Suchergebnisse

The corporate governance scandals of 2003 have brought renewed focus on mandatory disclosure. One of the most fundamental questions relating to this kind of regulation is the choice of regulatory area. The United States initially faced this question in the 1930s when, after intense debate, it decided to move from an exclusively state-based system to one primarily relying on federal regulation. It is a hot issue today as well. The countries of Europe, for example, are currently deciding the extent to which the European Community, rather than its member states, should determine securities disclosure in Europe. Canada is deciding whether to follow the path taken by Australia in the 1980s and to enlarge the role of the federal government in a system that has traditionally left disclosure regulation primarily to the provinces. Also, advocates of issuer choice are urging the United States to reconsider its 1930s decision and to give issuers the option to choose among a reinvigorated set of state regulatory regimes. The issuer-choice school of thought is influencing the debates in Europe and Canada as well. Finally, other advocates are pushing for a move in the opposite direction, arguing that standards for issuer disclosure should be set at a global level. This Article constructs an economic-efficiency based theory of optimal regulatory areas for securities disclosure. While larger political and constitutional considerations unrelated to efficiency will inevitably also play a role in the resolution of the debates recounted above, efficiency considerations are important because they go to the capacity of capital markets to promote the generation of real wealth. The theory developed here can help identify the efficiency-related tradeoffs involved in choosing one level of government versus another and the information that is needed to choose intelligently.

A letter report issued by the General Accounting Office with an abstract that begins "Bovine spongiform encephalopathy (BSE), also known as mad cow disease, has been found in cattle in 23 countries. Countries with BSE have suffered large economic losses because of declines in both beef exports and domestic beef sales. The U.S. Department of Agriculture (USDA) and the Food and Drug Administration (FDA) have primary responsibility for preventing the introduction of BSE-contaminated cattle, beef, and cattle-derived products into the United States. GAO found that FDA has not acted promptly to force firms to keep prohibited proteins out of cattle feed and to label animal feed that cannot be fed to cattle. FDA's data on inspections are severely flawed, and FDA is unaware of the full extent of industry compliance. If BSE was discovered in U.S. cattle, many consumers might refuse to buy domestic beef; beef exports could decline dramatically as could sales in related industries, such as hamburger chains and frozen dinner manufacturers. Furthermore, some people might develop mad cow disease if infected cattle were to enter the food supply. The United States acted as many as five years earlier than did other countries to impose controls over imports of animals and animal feed ingredients from countries that had experienced mad cow disease. Similarly, U.S. surveillance efforts to test cattle brains for mad cow disease met internationally recommended testing targets earlier than did other countries. However, the United States' feed ban is more permissive than that of other countries, allowing cattle feed to contain proteins from horses and pigs. FDA is reviewing whether these ingredients should continue to be allowed in cattle feed. Finally, as in most countries that are BSE-free, cattle brains and other central nervous system tissue can be sold as human food."

Institutions and Incentives in Regulatory Science explores fundamental problems with regulatory science in the environmental and natural resource law field. Each chapter covers a variety of natural resource and regulatory areas, ranging from climate change to endangered species protection and traditional health-based environmental regulation. The contributors in this volume address how institutions for regulatory science should be designed in light of the inevitable misfit between the political or legal demand for regulatory action an

The current regulatory environment in Bangladesh discourages the entry of innovative businesses.Entrepreneurs face a myriad of regulatory barriers including an absence of laws and regulations that clarify the rules of the game for new activities (regulatory gaps), and conflicting definitions and interpretations (regulatory ambiguity).Typically, rules and regulations are announced without prior notice, consultation or impact assessment. As a result, they do not benefit from the practical knowledge that businesses have. Even welldesigned rules and regulations cause problems if announced suddenly and with immediate effect.There are inconsistencies and gaps in rules and regulations.Government agencies often impose their own rules and procedures without considering possible conflicts with rules and procedures imposed by other government agencies.Businesses find it difficult to find information on existing rules and regulations.Regulatory officials use undue discretion in dealing with businesses.Many regulatory areas lack an effective grievance redressal system.Insecure property rights also dis-incentivize businesses from making investments.Regulatory unpredictability hampers business entry and day to day business operations; however, the degree depends on the size of the business.

Since years, differences among the regulatory requirements on preclinical immunotoxicity testing for pharmaceuticals in the EU, Japan and US indicated a need for an internationally accepted approach. Requests for immunotoxicity investigations are also addressed by guidelines in non-drug areas. While some contain more detailed information in their requirements, other regulations comprise only vague descriptions for consideration of (non-intended) effects on the immune effects. Since 2002, the International Conference on Harmonisation (ICH) of Technical Requirements for Registration of Pharmaceuticals for Human Use put effort in the development of a harmonised approach for testing of immunosuppression and immunoenhancement. Consensus on the ICH S8 guideline on immunotoxicity testing for pharmaceuticals was achieved which now can be implemented into national regulations. The new concept contains in-depth testing, e.g., by functional tests in a concern/weight of evidence approach if the standard toxicity studies or other causes of concern give evidence of an immunotoxic potential or when the target populations are specifically vulnerable. It is expected that the progress on immunotoxicity testing reached by the ICH process will also have an impact on other regulatory areas. Additionally, the regulatory differences in testing requirements on immunotoxicity in other pharmaceutical areas including biotechnology-derived drugs, medicinal products and vaccines and in non-drug areas consisting of chemicals, agrochemicals or food additives are briefly highlighted

The aim of this paper is to show that regulatory risk is due to the discretionary behaviour of regulatory agencies, caused by a too extensive regulatory mandate provided by the legislator. The normative point of reference and a behavioural model of regulatory agencies based on the positive theory of regulation are presented. Regulatory risk with regard to the future behaviour of regulatory agencies is modelled as the consequence of the ex ante uncertainty about the relative influence of interest groups in the regulatory process. The problem of regulatory risk is analysed separately in competitive network areas and in non-competitive network areas. For both cases a specific measure of regulatory risk is proposed. But measurement and compensation are different issues. The im-possibility of compensating for regulatory risk is demonstrated. Finally, the disaggregated regulatory mandate is presented as an institutional reform approach.

The aim of this paper is to show that regulatory risk is due to the discretionary behaviour of regulatory agencies, caused by a too extensive regulatory mandate provided by the legislator. The normative point of reference and a behavioural model of regulatory agencies based on the positive theory of regulation are presented. Regulatory risk with regard to the future behaviour of regulatory agencies is modelled as the consequence of the ex ante uncertainty about the relative influence of interest groups in the regulatory process. The problem of regulatory risk is analysed separately in competitive network areas and in non-competitive network areas. For both cases a specific measure of regulatory risk is proposed. But measurement and compensation are different issues. The im-possibility of compensating for regulatory risk is demonstrated. Finally, the disaggregated regulatory mandate is presented as an institutional reform approach.

The border areas between countries in Indonesia are faced important problems caused by the clash of management authorities, poverty, development disparities, technological mastery gaps. The promising potential of natural resources is not fully maximized. This condition reflects the need for responsive and progressive local regulations to anticipate the problems that occur. The commitment of the Regional Government is a priority to build a prosperous and socially equitable border area for the community. The border area in Sambas Regency requires products from Regional Regulations which can contain integrated border area management values, especially concerning the authority for border management which does not only emphasize infrastructure and physical development, but also must be considered the level of welfare of border communities. The policies and development carried out by the Central Government will not be able to be felt in the border area as long as the Regional Government has not been able to translate it into the local regulation order. .

After ten years of determined reform, Hungary has constructed the legal and policy frameworks consistent with market democracy, and is nearing completion of an historic economic transition. This challenging process required extensive regulation and institution building, as well as massive deregulation, and has generated significant economic benefits. Today, convergence with the EU and achievement of OECD best practices still represent daunting tasks. But in most areas, Hungary faces challenges much like those of other OECD countries in establishing the quality regulatory regimes needed to supp

There is a difficult economic and social situation, especially in the formation and functioning of the small business sector at the present stage of development of the state in rural areas. Insufficient consideration the specificity of rural areas during economic reforms exacerbated their labor relations, unemployment has led to a significant scale. Implementation of the socio-economic and cultural development programs of communities in these cities did not provide financial resources. The importance of economic mechanisms determining future development of rural areas is increasing due to the role of local authorities in connection with the transfer to the regions many functions and powers of the management of socio-economic development that strengthens the influence of local communities on the formation of the town-forming base and the scope of employment. The study used general scientific and special methods groupings, logical analysis, strategic management, economic modeling, systematic and comparative analysis. It was shown that activation of participation of rural areas in business allows for socio-economic development of territories and surrounding rural areas, increase employment, reduce the amount of mass migration and outflow of active population abroad, suspend the process of reducing the level of quality employment capital. Proved that the development of small businesses in rural areas is a significant reserve for further business development in Ukraine and bringing it closer to the performance level of the developed countries. It was established that the level of entrepreneurship in rural areas is low, increase excessive imbalances in the distribution of economic potential of the regions between the regional centers and rural areas and districts, imperfect is the branch structure of the economy and low innovation activity of enterprises of rural areas and districts which negatively affects the socio-economic development of regions and the state as a whole. Based on the relevance and timeliness of small businesses in small towns, and later in rural areas, the strategic objectives of the state policy of small businesses in rural areas of the world experience. In further studies attention should be paid to the problem of implementation of government programs and strategies for the development of small business in foreign countries for their effective implementation in Ukraine, as well as problems of efficient funding of such programs through the budgets of different levels. ; На сучасному етапі розбудови держави на сільських територіях має місце складна економічна та соціальна ситуація, передусім у сфері формування і функціонування сектора малого підприємництва. Недостатнє врахування специфіки сільських територій під час проведення економічних реформ загострило соціально-трудові відносини в них, призвело до безробіття в значних масштабах. Виконання соціально-економічних і культурних програм розвитку територіальних громад не забезпечено фінансовими ресурсами. Важливість визначення економічних механізмів перспективного розвитку сільських територій зростає завдяки підвищенню ролі органів місцевого самоврядування у зв'язку з передачею в регіони багатьох функцій та повноважень з управління соціально-економічним розвитком, що посилює вплив територіальних громад на формування бази і сфери розвитку сектору малого підприємництва. У процесі дослідження використовувалися загальнонаукові та спеціальні методи групувань, логічного аналізу, стратегічного менеджменту, економічного моделювання, системного та порівняльного аналізу. Показано, що активізація участі населення сільських територій у підприємницькій діяльності дозволяє забезпечити їх соціально-економічний розвиток та прилеглих до них територій, підвищити рівень зайнятості населення, зменшити обсяги масової трудової міграції і відтоку активної частини населення за кордон, призупинити процеси зниження рівня якості трудового капіталу. Доведено, що розвиток малого бізнесу на сільських територіях є значним резервом подальшого розвитку підприємництва в Україні та наближення його показників до рівня розвинених держав. Встановлено, що рівень розвитку малого підприємництва на сільських територіях є невисоким, посилюються надмірні диспропорції у розміщенні економічного потенціалу регіонів між обласними центрами та малими містами і районами, недосконалою є галузева структура економіки та низькою інноваційна активність малих підприємств сільських територій, що негативно впливає на соціально-економічний розвиток регіонів та держави загалом. Виходячи з актуальності і своєчасності розвитку малого підприємництва на сільських територіях, визначені стратегічні завдання державної політики розвитку малого бізнесу на сільських територіях із урахуванням світового досвіду. У подальших дослідженнях слід звернути увагу на проблеми запровадження державних програм і стратегій розвитку малого підприємництва в зарубіжних країнах, з метою їх ефективнішої реалізації в Україні, а також на проблеми ефективного фінансування таких програм через бюджети різних рівнів.