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To explain regulatory developments and changes to compliance obligations for asset managers registered with the Commodity Futures Trading Commission (CFTC) as commodity pool operators of registered investment companies.

Provides a general overview of new CFTC rules (Harmonization Rules) that afford relief to commodity pool operators of commodity pools that are registered as investment companies under the Investment Company Act of 1940; describes the specific CFTC disclosure, reporting and recordkeeping requirements that remain applicable to commodity pool operators that are also subject to Securities and Exchange Commission (SEC) regulation by virtue of operating commodity pools that are registered investment companies; discusses reliance on substituted compliance with applicable SEC requirements; outlines the method for claiming relief under the Harmonization Rules; provides guidance for CPOs of RICs that use controlled foreign corporations (CFCs).

CPOs of RICs benefit from “substituted compliance” under the CFTC Harmonization Rules.

Explains to investment advisers that have registered as CPOs of RICs the disclosure, reporting and recordkeeping obligations that apply to them, how to take advantage of compliance with SEC requirements in lieu of CFTC requirements, and how to claim relief with respect to certain CFTC compliance obligations.

Practical explanation by experienced derivatives and securities lawyers.

The purpose of this paper is to propose an algorithm that is based on the ant colony optimization (ACO) metaheuristic for producing harmonized melodies. ACO is a nature inspired metaheuristic where a colony of ants searches for an optimum of a function. The algorithm works in two stages. In the first stage it creates a melody. The obtained melody is then harmonized according to the rules of baroque harmony in the second stage. A multi‐objective version of the algorithm is also proposed, where each tier is optimized as a separate objective.

The ACO metaheuristic is adapted to graphs representing notes and chords. Desirability of a sequence of notes is measured by conformance to compositional rules. The fitness of a melody is evaluated with five equally weighted rules governing smoothness of the melody curve, its contour, tendency tone resolution, tone colors and the pitch of the final note. Harmonization is guided by six rules, grouped into three tiers of two rules each. These rules cover chord arrangement, voice distance, voice leading, harmonic progression, smoothness, and chord resolution. Rules of a tier do not score unless those of the previous tier yield high values.

The proposed algorithm improves on the only other existing musical ACO by adding the notion of harmony and by evolving voices codependently. The output is comparable to different types of other existing algorithms (genetic algorithm, rule‐based search algorithm) in the field. The multi‐objective variant significantly enhances solution quality and convergence speed, which makes extensions of the system for real time performance realistic.

This algorithm is the first ACO algorithm proposed for the problem of melody creation and harmonization.

To investigate the dynamics of the Europe ‘92 project, we have applied Johan Arndt's Political Economy Paradigm, four dimension of which are: external, internal, polity, and economy. These will provide us with an extensive domain of interactive and interrelated components. Our analysis of the so‐called Internal Market supports the notion that Europe '92 will be a new actor, on the global scene. This will have far‐reaching and pronounced effects on the political dynamics of the new global security system characteristics of the post‐hegemonic multipolar structures. Our arguments suggest that the long term implications of Europe '92 may well indicate cross‐border interactions among states of the magnitude that can and should integrate the U.S. and Japanese economies. Furthermore, no hegemonic power is certain to emerge from such a complex international political economy, for in a not too distant future all nations will likely have developed interests in some type of cooperation. The logical progression of this trajectory points to further predictability in and global stability for the interstate relations.

The purpose of this paper is to disentangle the interactions between logistics operators and government stakeholders in cross-border logistics operations with a specific focus on the UK and Brazil.

The research builds on supporting literature. The comparative cases of the UK and Brazil are examined by reference to an extensive series of focus group workshops as well as a series of interviews with key informants. Care was taken to make sure that comprehensive engagement the respective business and government communities were in place, and that there were opportunities to feedback on the analysis.

Suggestions were provided on how to improve the business–government interactions in cross-borders logistics operations. The analysis considered transaction costs and scope for trade facilitation. The research also helped produce a descriptive model of business–government interactions in cross-border logistics operations.

The paper points to new directions in the understanding of how businesses interact with government agencies, and the kind of issues they face in cross-border logistics operations. However, the research only looked at two countries and there is significant scope for further enquiry within the logistics literature.

Reduced transaction costs at the border and subsequent economic opportunities for the UK and Brazil.

A list of practical reform recommendations informed by the business communities of the UK and Brazil.

This paper’s original contribution to the literature is its framework for the analysis of transaction costs associated with the business–government interactions in cross-border logistics operations. In addition to the resulting findings in Brazil and the UK it may serve as a template for research elsewhere.

This study aims to analyze IFIs’ stakeholders’ perception on Shariah harmonization for financial reporting standards inIndonesia as a part of the development effort of linking the emerging global Islamic banking to Indonesian financial and industrial markets.

A sample of 160 respondents, who were stakeholders of Islamic banks, was taken from Jakarta, the capital city of Indonesia and its surrounding major districts to examine the stakeholders’ perception on Shariah harmonization effort toward the implementation of a uniformed financial reporting standard for Islamic financial institutions. Data for this study were collected using a structured questionnaire.

Through this study, the authors found several measures to be taken to ensure Shariah harmonization efforts in Indonesia such as deep understanding on the fatawā brought into practices and strict monitoring on the Islamic banks in applying the financial reporting standards that imply practicing the fatawā, both de jure and de facto. However, the respondents differ in their opinion on the possibility of Shariah harmonization, both de jure and de facto. The role of various actors involved in the financial reporting standardization may impede Shariah harmonization to take place.

The study is only looking at one case study, which is Indonesia. Therefore, future studies should consider more countries and significant number of respondents. Different research instruments to measure the perception can also be an interesting research exploration. In addition, adopting deep Islamic political economy of accounting theory may support better analysis on the issue of financial reporting standardization for Islamic financial institutions.

This paper has practical significance for financial reporting standard setters for Islamic banks and policy-makers to understand the key behavioral and demographical dimensions of their stakeholders and using these dimensions to effectively position important aspects in financial reporting standards setting.

The paper aims to analyze amendments proposed by the US Commodity Futures Trading Commission to its disclosure, recordkeeping and reporting rules that are designed to resolve or minimize certain conflicts between CFTC rules and US Securities and Exchange Commission rules applicable to registered investment companies (Futures RICs) whose futures and swaps trading will subject their advisers to regulation as commodity pool operators as a result of the amendments to CFTC Rule 4.5.

The paper explains certain significant differences between the CFTC's rules applicable to commodity pool operators (CPOs) and the SEC's rules applicable to Futures RICs and their advisers in the areas of disclosure, reporting and recordkeeping and describes how the CFTC's proposed rules for Futures RICs are intended to resolve or minimize conflicts with SEC rules.

CFTC and SEC rules differ in several significant areas, including the required contents of the disclosure document by which the pool is offered; when the disclosure document has to be delivered; how disclosure documents are updated and reviewed; when periodic reports are required to be made and what they are required to contain; and whether required books and records may be maintained at a location other than the main business office. The proposed harmonization rules attempt to resolve these conflicts by exempting the CPOs of Futures RICs from certain CFTC requirements regarding delivery of disclosure documents and recordkeeping, permitting CFTC‐required disclosures to appear in the prospectuses of Futures RICs after the SEC‐required disclosures and requiring monthly account statements to be posted to the CPO's website rather than distributed to shareholders of Futures RICs. Other conflicts between CFTC and SEC rules applicable to Futures RICs were not addressed by the proposed harmonization rules.

The proposed harmonization rules attempt to adapt CFTC requirements to Futures RICs that have not been subject to CFTC regulation since 2003. Other conflicts between CFTC and SEC rules were not addressed. The CFTC has not adopted the final rules in this area.

The paper provides expert guidance by lawyers experienced in regulation of CPOs and RICs.

The purpose of this paper is to examine the current legal framework for payment system in international Islamic trade finance vis‐à‐vis the new regime introduced by the Uniform Customs and Practice for Documentary Credits (UCP) 600 as well as the Sharī'ah Standard on Documentary Credits issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Sharī'ah Resolutions of selected Sharī'ah Boards of Islamic financial institutions.

A partial comparison of both the UCP 600 and the Sharī'ah framework for documentary credit is given through the content analysis of relevant sources.

The AAOIFI Sharī'ah Standard on Documentary Credits, as well as other applicable Sharī'ah resolutions of Islamic financial institutions, does provide a good framework for a Sharī'ah‐compliant documentary credit system, which is unique to trade in Islamic finance products, but there is scope for further improvement, taking into consideration the two possibilities proposed in the available literature on the subject – harmonization or bifurcation of rules. The UCP 600 also allows for the exclusion or modification of the rules to suit the specific needs of the Islamic finance industry.

This study focuses only on UCP 600 and the Sharī'ah framework on Documentary Credits, though bearing mind that there are other frameworks for documentary credit systems such as the International Standby Practices (ISP98) and letters of credit issued under Article 5 of the New York Uniform Commercial Code.

Islamic financial institutions should implement the provisions of the AAOIFI Sharī'ah standard on documentary credits but may require a different framework for international trade financing involving both Islamic banks and conventional banks.

Though few studies have been conducted on Sharī'ah issues regarding the application of the documentary credits, this seems to be the first time where a more proactive step is taken to propose two different frameworks for transactions involving Sharī'ah compliant financing.

One often thinks of competition as a mechanism whereby undertakings are forced to answer more efficiently the needs of clients. One may wonder whether that system could be used to organize the institutional environment. Competition already exists among states or regions, where it affects their capacity to attract investment or skilled workers. Could we go further and organise institutional competition among authorities within the same territory? Electronic communications provide a good case study, with the same competencies being attributed to regulators, competition authorities and judicial power.