If a securities firm is engaged in securities assets management business, it should sign securities assets management contract with customers, defining investment scope, investment ratio, management period, management cost and so on.

(4) Where the investment scopes or investment proportions of the security self operation business and portfolio management business of a securities firm are not conformed to provisions

As the legal reviews need highly specialized knowledge, the Office of Legal Affairs has recommended that the Investment Management Service retain an outside legal firm.

The securities firm can charge management cost according to agreement.

Table 25 History of the Investment Management Service

Figure 18 Cost of management of the Fund's portfolio by the Investment Management Service

Mr. Paul Lee Hermes Investment Management Ltd. (United Kingdom)

3 Type, amount and internal approving procedure of external investment and guarantee of the securities firm

The securities firm and its staff shall not seek for undue interests by providing investment advice to customers.

The UNHCR Treasury makes the decisions on investment and cash management.

This responsible person shall not take management position of the securities firm in the same time.

(4) To inspect computer information management system of a securities firm and copy relevant data materials.

Their locational preference is also explained by their relatively weaker intra firm coordination and management systems.

Article 23 The securities firm should set up responsible person for regulatory compliance to audit, supervise or check legal and regulatory compliance of management behavior of securities firm.

(b) Develop, administer and maintain system interface with investment advisers, custodians, bankers and all related financial institutions, and maintain the infrastructure and portfolio management and operational systems of the Investment Management Service

The Administration informed the Board that, in coordination with the programme management firm, it would continue to improve coordination on a list of issues which the firm had developed.

Article 46 A securities firm engaged in securities assets management business shall not have the following act

(b) To review the procedures and operating methods of the Investment Management Service

Article 75 An accounting firm can read and copy client information concerned with audit issues or other documents and materials of a securities firm, and can acquire relevant data materials from the computer information management system of the securities firm.

(c) Enhancement of the Investment Management Service through the addition of five new posts, indexed management costs, including the costs of transition management services, and consultant costs

(c) Improving the efficiency and flexibility of the Investment Management Service in adopting new investment approaches requires a stronger and more sophisticated infrastructure.

Shareholders of the securities firm shall not violate national prescription by agreeing to exercise voting rights in violation of investment proportion.

if the legal representative or principal of business management of the securities firm leaves his post, an accounting firm with securities and futures related business should be hired to conduct auditing.

(d) In view of the size and diversification of the investment portfolio, the Investment Management Service should increase the number of investment managers or review the possibility of hiring additional discretionary investment advisers (AS2001 95 1 14)

Implement a full segregation of duties on investment and cash management decisions (para. 89)

Accordingly, the Administration contracted the services of a programme management firm on 4 October 2004 to oversee the management of design and construction documentation services, among other things.

(f) Implement a full segregation of duties on investment and cash management decisions (para. 89)

(f) Implement a full segregation of duties on investment and cash management decisions (para. 89)

The project will assist the Investment Management Service in mitigating exposure to various risk factors.

(e) The new investment officer will be specialized in alternative asset management, the skills for which significantly differ from those for conventional portfolio management.

(4) Deposit banks, designated commercial banks, asset management agencies, security exchanges, securities registration and clearing agencies of a securities firm

Why would two women who were enjoying successful careers in investment banking in the corporate sector leave to found a financial services firm?

The assets custodian organs shall perform duties of safeguarding the customer s trust assets, handling the collection and payment of the funds and supervising the investment activities of the securities firm according to the provisions of the securities regulatory agency under the State Council and the securities assets management contract.

The office of the Director is responsible for the overall operations of the Investment Management Service.

(2) Where any shareholder and actual holder of a securities firm force, incite, assist or accept the securities firm to provide financing or warranty with assets of stock brokerage clients or stock asset management clients

(2) Where a securities firm offers investment suggestions to its client, making certainty judgment on highs and lows of security prices or market trends

Article 22 If a securities firm sets up an agency that performs business management rights of the securities firm, it should clearly states it name, constitution, roles, responsibilities and rule of procedure in the company regulation.

(b) In order to establish accountability, the Investment Management Service should either (i) ensure that the fixed income investment officer acts with greater independence in the management of the portfolio or (ii) consider outsourcing the fixed income portfolio while maintaining the investment officer to monitor the performance of the outsourced portfolio (AS2003 801 02 011)

A state of the art system will allow the Investment Management Service to rapidly and accurately handle complex investment data and analyse the portfolio risk and its performance.

This effort will be complemented by investment in Headquarters and mission data collection and information management systems.

A new management team had been appointed for the General Authority for Investment and Free Zones (GAFI).

Article 76 A securities firm shall undertake real time monitoring on trading behaviors of its self operation accounts and portfolio management accounts.

Larry Fink, the CEO of the multinational investment management firm BlackRock, takes a similar view It really throws into question the whole globalization of these firms, with each country for itself . He adds I wouldn t call it a trade war, but I would certainly call it a high level of protectionism.

By realigning the Fund's investment, infrastructure and team configuration, a number of the audit recommendations made to the Investment Management Service in the past few years can be implemented.

6. Notes that the Board encouraged the Investment Management Service of the Fund to adhere to the principles of the Global Compact to the extent possible without compromising the four established investment criteria of safety, profitability, liquidity and convertibility, and urged the Investment Management Service to continue its efforts to collect tax refunds from several Member States