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Market Insights · Business Development · Networking · Industry Leadership
www.BondsLoansArgentina.com MARKET INSIGHTS · BUSINESS DEVELOPMENT · NETWORKING · INDUSTRY LEADERSHIP Gold Sponsor: Cocktail Sponsor: Silver Sponsors: Bronze Sponsors: Great event, full of interesting people for networking and a high level of speakers in each panel. I look forward to the next edition. Esteban Pérez Andrich, National Director of Renewable Energy, Ministry of Energy and Mining of Argentina Senior speakers and access to behind the scene market insights Issuers and Borrowers 10% • Matías Salerno, Chief Financial Officer, Law Firms Grupo CAPSA / CAPEX • Jorge Diehl, Corporate Treasurer, Aluar 10% • Daniel Hanna, Corporate Finance Manager, Government 30% Pampa Energia Corporates • Federico Barroetaveña, Chief Financial Officer, Techint Engineering & Construction Speaker • Doris Capurro, President, CEO & Founder, 10% Luft Energía S.A. Advisors Breakdown • Ramiro Molina, Chief Financial Officer, Plaza Logistica • Juan Francisco Mihanovich, Capital Markets and Finance Manager, Grupo Newsan • Patricio Aguirre, Chief Financial Officer, San Miguel • Tomás Darmandrail, National Director of Public 20% 20% Investors and Economists Private Partnership Projects, Ministry of the Treasury Banks Investors • Esteban Pérez Andrich, National Director Of • Ricardo Daud, Chief Executive Officer, Renewable Energy, Santander Río Asset Management Ministry of Energy and Mining, Argentina • Carlos Planas, President and Head Portfolio, Axis Sociedad Gerente de Fondos Comunes de Inversion • Leandro Fisanotti, Advisor to the Board, The event was great, and very useful to Fondos Pellegrini • Juan Ignacio Ruth, Chief Investment Officer, participate, and to be updated, with the Swiss Médical opinions of experts from different sectors, • Miguel Zielonka, Associate Director, EconViews • Roger Horn, Executive Director, Senior Emerging in this complex moment of financing in Markets Desk Analyst, Fixed Income Sales & Trading, SMBC Nikko Securities America the country. -
The Costs of Sovereign Default: Evidence from Argentina, Online Appendix
The Costs of Sovereign Default: Evidence from Argentina, Online Appendix Benjamin Hebert´ and Jesse Schreger May 2017 1 Contents A Data Construction Details 4 A.1 Data Sources . .4 A.2 Firm Classifications . .5 A.3 Exchange Rate Construction . .9 A.4 Construction of Risk-Neutral Default Probabilities . 12 B Additional Figures 16 C Standard Errors and Confidence Intervals 18 D Event Studies 19 D.1 IV-Style Event Study . 19 D.2 Standard Event Studies . 20 E Alternative Specifications 25 E.1 Alternative Event Windows for the CDS-IV Estimator . 25 E.2 Alternate Measures of Default Probability . 27 F Issues Regarding Weak/Irrelevant Instruments 31 F.1 Tests of Differences in Variances . 31 F.2 Irrelevant Instruments . 32 G Additional Results 33 G.1 Mexico, Brazil, and Other Countries . 33 G.2 Multinational Firms . 34 G.3 Delevered Portfolios . 35 G.4 Local Stock Results . 36 G.5 Individual Bond Prices . 37 G.6 GDP Warrants . 39 H Holdings and Liquidity Data 42 H.1 ADR Holdings Data . 42 H.2 ADR and Equity Liquidity Data . 43 H.3 CDS Liquidity . 43 I Econometric Model 44 2 J Event and Excluded Dates 46 K Appendix References 55 3 A Data Construction Details In this section, we provide additional details about our data construction. A.1 Data Sources In the table below, we list the data sources used in the paper. The data source for the credit default swap prices is Markit, a financial information services company. We use Markit’s composite end- of-day spread, which we refer to as the “close.” The composite end-of-day spread is gathered over a period of several hours from various market makers, and is the spread used by those market makers to value their own trading books. -
Partnerships Alan J.B
College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 1978 Choice of Entities for Holding Real Estate: Partnerships Alan J.B. Aronsohn Repository Citation Aronsohn, Alan J.B., "Choice of Entities for Holding Real Estate: Partnerships" (1978). William & Mary Annual Tax Conference. 482. https://scholarship.law.wm.edu/tax/482 Copyright c 1978 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/tax CHOICES OF ENTITIES FOR HOLDING REAL ESTATE: PARTNERSHIPS By ALAN J. B. ARONSOHN The widespread utilization in recent years of the partnership form for holding real estate has been attributable to a beneficient combination of local and federal income tax laws. In earlier, simpler days, title to real estate beneficially owned by groups of individuals was more likely to be vested in a corporation or some form of trust. The primary reason for the conveyancer's preference for corporate or trust ownership of record title, as opposed to vesting title in multiple owners as tenants- in-common or as partners, was the increased ease and certainty of dealing with real property title complexities where title to the real property was vested in a separate entity (i.e., a corporation or trustee) insulated from the infirmities which might affect individual owners, such as the death, bankruptcy or incompetency of one or more of them. While the corporate or trust form retains these advantages, the increasing burden of income taxation upon the ownership of all invest- ment property and, particularly upon corporate investments, has induced the real property lawyers to search for alternatives to corporate and trust ownership which satisfy both the requirements of the practical conveyancer and at the same time ameliorate the tax burdens im- posed upon corporations. -
Banking & Finance
BANKING & FINANCE ALERT DEFINITIONS OF ENTITIES OPERATING IN THE FINANCIAL SECTOR FEBRUARY 2016 A number of parent companies of industrial and • Parent Undertaking which: commercial groups have recently been notified by undertaking - has a majority of the the ACPR of their status as a "mixed-activity Article 4, point 15 shareholders' or members' holding company", thereby discovering the jungle of the CRR voting rights in an of statuses related to financial activities. undertaking (subsidiary), - or has the right to appoint or Context and scope of the memorandum remove a majority of the members of the The "CRD IV Package", composed of Directive No. administrative, 2013/36/EU of June 26, 2013 (hereinafter the management or supervisory CRD IV Directive), and EU Regulation No. 575/2013 body of the subsidiary, and of June 26, 2013 (hereinafte r C RR), has modified is at the same time a the definitions of the different entities carrying out shareholder in or member of an activity in the financial sector, either directly or that subsidiary, through companies controlled or in which they hold - or has the right to exercise a a stake. dominant influence over the The purpose of this alert is to review these new subsidiary pursuant to a definitions, often little known, and the scope of contract or to a provision in these statuses. its articles of association, - or is a shareholder or Definitions resulting from the CRD IV member and a majority of Package the members of the administrative, These definitions can be found both in the CRR management or supervisory bodies of the subsidiary Regulation and in the Monetary and Financial Code have been appointed solely (MFC). -
Unit : V (Accounts of Holding Company) Holding Company
Unit : V (Accounts of Holding Company) Holding Company : Section 2(46) of the Companies Act, 2013 defines Holding Company. The company is said to be the holding company if that particular company holds/owns at least 50% of the other companies and has the authority to make management decisions, influences and controls the company’s board of directors. A holding company may exist for the sole purpose of controlling and managing subsidiary companies. Subsidiary Company : Section 2(87) of the Companies Act, 2013 defines the Subsidiary Company. The subsidiary company is the company that is controlled by the holding or parent company. It is defined as a company/body corporate where the holding company controls the composition of the Board of Directors. As per the Companies Amendment Act, 2017, Section 2(87)(ii), if the holding company have control over more than one-half of the voting power of another company, that particular company will be identified as the subsidiary company. Advantages of holding company : 1. Benefits of Amalgamation : The group as a whole benefited by reaping the fruits of amalgamation keeping their separate entity and goodwill of the individual companies. 2. Benefits of Decentralization : By opening subsidiaries in different areas, a holding company reap the benefits of decentralization. 3. Benefits of Monopolies : Fruits of monopoly or near monopoly can be enjoyed without making the public aware of the existence of combination of the units. 4. Tax benefits : Subsidiary companies maintain their separate identities; therefore, loss can be carried forward for the income tax purpose. 5. Effective utilization of Resources : A holding company holding different subsidiary companies may evaluate the functions of each company and takes actions on the basis of their performance. -
The Mineral Industry of Argentina in 2011
2011 Minerals Yearbook ARGENTINA U.S. Department of the Interior September 2013 U.S. Geological Survey THE MINERAL INDUSTRY OF ARGENTINA By Susan Wacaster Argentina is a mineral-rich country that produces and Government Policies and Programs exports mineral commodities and raw materials. Argentina has deposits of metals, including copper, gold, lead, silver, Argentina’s Mining Code [El Codigo de Mineria] was and zinc; energy minerals, including natural gas, crude enacted by the Argentine Congress on November 25, 1886. The petroleum, and uranium; a wide variety of industrial minerals; Mining Code underwent significant revisions in 1993 with the and minerals that are important for numerous industrial and enactment of law No. 22,224 (Mining Reorganization Law) manufacturing applications, such as cadmium and lithium. The and law No. 24,228 (Federal Mining Covenant); in 1995 with value of production of goods (including those from agriculture, the enactment of law No. 24,498 (Mining Modernization Law), forestry, and livestock; construction; electricity, gas, and water; law No. 24,523 (creation of the National Mining Trade System fishing; manufacturing; and mining and quarrying industries) of the Mining Secretariat), and law No. 24,585 (Environmental accounted for 37.6% of the country’s nominal gross domestic Protection Mining Law); and in 1997 with the passage of law product (GDP) in 2011 compared with 37.9% in 2010. In No. 25,225 (modifications) (Secretaría de Minería de la Nación, 2011, Argentina was estimated to be the world’s second ranked 2011). producer of boron and the fourth ranked producer of lithium and Argentina’s Secretaría de Minería de la Nación [Mining strontium (from celestite) (Angulo, 2012a, b; Instituto Nacional Secretariat] is responsible for the administration, development, de Estadística y Censos, 2012a; Jaskula, 2012). -
Legal Interpretations (Bhc Act)
BOARD OF GOVERNORS OF'THE FEDERAL RESERVE SYSTEM WASHINGTON, O. Co 20551 SCOTT G. ALVAREZ GENERAL COUNSEL May 10, 2010 Michael N. Delune, Esq. Aldrich & Bonnefin Box 19686 Irvine, CA 92623-1029 Dear Mr. Delune: This is in response to your letter regarding whether a proposed assignment of an economic interest in the partnership interests of a partnership that is a qualified family partnership ("QFP") under section 2(0)(10) of the Bank Holding Company Act ("BHC Act") would cause the partnership to lose its status as a QFP.l C ] a QFP under the BHC Act, indirectly controls [ J("( JBank")? One of the partners of( J is the r .. ::l Trust ("Trust"). t ], a Trust beneficiary, has passed away, and you have inquired as to whether the assignment of an economic interest in t J interests that are held by the Trust to a third party who is not a related family member would cause [ J to lose its status as a QFP. You have indicated that such an assignment would not include the voting interests in such!: ] partnership interests. 1 12 U.S.C. § 1841(0)(10). 2 [ J 2 Under the BRC Act, any "company" (including a partnership) that controls a bank is considered a BRC.3 The BRC Act, however, provides a limited exemption from the definition of company for a QFP, and accordingly a partnership that qualifies as a QFP is not considered a BRC under the BRC Act.4 In order to qualify under the BRC Act as a QFP, all the partners of a QFP must be "individuals related to each other by blood, marriage ...or adoption" or "trusts for the primary benefit of' such individuals (collectively, "qualified parties"). -
Alphabetical Listing by Company Name
FOREIGN COMPANIES REGISTERED AND REPORTING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION December 31, 2015 Alphabetical Listing by Company Name COMPANY COUNTRY MARKET 21 Vianet Group Inc. Cayman Islands Global Market 37 Capital Inc. Canada OTC 500.com Ltd. Cayman Islands NYSE 51Job, Inc. Cayman Islands Global Market 58.com Inc. Cayman Islands NYSE ABB Ltd. Switzerland NYSE Abbey National Treasury Services plc United Kingdom NYSE - Debt Abengoa S.A. Spain Global Market Abengoa Yield Ltd. United Kingdom Global Market Acasti Pharma Inc. Canada Capital Market Acorn International, Inc. Cayman Islands NYSE Actions Semiconductor Co. Ltd. Cayman Islands Global Market Adaptimmune Ltd. United Kingdom Global Market Adecoagro S.A. Luxembourg NYSE Adira Energy Ltd. Canada OTC Advanced Accelerator Applications SA France Global Market Advanced Semiconductor Engineering, Inc. Taiwan NYSE Advantage Oil & Gas Ltd. Canada NYSE Advantest Corp. Japan NYSE Aegean Marine Petroleum Network Inc. Marshall Islands NYSE AEGON N.V. Netherlands NYSE AerCap Holdings N.V. Netherlands NYSE Aeterna Zentaris Inc. Canada Capital Market Affimed N.V. Netherlands Global Market Agave Silver Corp. Canada OTC Agnico Eagle Mines Ltd. Canada NYSE Agria Corp. Cayman Islands NYSE Agrium Inc. Canada NYSE AirMedia Group Inc. Cayman Islands Global Market Aixtron SE Germany Global Market Alamos Gold Inc. Canada NYSE Alcatel-Lucent France NYSE Alcobra Ltd. Israel Global Market Alexandra Capital Corp. Canada OTC Alexco Resource Corp. Canada NYSE MKT Algae Dynamics Corp. Canada OTC Algonquin Power & Utilities Corp. Canada OTC Alianza Minerals Ltd. Canada OTC Alibaba Group Holding Ltd. Cayman Islands NYSE Allot Communications Ltd. Israel Global Market Almaden Minerals Ltd. -
Group Governance Structure on the Implementation of Best Practice 15
The information contained in this King IV Practice Note is of a general nature and is not intended to address the circumstances of any particular individual or entity. The views and opinions do not necessarily represent the views of the King Committee and/or individual members. Although every endeavour is made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The Institute of Directors in Southern Africa shall not be liable to any loss or damage whether direct, indirect, and consequential or otherwise which may be suffered, arising from any cause in connection with anything done or not done pursuant to the information presented herein. As copyright subsists in this paper, extracts of this paper may only be reproduced with acknowledgement to the Institute of Directors in Southern Africa. Table of contents Executive summary 3 1. Introduction 5 2. Current challenge 5 3. Addressing the challenge: best practice guidelines 6 3.1. Role clarity 6 3.2. Group corporate governance 8 3.3. Authority and reserved powers 11 3.4. Operating across jurisdictions 13 4. Impact of group governance structure on the implementation of best practice 15 4.1. 50% Joint Venture 16 4.2. Company with minority shareholders 16 4.3. Non-Profit Organisation and Non-Profit Company 16 4.4. Public-Private Partnership 17 4.5. Dual board vs. unitary board structures 18 5. Conclusion 17 Appendix 1: Guidance on content of a framework for group governance 19 Note: Unless otherwise indicated, or the contrary appears from the context, the words and phrases used herein have the meanings ascribed to them in the glossary of the King IV Report on Corporate Governance™ in South Africa 2016. -
Prime Meridian Holding Company Charter of The
PRIME MERIDIAN HOLDING COMPANY CHARTER OF THE EXECUTIVE, NOMINATING, AND CORPORATE GOVERNANCE COMMITTEE Article I – Preface The Board of Directors (the “Board”) of Prime Meridian Holding Company (the “Company”) has established an Executive, Nominating, and Corporate Governance Committee (this “Committee”) and has adopted this Charter of the Executive, Nominating, and Corporate Governance Committee (this “Charter”) on this 20th day of August, 2020. Article II – Purpose The Board has established and empaneled this Committee to act on behalf of the Board by identifying, evaluating, and recommending qualified individuals for nomination as directors. This Committee shall also review from time to time the nature, size, and composition of the Board and its committees and make recommendations to the Board with respect thereto. This Committee shall also consider and recommend for adoption by the Board policies, procedures, or guidelines related to the corporate governance of the Company. This Committee shall also have such other duties, powers, and responsibilities as are described in this Charter. The Board may also delegate to this Committee certain additional responsibilities or authorities, provided that such responsibilities and authorities shall not exceed the limits established by Section 607.0825, Florida Statutes, or other applicable law. Article III – Size and Membership This Committee shall consist of at least three Company directors, a majority of which must meet the independence requirements of the Nasdaq Marketplace Rules. The size of this Committee shall be established, and the members of this Committee shall be appointed, by the Board. Committee members are subject to removal by the Board. Any vacancy on this Committee may be filled by the Board. -
Ternium 20-F 2008
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or þ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2008 or o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or o Shell company report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32734 TERNIUM S.A. (Exact Name of Registrant as Specified in its Charter) N/A (Translation of registrant’s name into English) Grand Duchy of Luxembourg (Jurisdiction of incorporation or organization) 46a, Avenue John F. Kennedy — 2 nd floor L-1855 Luxembourg (Address of registrant’s registered office) Beatriz Rodriguez Salas 46A, Avenue John F. Kennedy — 2 nd floor L-1855 Luxembourg Tel. +352 26 68 31 52, Fax. +352 26 68 31 53, e-mail: [email protected] (Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange On Which Registered American Depositary Shares New York Stock Exchange Ordinary Shares, par value USD1.00 per share New York Stock Exchange* * Ordinary shares of Ternium S.A. are not listed for trading but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts. -
Assessing the Federal Reserve's Proposed Rules Limiting Physical Commodities Activities of Financial Holding Companies Patrick Conlon
NORTH CAROLINA BANKING INSTITUTE Volume 22 | Issue 1 Article 19 3-1-2018 Grandfathered into Commerce: Assessing the Federal Reserve's Proposed Rules Limiting Physical Commodities Activities of Financial Holding Companies Patrick Conlon Follow this and additional works at: http://scholarship.law.unc.edu/ncbi Part of the Banking and Finance Law Commons Recommended Citation Patrick Conlon, Grandfathered into Commerce: Assessing the Federal Reserve's Proposed Rules Limiting Physical Commodities Activities of Financial Holding Companies, 22 N.C. Banking Inst. 351 (2018). Available at: http://scholarship.law.unc.edu/ncbi/vol22/iss1/19 This Note is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Banking Institute by an authorized editor of Carolina Law Scholarship Repository. For more information, please contact [email protected]. Grandfathered into Commerce: Assessing the Federal Reserve’s Proposed Rules Limiting Physical Commodities Activities of Financial Holding Companies I. INTRODUCTION When the Deepwater Horizon’s oil pipe broke open in the Gulf of Mexico, millions of people watched the underwater camera showing BP’s oil pumping into the ocean.1 BP neither owned, nor operated the rig that exploded and sank after killing eleven people.2 Still, that oil spill has gone down in history as the “BP Oil Spill.”3 BP spent nearly $62 billion to resolve the legal claims associated with the event and to restore goodwill and its reputation.4 But what if instead of the BP Oil Spill, it had been the Morgan Stanley Oil Spill?5 Morgan Stanley and Goldman Sachs are the only two financial holding companies (“FHCs”) who benefit from a provision of the Gramm-Leach-Bliley Act of 1999 (“GLBA”), which allows qualifying FHCs to engage in the extraction and transport of physical commodities.6 In general, commodities trading by FHCs must be deemed 1.