for instance, can be extreme
in the eyes of Europeans, who are not familiar with concepts such as punitive damages.
On the federal level, three agencies regulate ART. The Centers for Disease Control
and Prevention (CDC) collects and publishes data on ART procedures. The Food
and Drug Administration (FDA) controls approval and use of drugs, biological
products, and medical devices and has jurisdiction over screening and testing of
reproductive tissues, such as donor eggs and sperm. The Centers for Medicare and
Medicaid Services (CMS) is responsible for implementation of the Clinical
Laboratory Improvement Act to ensure the quality of laboratory testing....
The Securities and Exchange Commission
has for many years been a strong leader in
international efforts to develop a core set
of accounting standards that could serve
as a framework for financial reporting in
cross-border offerings. It has repeatedly
made the case that issuers wishing to raise
capital in more than one country are faced
with the increased compliance costs and
inefficiencies of preparing multiple sets of
financial statements to comply with different
jurisdictional accounting requirements.
Unrecorded alcohol refers to alcohol that is not taxed and is outside the usual system of
governmental control, because it is produced, distributed and sold outside formal channels.
Unrecorded alcohol consumption in a country includes consumption of homemade or
informally produced alcohol (legal or illegal), smuggled alcohol, alcohol intended for industrial
or medical uses, alcohol obtained through cross-border shopping (which is recorded in a
different jurisdiction), as well as consumption of alcohol by tourists.
The headline regulatory ratios for the four major Australian banks are lower than for other
countries (Figures 8 and 9). However, differences in regulatory rules relating to the calculation
of required capital suggest that different jurisdictions’ capital ratios should be interpreted with
caution. In particular, the risk weighted assets numbers are not directly comparable across
Targeting vehicle owners and fleet managers: improving in-fleet vehicle maintenance.
Measures to improve in -fleet vehicle maintenance by changing the behaviour of vehicle owners
and fleet managers generally centre on the development of an inspection and maintenance (I and
M) programme. These measures have taken on different forms in different jurisdictions
(centralized or decentralized, public or private) and use different testing equipment, techniques
and drive cycles. I and M can be supplemented or phased in through a programme of mobile
So, for example, economic dynamics play an important “input” role in innovation. The term “economic
dynamics” captures a variety of indicators: venture capital, broadband penetration, investments in R&D, and
business formation. The index enables one to explore each of these variables in depth and download detailed
data by simply clicking the drill-down feature. Human capital is also a vital input to innovation. Therefore, the
index provides different perspectives to evaluate a region’s human capital.
Note, however, that the securities laws of applicable non-U.S. jurisdictions, which are beyond
the scope of this article, must be complied with. Although Regulation S provides a complex
hierarchy of offering types and the corresponding requirements for each, the basic principle is
that there must be no “directed selling efforts” in (toward) the United States.
Although the overall technical efficiency of the system has increased
considerably, mainly due to the introduction of output-based payment systems,
allocative efficiency remains a problem. Considerable variations exist in service
delivery both geographically and by specialization, and equity of access is
far from being realized, a fact which is mirrored in differing health outcomes
for different population groups.
Chapter 11 - International taxation. After reading the material in this chapter, you should be able to: Describe differences in corporate income tax and withholding tax regimes across countries, explain how overlapping tax jurisdictions cause double taxation, show how foreign tax credits reduce the incidence of double taxation,...
.Personality Rights in European Tort Law This volume provides a comprehensive analysis of civil liability for invasion of personality interests in Europe. It is the ﬁnal product of the collaboration of twenty-seven scholars and includes case studies of fourteen European jurisdictions, as well as an introductory chapter written from a US perspective. The case studies focus in particular on the legal protection of honour and reputation, privacy, self-determination and image.
The European microfinance market is characterized by varying legal and regulatory frameworks,
different economic realities, differing political philosophies towards socio-economic activity, and
different financial sector structures (and history).
Banks are subject to comprehensive regulation,
even though local differences exist given that EU directives may not have been fully transposed
into national law. In some European countries, only regulated banks may engage in micro-
lending. Non-banks are typically not subject to banking regulation.
FMIs can differ significantly in organisation, function, and design. FMIs can be
legally organised in a variety of forms, including associations of financial institutions, non-
bank clearing corporations, and specialised banking organisations. FMIs may be owned and
operated by a central bank or by the private sector. FMIs may also operate as for-profit or
not-for-profit entities. Depending on organisational form, FMIs can be subject to different
licensing and regulatory schemes within and across jurisdictions. For example, bank and
non-bank FMIs are often regulated differently.
In some contracts with deductibles, the insurer pays the full claim then seeks reimbursement
from the insured for the deductible portion of the contract. In some jurisdictions, such
arrangements are also known as “large deductibles”. The resulting policy premium for such
large deductible policies is expected to be smaller than if no deductible existed. Different
accounting systems may choose to treat the premium reduction due to the deductible credit
Accounting standards around the world have evolved over centuries of business
and capital market development. In this process, accounting standards historically
were designed to meet the needs of each nation’s capital markets. Those stan-
dards that were found to work well in the legal, cultural, political and economic
context of each nation became the “generally accepted accounting principles,” or
GAAP, for that particular jurisdiction. Naturally, different norms in each nation led
to different GAAPs in each nation.
JFRAC received a total of 17 surveys from member authorities, representing 26 separate
agencies from 12 different countries, as well as five responses describing international
frameworks. A list of survey respondents is set forth in Appendix 4.
This report is intended to serve as a stocktaking of member authorites’ use of credit ratings.
From a banking group’s perspective, a range of factors play a role in the choice of
branching versus subsidiarization, including banks’ business focus and differences in
regulatory and tax regimes across jurisdictions. Banks with significant wholesale operations
tend to prefer a more centralized branch model that provides the flexibility to manage
liquidity and credit risks globally and serve the needs of large clients.