Search results for: transparency of the market

Authors: Mohammad A. R. S. Almutairi

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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.

Keywords: corporate governors, disclosure, transparency, fairness

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Authors: Marko Čular

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The aim of this paper is to raise general awareness of transparency importance for audit firms and for audit services’ users. This paper analyses transparency of audit firms that audited financial statements of listed companies, for year 2011 and 2012. We use this two years because in the meantime Code of Ethics for Professional Accountants has been adopted. This paper investigates whether transparency reports of audit firms are in accordance with the Croatian Audit Act and whether there is a difference on transparency in observed years. For this paper, quality index of transparency report and financial indicators of audit firms are used to get conclusion about condition of audit firms transparency reporting. Results of our study indicate that audit firms are not fully transparent, looking for both years. Transparency of audit firms in 2012 has improved significantly, compared with transparency in 2011.

Keywords: transparency report, index quality of transparency report, Croatian audit act, code of ethics for professional accountants

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Authors: Tran Van Long

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Beyond trade facilitation, transparency in the WTO legal context is, implicitly and explicitly, aimed at addressing problems in domestic administrative law. Through the lens of global governance, this paper attempts to shed more light on the power of transparency norms enshrined in multilateral trading agreements under the aegis of the WTO. In this global ruled-base system, transparency has become sufficiently powerful to be a multifunctional instrument for promoting rule of law, good governance, and democracy.

Keywords: WTO, transparency, good governance, rule of law, global administrative law.

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Authors: Irina Bondarenko, Olga Vandina

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The theory of evolutionary economics is the basis for preparation and application of methods forming the stock market infrastructure development concept. The authors believe that the basis for the process of formation and development of the stock market model infrastructure in Russia is the theory of large systems. This theory considers the financial market infrastructure as a whole on the basis of macroeconomic approach with the further definition of its aims and objectives. Evaluation of the prospects for interaction of securities market institutions will enable identifying the problems associated with the development of this system. The interaction of elements of the stock market infrastructure allows to reduce the costs and time of transactions, thereby freeing up resources of market participants for more efficient operation. Thus, methodology of the transaction analysis allows to determine the financial infrastructure as a set of specialized institutions that form a modern quasi-stable system. The financial infrastructure, based on international standards, should include trading systems, regulatory and supervisory bodies, rating agencies, settlement, clearing and depository organizations. Distribution of financial assets, reducing the magnitude of transaction costs, increased transparency of the market are promising tasks in the solution for questions of services level and quality increase provided by institutions of the securities market financial infrastructure. In order to improve the efficiency of the regulatory system, it is necessary to provide "standards" for all market participants. The development of a clear regulation for the barrier to the stock market entry and exit, provision of conditions for the development and implementation of new laws regulating the activities of participants in the securities market, as well as formulation of proposals aimed at minimizing risks and costs, will enable the achievement of positive results. The latter will be manifested in increasing the level of market participant security and, accordingly, the attractiveness of this market for investors and issuers.

Keywords: institutional infrastructure, financial assets, regulatory system, stock market, transparency of the market

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Authors: Temitope Faloye

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The absence of equity and transparency in Nigeria's economic system has resulted in unemployment. Women’s unemployment rate remains higher because women's range of jobs is often narrower due to discriminatory attitudes of employers and gender segregation in the labor market. Gender inequality is one of the strong factors of unemployment, especially in developing countries like Nigeria, where the female gender is marginalized in the labor force market. However, gender equality in terms of labor market access and employment condition has not yet been attained. Feminist theory is considered as an appropriate theory for this study. The study will use a mixed-method design, collecting qualitative and quantitative data to provide answers to the research questions. Therefore, the research study aims to investigate the present situation of gender inequality in the Nigerian labor market.

Keywords: unemployment, gender inequality, gender equality, labor market, female graduate

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Authors: Maali Kachouri, Anis Jarboui

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We focus on the causal relationship between governance and information transparency as well as interrelation among the various governance mechanisms. This paper employs a simultaneous equations approach to show this relationship in the Tunisian context. Based on an 8-year dataset, our sample covers 28 listed companies over 2006-2013. Our findings suggest that internal and external governance mechanisms are interdependent. Moreover, in order to analyze the causal effect between information transparency and governance mechanisms, we found evidence that information transparency tends to increase good corporate governance practices.

Keywords: simultaneous equations approach, transparency, causal relationship, corporate governance

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Authors: Brang Mai Lazing

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The central argument of this paper proposes that while democracy cannot guarantee transparency, authentic transparency within the hierarchy of the Church can be pursued as a means of dealing with cases of clergy sexual abuse. Amid the recent global scandal of clergy sexual abuse cases, a previous study has argued that a democratic rule should be applied to the administration of the Church so that, while a democratic Church could be compelled to exercise greater transparency when handling such cases, the Church might thereby regain credibility. Using the methodology of literature analysis, this paper explores the necessity for hierarchy and finds that democracy cannot be a guarantee for transparency. Further, through a dialogue between the theological insights of Benedict XVI and Edward Schillebeeckx, this paper argues that transparency practices are possible within the hierarchy of the Catholic Church in dealing with clergy sexual abuse cases. Finally, three implications of transparency in dealing with clergy sexual abuse cases are proposed, viz.: (a) that the harm which is ultimately done to the sacred faith of believers and to the sacred origin of the hierarchy through clergy sexual abuse cases should be given greater emphasis, (b) that the removal of unnecessary layers within the Church hierarchy or replacement with layers empowered with the authority to effect change might help implement accountability and transparency practices, and (c) that any changes made to enhance transparency should be made in terms of ‘adaptability’.

Keywords: Benedict XVI, clergy sexual abuses, democracy, Edward Schillebeeckx, hierarchy, transparency

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Authors: Stylianos Galoukas

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since the eve of human societies, the need for survival and covering even the most basic needs such as hunting for food, led to the realization of the need for regulation between the personal and common interest. This led to the establishment of initially unwritten and later on, written rules which then became the Law. Transparency as a word has been used for more than 2.500 years. Born in ancient Greece around the 5th BC century and although it was not originally correlated to political or public administration acts, its enclosed principles and rules, were given even then, great attention. In today’s times of fake news and meta-politics, transparency has greatly correlated with the fight against corruption especially in the financially related matters. It is believed however that transparency, being a much wider than corruption meaning, has an even greater role to play than the corruption counterpart. It can be further used to unveil or examine the genuineness of the will towards the public interest, behind every public policy or political act. Therefore, herein the timeless and fundamental principles of institutional and public administration transparency are made clear as well as their application rules that can and ought to be used as evaluation criteria.

Keywords: evaluation citeria, policies, politics, principles, rules, transparency

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: corporate governance, disclosure, investment decisions, investment efficiency, transparency

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Authors: Luca Martignoni, Joseph Nserat, Eric Arand, Marvin Braun

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The increasing application of conversational agents in healthcare and the demand for applications that enable patients to take informed decisions is changing the way patients access healthcare and take decisions. Promising results related to the acceptance of CAs in healthcare have been accomplished. In that regard, understanding how to design CAs in a way that patients trust their recommendations and decisions constitutes an important area of research. Our study examines self-disclosure and transparency as drivers of trust to enhance the medical assistance of CAs for patients. Accordingly, we examined the effects of self-disclosure and transparency on patients trust and service satisfaction by conducting an online experiment with 136 participants. Our results show that the expression of both self-disclosure and conversational agents transparency leads to an increased perception of trust but does not necessarily improve the service satisfaction. Therefore, developers should implement self-disclosure and transparency to create a trustworthy environment.

Keywords: conversational agent, transparency, self-disclosure, healthcare

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Authors: Dhaksha Vivekanandan

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DeFi is a network that avoids reliance on financial intermediaries through its peer-to-peer financial network. DeFi operates outside of government control; hence it is important for us to understand its impacts. This study employs a literature review to understand DeFi and its emergence, as well as its implications on transparency, social impact, and regulation. Further, 3 case studies are analysed within the context of these categories. DeFi’s provision of increased transparency poses environmental and storage costs and can lead to user privacy being endangered. DeFi allows for the provision of entrepreneurial incentives and protection against monetary censorship and capital control. Despite DeFi's transparency issues and volatility costs, it has huge potential to reduce poverty; however, regulation surrounding DeFi still requires further tightening by governments.

Keywords: DeFi, transparency, regulation, social impact

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Authors: Shuofen Hsu, Ya-Yi Chao, Chao-Wei Li

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This paper investigates the factors of whether firms’ quarterly consolidated financial statements to be voluntary reviewed by auditor. To promote the information transparency, the Financial Supervisory Commission of Executive Yuan in Taiwan ruled the Taiwanese listed companies should announce the first and third quarterly consolidated financial statements since 2008 to 2012, while the Commission didn’t require the consolidated financial statements should be reviewed by auditors. This is a very special practice in emerging market, especially in Taiwan. The valuable data of this period is suitable for us to research the determinants of firms’ voluntary review decision in emerging markets. We collected the auditors' report of each company and each year of Taiwanese listed companies since 2008 to 2012 for our research samples. We use probit model to test and analyze the determinants of voluntary review decision of the first and third quarterly consolidated financial statements. Our empirical result shows that the firms whose first and third quarterly consolidated financial statements are voluntary to be reviewed by auditors have better ranking of information transparency, higher audit quality, and better corporate governance, suggesting that voluntary review is a good signal to firms’ better information and corporate governance quality.

Keywords: voluntary review, information transparency, audit quality, quarterly consolidated financial statements

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Authors: Yosapon Kidsuntad

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The purpose of this dissertation was to explore the relationship between financial transparency and investor behavior. In carrying out this inquiry, the researcher used a questionnaire was utilized as a tool to collect data. Statistics utilized in this research included frequency, percentage, mean, standard deviation, and multiple regression analysis. The results revealed that there are significant differences investor perceptions of the different dimensions of financial information transparency. These differences correspond to demographical variables with the exception of the educational level variable. It was also found that there are relationships between investor perceptions of the dimensions of financial information transparency and investor behavior in the private company in Dusit Area. Finally, the researcher also found that there are differences in investor behavior corresponding to different categories of investor experience.

Keywords: financial information transparency, investor behavior, private company, Dusit Area

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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The purpose of this study is to examine the effect of asymmetric information on the composition of capital inflows. This study uses the stock market microstructure to capture the asymmetric information. Such an approach allows one to capture the level and extent of the asymmetric information from a firm’s perspective. This study focuses on the two-dimensional measure of the market microstructure in capturing asymmetric information. The composition of capital inflows is measured by running six models simultaneously. By employing the panel data technique, the main finding of this research shows an increase in the asymmetric information of the stock market, in any of the two dimensions of width and depth. This leads to the reduction of foreign investments in both forms of foreign portfolio investment (FPI) and foreign direct investment (FDI), while the reduction in FPI is higher than that of the FDI. The significant effect of asymmetric information on capital inflows implicitly suggests for policymakers to control the changes of foreign capital inflows through transparency in the level of the market.

Keywords: capital flows composition, asymmetric information, stock market microstructure, foreign portfolio investment, foreign direct investment

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Authors: Estela Mayra de Moura Vianna, Thiago José Tavares Ávila, Bruno Morais Silva, Diego Henrique Bezerra, Paulo Henrique Gomes Silva, Alan Pedro da Silva

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The Brazilian Federal Constitution defines the access to information as a crucial right of the citizen and the Law on Access to Public Information, which regulates this right. Accordingly, the Fiscal Responsibility Act, 2000, amended in 2009 by the “Law of Transparency”, began demanding a wider disclosure of public accounts for the society, including electronic media for public access. Thus, public entities began to create "Transparency Portals," which aim to gather a diversity of data and information. However, this information, in general, is still published in formats that do not simplify understanding of the data by citizens and that could be better especially available for audit purposes. In this context, a proposal of ontology about Brazilian Transparency Portal can play a key role in how these data will be better available. This study aims to identify and implement in ontology, the data model about Transparency Portal ecosystem, with emphasis in activities that use these data for some applications, like audits, press activities, social government control, and others.

Keywords: audit, government transparency, ontology, public sector

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Authors: Marziehossadat Moezzi

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In this paper, electromagnetically induced transparency (EIT) is investigated in a cylindrical quantum dot (QD) with a parabolic confinement potential. We study the effect of control lasers polarization on absorption coefficient, refractive index and also on the generation of the double transparency windows in this system. Considering an effective mass method, the time-independent Schrödinger equation is solved to obtain the energy structure of the QD. Also, we study the effect of structural characteristics of the QD on refraction and absorption of the QD in the presence of EIT.

Keywords: electromagnetically induced transparency, cylindrical quantum dot, absorption coefficient, refractive index

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Authors: Talha Sareshwala

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The purpose of this research paper is to help entrepreneurs build an environment of trust, transparency and accountability necessary for fostering long term investment, financial stability and business integrity and to guide future Entrepreneurs into a promising future. The study presents a broader review on Corporate Governance, starting from its definition and antecedents. This is the most important aspect of ethical business. In fact, the 3 main pillars of corporate governance are: Transparency; Accountability; Security. The combination of these 3 pillars in running a company successfully and forming solid professional relationships among its stakeholders, which includes key managerial employees and, most important, the shareholders This paper is sharing an experience how an entrepreneur can act as a catalyst while ensuring them that ethics and transparency do pay in business when followed in true spirit and action.

Keywords: business, entrepreneur, ethics, governance, transparency.

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Authors: Rebecca Rumbul

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The operation of the state can often appear opaque to citizens wishing to access official information, who have to negotiate a path through numerous levels of bureaucracy rationalized through institutional policy to acquire what information they want. Even where individual states have 'Right to Information' legislation guaranteeing citizen access to information, public sector conformity to such laws vary between states and between state organizations. In response to such difficulties in bringing citizens and information together, many NGO's around the world have begun designing and hosting digital portals to facilitate the requesting and receiving of official information. How then, are these 'civic technology' tools affecting the behavior of the state? Are they increasing the transparency of the state? This study looked at 5 Right to Information civic technology sites in Chile, Uruguay, Ukraine, Hungary and the UK, and found that such sites were providing a useful platform to publish official information, but that states were still reluctant to comply with all requests. It concludes that civic technology can be an important tool in increasing the transparency of the state, but that the state must have an institutional commitment to information rights for this to be fully effective.

Keywords: digital, ICT, transparency, civic technology

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Authors: Raghava Satya SaiKrishna Dittakavi

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Cloud computing has revolutionized how businesses and individuals store, access, and process data, increasing efficiency and reducing infrastructure costs. However, the need for more transparency in cloud service billing often raises concerns about overcharging and hidden fees, hindering the realization of the full potential of cloud computing. This research paper explores how blockchain technology can be leveraged to introduce cost transparency and accountability in cloud computing services. We present a comprehensive analysis of blockchain-enabled solutions that enhance cost visibility, facilitate auditability, and promote trust in cloud service providers. Through this study, we aim to provide insights into the potential benefits and challenges of implementing blockchain in the cloud computing domain, leading to improved cost management and customer satisfaction.

Keywords: blockchain, cloud computing, cost transparency, blockchain technology

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Anocha Rojanapanich

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The objective of this research is to investigate the effects of earnings management on corporate transparency of the company in Dusit area workplace via financial reporting reliability and stakeholder acceptance as independent variable. And the company in Dusit are are taken as the population and sample. The questionnaire is used to collect data. Exploratory Factor Analysis is implemented to ensure construct validity, and correlation statistic is selected to test the relationship among all variable and the ordinary least squares regression is used to explore the hypothesized. The results show that earnings management has a significant and negative impact on financial reporting reliability, stakeholder acceptance, and corporate transparency. Both financial reporting reliability and stakeholder acceptance have an important and positive effect on corporate transparency, and they are then mediators of the earnings management-corporate transparency relationships.

Keywords: dusit area workplace, earnings management, financial report, business and marketing management

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Authors: Paulino Varela Tavares, Ana Lucia Romao

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Public governance represents an articulated arrangement, dynamic and interactive, present in the exercise of authority aimed at strengthening the decision-making procedure in public administration with transparency, accountability, responsiveness and capable of to emerge control and social empowerment, to pursue and achieve the objectives efficiently and with the effectiveness desired for the collectivity, respecting the laws and provide social, institutional and economic equity in society. In this context, using a multidimensional approach with the application of a questionnaire with four questions directed to twenty Counselors of the Courts of Auditors of the States (Brazil) and twenty professionals (liberals, teachers, and specialists) of the public administration in Brazil, preliminary results indicate that 70% believe that the level of transparency in public policies is low; 40% say that the government makes accountability because it is required by law, but, other instruments must be developed to force the government to account for all accounts with society; 75% say that government responsiveness is very limited because of the lack of long term planning, which is greatly affected by party political issues in Brazil. Therefore, the results, as yet, point out that Brazilian society has a huge challenge regarding the transparency, accountability, and responsiveness of governments in relation to their public policies.

Keywords: accountability, public governance, responsiveness, transparency

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Authors: Turgut Coskun

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'Concreteness effect' refers to faster processing of concrete words and 'compound facilitation' refers to faster response to compounds. In this study, our main goal was to investigate the interaction between compound facilitation and concreteness effect. The latter might modulate compound processing basing on constituents’ transparency patterns. To evaluate these, we created lists for compound and monomorphemic words, sub-categorized them into concrete and abstract words, and further sub-categorized them basing on their transparency. The transparency conditions were opaque-opaque (OO), transparent-opaque (TO), and transparent-transparent (TT). We used RT data from English Lexicon Project (ELP) for our comparisons. The results showed the importance of concreteness factor (facilitation) in both compound and monomorphemic processing. Important for our present concern, separate concrete and abstract compound analyses revealed different patterns for OO, TO, and TT compounds. Concrete TT and TO conditions were processed faster than Concrete OO, Abstract OO and Abstract TT compounds, however, they weren’t processed faster than Abstract TO compounds. These results may reflect on different representation patterns of concrete and abstract compounds.

Keywords: abstract word, compound representation, concrete word, constituent transparency, processing speed

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Authors: Rebeca Ramirez Acosta, Sebastian Lenhoff

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Decision makers worldwide need to determine if the implementation of a new market mechanism will contribute to the sustainability and resilience of the power system. Due to smart grid technologies, new products in the distribution and transmission system can be traded; however, the impact of changing a market rule will differ between several regions. To test systematically those impacts, a market categorization has been compiled and organized in a smart grid market testing toolbox. This toolbox maps all actual energy products and sets the basis for running a co-simulation test with the new rule to be implemented. It will help to measure the impact of the new rule, based on the sustainable and resilience indicators.

Keywords: co-simulation, electricity market, smart grid market, market testing

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Authors: Itulelo Matiyabu Imaja, Manoj Maharaj, Patrick Ndayizigamiye

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Lack of transparency in public funds management is observed in many African countries. The DR Congo is among the most corrupted countries in Africa, and this is due mainly to lack of transparency and accountability in public funds management. Corruption has a negative effect on the welfare of the country’s citizens and the national economic growth. Public funds collection and allocation are the major areas whereby malpractices such as bribe, extortion, embezzlement, nepotism and other practices related to corruption are prevalent. Hence, there is a need to implement strong mechanisms to enforce transparency in public funds management. Many researchers have suggested some control mechanisms in curbing corruption in public funds management focusing mainly on law enforcement and administrative reforms with little or no insight on the role that ICT can play in preventing and curbing the corrupt behaviour. In the Democratic Republic of Congo (DRC), there are slight indications that the government of the DR Congo is integrating ICT to fight corruption in public funds collection and allocation. However, such government initiatives are at an infancy stage, with no tangible evidence on how ICT could be used effectively to address the issue of corruption in the context of the country. Hence, this research assesses the role that ICT can play for transparency in public funds management and suggest a framework for its adoption in the Democratic Republic of Congo. This research uses the revised Capability model (Capability, Empowerment, Sustainability model) as the guiding theoretical framework. The study uses the exploratory design methodology coupled with a qualitative approach to data collection and purposive sampling as sampling strategy.

Keywords: corruption, DR congo, ICT, management, public funds, transparency

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Authors: María-José Palacin-Sanchez, Filippo Di Pietro, Reyes Samaniego-Medina

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This article examines, in an institutional context such as Spanish one, the corporate board structure characteristics and determinants in entrepreneurial firms to go public. Specifically, it explores these issues through all the initial public offerings in the Spanish Alternative Equity Market (MAB), which is a market segment for smaller growing companies. The results show that: a) firm size, age of the company, and the reputation of the auditor and the nominated advisor and Corporate Governance Code favour a larger and more independent board structure that enhances its monitoring functions; and b) leverage, opportunities of growth, sector risk and ownership by executive directors all lead towards a smaller broad of directors where the role of entrepreneurship provided by executive directors remains crucial. This reflects the delicate balance of power between small-business entrepreneurs and financial equity market forces, which demand more transparency and monitoring in the companies.

Keywords: board composition, board size, corporate governance, IPO, SMEs

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Authors: Desiree Llaguno Cerezo, Elizabeth Valdes-Miranda Fernandez

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Women have a critical role in sustaining the economy and in the development of trade. However, such a role has long been invisible due to orthodox conceptions that have ignored the gender variable in commercial analyses. Today, it is generally accepted that neither the economy nor business are gender-neutral and that the performance of these activities often impact negatively the lives of women. Women’s participation in trade, on equal terms as men, in any of the various possible roles -producer, wage earner, consumer, merchant, taxpayer- will not only favour the lives of women but also the performance of the economies in which they participate. Transparency, as a principle of the multilateral trading system, can play a significant role as a strategy for the empowerment of women.

Keywords: trade, human rights, gender equality, transparency, WTO, women workers, women's economic empowerment

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Authors: Krambia-Kapardis Maria, Neophytidou Christina

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Lobbying is an inherent aspect within the democratic regimes across the globe. Although it can provide decision-makers with valuable knowledge and grant access to stakeholders in the decision-making process, it can also lead to undue influence and unfair competition at the expense of the public interest if it not transparent. Given the multi-level governance structure of the EU, it is no surprise that the EU policy-making arena has become a place-to-be for lobbyists. However, in order to ensure that influence is legitimate and not biased of any business interests, lobbying must be effectively regulated. A comparison with the US and Canadian lobbying regulatory framework and utilising some good practices from EU countries it is apparent that lobbying is the Achilles’ heel to transparency in the EU. It is evident that EU institutions suffer from ineffective regulations and could in fact benefit from a more robust, mandatory and better implemented system of lobbying regulation.

Keywords: EU, lobbying regulation, transparency, democratic regimes

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Authors: Abasali Amini, Alireza Mirbagheri, Amir Homayoun Jafari

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In this paper, a new structure for teleoperation systems with time varying delay has been modeled and proposed. A random time varying the delay of up to 150 msec is simulated in teleoperation channel of both masters to slave and vice versa. The system stability and transparency have been investigated, comparing the result of a PID controller and an optimal controller on each master and slave sub-systems separately. The controllers have been designed in slave subsystem for reducing position errors between master and slave, and another controller has been designed in the master subsystem to establish stability, transparency and force tracking. Results have been compared together. The results showed PID controller is appropriate in position tracking, but force response oscillates in contact with the environment. We showed the optimal control established position tracking properly. Also, force tracking is achieved in this controller appropriately.

Keywords: optimal control, time varying delay, teleoperation systems, stability and transparency

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Authors: Howard Chitimira

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The European Union (EU) was probably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its member states. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonised the insider trading ban among the EU member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all the forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the British exit (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Keywords: market abuse, insider trading, market manipulation, European Union, United Kingdom

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