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Article
Publication date: 3 July 2017

Matthew T. Wirig and Kate S. Poorbaugh

To summarize guidance from the Securities and Exchange Commission’s (“SEC”) Division of Investment Management regarding Rule 206(4)-2 (the “Custody Rule”) under the…

Abstract

Purpose

To summarize guidance from the Securities and Exchange Commission’s (“SEC”) Division of Investment Management regarding Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940.

Design/methodology/approach

This article summarizes the SEC’s guidance on “inadvertent custody” created by broad authority in custodial agreements, custody created by standing letters of instruction, and adviser authority to transfer funds or securities between two or more of a client's accounts.

Findings

This article concludes that firms should review their existing client custodial agreements, standing letters of instruction and other arrangements carefully to determine whether they have custody and whether additional action is necessary.

Originality/value

This article contains information on the Custody Rule and related SEC guidance from experienced securities and financial services regulatory lawyers.

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Case study
Publication date: 20 January 2017

Craig Furfine

In October 2008, in the midst of a financial crisis, Anthony Keating, investment manager at the Boston private bank Billingsley, Blaylock, and Montgomery, was searching…

Abstract

In October 2008, in the midst of a financial crisis, Anthony Keating, investment manager at the Boston private bank Billingsley, Blaylock, and Montgomery, was searching for an investment strategy to recommend to his high-net-worth clients. Traditional investments in the equity markets were being decimated, and Keating’s clients would be looking to him for ideas. Inspired by the success of Paulson and Co., Keating began to explore the possibility of entering a trade that would profit as homeowners defaulted on their mortgages. The more Keating learned about the trade, the more he realized that he needed to know about mortgage-backed securities and credit default swaps. The case provides instructors with a chance to introduce these financial instruments, while at the same time providing lessons applicable to students interested in value investing or real estate finance.

After reading and analyzing the case, students will be able to:

  • Explain how home mortgages are securitized into financial instruments that are traded in public markets

  • Describe how credit default swaps can be used to speculate on the value of an underlying financial instrument

  • Identify potential mispricing across related financial instruments

  • Understand the potential risks and rewards of various financial investment strategies that look to capitalize on defaults on subprime mortgages

Explain how home mortgages are securitized into financial instruments that are traded in public markets

Describe how credit default swaps can be used to speculate on the value of an underlying financial instrument

Identify potential mispricing across related financial instruments

Understand the potential risks and rewards of various financial investment strategies that look to capitalize on defaults on subprime mortgages

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Article
Publication date: 4 September 2017

Joyce E. Larson, Kara J. Brown and Ivet A. Bell

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment…

Abstract

Purpose

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment Advisers Act of 1940 (Advisers Act) and the rules thereunder.

Design/methodology/approach

Summarizes recent guidance regarding issues related to several challenging Advisers Act requirements, including inadvertent custody and client account transfers under Advisers Act Rule 206(4)-2, the use of participating affiliate arrangements pursuant to the “Unibanco” no-action letters, unique considerations affecting automated advisers (i.e., “robo-advisers”), the top five most frequently identified compliance topics identified in examinations conducted by the SEC’s Office of Compliance Inspections and Examinations (OCIE), and recent guidance regarding the private fund regulatory filing Form PF.

Findings

This guidance may assist advisers in preparing for regulatory examinations and questions from institutional investors. While the recent guidance addresses important topics, the guidance also raises some practical questions.

Originality/value

Practical guidance from experienced securities and financial services lawyers.

Details

Journal of Investment Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 22 February 2008

Carl Newton

This paper aims to explore the apparent under‐estimation of the importance of the archives of “serious” British music.

Abstract

Purpose

This paper aims to explore the apparent under‐estimation of the importance of the archives of “serious” British music.

Design/methodology/approach

It considers what music archives are, their value, management issues, access and preservation efforts, and what needs to be done to ensure their survival. A case example of the Eastbourne Recorded Music Society is presented.

Findings

The author concludes that, at all levels, something much more concerted than individual initiatives for cataloguing or digitising specific collections needs to be done if the archival heritage of British music is to survive as it should.

Originality/value

Aims to raise issues relevant for the records and archives of any third sector organisation.

Details

Records Management Journal, vol. 18 no. 1
Type: Research Article
ISSN: 0956-5698

Keywords

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Book part
Publication date: 29 August 2017

Tracy Noga and Tim Rupert

Both accounting professionals and accounting academics have noted the importance of communication skills for the career success of students. Further, the general consensus…

Abstract

Both accounting professionals and accounting academics have noted the importance of communication skills for the career success of students. Further, the general consensus from the academic and practitioner literature is that these communication skills are an area in which many students could use improvement. One factor that has been shown to impact the improvement and development of these skills is communication apprehension.

In this chapter, we describe a combination of pedagogical methods we employed in tax classes at two universities to reduce written communication apprehension among students. More specifically, we draw ideas from communications research which suggest that increased writing opportunities, progressively increasing the weighting of the assignments, using models and examples for study and comparison, and trying to make feedback more effective may help to reduce written communication apprehension. We implemented this suggested approach by using a series of assignments that incorporated writing components.

Results suggest that writing apprehension reduced from the beginning of the semester to the end of the semester. Further, the reduction in writing apprehension was even greater for those students who began the semester with high written communication apprehension. In addition, the results of the survey questions at the end of the semester suggest that the methods also improved students’ confidence in preparing tax-related written communication.

Details

Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-78743-343-4

Keywords

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Article
Publication date: 1 January 1972

JOHN S. PACKARD and DONALD J. WILLOYVER

Pupil control ideology, which is expressed in terms of a custodial‐humanistic continuum, refers to educators' views concerning the rights and status of the school's pupil…

Abstract

Pupil control ideology, which is expressed in terms of a custodial‐humanistic continuum, refers to educators' views concerning the rights and status of the school's pupil clients. Pluralistic ignorance is defined as the shared misperception of an attitude, norm or belief held by members of a group. 480 respondents were asked to complete four identical forms of the PCI instrument—first, as they personally reacted to the 20 Likert items and then as they estimated the responses of the typical teacher, principal and counselor respectively. Findings revealed inter alia that teachers and principals attribute to each other a much greater custodial pupil control ideology than is reported by members of the respective groups.

Details

Journal of Educational Administration, vol. 10 no. 1
Type: Research Article
ISSN: 0957-8234

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Article
Publication date: 22 January 2020

Shazeeda Ali

The purpose of this study is to provide an overview of some of the deficiencies in the criminal justice system in Jamaica, particularly relating to financial crime. The…

Abstract

Purpose

The purpose of this study is to provide an overview of some of the deficiencies in the criminal justice system in Jamaica, particularly relating to financial crime. The author also examines possible alternatives in the approach that may be taken in tackling financial crime.

Design/methodology/approach

The methodology used was a review of data on financial crime in Jamaica as well as recent significant cases. An analysis of key pieces of legislation was also undertaken. In some instances, a comparative approach was invoked, with special reference to the UK and US laws.

Findings

Some essential findings include the positive impact that may be gained from restorative justice principles, the effective enforcement of asset recovery provisions and stricter regulation of the financial services industry.

Originality/value

There is no similar comprehensive examination of these issues concerning Jamaica.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Abstract

Purpose

Young people transitioning from child to adult mental health services are frequently also known to social services, but the role of such services in this study and their interplay with mental healthcare system lacks evidence in the European panorama. This study aims to gather information on the characteristics and the involvement of social services supporting young people approaching transition.

Design/methodology/approach

A survey of 16 European Union countries was conducted. Country respondents, representing social services’ point of view, completed an ad hoc questionnaire. Information sought included details on social service availability and the characteristics of their interplay with mental health services.

Findings

Service availability ranges from a low of 3/100,000 social workers working with young people of transition age in Spain to a high 500/100,000 social workers in Poland, with heterogeneous involvement in youth health care. Community-based residential facilities and services for youth under custodial measures were the most commonly type of social service involved. In 80% of the surveyed countries, youth protection from abuse/neglect is overall regulated by national protocols or written agreements between mental health and social services, with the exception of Czech Republic and Greece, where poor or no protocols apply. Lack of connection between child and adult mental health services has been identified as the major obstacles to transition (93.8%), together with insufficient involvement of stakeholders throughout the process.

Research limitations/implications

Marked heterogeneity across countries may suggest weaknesses in youth mental health policy-making at the European level. Greater inclusion of relevant stakeholders is needed to inform the development and implementation of person-centered health-care models. Disconnection between child and adult mental health services is widely recognized in the social services arena as the major barrier faced by young service users in transition; this “outside” perspective provides further support for an urgent re-configuration of services and the need to address unaligned working practices and service cultures.

Originality/value

This is the first survey gathering information on social service provision at the time of mental health services transition at a European level; its findings may help to inform services to offer a better coordinated social health care for young people with mental health disorders.

Details

Journal of Children's Services, vol. 15 no. 3
Type: Research Article
ISSN: 1746-6660

Keywords

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Article
Publication date: 17 June 2011

John Pitts and Malcolm Stevens

This paper seeks to consider the youth justice system from a custody perspective.

Abstract

Purpose

This paper seeks to consider the youth justice system from a custody perspective.

Design/methodology/approach

This paper presents the recent history of the secure estate and youth justice in England and Wales, arguing that the present system is far too large, complex and costly and contains perverse incentives to place vulnerable young people in low‐cost but dangerously inappropriate settings.

Findings

The paper argues that the present, labyrinthine arrangements, which are in large part, a product of political posturing and administrative and fiscal expediency, have produced a system that is too large and in which most institutional regimes are unresponsive to the needs of these children and, as a result, fail to achieve their rehabilitative objectives.

Originality/value

It is contended that if existing child care and criminal justice legislation were fully implemented, and policy and practice were aligned with international children's rights conventions, we would see a greater emphasis on prevention and diversion at the “front end” of the system and “regime change” at the “back end”.

Details

Journal of Children's Services, vol. 6 no. 2
Type: Research Article
ISSN: 1746-6660

Keywords

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Article
Publication date: 15 September 2020

Daniel Scott

The purpose of this paper is to compare gang member identification methods across regions in the United States as reported by law enforcement.

Abstract

Purpose

The purpose of this paper is to compare gang member identification methods across regions in the United States as reported by law enforcement.

Design/methodology/approach

The data were collected through surveys with various law enforcement jurisdictions in both urban and rural communities across the United States. Methods of gang member identification were compared across the United States. Region through the use of Ordinal Logistic Regression and Multiple Imputation.

Findings

The results reveal that there are systematic variations in methods of gang member identification across regions in the United States. Specifically, the West is significantly more likely to identify gang members through associations or arrests with known gang members, symbols and self-nomination compared to other regions. The South, Northeast and Midwest regions are significantly more likely to identify gang members through a reliable informant compared to the West.

Originality/value

Research has not compared gang member identification methods across region in the United States or examined how variations in gang member identification methods potentially impact the accuracy of reported gang problems and prevalence.

Details

Policing: An International Journal, vol. 43 no. 5
Type: Research Article
ISSN: 1363-951X

Keywords

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