Has the Financial Services Reform Act fixed the problems with the regulation of securities and derivatives?

The Financial Services Reform Act 2001 (Cth) introduced new definitions of“derivative” and “financial product” into the Corporations Act 2001 (Cth), andreplaced the separate regulatory regimes governing futures contracts andsecurities with a single financial markets authorisation regime and a singleintermediary licensing regime. This article examines the reforms to evaluatewhether they have been successful. It is argued that there are definiteimprovements resulting from the reforms, and the scope for regulatoryarbitrage has been greatly reduced. However, numerous problems remain.There are significant differences in the regulation of securities and deriva-tives. The distinction between securities and derivatives is still based on legalcharacteristics, not economic function. There is uncertainty as to the exactscope and interaction of the definitions, particularly with respect to equityderivatives, warrants and options. The current law has thus not fullyaddressed many of the problems that existed prior to the reforms.

The commitment of public sector Sweden to codes of ethics

This article examines the results of a study conducted of the top 100 public sector units in Sweden. These units are comprised of entities of government, municipalities, and county councils. The aim of the study was to examine and describe the commitment to codes of ethics in these Swedish public sector units. This article reports on the responses of those public sector units that possessed a code of ethics. The construct of commitment was measured by a consideration of the inputs, objectives and outputs of the code across six areas. The commitment to codes of ethics has an interest for those involved in the public sector in Sweden and society in general. Most public sector units are in the early stages of development and assimilation into overall ethics policies in code artefacts. On a specific level there are customized codes of ethics that are not always documented in a generic artefact. Theoretical and managerial implications are provided. Furthermore, suggestions for further research are proposed.

Inculcating the ethos of public-sector codes of ethics in Sweden : a longitudinal approach

Purpose – The purpose of this paper is to examine the measures put in place by the largest public sector organizations in Sweden in order to communicate the ethos of their codes of ethics to their employees.

Design/methodology/approach – This paper is based upon a longitudinal survey approach.

Findings – In the public sector organizations of Sweden the use of regulations and staff support is rather modest in respect to the inculcation of codes of ethics artefacts into the organisations. This longitudinal approach indicates an overall increase across the examined areas in the usage of measures to support the ethos of public sector codes of ethics.

Research limitations/implications – The artefacts to support the ethos inherent in public sector codes of ethics are rarely explored in the literature. This paper helps to fill this gap with the present longitudinal approach.

Practical implications – One could speculate that society at large and its public sector organizations may have been influenced not only by the scandalous happenings of recent years in Swedish business, but also by the impact of an Anglo-Saxon style of “corporatisation”, whereby public authorities take on the form of a corporation or business brought on by globalisation.

Originality/value – The present paper may be used as a point of reference for further research efforts.

Extended supervision or civil commitment for managing the risk of sexual offenders : public safety and individual rights

Since the early 1990’s, there has been a proliferation of legislative initiatives in North America, the United Kingdom, and Australasia that are intended to improve public protection from high risk sexual offenders. These laws include extended supervision of sexual offenders once released from prison and indefinite involuntary civil commitment to secure treatment facilities following the expiration of a prison sentence. The enactment of these laws has sparked intense debate and numerous legal challenges on a variety of issues, including the need to strike a proper balance between public safety and the rights of individual offenders. Recent challenges to Extended Supervision Orders in New Zealand have included the assertion that this approach is inconsistent with the Bill of Rights Act. This article compares the use of Extended Supervision Orders in New Zealand to the use of civil commitment of Sexually Violent Predators in the United States, and particularly in California, which currently confines the largest number of offenders under this type of commitment. It is argued that Extended Supervision is more flexible, less intrusive, less punitive, and less costly than civil commitment. The degree to which it is effective in improving public safety remains an empirical question.