Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant?"

Transcription

1 o EDITED BY ROGER F. PILLOW, LL.M. PARTNERSHIPS, S CORPORATIONS & LLCs Hedge Fund Capita Accounts and Revauations: Are They Section 704(b) Compiant? THOMAS GRAY Hedge funds treated as partnerships for federa income tax purposes shoud carefuy consider whether they are in compiance with the capita account maintenance rues when there is a revauation of fund property. o 128 J o u R n A o F T A x A T i o n S e p T e m b e R When reviewing a partnership agreement, the same questions generay come up. Wi the aocations be respected? Are the partners receiving at iquidation what they bargained for? The structure of many partnership agreements foows simiar patterns, but partnership agreements of hedge funds stand out. One of the interesting things about hedge fund agreements is the determination of profits and osses and how such determination affects the capita accounts of the partners. TYPICAL HEDGE FUND STRUCTURES Generay, hedge funds are private investment funds that are run by professiona investment managers. Investors contribute their funds to the hedge fund in return for equity in the fund. The managers of the hedge fund in turn invest those contributions in a variety of positions, usuay ong-short positions, and wi aso empoy everage in order to maximize returns. The investments can range from pubicy traded stock to very sophisticated, exotic derivatives. In addition, a hedge fund can be set-up as a fund-of-funds to invest in other hedge funds. The structure of the hedge fund wi generay be a master-feeder structure, a parae structure, or at east initiay, a stand-aone structure. In a master-feeder structure, a domestic feeder fund and an offshore feeder fund are created and those two feeder funds wi generay invest in an offshore master fund, which then does the actua investing. The domestic feeder fund and the master fund are generay treated as partnerships for U.S. federa income tax purposes whie the offshore feeder fund is treated as a corporation for U.S. federa income tax purposes. In a parae structure, no master fund is used, and the offshore and domestic funds make

2 the investments directy. 1 If the managers do not expect to have any non- U.S. or tax-exempt investors, they may forgo the offshore fund and create ony a domestic stand-aone fund that wi aso invest directy. An investor in a hedge fund wi want to track the vaue of his or her investment. A U.S. taxabe investor in a domestic hedge fund wi often be tod that he or she wi have a capita account in the hedge fund and that the capita account wi increase by the amount of such investor s capita contributions and his or her aocabe share of income and gains, whether reaized or unreaized, and decreased by withdrawas and his or her aocabe share of osses, whether reaized or unreaized. Generay, the partner s capita account wi refect the partner s share of the fund s net asset vaue. Usuay, the capita accounts are adjusted to take into account the fund s income, gains, and osses at specific times, such as when money is contributed or withdrawn from the fund, or at the end of an accounting period, which coud be monthy or quartery. Because a domestic hedge fund wi usuay be formed as a partnership, the fund must compy with the rues under Section 704(b) and the underying reguations in order for a partner s distributive share of income, gain, oss deduction, or credit to be respected for federa income tax purposes. 2 Wi a fund that adjusts a partner s capita account baance to take into account reaized and unreaized gain and osses be in compiance with the these rues? Sometimes it wi, and sometimes it wi not. SECTION 704(b) The Code very briefy estabishes how a partner s distributive share is to be determined. Section 704(b) provides that a partner s distributive share of income, gain, oss, deduction or credit (or item thereof) sha be determined in accordance with the partner s interest in the partnership (determined In certain instances the activities of a partnership wi be attributed up to its partners, and in some situations, the assets of a partnership may be attributed up to a upper-tier partnership. by taking into account a facts and circumstances) (PIP) if (1) the partnership agreement does not provide as to the partner s distributive share of income, gain, oss, deduction, or credit (or item thereof), or (2) the aocations to a partner under the agreement of income, gain, oss, deduction, or credit (or item thereof) do not have substantia economic effect. It is the reguations, however, that tacke the compexity of the matter. The reguations reiterate the Code, but note that if the partnership agreement provides for the aocation of income, gain, oss, deduction, or credits (or items thereof) to a partner, there are three ways such aocations wi be respected. First, the aocations can have substantia economic effect. Second, taking into account a the facts and circumstances, the aocations can be in accordance with PIP. And third, the aocations can be deemed to be in accordance with PIP pursuant to certain specia rues. 3 Substantia Economic Effect For an aocation to a partner to have substantia economic effect, the aocation must have economic effect and the economic effect must be substantia. 4 Generay, when an economic benefit or burden corresponds to an aocation, the partner that receives such aocation must aso receive such economic benefit or burden. 5 Aocations wi have economic effect if, during the fu term of the partnership, the partnership agreement provides that (1) capita accounts wi foow the capita account maintenance rues, (2) the partnership iquidates in accordance with the positive capita account baances of the partners by the end of the appicabe tax year (or, if ater, 90 days after the date of such iquidation), and (3) partners have a capita account deficit restoration obigation. 6 If the requirements of (1) and (2) above are met and the partnership agreement contains a quaified income offset, aocations to a partner who does not have a deficit restoration obigation wi be treated as having economic effect to the extent such aocation does not cause or increase a deficit baance in such partner s capita account as of the end of the partnership tax year to which such aocation reates. 7 In addition, aocations that do not have economic effect wi be deemed to have economic effect, provided that, as of the end of each partnership tax year, a iquidation of the partnership at the end of such year, or at the end of any future year, woud produce the same economic resuts to the partner as if the rues in (1), (2), and (3) above had been satisfied (economic effect equivaence). 8 The capita account maintenance rues are a set of very compex and detaied rues that, if not foowed, wi resut in the partnership aocations not having substantia economic effect and certain other aocations, such as aocations of nonrecourse debt deductions, not being deemed made in accordance with PIP. 9 One of the many capita account maintenance rues addresses when the partnership may adjust the baance of the capita account of the partners to refect a revauation of property. 10 Such adjustment may be made (1) in connection with the contribution of money or NOTES 1 For a more in-depth discussion see August and Cohen Hedge Funds Structure, Reguation, and Tax impications: part i. Structure and Reguation, 6 business entities 14, (Juy/August 2006). 2 Reg (b)(1)(i). 3 Id. 4 Reg (b)(2)(i). 5 Reg (b)(2)(ii)(a). 6 Reg (b)(2)(ii)(b). 7 Reg (b)(2)(ii)(d). 8 Reg (b)(2)(ii)(i). 9 Reg (b)(2)(iv)(a) and Reg (e)(1). 10 Reg (b)(2)(iv)(f). p A R T n e R S H i p S, S C o R p o R A T i o n S, & C S S e p T e m b e R J o u R n A o F T A x A T i o n o 129

3 other property (other than a de minimis amount) to the partnership by a new or existing partner for an interest in the partnership, (2) in connection with the iquidation of the partnership or a distribution of money or other property (other than a de minimis amount) by the partnership to a retiring or continuing partner for consideration for an interest in the partnership, (3) in connection with the issuance of an interest in the partnership (other than a de minimis amount) in exchange for services, (4) in connection with the issuance of noncompensatory options (other than an option for a de minimis partnership interest), or (5) under generay accepted industry accounting practices (GAAP), provided that substantiay a of the partnership s property (excuding money) consists of stocks, securities, commodities, options, warrants, futures, or simiar interests that are readiy tradabe on an estabished securities market. 11 Thus, to the extent that a partnership revaues its property and such revauation is refected in the capita accounts of the partners, the timing of the revauation must foow the above rues. If a partnership is revauing its property at times other than as described above and the aocations do not meet the economic effect equivaence requirements of Reg (b)(2)(ii)(i), the aocations wi not have economic effect and wi be determined pursuant to PIP. 12 PIP A PIP means the manner in which the partners have agreed to share the economic benefit or burden corresponding to the income, gain, oss deduction, or credit (or item thereof) that is aocated. 13 A PIP takes into account a facts and circumstances reating to the economic arrangement of the partners. The factors considered incude (1) the partners reative contributions, (2) the partners interests in the economic profits and osses (if different than the taxabe income), (3) the partners interests in cash-fow and other non-iquidating distributions, and (4) the rights upon iquidation. 14 The reguations do not provide much guidance as to the appication of these rues, but do suppy a specific rue where an unimited capita account restoration obigation is not imposed on the partners. The reguations provide that if the partnership maintains capita account baance as described in Reg (b)(2)(iv) and iquidates pursuant to positive capita account baances, but the aocations do not have economic effect, the PIP wi be determined by comparing the manner in which distributions (and contributions) woud be made if a partnership property were sod at book vaue and the partnership were iquidated immediatey foowing the end of the tax year to which the aocation reates with the manner in which distributions (and contributions) woud be made if a It woud seem difficut to argue that the aocations of a hedge fund have economic effect based on economic effect equivaence when there is no deficit restoration obigation. partnership property were sod at book vaue and the partnership were iquidated immediatey foowing the end of the prior tax year. 15 Because the reguations do not provide a significant amount of support for impementing the PIP rues in a partnership agreement, there is some uncertainty on its appication. Generay, the resuts of a PIP partnership agreement shoud be the THomAS GRAY is a partner at Drinker bidde & Reath p in new York City. Copyright 2015 Thomas Gray. same (or cose to the same) as an agreement that meets the substantia economic effect test. ATTRIBUTION OF A PARTNERSHIP S ITEMS OR ACTIVITIES In certain instances the activities of a partnership wi be attributed up to its partners, and in some situations, the assets of a partnership may be attributed up to an upper-tier partnership. If an upper-tier partnership coud treat a ower-tier partnership s investments as its own for purposes of the capita account maintenance rues then whether a fund invests directy or indirecty through a master fund or other fund in the assets described in Reg (b)(2)(iv)(f)(v) woud not affect whether the fund is compying with the revauations rues. Simiary, if the activities of a ower-tier partnership coud be attributed up to an upper-tier partnership then the uppertier partnership may have an argument that the assets associated with the activity shoud aso be attributed up to the upper-tier partnership. This then eads to the age od question of whether the fund shoud be viewed as an aggregate of the partners or as a separate entity. The aggregate approach tends to dominate in the taxation of partnership income whie the entity approach is more appicabe in transfers of interest. 16 However, when to appy the aggregate or entity approach can be confusing and uncear. Section 751(f) specificay addresses tiered partnerships and provides a ook-through rue of a owertiered partnership s unreaized receivabes and inventory. Section 751 generay provides that when a partner disposes of his or her partnership interest in a taxabe sae, the consideration received by the partner attributabe to unreaized receivabes or inventory items of the partnership wi be treated as amount reaized other than from a sae or exchange of a capita asset. In determining the amount of the partnership s unreaized receivabes and inventory items, the partnership wi be treated as 130 o J o u R n A o F T A x A T i o n S e p T e m b e R p A R T n e R S H i p S, S C o R p o R A T i o n S, & C S

4 owning its proportionate share of a ower-tier partnership in which it is a partner. The purpose of this rue is to ensure that the requirement that the hot asset rue is appied whether or not the assets are hed directy or indirecty by the partnership. The Code has aso addressed certain situations in which the activities of a partnership wi be attributed to its partners. Section 875(1) provides that a nonresident aien individua or foreign corporation sha be considered as being engaged in a trade or business within the United States if the partnership of which such individua or corporation is a member is so engaged. Section 1402(a) provides that net earnings from sef-empoyment incude a partner s distributive share of income or oss from any trade or business carried on by a partnership of which he or she is a member. In addition, Section 702(a) aows for the character of income and oss to pass through to the partners in the partnership. Furthermore, the courts have addressed whether the activities of a partnership are attributabe to its partners. In Buter, 36 TC 1097 (1961), acq CB 3, the taxpayer was a imited partner in a partnership that manufactured and sod prefabricated houses. The taxpayer ent money to the partnership, which became worthess. The court found that the oan was made in furtherance of the business of which he was a imited partner and was proximatey reated to the business activity of the partnership. The taxpayer coud therefore take a business bad debt deduction. The court impied that by being a partner the partner was individuay engaged in the business of the partnership. 17 Buter and other simiar cases, however, have been hed to stand: for the proposition that a taxpayer may be individuay engaged in a trade or business by reason of his participation in a partnership. Thus, under appropriate circumstances, a partner may be abe to deduct as an ordinary and necessary business expense an amount paid by him on behaf of the partnership for which he was not reimbursed. However, these By maintaining a ower-case capita account that foows the capita account maintenance rues, aocations shoud be respected under the PIP rues. cases in no way support [the] contention that the business activities of an individua who ater becomes a partner have a bearing on whether his distributive share of partnership deductions were incurred in the course of a trade or business. 18 In the sef-empoyment context, the Tax Court has ooked at the roe a imited partner can pay in a partnership to determine whether the activities of the partnership are attributabe to a partner. In Renkemeyer, Campbe & Weaver, LLP, 136 TC 137 (2011), a aw firm was formed as an LLP and the taxpayer argued his interest in the LLP shoud be treated as a imited partnership for purposes of Section 1402(a)(13). Section 1402(a)(13) generay excudes from sef-empoyment tax the distributive income of a imited partner. Since Section 1402(a)(13) does not define what a imited partner is, the court used rues of construction to determine the meaning of imited partner. The court found that the intent of Section 1402(a)(13) was to ensure that individuas who merey invested in a partnership and who were not activey participating in the partnership s business operations (which was the archetype of imited partners NOTES 11 Reg (b)(2)(iv)(f)(5). 12 Id. See Renkemeyer, Campbe & Weaver, LLP, 136 TC 137 (2011) (hoding that a specia aocation was not consistent with the partnership agreement and the court ooked at the partners respective interest in the partnership to determine the proper aocations). 13 Reg (b)(3)(i). 14 Reg (b)(3)(ii). 15 Reg (b)(3)(iii). 16 See mckee, neson, and Whitmire, Federa Taxation of Partnerships & Partners 4th ed. (WG&, 2007), See aso Ward, 20 TC 332 (1953), aff d 224 F.2d 547, 47 AFTR 1472 (CA-9, 1955) (hoding that a genera partner at the time) woud not receive credits toward Socia Security coverage. Because the LLP earned a majority of its revenues from ega services provided by the taxpayers, the taxpayer s distributive share of income was not a return on investment but rather income reated to the ega services provided by them on behaf of the partnership. That income, therefore, is subject to sef-empoyment taxes. 19 Athough the Code does provide for situations in which a partnership s activities and certain assets are attributabe to its partners, it is not a banket proposition. It woud seem, therefore, that without some cear congressiona intent such as in Sections 751(f), 875, and 1402, or guidance from the IRS, a partnership with respect to the capita account maintenance rues shoud be viewed as a separate entity, as opposed to an aggregate of its partners. 20 Hedge Fund Capita Accounts As noted above, investors usuay expect to track their investments in a hedge fund through their capita accounts. The genera partner wi expect to base its carried interest on the profit generated, which woud be refected in the change to the capita account baances of the imited partners for such measurement period. In addition, the investment manager wi expect his or fee to be based on the vaue of the assets under management, which aso woud generay be refected in the capita account baances after adjusting the baances for reaized and unreaized gains and osses. Many domestic hedge fund agreements provide that the capita ac- was individuay engaged in business by being a partner). 18 Goodwin, 75 TC 424 (1980), aff d without pubished opinion 691 F.2d 490 (CA-3, 1982). 19 See aso CCA (imited partners of partnership providing management investment services subject to sef-empoyment taxes); but see GCm 38201, 12/14/79 (a fixed investment trust is not attributed to the trade or business of a imited partnership in which it hods a imited partnership interest). For a more indepth discussion on the matter see banoff, When Wi an C s Trade or business be imputed to its members 87 JTAx 3 (September 1997). 20 See GCm 38201, 12/14/79. For a more in-depth discussion on the matter, see banoff, supra note 19. p A R T n e R S H i p S, S C o R p o R A T i o n S, & C S S e p T e m b e R J o u R n A o F T A x A T i o n o 131

5 counts wi be maintained in accordance with the capita account maintenance rues under Reg (b)(2)(iv). In addition, private pacement memorandums of hedge funds may expicity state that the aocations wi have substantia economic effect. 21 When amounts are contributed to or distributed from the fund, or at certain other times, 22 and the fund performs a revauation of its property, these revauations shoud be permissibe revauations under the capita account maintenance rues. In addition, if the revauations occur at times other than those referred to in the preceding sentence and the profits and osses of the fund are based on GAAP, at first gance the capita accounts woud sti appear to conform to the capita account maintenance rues regarding revauations. 23 The fund, however, may not meet the investment requirements of Reg (b)(2)(iv)(f)(v), either because its investment strategy cas for investments other than those described in Reg (b)(2)(iv)(f)(v), 24 it invests in a master fund, and/or it is a fund-offunds. By not meeting the requirements of Reg (b)(2)(iv)(f)(v), any revauations other than those made pursuant to Regs (b)(2) (iv)(f)(i)-(iv) may resut in (1) the fund faiing to foow the capita account maintenance rues and (2) the aocations of fund income and oss not having economic effect. The remainder of this artice wi assume that substantiay a of the domestic hedge fund s property does not consist of the property described in Reg (b)(2)(iv)(f)(v). Economic Effect Equivaence As noted above, under economic effect equivaence, aocations that do not have economic effect wi be When preparing a hedge fund partnership agreement, it is important to understand what the investment structure is intended to be. NOTES 21 note that this artice does not address stuffing provisions, which are found in many hedge fund agreements, and whether such provisions meet the substantia economic effect test. See needham, The probem with Stuffing Aocations, 141 Tax notes 737 (2013); adin, owy, and Woods ii, Hedge Fund Aocations: A path Through the maze, 121 Tax notes 925 (2008). 22 See Regs (b)(2)(iv)(f)(i)-(iv). 23 Athough the fund agreement may not expicity state it, most funds wi determine profits and osses based on GAAp. many times, however, a fund wi deviate from GAAp reporting with respect to the amortization of start-up costs. Aso, some funds may use ifrs, as opposed to GAAp. presumaby such funds aso woud not meet the standards of Reg (b)(2)(iv)(f)(5)(v). deemed to have economic effect if certain conditions are met. One of those conditions appears to be that the partners have a capita account deficit restoration obigation. 25 A imited partner generay wi not have a deficit restoration obigation and most investors in hedge funds woud bak at a deficit restoration obigation. It woud seem difficut to argue that the aocations of a hedge fund have economic effect based on economic effect equivaence when there is no deficit restoration obigation As noted above, revauations of property may occur under GAAp, provided substantiay a of the partnership s property (excuding money) consists of stocks, securities, commodities, options, warrants, futures, or simiar interests that are readiy tradabe on an estabished securities market. 25 See Reg (b)(5), exampes 4(ii) and (iii), 26 For a more thorough discussion of economic effect equivaence see Cuff, Working with Target Aocations idiot-proof or Drafting for idiots? 35 J. Rea est. Tax n 3 (Second Quarter 2008) 27 Compare Reg (e)(3)(ii)(C) and what constitutes a quaified financia asset for security partnership purposes. Attribution Many hedge funds take the position that they are engaged in the trade or business of investing in securities, aowing investors to deduct fund expenses under Section 162, as opposed to Section 212 if the fund was just an investor. If the hedge fund invested in a master-fund or was a fund-offunds, and the master fund, or a ower-tier fund, was considered engaged in a trade or business and the activity was buying and seing pubicy traded securities, coud these activities be attributed up to the top-tier fund so that the fund woud be considered investing in such securities for purposes of the capita account maintenance rues? As noted above, there s no genera rue that a partner is treated for federa income tax purposes as being in the same trade or business as the partnership soey by being a partner in that partnership. Simiary there is no genera rue for attributing the assets of a ower-tier partnership to an upper-tier partnership. Certain sections of the Code, such as Sections 751(f), 875, and 1402, contain attribution provisions. Reg (b)(2)(iv)(f)(v), however, does not provide such attribution. Specificay, the reguations provide that a of the partnership s property (excuding cash) consists of stock... and do not reference indirect ownership or ownership of partnership interests where such underying partnership s property consist of such pubicy traded investments. 27 Without expicit anguage providing for attribution of a ower-tier partnership s property or guidance from the IRS permitting such attribution, a fund investing in either a master fund or a fund-of-funds may not be abe to meet the property requirement of Reg (b)(2)(iv)(f)(v). Since a fund that describes a partner s capita account as compying with the requirements of the capita account maintenance requirements most ikey wi not meet those requirements if the fund is not meeting the property requirements for revauations, the fund documents may have to be modified. SOLUTION For a domestic hedge fund that feeds into a master fund, is a fund-of-funds, has property that does not substantiay consist of the property described in the reguations, or does not foow GAAP accounting, the fund shoud 132 o J o u R n A o F T A x A T i o n S e p T e m b e R p A R T n e R S H i p S, S C o R p o R A T i o n S, & C S

6 provide for a Capita Account, which is a defined term and refects the economics and financia reporting as the investors expect them to be reported. Another capita account, sometimes referred to in the fund agreement as a tax capita account or a ower-case capita account, shoud aso be maintained for the partner. The intent of the ower-case capita accounts of the partners shoud be to correcty refect their respective economic interests in the assets, gains, osses, income, expenses, and deductions of the partnership, but does so in a manner that best maintains them in accordance with the provisions of the capita account maintenance reguations of Reg (b)(2)(iv), whie causing them to correcty refect the respective economic interests of the partners in the assets, income, gains, osses, expenses, and deductions of the partnership. In other words, by maintaining a ower-case capita account that foows the capita account maintenance rues, aocations shoud be respected under the PIP rues. Taxabe income and osses shoud generay foow the manner in which items of income and oss have been aocated to the ower-case capita account. If, however, the vaue of a fund asset is increased or decreased for purposes of adjusting ower-case capita accounts under the fund agreement, such increase or decrease shoud be incuded in the profits and osses of the fund, if not aready incuded as a resut of an eary adjustment to the Capita Accounts. In accordance with Section 704(c) and for purposes of appying its principes to any reverse Section 704(c) situations, the items of income, deduction, gain, or oss with respect to any property hed by the fund whose vaue is refected on the books of the fund (the tax book vaue ) used to cacuate the baance in the ower-case capita accounts at a vaue that differs from the adjusted tax basis of such property shoud, soey for tax purposes, be aocated among the partners so as to take account of any variation between the tax book vaue and the adjusted basis of such property to the fund for federa income tax purposes in a manner that the genera partner determines to fairy refect such variations. The aocations of income, deduction, gain, or oss reated to Section 704(c), incuding reverse Section 704(c) amounts, shoud not be refected in the ower-case capita accounts or the profits or osses of the fund. At the end of each fisca year, and after being adjusted for a distributions and aocations for such fisca year, the ower-case capita account of each partner shoud equa the amount a partner woud be entited to receive if the partnership were to se a of its assets for an amount equa to their respective tax basis (or, if the vaue of any asset has been adjusted, for an amount equa to such vaue) and distribute the proceeds of such saes in accordance with the iquidation provisions of the partnership agreement. In addition, the genera partner can have the power to cause aocations of income, gain, oss and deduction, as determined for federa income tax purposes to achieve this resut so that iquidating distributions wi in a cases be made in accordance with the positive ower-case capita account baances. As a resut of maintaining both a Capita Account and a ower-case capita account, the fund investor can receive statements showing his or her interest in the fund as woud be reported for financia reporting purposes, and the fund can maintain capita accounts that compy with the capita account maintenance rues. CONCLUSION Many times, organizationa and marketing documents are compied using precedents that may not be the best modes when certain facts differ. With a hedge fund partnership agreement, one form does not fit a. When preparing a hedge fund partnership agreement, it is important to understand what the investment structure is intended to be. Without this knowedge and an understanding of the capita account maintenance rues, the partnership agreement may be providing something it cannot deiver. By assuming that the fund is compying with the capita account maintenance rues when it may not be, the fund risks having its aocations of profits and osses not being respected and having the aocations determined by the IRS under PIP, which coud differ from what the investors expect. p A R T n e R S H i p S, S C o R p o R A T i o n S, & C S S e p T e m b e R J o u R n A o F T A x A T i o n o 133

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services 2012 Before You Buy A Description of the Caifornia Partnership for Long-Term Care Prepared by the Caifornia Department of Heath Care Services Page 1 of 13 Ony ong-term care insurance poicies bearing any

More information

Early access to FAS payments for members in poor health

Early access to FAS payments for members in poor health Financia Assistance Scheme Eary access to FAS payments for members in poor heath Pension Protection Fund Protecting Peope s Futures The Financia Assistance Scheme is administered by the Pension Protection

More information

PENALTY TAXES ON CORPORATE ACCUMULATIONS

PENALTY TAXES ON CORPORATE ACCUMULATIONS H Chapter Six H PENALTY TAXES ON CORPORATE ACCUMULATIONS INTRODUCTION AND STUDY OBJECTIVES The accumuated earnings tax and the persona hoding company tax are penaty taxes designed to prevent taxpayers

More information

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts Exampe of Credit Card Agreement for Bank of America Visa Signature and Word MasterCard accounts PRICING INFORMATION Actua pricing wi vary from one cardhoder to another Annua Percentage Rates for Purchases

More information

AA Fixed Rate ISA Savings

AA Fixed Rate ISA Savings AA Fixed Rate ISA Savings For the road ahead The Financia Services Authority is the independent financia services reguator. It requires us to give you this important information to hep you to decide whether

More information

... HSA ... Health Savings Account. Custodial. (includes self-direction)

... HSA ... Health Savings Account. Custodial. (includes self-direction) HSA Heath Savings Account Custodia (incudes sef-direction) ADDITIONAL INFORMATION Purpose This Organizer contains documents necessary to estabish a Heath Savings Account (HSA) It meets the requirements

More information

Pay-on-delivery investing

Pay-on-delivery investing Pay-on-deivery investing EVOLVE INVESTment range 1 EVOLVE INVESTMENT RANGE EVOLVE INVESTMENT RANGE 2 Picture a word where you ony pay a company once they have deivered Imagine striking oi first, before

More information

Series B, US Dollar Hedged Series F

Series B, US Dollar Hedged Series F SIMPLIFIED PROSPECTUS Russe Funds June 30, 2015 No securities reguatory authority has expressed an opinion about these securities and it is an offence to caim otherwise. The funds and their securities

More information

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA June 2013 Key Features and Terms & Conditions of the This document shoud be read in conjunction with an up-to-date Key Investor Information Document (KIID) for the fund in which you want to invest. You

More information

Imperial Money Market Pool. Annual Management Report of Fund Performance

Imperial Money Market Pool. Annual Management Report of Fund Performance Imperia Money Market Poo Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management report

More information

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE Instructions for Form NYC-3L Genera Corporation Tax Return For fisca years beginning in 2013 or for caendar year 2013 Hi g h i g h t s of Recent Tax Law Changes for Corporations NEW YORK CITY DEPARTMENT

More information

The guaranteed selection. For certainty in uncertain times

The guaranteed selection. For certainty in uncertain times The guaranteed seection For certainty in uncertain times Making the right investment choice If you can t afford to take a ot of risk with your money it can be hard to find the right investment, especiay

More information

CIBC Managed Income Portfolio. Annual Management Report of Fund Performance

CIBC Managed Income Portfolio. Annual Management Report of Fund Performance CIBC Managed Income Portfoio Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management

More information

Key Features of Life Insurance

Key Features of Life Insurance Key Features of Life Insurance Life Insurance Key Features The Financia Conduct Authority is a financia services reguator. It requires us, Aviva, to give you this important information to hep you to decide

More information

CIBC Managed Aggressive Growth Portfolio. Annual Management Report of Fund Performance

CIBC Managed Aggressive Growth Portfolio. Annual Management Report of Fund Performance CIBC Managed Aggressive Growth Portfoio Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua

More information

CIBC Nasdaq Index Fund. Interim Management Report of Fund Performance

CIBC Nasdaq Index Fund. Interim Management Report of Fund Performance CIBC Nasdaq Inde Fund Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund

More information

Example of Credit Card Agreement for Bank of America Secured MasterCard and Visa accounts

Example of Credit Card Agreement for Bank of America Secured MasterCard and Visa accounts Exampe of Credit Card Agreement for Bank of America Secured MasterCard and Visa accounts This information is accurate as of December 30, 2010. This credit card program is issued and administered by FIA

More information

Internal Control. Guidance for Directors on the Combined Code

Internal Control. Guidance for Directors on the Combined Code Interna Contro Guidance for Directors on the Combined Code ISBN 1 84152 010 1 Pubished by The Institute of Chartered Accountants in Engand & Waes Chartered Accountants Ha PO Box 433 Moorgate Pace London

More information

Sales and Use Tax Implications of Loyalty Programs

Sales and Use Tax Implications of Loyalty Programs EDITED BY WALTER HELLERSTEIN, J.D. STATE & LOCAL Saes and Use Tax Impications of Loyaty Programs MARY T. BENTON, MATTHEW P. HEDSTROM, AND GREGG D. BARTON Examining a oyaty program reward s form, structure,

More information

QUEST FOR GROWTH. Closed-end investment fund governed by Belgian law. for investment in unquoted companies. and growth businesses

QUEST FOR GROWTH. Closed-end investment fund governed by Belgian law. for investment in unquoted companies. and growth businesses QUEST FOR GROWTH Cosed-end investment fund governed by Begian aw for investment in unquoted companies and growth businesses Registered office: Lei 19, bus 3, 3000 Leuven Leuven Commercia Register no. 99856

More information

Oracle Hyperion Tax Provision. User's Guide Release 11.1.2.2

Oracle Hyperion Tax Provision. User's Guide Release 11.1.2.2 Orace Hyperion Tax Provision User's Guide Reease 11.1.2.2 Tax Provision User's Guide, 11.1.2.2 Copyright 2013, Orace and/or its affiiates. A rights reserved. Authors: EPM Information Deveopment Team Orace

More information

Notes and Brief Reports

Notes and Brief Reports Notes and Brief Reports The Retirement Equity Act of 1984: A Review* Last summer, Congress passed and on August 23, 1984, President Reagan signed into aw the Retirement Equity Act (REA) of 1984. This major

More information

CIBC Canadian Resources Fund. Interim Management Report of Fund Performance

CIBC Canadian Resources Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund performance contains

More information

INDUSTRIAL AND COMMERCIAL

INDUSTRIAL AND COMMERCIAL Finance TM NEW YORK CITY DEPARTMENT OF FINANCE TAX & PARKING PROGRAM OPERATIONS DIVISION INDUSTRIAL AND COMMERCIAL ABATEMENT PROGRAM PRELIMINARY APPLICATION AND INSTRUCTIONS Mai to: NYC Department of Finance,

More information

Amount Existing Liens $ Purpose of Refinance. 4. Applicant Information Co-Applicant's Name. Social Security No. Date of Birth.

Amount Existing Liens $ Purpose of Refinance. 4. Applicant Information Co-Applicant's Name. Social Security No. Date of Birth. Universa Credit Appication (Consumer Residentia Rea Estate) 1. Type of Appication (Check ony one of the four checkboxes; and sign, if joint credit) Individua Credit. If checked, this is an Appication for

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

CIBC Canadian Bond Fund. Interim Management Report of Fund Performance

CIBC Canadian Bond Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund performance contains

More information

Older people s assets: using housing equity to pay for health and aged care

Older people s assets: using housing equity to pay for health and aged care Key words: aged care; retirement savings; reverse mortgage; financia innovation; financia panning Oder peope s assets: using housing equity to pay for heath and aged care The research agenda on the ageing

More information

TERMS AND CONDITIONS OF YOUR ACCOUNT

TERMS AND CONDITIONS OF YOUR ACCOUNT TERMS AND CONDITIONS OF YOUR ACCOUNT AGREEMENT - This document, aong with any other documents we give you pertaining to your account(s), is a contract that estabishes rues which contro your account(s)

More information

professional indemnity insurance proposal form

professional indemnity insurance proposal form professiona indemnity insurance proposa form Important Facts Reating To This Proposa Form You shoud read the foowing advice before proceeding to compete this proposa form. Duty of Discosure Before you

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES About ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account. Some of

More information

Health Savings Account 2013 2014 reference guide

Health Savings Account 2013 2014 reference guide Heath Savings Account 2013 2014 reference guide Information at your fingertips This ist of chapters and page numbers wi hep you find the information you need quicky. A detaied ist of sections and topics

More information

Companies (1): Characteristics and formation

Companies (1): Characteristics and formation 10 Companies (1): Characteristics and formation This is the first of two chapters which consider the aw reating to companies. This chapter considers the characteristics of companies and the way in which

More information

Workspace Group Plc. (incorporated and registered in England and Wales under number 2041612)

Workspace Group Plc. (incorporated and registered in England and Wales under number 2041612) PROSPECTUS Workspace Group Pc (incorporated and registered in Engand and Waes under number 2041612) 6.00 per cent Stering Bonds due 2019 Issue price: 100 per cent 6.00 per cent Stering Bonds due 2019 (the

More information

Business Banking. A guide for franchises

Business Banking. A guide for franchises Business Banking A guide for franchises Hep with your franchise business, right on your doorstep A true understanding of the needs of your business: that s what makes RBS the right choice for financia

More information

ICAP CREDIT RISK SERVICES. Your Business Partner

ICAP CREDIT RISK SERVICES. Your Business Partner ICAP CREDIT RISK SERVICES Your Business Partner ABOUT ICAP GROUP ICAP Group with 56 miion revenues for 2008 and 1,000 empoyees- is the argest Business Services Group in Greece. In addition to its Greek

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

Managing money and making a profit

Managing money and making a profit Managing money and making a profit For your information How to get the most from today s workshop Ask questions Participate Worksheets Action Pan Today s objectives To hep you gain a greater understanding

More information

READING A CREDIT REPORT

READING A CREDIT REPORT Name Date CHAPTER 6 STUDENT ACTIVITY SHEET READING A CREDIT REPORT Review the sampe credit report. Then search for a sampe credit report onine, print it off, and answer the questions beow. This activity

More information

ELECTRONIC FUND TRANSFERS. l l l. l l. l l l. l l l

ELECTRONIC FUND TRANSFERS. l l l. l l. l l l. l l l Program Organization = Number "1060" = Type "123342" = "ETM2LAZCD" For = "502859" "TCCUS" "" Name "WK Number = Name "First "1001" = "1" Eectronic = "1001" = Financia "Jane Funds Doe" Northwest Xfer PG1

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Health Savings Account 2014-2015 reference guide

Health Savings Account 2014-2015 reference guide Heath Savings Account 2014-2015 reference guide www.seectaccount.com Information at your fingertips This ist of chapters and page numbers wi hep you find the information you need quicky. A detaied ist

More information

FIRST BANK OF MANHATTAN MORTGAGE LOAN ORIGINATORS NMLS ID #405508

FIRST BANK OF MANHATTAN MORTGAGE LOAN ORIGINATORS NMLS ID #405508 ITEMS TO BE SUBMITTED WITH HOME EQUITY LOAN APPLICATION Bring In: Pay stubs from the ast 30 days W-2 s and Tax Returns from the ast 2 years Bank Statements from ast 2 months (A Pages) Copy of Homeowner

More information

How to deal with personal financial problems

How to deal with personal financial problems How to dea with persona financia probems D I S P U T E R E S O L U T I O N Introduction Heping you face the future with confidence In 2014, the eve of consumer debt in the UK grew to reach a seven-year

More information

FLAC Legal Divorce v2 band_layout 1 26/06/2014 20:01 Page 1 July 2014 divorce

FLAC Legal Divorce v2 band_layout 1 26/06/2014 20:01 Page 1 July 2014 divorce Juy 2014 divorce Divorce has been avaiabe in the Repubic of Ireand since 1997. Once a divorce is obtained, the parties (the ex-spouses) are free to remarry or enter into a civi partnership. Famiy Law (Divorce)

More information

Income Protection Options

Income Protection Options Income Protection Options Poicy Conditions Introduction These poicy conditions are written confirmation of your contract with Aviva Life & Pensions UK Limited. It is important that you read them carefuy

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Financial Accounting

Financial Accounting Financia Accounting Course Text Professiona, Practica, Proven www.accountingtechniciansireand.ie Tabe of Contents FOREWORD...xi SYLLABUS: FINANCIAL ACCOUNTING...xiii CHAPTER 1: INTRODUCTION TO ACCOUNTING...1

More information

Australian Bureau of Statistics Management of Business Providers

Australian Bureau of Statistics Management of Business Providers Purpose Austraian Bureau of Statistics Management of Business Providers 1 The principa objective of the Austraian Bureau of Statistics (ABS) in respect of business providers is to impose the owest oad

More information

The Domestic Market for Short-term Debt Securities

The Domestic Market for Short-term Debt Securities The Domestic Market for Short-term Debt Securities Matthew Boge and Ian Wison* The Domestic Market for Short-term Debt Securities The market for short-term debt is dominated by the issuance of bank securities.

More information

Order-to-Cash Processes

Order-to-Cash Processes TMI170 ING info pat 2:Info pat.qxt 01/12/2008 09:25 Page 1 Section Two: Order-to-Cash Processes Gregory Cronie, Head Saes, Payments and Cash Management, ING O rder-to-cash and purchase-topay processes

More information

Example of Credit Card Agreement for FIA Card Services Platinum Plus and Preferred MasterCard and Visa accounts

Example of Credit Card Agreement for FIA Card Services Platinum Plus and Preferred MasterCard and Visa accounts Exampe of Credit Card Agreement for FIA Card Services Patinum Pus and Preferred MasterCard and Visa accounts This information is accurate as of June 30, 2014. This credit card program is issued and administered

More information

VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS. June 2004 - publication no. 8A/04

VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS. June 2004 - publication no. 8A/04 STICHTING VAN DE ARBEID REVISION VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS June 2004 - pubication no. 8A/04 Vaue transfer of pension rights in the Netherands 1. Introduction The opportunity to

More information

Finance 360 Problem Set #6 Solutions

Finance 360 Problem Set #6 Solutions Finance 360 Probem Set #6 Soutions 1) Suppose that you are the manager of an opera house. You have a constant margina cost of production equa to $50 (i.e. each additiona person in the theatre raises your

More information

Example of Credit Card Agreement for Bank of America Platinum Plus and Preferred MasterCard and Visa accounts

Example of Credit Card Agreement for Bank of America Platinum Plus and Preferred MasterCard and Visa accounts Exampe of Credit Card Agreement for Bank of America Patinum Pus and Preferred MasterCard and Visa accounts This information is accurate as of June 30, 2014. This credit card program is issued and administered

More information

Teamwork. Abstract. 2.1 Overview

Teamwork. Abstract. 2.1 Overview 2 Teamwork Abstract This chapter presents one of the basic eements of software projects teamwork. It addresses how to buid teams in a way that promotes team members accountabiity and responsibiity, and

More information

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS John N.. Var arvatsouakis atsouakis DURING the present time,

More information

A short guide to making a medical negligence claim

A short guide to making a medical negligence claim A short guide to making a medica negigence caim Introduction Suffering from an incident of medica negigence is traumatic and can have a serious ong-term impact on both the physica and menta heath of affected

More information

On-Line Banking Application

On-Line Banking Application OnLine Banking Appication 1st Name: SSN/Tax ID #: Work Phone: City born in: Fax: Mother's Maiden Name: Emai Address: 2nd Name: SSN/ax ID#: Work Phone: City born in: Fax: Mother's Maiden Name: Emai Address:

More information

Income Protection Solutions. Policy Wording

Income Protection Solutions. Policy Wording Income Protection Soutions Poicy Wording Wecome to Aviva This booket tes you a you need to know about your poicy, incuding: what to do if you need to caim what s covered, and expanations of some of the

More information

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market Structura Deveopments and Innovations in the Asset- Backed Commercia Paper arket ark H. Adeson anaging Director, Asset-Backed Commercia Paper oody s Investors Service Strategic Research Institute 1997

More information

Delhi Business Review X Vol. 4, No. 2, July - December 2003. Mohammad Talha

Delhi Business Review X Vol. 4, No. 2, July - December 2003. Mohammad Talha Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 TREATMENT TMENT OF GOODWILL IN ACCOUNTING Mohammad Taha GOODWILL is usuay ony recorded in an accounting system when a company purchases an unincorporated

More information

Imperial Canadian Dividend Income Pool. Interim Management Report of Fund Performance

Imperial Canadian Dividend Income Pool. Interim Management Report of Fund Performance Imperia Canadian Dividend Income Poo Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management

More information

LESSON 13 TIME VALUE OF MONEY 13.0 AIMS AND OBJECTIVES 13.1 INTRODUCTION CONTENTS

LESSON 13 TIME VALUE OF MONEY 13.0 AIMS AND OBJECTIVES 13.1 INTRODUCTION CONTENTS Accounting and Finance for Managers LESSON 13 TIME VALUE OF MONEY CONTENTS 13.0 Aims and Objectives 13.1 Introduction 13.2 Foundations of The Time Vaue of Money 13.3 Cassifications of The Time Vaue of

More information

LESSON LEVERAGE ANALYSIS 21.0 AIMS AND OBJECTIVES 21.1 INTRODUCTION 21.2 OPERATING LEVERAGE CONTENTS

LESSON LEVERAGE ANALYSIS 21.0 AIMS AND OBJECTIVES 21.1 INTRODUCTION 21.2 OPERATING LEVERAGE CONTENTS LESSON 21 LEVERAGE ANALYSIS CONTENTS 21.0 Aims and Objectives 21.1 Introduction 21.2 Operating Leverage 21.3 Financia Leverage 21.4 EBIT-EPS Anaysis 21.5 Combined Leverage 21.6 Let us Sum up 21.7 Lesson-end

More information

Introduction the pressure for efficiency the Estates opportunity

Introduction the pressure for efficiency the Estates opportunity Heathy Savings? A study of the proportion of NHS Trusts with an in-house Buidings Repair and Maintenance workforce, and a discussion of eary experiences of Suppies efficiency initiatives Management Summary

More information

INTERNATIONAL PAYMENT INSTRUMENTS

INTERNATIONAL PAYMENT INSTRUMENTS INTERNATIONAL PAYMENT INSTRUMENTS Dr Nguyen Minh Duc 2009 1 THE INTERNATIONAL CHAMBER OF COMMERCE THE ICC AT A GLANCE represent the word business community at nationa and internationa eves promotes word

More information

INVESTMENT MANAGEMENT Client Disclosure Document

INVESTMENT MANAGEMENT Client Disclosure Document INVESTMENT MANAGEMENT Cient Discosure Document 2015 This Investment Management Cient Discosure Document provides information about the quaifications and business practices of Brown Brothers Harriman &

More information

Pricing and hedging of variable annuities

Pricing and hedging of variable annuities Cutting Edge Pricing and hedging of variabe annuities Variabe annuity products are unit-inked investments with some form of guarantee, traditionay sod by insurers or banks into the retirement and investment

More information

Budgeting Loans from the Social Fund

Budgeting Loans from the Social Fund Budgeting Loans from the Socia Fund tes sheet Pease read these notes carefuy. They expain the circumstances when a budgeting oan can be paid. Budgeting Loans You may be abe to get a Budgeting Loan if:

More information

CIBC Global Technology Fund. Interim Management Report of Fund Performance

CIBC Global Technology Fund. Interim Management Report of Fund Performance CIBC Goba Technoogy Fund Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of

More information

Admission Document. Nominated Advisor & Broker

Admission Document. Nominated Advisor & Broker Admission Document Nominated Advisor & Broker THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document, you shoud consut your stockbroker,

More information

A practical guide to personal financial advice Finding the right financial adviser and advice that works for you. Getting advice

A practical guide to personal financial advice Finding the right financial adviser and advice that works for you. Getting advice A practica guide to persona financia advice Finding the right financia adviser and advice that works for you Getting advice About ASIC The Austraian Securities and Investments Commission (ASIC) reguates

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

Surface Transforms Plc Registered number 03769702

Surface Transforms Plc Registered number 03769702 Surface Transforms Pc Registered number 03769702 Annua Report and Financia Statements Contents for the year ending 31 March 2008 2 Highights 3 Chairman s Statement 5 Strategic Report 8 Directors Report

More information

ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES

ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES Product Features 1. System 2. Saes Ledger Unimited companies with password protection User security Muti-user system: 1 user comes as standard, up to

More information

DOING BUSINESS WITH THE REGION OF PEEL A GUIDE FOR NEW AND CURRENT VENDORS

DOING BUSINESS WITH THE REGION OF PEEL A GUIDE FOR NEW AND CURRENT VENDORS DOING BUSINESS WITH THE REGION OF PEEL A GUIDE FOR NEW AND CURRENT VENDORS TABLE OF CONTENTS INTRODUCTION... 1 GOVERNANCE... 1 COMMONLY PURCHASED GOODS AND SERVICES... 1 HOW TO REGISTER YOUR COMPANY...

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

Corporate Governance. f o r M a i n M a r k e t a n d a i M C o M p a n i e s

Corporate Governance. f o r M a i n M a r k e t a n d a i M C o M p a n i e s Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s The London Stock Exchange woud ike to thank the foowing organisations for their contributions to this guide: Corporate Governance

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

DRIVING UNDER THE INFLUENCE ACT

DRIVING UNDER THE INFLUENCE ACT Driving Under the Infuence Act 13 MIRC Ch.3 TITLE 13 MOTOR VEHICLES CHAPTER 3 - DRIVING UNDER THE INFLUENCE s Repubic of the Marsha Isands Jepipiin Ke Ejukaan DRIVING UNDER THE INFLUENCE ACT Arrangement

More information

Imperial Global Equity Income Pool. Interim Management Report of Fund Performance

Imperial Global Equity Income Pool. Interim Management Report of Fund Performance Imperia Goba Equity Income Poo Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report

More information

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations.

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations. c r o s os r oi a d s REDISCOVERING THE ROLE OF BUSINESS SCHOOLS The current crisis has highighted the need to redefine the roe of senior managers in organizations. JORDI CANALS Professor and Dean, IESE

More information

Fixed Rate Loan Payment Protection Insurance

Fixed Rate Loan Payment Protection Insurance Fixed Rate Loan Payment Protection Insurance Poicy Document Page 1 of 16 Fixed Rate Loan Payment Protection Insurance Poicy document Fixed Rate Loan Payment Protection Insurance Poicy Document Page 2 of

More information

MOTOR FLEET. www.armadaunderwriting.com.au

MOTOR FLEET. www.armadaunderwriting.com.au I N S U R A N C E B A S I C MOTOR FLEET I N S U R A N C E B A S I C MOTOR FLEET This document is a combined product discosure statement and poicy wording. (30 June, 2012) PART A PRODUCT DISCLOSURE STATEMENT

More information

July 2014. separation

July 2014. separation Juy 2014 separation When a marriage breaks down, the coupe can arrange for a forma separation. The coupe may eventuay decide to divorce (see separate information eafet on Divorce). There are two different

More information

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM The New Jersey Department of Human Services Division of Deveopmenta Disabiities 1 IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM Eizabeth M. Shea Assistant Commissioner Thomas S.

More information

Protection Against Income Loss During the First 4 Months of Illness or Injury *

Protection Against Income Loss During the First 4 Months of Illness or Injury * Protection Against Income Loss During the First 4 Months of Iness or Injury * This note examines and describes the kinds of income protection that are avaiabe to workers during the first 6 months of iness

More information

Qualifications, professional development and probation

Qualifications, professional development and probation UCU Continuing Professiona Deveopment Quaifications, professiona deveopment and probation Initia training and further education teaching quaifications Since September 2007 a newy appointed FE ecturers,

More information

Auto-Enrolment Services

Auto-Enrolment Services www.mitchecharesworth.co.uk Auto-Enroment Services Part 1: A Unified Soution for Empoyers A combined Payro and Pensions approach to meet your Auto-Enroment obigations autoenroment@mitchecharesworth.co.uk

More information

l l ll l l Exploding the Myths about DETC Accreditation A Primer for Students

l l ll l l Exploding the Myths about DETC Accreditation A Primer for Students Expoding the Myths about DETC Accreditation A Primer for Students Distance Education and Training Counci Expoding the Myths about DETC Accreditation: A Primer for Students Prospective distance education

More information

The Future of Banking in America

The Future of Banking in America The Future of Banking in America The Effect on U.S. Banking of Payment System Changes by Nei B. Murphy* Introduction It is now three decades since the dawn of the checkess, cashess society was procaimed.

More information

Your Car Insurance Policy Booklet

Your Car Insurance Policy Booklet Your Car Insurance Poicy Booket Contents What to do in the event of a caim? 3 Important notice 3 Materia Facts - Duty of Discosure 3 Caring for our customers 4 Keeping your poicy up to date 5 Our Terms

More information

Chapter 3: e-business Integration Patterns

Chapter 3: e-business Integration Patterns Chapter 3: e-business Integration Patterns Page 1 of 9 Chapter 3: e-business Integration Patterns "Consistency is the ast refuge of the unimaginative." Oscar Wide In This Chapter What Are Integration Patterns?

More information

MS INTERNATIONAL plc. Annual Report 2013

MS INTERNATIONAL plc. Annual Report 2013 MS INTERNATIONAL pc Annua Report 2013 Contents The year in brief 2 Chairman s Statement 3 Directors and advisers 5 Report of the directors 6 Statement of directors responsibiities 10 Report of the auditors

More information

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING Part 1 A conceptua framework: setting the scene 1 Who needs accounting? 2 A systematic approach to financia reporting: the accounting equation 3 Financia statements from the accounting

More information

NCH Software MoneyLine

NCH Software MoneyLine NCH Software MoneyLine This user guide has been created for use with MoneyLine Version 2.xx NCH Software Technica Support If you have difficuties using MoneyLine pease read the appicabe topic before requesting

More information

TRUTH IN SAVINGS DISCLOSURE

TRUTH IN SAVINGS DISCLOSURE Print Form Page 1 200 St. Chares Ave., New Oreans, LA 70130 504-561-6124 1-800-223-2060 TRUTH IN SAVINGS DISCLOSURE Account Type: Account #: Date: Free Checking This discosure contains the rues which govern

More information