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To explain the rule changes in Nasdaq’s new Listing Rule IM-5315-1, approved by the US Securities and Exchange Commission (SEC) on February 15, 2019, that permit direct listings on Nasdaq without an initial public offering, similar to the New York Stock Exchange (NYSE) rule changes approved in 2018.

Explains the legislative and regulatory background, historic limitations on direct Nasdaq listings, and de-tailed provisions of Nasdaq’s new Listing Rule IM-5315-1.

The direct listing alternative to an IPO may appeal to cash-rich companies that do not need the publicity or new capital associated with a traditional IPO.

Expert analysis from experienced securities litigation and corporate governance lawyers.

Currently, in China, the governance structure of modern companies gives directors great powers to pursue profits. However, little attention is paid to the undertaking of corporate philanthropic activities. Therefore, rules on directors’ behavior in terms of corporate philanthropy are urgently needed to resolve the conflict between philanthropy and profits. This paper aims to discuss the main purpose of corporate philanthropy behavior in China, namely, the promotion of the company, and to analyze the theoretical mechanism for placing restrictions on directors’ behavior. The concepts and details of directors’ duty of loyalty and duty of diligence are also discussed.

The paper addresses the theoretical framework for the restriction of director behavior in corporate philanthropy in China, explains the legal dilemma for the current situation and analyzes the problems associated with the determination of board directors’ behavior.

It is concluded that board members should give priority to their duty of loyalty and comply with their faithful obligations in corporate philanthropy. They should also fulfill their diligence obligations and not cause inconvenience and trouble for the company.

Corporate philanthropy is well known as a beneficial activity to both the company and society. It not only helps to establish a good image of the company, which is in line with the interests of the shareholders and creditors, but also contributes to the development of social welfare. It is a topic worthy of deep discussion.

It is still very difficult to establish non-profit organizations because of stringent conditions on registration, organization and funding in China. Therefore, there are a limited number of independent non-governmental charitable organizations in China. Most charitable organizations have charitable expertise and government ties. Corporate philanthropy is a problem closely related to governmental administration and legal system renovation.

Recently, a young girl related to the Red Cross Society of China was found guilty and arrested. This scandal has made people lose their confidence in philanthropy and has caused another round of intense discussion online. Corporate philanthropy is the focus of criticism because individuals with power gain benefits by taking advantage of their position. It is a very challenging issue for the Chinese society as to how to restore the reputation of philanthropy.

This paper points out the weakness in the current legal system as a restrictive mechanism to supervise the board directors’ behaviors in China. It analyzes the corporate philanthropy issue from the national level and highlights the significance of supervising governmental administration and corporate management through the improvement of the legal system.

Earlier in the year, during the national steel industry strike, the House of Lords overturned a judgment of Lord Denning, MR, that sections of the industry unaffected by the trade dispute could be regarded as outside the Act and its amendments and that unions could be restrained in their application of immune activities to those firms. The decision apart, their Lordships in delivering judgment reaffirmed that only Parliament had power to make the Law; it was not the function of Judges to do this, their's to interpret and apply the Law. In strict legal terms and applying to statutes and statutory instruments, this is true; but in the widest sense, judges have been making law for centuries. Otherwise, from whence cometh the Common Law, one of the wonders of the world, if not from the mouths of H.M. Judges. Much of it is now enshrined in statute form, especially Criminal Law, but initially it was all judge‐made. In most systems of human control and function, complete separation is rarely possible and when attempted the results have not been conspicuously successful.

This paper aims to raise awareness of and argue for the use of participatory methods for the research and development of Virtual Reality (VR) applications designed for neurodivergent groups. This includes exploring why it is important to meaningfully include neurodivergent groups and the benefits their inclusion provide.

VR is becoming increasingly widespread as a consumer product and interventional tool. It is vital for researchers and developers to embrace best practices in these early stages of using the technology, making certain that neurodivergent people have the best possible outcomes.

The neurodivergent community is dissatisfied with many of the research directions currently being undertaken. This dissatisfaction arises from conflicting priorities between different stakeholders and the lack of input from the community. Participatory research brings neurodivergent people into the research process, whether as members of the research team or as consultants at key steps. Effective participatory research ensures that the priorities of the neurodivergent community are better incorporated in research, as well as enabling the development of more effective applications for VR.

Participatory methods are unutilised in the development of applications aimed for neurodivergent people. By describing their use and utility in other areas, this article aims to encourage other VR researchers to take neurodivergent people on board.

The Food and Drugs Bill introduced by the Government affords an excellent illustration of the fact that repressive legislative enactments in regard to adulteration must always be of such a nature that, while they give a certain degree and a certain kind of protection to the public, they can never be expected to supply a sufficiently real and effective insurance against adulteration and against the palming off of inferior goods, nor an adequate and satisfactory protection to the producer and vendor of superior articles. In this country, at any rate, legislation on the adulteration question has always been, and probably will always be of a somewhat weak and patchy character, with the defects inevitably resulting from more or less futile attempts to conciliate a variety of conflicting interests. The Bill as it stands, for instance, fails to deal in any way satisfactorily with the subject of preservatives, and, if passed in its present form, will give the force of law to the standards of Somerset House—standards which must of necessity be low and the general acceptance of which must tend to reduce the quality of foods and drugs to the same dead‐level of extreme inferiority. The ludicrous laissez faire report of the Beer Materials Committee—whose authors see no reason to interfere with the unrestricted sale of the products of the “ free mash tun,” or, more properly speaking, of the free adulteration tun—affords a further instance of what is to be expected at present and for many years to come as the result of governmental travail and official meditations. Public feeling is developing in reference to these matters. There is a growing demand for some system of effective insurance, official or non‐official, based on common‐sense and common honesty ; and it is on account of the plain necessity that the quibbles and futilities attaching to repressive legislation shall by some means be brushed aside that we have come to believe in the power and the value of the system of Control, and that we advocate its general acceptance. The attitude and the policy of the INTERNATIONAL COMMISSION ON ADULTERATION, of the BRITISH FOOD JOURNAL, and of the BRITISH ANALYTICAL CONTROL, are in all respects identical with regard to adulteration questions; and in answer to the observations and suggestions which have been put forward since the introduction of the Control System in England, it may be well once more to state that nothing will meet with the approbation or support of the Control which is not pure, genuine, and good in the strictest sense of these terms. Those applicants and critics whom it may concern may with advantage take notice of the fact that under no circumstances will approval be given to such articles as substitute beers, separated milks, coppered vegetables, dyed sugars, foods treated with chemical preservatives, or, in fact, to any food or drug which cannot be regarded as in every respect free from any adulterant, and free from any suspicion of sophistication or inferiority. The supply of such articles as those referred to, which is left more or less unfettered by the cumbrous machinery of the law, as well as the sale of those adulterated goods with which the law can more easily deal, can only be adequately held in check by the application of a strong system of Control to justify approbation, providing, as this does, the only effective form of insurance which up to the present has been devised.

This is the first comprehensive study that has appeared on consumption and rationing in the present war. All types of rationing and the experience of a very large number of countries are brought under review, on the basis of material collected by the Economic Intelligence Service of the League of Nations. Rationing and other measures of consumption control are enforced in order to ensure an equitable distribution of limited—and in many countries drastically curtailed—supplies of certain essential goods, such as foodstuffs, clothing and fuel. But they play a further very vital role in war economy, by reducing (or limiting) civilian demand in order to liberate maximum resources for war purposes and by making possible the control of prices. The volume opens with a discussion of this broad problem of consumption control in war economy, the various methods of rationing, the conditions under which they can operate successfully and the connection between rationing and price control. Particular attention is naturally devoted to food. In the second chapter tables are given showing, for some thirty countries, by categories of consumers and groups of foodstuffs, rations prevailing in the spring of 1942. As regards Europe, available evidence seems to show that diets are adequate in the United Kingdom, Denmark, Sweden and Switzerland, and not critically short in calories (though apparently deficient in animal proteins, fats, minerals and certain vitamins) in Germany, despite the substantial cut in the German rations which occurred in April, 1942. The situation in Italy and Spain is decidedly worse than in Germany. This is also true of the occupied countries, except Denmark. Not only are the legal rations lower, but those rations are frequently unobtainable in the shops; and even if obtainable, it is often doubtful whether full rations can be purchased by the poorest classes, prices having risen out of all proportion to the frozen wage‐rates. Diets in the Netherlands, Czechoslovakia and Norway are nutritionally poorer and more deficient in calories than in Germany. In France and Belgium, where the rations represent about 60 per cent. of the pre‐war calorie consumption, many of those who are unable to eke out their rations by purchases on the “ black market ” are living at the barest level of subsistence. In Finland the rations represent about 55 per cent., in Poland (General‐Government) less than 50 per cent. of the pre‐war calorie consumption. In the latter country, in parts of Yugoslavia, and above all in Greece, there is famine. To meet differences in individual needs, two distinct systems have been evolved. In Germany, where about 90 per cent. of food consumption is rationed, rations are differentiated according to kinds of foods and classes of consumers—the latter being divided into categories by occupations (heavy worker, very heavy worker, light worker) and by sex, age, etc. The rations of bread, fat and meat of “ very heavy workers,” for example, are between two and three times as large as those of normal consumers. The German system, which has been generally applied in the occupied countries, is rigid and leaves a minimum of free consumers' choice. The British system is far more flexible. Bread and potatoes are free, thus permitting everyone to obtain an unlimited number of calories, while restaurant and canteen meals are supplementary to the individual's basic ration. Special needs are met by the allocation of extra rations to canteens catering to industrial workers, by the extension of free school meals, and by “ distribution schemes ” giving children, mothers and sick people first claim on available supplies of protective foods such as milk and fruit‐juice. Flexibility is also maintained by the group rationing of canned goods. According to this system each item within the group is valued in points and the consumer may buy whatever he desires up to a given total point value. It is considered of great importance that all, irrespective of income, should be able to obtain their quota of essential foods. Among the measures introduced for this purpose are the far‐reaching subsidies to keep down prices. Many aspects of the British system are naturally to be found elsewhere: for example, the subsidisation of staple foods is practised in Sweden and certain other European countries; Germany distributes free vitamin preparations to school children; canteen and school feeding is common in Germany and many of the occupied areas, though for these meals ration cards have, as a rule, to be given up. In the case of food, there are definite limits to the amount by which consumption can be reduced without endangering health and life; in the case of most, though not all, consumers' goods, there are no such obvious limits and, in fact, the consumption of such goods has been drastically curtailed. Available information on the subject is given in the third chapter. The group rationing system just mentioned has been universally applied in the case of clothing. But in Germany, most of the occupied areas and Italy, rationing lias been supplemented by a system of special permits, without which no purchase of certain articles of clothing can be made. By the first half of 1941, purchases of clothing in Germany had been reduced by some 50 per cent. from the pre‐war level. The clothes rationing introduced in the United Kingdom in June, 1941, led to a decrease of about 30 per cent. in the volume of sales in the second half of that year compared with the same period of 1940. Fuel, electric current, soap, and other articles of household consumption are subject to restrictions of varying degrees of severity; the production of luxury goods has been restricted or stopped, while such limited quantities as may reach the market are subject to drastically increased taxation; the production of most durable consumers' goods— refrigerators, household furniture, pianos, etc.—has likewise been stopped. The last chapter contains a brief analysis of the effects which war‐time restrictions have had on the aggregate volume of consumption in various countries. Consumption has been heavily reduced in all European countries and in Japan; in the United States, Canada, Australia and certain other countries it appears to have increased up to the latter part of 1941. In the United Kingdom the reduction in consumption provided about one‐third of the total domestic resources absorbed in the war effort in 1941. The requirements of war production have also been met to a considerable extent by the consumption of capital. Germany, in particular, has had to resort to capital consumption on a large scale, in spite of a curtailment of private consumption by some 25 to 30 per cent. In reviewing the whole body of evidence, especially concerning food rationing, it is observed that the rationing systems which have been developed are “ more than a mere method of restricting individual consumption. They aim in fact at securing a minimum diet for the population as a whole and, in spite of the necessary limitations imposed by the war‐time scarcity, they contain the elements of a distributive system in which consumption is guided not so much by individual purchasing power as by human wants.”

The purpose of this paper is to provide an overview of one of the most important and controversial areas of scholarly communication: Open Access publishing and dissemination of research outputs. It identifies and discusses recent trends and future challenges for various stakeholders in delivering Open Access (OA) to the scholarly literature.

The study is based on a number of interrelated strands of evidence which make up the current discourse on OA, comprising the peer-reviewed literature, grey literature and other forms of communication (including blogs and e-mail discussion lists). It uses a large-scale textual analysis of the peer-reviewed literature since 2010 (carried out using the VOSviewer tool) as a basis for discussion of issues raised in the OA discourse.

A number of key themes are identified, including the relationship between “Green” OA (deposit in repositories) and “Gold” OA (OA journal publication), the developing evidence base associated with OA, researcher attitudes and behaviours, policy directions, management of repositories, development of journals, institutional responses and issues around impact and scholarly communication futures. It suggests that current challenges now focus on how OA can be made to work in practice, having moved on from the discussion of whether it should happen at all.

The paper provides a structured evidence-based review of major issues in the OA field, and suggests key areas for future research and policy development.