Main Regulatory Body Research Articles

Who determined the rules of the game in the Spanish financial reforms, 1970-1990?

ABSTRACT The aim of this paper is to analyze the Spanish regulatory reforms and to identify the key actors involved in the design and implementation of financial regulation and supervision. We examine the educational and professional profile of those at the helm of the main regulatory bodies (Ministers of Finance and the staff of the Bank of Spain) during the transition to democracy. The main hypothesis we wish to test is whether the reforms that took place in the 1970s and 1980s were carried out by people with a substantially different background to the protagonists of the reforms implemented during Franco’s regime. Our results show that the change in the regulators’ profile emerged in the late 1950s, with an increasingly influential role of the Bank of Spain’s Research Department, and that the reforms of the 1970s and 1980s were carried out by people with a solid academic and professional background, predominantly in economics.

IDENTIFYING DECEPTIVE FINANCIAL REPORTING VIA ANALYSIS OF FINANCIAL STATEMENTS: CASE IN VIETNAM

Deceptive financial reporting represents a significant worry for the main regulatory bodies overseeing Vietnam's capital market. Both regulatory bodies are continuously enhancing the criteria to ensure thorough monitoring of publicly listed companies. The objective of the current study is to investigate the link between financial statement analysis and fraudulent financial reporting. While numerous researchers have uncovered evidence suggesting the effectiveness of financial ratios in identifying fraudulent financial reporting, others have reached differing conclusions. The majority of these studies were conducted beyond the borders of Vietnam. The sample consists of companies listed in Vietnam, and the data utilized spans from 2011 to 2022. The findings revealed that various financial ratios, including total debt to total assets and receivables to revenue, emerged as significant indicators for identifying fraudulent financial reporting. This suggests that financial ratios could potentially aid in detecting fraudulent activities. These results contribute to the existing body of literature concerning the efficacy of financial ratios in fraud detection.

What is the weight of expectation bias in oncology trials?

What is the weight of expectation bias in oncology trials?

An Analytical Study On Legal Education In The Context Of National Education Policy

The long-awaited discussion on the integrity of the education sector was deliberately initiated by the new education policy. The policy proposal is seen as a review of the country’s current education system as well as legal education sector. Subsequent policies adopted in 1986 and revised in 1992 mainly focus on addressing issues of access to education and equity in educational opportunities between different social groups. Under the rudder of the new education policy, private and self-governing organizations are seeing a radical change seen as being associated with a more self-reliant structure. Bar Council of India and University Grants Commission which is the main structural and regulatory body for under graduates as well as higher legal education. The curriculum for legal studies reflects socio-cultural context with evidence-based practice, history, legal principles, and jurisprudence. Voice has been pedestaled on multiple occasions to increase the diversity in and of Legal Educational Institutions. The National Education Policy is intended to affect state institutions providing legal education and promote bilingual legal education in state law universities also applying it to Legal Educational Institutions. Morality, justice, and principles are significant keywords in the life of any law student. The National Education Policy draft can be seen as a means to accomplish this goal. The legal profession lacks social acceptance and trust, which ultimately affects public confidence in the judiciary. The policy itself faces various aspects of the legal education system and this policy is executed with full budding, the country would take great growth in the field of Legal Education.

Regulating Online Broadcast Media against Offensive Materials in Malaysia

Nowadays, online broadcasting services such as, Hotstar, Hulu, Netflix, Iflix Pandora, Amazon Prime Video etc are very popular in Malaysia for original video contents. Due to the rapid growth of online broadcasting services in Malaysia, it is necessary to examine the legal and regulatory framework governing the contents of online broadcasting services. Objectives: The basic objective of this study is to scrutinize the efficacy and applicability of the Communications and Multimedia Act (1998) and other relevant laws of Malaysia in regulating online broadcasting services with special concentration on offensive materials and hate speeches. It also tries to identify the major weaknesses of the Malaysian Communications and Multimedia Commission (MCMC), the main regulatory body in dealing with this specific matter. Methods: Legal and doctrinal research methodology is applied in this study followed by an analytical approach. Relevant data are collected after analyzing both the primary and secondary legal sources. Finding: Findings of the study reveals that the contents of online broadcasting services do not frequently violate the relevant laws and regulations of Malaysia and sometimes their agreement with consumers are made in such a way as to avoid legal responsibility for the contents provided. Hence, it is recommended that the online broadcasting services and its contents should be made subject to a special legal framework by enacting new laws and introducing a special regulatory body. Keywords: Regulating; Offensive materials; hate speech; online broadcasting; overthetop (OTT)

Activities of the Eurasian Economic Commission as the Main Regulatory Body of the Eurasian Economic Union

Introduction. One of the most important aspects of the functioning of modern regional international integration organizations is the activity of their executive and regulatory bodies in cooperation with national competent authorities. This is especially relevant in the process of the functioning of the Eurasian Economic Union and the development of the legal order of this integration association. Purpose. The purpose of the study is to study and analyze the most important aspects of the activities of the Eurasian economic Commission in the context of interaction with national regulatory authorities. Methodology. The study used both General scientific methods of cognition - analysis, synthesis, induction, deduction, comparison, and private law methods (formal legal, technical-legal, and the method of legal analogy). Results. The article reveals the specifics of the legal status of the Eurasian Economic Commission as the main regulatory body of the Eurasian Economic Union, its specificity in the context of a set of supranational powers, largely due to which the integration processes within the Union are developing. Conclusion. The conclusions made as a result of the study can be used in relation to the improvement and development of the legal systems of international organizations of regional integration with the participation of the Russian Federation, in particular, the Eurasian Economic Union, as well as the process of interaction of national government bodies with the Eurasian Economic Commission.

La regulación de la imagen y la voz, dos aspectos jurídicos relevantes de la persona humana dentro del código civil peruano y su adaptación a los tiempos del Covid 19

The treatment that the Peruvian legal system has conferred on image and voice is an essential knowledge of society, for which reason an analysis of the entire evolutionary process, both historical and legal, is carried out regarding their legal relevance, from the point of view of the main national regulatory bodies such as the Political Constitution of Peru, the Civil Code of 1984 and the Civil Procedural Code, as well as an examination of national doctrine as a foreign one regarding its treatment in the field of national law and comparative law.

Librarianship and information work in Ghana: Its impact, accessibility, services and development

Librarianship is quiet an old profession in Ghana even before the establishment of the Ghana library authority and the Ghana library association. The Ghana library board has been the main regulatory body of librarianship within the country. Though it has been in existence with branches within each of the ten region of the country, the development of the industry in the country has been very disappointing. For the credentials of information and library workers to go up or upgrade the government of management of the various tertiary institutions should reduce the cost of pursuing programs in librarianship and information studies. They should also reduce the number of years it takes to earn a degree in library and information studies. This study also looks at other issues that will develop the stat of the industry within the country making it very useful and part of the Ghanaian life.

Validation of the Biofish-300 SUL Enzymatic Biosensor for the Detection of Sulfite in Crustacean.

Background: Sulfites are some of the oldest and most widespread preservatives in our food supply. They are food additives that have antioxidant properties, but they are also recorded as allergens by the main international regulatory bodies on food safety because of their adverse health effect. Hence, sulfites maximum concentration in foodstuff is regulated and they must be ensured by the agro-food processing industries. The most widely used technique for the quantification of sulfites is the Modified Monier-Williams (AOAC Official Method 990.28). Objective: In this method, SO₂ is released from sulfites and some bound compounds when the sample is mixed with an acid (normally hydrochloric acid, but sometimes phosphoric acid) and heated. The SO₂ is distilled using a stream of nitrogen gas, which carries the gaseous SO₂ into an absorbing solution of hydrogen peroxide (H₂O₂) where it is oxidised to sulphuric acid. The amount of SO₂ distilled into the H₂O₂ is determined by titration with 0.1M sodium hydroxide. Apart from being time consuming (at least 2 h) and the usage of toxic solvents, the method presents some other disadvantages that make it inappropriate as a routine-control technique for the agro-food industry. Hence, the industry demands simple, fast and accurate methods for sulfite level monitoring. Methods: BIOLAN is a SME that develops and commercializes biosensors for quantitative analysis of food quality and safety parameters, based on its proprietary enzyme-based electrochemical biosensor technology platform. This technology enables high accurate and robust analysis with a compact device that help the users to control the quality in an easy and safety manner. Biofish-300 SUL method is a highly specific enzimatic biosensor for the rapid quantification of sulfite, measured as SO₂ content, in crustaceans. It consists on the extraction of sulfite in an aqueous based solution, by the aid of an Ultra-turrax or similar, and its subsequent quantification by the biosensor after previous calibration (3 min). Results: Sulfite in raw shrimp head-on, raw shrimp head-off, and boiled shrimp was analyzed, and performance was examined using naturally contaminated and spiked samples by comparisons with AOAC Official Methods of AnalysisSM (OMA) 990.28. Linearity, selectivity, matrix, consistency, and robustness were evaluated. All results were within acceptable ranges except robustness, which reflected deviation in the sample volume and ultraturrax time compared with the standard assay procedures described in the Biofish 300 SUL Instruction Manual. Accuracy, assessed as a comparison of the Biofish results with the OMA results, ranged from 82 to 115% in all samples except for fortified raw shrimp head-on, in which the low level yielded an accuracy of 138%. The method bias was in general negative in both incurred and fortified high levels, and slightly positive in incurred low levels. Repeatability was very good as shown by the low RSDr values, demonstrating acceptable repeatability precision with results <10% in most of the evaluated values. Regression analyses showed a good correlation between the Biofish and OMA methods with R² = 0.99 in all cases. Conclusions: As a whole, accuracy, recovery and bias within range results indicate that the kit provides accurate and precise sulfite quantification for all the evaluated matrices, confirming that sample preparation and assay procedures produce acceptable results. Biofish 300 SUL has proved to be a suitable tool for monitoring sulfite levels in quality control routines due to its high accuracy, precision, rapid response and ease of use. Highlights: With a simple sample preparation, results are obtained in approximately 3 min, making a big difference with other technologies that require specific skills or tedious sample pretreatments and analysis procedures.

ALTERNATIVE FUELS FOR THE MARINE MARKET

The shipping industry is facing challenges to reduce exhaust gas emissions and greenhouse gases in particular, carbon dioxide from ships engaged in international trading. The main regulatory body, International Maritime Organization (IMO) and national environmental agencies of many countries have issued regulations that drastically reduce emissions coming from marine sources. Of particular note are regulations in Emissions Control Areas (ECAs) such as the North American ECA, which came into being in 2012, and the SOx Emission Control Areas (SECAs), which have been in effect in the Baltic Sea and North Sea and English Channel since 2006 and 2007, respectively. These new requirements will force ship owners and managers to look into other possibilities like using alternative fuels. The biodiesel is manufactured from vegetable oils, vegetable fats and algae, and it is a renewable and clean fuel which is reducing exhaust gas emissions and greenhouse emissions from

Performance Efficiency Measurement In The Nigerian Public Sector: The Federal Universities Dilemma

Concerned by an apparent lack of positive correlationship between investments in federal universities in Nigeria and return on such investments, this study was undertaken. The Data Envelopment Analysis (DEA) was used as an instrument for measuring the performance efficiency of selected broad-based federal universities. Having identified gaps in earlier studies, this study used data from the National Universities Commission (NUC), the main regulatory body of universities in Nigeria. Results reveal that only four (4) (23.5%) of the 17 federal universities studied can be adjudged as performing efficiently in term of input and output phenomenon. These universities include universities of Maiduguri and Abuja as well as Bayero university, Kano and Nnamdi Azikiwe university Awka. These universities are therefore proposed as benchmarks for other universities in terms of performance efficiency. At the same time, the DEA has again proved to be a useful instrument in the measurement of performance efficiency of institutions. DOI: 10.5901/mjss.2014.v5n20p838

Relevance of License of Intellectual Property Rights with Special Reference to Indian Competition Perspectives

The Licensing of Intellectual Property Rights constitutes an effective business strategy to permit third parties to exploit the IPR products. Eventually, there are both positive and negative implications of the aspects of licensing. There are various forms of restraints or anti-competitive practices in licensing. Two best devices can be sought out in preventing such practices which are compulsory licenses and parallel importing. In both United States and European Community, there have been well defined Antitrust Guidelines and Block Exemption Rules regarding up to what licensing will be permitted not prejudicially affect the relevant market shares. A developing country like India lacks proper Research and Development Facilities and high market barriers create adversial impact upon the market entrants to access the technology or products from Indian dominant firms or those who having Joint Ventures with overseas companies. The enactment of new Indian Competition Act of 2002 on basis of the Raghavan Committee Report (2000) repealed the Monopolies Restrictive Trade Practices Act of 1969. The provisions of compulsory licensing incorporated in the Patents Act Copyright Act etc have been a welcoming approach. Being the main regulatory body, the Competition Commission of India have the authority to supervise for better coordination between competitive aspects of various forms of IPRs by laying down regulations for curbing any kind of abuse aspired from foreign jurisdictions. This paper, thus, attempts to focus into following issues - To find how far the licensing requirement is needed to curtail anti-competition of IPR by dominant firms. Analyzing US & EC Licensing Rules. How to better provide licensing arrangements in Indian Competition Regime at par with US & EC.

Corporate reporting, security regulation and trading on the Kuwaiti stock exchange (KSE) – institutional implications for research

The regulation of equities trading in Kuwait over the period from 1983 to 2011 is documented in this paper. An eclectic approach has resulted in overlapping responsibilities for the three main regulatory and supervisory bodies. Regulation appears to be responsive to market crises. As a result, regulations have tended to change with market conditions. Kuwaiti accounting and auditing requirements are also reviewed. The institutional setting in Kuwait has a number of implications for capital market-based research. Informational inefficiency precludes research that relies on the assumption that security price reflects firm value. Other features (including the profit requirement, lock-up restrictions and the two auditor rule) provide opportunities for capital market research in Kuwait.

Private Equity in Brazil: Industry Overview and Regulatory Environment

The overall goal of this note is to paint a picture of the current state of the private equity industry in Brazil and the existing regulations which must be obeyed to participate as a private equity investor. Part II of this note provides a brief history of the private equity industry in Brazil, discusses recent investor interest in the growing area, and introduces the main regulatory bodies in Brazil. Part III explains several specific rules that govern a private equity investment by breaking down the “life” of a private equity investment into four stages: (1) setting up the private equity fund, (2) investing in a targeted company, (3) managing the targeted company, and (4) exiting the investment. At each of these stages, the focus is on explaining the general ground rules that a private equity investor must abide by, with the goal of introducing practitioners to the regulations governing an investment in Brazil throughout the investment’s life cycle. In a complementary note, which will be published in Issue 2 of this Journal, I will build on this introduction to Brazil’s private equity industry and main regulators and provide a critical analysis of the underlying policy choices inherent in Brazil’s regulatory regime, and provide modest suggestions for future reforms.

Land contamination risk management in Cameroon: A critical review of the existing policy framework

Land affected by contamination from human activities has been identified as a major environmental problem in developed countries and there are established mechanisms for identifying, prioritising, characterising, assessing and remediating the land so that risks to human health and environmental receptors are minimised. However, comparative mechanisms and approaches for sustainable land management are often lacking in developing countries such as Cameroon. This paper presents a critical review of the existing policy framework in Cameroon in relation to environmental management, particularly land contamination.It is established that in Cameroon, there is an acute lack of comprehensive information on land contamination from economic development and industrialisation, inadequate legal and institutional framework, weak enforcement capacity and unsatisfactory coordination between various stakeholders towards sustainable land management practices. The coastal town of Douala, which has the highest level of industrial activity in the sub region is used to demonstrate how dealing with land contamination is a public health priority and requires attention in the context of sustainable development. The United Kingdom (UK) regulatory policy framework on land contamination risk management is used to show how land contamination issues and risk management approaches, including conceptual site models, could be introduced into the sustainability discourse in Cameroon. A number of recommendations including proposals for a radical overhaul of the current regulatory policy framework are formulated and presented. Specifically, the creation of an independent Cameroon Environment Protection Agency (CEPA) that will be the main regulatory body responsible for developing and implementing the policy proposals in this paper is advocated.

The Effects of Regulatory Scrutiny and Corporate Governance on Fraud Detection in Financial Firms: U.S. Evidence

In this paper, we provide evidence on the effects of the adequacy of regulatory scrutiny practices and strength of corporate governance mechanisms on fraud detection in publicly held financial firms. We do that by empirically examining whether increasing the resources allocated to the SEC, as a main regulatory body primarily responsible for fraud detection in U.S. publicly held firms, together with the presence of stronger firm-level corporate governance mechanisms could enhance fraud detection by the SEC and internal sources, namely audit reviews, back office reviews, periodic internal reviews, tightened controls, employers, employees and other firm insiders, in U.S. public financial firms. We utilize the FIRST operational loss database, provided by Algorithmics Inc., to count the number of internal and external fraud events going on and detected in each firm-year in a sample of defrauded U.S. public financial firms during the period 1980-2007. Then, we model the expected number of fraud events detected by the SEC and internal sources using a Poisson specification. We find convincing evidence that setting higher SEC’s regulatory budget could help both the SEC and internal sources detect higher number of fraud events going on. It is also evident that bigger and more active audit committees are the most effective board governance mechanism that could help the SEC and internal sources detect fraud. Additionally, longer-tenured CEOs or chairman CEOs might not exert enough efforts to enhance their firm’s internal controls or cooperate effectively with the SEC to achieve the goal of fraud detection. Meanwhile, higher CEO’s stock ownership could motivate him to exert more efforts to help the SEC and internal sources detect fraud. On the other side, allocating more resources to the SEC could boost its direct and indirect efforts regarding fraud detection. Consequently, such boosted efforts could help discipline the negligent performance of chairman CEOs, motivate CEOs with weaker equity incentives and enhance the effectiveness of less active audit committees in the context of fraud detection. These findings shed light on the role of the SEC in protecting public investors through remedying the deficiencies in internal corporate governance mechanisms in the context of fraud detection. Finally, we find no evidence supporting the premise that external corporate governance mechanisms, namely large outside shareholders, lower number of anti-takeover provisions and BIG-4 external auditors, might help the SEC or internal sources detect fraud. Furthermore, it does not seem that boosted SEC’s efforts should necessarily help detecting more fraud event in financial firms with weaker external corporate governance mechanisms.

Towards the implementation of quality by design to the production of therapeutic monoclonal antibodies with desired glycosylation patterns

Quality by design (QbD) is a scheme for the development, manufacture, and approval of pharmaceutical products. The end goal of QbD is to ensure product quality by building it into the manufacturing process. The main regulatory bodies are encouraging its implementation to the manufacture of all new pharmaceuticals including biological products. Monoclonal antibodies (mAbs) are currently the leading products of the biopharmaceutical industry. It has been widely reported that glycosylation directly influences the therapeutic mechanisms by which mAbs function in vivo. In addition, glycosylation has been identified as one of the main sources of monoclonal antibody heterogeneity, and thus, a critical parameter to follow during mAb manufacture. This article reviews the research on glycosylation of mAbs over the past 2 decades under the QbD scope. The categories presented under this scope are: (a) definition of the desired clinical effects of mAbs, (b) definition of the glycosylation-associated critical quality attributes (glycCQAs) of mAbs, (c) assessment of process parameters that pose a risk for mAb glycCQAs, and (d) methods for accurately quantifying glycCQAs of mAbs. The information available in all four areas leads us to conclude that implementation of QbD to the manufacture of mAbs with specific glycosylation patterns will be a reality in the near future. We also foresee that the implementation of QbD will lead to the development of more robust and efficient manufacturing processes and to a new generation of mAbs with increased clinical efficacy.

Has the QFII Scheme Strengthened Corporate Governance in China?

Introduction Corporate governance in China has had a difficult journey since economy opened up in late 70s and made gradual transition from a centrally planned economy to a market economy. In 90s, establishment of Shanghai and Shenzhen stock exchanges and promulgation of Companies Law, corporate governance came into vogue. Then, following Asian Financial Crisis in 1997/98, corporate governance assumed greater importance. The China Securities Regulatory Commission (CSRC) is main regulatory body for listed entities and it was set up in 1992. Over last 17 years, it has attempted to institute good corporate governance including transparency, information disclosure, protection of minority shareholders' interests and rules for appointment of independent directors. In an attempt to improve corporate governance in China's listed companies, CSRC established Qualified Foreign Institutional Investor (QFII) scheme reasoning presence of institutional investors on register of shareholders would help improve corporate governance in Chinese companies they invest in. This article seeks to answer whether QFII scheme has in fact strengthened corporate governance in Chinese listed entities. The Qualified Foreign Institutional Investor (QFII) Scheme The QFII scheme was conceived by CSRC and modelled after QFII scheme adopted by Taiwan in 1991.1 Improved corporate governance was a major objective. According to Ferguson and McGuinness, the QFII scheme carries tremendous potential as a vehicle for raising corporate governance standards. (2) Steven Yeo states with advent of institutional investors in PRC market, their more robust due diligence and investment disciplines, it is anticipated QFII Measures will further encourage greater transparency and improve compliance and corporate governance process of A share companies.... (3) Fred Hu opines the participation of global investors in China's domestic securities market has introduced professional funds management expertise and provided a new advocate for improving corporate governance.... (4) This view was further echoed by Richard Ward, Chairman of UBS Warburg who remarked on 26 November 2002 that QFII will be an important stimulus for improving corporate governance in China because increasingly Mainland companies will be benchmarked against their international peers. (5) It was hope of CSRC QFII scheme would contribute to better corporate governance. The Director General of CSRC stated at a seminar in Hong Kong on 8 November 2002 promulgation of QFII scheme, foreign institutional investors would be able to play a positive role in improving corporate governance in China. It was presumed by CSRC QFII participants, all of whom would be from countries well regulated financial systems, would require sound corporate governance in their target companies to justify their long term investment horizons. This article seeks to ascertain what areas of corporate governance were impacted after some five years of operations. Specifically, how did QFIIs impact shareholders, management, board of directors and market discipline? The QFII Scheme--Rules and Regulations The legal basis for QFII scheme is laid out in Provisional Measure on Domestic Securities Investments by Qualified Foreign Institutional Investors--Decree No. 12 of 5 November 2002. The objectives as stated in Article 1 are twofold: (6) (i) To govern Qualified Foreign Institutional Investors' investments in China's securities market (7) and (ii) To promote development of China's securities market (8) What can QFII invest in? Article 18 of Measure states QFII can invest in following RMB financial instruments: (i) Shares listed in China's stock exchanges (excluding B shares) (ii) Treasuries listed in China's stock exchanges (iii) Convertible bonds and enterprise bonds listed in China's stock exchanges and (iv) Other financial instruments as approved by CSRC Conditions of Scheme The rules are very clear. …

Has the QFII Scheme Strengthened Corporate Governance in China?

Has the QFII Scheme Strengthened Corporate Governance in China? Michael N.T. Tan (bio) Introduction Corporate governance in China has had a difficult journey since the economy opened up in the late 70s and made the gradual transition from a centrally planned economy to a market economy. In the 90s, with the establishment of the Shanghai and the Shenzhen stock exchanges and the promulgation of the Companies Law, corporate governance came into vogue. Then, following the Asian Financial Crisis in 1997/98, corporate governance assumed greater importance. The China Securities Regulatory Commission (CSRC) is the main regulatory body for listed entities and it was set up in 1992. Over the last 17 years, it has attempted to institute good corporate governance including transparency, information disclosure, protection of minority shareholders' interests and rules for the appointment of independent directors. In an attempt to improve corporate governance in China's listed companies, the CSRC established the Qualified Foreign Institutional Investor (QFII) scheme reasoning that the presence of foreign institutional investors on the register of shareholders would help improve corporate governance in the Chinese companies they invest in. This article seeks to answer whether the QFII scheme has in fact strengthened corporate governance in the Chinese listed entities. The Qualified Foreign Institutional Investor (QFII) Scheme The QFII scheme was conceived by the CSRC and modelled after the QFII scheme adopted by Taiwan in 1991.1 Improved corporate governance was a [End Page 353] major objective. According to Ferguson and McGuinness, "the QFII scheme carries tremendous potential as a vehicle for raising corporate governance standards".2 Steven Yeo states that "with the advent of foreign institutional investors in the PRC market, with their more robust due diligence and investment disciplines, it is anticipated that the QFII Provisional Measures will further encourage greater transparency and improve the compliance and corporate governance process of A share companies …."3 Fred Hu opines that "the participation of global investors in China's domestic securities market has introduced professional funds management expertise and provided a new advocate for improving corporate governance ….4 This view was further echoed by Richard Ward, Chairman of UBS Warburg who remarked on 26 November 2002 "that QFII will be an important stimulus for improving corporate governance in China because increasingly Mainland companies will be benchmarked against their international peers".5 It was the hope of the CSRC that the QFII scheme would contribute to better corporate governance. The Director General of the CSRC stated at a seminar in Hong Kong on 8 November 2002 that with the promulgation of the QFII scheme, "foreign institutional investors would be able to play a positive role in improving corporate governance in China". It was presumed by the CSRC that the QFII participants, all of whom would be from countries with well regulated financial systems, would require sound corporate governance in their target companies to justify their long term investment horizons. This article seeks to ascertain what areas of corporate governance were impacted after some five years of operations. Specifically, how did QFIIs impact shareholders, management, board of directors and market discipline? [End Page 354] The QFII Scheme — Rules and Regulations The legal basis for the QFII scheme is laid out in the "Provisional Measure on Domestic Securities Investments by Qualified Foreign Institutional Investors — Decree No. 12 of 5 November 2002. The objectives as stated in Article 1 are twofold:6 (i). To govern Qualified Foreign Institutional Investors' investments in China's securities market7 and (ii). To promote development of China's securities market8 What can QFII invest in? Article 18 of the Provisional Measure states that the QFII can invest in the following RMB financial instruments: (i). Shares listed in China's stock exchanges (excluding B shares) (ii). Treasuries listed in China's stock exchanges (iii). Convertible bonds and enterprise bonds listed in China's stock exchanges and (iv). Other financial instruments as approved by CSRC Conditions of the Scheme The rules are very clear. Only the very large foreign financial institutions need apply for fund managers, they must have assets in excess of US$10 billion during the most recent accounting year and have operated for over five years. Insurance companies must have assets...

Trusting Emergence: Some Experiences of Learning about Integrated Catchment Science with the Environment Agency of England and Wales

The changing context of managing water in the European Union poses a fundamental and largely unaddressed question: are current scientific practices and scientific explanations able to meet the demands of doing effective integrated catchment management? This paper presents findings from 2 years of co-researching with scientists responsible for developing the Integrated Catchment Science Strategy within the Environment Agency, the main environmental regulatory body for England and Wales. The use of a co-researching approach using systems thinking and practice to enable social learning created, where none existed, a common conceptual framing of purpose and an incipient community of practice (CoP). Three key insights emerge: (1) integration of catchment sciences is possible at the level of policy objectives; (2) a shift in language and practice is required towards Integrated Catchment Managing to describe and enact the sets of purposeful activities and interactions among multiple stakeholders; (3) institutional and organizational constraints exist which limit the potential of CoPs to act in more innovative ways and develop more integrated and adaptive science-policy. Our findings confirm the need to develop learning processes which pay attention to the context, stakeholders, the key changes that are required in particular catchments and, most important of all, the epistemological perspective(s) of those involved in managing catchments.