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By Iain G. MacNeil

This e-book offers a wide-ranging evaluate of the legislation and regulatory ideas appropriate to funding in monetary tools. half 1 introduces the fundamental rules and constitution of the legislations on the subject of monetary funding. It explains the criminal nature of economic tools, the explanation for law and the historical past and improvement of the procedure of legislation within the uk. It comprises an research of the most ideas and regulatory innovations brought via the monetary providers and Markets Act 2000. half 2 examines investments and traders, explaining the felony nature and constitution of the most sorts of monetary funding and reading the felony rules and regulatory principles which are appropriate to institutional funding and personal traders. half three offers with finance and governance. In essence it explains the felony mechanisms during which traders offer cash to businesses looking funding and the governance innovations which have been constructed to permit traders to watch investments and carry corporation administrators liable for their activities. half four discusses how markets and marketplace individuals function and are regulated, reading the character of economic markets, their legislation and the criminal principles that advertise "clean" markets.

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Inflation and interest rate risk arising from poor macro-economic management could have a similar effect to the risk of uncertain income arising from generally poor standards of management in the corporate sector. 9 The former would be appropriate in circumstances where the level of risk is constrained (eg trustees with limited powers of investment) and the latter to circumstances where the investments are designed to fund specified liabilities (eg in the case of a pension fund investing to meet the cost of pension payments).

If this problem is left unresolved it has the potential to hold back the growth of financial markets as, if investors lack the information needed to distinguish good investments from 13 It is also possible for intermediation to occur between these financial intermediaries and investors—this occurs, for example, when a financial adviser recommends a financial product to a potential investor. See Ch 6 for further details. 14 The important role of intermediation in investment is evidenced by the substantial proportion of investments held through investment funds (such as unit and investment trusts and life policies).

An example is a bearer security that promises to pay the bearer on demand. Each security is a thing in its own right, with rights and obligations that can be determined without reference to any other similar security. Undivided (or pro indiviso) ownership occurs when two or more people hold 19 The meaning of a ‘thing’ in this context is defined by DN MacCormick at para 1097 of the entry ‘General Legal Concepts’ in T Smith and R Black (eds) The Laws of Scotland, Stair Memorial Encyclopedia (Edinburgh, Butterworths, 1990) vol 11: Things are conceived as durable objects existing separately from and independently of persons, subject to being used, possessed, and enjoyed by persons, and thus capable of being transferred from one person to another without loss of identity.

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