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The purpose of this paper is to help parties to “TBA contracts” better understand how their claims would be treated in the event that a Securities Investor Protection Act of 1970 (SIPA) proceeding was commenced with respect to their counterparty.

The paper explores the arguments made in favor of and against treating TBA contract claims as “customer claims” under SIPA in the Lehman Brothers Inc. SIPA proceeding and the resulting decision of the United States Bankruptcy Court for the Southern District of New York on the issue.

The Bankruptcy Court found that TBA contract claims are not “customer claims” under SIPA and properly are classified as general unsecured claims.

This was an issue of first impression for the Bankruptcy Court and may have a binding effect on other TBA contracts (although other TBA contracts may have distinguishable facts). Future investors may alter the way they purchase and sell these securities in order to manage counterparty risk. Deeming TBA contract claims as general unsecured claims will also result in a larger pool of assets for creditors actually deemed customers of Lehman Brothers Inc. under SIPA.

The paper provides guidance from experienced bankruptcy lawyers.

The purpose of this paper is to provide selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices and Disciplinary Actions issued in June, July, and August 2012.

The paper provides FINRA Regulatory Notice 12‐40, SEC Approves New FINRA Rule 5123 Regarding Private Placements of Securities; Regulatory Notice 12‐44, SEC Approves Amendments to FINRA Rule 4210 (Margin Requirements); Regulatory Notice 12‐55, Guidance on FINRA's Suitability Rule; and Regulatory Notice 13‐13, Trading and Quotation Halts in OTC Equity Securities; Trade Reporting Notice of April 17, 2013: Reduction of Reporting Times for Agency Pass‐Through Mortgage‐Backed Securities Traded TBA.

Notice 12‐40: FINRA Rule 5123 is part of a multi‐pronged approach to enhance oversight and investor protection in private placements; the rule will provide FINRA with more timely and complete information about the private placement activities of firms on behalf of other issuers. Notice 12‐44: The SEC approved amendments to FINRA Rule 4210 (Margin Requirements) related to option spread strategies, maintenance margin requirements for non‐margin eligible equity securities, free‐riding, “exempt accounts” and stress testing in portfolio margin accounts. Notice 12‐55: This Notice addresses two issues discussed in Regulatory Notice 12‐25: the scope of the terms “customer” and “investment strategy.” Notice 12‐25 provided guidance in a “frequently asked questions” format in FINRA Rule 2111 (Suitability). Notice 13‐13: The SEC approved amendments to FINRA Rule 6440, which provides authority for FINRA to initiate trading and quotation halts in OTC equity securities in circumstances where it is necessary to protect investors and the public; the rule provides authority to impose foreign regulatory halts, derivative halts and extraordinary event halts. Trade Reporting Notice of April 17, 2013: FINRA reminds firms of the coming reduction in reporting periods for the timely reporting of transactions in agency pass‐through mortgage‐backed securities traded TBA (to be announced) for good delivery and products not traded for good delivery.

These FINRA notices are selected to provide a useful indication of regulatory trends.

To summarize for registered broker-dealers and their customers upcoming margin requirements for “to-be-announced” (TBA) transactions on mortgage-backed securities pursuant to recently-amended FINRA Rule 4210.

This article explains the various margin requirements that are expected to come into effect on June 25, 2018. A chart summarizing the applicability of margin requirements for various types of accounts is also provided. Additionally, the article addresses practical steps to bring Master Securities Forward Transaction Agreements (“MSFTAs”) governing relevant transactions into compliance with the amended rules.

The compliance date for margining under FINRA Rule 4210 is approaching. Broker-dealers will be required to collect (but not post) daily variation margin and, depending on the type of account, maintenance margin, from their customers on specified transactions. Broker-dealers should become familiar with the relevant requirements in order to amend (or enter into new) MSFTAs by the deadline. Customers also should become familiar with, and consider the implications of, these margin requirements.

Concisely summarizes and explains the key requirements and provides practical guidance regarding compliance from experienced derivatives attorneys.

The purpose of this paper is to provide summaries of selected Financial Industry Regulatory Authority (FINRA) regulatory notices and disciplinary actions issued in October, November, and December 2011.

The paper provides Regulatory Notice 11‐49, October 2011, Advertising Regulation; Regulatory Notice 11‐52, November 2011, Senior Designations; Regulatory Notice 11‐54, November 2011, Branch Office Inspections; and the description of one disciplinary action in which a firm was sanctioned and an individual fined.

Notice 11‐49: to inform firms of recent developments regarding the application of rules governing communications with the public, FINRA is proving guidance to firms on communication with the public regarding exchange‐traded products, treasury inflation‐protected securities (TIPS), use of “FINRA” in firm trademarks, and identification of related prior filings when submitting new filings for review. Notice 11‐52: FINRA reminds firms of their supervisory obligations regarding the use of certifications and designations that imply expertise, certification, training or specialty in advising senior investors. Notice 11‐54: FINRA and the Securities and Exchange Commission's Office of Compliance Inspections and Examinations provide broker‐dealer firms with information on developing effective policies and procedures for branch office inspections and remind firms of supervisory requirements under FINRA's supervision rule and notes common deficiencies and strong compliance practices. Trade Reporting Notice on TRACE Reporting Issues: FINRA answers selected member firm detailed questions on reporting issues related to The Trade Reporting and Compliance Engine (TRACE), the vehicle developed by FINRA to facilitate the mandatory reporting of over the counter secondary market transactions in eligible fixed income securities. All broker/dealers who are FINRA member firms have an obligation to report transactions in corporate bonds to TRACE under an SEC approved set of rules.

These are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends.

The purpose of this paper is to use “best practice” regulatory principles to derive proposals for fostering competition in Thailand's telecommunications market.

On‐site research in Thailand was conducted, including interviews with a range of policy and regulatory agencies and telecommunications market participants.

The paper finds that Thailand's relatively late start in applying pro‐competitive regulation in the telecommunications sector presents an opportunity for installation of “regulatory leap‐frogging” measures proposed by the paper. The concession regime that prevails in Thailand is a major obstacle resulting in “gridlock” of Thailand's efforts to develop competition in the telecommunications sector. The Thai Constitution prohibits the regulator from directly regulating telecommunications companies operating on the basis of concessions that were in place prior to the adoption of the new telecommunications law. The paper examines this problem and points to a solution. Another major problem is the protracted absence of the National Broadcasting Commission that has been given joint responsibility (along with the National Telecommunications Commission) for spectrum management. Accordingly, pressing decisions regarding spectrum management cannot be made. The paper concludes that the two Commissions be merged (especially in the face of convergence). The paper finds that Thailand needs to develop and implement a national strategy for the development of communications infrastructure, including a collaborative approach to infrastructure development.

There are very few (if any) independent studies of policy and regulation of Thailand's telecommunications sector. More broadly, the paper indicates – by way of a case study – how “best practice” regulatory guidelines might be applied to enhance competition in developing countries.

Telecommunications addresses the tyranny of distance for international and domestic trade communities by providing information linkages both internally and externally to an organization. These global networks give firms the opportunity to gain strategic advantages such as the strengthening of trading partner relationships and the redesigning of internal procedures to improve overall efficiency and cost effectiveness. The business community, however, has been slow to adopt telecommunications and its enabled technologies – electronic data interchange (EDI) in particular – owing to a general lack of understanding of the benefits available from their effective utilization. Describes an education‐oriented approach designed to encourage greater acceptance of telecommunications and EDI by educating university students – the managers of the future – about applied telecommunications in an international environment. Discusses also the cultural and cross‐cultural experiences of the students who participated in this pilot project. The results indicate that there is evidence to support the hypothesis that EDI is an appropriate exemplar technology for teaching applied telecommunications in an international environment; and that a laboratory‐based strategy is an effective way of using EDI to achieve this objective and providing students with experience of the cultural and cross‐cultural factors involved in international commerce.

The purpose of this paper is to present a case study of a country with severe problems in the telecommunications sector, including corruption and maladministration.

The paper presents a review of the legislation and regulatory decisions over the last decade, plus prosecutions in the USA for bribery in the country.

The paper reveals that, despite a decade of external efforts to encourage the use of information communication technology to boost development, very little progress has been made in terms of policy, legislation and regulation. No lessons appear to have been learned; the same mistakes could be repeated.

Further case studies are required from West Africa to provide a more complete picture and to assess whether equally serious problems exist in the region.

There is a need for a review of the legislation both for telecommunications and for corruption, with considerable strengthening of institutions and proper democratic accountability.

Citizens in this country have seen much greater access to mobile telephony, but in a haphazard way. There has been no regard for their interests (e.g. higher charges), nor consideration of how bribery, high licence fees and avoidance of customs duties affect them.

This is one of the few case studies of telecommunications in West Africa. It addresses issues of corruption, an issue seldom discussed.

The purpose of this paper is to systematically profile investors’ personality traits to examine if, and how, those traits are associated with phenomena observed in financial markets. In particular, the paper looks at overconfidence and overreaction in an experimental foreign exchange market.

The paper measures the personality of the subjects using the short form of the NEO-PIR instrument, the NEO-FFI developed by Costa and McRae (1992) which is based on Norman's (1963) “Big Five” personality constructs of negative emotion, extraversion, openness to experience, agreeableness and conscientiousness. The paper measures psychological gender using questions developed by Bem (1994). Preference for innovation and risk-taking propensity are measured using instruments developed by Jackson (1976). The paper then examines the behavior of the subject who traded interactively in “real time” in an interactive-simulated foreign exchange market where “price discovery” was instantaneous and pricing decisions were made instantaneously as items of news, determined by the researchers, were released.

The paper demonstrates that personality traits are associated with overconfidence and overreaction in financial markets. The paper presents meta-analysis which facilitates the development of a posteriori theories of how particular traits affect investment; there are important roles for risk-taking propensity, negative emotion, extraversion, masculinity, preference for innovation and conscientiousness.

A typical behavioral finance paper might find an empirical regularity in prices and, on the basis of such patterns, infer the underlying psychology motivating the behavior of investors. The approach differs from this caricature of the “typical” behavioral finance paper. The paper does not infer the underlying psychology of investors from patterns in prices. Rather, the paper learns about investors by systematically profiling their personality traits. The paper then demonstrates how those traits are associated with the prices generated by the investors the authors study. In focussing on the role of individual personality, the paper refocusses behavioral finance on the individuals who set prices.

The purpose of this study is to describe the proposed alpha solar rotary mechanism (ASRM) and how it is used to accurately modify the solar array of the China Space Station (CSS) in orbit to maintain continuous tracking of the sun to provide power. It also highlights the need to evaluate the performance of the ASRM and predict potential failure modes in various extreme scenarios.

To evaluate the performance of the ASRM, a dynamic model was created and tested under normal and faulty conditions. In addition, a multidirectional stiffness test was conducted on the prototype to verify the accuracy of the ASRM's dynamic model. The high-precision ASRM model was then used to predict potential failure modes and damaged parts in various extreme scenarios.

The simulation results were in good agreement with the test results, with a maximum error of less than 8.85%. The high-precision ASRM's model was able to accurately predict potential failure modes and damaged parts in extreme scenarios, demonstrating the effectiveness of the proposed model and simulation evaluation test.

The proposed high-precision ASRM model and simulation evaluation test provide an effective way to evaluate the structural safety and optimize the design of the spacecraft. This information can be used to improve the performance and reliability of the CSS's solar array and ensure continuous power supply to the station.

This paper aims to explore complexities of compliance with international and customary law when faced with terrorist threats. The paper's thesis asserts that terrorism cannot be successfully repelled unless the legitimacy of international and domestic law is adhered to by states out of a sense of reciprocal obligation in accordance with the principle of pacta sunt servanda (pacts shall be respected).

This paper examines US pronouncements in order to assess strategic validity.

While the Middle East, particularly Iraq, has been the focus of the US “War on terrorism,” the paper suggests two questions: what has been the US response to terrorist threats in the Americas? Have US national security priorities post‐9/11 been unnecessarily diverted from the Americas where much needed support is promised but lacking, and instead have resources been concentrated far beyond domestic and international norms?

The paper examines the US national security priorities, concluding that they have been unproductively diverted from the Americas to the Middle East in general and Iraq in particular. The US fixation upon Middle East “regime‐change”, while neglecting to recognize the dangerous nexus and presence of organized crime and terrorist organizations in the Americas, is illustrative of how the present administration has diverted its post.