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Meeting the Legal and Regulatory Challenges – Lessons Learnt
MEETING THE LEGAL AND REGULATORY CHALLENGES – LESSONS LEARNT A Paper delivered by the Hon. Justin L. Simon QC, Attorney General of Antigua and Barbuda at the 2nd CARIFORUM Conference on the International Financial Services Sector in the Caribbean Region at Sandals Grande Antigua Resort & Spar – October 30 & 31, 2012 Our experience here has been unique and may serve as a call to the entire Region fore a more focused attention on the need for implementing measures to ensure that the guardians of our financial services regulatory framework are themselves not allowed a carte blanche remit. In 2007, Antigua and Barbuda was the subject of a CFATF Mutual Evaluation Examination, which assessed the effectiveness of our legal and regulatory regime in respect of our offshore financial services sector. We had in place then, and still do, one piece of legislation, the International Business Corporation Act passed in March 1983 but subsequently amended through the years, which establishes the Financial Services Regulatory Commission as the regulatory body for off-shore financial corporations, and also provided for the incorporation of off-shore corporations, the financial reporting of these corporations, the licensing requirements of international banking businesses, trust businesses, and insurance businesses, and additionally spoke to the investigation and winding up of these businesses. In February 2009, in the midst of our implementation of the recommendations made by the Examiners in their Report, to “place our house in order” so to speak, came news of the seizure by the US Securities and Exchange Commission of all assets wherever located of Stanford international Bank, Stanford Group Company, and Stanford Capital Management LLC, and the arrest of R Allen Stanford accused of fraudulently selling US$8 billion in high yield certificates of deposit in a Ponzi Scheme that stretched from Texas to Miami through Latin America and the Caribbean. -
PLEDGING BROTHERHOOD: an INTRODUCTION to FRATERNAL, Jen Baldwin BENEVOLENT and SECRET SOCIETIES [email protected]
PLEDGING BROTHERHOOD: AN INTRODUCTION TO FRATERNAL, Jen Baldwin BENEVOLENT AND SECRET SOCIETIES [email protected] @ancestryjourney During the 1800’s, one in every seven people in the US was a member of a fraternal society. There is a good chance your ancestor was one of them! If the first thing you piCture when you think of fraternal soCieties is a scene from The Da Vinci Code or National Treasure, you may want to reConsider. Understanding the fraternal part of our anCestors’ life Could lead to inCredible genealogiCal disCoveries. HistoriCally, these organizations are the keepers of history – they did more than just take meeting minutes. LoCal Chapters often reCorded important events in the Community and those of their membership. These inClude marriages, “Nothing in life is to be births, and certainly deaths, especially in relation to benefit societies that provided financial support. Many organizations maintained their own feared. It is only to be cemeteries, or sections within cemeteries. understood.” There is also an endless list of possibility for the researCher – thousands of these organizations pop up through United States history, and thousands more ~ Marie Curie when you Consider the global impaCt. They existed in urban and rural areas, had various objectives and goals, and an individual could Certainly be a member of more than one. The first known organization was in the 14th century (perhaps earlier) with the establishment of the “operative” (stone working) masons. “ACCepted” Masonry began in about 1600, and really became important to society a Century later. What is a fraternal soCiety? There are many definitions of these groups, however there is a legal view on the definition of a fraternal soCiety, originally produCed as the Court’s opinion in National Union v. -
United States District Court Northern District of Texas Dallas Division
Case 3:12-cv-04641-L Document 1 Filed 11/15/12 Page 1 of 172 PageID 1 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION RALPH S. JANVEY, in his capacity § as court-appointed receiver for the § Stanford receivership estate; § The OFFICIAL STANFORD § INVESTORS COMMITTEE; § SANDRA DORRELL; § SAMUEL TROICE; and § MICHOACAN TRUST; individually § and on behalf of a class of all others § similarly situated § § Plaintiffs § CIVIL ACTION NO. _________ § VS. § § GREENBERG TRAURIG, LLP; § HUNTON & WILLIAMS, LLP; and § YOLANDA SUAREZ § § Defendants § PLAINTIFFS’ ORIGINAL COMPLAINT - CLASS ACTION 1 Case 3:12-cv-04641-L Document 1 Filed 11/15/12 Page 2 of 172 PageID 2 TABLE OF CONTENTS I. PARTIES ........................................................................................................................... 2 II. OVERVIEW OF CASE .................................................................................................... 4 III. PERSONAL JURISDICTION ......................................................................................... 7 IV. SUBJECT MATTER JURISDICTION & VENUE ...................................................... 8 V. FACTUAL BACKGROUND ........................................................................................... 8 A. The Stanford Financial Group Empire .................................................................... 8 B. Stanford Financial’s Operations in the United States and Texas Base ................. 10 C. The Anatomy of the Stanford Illicit Securities Scheme ....................................... -
The Tax Exemption Under Section 501(C)(4)
The Tax Exemption under Section 501(c)(4) DANIEL HALPERIN A TAX POLICY AND CHARITIES WORKING PAPER MAY 2014 Copyright © May 2014. The Urban Institute. Permission is granted for reproduction of this file, with attribution to the Urban Institute. This publication is part of the Urban Institute’s Tax Policy and Charities project. The purpose of this project is to analyze the many interactions between the tax system and the charitable sector, with special emphasis on the ongoing fiscal debates at both the federal and state levels. For further information and related publications, see our web page, http://www.urban.org/taxandcharities. The Tax Policy and Charities project is funded by the Bill and Melinda Gates Foundation, the Charles Stewart Mott Foundation, the Wasie Foundation, the Rasmuson Foundation, and other donors through June 2014. The Urban Institute is a nonprofit, nonpartisan policy research and educational organization that examines the social, economic, and governance problems facing the nation. The views expressed are those of the author and should not be attributed to the Urban Institute, its trustees, or its funders. Contents Section 501(c)(4) 2 Special Treatment Is Appropriate for Charities 3 Subsidy for Section 501(c)(4) Organizations 4 Action Organizations–Lobbying 5 Action Organizations–Political Activities 7 Insufficient Community Benefit 9 Conclusion 11 Notes 12 The Tax Exemption under Section 501(c)(4) Note to Readers: Organizations exempt from tax under section 501(c)(4) of the Internal Revenue Code have achieved a great deal of notoriety lately as the go-to entity for political campaign expenditures for those seeking to avoid disclosure of contributors and possibly other non-tax rules applicable to PACs or political parties. -
Special Report: Mutual P/C Insurers Managing Market Challenges
U.S. Property/Casualty BEST’S SPECIALOur R Insight,EPORT Your Advantage. Trend Review September 22, 2016 Mutual P/C Insurers Managing Market Challenges All mutual companies operate with a common goal to serve their policyholders, which Mutual allows management to focus on the long-term goal of financial stability. In the mutual company organization structure, policyholders maintain a defined set of rights with carriers are ownership interests. While it’s true that mutuals are customer-focused, there is also heavy expanding emphasis on preserving and steadily increasing surplus levels, which is evidenced by strong pretax return measures. Despite some limited financial flexibility, mutuals benefit from into more surplus notes, Federal Home Loan Banks, and other sources to aid liquidity. In addition, of the small mutuals have been actively participating in affiliations over the years, expanding product and geographic diversification efforts. A.M. Best understands the mutual organization and commercial is cognizant of the operating philosophy that drives performance metrics. Regardless of the market to stay structure, all insurers must have a clearly defined strategic position and solid enterprise risk management capabilities in order to be successful in today’s highly competitive and dynamic competitive. operating environment. Balance sheet strength, operating performance, business profile and enterprise risk management influence the success of all companies. When evaluating a company’s balance sheet strength and long-term financial credit- worthiness, business profile plays an important role. It is A.M. Best’s opinion that a strong business profile drives favorable and sustained operating performance. This can be influenced by a rating unit’s mix of business, both geographically as well as business line concentration. -
Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise
Toward an Organizationally Diverse American Capitalism? Cooperative, Mutual, and Local, State-Owned Enterprise Marc Schneiberg† ABSTRACT Discussions of economic reform focus on two strategies for tempering corporate excess and mobilizing corporations for growth and prosperi- ty: restructuring markets via competition policies and various forms of countervailing power. Populists, Progressives, and New Dealers looked to anti-trust, regulatory states, and unions as counterweights to corpora- tions. Contemporary efforts look to not-for-profit watchdogs, NGO cer- tification and standard setting, privatization, and corporate governance reform to upgrade markets and deflect corporations from low road paths. This essay recovers a third strategy for regulating and reforming corporate capitalism: promoting organizational diversity via the forma- tion of parallel systems of cooperative, mutual and local, state-owned enterprises. During the “era of corporate consolidation,” producer and consumer groups in the US formed tens of thousands of such enterpris- es in just in agriculture, but also in banking, insurance, and technologi- cally advanced industries like electricity and telephones. These efforts produced enduring systems of cooperatives and kindred enterprise in the American economy, creating alternatives to corporations and orga- nizational legacies for present day problem solving. They provided regulators and policy makers with new options and capacities for state intervention. And they demonstrated possibilities for using mixed or- † John C. Pock Professor of Sociology, Reed College. B.A., Haverford College, 1980; Ph.D., Soci- ology, University of Wisconsin-Madison, 1994. Research for this Article was funded in part by the National Science Foundation grant #0318466, and the Levine and Corbett-Goldhammer Funds at Reed College. I thank Charles O’Kelley, the participants at the Berle II Symposium at Seattle Uni- versity School of Law, Jerry Davis, and the participants at the ICOS seminar at the University of Michigan for helpful feedback on this research. -
Mutual Health Organizations and Micro-Entrepreneurs’ Associations
MUTUAL HEALTH ORGANIZATIONS AND MICRO-ENTREPRENEURS’ ASSOCIATIONS GUIDE Copyright © International Labour Organization 2001 First published 2001 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to the Publications Bureau (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland. The International Labour Office welcomes such applications. Libraries, institutions and other users registered in the United Kingdom with the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P OLP (Fax: + 44 (0)20 7631 5500), in the United States with the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923 (Fax: + 1 508 750 4470) or in other countries with associated Reproduction Rights Organizations, may make photocopies in accordance with the licences issued to them for this purpose. ILO Mutual health organizations and micro-entrepreneurs’ associations. Guide. Geneva, International Labour Office, Strategies and Tools against social Exclusion and Poverty Programme (STEP), Small Entreprise Development Programme (SEED), 2001 Guide, mutual benefit society, health insurance, microentreprise. 02.03.2 ISBN 92-2-112398-7 Chapters III, IV et V of this Guide have been reproduced from the “Manuel de formateurs. Mutuelles de santé en Afrique: caractéristiques -
(Ponzi's Scheme) That Enabled Him to Get Very Rich. He
then early 1920s, Charles Ponzi created a scheme (Ponzi's scheme) that enabled him to get very rich. He promised investors unreasonably high rates of return, and used the money of new investors to pay the ear- Ilier investors and himself. Inevitably, the scheme collapsed because people stopped investing. Ponzi's name became forever linked to the thousands of Ponzi schemes in which an enormous number of investors have been cheated out of millions, if not billions, of dollars. Creditors and investors are increasingly forcing the perpetra- tors of the fraud and the entities the perpetrator owns and controls into bankruptcy court. When the individual perpetrator of the scheme and the entities which he owns and controls are forced into bankruptcy, creditors and investors sometime ask the judge to combine all of the separate cases into one. If the judge grants the request, there are major impacts on the bankruptcy trustee's ability to recover money. Before asking the bankruptcy judge to combine the cases, creditors should carefully consider whether they really want what they ask for. 58· THE FEDERAL LAWYER· JANUARy/FEBRUARY 2013 The Original Ponzi Scheme relinquished all investment authority to Madoff. Madoff collected Charles Ponzi was born in Italy in 1882, and died in Rio de Janeiro funds from investors, claiming to invest their funds in a "split-strike in 1949. In 1903, he arrived in Boston. It is believed that Ponzi had as conversion strategy" for producing consistently high rates of return little as $2.50 in cash when he arrived in the United States. on investments. -
Disclosure 1
ANNUAL REPORT 2012 Social Responsibility Vision MAPFRE wants to be the most trusted global insurance company Mission We are a multinational team that continuously strives to improve our service and develop the best relationship possible with our customers, distributors, suppliers, shareholders and Society Values SOLVENCY INTEGRITY SERVICE VOCATION INNOVATIVE LEADERSHIP COMMITTED TEAM Values SOLVENCY Financial strength with sustainable results. International diversification and consolidation in various markets. INTEGRITY Ethics govern the behaviour of all personnel. Socially responsible focus in all of our activities. SERVICE VOCATION Constant search for excellence in the development of our activities. Continuous initiatives focused on minding our relationship with our customers. INNOVATIVE LEADERSHIP Willingness to surpass ourselves and to constantly improve. Useful technology for servicing the businesses and their objectives. COMMITTED TEAM Total team commitment with MAPFRE’s project. Constant training and development of the team’s capabilities and skills. ANNUAL REPORT 2012 Social Responsibility Table of contents 2 1. Chairman’s Letter 4 4. MAPFRE’s social dimension 26 2. General Information 6 MAPFRE and its employees 27 MAPFRE and its customers 38 Presence 8 MAPFRE and its shareholders 55 MAPFRE Group’s corporate organization chart 9 MAPFRE and the professionals and entities Key economic figures 10 that help distribute products 57 Governing Bodies 11 MAPFRE and its suppliers 62 3. MAPFRE and Corporate Social 5. MAPFRE’s environmental -
Credit Unions and Demutualization Kevin Davis Commonwealth Bank
Credit Unions and Demutualization Credit Unions and Demutualization Kevin Davis Commonwealth Bank Group Chair of Finance Department of Finance The University of Melbourne* Ph: 61 3 8344 5098 Fax: 61 3 8344 6914 Email: [email protected] ABSTRACT This paper reviews experience with credit union demutualization to date in the light of increasing discussion about whether demutualization is a likely (or inevitable) future stage in the evolutionary process. It is argued that the credit union industry faces an inherent demutualization bias which emerges as the sector develops maturity. Contributing factors include the emergence of professional management pursuing personal objectives, together with the economic realities of technological change, financial liberalization, increased competition, and prudential regulation based on minimum capital requirements. Demutualization incentives may partially reflect the unsuitability of the mutual form of governance in larger, more sophisticated financial institutions, but there is also a significant risk of demutualization based on wealth expropriation motives. Alternative policies and strategies which might avoid this demutualization bias are examined. Keywords: Demutualization; Credit Unions; Governance; Regulation Credit Unions and Demutualization I. Introduction Although Credit Unions are active in many countries1, there are stark international differences in their financial sector importance2, regulation, and range and sophistication of activities. In some countries larger credit unions are indistinguishable from retail banks (with whom they compete), with membership drawn from all income groups3. In many other countries, credit unions are in more formative stages of the development process and are typically smaller institutions with more limited product offerings, serving lower income groups neglected by mainstream financial institutions.4 Consequently, there are marked cross-country differences in issues of current importance. -
Global Fintech Regulation and Supervision Practices
GLOBAL FINTECH REGULATION AND SUPERVISION PRACTICES Regulation for Responsible and Competitive Financial Sector Innovation DECEMBER 2019 BOARD OF DIRECTORS Chairman Juan Pedro Cantera (until October 2018) Banco Central del Uruguay Paulo Sérgio Neves Banco Central do Brasil Vice Chairman José A. Arévalo (until September 2018) Superintendencia de Bancos de Guatemala Jorge Castaño Superintendencia Financiera de Colombia Director for the Andean Region Jorge Castaño (until October 2018) Superintendencia Financiera de Colombia Socorro Heysen Zegarra Superintendencia de Banca, Seguros y AFP, Perú Director for the Caribbean Region Ingeborg Geduld-Nijman Central Bank van Suriname Director for the Central American Region Ethel Deras Comisión Nacional de Bancos y Seguros, Honduras Director for the North American Region Teresa Rutledge (until October 2018) Office of the Comptroller of the Currency José Antonio Quesada Palacios Comisión Nacional Bancaria y de Valores, México Director for the Southern Cone Region Paulo Sérgio Neves (until October 2018) Banco Central do Brasil Juan Pedro Cantera Banco Central del Uruguay Secretary General Rudy V. Araujo (until December 2018) Pascual O’Dogherty CONTENT I. INTRODUCTION ............................................................................................................... 1 II. GENERAL FINTECH REGULATORY AND SUPERVISION PRACTICES .................................................... 2 1. Regulating Fintech activities with existing general framework .................................................... -
Examination Handbook 110, Capital Stock and Ownership
CapitalRESCINDED Section 110 Capital Stock and Ownership This Section of the Handbook presents information concerning the following: • Mutual organization. • Mutual holding companies. • Stock organization. • Types of capital stock. LINKS Program • Conversions from mutual to stock organization. Appendix A • Securities and Exchange Commission (SEC) reporting requirements for publicly traded companies. • Insider stock trading. • Change in control. • Divestiture of control. • Contributed capital. • Savings and loan holding companies. • Capital distributions. • Loans by savings associations on its own stock. • Employee stock ownership plans (ESOPs). MUTUAL ORGANIZATION Savings associations organized as mutual institutions issue no capital stock and therefore have no stockholders. Mutual savings associations build capital almost exclusively through retained earnings. Mutual savings associations may receive pledged deposits and issue mutual capital certificates and Office of Thrift Supervision December 2003 Examination Handbook 110.1 Capital Section 110 subordinated debentures, however, mutuals rarely use these capital forms. When a new mutual savings association organizes, certain founding members pledge savings for the time required for the new mutual to build-up capital and operate profitably. Background The first savings associations appeared in the United States in the first half of the nineteenth century. Savings banks first appeared in Boston and Philadelphia in 1816. The first savings association was in 1831 in Frankford, Pennsylvania, now part of the city of Philadelphia. All thrift type institutions were originally mutual institutions. All federal savings associations were in mutual form from 1933 until 1974, when Congress amended the Home Owners’ Loan Act (HOLA) to permit the conversion of federal mutual savings associations to stock form. The Garn-St. Germain Depository Institutions Act of 1982 first authorized the direct chartering of federal stock savings associations.