Self-regulation in practice
Article Abstract:
Self Regulatory Organisations (SROs) within the financial services industry, reporting to Britain's Securities and Investments Board, were created by the Financial Services Act of 1986. Some of the SROs recently formed in Britain are: the Stock Exchange, to cover brokers, market-makers, and dealers as members; the Association of Future Brokers and Dealers, to cover commodity and futures exchange members; the Investment Managers Regulatory Organisation, with pension fund managers and trust managers as members; the Life Assurance and Unit Trust Regulatory Organisation, with insurance firms, friendly societies, and unit trusts as members; and the Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA), covering a range of securities houses and independent broker-dealers as members. FIMBRA's operations and its self-regulatory actions are examined as an example of a British SRO.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
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Which category are you in?
Article Abstract:
The UK government recently introduced a new system for categorizing investment business authorization. Under the old regime, authorization under Category 1 was granted to firms that applied for authorization only as a protective measure against any possible violation of the Financial Services Act 1986 and which had no intention of going into the discretionary management business or of managing the money of their investment business clients. Also falling under this category were companies that had no plans of giving advice or managing pensions or other investments. To avoid the confusion created by this categorization method, the government established four categories of authorization. The types of companies that fall under Categories A, B, C and D are identified.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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Staying in the air when the pilot leaves
Article Abstract:
When the main owner of a company leaves the company will have to be sold. There are several methods for attracting buyers including advertising, the use of professional representatives, pooled sources, and management buyouts. The professional representative can act as an intermediary and assure confidentiality. A statement of 'heads of terms' should be developed for negotiations. The negotiations will address issues of retention of a minority share by the vendor, disposal through options, disposal calculated on future profits, deferral of consideration, and service agreements. Management buyouts have become a popular method of acquiring a company when the main owner leaves.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1988
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