Regulations for the the Regulation of Investment Advice and Investment Portfolio Management (Request for License, Examinations and fees), i
|
|
- Sheena Phelps
- 8 years ago
- Views:
Transcription
1 The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. Only the original Hebrew text is binding and reader is advised to consult the authoritative Hebrew text in all matters which may affect them. Regulations for the the Regulation of Investment Advice and Investment Portfolio Management (Request for License, Examinations and fees), i By virtue of my authority under Section 5 of the the Regulation of Investment Advice and Investment Portfolio Management Law , (herein: the Law), in accordance with the Authority's proposal and in accordance with Sections 7, 8, 30, 41, and 42 of the Law, and with approval of the Knesset Finance Committee, I hereby enact the following: Chapter 1: Request for a License Request by an Individual 1. A request by an individual shall include inter alia these details and documents: (1) A declaration that the applicant is at least twenty one years of age, is a citizen or resident of Israel and has not been convicted of an offense; (2) Certification by the Authority that the applicant has passed the investment advice or the portfolio manager examinations, as appropriate, which are conducted in accordance with these Regulations, or has been exempted from them; (3) Certification by an instructor or the Authority as purported in Regulation 23(a); (4) Certification signed by a certified public accountant that the applicant holds insurance as required pursuant to Regulation 3 of the Regulations for the the Regulation of Investment Advice and Investment Portfolio Management (Equity and Insurance), 1997 (herein: "the Insurance Regulations"); (5) Photocopy of the fee payment voucher pursuant to Regulation 24(a). Request by a partnership 2. A request by a partnership for a consultancy license shall include inter alia these details and documents: (1) A declaration by the partners that they are license holders. (2) An undertaking that a person acting in the name of the partnership in providing investment advice shall be the partners or partnership employees that hold a license;
2 (3) Certification signed by a certified public accountant that the applicant holds insurance as required pursuant to Regulation 3 of the Insurance Regulations; (4) Photocopy of the fee payment voucher pursuant to Regulation 24. Request by a company 3. (a) A request by a company for a license shall include inter alia the following details and documents: (1) Certification signed by a certified public accountant that the company has the required equity pursuant to Regulation 2 of the Insurance regulations; (2) Certification signed by a certified public accountant that the company has insurance, a bank guarantee deposit or bond as required pursuant to Regulations 3 and 6 of the Insurance regulations; (3) Regarding a company requesting a portfolio manager's license - also a declaration by an office holder that the company operates solely in the field of portfolio management, investment advice or execution of stock market transactions and related actions and does not operate in the field of underwriting; (4) Photocopy of the fee payment voucher pursuant to Regulation 24(c). A company requesting a license shall submit to the Authority, together with its request, the following undertakings: (1) Regarding a company requesting an investment advice license - that whoever is engaged on its behalf in providing investment advice shall be company employees who are license-holders. (2) Regarding a company requesting a portfolio manager's license - that whoever are engaged on its behalf in portfolio management shall be company employees who are licensed portfolio managers; (3) That no person shall serve as an office holder if it is known to the company that the person has been found guilty of an offense.
3 Annual fee 4. (a) An individual, partnership or company who are holders of an investment advisors license or a portfolio manager's license shall pay to the Authority on 1 April each year an annual fee as detailed in Regulation 27. (c) An individual who is a license holder, who notifies the Authority in writing up until 1 April of each year of the suspension of his license for a period he requests shall be exempt from payment of the annual fee until the end of the said period; having given notification of renewal of his license, he shall pay the full fee for the year in which the license was renewed. Sub-regulation shall not apply to an individual whose license has been suspended by the disciplinary committee pursuant to Section 35(a)(4) of the law, for the duration of the suspension period. Chapter 2: Examinations Examination dates 5. (a) Investment advice and portfolio management examinations shall be carried out under the supervision of the Authority or on their behalf at least twice a year. The authority shall determine the location of the examinations, their dates, and dates for submission of requests to be examinamined; notice of same shall be published in the Official Gazette and in two daily newspapers of extensive circulation published in Israel in the Hebrew language. Requests to be examined 6. A request for examination shall be submitted to the Authority by the date published pursuant to Regulation 5; to the application shall be attached a photocopy of the fee payment voucher pursuant to Regulation 25(a). Examination subjects 7. (a) The subjects for examination for investment advice shall be as detailed in the First Annex. The subjects for examination for portfolio management shall be as detailed in the First and Second Annex. Examination arrangements
4 8. (a) The examinations shall be in writing. The examinations shall be in Hebrew, but the Authority is authorized to permit the candidate to answer the questions in languages to be determined. Examiners and Markers 9. (a) The Authority shall appoint examiners to write the examination questions, in general or for a particular examination or particular subjects, and shall set their remuneration. The authority shall appoint markers to mark the examination booklets, in general or for a particular examination or particular subjects, and shall set their remuneration. Examination results 10. (a) The results of the examinations shall be determined by the marker and shall be determined by him as a number of points between 0 and 100. (c) (d) A candidate receiving less than sixty points for a particular examination shall be considered as having failed that examination. Where the marker has set a mark of between fifty and fifty-nine, the examination shall be checked by an additional marker. Where an examination is checked by two markers and there is a difference of opinion between them, the higher of the two marks shall apply. Appeal 11. (a) A candidate is permitted to appeal the grade received for an examination; the appeal shall be submitted in writing, duly reasoned, within thirty days of publication of grades by the Authority, and shall be accompanied by a photocopy of the fee payment voucher pursuant to Regulation 25. (c) A candidate requesting to appeal the mark received is permitted to receive a photocopy of the examination booklet which is the subject of the appeal. The authority shall appoint markers to examine the appeal; the marker who checked the examination booklet which is the subject of the appeal shall not be appointed to check the appeal.
5 (d) (e) The Authority shall inform the appellant at to its decision within fortyfive days from the last date for submission of appeals. The appeal decision is final and cannot be further appealed. Certification of completion of examinations 12. A candidate who has passed all the examinations in respect of which he has not been exempted pursuant to Regulation 14, is entitled to receive, in accordance with a written application submitted to the Authority, certification of completion of the investment consultancy or investment portfolio examinations, as applicable. Supervisors (Amended 5764) 12a. (a) The Authority shall appoint supervisors for examinations in general or for a particular examination; the supervisors can also be persons who are not Authority employees. The candidate is required to obey the examination supervisor's instructions. Discipline (Amended 5764) 13. (a) Where a candidate breaches the discipline during the course of an examination, the supervisor is permitted to terminate his examination and to remove him from the examination hall; for this purpose "breach of discipline" - including the possesion of a book, list or other written material which has not been permitted, and also the possession of earphones, mobile telephone and any form of recording or communications device, disturbance of the regular process of the examination or talking, transfer of material to another candidate, responding to an approach by another candidate, making contact with another person or any other infringement of instructions given by the supervisor. Where a candidate breaches the discipline pursuant to sub-regulation (a), whether his examination has been terminated and he has been ordered out of the examination hall or whether warned without his examination having been terminated or his not having been removed from the examination hall, the Authority is permitted to disqualify his examination; the Authority is also permitted to prohibit him from taking the examination at other dates, whether in the same subject or other subjects.
6 (c) The Authority shall not reach a decision pursuant to sub-regulation unless it gives the candidate an opportunity to make representations. Exemption from examination 14. (a) An individual requesting a license shall be exempt - (1) From part of the "Securities Law and Professional Ethics" examination relating to securities law if he is an attorney, certified public accountant or can prove that he has studied courses in corporate law or securities law at a recognized institution; (2) From the Accounting examination if he is a certified public accountant or has an academic degree in accounting or can prove that he has studied an fundamentals of accounting course at a recognized institution; (3) From the Statistics and Finance examination if he is a certified public accountant or can prove that he has studied courses in Statistics and fundementals of Finance at a recognized institution; (4) From the Economics examination if is a certified public accountant or has an academic degree in economics or can prove that he has studies an Introduction to Economics course at a recognized institution. (5) From the Securities and Financial Instruments Analysis examination and from the Portfolio Management examination if he has a masters degree or doctorate in Business Administration or Economics majoring in finance, or can prove that he has studied courses in securities analysis, financial instruments and investment portfolio management. A request for exemption from an examination or part thereof pursuant to sub-regulation (a)(1) shall be submitted to the Authority accompanied by the relevant documentation and a photocopy of the fee payment voucher pursuant to Regulation 25(c). (c) In this regulation - "Studied" - Registered for a course, examined and successfully passed the examination; "Academic degree", "masters degree", or "doctorate" - from a recognized institution; "Recognized institution" - one of the following:
7 Intern's trainer (1) An institution in Israel which is recognized as a institute of higher education pursuant to the Higher Education Law, ; (2) A foreign institution which is recognized for the purpose of this provision, by a university or institute of technology in Israel which is a recognized institution in accordance with paragraph (1). Chapter Three - Internship 15. (a) An intern in investment advice shall carry out his internship with a holder of a license who has at least five years inexperience as an investment advisor or portfolio management or both, in Israel. An intern in portfolio management shall carry out his internship with a holder of a license in portfolio management of at least five years experience in portfolio management. Number of interns with one trainer 16. No more than two interns shall carry out their internship at the same time with a trainer, unless authorized by the Authority. Supervision of interns 17. (a) A person shall not be registered for internship in investment advise unless he has passed all the examinations in the First Annex or has received an exemption from them pursuant to regulation 14. A person shall not be registered for internship in portfolio management unless he has passed all the examinations in the First and Second Annexes or has received an exemption from them pursuant to regulation 14. Commencement of internship 18. (a) A person wishing to register as an intern shall submit a request to the Authority and shall attach to it an undertaking in accordance with the form in the Third Annex, signed by a trainer, confirmation of completion of examinations pursuant to Regulation 12 and a photocopy of the fee payment voucher pursuant to Regulation 26. The date of commencement of the internship shall not be prior to receipt by the Authority of all the documents pursuant to sub-regulation (a). Internship period
8 19. (a) The intern shall work with his trainer at least 30 hours a week. (c) (d) The period of internship for an investment advisor shall be six months and the internship for a portfolio manager shall be nine months. An intern who is absent from his work with his trainer for more than fourteen days during the internship period, the end of the internship period shall be postponed for the number of days exceeding fourteen. Notwithstanding the aforementioned in sub-regulation, absence of an investment advice intern from work with his trainer in excess of one hundred days, or where a portfolio management intern is absent from his work with a trainer for more than one hundred and twenty days during the internship period, the days they worked with their trainer shall not be included in the number of days required for the internship period. Supervision of interns 20. (a) The Authority shall supervise interns. The Authority is permitted to enquire with the trainer and the intern as to the quality of the internship and to visit the where the internship is carried out. Cessation of internship by the Authority 21. (a) Where the Authority sees that the work of the intern with the trainer is improper, it shall inform the intern and the trainer of the suspension of the internship of the intern with the trainer, and shall set a date on which they can make representations to it, should they so desire. (c) The Authority, having heard representations by the intern and the trainer, or if they fail to appear to make their representations on the duly set date, is permitted to decide to terminate the internship of the intern with the trainer, from the date it has decided. The Authority shall decide whether to take into account the period of internship of the intern with the same trainer until the date of termination of the internship, and its decision shall be communicated to the trainer and to the intern. Breach of undertaking by a trainer 22. A trainer who is in breach of his undertaking pursuant to Regulation 18 or failed to fulfill any of the provisions of the Regulations relating to employment of interns, shall be accused of behavior inappropriate for a licensee. Completion of internship
9 23. (a) The internship period having ended, the intern shall submit to the Authority a trainer certificate in accordance with the format contained in the Fourth Annex; the Authority shall grant him, at his request, certification of completion of the internship. The certificate of completion of internship shall be sufficient proof of the completion of the internship. Chapter Four: Fees License request fee [Amendments: 5757, 5758, 5758 (no. 2), 5759, 5760 (no. 2), 5761, 5762, 5762 (no. 2), 5763] 24. (a) An individual applying for a license shall pay the Authority a fee of 256 New shekels. An partnership applying for a license shall pay the Authority a fee of 386 New shekels. (c) A company applying for a license shall pay the Authority a fee of 513 New shekels. Examination and appeal fees [Amendments: 5757, 5758, 5758 (no. 2), 5759, 5760 (no. 2), 5761, 5762, 5762 (no. 2), 5763] 25. (a) A person requesting to be examined in an examination shall pay the Authority a fee of 386 new shekels. (c) An examinee wishing to appeal a grade received in an examination shall pay the authority a fee of 386 new shekels; where the grade is raised as a result of the appeal to 60 or higher, the appeal fee shall be refunded to the appellant. A person requesting exemption from examinations shall pay the authority a fee of 386 new shekels for each request; where the request is for an exemption from a single examination - the fee payable to the Authority shall total 256 new shekels. Intern registration fee [Amendments: 5757, 5758, 5758 (no. 2), 5759, 5760 (no. 2), 5761, 5762, 5762 (no. 2), 5763] 26. A person requesting registration as an intern shall pay the Authority a fee of 256 new shekels.
10 Annual license fee [Amendments: 5757, 5758, 5758 (no. 2), 5759, 5760 (no. 2), 5761, 5762, 5762 (no. 2), 5763] 27. (a) The annual fee for an individual investment advisor or portfolio manager new shekels. (c) The annual fee for an investment advisory partnership - 1,282 new shekels. The annual fee for an investment advisory or portfolio management company - 3,857 new shekels. Fees adjustment 28. (a) On January 1 st and July 1 st of each year (herein: the "Adjustment Date") the fee's pursuant to these Regulations shall be amended in accordance with the rate of increase of the index published for May 1996 up until the index published most recently prior to the adjustment; for this purpose, "index" - the Consumer Price Index published by the Central Bureau of Statistics. The fee's payable shall be rounded to the nearest whole new shekel. Commencement 29. The commencement date for these regulations shall be 28 th Kislev 5757 (9 th December 1996). (Amendment 5764) 30. (Cancelled)
11 First Annex (Regulation 7(a)) 1. Securities Law and Professional Ethics Requirements The candidate is required to prove knowledge of securities law, including subjects concerning an initial public offering of securities and the secondary market processes, the Joint Investments Trust Law, 1994 and its associated regulations and fundamental concepts in corporate law. The candidate shall show proficiency in the the Regulation of Investment Advice and Investment Portfolio Management Law , and its associated regulations, commencing with the definition of activities requiring a license, through the duties imposed on a license holder and ending with disciplinary offences, judgement and punishments; the candidate shall be required to demonstrate familiarity with the Securities Law, 1968, regarding securities fraud, prohibition on insider trading and offenses by a member of the Stock Exchange; the candidate shall demonstrate proficiency with the Penal Law, 1977, with respect to offenses of fraud, forgery, deception, falsified company documents, offenses by company managers and employees, the Privacy Protection Law, 1981 with regard to the invasion of privacy offense. The candidate shall demonstrate general understanding of ethical behavior and professional responsibility required of those acting in advise and management of investment portfolios. Details of subjects for the Securities Law and Professional Ethics examination Part A - Securities Law a. Securities Law, 1968, and its associated regulations 1. The Securities Authority: its functions, powers and mode of operation. 2. Public offerings of securities, the requirement to publish a prospectus and exemptions therefrom. 3. Details of prospectus, its structure and format. 4. Public offerings procedures and notice of results 5. Immediate and periodic reports 6. Directors report, its nature, structure and format 7. Criminal liability: a. In respect of a misleading detail in a prospectus, in an immediate report or in a periodic report.
12 b. Criminal liability of directors, office holders in a company and experts. 8. Civil liability: a. Civil liability of owners of a controlling interest, directors, chief executive and experts. b. Class action. b. Basic concepts in the Mutual Investments in Trust Law, 1994, and its associated regulations: 1. Mutual fund - its nature and mode of establishment. 2. The functions of the trustee. 3. Responsibilities of the fund manager. 4. Details of fund prospectus, its structure and format. 5. Open mutual fund, closed mutual fund, changes in their classification and their liquidation. 6. Immediate reports, monthly reports, report of unit holdings, report on voting at General Meetings. 7. Publication of purchase and selling prices, unit price and redemption price of an open fund, publication of unit price and its value in the case of a closed fund. c. Basic concepts in corporate law, including: 1. Memorandum of Association, Articles and amendments. 2. Powers and functions of directors. 3. Responsibility of office holders. 4. Approval of dealings with company office holders. 5. Shareholders meetings. 6. Share capital and changes thereto. d. the Regulation of Investment Advice and Investment Portfolio Management Law Definition of areas of activity of investment advisors and portfolio managers
13 2. Licensing of investment advisors and portfolio managers. 3. Requirements of investment advisors and portfolio managers a. Fidelity of a license holder according to the law and common law. b. Prudence requirements of a license holder. c. Confidentiality requirement. d. Matching of service to client's requirements. e. Signing of a written agreement between the customer and the license holder. f. Adequate disclosure requirements and special risks. g. Prohibition on preferential treatment. h. Prohibition of receipt of incentives. 4. operational rules for portfolio managers: a. Separation in holding and managing of client assets. b. Prohibition of use of client assets. c. Fees and expenses. 5. Recording and reporting a. Recording of transactions. b. Reporting to client. c. Reporting to the Securities Authority. 6. Disciplinary offences and disciplinary adjudication. 7. Penal.
14 Part B - Professional Ethics a. Securities offenses under the Securities Law, Securities fraud, including coordinated orders, artificial influencing of share prices, splitting of orders etc. 2. Prohibition on use of insider information. 3. Offenses by an employee of a stock exchange member. b. General ethics 1. Location where advice is given 2. Advisor independence. 3. Fiduciary requirement to the client. 4. Duty in matching advice to the client's needs. 5. Duty to use information and supply it to the client. 6. Duty to give skilled and prudent recommendations while providing a balanced presentation of the risks and opportunities, whilst emphasizing special risks. 7. Giving fair service to clients. 8. Use of information received in trust. 9. Prohibition of the use of information regarding future client actions (front running). 10. Other behavior unbecoming a license holder. 11. Chapters 3 and 4 of the the Regulation of Investment Advice and Investment Portfolio Management Law Accounting Requirements The candidate shall demonstrate an understanding of reading of balance sheets, profit and loss statements, statements of changes in equity and cash flow statements and the securities regulations relating to the preperation of financial statements. The candidate shall demonstrate knowledge of analysis of the financial statements and an understanding of the different financial ratios.
15 Detail of subjects for the accounting examination a. Generaly Accepted accounting principles and their effect on financial reporting: 1. Going concern principle. 2. Prudence principle. 3. Accruals basis as opposed to cash basis. 4. Historic cost principle. 5. The principle of matching income and expenditure. 6. The principle of full disclosure. 7. The principle of materiality. 8. The principle of consistency and comparability of financial statements over time. b. Structure of financial statements I Balance Sheet 1. Structure of balance sheet groups. 2. Cash and cash equivalents. 3. Inventory - methods of presentation 4. Investments in securities - valuation methods. 5. Fixed assets - recording and depreciation methods. 6. Other assets and deferred expenses - recording and depreciation methods 7. Liabilities - presentation and reporting basis 8. Balance sheet provisions for contingencies. 9. Equity composition II Profit and Loss Statement 1. The basis for recognition of revenues in financial statements. 2. The structure of statements.
16 3. Presentation of taxes on revenues - current and deferred taxes. 4. Presentation of capital gains and losses. 5. Finance expenses. 6. Extraordinary items. III IV Statements of changes in equity - structure and composition Cash Flow Statement 1. Cash flows from normal operations. 2. Cash flows from investment operations. 3. Cash flows from financing operations. c. Inflation adjusted financial statements. d. Consolidated financial statements. e. Balance sheet value system. f. Notes to the financial statements (accounting policy note, pending liabilities and agreements etc.). g. Post-balance sheet date events - mode of expression in the financial statements. h. Profit per share and its significance. i. Interim financial statements - structure and content of the statements. j. Analysis of financial statements: - Financial ratios - Liquidity ratios. - Profitability ratios. - Financial soundness ratios. - Operating indices (efficiency).
17 3. Statistics and finance Requirements The candidate shall demonstrate knowledge of basic financial calculations with respect to interest calculations, present and future value and returns. The candidate will be able to calculate central values and indices of dispersion of statistical series (expectancy and variance). The candidate shall demonstrate an understanding of the normal distribution and the significance of regression analysis including an understanding of the results obtained from such an analysis. Detail of subjects for the Statistics and Finance examination a. Statistics 1. Descriptive statistics 2. Random variables-expectancy varience. 3. Normal distribution 4. Understanding of simple regression 5. Probability b. Financial calculations 1. Interest calculations: - Compound interest - Real interest - Effective interest 2. Present value method 3. Internal rate of return method 4. Calculation of rates of return and standard deviation 5. The expectation/variance model c. Principles of financial asset management: 1. Use of the dominance model 2. Efficiency curve
18 3. Uses of the CAPM market portfolio model 4. Economics Requirements The candidate shall understand the working of markets for various products, in situations offree competition without governmental intervention, in situations of government intervention, and under conditions of imperfect competition. The candidate shall understand the activity of the economy as a whole, including the reasons for business cycles and the operation of fiscal and monetary policy. In addition a basic understanding of international trade and the foreign currency markets is required. Apart from a general understanding of all of the aforementioned, specific familiarity is required of the Israeli economy and the processes and systems characterizing it. Detail of subjects for the Economics examination a. Basics of micro-economics 1. The shortage phenomenon and the proceeds curve 2. Behavior of the individual and the firm 3. Demand and supply curves (elasticity calculation) 4. Setting the equilibrium under conditions of competition 5. Government intervention 6. Imperfect competition (monopoly) b. Basic macro-economics 1. National accounting 2. Measuring national economic production 3. Fiscal policy 4. The money market 5. Monetary policy c. Basic international economics 1. Balance of payments
19 2. Relative advantage 3. The foreign currency market 4. Exchange rate policy 5. Securities analysis and financial instruments Requirements The candidate shall have knowledge about the structure of the capital market in Israel and the various indices summarizing capital market activity. In addition the candidate will recognize the assets and various financial instruments including the taxation thereof, trading methods, methods for calculation of prices of financial instruments and the significance the parameters published by the stock exchange regarding them. The advisor and the portfolio manager shall demonstrate knowledge of the various methods for valuation of companies, valuation of bonds and methods of analyzing the risks in investing in government and corporate bonds, and their inclusion in an investment portfolio. The candidate shall demonstrate an understanding of the way in which financial instruments can be utilized for the efficient management of an investment portfolio (hedging of risks) and the methods of calculation of the risks entailed in investing in financial instruments. Details of the subjects for the Securities Analysis and Financial Instruments examination a. Familiarity with financial assets and the taxation thereof - Mutual funds - Securities - Savings plans - Provident funds - Derivative financial instruments (options and futures) - Securities of Israeli corporations traded in markets outside Israel - Foreign currency b. Listing for trading and trading methods
20 - Listing of securities - Trading methods on the stock market (limit, best order, leader, partial execution) - Variables and the MAOF indices - Trading methods on world stock exchanges where Israeli securities are traded c. Implications of investment in securities 1. Factors affecting returns 2. Factors affecting securities analysis 3. Structural changes d. Price adjustments 1. Dividends 2. Bonus shares 3. Rights 4. Evaluation of issue package e. Evaluation of companies: - Asset value - Market value - Multiplier - Amortization of cash flows - Measures of risk: f. Clearing Financial risk - capital structure of the company Operational risk - Structure of company expenses Business risk - Trends and competition in the sector, exposure to imports - Listed companies
21 - Proxies g. Fixed income securities - Types of government bonds and mode of issue - Non-government bonds - The international bond market h. The time structure of interest rates - The returns curve - Expectations theory - Liquidity premium theory - Market segmentation theory i. Valuation of bonds - Criteria in valuation of bonds (return, taxation) - Risk measurement (the rating system) - Leverage (sensitivity to changes in interest rates - Analysis of convertible bonds - Duration j. Financial instruments Familiarity with different financial instruments (options, futures contracts, forward, swaps, futures on foreign currency, assets, future short term government bonds, securities and interest rates), procedures for working with financial instruments in Israel. k. Investment strategies 1. Strategies and the matching to the market Naked strategies Combination strategies - saddle and trough Spread and butterfly strategies
22 2. Quantification of risk 3. Hedging of risks l. Options pricing 1. The naïve model 2. The binomial model 3. The Black and Scholes model 4. Sensitivity of option prices to changes in parameters 5. Valuation of warrants m. Stock exchange sureties system and its management
23 Second Annex (Regulation 7) Portfolio Management examination a. Evaluation of the performance of an investment portfolio 1. Performance measures 2. Comparison of similar portfolios b. Investment portfolio risk management 1. Dynamic investment portfolio risk management 2. Dynamic investments strategies and risk hedging Third Annex Undertaking (Regulation 18) I,.. holder of identity card no holder of investment advisor/portfolio manager license (*) no... hereby declare that: 1. Address of my place of work I have received Ms/Mr...holder of identity card no. as an intern for a period of.months in accordance with the the Regulation of Investment Advice and Investment Portfolio Management Law and the Regulations associated with it. 3. For as long as Ms/Mr is in my service, he will work solely in investment advice/portfolio management(*) under my supervision, for thirty hours a week. 4. Should Ms/Mr continually fail to come to work or will be absent for a continuous period exceeding one/one hundred and twenty (*) days, or if he leaves his work under my supervision, I will immediately inform the Authority of same. 5. Should I wish to bring the internship of Ms./Mr under my supervision to an end, I will inform the Authority as to my reasons. Date (*) Delete non-required. Signature
24 Fourth Annex (Regulation 23(a)) Certification by trainer of completion of internship I holder of identity card no. and whose work address is. hereby declare that Mr. holder of identity card no.. worked in my office as an intern from.. until.. and that during this period: 1. Was permanently present in my office (excluding the dates below) for no less than..hours per week. 2. Was absent from work for the following periods for the reasons as detailed: From. Until.. Reason:. From. Until.. Reason:. 3. Worked in my office in the following types of work As far as I am aware, he worked in other permanent employment as follows:. Date.. Signature
25 11 th Shvat 5757 (19 January 1997) Dan Meridor 1 RC 5808, 5757 ( ,page 352 Amendments: RC 5837, 5757 ( ), page 892; RC 5869, 5758 ( ), page 990 [5758 (no.2)]; RC 5908, 5758 ( ), page 892; RC 5944, 5759 ( ), page 223; RC 6012, 5760 ( ), page 214; RC 6042, 5760 ( ), page 686 [5760 (no.2)]; RC 6113, 5761 ( ), page 909; RC 6142, 5762 ( ), page 271; RC 6178, 5762 ( ), page 906 [5762 (no.2)];; RC 6298, 5764 ( ), page 312. Minister of Finance
- 1 - First Part: License Application
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume
More informationRegulation of Investment Advice, Investment Marketing and Portfolio Management Regulations (Equity and Insurance) 5760-2000 1
The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume
More informationRegulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation
The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume
More informationRegulation of Investment Advice, Investment Marketing 1 and Investment Portfolio Management Law, 5755-1995. Chapter 1: Interpretation
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume
More informationSecurities (Electronic Signature and Reporting) Regulations, 5763-2003 1. Chapter 1: Interpretation
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume
More informationJoint Investment Trust (Assets that may be Bought and Held by a Fund and their Maximum Amounts) Regulations, 5755-1994 1
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume
More informationSecurities Regulations (Trading Platform to its Own Account), 2014
The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume
More informationJoint Investment Trust Regulations (Foreign Fund Unit Offerings) -2014
Joint Investment Trust Regulations (Foreign Fund Unit Offerings) -2014 As per my authority under Sections 113B, 113C and 131(A) of the Joint Investment Trust Law -1994 1 (hereafter: the Law ), pursuant
More informationbinding and reader is advised to consult the authoritative Hebrew text in all matters which may affect them. Chapter A: Definitions
The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume
More informationREGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997
Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional
More informationDECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES
DECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES The Chairman of the Board of Directors of the Stocks and Commodities Authority has, After pursuing the provisions of Federal Law No.
More informationSecurities Regulations (Periodic and Immediate Statements), 5730-1970 1
1 The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does
More informationChapter one: Definitions. Chapter Two: Conditions for Employment
FOREIIGN WORKERS ((Prrohiibiittiion off unllawffull emplloymentt and assurrance off ffaiirr condiittiions)) LAW,, 5751--1991 Chapter one: Definitions 1. In this law - Foreign worker - worker who is not
More informationSecurities Businessperson (Stock Broker, Securities Dealer and Market Maker) Regulations, 2064 (2008)
Securities Businessperson (Stock Broker, Securities Dealer and Market Maker) Regulations, 2064 (2008) In exercise of the power conferred by Section 116 of Securities Related Act, 2063 (2007), Securities
More informationCHAPTER 16 INVESTMENT ENTITIES
CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end
More informationBMA ADVISORS, LLC Investment Advisory Agreement
BMA ADVISORS, LLC Investment Advisory Agreement 608 Silver Spur Road, Suite 100, Rolling Hills Estates, CA 90274 This agreement describes the relationship between BMA Advisors, LLC (hereinafter BMA ) and
More informationIntroducing the potential for equity powered return with principal protection
This series is available Introducing the potential for equity powered return with principal protection Enjoy full principal protection Invest for growth or income Consider this investment if: You want
More informationCORPORATE LEGAL FRAMEWORK IN JORDAN. Legal reference: The Companies Law No. 27 of 2002 and its amendments
CORPORATE LEGAL FRAMEWORK IN JORDAN Legal reference: The Companies Law No. 27 of 2002 and its amendments Under the Jordanian different types of companies offer different advantages and have different requirements
More informationSEAL: APPROVED by the Deputy Head of Moscow Central Regional Department of the Bank of Russia STAMP: August 23, 2013 L.S. SEAL:
SEAL: THE CENTRAL BANK OF THE RUSSIAN FEDERATION (THE BANK OF RUSSIA) MOSCOW MAIN REGIONAL DEPARTMENT MAIN STATE REGISTRATION * NUMBER 1037700013020 * * TIN 7702235133 * STAMP: APPROVED by the Deputy Head
More information(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;
CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed
More informationGUIDELINES FOR THE ADMINISTRATION OF INSURANCE AGENTS - 2010
GUIDELINES FOR THE ADMINISTRATION OF INSURANCE AGENTS - 2010 PART I - PRELIMINARY Purpose and Authorisation 1. These Guidelines are intended to provide the framework and procedure for the licencing and
More informationLimited Liability Companies Act Finland
[UNOFFICIAL TRANSLATION Ministry of Justice, Finland 2012] Limited Liability Companies Act Finland (624/2006; amendments up to 981/2011 included; osakeyhtiölaki) PART I GENERAL PRINCIPLES, INCORPORATION
More informationSeries of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are
More informationCREDIT RATING COMPANIES RULES, 1995 (S.R.O. NO. 759(I)/1995, dated 26-7-95)
CREDIT RATING COMPANIES RULES, 1995 (S.R.O. NO. 759(I)/1995, dated 26-7-95) S.R.O.759(I)/95. In exercise of powers conferred by section 33 of the Securities and Exchange Ordinance, 1969 (XVII of 1969),
More informationTHE PRIVATE SECURITY SERVICE BILL (No. VI of 2004) Explanatory Memorandum
THE PRIVATE SECURITY SERVICE BILL (No. VI of 2004) Explanatory Memorandum The object of this Bill is to provide for the licensing of private security services, the registration of security guards, the
More informationWAGE PROTECTION LAW, 5718-1958 Definitions. Due to pay in cash. Payment in money s worth. Prohibitions of restrictions. Inclusive wage.
WAGE PROTECTIION LAW,, 5718--1958 Definitions. 1. In this Law - wage includes payments in respect of festival days, productivity and overtime, and other payments due to an employee by reason of and during
More informationELECTRONIC SIGNATURE LAW 5761-2001
Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional
More informationINVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006
BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 Date of Assent: 28 December 2006 Operative Date: 7 March 2007 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1 Short title and commencement Interpretation 2 Interpretation
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationCode of Ethics Effective June 1, 2015
Code of Ethics Effective June 1, 2015 APPLICABLE RULES AND REGULATIONS Rule 17j-1 of the Investment Company Act of 1940, as amended Rule 204A-1 of the Investment Advisers Act of 1940, as amended I. POLICY
More informationTable of Contents. 1. Company description 1-1 1.1 Organization structure 1-1
Clal Insurance Enterprises Holdings Ltd Financial Statements As At September 30,, 2014 Board of Directors' Report..11 Condensed consolidated interim financial statements....21 Financial data from the consolidated
More informationNATIONAL CONTRACTORS INSURANCE COMPANY, INC., A RISK RETENTION GROUP SUBSCRIPTION AND SHAREHOLDERS AGREEMENT
1 NATIONAL CONTRACTORS INSURANCE COMPANY, INC., A RISK RETENTION GROUP NOTICE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT This policy is issued by your risk retention group. Your risk retention group may not
More informationREFERENCE TITLE: accountancy board; certified public accountants HB 2218. Introduced by Representative Thorpe AN ACT
REFERENCE TITLE: accountancy board; certified public accountants State of Arizona House of Representatives Fifty-second Legislature First Regular Session HB Introduced by Representative Thorpe AN ACT AMENDING
More informationNumber 42 of 2000 INSURANCE ACT, 2000 ARRANGEMENT OF SECTIONS PART 1. Preliminary and General
Number 42 of 2000 INSURANCE ACT, 2000 ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section 1. Short title, collective citation and commencement. 2. Interpretation. PART 2 The Insurance Acts Chapter
More informationGuidelines on Fit and Proper Criteria for Insurance Undertakings
Guidelines on Fit and Proper Criteria for Insurance Undertakings CHAPTER 1 - PRELIMINARY Introduction and citation 1. (a) These Guidelines on Fit and Proper Criteria for Insurance Undertakings ( Guidelines
More informationHow To Get An Insurance License In Neepal
Insurance Regulation, 2049 (1993) Date of publication 2049.12.17 BS (1993.4.1!.D.) First Amendment 2053.9.15 BS (1996.12.30 AD) Second amendment 2060.1.18 BS (2003.05.01AD) In exercise of the power conferred
More informationSTOCK SUBSCRIPTION OPTION PLAN OF SANOFI RULES OF THE PLAN 14 P 1. BENEFICIARIES... 2 2. DURATION OF THE PLAN... 2 3. EXERCISE PRICE...
24 June 2015 STOCK SUBSCRIPTION OPTION PLAN OF SANOFI RULES OF THE PLAN 14 P 1. BENEFICIARIES... 2 2. DURATION OF THE PLAN... 2 3. EXERCISE PRICE... 2 4. EXERCISE CONDITIONS... 2 5. TRANSFER OF SHARES...
More informationLONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING
More informationComparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies
Comparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies Foreword This memorandum has been prepared for the assistance of those who are considering
More informationPLEASE NOTE. For more information concerning the history of these regulations, please see the Table of Regulations.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this regulation, current to February 1, 2004. It is intended for information and reference purposes
More informationINTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW
REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section
More informationCODE OF LAW PRACTICE Royal Decree No. (M/38) 28 Rajab 1422 [ 15-October 2001] Umm al-qura No. (3867) 17- Sha ban 1422-2 November 2001
CODE OF LAW PRACTICE Royal Decree No. (M/38) 28 Rajab 1422 [ 15-October 2001] Umm al-qura No. (3867) 17- Sha ban 1422-2 November 2001 PART ONE DEFINITION OF THE PRACTICE OF LAW AND ITS REQUIREMENTS Article
More informationElectronic Signature Law, 5761-2001
Unofficial translation: Electronic Signature Law, 5761-2001 Chapter 1 : General 1. Definitions In this Act Signature Verification Device unique software, object or information required for verifying that
More informationNOTICE OF JOINT SHAREHOLDERS MEETING
SOCIETE GENERALE A French limited liability company with share capital of EUR 542 691 448,75 Head office: 29, boulevard Haussmann 75009 Paris 552 120 222 R.C.S. Paris NOTICE OF JOINT SHAREHOLDERS MEETING
More informationAuthorised Persons Regulations
Authorised Persons Regulations Contents Part 1: General Provisions Article 1: Preliminary... Article 2: Definitions... Article 3: Compliance with the Regulations and Rules... Article 4: Waivers... Part
More informationSTATUTORY INSTRUMENTS 2012 No. _
STATUTORY INSTRUMENTS 2012 No. _ THE ELECTRONIC SIGNATURES REGULATIONS 2012 ARRANGEMENT OF REGULATIONS Regulation PART I-PRELIMINARY 1. Title. 2. Interpretation PART II - LICENSING AND RECOGNITION OF CERTIFICATION
More informationBY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION
THE GAZETTE OF INDIA EXTRAORDINARY PART-II SECTION 3 SUB-SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 7 th July, 1999 SECURITIES AND EXCHANGE BOARD
More informationSPECIMEN. (1) a written demand for monetary damages or non-monetary relief;
In consideration of payment of the premium and subject to the Declarations, General Terms and Conditions, limitations, conditions, provisions and other terms of this Policy, the Company and the Insureds
More informationINTRODUCTION... 3 OVERSEA COMPANIES... 9
Mdina Malta INTRODUCTION... 3 FORMATION AND REGISTRATION OF COMPANIES... 4 PRIVATE OR PUBLIC COMPANY... 4 MEMORANDUM AND ARTICLES OF ASSOCIATION... 4 WHO MAY INCORPORATE... 5 TIME REQUIRED FOR INCORPORATION...
More informationPART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act
1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:
More informationProposed Credit Data Law, 5776-2015. Chapter A: Objective. Objective
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Bank of Israel does not assume
More informationThe Mortgage Brokerages and Mortgage Administrators Regulations
1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,
More informationInvestment Advisory Agreement
Investment Advisory Agreement Whereas ("Client") hereby appoints Fried Asset Management, Inc. ("Adviser") as investment adviser to manage the investment and reinvestment of the cash and securities in the
More informationACT ON COLLECTIVE INVESTMENT
ACT ON COLLECTIVE INVESTMENT The full wording of Act No. 594/2003 Coll. on collective investment, as amended by Act No. 635/2003 Coll., Act No. 747/2004 Coll., Act No. 213/2006 Coll., Act No. 209/2007
More informationFOURTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION LIVEPERSON, INC.
FOURTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF LIVEPERSON, INC. (Pursuant to Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware) LivePerson, Inc. (the Corporation
More informationINVESTMENT ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT 1150 Bob Courtway Dr. Suite 50 Conway, AR 72032 This Investment Advisory Agreement made and entered into this Day of,20 by (Client). Client hereby agrees to engage Veritas
More informationRESTATED CERTIFICATE OF INCORPORATION OF CHEVRON CORPORATION
RESTATED CERTIFICATE OF INCORPORATION OF CHEVRON CORPORATION Chevron Corporation, a corporation organized and existing under the laws of the State of Delaware (the Corporation ), hereby certifies as follows:
More informationMINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT
CROATIAN PARLIAMENT 3136 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON AMENDMENTS TO THE COMPANIES ACT I hereby promulgate the
More informationArticles of Association. SQS Software Quality Systems AG
Status: 10 November 2015 Articles of Association of SQS Software Quality Systems AG III. General Provisions 1 Name, Registered Office, Fiscal Year 1. The name of the company is SQS Software Quality Systems
More informationFOREIGN EXCHANGE ACT, 1992 ARRANGEMENT OF SECTIONS. Title PART I PRELIMINARY PROVISIONS
FOREIGN EXCHANGE ACT, ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY PROVISIONS 1. Short title. 2. Commencement. 3. Application. 4. Interpretation. PART II PROVISIONS FOR FOREIGN EXCHANGE ADMINISTRATION
More informationChapter 3 Financial Year
[PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect
More informationFIDUCIARY AND INVESTMENT RESPONSIBILITIES
FIDUCIARY AND INVESTMENT RESPONSIBILITIES Purpose (See R. S. 11:261) The legislature recognizes that the fiscal integrity of various governments of and within this state and the financial security of employees
More informationUNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010
UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared
More informationThe following terms used in Subchapter 6 of these rules shall have (unless the
THE CALIFORNIA CORPORATIONS COMMISSIONER HEREBY ADOPTS THE FOLLOWING CHANGES IN THE REGULATIONS UNDER THE CALIFORNIA FINANCE LENDERS LAW CALIFORNIA RESIDENTIAL MORTAGE LENDING ACT AS SET FORTH IN CHAPTER
More informationINSIDER TRADING POLICY
INSIDER TRADING POLICY NOVEMBER 2014 2 INSIDER TRADING POLICY NOVEMBER 2014 This Policy provides guidelines for directors, officers, executives, employees and consultants (collectively, WSP Team Members
More informationREGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS
Pursuant to Article 35, paragraph 1, sub-paragraph 1.1 of the Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, no.77/16, August 2010), Article
More informationInvestment Business in Bermuda
Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements
More informationBERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37
QUO FA T A F U E R N T BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37 TABLE OF CONTENTS 1 2 2A 3 4 5 6 6A 6B 7 8 8A 9 9A 10 Short title and commencement PART I PRELIMINARY Interpretation Interpretation Meaning
More informationTHIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015
THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 B. 13/15 Clause PRIVATE TRUST COMPANIES BILL 2015 1. Short title and commencement. 2. Interpretation. 3. Registration of Private Trust
More informationCHAPTER 267. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:
CHAPTER 267 AN ACT concerning third party administrators of health benefits plans and third party billing services and supplementing Title 17B of the New Jersey Statutes. BE IT ENACTED by the Senate and
More informationCOLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010
Statutory Document No. 161/10 COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010 1 Title 2 Commencement 3 Interpretation INDEX THE GOVERNING BODY 4 Composition
More informationSingapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier
1 Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier Explanatory Notes 1. This application form is for applicants who intend to apply
More informationSupplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)
Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),
More informationConsolidated Balance Sheets March 31, 2001 and 2000
Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note
More informationDISCRETIONARY INVESTMENT ADVISORY AGREEMENT
DISCRETIONARY INVESTMENT ADVISORY AGREEMENT This Discretionary Investment Advisory Agreement (this Agreement ) is between (the "Client") and LEONARD L. GOLDBERG d/b/a GOLDBERG CAPITAL MANAGEMENT, a sole
More informationRules for the admission of shares to stock exchange listing (Listing Rules)
Rules for the admission of shares to stock exchange listing (Listing Rules) TABLE OF CONTENTS: 1. GENERAL... 3 2. CONDITIONS FOR ADMISSION TO LISTING... 3 2.1 GENERAL CONDITIONS... 3 2.1.1 Public interest,
More informationINCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act)
REPUBLIC OF SOUTH AFRICA SOUTH AFRICAN REVENUE SERVICE PRACTICE NOTE : NO. 4 DATE : 8 MARCH 1999 INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I
More informationPlayers Agent Registration Regulations
Players Agent Registration Regulations 1 Definitions 1.1 In these, the following terms shall have the following meanings: Agency Activity means acting in any way and at any time in the capacity of agent,
More informationPersonal Retirement Bond Application Form
Personal Retirement Bond Application Form SECTION A: PRB HOLDER DETAILS First Name: Surname: Title: Address: Date of Birth: Email Address: Phone No: PPS/Tax Reference Number (evidence required): Marital
More informationKAZAKHSTAN LAW ON JOINT STOCK COMPANIES
KAZAKHSTAN LAW ON JOINT STOCK COMPANIES Important Disclaimer This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in
More informationArticles of Association of MTU Aero Engines AG. Last revised: June 2015
Articles of Association of MTU Aero Engines AG Last revised: June 2015 First Part: General Section 1 Company name, registered office, financial year (1) The Company operates under the name of: MTU Aero
More informationAct on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds
This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative
More informationIssues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO. To: Issuers Account operators Issuer agents
Issues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO To: Issuers Account operators Issuer agents Reference to the Rules: 2.1.13, 3.1.11, 3.1.12,3.1.13, 3.1.14, 3.1.19
More informationCONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION
CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW 5765-2005 2 CONTENTS CONTROL OF FINANCIAL SERVICES
More informationArticles of Association for Eyrir Invest hf.
Articles of Association for Eyrir Invest hf. Art. 1 The Company is a public limited company. The name of the Company is Eyrir Invest hf. Art. 2 The Company is domiciled at Skólavörðustígur 13 in Reykjavik.
More informationINVESTMENT ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT Equity Planning Group, Inc. 7035 Orchard Lake Road, Suite 700 West Bloomfield, Ml 48322 (248) 932-4600 - Fax (248) 932-4610 Equity Planning Group, Inc. Registered Investment
More informationCHAPTER 468 SOCIAL WORK PROFESSION ACT
SOCIAL WORK PROFESSION [CAP. 468. 1 CHAPTER 468 SOCIAL WORK PROFESSION ACT To make provision for the regulation of the social work profession and to provide for matters connected therewith or ancillary
More informationOPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.
OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY
More informationHow To Set Up A Committee To Check On Cit
CIT Group Inc. Charter of the Audit Committee of the Board of Directors Adopted: October 22, 2003 Last Amended: April 20, 2015 I. PURPOSE The purpose of the Committee is to assist the Board in fulfilling
More informationALABAMA ELECTRONIC SECURITY BOARD OF LICENSURE ADMINISTRATIVE CODE
ALABAMA ELECTRONIC SECURITY BOARD OF LICENSURE ADMINISTRATIVE CODE 304-X-1-.01 Definitions (1) Administrative Fee: A fee is charged to first time applicants, or those reapplying as first time applicants,
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to January 1, 2009. It is intended for information and reference purposes only. This
More informationAMENDED AND RESTATED CERTIFICATE OF INCORPORATION WOLVERINE WORLD WIDE, INC.
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF WOLVERINE WORLD WIDE, INC. Wolverine World Wide, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware
More informationThe Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause
THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS
More informationIC 28-1-29 Chapter 29. Debt Management Companies
IC 28-1-29 Chapter 29. Debt Management Companies IC 28-1-29-0.5 Inapplicability; attorneys; depository financial institutions; third-party bill paying services Sec. 0.5. (a) This chapter does not apply
More informationChapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT. Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962.
Section Chapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962. ARRANGEMENT OF SECTIONS 1. Short title. 2.
More informationAMP Limited Trading Policy
AMP Limited Trading Policy Approved by the AMP Limited Board on 28 March 2012 AMP Limited ABN 49 079 354 519 Contents 1. Trading Policy... 3 1.1 Guiding principles... 3 1.2 General trading restrictions
More informationEducation Services for Overseas Students Act 2000
Education Services for Overseas Students Act 2000 Act No. 164 of 2000 as amended This compilation was prepared on 17 December 2008 taking into account amendments up to Act No. 144 of 2008 The text of any
More informationAct on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank
(Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank
More informationTrading Rules of the Georgian Stock Exchange
A p p r o v e d : by the General Meeting of JSC Georgian Stock Exchange Minutes # 4, September 26, 1999 Changes and amendments are made: by the Supervisory Board of JSC Georgian Stock Exchange Minutes
More informationBERMUDA PRIVATE INVESTIGATORS AND SECURITY GUARDS ACT 1974 1974 : 78
QUO FA T A F U E R N T BERMUDA PRIVATE INVESTIGATORS AND SECURITY GUARDS ACT 1974 1974 : 78 TABLE OF CONTENTS 1 2 3 4 4A 5 6 6A 7 8 9 9A 10 11 12 13 14 15 16 17 18 Interpretation Application of the Act
More information