Financial Agreements Research Articles

PERLINDUNGAN HUKUM TERHADAP PEMBERI FIDUSIA DALAM PELAKSANAAN EKSEKUSI JAMINAN FIDUSIA KENDARAAN BERMOTOR RODA EMPAT (Studi Di BCA Multifinance Ringroad Medan)

ABSTRACTThe problems experienced by many financial institutions that provide credit and financing services, namely the transfer of objects fiduciary guarantee by the debtor to a third party. The problem is getting worse complicated, due to the transfer of the object of collateral by the debtor and other parties these three (whether through buying and selling, renting, or otherwise) will happen the intersection of rights between a third party as the ruler of the object and the creditoras the legal owner of the object.The problem raised in this thesis is the implementation of execution fiduciary guarantee object through parate execution due to transfer of collateral object fiduciary by the debtor to a third party. Legal protection for banks BCA multifinance in the execution of the object of fiduciary guarantee against the object of the fiduciary guarantee that has been transferred to a third party. Types of research used in this research is empirical juridical. This research descriptive research. The source of the data in this study was obtained by collect primary data and secondary data. Data collection techniques in This research is a field study (field research). Data analysis to be carried out in this study is a qualitative analysis.The purpose of the legal implications of the debtor is to transfer the object of collateral fiduciary to a third party in a financing agreement, resulting in the fiduciary agreement becomes null because in the fiduciary agreement the object Fiduciary guarantee is one of the important elements of a fiduciary agreement there is a legal consequence if an object of the fiduciary guarantee is lose their property rights.Legal protection for creditors in a fiduciary guarantee agreement born from the making of a deed of imposition of a fiduciary guarantee made notarial, and continues to be confirmed by registration with the Fiduciary Registration Officein order to obtain a fiduciary certificate. By registering the guarantee fiduciary, then the principle of publicity is fulfilled this is a guarantee of legal certainty to creditors in returning their receivables from the debtor.Keywords: Legal Protection, Execution, Fiduciary Guarantee, Vehicle Four Wheel Motor

ANALISIS PENGELOLAAN KELOMPOK EXECUTING PADA SIMPAN PINJAM KELOMPOK PEREMPUAN PERSPEKTIF PEMBIAYAAN MUDHARABAH

The formulation of the problem in this research is the implementation of the implementing group at SPKP in UPK of Paguyaman Sub-district and how the mudharabah financing perspective is viewed on the management of the Implementing Group at SPKP in UPK of Paguyaman District. This study aims to learn how to manage groups that implement SPKP in UPK Paguyaman District and to find out whether the facilities provided by the implementing groups are in accordance with the mudharabah / Islamic Sharia financing agreement. This research was conducted using qualitative methods supplemented with phenomena about what the research participants had obtained by describing them in the form of words and languages using various scientific methods. After the data is analyzed, the results are presented descriptively. Data collection methods in this study the authors use observation, interviews, and documentation in obtaining data in accordance with the problem to be studied. The results showed that the group of managers carrying out savings and loans groups of women in the management unit of Paguyaman sub-district had used a profit sharing pattern system and was in accordance with the use of mudharabah financing. This is evident in the purchase agreement that has not been made after the due date, will not be charged so it will not be approved.

Analysis of Legal Issues Related to Shadow Margin Lending

As a supplement to financing and securities financing, Over-The-Counter financing has always been in the grey area of supervision. Its low-entry threshold, high leverage and low guarantees make OTC Financing one of the “culprits” of the 2015“Stock Crash” in China’s stock market. This article will combine the Minutes of the National Court Work Conference for Civil and Commercial Trials and the Shenzhen OTC Lending Guidelines to analyse problems including the validity of the OTC Financing agreement caused by the OTC Financing behavior, the follow-up processing of the capital account after the relevant financing agreement is determined to be invalid, how to bear the loss after the liquidation operation and if the fundraising party have the “forced liquidation right” from a legal perspective.

Between a Rock and a Hard Place: The Precarious State of a Double Agent during the Cold War

While scholarly literature has paid attention to human intelligence professionalism from the perspective of the agent handler, we know relatively little about the precarious positions in which (double) agents often find themselves and what their ensuing needs from their handlers consist of. This article suggests that (double) agents desire a reciprocal, affect-based relationship with their handlers, involving trust and gratitude, more than just a negotiated relationship based on (financial) agreements. This article explains the importance of such a relationship. The main source of this research consists of original, in-depth oral history interviews with former double agent “M.” He operated from the 1960s through the 1990s for the Dutch Security Service and the Central Intelligence Agency against the East German Ministerium für Staatssicherheit. The article analyzes the varying degrees of appreciation that these services showed for his work, and it investigates their consequences on the psychological well-being of the double agent.

Factoring Agreement Development Trends in Civil Law of Russia

The article analyzes the novelties of the civil legislation on the financing agreement against the assignment of a monetary claim (factoring agreement). It is concluded that the changes introduced have made it possible to bring domestic factoring closer to the Convention on International Factoring Operations. For greater harmonization of national and international legislation, it is proposed to fix the action of the factor for protection against the insolvency of debtors in the list of its duties. Taking into account the possibility of concluding the contract under study, which does not provide for financing of the client, the conclusion about changing the name of the contract is argued. It seems more successful to call Chapter 43 of the Civil Code of the Russian Federation «Factoring Agreement», without indicating financing against the assignment of a monetary claim. The legal nature of the factoring agreement has been comprehensively investigated. The factoring agreement and related civil law institutions are delimited. The differentiation of cession and factoring agreement is analyzed. An exhaustive list of essential terms of the contract is argued. This agreement has one essential condition – this is its object (assigned monetary claim), including the volume and conditions of the transferred obligation. The expediency in determining the rules on the form of the contract to apply the rules on the form of the cession was confirmed. The subject composition of the contract under study is determined. The position on the tripartite nature of the factoring agreement is not supported. The debtor is an important subject of factoring relations. However, it is not recognized as a party to the contract. It is proved that the factoring agreement mediates relations exclusively between business entities. The types of factoring agreement (traditional, security factoring, as well as factoring according to the collection-cession model) are named. The rules on the responsibility of the client for improper performance by the debtor of a monetary claim, depending on the conclusion of a factoring agreement with or without recourse, have been studied. The thesis about classifying the treaty as aleatory transactions is not supported.

KEDUDUKAN JAMINAN FIDUSIA DALAM PERJANJIAN PEMBIAYAAN KONSUMEN DITINJAU DARI HUKUM EKONOMI ISLAM DAN HUKUM POSITIF DI INDONESIA

This study aims to examine the legal aspects regarding the position of fiduciary guarantees in murabahah financing agreements. The position of guarantees in financing agreements according to Islamic economic law states that guarantees in the practice of financing institutions are allowed because in order to maintain the trust of debtors, Islamic financial institutions must establish the principle of prudence and look at the condition of society that has experienced a shift in terms of commitment to moral values ​​such as trust and honesty. Consumer financing agreements basically do not emphasize the collateral aspect. However, because consumer finance is a business institution, consumer finance companies in financing activities cannot be separated from risk, to avoid risk, consumer finance usually asks for certain guarantees as guarantees in financing. The main guarantee in a financial institution is in the form of trust, the main guarantee is in the form of goods financed on a fiduciary basis, and additional guarantees in the form of power to sell and others. Financing based on sharia principles but does not apply sharia guarantees is an act that is contrary to sharia principles.

CONSUMER PROTECTION FOR VEHICLE WITHDRAWAL BY DEBT COLLECTOR IN LEASING AGREEMENTS IN WHICH CONSUMERS DEFAULT BASED ON BPSK AUTHORITY

In Indonesia, there are various forms of financial institutions, which one is leasing. In the practice of lease agreements, there are risks that can become obstacles in the implementation of the lease agreement, which are generally caused by default on the part of the lessee. The existence of a leasing agreement originates from the principle of freedom of contract which is regulated in Article 1338 of the Civil Code which states that all agreements made legally are valid as laws for those who make them. In writing this research, the researcher examines the consumer protection in an agreement made in standard, which then in its implementation creates default from one of the parties. The problem is, whether the default arising from the implementation of the agreement is a consumer violation. Consumer violations as regulated in Article 4 of Law Number 8 of 1999 concerning Consumer Protection which do not include true, clear and honest information regarding the provisions and guarantees of goods and/or services in the agreement, whether they can qualify as default, as intended in Article 52 Law Number 8 of 1999 concerning Consumer Protection regarding the duties of BPSK. The problem in this study is how to protect consumers from vehicle withdrawals by debt collectors in leasing agreements where consumers default on the authority of BPSK and what legal remedies can be taken by the consumer due to the withdrawal of vehicles by the dept collector in the leasing agreement. This study uses a normative juridical approach, data sources are obtained from statutory regulations, and literature related to the problem. In this case, consumers must be more critical and thorough in reading and understanding standard clauses such as the rights and obligations of the parties, the time the agreement is due, and the legal consequences if they cannot fulfill their obligations (default), and know that the financing agreement has already been reached. in accordance with the applicable rules.

The Internationalization of Renminbi: The View of Brazilian Companies Regarding the Internationalization Process of Chinese Currency

China is the second largest global economy and Brazil’s largest trade partner. Ever since the financial crisis of 2008, there has been deliberate intention on the part of the Chinese government to internationalize its currency. This study aims to investigate the perception of Brazilian companies regarding the internationalization of renminbi and its impacts on trade with China. We performed a qualitative research through a theoretical sampling, selecting nine major companies presenting relevant trade with China. The research shows that, by adopting renminbi, companies can reap economic benefits such as increase in trade and reduction in transaction costs, for instance. Some barriers have also been identified, coinciding with the literature review, such as lack of liquidity, reliability and independence of the Chinese monetary authority and other issues related to cultural differences. The companies interviewed support certain initiatives, such as entering into swap agreement and the adoption, by the Brazilian Central Bank, of renminbi in its international reserves. Finally, this study proposes financial cooperation agreements with China, aiming at reducing barriers on employing the Chinese currency and increasing business deals between both countries.

Consideration of Mithliy and Qīmiy in Debt Service under the Islamic Law of Contract

In order to satisfactorily discharge a financial obligation, Islamic finance prescribes similar for similar or equal for equal (mithliy bi mithliy), unless where similar becomes impossible or unobtainable, then the resort is made to worth or value (qīmah). However, opinions of the jurists differ as to determination, identification or verification precisely of what is mithliy, which may affect the actualisation of debt settlement and make it ambiguous. In this situation, the substitution of qīmiy for mithliy becomes inevitable. In doing so, fear of falling into riba or causing injury to either debtor or creditor arises, particularly where rebatable (usurious) items such as gold and silver (dhahb wa fiḍḍah), currencies (nuqūd), animal (ḥayawān) are involved. This paper, therefore, studied scholarly opinions about the identification of “similar items” (mithliyāt) and “valued items” (muqawwamāt). It used primary and secondary sources of Sharīʻah. Fiqh manuals, books of tafsīr, ḥadīth and relevant periodicals and articles were consulted. The study revealed that parties face difficulties in actualising similarity while settling financial obligations. Therefore, the paper suggested the inclusion of a “statement of similar or worth property” while making a financial agreement.

EKSEKUSI JAMINAN FIDUSIA PASCA PUTUSAN MAHKAMAH KONSTITUSI (MK) NOMOR 18/PUU-XVII/2019 PADA LEMBAGA PEMBIAYAAN KONSUMEN

This study aims to identify and understand the implementation of the consumer financing agreement and the resolution of problems that arise in the event of a default by the debtor in the implementation of the consumer financing agreement. This research is specific to the handling of late payments or even bad loans, which then the object of the agreement is executed / withdrawn by the debtor associated with the Decision of the Constitutional Court (MK) Number 18/PUU-XVII/2019 against consumer financing institutions. This study uses an empirical juridical approach. , using primary data and secondary data which is then analyzed using qualitative analysis techniques.

Ar-Rum Financing Analysis on the Development of Micro, Small and Medium Enterprises (MSMEs) (Case Study of PT. Pegadaian (Persero) Mandailing Natal Sharia Service Unit)

Financing is an activity in channeling funds to parties other than banks based on sharia principles. The distribution of funds in the form of financing is based on the trust given by the owner of the funds to the users of the funds in the form of financing that will surely pay off. The purpose of this study was to determine the operational mechanism of Ar-rum financing and Ar-rum’s financing impact on the development of MSMEs. Based on the research results, the customers of Ar-rum Financing are customers who have a business and have been running for at least 1 year. The operational mechanism of Ar-Num Financing is, first, the pawnshop receives the application file for Ar-run financing from the customer, secondly checks the validity of the documents attached by the customer and conducts business feasibility analysis interviews and assesses the collateral. Third, the disbursement of Ar-rum’s financing funds after signing a financing agreement known to the husband and wife. After customers receive Ar-rum financing, the average customer income increases every month.

Analysis of Paediatric Clinical Trial Characteristics and Activity Over 23 Years-Impact of the European Paediatric Regulation on a Single French Clinical Research Center.

As unlicensed or off-label drugs are frequently prescribed in children, the European Pediatric Regulation came into force in 2007 to improve the safe use of medicinal products in the pediatric population. This present report analyzes the pediatric research trials over 23 years in a clinical research center dedicated to children and the impact of regulation. The database of trial characteristics from 1998 to 2020 was analyzed. We also searched for differences between two periods (1998–2006 and 2007–2020) and between institutional and industrial sponsors during the whole period (1998–2020). A total of 379 pediatric trials were initiated at our center, corresponding to inclusion of 7955 subjects and 19448 on-site patient visits. The trials were predominantly drug evaluation trials (n = 278, 73%), sponsored by industries (n = 216, 57%) or government/non-profit institutions (n = 163, 43%). All age groups and most subspecialties were concerned. We noted an important and regular increase in the number of trials conducted over the years, with an increased number of multinational, industrially sponsored trials. Based on the data presented, areas of improvement are discussed: (1) following ethical and regulatory approval depending on the sponsor, the mean time needed for administrative and financial agreement, validation of trial procedures allowing trial initiation at the level of the center was 6.3 and 6.5 months (periods 1 and 2, respectively) and should be reduced, (2) availability of expert research teams remain insufficient, time dedicated to research attributed to physicians should be organized and recognition of research nurses is required. The positive impact of the European Pediatric Regulation highlights the need to increase the availability of trained research teams, organized within identified multicenter international pediatric research networks.

Konstruksi Akad Ijarah Multi Jasa di KSPPS Anugerah Cabang Seomerto Perspektif Fatwa DSN-MUI No: 44/DSN-MUI/VII/2004

One of MUI's efforts to maintain Islamic law in LKS products is to issue DSN-MUI Fatwas which regulate LKS products in Indonesia. The lack of knowledge and the nature of the fatwa that do not remember lead to many violations in the issued fatwas. For this reason, this study intends to find out that the Multi-service Ijarah Contract at the Selomerto branch of KSPPS Anugerah is in accordance with the DSN-MUI fatwa on multi-service financing or not. This study found: first, the implementation of Multiservice Financing at KSPPS Anugerah Selomerto branch using an ijarah contract where KSPPS acts as an ajir and members as Musta'jir with the object of the contract in the form of services provided by KSPPS in return for ujrah/fees given by members to KSPPS. Second, the Ijarah Mutijasa Agreement at KSPP Anugerah is not in accordance with the DSN-MUI Fatwa No. 44/DSN-MUI/VII/2004 concerning Multi-service financing which also refers to 2 other fatwas, namely DSN-MUI Fatwa No. 09/DSN-MUI/IV/2004 and no. 112/DSN-MUI/IX/2017 regarding Ijarah financing. The Multi-service Ijarah Financing Agreement at KSPPS Anugerah Selomerto branch does not fulfill the pillars of ijarah. In addition, the provisions of ujrah or fees are also contrary to the provisions in the fatwa.

Prevalence and correlates of depression and anxiety among Chinese international students in US colleges during the COVID-19 pandemic: A cross-sectional study.

BackgroundPrevious studies showed that the COVID-19 outbreak increased the levels of depression and anxiety in heterogeneous populations. However, none has explored the prevalence and correlates of depression and anxiety among Chinese international students studying in US colleges during the pandemic.ObjectiveThis study examines the prevalence of depression and anxiety among Chinese international students enrolled in US universities during the COVID-19 pandemic and identifies the associated factors, including habits, social and psychological support, sleep quality, and remote learning.MethodsBetween June and July 2020, we conducted a cross-sectional study through Wenjuanxing, a web-based survey platform. Participants were recruited with snowball sampling through 21 Chinese international student associations in US universities. The survey consisted of demographic questions, the Social Support Rating Scale (SSRS), the Insomnia Severity Index (ISI), the Patient Health Questionnaire-9 (PHQ-9), the General Anxiety Disorder-7 (GAD-7), and self-constructed questions on academic performance, financial concerns, use of social media, physical exercise, and psychological support. Cut-off scores of 10 were used for both PHQ-9 and GAD-7 to determine the binary outcomes of depression and anxiety, respectively. Bivariant analyses and multivariable logistic regression analyses were performed to identify the associated factors.ResultsAmong 1881 participants, we found a prevalence of depression (PHQ-9 score⩾ 10) at 24.5% and that of anxiety (GAD-7 score⩾ 10) at 20.7%. A higher risk of depression was associated with recent exposure to traumatic events, agreement to pandemic’s negative impacts on financial status, agreement and strong agreement to the negative impacts of remote learning on personal relationships, and a higher ISI score. A lower risk of depression was associated with disagreement to the negative impacts of remote learning on academic performance and future careers, strong willingness to seek professional help with emotional issues, and a higher SSRS score. In addition, a higher risk of anxiety was associated with recent exposure to traumatic events, a lot of workloads, often staying up for online classes, agreement and strong agreement to the negative impacts of remote learning on personal relationships, and a higher ISI score. A lower risk of anxiety was associated with the willingness and strong willingness to seek professional help with emotional issues, and a higher SSRS score.ConclusionThis study showed a high prevalence of depression and anxiety among Chinese international students studying in US colleges during the COVID-19 pandemic. Multiple correlates—including recent exposure to traumatic events, pandemic-related financial concerns, workload, social support, remote learning, willingness to seek professional help, and sleep quality—were identified. It is critical for future studies to further investigate this student population and for universities to provide more flexible learning options and more access to psychological services.

Are related-party transactions beneficial or detrimental in emerging markets? New evidence of financial services agreements from China

This paper examines a new and underexplored form of related-party transactions in which Chinese listed companies sign financial services agreements with affiliated finance companies within the same business group. With FSAs, listed companies can readily finance through internal capital markets. However, some concerns controlling shareholders can use FSAs to embezzle funds of listed companies legitimately, thereby expropriating the wealth of minority shareholders. Using a staggered difference-in-differences model with fixed effects, we empirically examine the economic consequences of FSAs. We document that FSAs are detrimental to listed companies' market valuation and operating performance. This phenomenon mainly concentrates on companies without financial constraints and those with lower bankruptcy risks. Further analysis shows that sound corporate governance could inhibit the signing of FSAs ex-ante. This paper contributes to the literature on the economic consequences of related-party transactions in emerging markets. It also provides empirical support that the internal capital market of business groups in China is inefficient and offers controlling shareholders opportunities for tunneling.

The Clause of the Murabahah Financing Agreement in Sharia Banking

This study describes the standard clauses in the murabahah financing agreement. This study uses a normative juridical research method. The data was collected using literature study techniques on primary, secondary, and tertiary legal materials. The collected legal material is then analyzed using qualitative data analysis methods, which will conclude the research’s object. The results show that there are 17 standard clauses and a prohibition of inclusion of the exclusion clause in the murabahah financing agreement. Therefore, it is recommended that the Bank and the Customer apply the standard clauses in the murabahah financing agreement. In this case, the Bank and the Customer get guarantees, comfort, and legal protection during the murabahah financing period.

Orchestrating finance with Material Adverse Changes?

AbstractFrom a legal and economic perspective, the global financial crisis, terrorist attacks, wars, natural catastrophes, and COVID-19 all have one thing in common: they are potentially ‘material adverse change’ events. Such events are unpredictable and have severe consequences for the global economy. To help manage the fallout from such negative events, businesses in economically valuable and complex deals, such as debt financing or mergers and acquisition (M&A) agreements, include special contractual risk allocation provisions, called Material Adverse Change/Effect (MAC) clauses. The COVID-19 crisis has had a drastic effect on M&A and debt financing deals, often leading to renegotiation and sometimes to litigation of these agreements based on MAC clauses. Termination of such transactions via MAC clauses poses serious risks, including those of causing a domino-effect in the market.The effects of MAC clauses in debt finance (as opposed to M&A deals), however, have been largely overlooked both in law and in finance. This paper is the first to investigate the pre-contractual (ex-ante) and contractual (ex-post) effects of MAC clauses in commercial debt financing agreements. It proposes a novel Multifunctional Effect Approach of MAC clauses in debt finance. This paper aims to explain why the commercial parties attach high importance to these vague and uncertain MAC clauses in debt financing agreements but hardly ever rely on them. First, the paper argues that apart from acceleration of the credit facilities, MAC clauses have various beneficial effects, such as screening. Secondly, MAC clauses should be regarded not only as mechanisms to solve information asymmetry but also have the following effects: improving governance, decoupling debt, providing restructuring impulses, countering uncertainty, signalling with acceleration. Potentially, MAC clauses also have the effect of a penalty default rule. The paper finds that despite these functions, the potential of MAC clauses in debt finance is not fully utilised, due to the unique characteristics of debt finance. This significantly undermines the efficiency of MAC clauses in debt finance, as lenders overprotect themselves by additionally relying on other contractual protection mechanisms and risk offsetting strategies for more efficiency.

Project Finance Criteria and Governance of Public-Private Partnership Hydropower Project in Nepal

Project finance arrangement has obvious need for contract management during its life cycle. Contract management for private sector hydropower projects generally include Generation License, Project Development Agreement, Power Purchase Agreement, Financing Agreement, Construction Contract Agreement, and Operation Contract Agreement. Markets, hierarchies and hybrids are the forms of governance structure under the Transaction Cost Theory, while debt and equity often regarded as a basis for determining governance structure. Fundamental criteria for project finance arrangement include establishing a special purpose vehicle to undertake a project, using debt and equity in capital structure, debt capital obtained based on projected cash flow without collateral except if the project created assets given to the lender against the security of loan by the sponsors. This paper analysed project finance criteria as the determinants of governance structure in hydropower projects. In Nepal, private sector developed hydropower projects and supply generated energy to the only off-taker under Public-Private Partnership (PPP) and Project Finance (PF) arrangement. The chi-square test was utilised to assess the association of fundamental criteria of PF with the governance structure of hydropower projects. The results indicate strong association between PF criteria with the governance structure of sample hydropower projects in Nepal.

Criminal Victimization: Women and Fintech Financing from the Theory of Lifestyle Exposure

Women in the digital era are one of the most vulnerable parties to become victims. Not only as victims of physical violence but also users who have the highest number. There are various reasons why women are currently very active in using various digital platforms or applications on the market, one of which is online loan applications (financial technology). They use the application for various purposes, such as to meet personal basic needs, finance household life, to buy trending goods that are expensive. In the end, because these various goals caused new problems for them, namely debts with high interest accompanied by various threats from irresponsible parties. This article was written using a normative method that aims to review the extent to which the role of women who are victims of the rise of various fintechs, both licensed and illegal in terms of victimology. Here it can be seen that women have a role in the occurrence of financing agreements through Fintech, although the role of women has a passive tendency, but women have a role in the occurrence of fintech financing agreements which ultimately lead to digging holes, closing the hole from the loans they have received. In addition to these problems, women based on the theory of lifestyle exposure are also at risk of becoming victims of immoral crimes in digital media when they are bound by fintech financing agreements in the form of distributing the identity and personal photos of the victims.

PENYELESAIAN PELAKSANAAN PERJANJIAN KREDIT PEMBIAYAAN MULTIGUNA AKIBAT NASABAH MENINGGAL DUNIA

Financial institutions provide consumer financing facilities (multipurpose financing) in the form of funding for consumer needs (customers) to purchase consumptive needs. The agreement process for the consumer financing facility must be able to convince the financing company. However, if the consumer (debtor) dies, who is still bound by the obligation to pay the installments, it is necessary to settle the implementation of the credit agreement. This study uses a normative legal research method by discussing the problem of goods credit agreements with multipurpose financing facilities on the completion of the implementation of multipurpose financing credit agreements caused by the customer's death. In connection with the death of the debtor, if the circumstances of death are the same as default in the form of not fulfilling any achievements at all, then the obligations of the deceased debtor must be continued by the person who is the guarantor in the financing agreement (in this case it can be the wife/husband or other person who his name is called the guarantor in the financing agreement).