Securities Handbook

[Giordano Thibault]

Theimportance of securities markets in intermediating financial flows, both domestically and internationally, underscores the need for relevant, coherent and internationally comparable statistics. This need was recognised by the G20 Data Gaps Initiative, launched in the aftermath of the 2007-08 global financial crisis with the support of the G20 finance ministers and central bank governors and the IMF's International Monetary and Financial Committee.

Good securities data, along with monetary and financial statistics, provide important indications on the level of diversification of financial intermediation. The Handbook supports this analysis by strengthening the collection of securities data through conceptual advice and guidance to harmonise the presentation of securities statistics. It describes the main features of debt and equity securities as well as the institutional units and sectors as issuers and holders of securities, and discusses the statistical recording rules to be applied.

The Handbook is a milestone in that it is the first publication of its kind dealing exclusively with the conceptual framework for the compilation and presentation of securities statistics. Prepared jointly by the BIS, the ECB and the IMF working in close cooperation, the Handbook has also benefited from comments by experts from national central banks, national statistical agencies and international organisations.

The Handbook on Securities Statistics is the first publication of its kind to focus exclusively on securities statistics. It has been prepared jointly by the BIS, the ECB, and the IMF in response to a request from the WGSD to develop methodological standards for securities statistics and to improve information on securities markets.

The Handbook provides a conceptual framework for securities statistics, including classifications for different possible breakdowns. It also provides high-level and detailed presentation tables that assist in the compilation and dissemination of securities statistics. The current version of the Handbook is based on the 2008 System of National Accounts and the Balance of Payments and International Investment Position Manual, sixth edition (BPM6). It goes partly beyond these standards by elaborating on additional breakdowns on issues and holdings of debt and equity securities. Special attention is also paid to valuation and accounting rules, as well as to specific operations related to debt and equity securities.

The preparation of the Handbookwas supported by a Review Group for the Handbook on Securities Statistics, consisting of officials from national central banks and relevant statistical agencies, as well as from international organizations with an active interest and expertise in debt securities statistics. Members of the review group commented on drafts of the Handbook and actively participated in review group meetings held during 28-29 October 2008 in Basel, 15-16 March 2010 in Frankfurt, and 12-13 October 2011 in Washington, D.C. In addition to the comments of the Review Group, drafts of the Handbook benefitted from worldwide comments from experts.

This booklet addresses investment securities purchased by a national bank for its own account. It discusses regulatory limitations on a national bank's holdings and other regulatory requirements as well as risk management practices.

This booklet applies to the OCC's supervision of national banks. References to national banks in this booklet also generally apply to federal branches and agencies of foreign banking organizations. Refer to 12 USC 3102(b) and the "Federal Branches and Agencies Supervision" booklet of the Comptroller's Handbook for more information. For information applicable to federal savings associations, refer to former Office of Thrift Supervision Examination Handbook section 230, "Equity Investments," and section 540, "Investment Securities."

This booklet provides guidance to examiners for assessing banks' compliance with the Government Securities Act of 1986. It also provides guidance for examiners for evaluating banks' compliance with applicable sections of the record-keeping and confirmation requirements of 12 CFR 12 (national banks) and 12 CFR 151 (federal savings associations) and the government securities sales practices of 12 CFR 13.

This booklet applies to the OCC's supervision of national banks and federal savings associations. References to national banks in this booklet also generally apply to federal branches and agencies of foreign banking organizations. Refer to 12 USC 3102(b) and the "Federal Branches and Agencies Supervision" booklet of the Comptroller's Handbook for more information.

The Butterworths Hong Kong Securities Law Handbook (Seventh Edition) is a detailed work of reference containing up-to-date materials on the Securities and Futures Ordinance (Cap 571), the landmark statute that consolidated and reformed pre-existing legislation regulating securities, futures and leveraged foreign exchange contracts, intermediaries and markets in Hong Kong.

#html-body [data-pb-style=M9JS9L1]justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scrollThe Butterworths Hong Kong Securities Law Handbook (Seventh Edition) is a detailed work of reference containing up-to-date materials on the Securities and Futures Ordinance (Cap 571). The landmark statute consolidated and reformed pre-existing legislation regulating securities, futures and leveraged foreign exchange contracts, intermediaries and markets in Hong Kong.

This Handbook reproduces the text of the Ordinance as currently in force with section-by-section annotations. In addition, this handbook highlights guidelines issued by the Securities and Futures Commission of Hong Kong along with significant judicial decisions. The annotations also provide definitions of words and phrases, discussions on practical aspects and contentious issues in reference to each section and other authoritative materials, including cross-jurisdictional references.

This edition covers the new Division 8A of Part IVA on the re-domiciliation of open-ended fund corporations, as well as amendments to subsidiary legislation concerning the investor compensation regime. The commentary of various Parts, including Parts 2, 5, 6, 8, 10, 13, 14 and 14A, schedules and subsidiary legislation are also updated with recent case law.

This series has been cited with authority in over a hundred court cases in the Hong Kong Court of First Instance, Court of Appeal, and Court of Final Appeal. As a result, this Handbook will be an invaluable source of reference for lawyers, in-house counsel, investors, intermediaries, compliance officers, issuers, regulators, academics, students and all those who are engaged or interested in the law responsible for regulating the securities and futures markets in Hong Kong.

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About 40,100 openings for securities, commodities, and financial services sales agents are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. They sell securities to individuals, advise companies in search of investors, and conduct trades.

Securities, commodities, and financial services sales agents deal with a wide range of products and clients. Agents spend much of the day interacting with people, whether selling stock to an individual or discussing the status of a merger deal with a company executive. The work is usually stressful because agents deal with large amounts of money and have time constraints.

A security or commodity can be traded in two ways: electronically or in an auction-style setting on the floor of an exchange market. Markets such as the National Association of Securities Dealers Automated Quotation system (NASDAQ) use vast computer networks rather than human traders to match buyers and sellers. Others, such as the New York Stock Exchange (NYSE), rely on floor brokers to complete transactions.

Investment bankers connect businesses that need money to finance their operations or expansion plans with investors who are interested in providing that funding. This process is called underwriting, and it is the main function of investment banks. The banks first sell their advisory services to help companies issue new stocks or bonds, and then the banks sell the issued securities to investors.

Some of the most important services that investment bankers provide are initial public offerings (IPOs), and mergers and acquisitions. An IPO is the process by which a company becomes open for public investment by issuing its first stock. Investment bankers must estimate how much the company is worth and ensure that it meets the legal requirements to become publicly traded.

Investment bankers also connect companies in mergers (when two companies join together) and acquisitions (when one company buys another). Investment bankers provide advice throughout the process to ensure that the transaction goes smoothly.

Most securities, commodities, and financial services sales agents work many hours under stressful conditions. The pace of work is fast, and managers are usually demanding of their workers, because both commissions and advancements are tied to sales.

Because computers can conduct trades faster than people can, electronic trading is quickly replacing verbal auction-style trades on exchange floors. The environment of the stock exchange is changing as a result, with more traders carrying out orders behind a desk and fewer working on the exchange floor.

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