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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 15 Risk management S. 1493-1496

„… prime broker and reused by the prime broker. Article 15 Risk management 1. AIFMs shall functionally and …” „… hierarchically separate the functions of risk management from the operating units, including from the functions …” „… of portfolio management. The functional and hierarchical separation of the functions of risk …”

Article 52 Risk management S. 1653-1654

„… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… into account sufficient coverage and need to limit contagion. 2. Where the risk-management models used …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… Risk management, exposure limits, reliance on credit rating agencies 1. A management or investment …” „… company shall employ a risk-management process which enables it to monitor and measure at any time the …” „… , ‘Risk Management’ in Zetzsche (ed), AIFMD (2nd edn 2015), pp. 323 et seq., Ch. 14. Art. 51 UCITSD 4 …”

Article 70 Disclosures on categories and volatility of assets, risk management S. 1412-1413

„… assets, risk management 1. The prospectus shall indicate in which categories of assets a UCITS is …” „… supplementary information relating to the quantitative limits that apply in the risk management of the UCITS, to …” „… understandable explanation of the fund’s risk profile and information concerning the remuneration policy. The …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… senior management, risk takers, control functions and any employee receiving total remuneration that …” „… falls within the remuneration bracket of senior management and risk takers whose professional activities …” „… have a material impact on the risk profiles of the management companies or of the UCITS that they …”

Article 2 Definitions S. 1317-1323

„… securities are adequately captured by the risk management process of the UCITS. For the purposes of Arts 2(1 …” „… adequacy and effectiveness of the risk management process and of the policies, arrangements and procedures …” „… other provisions laid down in Chapter IV and Section 3 of Chapter V; (b) ‘management company’ means a …”

Article 13 Remuneration S. 1489-1492

„… categories of staff, including senior management, risk takers, control functions, and any employees receiving …” „… total remuneration that takes them into the same remuneration bracket as senior management and risk …” „… they manage, that are consistent with and promote sound and effective risk management and do not …”

Chapter 1 Organisational requirements S. 1628-1637

„… maintain a clear separation between the reporting lines for risk management and those for the other …” „… sound and effective risk management and which does not create incentives to relax risk standards. 6. A …” „… adequate expertise in financial services, risk management and clearing services. 3. A CCP shall clearly …”

Article 14 a Remuneration policy S. 1338-1339

„… business, risk management and content of the agreement between a depositary and a management company, OJ …” „… , sound and effective risk management and that neither encourage risk taking which is inconsistent with …” „… remuneration policies and practices shall apply to those categories of staff, including senior management, risk …”

Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP S. 1603-1611

„… counterparties shall have risk-management procedures that require the timely, accurate and appropriately …” „… 16 August 2012. Non-financial counterparties referred to in Article 10 shall have risk-management …” „… Reporting of OTC Derivates Art. 11 EMIR Paola Lucantoni 1603 8 9 (a) the risk-management procedures of the …”

Article 16 Organisational requirements S. 65-120

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 5. Risk management, internal controls, IT systems (Art 16(5), second para MiFID …” „… directly to the management body where it detects a significant risk of failure by the firm to comply with …” „… Services 78 Dirk Zetzsche 11 MiFIR framework with the UCITSD, AIFMD and the asset management-related parts …”

Article 50 a Investment in securitisation positions S. 1385-1386

„… regimes. II. Overview Art 50 a of UCITSD shall ensure sound risk management procedures and alignment of …” „… considered by the UCITS management company.1 Article 51 Risk management, exposure limits, reliance on credit …” „… rating agencies 1. A management or investment company shall employ a risk-management process which …”

Article 20 Delegation S. 1502-1504

„… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… management or risk management and is conferred on a third-country undertaking, in addition to the …” „… or risk management shall be conferred on: (a) the depositary or a delegate of the depositary; or (b …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… liquidity of the AIF; (c) the current risk profile of the AIF and the risk management systems employed by …” „… , including information on principal exposures, risk concentrations, illiquid assets, liquidity management …” „… arrangements, current risk profiles, risk management systems, and stress test results. In addition to the …”

Article 17 Investment in securitisation positions S. 1496-1498

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …”

Article 23 Disclosure to investors S. 1514-1517

„… description of the AIF’s liquidity risk management, including the redemption rights both in normal and in …” „… and the risk management systems employed by the AIFM to manage those risks. Chapter IV Transparency …” „… depositary, the valuer, any prime brokers), valuation and valuation procedures, liquidity risk management …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Risk management rules …” „… scope, approval process and risk management features. As defined under Article 2 EMIR, an …” „… Exchange Traded Derivatives (ETDs) but not OTC derivatives, provided that: (i) the risk management of OTC …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… competence. 2. When providing investment advice or portfolio management the investment firm shall obtain the …” „… including his ability to bear losses, and his investment objectives including his risk tolerance so as to …” „… financial instruments that are suitable for him and, in particular, are in accordance with his risk …”

Article 1 Scope and UCITS definition S. 1304-1317

„… of interest, conduct of business, risk management and content of the agreement between a depositary …” „… ’, Zeitschrift für Bank und Kapitalmarktrecht (2011), 177-186; Bines H and Thel S, ‘Investment Management …” „… , Dick DP and Schneberger GS, ‘An Exploration of the Proposed Changes to Fee Disclosure and Risk …”

Article 47 Organisational requirements S. 264-268

„… reputation poses a risk that the person will interfere with the operation and management of the market. On …” „… apply the same criteria to the refusal as applies to the decision regarding the management body …” „… threat to the prudent management of the market if he or she interferes and has no market-specific …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… volatility of assets, risk management 1. The prospectus shall indicate in which categories of assets a UCITS …” „… supplementary information relating to the quantitative limits that apply in the risk management of the UCITS, to …” „… establishes standard duties for investment and management companies concerning the ongoing investor disclosure …”

Article 9 Management body S. 43-50

„… into account the firm’s business and risk profile.” In particular, the management body as part of its …” „… investment firms for a period of five years. Article 9 Management body 1. Competent authorities granting the …” „… authorisation in accordance with Article 5 shall ensure that investment firms and their management bodies comply …”

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market S. 262-264

„… risk that the person will interfere with the operation and management of the market. On the other hand …” „… notify the relevant competent authority of the identity of all members of their respective management …” „… transparency of the status of a market operators’ management board and ensures that competent authorities have …”

Article 14 Conflicts of interest S. 1492-1493

„… management and members of staff who have a material impact on the risk profile of the AIFM Article 14 …” „… prime broker and reused by the prime broker. Article 15 Risk management 1. AIFMs shall functionally and …” „… hierarchically separate the functions of risk management from the operating units, including from the functions …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… have long or short positions, and for fund management activities relating to separate funds in Arts 12 …” „… group or amongst different funds of a single management entity.16 Article 4 Uncovered position in a …” „… default swap does not serve to hedge against: (a) the risk of default of the issuer where the natural or …”

Article 14 Conduct of business rules S. 1337-1338

„… policies and practices that are consistent with, and promote, sound and effective risk management and that …” „… 2. The liability of the management company or the depositary shall not be affected by delegation by …” „… the management company of any functions to third parties. The management company shall not delegate …”

Chapter 3 Prudential requirements S. 1643-1653

„… risk- management model and assumptions adopted to perform the stress tests referred to in paragraph 1 …” „… EMIR) and (ii) regularly review and stress-test their risk management models and parameters (Article 49 …” „… arising from that arrangement or access. Article 52 Risk management 1. CCPs that enter into an …”

Article 17 Algorithmic trading S. 120-134

„… investment firm’s ability to maintain prudent risk management practices as laid down in paragraph 1; (d) the …” „… ) automatically block or cancel orders from a DEA client that breach the risk management thresholds of the DEA …” „… algorithmic trading shall have in place effective systems and risk controls suitable to the business it …”

Article 3 Intragroup transactions S. 1579-1584

„… . Securities Clearing and Settlement 1582 Paola Lucantoni 8 9 10 11 The clearing and risk management and …” „… mitigated by intra-group risk management (Article 3 EMIR). c) 8 EMIR Review – First set of amendments – May …” „… Lucantoni 1583 12 13 14 15 Where intra-group risk management applies, the risk reducing obligations imposed …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… recommendations to act on the problem, including risk management and mitigation tools.6 In particular, they called …” „… one year or different arrangements regarding post trade risk management, such as clearing, can still …” „… with Arts 6, 10 and 26 of MiFIR. TITLE IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY …”

Article 53 Provision of margins among CCPs S. 1654-1655

„… coverage and need to limit contagion. 2. Where the risk-management models used by the CCPs to cover their …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Risk management rules …” „… scope, approval process and risk management features. As defined under Article 2 EMIR, an …”

Article 3 Exclusions from the scope S. 1323-1324

„… systems of the management company or from external events and includes legal and documentation risk and …” „… Liquidity risk. In accordance with first paragraph of Art 3 of Commission Directive 2010/43/EU …” „… , list number 8, ‘liquidity risk’ means the risk that a position in the UCITS portfolio cannot be sold …”

Article 17 Access to quotes S. 463-465

„… systematic internalisers, and the determination has to be objective and consistent with the risk management …” „… policy and procedures of the systematic internaliser.5 Part of any risk management policy must be a …” „… Commission Delegated Regulation (EU) 2017/567. Risk management policies and procedures for the purposes of …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… market operator’s activities, including the main risks. (c) Each member of the management body shall act …” „… body as well as the associated risks. Moreover, the management board as a whole must have expertise …” „… accounting and reporting, strategic planning, risk management, compliance and internal audit, information …”

Article 10 Non-financial counterparties S. 1600-1603

„… . Financial counterparties shall have risk-management procedures that require the timely, accurate and …” „… risk-management procedures that require the timely, accurate and appropriately segregated exchange of collateral …” „… reporting on behalf of both counterparties to the transaction; (iii) the management company that manages a …”

Introduction and overview S. 874-881

„… Selling in Europe After the Crisis’ (2012) 8 Brigham Young University International Law & Management …” „… Review 61 (cited as “Elineau, (2012) 8 Brigham Young University International Law & Management Review 61 …” „… Moloney, 543-547; cf. also Elineau, (2012) 8 Brigham Young University International Law & Management …”

Article 1 Subject matter and scope S. 1574-1576

„… risk-management requirements for over-the counter (‘OTC’) derivative contracts, reporting requirements for …” „… important jurisdictions as regards volumes of contracts traded, and the risk-management standards applicable …” „… requirements for OTC transactions that are not centrally cleared that mitigate systemic risks. 60 EMIR Review …”

Article 23 Conflicts of interest S. 151-155

„… interest risk profile. Portfolio management services, for example, generate significant conflicts of …” „… , that risks of damage to client interests will be prevented, the investment firm shall clearly disclose …” „… mitigate those risks before undertaking business on its behalf. 1 Article 4(1)(26) of MiFID II. 2 …”

Article 24 General principles and information to clients S. 157-180

„… 157 ships, so close as to pose a risk of impairing the independent basis of the advice provided; (iii …” „… investment strategies must include appropriate guidance on and warnings of the risks associated with …” „… caused by the occurrence of underlying market risk, shall be aggregated to allow the client to understand …”

Article 16 Liquidity management S. 1496

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …”

Article 19 Valuation S. 1499-1502

„… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… management or risk management and is conferred on a third-country undertaking, in addition to the …” „… or risk management shall be conferred on: (a) the depositary or a delegate of the depositary; or (b …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 50 a 1385 Risk management, exposure limits, reliance on credit rating agencies …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 8 41 Management body …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 44 247 Requirements for the management body of a market operator …”

Article 9 Initial capital and own funds S. 1485-1486

„… cover potential professional liability risks resulting from activities AIFMs may carry out pursuant to …” „… funds which are appropriate to cover potential liability risks arising from professional negligence; or …” „… which is appropriate to the risks covered. 8. Own funds, including any additional own funds as referred …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… in the intended manner, (b) the compliance and risk management controls are correctly embedded in the …” „… MiFIR, because it may result in undue risk to the economic viability of the trading venue.15 …” „… of orders if there is a risk of its system capacity being reached and to limit and enforce the …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… management of the AIFM; and (e) the head office and the registered office of the AIFM are located in the same …” „… following AIFMs: (a) a subsidiary of another AIFM, of a UCITS management company, of an investment firm, of …” „… subsidiary of the parent undertaking of another AIFM, of a UCITS management company, of an investment firm …”

Article 23 Registered office, qualification and organisation of depositary S. 1359-1360

„… , including the main risks; (i) each member of its management body and senior management shall act with …” „… , UCITS depositaries bear enormous liability risks. In turn, we expect UCITS depositary to carefully …” „… control mechanisms, effective procedures for risk assessment and effective control and safeguard …”

Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage S. 1519-1521

„… leverage contributes to the build-up of systemic risk in the financial system, risks of disorderly markets …” „… or risks to the long-term growth of the economy. 2. The competent authorities of the home Member …” „… source of counterparty risk to a credit institution or other systemically relevant institutions in other …”

Article 88 Prohibition to guarantee loans S. 1429-1430

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Index S. 1785-1803

„… – exemptions AIFMD 3 1 et seq. – family office AIFMD 5 5 – marketing of units AIFMD 31 3 – risk management …” „… 22 – risk management EMIR 54 10 – segregation and portability EMIR 36-39 10 – small financial …” „… communications MiFID II 16 37 et seq. – recording phone conversations MiFID II 16 37 et seq. – risk management …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… between the reporting lines for risk management and those for the other operations of the CCP. 5. A CCP …” „… management and which does not create incentives to relax risk standards. 6. A CCP shall maintain information …” „… investment management business in the EU, ESMA recognition is not required if a third country CCP provides …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… objective and consistent with the risk management policy and procedures of the systematic internaliser.5 …” „… Part of any risk management policy must be a policy for identifying the number or volume of orders that …” „… as the client credit status, counterparty risk and the final settlement of the transaction can be the …”

Overview of Articles 12-15 S. 908-910

„… strike a balance between the interest in retaining well-established hedging and risk management tools and …” „… order to reduce the risk of settlement failure and volatility1 Chapter III of the SSR contains general …” „… the restrictions as a significant risk to market liquidity while providing uncertain benefits. While …”

I. General features S. 1628

„… maintain a clear separation between the reporting lines for risk management and those for the other …” „… sound and effective risk management and which does not create incentives to relax risk standards. 6. A …” „… contain systemic risks that a CCP default would trigger in the EU financial markets. In view of the global …”

Article 4 Annual financial reports S. 1118-1124

„… shall comprise: (a) the audited financial statements; (b) the management report; and (c) statements made …” „… as a whole and that the management report includes a fair review of the development and performance …” „… taken as a whole, together with a description of the principal risks and uncertainties that they face …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… , Solvency II), which are intended to encourage rating users to expand the scope of their risk management …” „… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… Notification re management and changes (Art 9(5) MiFID) The initial information on the management …” „… with regard to changes to the membership of the management body. Art 5 (1) Commission Implementing …” „… of the management body. Pursuant to that provision, an “investment firm shall notify the competent …”

Article 18 Notification for cross-border services S. 1346-1347

„… shall include a description of the risk management process put in place by the management company. It …” „… arrangements, risk-management procedures, prudential rules and supervision, procedures referred to in Article …” „… management company wishing to pursue the activities for which it has been authorised within the territory of …”

Article 45 Position management powers of ESMA S. 555-558

„… Coordination of national position management measures and position limits by ESMA (1) ESMA shall perform a …” „… Directive 2014/65/EU, and the reasons therefor. Article 45 Position management powers of ESMA (1) In …” „… delegated act referred to in paragraph 10(a) of this Article; (b) does not create a risk of regulatory …”

Introduction S. 1563-1574

„… risk-management mechanism, which in the past was left to the discretion of the operators. On one hand, the …” „… risk-management requirements for over-the counter (‘OTC’) derivative contracts, reporting requirements for …” „… Systemic Risk Board, Occasional Paper n. 11, 9; Anderson S, Dion JP and Saiz HP, ‘To link or not to link …”

Article 4 Clearing obligation S. 1584-1588

„… Where intra-group risk management applies, the risk reducing obligations imposed by EMIR are …” „… obligation and bilateral risk mitigation regime see comments related to → Art 4(1)(a) and → Art 11(12). In …” „… CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATES Article 4 Clearing obligation 1. Counterparties …”

Article 12 Prudential regulation S. 1334-1336

„… requirements, conflicts of interest, conduct of business, risk management and content of the agreement between …” „… to in Article 10 of Directive 2004/39/EC, mean, respectively, ‘management company’ and ‘management …” „… regulation 1. Each Member State shall draw up prudential rules which management companies authorised in that …”

Article 17 Cross-border services by virtue of a branch S. 1344-1346

„… organisational structure of the branch, which shall include a description of the risk management process put in …” „… risk management process put in place by the management company. It shall also include a description of …” „… Where a management company so authorised proposes, without establishing a branch, only to market …”

Article 12 General principles S. 1488-1489

„… categories of staff, including senior management, risk takers, control functions, and any employees receiving …” „… total remuneration that takes them into the same remuneration bracket as senior management and risk …” „… AIFM the authorisation of which also covers the discretionary portfolio management service referred to …”

Article 3 Short and long positions S. 888-892

„… 5 when different entities in a group have long or short positions or for fund management activities …” „… University International Law & Management Review 61, 72; Howell, (2015) 12 European Company Law 79, 80, 86 …” „… short positions, and for fund management activities relating to separate funds in Arts 12 and 13 of …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… managed, directly or by delegation, by the same management company or by any other company with which the …” „… management company is linked by common management or control, or by a substantial direct or indirect holding …” „… , that management company or other company shall not charge subscription or redemption fees on account of …”

Chapter 2 Conduct of business rules S. 1637-1643

„… accordance with the best interests of such clearing members and clients and sound risk management. 2. A CCP …” „… of admissible clearing members and the admission criteria, upon the advice of the risk committee …” „… that restrict access shall be permitted only to the extent that their objective is to control the risk …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… ) CRA Regulation, to warnings and recommendations issued by the European Systemic Risk Board (ESRB …” „… , rating analysts and rating teams regarding shareholders, administrative and management bodies and sales …” „… ) with regard to corporate governance, organisation, and the management of conflicts of interest. They …”

Article 9 Waivers for non-equity instruments S. 432-441

„… orders held in an order management facility of the trading venue pending disclosure; (b) actionable …” „… financial instrument, which would expose liquidity providers to undue risk and takes into account whether …” „… minimum size of orders held in an order management facility pending disclosure for which pre-trade …”

Article 2 Exemptions S. 10-18

„… Article 3 of Regulation (EU) No 648/2012 that serve group-wide liquidity or risk management purposes; (b …” „… similar functions in the Union, other public bodies charged with or intervening in the management of the …” „… ) transactions in derivatives which are objectively measurable as reducing risks directly relating to the …”

Article 22 a Delegation by depositary S. 1357-1359

„… the instructions of the management company on behalf of the UCITS; (c) the reuse is for the benefit of …” „… management company acting on behalf of the UCITS which have been entrusted to it; (b) for custody tasks …” „… country, of the circumstances justifying the delegation and of the risks involved in such a delegation; (b …”

Article 3 Exemptions S. 1469-1471

„… linked by common management or control, or by a substantive direct or indirect holding, manage portfolios …” „… of AIFs whose assets under management, including any assets acquired through use of leverage, in …” „… , through a company with which the AIFM is linked by common management or control, or by a substantive …”

Article 5 Half-yearly financial reports S. 1124-1131

„… condensed set of financial statements; (b) an interim management report; and (c) statements made by the …” „… the consolidation as a whole as required under paragraph 3, and that the interim management report …” „… reports. (4) The interim management report shall include at least an indication of important events that …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… pursuant to Article 106(1) with regard to the master UCITS or, where applicable, its management company …” „… . An investment company and, for each of the common funds it manages, a management company, shall …” „… establishes standard duties for investment and management companies concerning the ongoing investor disclosure …”

Article 2 Scope S. 1467-1469

„… AIFMD also contains provisions governing the provision of asset management services by non-EU AIFM in …” „… this respect, AIFMD captures both the management of European AIF by EU AIFM as well as the management …” „… of AIF domiciled in third countries by EU AIFM. Furthermore, AIFMD regulates the management of EU AIF …”

Article 13 a Aggregation S. 1172-1174

„… At the same time, the regulatory responsibility for negative risk-decoupling was transferred from …” „… negative risk decoupling. Voting rights without economic risk thus are not separately disclosed under EU …” „… , inserted in 2010. On the background, see Ringe, ‘Hedge Funds and Risk-Decoupling – The Empty Voting Problem …”

Article 2 Definitions S. 396-403

„… out to hold or manage official foreign reserves of a Member State or the reserve management service …” „… management of its own funds, (b) for administrative purposes or for the staff of the ESCB member including …” „… links as defined in Article 4(1)(35) of Directive 2014/65/EU; (22) ‘management body’ means a management …”

Article 5 The prospectus S. 974-984

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2. Assessment of the materiality of the risk factors …” „… the purpose of enabling them to understand the nature and risks of the issuer, guarantor and …” „… description of the risks associated with, and essential characteristics of, (i) the issuer and any guarantor …”

Article 4 Definitions S. 22-34

„… proprietary capital at prices defined by that person; (8) ‘portfolio management’ means managing portfolios in …” „… defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013; (28) ‘UCITS management company’ means …” „… a management company as defined in point (b) of Article 2(1) of Directive 2009/65/EC of the European …”

Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures S. 1421-1422

„… investment policy,6 risk and reward profile,7 charges,8 past performance,9 practical information10 and …” „… methodology for the calculation of the synthetic risk and reward indicator as well as the calculation of the …” „… calculation of the synthetic risk and reward indicator in the Key Investor Information Document; CESR/10-674 …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… requirement intends to enable the NCAs to monitor short selling in order to prevent ensuing systemic risks …” „… ) 8 Brigham Young University International Law & Management Review 61, 76-77, who refers to US Rule …” „… monitor short selling activities that could create systemic risks, be abusive or create disorderly markets …”

Article 3 Optional exemptions S. 18-22

„… derivatives thereof for the sole purpose of hedging the commercial risks of their clients, where those clients …” „… derivatives thereof for the sole purpose of hedging the commercial risks of their clients, where those clients …” „… into account the size, risk profile and legal nature of the persons exempt in accordance with paragraph …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… those bodies and central banks within the legal framework of third countries, and the risk management …” „… bodies, their risk management standards and internal rules of conduct, which was prepared by the …” „… 6 Exemption for monetary and public debt management activities and climate policy activities 1. This …”

Article 47 Equivalence decision S. 566-571

„… appropriate requirements applicable to shareholders and members of their management body; (c) firms providing …” „… ); Griffith, ‘Substituted Compliance and Systemic Risk: How to Make a Global Market in Derivatives Regu- Title …” „… risks for the stability of the financial system.7 Recently the principle has become more widespread …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… initial decision to (re-)purchase the securities was made.36 On the other hand, management buyouts are not …” „… the mere fact that a management buy-out is planned. The information, accordingly, has to be disclosed …” „… the risk of insider trading by limiting the number of persons who are in possession of inside …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… certain conditions. In particular, they must comply with the operational, technical and risk management …” „… of the trading venue be threatened, or where there is evidence that the risk management procedures of …” „… threaten the ‘smooth and orderly functioning of the markets’ or ‘adversely affect systemic risk’.13 As one …”

Article 87 Issue of unit equivalent to net asset value S. 1429

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 86 Distribution and reinvestments of income S. 1429

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 77 Recognition of trade repositories S. 1673-1675

„… obligation, the suspension of the clearing obligation, the reporting requirements, the risk mitigation …” „… senior management and members of the board of a trade repository shall be of sufficiently good repute and …” „… experience so as to ensure the sound and prudent management of the trade repository. 7. A trade repository …”

Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date S. 1425-1426

„… must be kept up to date in its material elements. The material elements refer at least to the risk and …” „… depositary or the management company. Art 22 of Commission Regulation (EU) No 583/2010 specifies when an …” „… , if the changes to the key investor information are the expected result of a management company’s …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… the assets under management, Art 9(4) provides that the AIFM must also take into consideration AIFs …” „… where it is the AIFM but for which it has delegated the portfolio management to third parties whereas …” „… risks. As such, Art 9(7) allows AIFM to cover potential liability risks either by its own additional …”

Article 78 General requirements S. 1675

„… senior management and members of the board of a trade repository shall be of sufficiently good repute and …” „… experience so as to ensure the sound and prudent management of the trade repository. 7. A trade repository …” „… that their objective is to control the risk to the data maintained by a trade repository. 8. A trade …”

Overview of Articles 5-11 S. 894-895

„… position has to be beta-adjusted to hedge the associated risk: 1.5 x € 10 m = € 15 m. Adding up both …” „… value of the risks hedged have to be calculated. For further details on the proportionality requirement …” „… International Law & Management Review 61, 70-77; Howell, (2015) 12 European Company Law 79 et seq.; Payne, (2012 …”

Article 24 Competent authorities and their powers S. 1204-1208

„… , require either an authorisation under the UCITS Directive11 or for engaging in portfolio management12 …” „… they comply with equivalent conditions of independence as EU management companies and investment firms …” „… individual exemptions bears the risk of divergent standards. To this end, Article 23(4)-(5) provide for ample …”

Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives S. 1578-1579

„… makes it possible to exercise a significant influence over the management of the CCP or trade repository …” „… management or its clearing members, and who has had no such relationship during the five years preceding his …” „… membership of the board; (29) ‘senior management’ means the person or persons who effectively direct the …”

Article 2 Definitions S. 1576-1578

„… undertaking authorised in accordance with Directive 2005/68/EC, a UCITS and, where relevant, its management …” „… ) their primary purpose is to provide retirement benefits; (11) ‘counterparty credit risk’ means the risk …” „… ) of that Directive, or which makes it possible to exercise a significant influence over the management …”

Article 89 Prohibition of naked short sales S. 1430-1431

„… . Commentary Under Art 88 of UCITSD, the UCITS is prohibited from guaranteeing loans due to the risks implied …” „… ): (a) an investment company; (b) a management company or depositary acting on behalf of a common fund …” „… . I. Purpose In addition to Art 88 of UCITSD, the goal is to avoid the risks implied by naked short …”

Article 18 Entry into force S. 1784-1785

„… – exemptions AIFMD 3 1 et seq. – family office AIFMD 5 5 – marketing of units AIFMD 31 3 – risk management …” „… objectives at risk MAR 17 76 – financial stability MAR 17 92 – guarantee of confidentiality MAR 17 94 …” „… – UCITS management companies AIFMD 8 2 Algorithmic trading – application of MiFID II MiFID II 4 11 …”

Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document S. 1418-1421

„… investment company and, for each of the common funds it manages, a management company draw up a short …” „… investors so that they are reasonably able to understand the nature and the risks of the investment product …” „… presentation or, where relevant, performance scenarios; (d) costs and associated charges; and (e) risk …”

Article 85 Valuation rules S. 1428-1429

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… with the operational and technical requirements established by the CCP including the risk management …” „… Regulatory Reform: Risks of the Clearing Obligation From a Competition Perspective’, Risk & Regulation summer …” „… procedures; and (b) cross-margining with correlated contracts cleared by the same CCP under a risk model that …”

Article 79 Operational reliability S. 1675-1676

„… senior management and members of the board of a trade repository shall be of sufficiently good repute and …” „… experience so as to ensure the sound and prudent management of the trade repository. 7. A trade repository …” „… that their objective is to control the risk to the data maintained by a trade repository. 8. A trade …”

Article 59 Notification of ESMA decisions relating to registration S. 1660-1661

„… enhancing the transparency of derivative markets and reducing risks to financial stability. Articles 55-59 …” „… the trade repository and its corporate governance; the remuneration policy for the senior management …” „… , board members and staff employed in risk and control functions; the policies and procedures to …”

Article 51 Interoperability arrangements S. 1653

„… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 S. 1653

„… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… in investment management under Art 56(3) of UCITSD. Article 57 Exemptions from Art 52, 56 in certain …” „… assets. While ensuring observance of the principle of risk spreading, Member States may allow recently …” „… observe the principle of risk-spreading at this stage, the hard investment limits do not apply;1 b) the …”

Article 7 Access to a CCP S. 1594

„… risk-management requirements; 2. A CCP shall accede to or refuse a formal request for access by a trading venue …” „… contracts cleared by the same CCP under a risk model that complies with Article 41. A CCP may require that a …” „… smooth and orderly functioning of the markets or would adversely affect systemic risk. 5. ESMA shall …”

Article 6 Responsibility attaching to the prospectus S. 984-987

„… of their size and potentially shorter track record, SMEs might carry a specific investment risk …” „… , management or supervisory bodies, the offeror, the person asking for the admission to trading on a regulated …” „… : the issuer or its administrative, management or supervisory bodies, the offeror, or the person asking …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… to ensure proper management of operational or other risks. ESMA shall have ongoing authority to …” „… reduce risks for the counterparties during the trading and the post-trading phase.3 In contrast to Art …” „… counterparty risk. 4 See Art 29(2) 2 MiFIR. 5 Art 3 and 4 Commission Delegated Regulation (EU) 2017/582. Art …”

Article 12 Assessment procedures S. 58-61

„… sound management of the investment firm at risk where management focuses on the transactions rather than …” „… , in order to ensure the sound and prudent management of the investment firm in which an acquisition is …” „… or attempted, or that the proposed acquisition could increase the risk thereof. The Commission shall …”

Article 50 Eligible assets S. 1381-1385

„… opinion9 on how limits on counterparty risk should be calculated by UCITS and its management companies …” „… . Overview Art 50 a of UCITSD shall ensure sound risk management procedures and alignment of interests when …” „… 648/2012.10 It also adresses whether the same risk measurement rules apply to these instruments as do those …”

Article 4 Definitions S. 1471-1477

„… linked by common management or control or by a substantive direct or indirect holding that does not …” „… with which the AIFM is linked by common management or control or by a substantive direct or indirect …” „… holding that does not exceed EUR 100 million. Details governing the calculation of assets under management …”

Article 16 Freedom to provide services on a cross-border basis S. 1343-1344

„… include a description of the risk management process put in place by the management company. It shall also …” „… , investor complaints mechanism Management companies or, where relevant, investment companies shall take …” „… their rights in the event that the management company is authorised in a Member State other than the …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… the management company, including delegation arrangements, risk-management procedures, prudential …” „… , the management company shall give notice of the amendment in writing to the competent authorities of …” „… the management company’s home Member State and of the management company’s host Member State before …”

Article 6 Public register S. 1593-1594

„… established by the CCP, including the risk-management requirements; 2. A CCP shall accede to or refuse a …” „… ) cross-margining with correlated contracts cleared by the same CCP under a risk model that complies with Article 41 …” „… adversely affect systemic risk. 5. ESMA shall settle any dispute arising from a disagreement between …”

Article 67 Duties of competent authority in case of non-compliance by master S. 1408-1409

„… applicable, its management company, and to the competent authorities, the depositary and the auditor of the …” „… entirely unrelated rules applicable to the master UCITS’ management company. First, paragraph 1 enhances …” „… the master management company’s disclosure requirements and asks the master management company’s …”

Article 66 Additional tasks vis-à-vis master’s competent authority S. 1407-1408

„… received from the master UCITS or, where applicable, its management company, depositary and auditor, unless …” „… , its management company, or any person acting on behalf of either the feeder UCITS or the management …” „… UCITSD, in addition to the monitoring duties of the master UCITS’ depositary, the management company of …”

Article 21 Depositary S. 1504-1512

„… risk management. Neither the portfolio management, nor the risk management may be delegated to the …” „… Special requirements apply under Art 20 (2), (5) to the delegation of the portfolio management or …” „… requirements for operational risks and authorised in accordance with Directive 2004/39/EC and which also …”

Article 77 Marketing communications S. 1417-1418

„… that an investment company and, for each of the common funds it manages, a management company draw up a …” „… risks of the investment product that is being offered to them and, consequently, to take investment …” „… ) risk/reward profile of the investment, including appropriate guidance and warnings in relation to the risks …”

Article 109 Cross-border provision of services; collaboration S. 1462-1463

„… host competent authority to properly enforce the UCITSD. Lack of action puts at risk the lead regulator …” „… ; collaboration 1. Where, through the provision of services or by the establishment of branches, a management …” „… company operates in one or more management company’s host Member States, the competent authorities of all …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… Article 12 SSR restricts uncovered short sales of shares in order to reduce the potential risk of …” „… changes result- 1. 2. 3. 1 Recital 18 SSR. Apart from these risks, some view “naked” short sales as …” „… (potentially) abusive, see Elineau, (2012) 8 Brigham Young University International Law & Management Review 61 …”

Article 13 Assessment S. 61-63

„… authorities shall, in order to ensure the sound and prudent management of the investment firm in which an …” „… been committed or attempted, or that the proposed acquisition could increase the risk thereof. The …” „… management of the investment firm after the acquisition. The guiding rationale is narrowed by two subtests …”

Article 5 Authorisation requirement for the fund S. 1325-1327

„… authorities of its home Member State have approved the application of the management company to manage that …” „… incorporation and the choice of depositary, and, where relevant, the application of the designated management …” „… established in the management company’s home Member State, the competent authorities of the UCITS home Member …”

Article 55 Investment limits for UCI target investments S. 1393-1394

„… with the principle of risk-spreading. In this case, the UCITS must hold securities from at least six …” „… , directly or by delegation, by the same management company or by any other company with which the management …” „… company is linked by common management or control, or by a substantial direct or indirect holding, that …”

Article 26 b Implementing acts S. 1364-1365

„… with and among national competent authorities of depositary, UCITS and management company The …” „… competent authorities of the UCITS or of the management company. If the competent authorities of the UCITS …” „… or of the management company are different from those of the depositary, the competent authorities of …”

Article 24 Liability of depositary towards UCITS and unit-holders S. 1360-1362

„… , including the main risks; (i) each member of its management body and senior management shall act with …” „… ; (g) all members of its management body and senior management, shall, at all times, be of sufficiently …” „… good repute, possess sufficient knowledge, skills and experience; (h) its management body shall possess …”

Article 5 Clearing obligation procedure S. 1588-1593

„… contracts through a CCP; (f) the risk management and the legal and operational capacity of the range of …” „… clearing of those classes of derivatives. 4. With the overarching aim of reducing systemic risk, the draft …” „… anticipated impact on the levels of counterparty credit risk between counterparties as well as the impact on …”

Article 8 Access to a trading venue S. 1594-1596

„… risk-management requirements; 2. A CCP shall accede to or refuse a formal request for access by a trading venue …” „… contracts cleared by the same CCP under a risk model that complies with Article 41. A CCP may require that a …” „… smooth and orderly functioning of the markets or would adversely affect systemic risk. 5. ESMA shall …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… the authorities of the UCITS host Member States and, if the management company of a UCITS is …” „… established in another Member State, to the competent authorities of the management company’s home Member …” „… State. 3. The competent authorities of the management company’s home Member State or those of the UCITS …”

Article 81 Availability of key investor information S. 1423-1425

„… investor information in direct marketing through the investment company or management company itself or …” „… through intermediaries acting on behalf of the UCITS, the investment company or the management company for …” „… management company can directly order to distribute the key investor information. Investors shall receive the …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… objectively measurable as reducing risks directly relating to the commercial activity or treasury financing …” „… counterparties, which are considered to reduce risks relating to commercial activity, or treasury financing …” „… commercial risks6). Trading venues and investment firms must ensure that published information enables the …”

Article 99 a Minimum sanctioning S. 1442-1444

„… company fails to employ a risk-management process or a process for accurate and independent assessment of …” „… management functions in those or in other such companies; (e) in the case of a legal person, maximum …” „… annual turnover of the legal person according to the last available accounts approved by the management …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… II. Commentary Art 106(1) of UCITSD imposes a duty on the auditor of the UCITS, the management …” „… liability for breach of confidentiality. The risk of replacement for pursuing the auditor’s duty remains …” „… home Member State to the authorities of the UCITS host Member States and, if the management company of …”

Article 7 Conditions for authorisation S. 1328-1331

„… management (as defined in Annex I) is a regulated activity. Art 6(2) of UCITSD ensures that fund management …” „… companies are specialists. A fund management may not hold, for instance, a banking license under CRD IV or …” „… an investment firm license under MiFID. The specialist license ensures the management’s focus on …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… from the new EU-wide OTC derivatives datasets’ (2016), European Systemic Risk Board, Occasional Paper n …” „… of collateral’ (2014) Systemic Risk Centre, Discussion Paper No 12, London School of Economics; Awrey …” „… Murphy D, ‘Central Counterparties (CCPs) and the law of default management’ (2017), 17 Journal of …”

Article 22 Annual report S. 1512-1514

„… amount of remuneration broken down by senior management and members of staff of the AIFM whose actions …” „… have a material impact on the risk profile of the AIF. 3. The accounting information given in the …” „… associated risks, any applicable investment restrictions, the circumstances in which the AIF may use leverage …”

Article 19 Managers’ transactions S. 808-824

„… investment risk is borne by the policyholder, and (iii) the policyholder has the power or discretion to make …” „… ‘managers’ transactions’, which are vulnerable to insider-dealing risk (formerly also known as ‘directors …” „… sometimes criticised for increasing the risk of (irrational) noise trading. Nevertheless, empirical research …”

Article 8 Withdrawal of authorisations S. 41-43

„… or its management. In this respect, the withdrawal for reasons specified in that provision is …” „… . Article 9 Management body 1. Competent authorities granting the authorisation in accordance with Article …” „… 5 shall ensure that investment firms and their management bodies comply with Article 88 and Article …”

Article 6 Conditions for taking up activities as AIFM S. 1478-1480

„… Internal AIFM are only conceivable where the legal form of the AIF permits an management of the AIF …” „… Directive and the additional management of UCITS subject to authorisation under Directive 2009/65/EC. 3 …” „… internal management of that AIF in accordance with Annex I. 4. By way of derogation from paragraph 2 …”

Article 83 Borrowing limits S. 1426-1427

„… key investor information are the expected result of a management company’s decision, the revised key …” „… Borrowing limits 1. The following shall not borrow: (a) an investment company; (b) a management company or …” „… risks implied from leverage, which could wipe out investors’ assets. 2 See Art 23(3) of Commission …”

Article 1 Scope S. 881-883

„… ESMA70-145-386, 45 para 209. 47 ESMA70-145-386, 47 para 231, 233; as to the risk of circumvention …” „… University International Law & Management Review 61, 72: “designed to cover over-the-counter short selling …” „… provide for a ‘proportionate response’ to the risks that short selling could represent ‘in exceptional …”

Article 7 Application for authorisation S. 1480-1482

„… with Art 20 on delegation and the ability of AIFM to delegate the portfolio management of AIFM to third …” „… third party managing such AIF will, however, typically qualify as management of an individual portfolio …” „… funds, and the AIFM’s policy as regards the use of leverage, and the risk profiles and other …”

Article 62 Communication between feeder’s and master’s auditors S. 1403-1404

„… those of the master UCITS, the management company and the depositary of the feeder UCITS about any …” „… UCITS; (b) the investment objective and policy, including the risk profile and whether the performance …” „… master UCITS, its organisation, its investment objective and policy, including the risk profile, and an …”

Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs S. 1558-1560

„… names and contact details of persons responsible for the management of the branch. 4. The competent …” „… . Such transmission shall occur only if the AIFM’s management of the AIF complies and will continue to …” „… , the AIFM’s management of the AIF would no longer comply with this Directive or the AIFM would …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… State insolvency laws, thereby encouraging the use of close-out netting as a risk management 1. 6 …” „… risk is close-out netting.1 Close-out netting, also known as netting by close-out or default netting …”

Article 9 S. 1702-1706

„… Collateral plays a crucial role for the risk management in payment and securities settlement systems. It …” „… increase systemic risk. Therefore, effectively reducing systemic risk requires not only the enforceability …” „… Law 423. 5 Thévenoz, ‘Intermediated Securities, Legal Risk, and the International Harmonization of …”

Article 9 Reporting obligation S. 1596-1600

„… ), European Systemic Risk Board, Occasional Paper n. 11, 9, underlie that UTIs serve two purposes: “First, two …” „… Systemic Risk Board, Occasional Paper n. 11, quantifies in 85 the variables requested. 9 See ESMA, ‘ESMA’s …” „… for reporting on behalf of both counterparties to the transaction; (iii) the management company that …”

Article 71 Disclosure of fund rules, instruments of incorporation S. 1413-1414

„… transactions: hedging or the ambition of achieving investment goals. In each instance, the effect on the risk …” „… is likely to have a high volatility due to its portfolio composition or the portfolio management …” „… prominent statement. The management company must also provide supplementary information required under Art …”

Article 7 Inside information S. 673-692

„… by individual market participants to the exclusion of the trading public, the risk exists that these …” „… belated disclosure of the intention of the chairman of the management board of Daimler to step down …” „… nature: the risk of a major accident is real and not implausible, because technical problems have already …”

Article 4 Waivers for equity instruments S. 408-417

„… ) orders that are large in scale compared with normal market size; (d) orders held in an order management …” „… management facility of a trading venue pending disclosure for which pre-trade disclosure may be waived under …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 4. Order management facility waiver (Art 4(1)(d) MiFIR) . . . . . . . . . . . . . . . . . . 25 5 …”

Article 60 Exercise of the powers referred to in Articles 61 to 63 S. 1661

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …” „… repository and its corporate governance; the remuneration policy for the senior management, board members and …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… or mitigate significant consumer risks, for example, the ability to temporarily limit or suspend the …” „… little benefit for investors, but carried a high downward risk, such as the insolvency of the issuer.8 In …” „… ., Kahneman and Riepe, ‘Aspects of Investor Psychology’ (1998) 24 Journal of Portfolio Management 52; Barber …”

Article 15 Execution of client orders S. 458-463

„… provide firm quotes would be contrary to prudent risk management.8 That is the case, in particular, when …” „… position-risk that systematic internalisers may incur, they are obligated to execute orders received for …” „… considerations such as the client credit status, the counterparty risk and the final settlement of the …”

Article 7 Responsibility and liability S. 1135-1137

„… at least with the issuer or its administrative, management or supervisory bodies and shall ensure …” „… it formerly referred to the interim management reports required pre-2013 reform. The reports on …” „… , management or supervisory body or bodies. Member States have thus discretion which of these four they charge …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… of insolvency risks stemming results from divergence in the level of protection for financial …” „… authorisation to an investment company that has not designated a management company unless the investment …” „… has not designated a management company authorised pursuant to this Directive, the following …”

Article 7 Recognition of close-out netting provisions S. 1732-1734

„… State insolvency laws, thereby encouraging the use of close-out netting as a risk management 1. 6 …” „… risk is close-out netting.1 Close-out netting, also known as netting by close-out or default netting …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… critical to post-trade risk management because there is a need for the liquidation of financial instruments …” „… trading venue against the risks of algorithmic trading. System disruptions may occur when there is (7) any …” „… may create systemic risk undermining the financial stability; (b) the continuation of trading is …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… feeder’s management company as well as the depositary can be the same entity. The UCITSD must provide …” „… risks such an exemption could create for investors, both the master’s and the feeder’s documents are …” „… both master and feeder UCITS are managed by the same management company, the agreement may be replaced …”

Article 40 Obligation to provide information S. 239-240

„… schemes tend to require entry payments that reflect the risks of the new entrant. Application to branch …” „… , registered office and address, members of the management body, relevant shareholders) and a programme of …” „… management of the branch and the relevant documents to demonstrate compliance with requirements laid down in …”

Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM S. 1536-1539

„… Art 21 and 22, the management of non-EU AIF by EU AIFM is only permissible if appropriate cooperation …” „… marketing of the AIF only if the AIFM’s management of the AIF does not or will not comply with this …” „… transmission will occur only if the AIFM’s management of the AIF complies and will continue to comply with this …”

Article 52 Diversification S. 1389-1391

„… UCITS EAD defines techniques and instruments for the purpose of efficient portfolio management under …” „… assets in deposits made with the same body. The risk exposure to a counterparty of the UCITS in an OTC …” „… ; and c) not invest into derivatives that exceed a certain risk exposure level which is 10% of its …”

Article 61 Request for information S. 1661-1662

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …” „… repository and its corporate governance; the remuneration policy for the senior management, board members and …”

Article 39 Establishment of a branch S. 237-239

„… management of the branch and they all comply with the requirement laid down in Article 9(1); (e) the third …” „… schemes tend to require entry payments that reflect the risks of the new entrant. Application to branch …” „… , registered office and address, members of the management body, relevant shareholders) and a programme of …”

Article 43 Coordination by ESMA and EBA S. 554-555

„… competent authorities is necessary to address the risk, it shall state this in its opinion. The opinion …” „… position management measures and position limits by ESMA (1) ESMA shall perform a facilitation and …” „… 2014/65/EU, and the reasons therefor. Article 45 Position management powers of ESMA (1) In accordance with …”

Articles 40 to 41 S. 1303-1304

„… , ‘Investment Management Arrangements and the Federal Securities Laws’, 58 Ohio State Law Journal (1997-98) No …” „… the Proposed Changes to Fee Disclosure and Risk/Reward Disclosure under the UCITS Regime’, (2010) 25 …” „… Zeitschrift für Gesellschaftsrecht 285 et seq. (2010); Moloney N, ‘Collective Asset Management: the UCITS …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… , operational and other risks. 2. A clearing firm shall monitor its clearing clients’ positions against the …” „… post-trade procedures for managing the risk of breaches of the position limits, by way of appropriate …” „… for the sound management of the technical operations of the facility, including the establishment of …”

Article 23 Trading obligation for investment firms S. 487-492

„… ;20 it is executed by a management company21 or an alternative investment fund manager;22 it transfers …” „… management process;25 it results in the delivery of shares in the context of the exercise of convertible …” „… prevent that.50 Given the current state of MiFIR, there is a risk that public authorities give Art 23 …”

Article 8 Methodologies, models and key rating assumptions S. 1263-1269

„… members and management of a rating agency or a company conducting rating activities. 16 ESMA, Q&As on …” „… valuation objects with the same risk factors that are sensitive for the rating methods; and (4) include …” „… measures the ordinal ranking of default risk. See Kiff, Kisser and Schumacher, ‘Rating Through-the-Cycle …”

Article 6 Public disclosure of significant net short positions in shares S. 897-899

„… for management activities and legal entities within a group.7 However, these rules create the risk of …” „… requires ‘management entities’ to report, which includes mere divisions, units or departments of a legal …” „… University International Law & Management Review 61, 74. 10 See CESR/10-088, 8 para 31. As to Art 6(3) and (4 …”

Article 56 List of regulated markets S. 316-317

„… IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING …” „… ’, [2012] 19(2) Review of International Political Economy 181-207; Culp CL, Risk Transfer: Derivatives in …” „… position management controls in commodity derivatives (1) Member States shall ensure that competent …”

Article 23 Third countries S. 1200-1204

„… Management Board, Summary of Conclusions, ESMA22-106-467 (13 December 2017). Art. 23 TD 3. Market …” „… with Article 5(1) of Directive 85/611/EEC or, with regard to portfolio management under point 4 of …” „… ) provided that they comply with equivalent conditions of independence as management companies or investment …”

Article 66 Organisational requirements S. 351-357

„… guarantee the security and authentication of the means of transfer of information, minimise the risk of data …” „… on the management body of market operators and data reporting services providers, 28 September 2017 …” „… efficiency of the allocation of capital and limits the risk of insider trading. The obligation to provide …”

Article 44 Authorisation and applicable law S. 247-252

„… across the EU are subject to the same standards and reducing the regulatory risk that occurs when each …” „… markets, such as the management of a regulated market and specific organisational requirements. Hence, Art …” „… 45 Requirements for the management body of a market operator 1. Member States shall require that all …”

Article 60 Relationship between feeder and master S. 1399-1401

„… risks such an exemption could create for investors, both the master’s and the feeder’s documents are …” „… both master and feeder UCITS are managed by the same management company, the agreement may be replaced …” „… behalf. Member States shall require that the feeder UCITS or, when applicable, the management company of …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… . Article 63 Requirements for the management body of a data reporting services provider (1) Member States …” „… shall require that all members of the management body of a data reporting services provider shall at all …” „… sufficient time to perform their duties. The management body shall possess adequate collective knowledge …”

Article 2 Definitions S. 883-888

„… ‘proportionate response’ to the risks that short selling could represent ‘in exceptional circumstances’. The …” „… clearly identified risks that need to be addressed’, the NCAs and ESMA are entitled to take measures …” „… beneficial owner is, in turn, defined as ‘the investor who assumes the economic risk of acquiring a financial …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… continuation of trading on the market is necessary to perform critical post-trade risk management functions …” „… create systemic risks which undermine financial stability, such as in the case of an unwinding of a …” „… a CCP would be exposed to unacceptable risks as a result 1 Commission Delegated Regulation (EU …”

Article 13 S. 1073-1081

„… retail investor acquires any position which exposes the retail investor to new risks. The meaning of …” „… risks similar to those arising from the PRIIP’; (ii) ‘the complexity of the PRIIP’; (iv) ‘where the …” „… relevant PRIIP, or with PRIIPs of a similar nature or with risks similar to those arising from the relevant …”

Article 3 Integration of securities markets S. 1114-1118

„… . This is important for the abolishment of the so-called ‘interim management reports’, which used to be …” „… financial report shall comprise: (a) the audited financial statements; (b) the management report; and (c …” „… consolidation taken as a whole and that the management report includes a fair review of the development and …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… companies, UCITS and their management companies, pension funds and their management companies, other …” „… risk of their investments is limited.1 The obligations of investment firms to assess the suitability …” „… management of conflicts of interest. 1. 2. Art. 31 MiFID II 1. Security Markets and Services 210 Christoph …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… order to identify cases where a particular class of contracts may pose systemic risk and to prevent …” „… derivatives pose considerable credit, liquidity, operational and systemic risk, and that the OTC market is …” „… out those that may pose systemic risk or be used for purposes of regulatory arbitrage, i.e. to avoid …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… infringement, from exercising management functions in investment firms; (f) in the event of repeated …” „… exercising management functions in investment firms; (g) a temporary ban of a person discharging managerial …” „… the last available accounts approved by the management body, or in the Member States whose currency is …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… undertaking, by its own parent undertaking. (4) The parent undertaking of a management company shall not be …” „… required to aggregate its holdings under Articles 9 and 10 with the holdings managed by the management …” „… company under the conditions laid down in Directive 85/611/EEC, provided such management company exercises …”

Article 3 Definitions S. 1236-1242

„… , used in a credit rating to provide a relative measure of risk to distinguish the different risk …” „… particular credit risk. More generally, the purpose of credit ratings is 1. 2. 1. 1 Wambach, Kirchmer and …” „… occupational retirement provision, management companies, investment companies, alternative investment fund …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… prohibition includes the case when the objective risk of a conflict of interest exists, so that an actual …” „… management position in a rated entity or related third party within six months.8 The purpose of the latter …” „… authorisation after the rating has been issued. This may apply to members and management of a rating agency or a …”

Article 49 Tick sizes S. 292-296

„… strategies in due time to avoid abusive strategies and risks to the orderly functioning of the market.200 …” „… standards for, is to counter the risk of an ever-decreasing tick size.1 Recitals; level 2 and 3 measures …” „… limit orders resting in an order book and orders held in an order management system; the rules do not …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… common policy towards the management of the issuer in question; (b) voting rights held by a third party …” „… specified as requiring an agreement for a ‘lasting common policy towards the management of the issuer in …” „… needs to be directed towards influencing the management of the issuer. Thus, agreements concerning the …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… II. Commentary Art 106(1) of UCITSD imposes a duty on the auditor of the UCITS, the management …” „… liability for breach of confidentiality. The risk of replacement for pursuing the auditor’s duty remains …”

Article 9 Method of notification and disclosure S. 903-906

„… the holder in order to reduce the risks of herding and retaliation. However, this suggestion was …” „… turned down; see, Elineau, (2012) 8 Brigham Young University International Law & Management Review 61, 75 …” „… Young University International Law & Management Review 61, 72, and, on the other hand, Payne, (2012) 13 …”

Article 2 Definitions S. 624-627

„… contracts or derivative instruments for the transfer of credit risk, where the transaction, order, bid or …” „… activities in the pursuit of monetary, exchange rate or public debt management policy, the EU’s climate …” „… of the administrative, management or supervisory bodies of the issuer or emission allowance market …”

Article 1 Subject matter and scope S. 623-624

„… ) transactions, orders or behaviours carried out in pursuit of monetary, exchange rate or public debt management …” „… derivative contracts or derivative instruments for the transfer of credit risk, where the transaction, order …”

Introduction S. 1710-1711

„… ’ exposure to credit risk also increased, and collateralisation and collateral transactions have become more …” „… )) including: (i) public sector bodies of Member States charged with or intervening in the management of public …”

Introduction to Chapter I S. 34-35

„… for the investment firm’s management body. Art 10-13 MiFID specify the rules on the acquisition and …” „… , consisting of mandatory investor compensation for operational risks, and minimum prudential capital …”

Articles 27 to 31 S. 934-937

„… of ESMA’s opinions, Elineau, (2012) 8 Brigham Young University International Law & Management Review …” „… , (2012) 8 Brigham Young University International Law & Management Review 61, 84: “[R]equiring stricter …” „… threat, (b) does not create a risk of regulatory arbitrage, and (c) does not have a detrimental effect on …”

Article 1 Subject matter and scope S. 1711-1720

„… with or intervening in the management of public debt, and (ii) public sector bodies of Member States …” „… management company as defined in Article 1a(2) of Directive 85/611/EEC; (d) a central counterparty …” „… also means that the instruments carry the risk of rapidly losing value, which is why financial …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… /EC; and (b) it neither intervenes in the management of the issuer concerned nor exerts any influence …” „… not exercised or otherwise used to intervene in the management of the issuer. 1 OJ L 177, 30.6.2006, p …” „… intervene in the management of the issuer. (6 b) ESMA shall develop draft regulatory technical standards to …”

Article 5 Requirement for authorisation S. 35-37

„… the investment firm’s management body. Art 10-13 MiFID specify the rules on the acquisition and sale …” „… , consisting of mandatory investor compensation for operational risks, and minimum prudential capital …”

Article 34 S. 1097-1099

„… technical standards. Article 32 contains an exemption for certain management companies2 and investment …” „… ), 1-20; Ringe W, ‘Hedge Funds and Risk- Decoupling – The Empty Voting Problem in the European Union …”

Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM S. 1539-1541

„… arrangements for the purpose of systemic risk oversight and in line with international standards are in place …” „… legal representative shall perform the compliance function relating to the management and marketing …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… governing the operation of MTFs and OTFs. Context Article 31 MiFID II requires an effective management of …” „… venue against the risks of algorithmic trading. System disruptions may occur when there is (7) any major …”

Article 11 Market soundings S. 718-730

„… participants are conscious that the risk of insider trading may be increased by a disclosure. To this effect, a …” „… minimise the risk of improper disclosures and facilitate the enforcement of the regulatory prohibitions in …” „… the overall aims of Art 11 (see → mn 8-10 above), the guidelines have two aims: to reduce the risk of …”

Article 9 Legitimate behaviour S. 705-711

„… discussions with the target’s management or major shareholders, or while conducting a due diligence. If the …” „… decision to (re-)purchase the securities was made.36 On the other hand, management buyouts are not …” „… the mere fact that a management buy-out is planned. The information, accordingly, has to be disclosed …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… of the administrative, management or supervisory bodies of the issuer or of an associate company. 3 …” „… associated instruments in different Member States. This system poses both a risk of duplicate or inconsistent …” „… underwriting agreement or lead management agreement which permits acceptance of subscriptions or offers to …”

Article 2 Definitions S. 1104-1114

„… the right to appoint or remove a majority of the members of the administrative, management or …” „… operate on the principle of risk spreading; and (ii) the units of which are, at the request of the holder …” „… ) ‘management company’ means a company as defined in Article 1a(2) of Council Directive 85/611/EEC of 20 …”

Articles 21 to 25 a S. 1288-1291

„… rating procedures; (ii) results of the review of methodologies; (iii) compliance, internal audit, risk …” „… management, IT strategy and governance reports; (iv) possible violations of the provisions of the CRA …”

Article 7 Notification to competent authorities of significant net short positions in sovereign debt S. 899-902

„… & Management Review 61, 74. 10 See CESR/10-088, 8 para 31. As to Art 6(3) and (4) SSR, see above, → mn 4; as to …” „… systemic risks or are used for abusive purposes.1 Context A ‘net short position’ relating to issued …”

Article 32 Reporting of infringements S. 865-868

„… ) International Journal of Law & Management 459, 464. 6 Ibid. 465 et seq. 7 These are a corner stone in any …” „… whistleblower will thus have to take a high risk: If the relevant information happens to be already known to the …”

Article 5 Volume Cap Mechanism S. 417-423

„… Order management facility waiver (Art 4(1)(d) MiFIR) Under Art 4(1)(d) MiFIR, a waiver is available for …” „… orders held in an order management facility of a trading venue pending disclosure. Such orders are …” „… impact) costs and would expose traders to undue risks.5 The mechanism includes two limits (“double cap …”

Articles 14 to 20 S. 1284-1288

„… , reinsurance undertakings, institutions for occupational retirement provision, management and investment …” „… . europa.eu/supervision/credit-rating-agencies/risk (15.6.2018). 5 See Recital 13 CRA Regulation. 6 See Recital 15 CRA Regulation. Title III …”

Article 17 Public disclosure of inside information S. 778-799

„… information entails a risk of undermining the financial stability of the issuer and of the financial system …” „… significant contracts, management and supervisory board decisions, important staffing changes, capital …” „… decisions taken or contracts entered into by the management body of an issuer which need, pursuant to …”

Article 8 Insider dealing S. 692-705

„… member of the administrative, management or supervisory bodies of the issuer or emission allowance market …” „… administrative, management or supervisory bodies . . . . 17 bb) Capital holding …” „… the administrative, management or supervisory body of the issuer or emission allowance market …”

Article 14 S. 1081-1086

„… have a specific price assigned to it. General price increases, regarding the management of the custody …” „… the action; or (b) create a risk of regulatory arbitrage. Where a competent authority or competent …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… risk in relation to the other components. This aims to ensure that a package transaction will be …” „… management facility of the trading venue pending disclosure. 4. 17 While Art 3(3) MiFIR refers to pre-trade …”

Article 13 Accepted market practices S. 756-767

„… . Market Behaviour 756 Carsten Gerner-Beuerle 23 (e) whether the market practice does not create risks for …” „… institution and are not influenced by orders to trade received from clients, portfolio management or …” „… instrument without increasing the risk borne by retail investors.39 Procedure, Arts 13(3) through(6) The …”

Article 12 Market manipulation S. 730-756

„… interests or market risk or where beneficial interest or market risk is transferred between parties who are …” „… 2016/522, the term also covers cases where beneficial ownership or market risk changes, but the transfer is …” „… Stuffing’ (2016) 45 Financial Management 583; Frankel, ‘The Regulation of Brokers, Dealers, Advisers and …”

doi.org/10.5771/9783845279893

Thorsten Göbel - Decent Work and Transnational Governance

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Thorsten Göbel

Decent Work and Transnational Governance

2010

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The risk management approach S. 175-182

„… Vietnam. 6.6 The risk management approach In the earlier case studies of ILO BFC and FLA it became clear …” „… best characterised as a «risk management approach». 176 This risk management approach contains …” „… the interviews. Risk management and its constitutive features have been voiced as the main concern of …”

Summary S. 182-184

„… TNCs is lacking, and a risk management strategy is pursued. Most working conditions, like OT and wages …” „… , are negatively affected by the risk management strategy and the typical sourcing patterns of many AVE …” „… impact can be expected. The risk management approach of AVE Brands and its complete detachment from the …”

Implications for policy S. 201-207

„… effective and advanced. It goes way beyond the risk management approach that is «better suited to diagnosing …” „… under constant probation and under constant pressure, especially where TNCs have followed a risk …” „… management approach. This is 204 detrimental insofar as it destroys the essential basis of trust in these …”

Mindsets and approaches S. 194-197

„… two strategies, one of risk management by the AVE and another one of social dialogue by GTZ. But the …” „… initiative, the BSCI. In comparison to the other two approaches, the risk management approach relied very …” „… that suppliers were constantly «on probation». Some of the deficits of the AVE Brands’ risk management …”

Preface S. 5-12

„… Project’s Good Intentions Were Hijacked by the Risk Management Approach 153 Chapter 7 Lessons Learnt …” „… the AVE-GTZ Project’s Good Intentions Were Hijacked by the Risk Management Approach 153 6.1 The …” „… causal mechanisms 174 6.6 The risk management approach 175 6.7 Summary 182 12 Chapter 7 Lessons …”

Attribution and causal mechanisms S. 174-175

„… influences FoA negatively, both in Turkey and Vietnam. 6.6 The risk management approach In the earlier case …” „… approach of most AVE Brands can be best characterised as a «risk management approach». …” „… . The analysis showed massive problems with insufficient supplier management systems and a lack of …”

The power problem S. 197-201

„… competitiveness approach and AVE-GTZ the risk management approach, with some social dialogue in the GTZ part. The …” „… effective and advanced. It goes way beyond the risk management approach that is «better suited to diagnosing …” „… approaches, i.e. enforcement, management/incentive structures, and socialisation processes …”

The responsible competitiveness approach S. 146-150

„… effectiveness identified in the previous section (inclusiveness, power, audits, supplier management systems …” „… guides suppliers in the improvement of their management systems. Enforcement through power of TNCs to put …” „… with regard to supplier management systems, and to suppliers’ lack of skills and training. This is …”

The AVE-GTZ Project S. 153-155

„… 153 Chapter 6 How the AVE-GTZ Project’s Good Intentions Were Hijacked by the Risk Management …” „… low-impact, businessdriven risk management approach. It is in this basic institutional design where the flaws …”

Impact S. 187-194

„… connected. The question of wages was not taken seriously by AVE Brands. Their risk management approach led …” „… discrimination is not so much directed against the (often ineffective stateor management-controlled) trade union …” „… management systems and OT. But unfortunately it has only reached the first tier of the more active TNCs …”

Impact S. 157-170

„… correct payments to a certain extent, but the market and risk management logic disables them to see the …” „… : 23). The BSCI reports also underlined the problematic nature of OT, OSH, and management practice in …” „… representatives highlighted the importance that management systems had for improvements on OT, OSH, productivity …”

Output and outcome S. 122-124

„… from a sample of «high risk» companies, choosing the monitoring organisation from the pool of …” „… of FLA admits (Posner 2007: 15). 123 ing programme for supplier management about compliance issues in …” „… of FLA monitoring results (not of the brands’ own monitoring) that focus especially on high risk …”

List of Figures S. 14

„… - Code matrix 175 Figure 20: Model AVE-GTZ – detachment of risk management and social dialogue 181 Figure …”

List of Tables S. 13-14

„… of risk management and social dialogue 181 Figure 21: Mindset and approach per MSI - Code relations …”

Index S. 235-241

„… right to organise 44, 79, 83, 88, 89, 90, 94, 127, 128, 185, 186 risk management 106, 151, 164, 171 …” „… Forum 78 ? Information Management System 78, 102 ? Project Advisory Committee 33, 78, 101, 191 ILO …” „… Malaysia 76 management systems 71, 80, 91, 92, 98, 107, 112, 121, 131, 132, 133, 140, 141, 142, 143, 145 …”

Implications for research S. 207-208

„… patterns and a sharing of business risks, but it also deserves monetary rewards, which are then equally …” „… shared between management and workers. 7.4.2 Implications for research The comparison of the cases does …”

The inclusiveness of AVE-GTZ S. 155-156

„… otherwise low-impact, businessdriven risk management approach. It is in this basic institutional design …”

Conclusion: The Curtain Closes S. 209-212

„… lowest when a risk management approach is pursued. The inclusion of stakeholders plays an important role …”

The social dialogue approach S. 108-117

„… competitiveness approach, and third a risk management approach.113 The three different mindsets and approaches …” „… duplication of monitoring efforts and guide suppliers in the improvement of their management sys- 112 The …” „… have «pinched» laggard supplier factories and their management through pressure from above and from …”

Impact S. 85-98

„… sense to run the risk of employing children below the age of 15, especially in the face of buyer …” „… are owned by Chinese or Taiwanese companies, line leaders and management were and are often from the …” „… » (also called labour relations) refers to the relationship between the social partners, i.e. management …”

Impact S. 124-139

„… results (not of the brands’ own monitoring) that focus especially on high risk factories. This means that …” „… and management systems. However, none of the rampant violence against worker representatives that was …” „… intimately connected to many Turkish employers’ paternalistic «pasha» management style. TMa1 (factory monitor …”

Membership, communication, transparency and commitment S. 104-108

„… transparency (in the Information Management System IMS and synthesis reports) allows other actors (in this case …” „… of risks. first of all, you disrupt the connections into the community, and the community are not …”

Bibliography S. 213-234

„… : California Management Review (45:1), p.29-49. Friedrich-Ebert-Stiftung 2005: Nach dem Welttextilabkommen …” „… Management. Löwenheim, Oded 2006: Examination Period: Rating and Ranking in International Politics, Jerusalem …” „… Habermasian Perspective, in: Academy of Management Review (32:4), p.1096–1120. Scherer, Andreas Georg, Guido …”

Causal mechanisms S. 68-77

„… management systems and capacity to implement improvements. Lastly, TNCs possess the enforcement power to …” „… (power «before» the institution) risks the introduction of power struggles and power shifts in the …”

doi.org/10.5771/9783845225852

Reiner Schulze, Dirk Staudenmayer - Digital Revolution: Challenges for Contract Law in Practice

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Reiner Schulze (ed.), Dirk Staudenmayer (ed.)

Digital Revolution: Challenges for Contract Law in Practice

2016

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Erica Palmerini, Andrea Bertolini Liability and Risk Management in Robotics S. 225-260

„… Liability and Risk Management in Robotics Prof. Dr. Erica Palmerini / Dr. Andrea Bertolini, LL.M …” „… evaluation is thus doomed to be unreliable. II. 1. Liability and Risk Management in Robotics 227 The attempt …” „… ) (1922). Liability and Risk Management in Robotics 229 within which to frame single robotic applications …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Wendehorst Liability and Risk Management in Robotics 225 Erica Palmerini / Dr. Andrea Bertolini Panel …”

Robert MacDougall Statement S. 265-271

„… should their liability be assessed? • How should the risks be insured? So, in answer to the question …” „… to IoT products. However, many of these risks are not unique to IoT; for example, these risks exist …” „… mitigate risks by selecting partners competent in security and by supporting standards-based approaches …”

Geraint Howells, Chris Willett 3D Printing: The Limits of Contract and Challenges for Tort S. 67-86

„… . 1 Christopher Reed, Internet Law (2nd ed., CUP 2004). 67 ture to manage risks. The democratisation …” „… manage this risk (e.g. by the acquisition of expertise and/or insurance). Of course, there has always …” „… , must be incentivised to produce safe products by taking a fair share of the risk of defects. Indeed …”

Natali Helberger Profiling and Targeting Consumers in the Internet of Things – A New Challenge for Consumer Law S. 135-164

„… shared with third parties or not; the risk of privacy breaches and security threats; the amount of data …” „… means of altering consumer risk perceptions’.40 Kaptein et.al referred in this context to ‘persuasion …” „… unfair commercial practices' (2009) 52 International Journal of Law and Management 69, 69–90. 48 Daniel …”

Christian Twigg-Flesner Conformity of 3D prints – Can current Sales Law cope? S. 35-68

„… Chicago Law Journal 955 discuss concerns about workplace protection, environmental risks, and safety. 14 …” „… Curtis, ‘A Wiki Weapon Solution: Firearm Regulation for the Management of 3D Printing in the American …”

doi.org/10.5771/9783845273488

Patricia C. Franks - The Handbook of Archival Practice

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Patricia C. Franks (ed.)

The Handbook of Archival Practice

2021

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Section 9. RISK MANAGEMENT, SECURITY, AND PRIVACY S. 339-384

„… 339Section 9RISK MANAGEMENT, SECURITY, AND PRIVACYSecurity is described as measures taken to …” „… protect materials, while risk management is the systematic control of losses or damages. Privacy is more …” „… threats to an organization and their impact on normal operations• Risk management activities for potential …”

Appendix 1-A. Summary of ISO Standards and Technical Reports Relevant to Entries in the Handbook S. 425-436

„… information security managementISO/TR 18128:2014Information and documentation—Risk assessment for records …” „… managementThis document provides guidelines, but not specific methods, for information security risk management …” „… management—GuidelinesThis document is for use by people who create and protect value in organizations by managing risks …”

Section 5. STORAGE AND PRESERVATION (ANALOG) S. 181-206

„… the ISO 31000:2009 Standard for Risk Management.PRESERVATION POLICYHowever, it is not just sufficient …” „… national and/or international standards are referred to as benchmarks?8 Risk assessment and managementThe …” „… CONSERVATIONPreservation includes all elements of collection management by considering the level and likeli-hood of risk …”

Section 2. RECORDS CREATION AND RECORDKEEPING SYSTEMS S. 31-84

„… Documen-tation—Records Management—Part I: Con-cepts and Principles. https://www.iso.org/stan dard/62542 …” „… stolen, and proving they were not in a legal forum will be more difficult.Lifecycle ManagementIn its …” „… design and management at the beginning of the lifecycle.Retention ManagementA key lifecycle component in …”

Preface

„… ) 3288.6 Public Awareness 3338.7 Social Media Outreach 3359 Risk Management, Security and Privacy 3399.1 …” „… Information Governance 3669.8 PII Tools 3689.9 Privacy 3709.10 Privacy by Design 3749.11 Risk Management 382 …” „… , microfiche, and aperture card. 1985.15 Risk Management Cycle. 2056.1 Provenance of a reformatted object in …”

Index S. 483-490

„… and, 81–82; risk management and, 383confidentiality: cybersecurity and, 352; enterprise content …” „… , 297–300; records continuum and, 57; risk management and, 382. See also Appendix 9-A, Donor and …” „… certification and, 271–272 researcher privacy, 372residential schools, 386–386risk management, 382–383 …”

Section 1. THE PREVAILING ENVIRONMENT S. 1-30

„… provide guid-ance to all information professionals, such as ISO 9000, Quality Management; ISO 31000, Risk …” „… Documentation—the ISO foun-dational technical committee dealing with records and archives management.Records …” „… ManagementISO TC 46/SC 11 is the ISO committee responsible for developing standards on archives and records …”

Section 6. DIGITAL PRESERVATION S. 207-282

„… discovery, access, and use; inadequate risk assess-ment and management strategies; and the lack of …” „… collection management.CORE FUNCTIONS OF AN INTEGRATED DIGITAL PRESERVATION SYSTEMThe primary role of a …” „… drawing not only on records management theory and archival science, informa-tion technology, and computer …”

About the Contributors S. 465-480

„… manager/archivist.Entry: Risk ManagementDavis, Rebekah L.ArchivistLimestone County ArchivesRebekah Davis is responsible …” „… , forensic-readiness, risk man-agement, secure coding practices, legal and societal impacts, information warfare, and …” „… risk management, and governance and compliance. He writes and speaks at various industry conferences …”

Section 10. MANAGEMENT AND LEADERSHIP S. 385-424

„… critical factor in a risk management decision to proceed with activities that technically fall outside the …” „… thorough approach to risk manage-ment assessment, create possibilities for achieving the archival …” „… , functions that utilize archives with regularity are risk management, legal, product de-sign, safety …”

Section 3. APPRAISAL AND ACQUISITION S. 85-140

„… , stabilization, legal and financial documentation, donor relations, and space management.OVERVIEWAccessioning …” „… ManagementManaging the physical space that collection materials require upon arrival and during accessioning work …” „… . RodgersRelated Entry: Collection ManagementREFERENCESRodgers, Robyn K. 2020. Archives Collection Man-agement Plan …”

Alphabetic List of Entries S. 481-482

„… , 23–27Replevin, 133–139Risk Management, 382–383SSmall Archives Management, 413–416Social Media Archiving …” „… . See also Appendix 3-A, Collection Development PolicyCollection Management, 111–114Community Archives …” „… numbers and associated appendices482 Alphabetic List of EntriesEnterprise Content Management (ECM), 42–47 …”

Appendix 5-B. Resources for Disaster Planning and Recovery Assistance S. 451-452

„… ), Alliance for Response, National Heritage Responders, Risk Evaluation and Planning Program, MayDay Campaign …” „… , scientific/technical, and records and archival management advice and information on stabilization, security, logistics …”

Section 4. ARRANGEMENT AND DESCRIPTION S. 141-180

„… in an arrangement and description program that focuses on holistic col-lection management …” „… curation and collection management responsibilities. Within the workflow, a process-ing archivist and …” „… , https://guides.nyu.edu/archival-collections-management/arrangement-and-description. Arrangement and Description 145in their writing of a processing plan. In the processing plan, the …”

Section 8. OUTREACH AND ADVOCACY S. 311-338

„… , bosses, or whomever the powers that be are, for the care and management of our collections.Collections …” „… , but also to anything that affects the longevity of the collections—the care and manage-ment framework …” „… intent to convince someone else to demonstrate the same level of support for the care and manage-ment of …”

doi.org/10.5771/9781538137352

Martin Kahl - The Transnationalisation of Risks of Violence

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Martin Kahl (ed.)

The Transnationalisation of Risks of Violence

Series: Demokratie, Sicherheit, Frieden

Volume 202 2011

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Wolfgang Zellner The Management of Transnational Risks by the OSCE S. 139-152

„… 139 Wolfgang Zellner The Management of Transnational Risks by the OSCE 1 The Strategy has two key …” „… since the 9/11 terrorist attacks, transnational threats, risks and challenges have taken on new …” „… prominence. Although these three categories of risks and threats represent different qualities of conflict …”

Jörg Monar The Role of the European Union in Transnational Violence Risk Management S. 120-139

„… 120 Jörg Monar The Role of the European Union in Transnational Violence Risk Management 1 In terms …” „… of the transnational management of violence risks, i.e. cross-border violence risks which are not …” „… actor in the sphere of international risk management in its own right. Transnational risks as part of …”

Martin Kahl Introduction: Dealing with Transnational Risks of Violence S. 7-16

„… management of the transnational risks of violence in the postnational constellation, however, is emerging …” „… transnational actors. The management of transnational risks by international organisations The third part of …” „… this book deals with the management of transnational risks by international organisations. The authors …”

Titelei/Inhaltsverzeichnis S. 2-6

„… Structures of Violence 86 III. The Management of Transnational Risks by International Organisations Monika …” „… Jörg Monar The Role of the European Union in Transnational Violence Risk Management 120 6Wolfgang …” „… Zellner The Management of Transnational Risks by the OSCE 139 About the Authors 153 …”

Hans-Georg Ehrhart Whither Security Governance? Conceptual and Practical Challenges S. 49-68

„… emergence of a new “world risk society” (Beck 2008). This world risk society makes it increasingly …” „… regard to transnational security risks. Against this background, new patterns of handling such …” „… might have. It seeks to contribute to the debate on how to tackle transnational security risks. The …”

Monika Heupel The Management of Transnational Security Problems by the United Nations Security Council S. 101-120

„… III. The Management of Transnational Risks by International Organisations 103 Monika Heupel The …” „… Violence Risk Management 1 In terms of the transnational management of violence risks, i.e. cross-border …” „… management of transnational security risks was taken with the Treaty of Maastricht in 1993, which absorbed …”

Marietta S. König South Ossetia: The Role of Transnational Actors in the Perpetuation of Structures of Violence S. 86-100

„… Structures of Violence Introduction: Transnational risks in South Ossetia? On August 6 th , 2009, the …” „… damaged and the supply was cut. 7 Transnational risks and threats in South Ossetia during Eduard …” „… Shevardnadze’s presidency According to the IFSH definition, transnational risks of violence are threats to peace …”

Edwin Bakker Transnational Risks: The Case of Jihadi Terrorism and the Al-Qaeda Network S. 69-86

„… , as published by AON Corporation (2009), an international risk management services company. These two …” „… II. Forms of Transnational Risks and Their Entanglement 71 Edwin Bakker Transnational Risks: The …” „… since ‘9/11’, terrorism has ranked high on the list of global security risks. Nor are only the United …”

doi.org/10.5771/9783845227863

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