Securities: Its Conception and Protection of Interests of its Holders

Theoretical studies of the problems of the securities markets in the Russian Federation incline to one or other of the two traditional approaches. The first consists of comparing the definition of "valuable paper" set forth in the current legislation of the Russian Federation, with the theoretical model of "Wertpapiere" elaborated by German scholars more than 90 years ago. The problem with this approach is, in Mr. Pentsov's opinion, that any new features of the definition of "security" that do not coincide with the theoretical model of "Wertpapiere" (such as valuable papers existing in non-material, electronic form) are claimed to be incorrect and removed from the current legislation of the Russian Federation. The second approach works on the basis of the differentiation between the Common Law concept of "security" and the Civil Law concept of "valuable paper". Mr. Pentsov's research, presented in an article written in English, uses both methodological tools and involves, firstly, a historical study of the origin and development of certain legal phenomena (securities) as they evolved in different countries, and secondly, a comparative, synchronic study of equivalent legal phenomena as they exist in different countries today. Employing the first method, Mr. Pentsov divided the historical development of the conception of "valuable paper" in Russia into five major stages. He found that, despite the existence of a relatively wide circulation of valuable papers, especially in the second half of the 19th century, Russian legislation before 1917 (the first stage) did not have a unified definition of valuable paper. The term was used, in both theoretical studies and legislation, but it covered a broad range of financial instruments such as stocks, bonds, government bonds, promissory notes, bills of exchange, etc. During the second stage, also, the legislation of the USSR did not have a unified definition of "valuable paper". After the end of the "new economic policy" (1922 - 1930) the stock exchanges and the securities markets in the USSR, with a very few exceptions, were abolished. And thus during the third stage (up to 1985), the use of valuable papers in practice was reduced to foreign economic relations (bills of exchange, stocks in enterprises outside the USSR) and to state bonds. Not surprisingly, there was still no unified definition of "valuable paper". After the beginning of Gorbachev's perestroika, a securities market began to re-appear in the USSR. However, the successful development of securities markets in the USSR was retarded by the absence of an appropriate regulatory framework. The first effort to improve the situation was the adoption of the Regulations on Valuable Papers, approved by resolution No. 590 of the Council of Ministers of the USSR, dated June 19, 1990. Section 1 of the Regulation contained the first statutory definition of "valuable paper" in the history of Russia. At the very beginning of the period of transition to a market economy, a number of acts contained different definitions of "valuable paper". This diversity clearly undermined the stability of the Russian securities market and did not achieve the goal of protecting the investor. The lack of unified criteria for the consideration of such non-standard financial instruments as "valuable papers" significantly contributed to the appearance of numerous fraudulent "pyramid" schemes that were outside of the regulatory scheme of Russia legislation. The situation was substantially improved by the adoption of the new Civil Code of the Russian Federation. According to Section 1 of Article 142 of the Civil Code, a valuable paper is a document that confirms, in compliance with an established form and mandatory requisites, certain material rights whose realisation or transfer are possible only in the process of its presentation. Finally, the recent Federal law No. 39 - FZ "On the Valuable Papers Market", dated April 22 1996, has also introduced the term "emission valuable papers". According to Article 2 of this Law, an "emission valuable paper" is any valuable paper, including non-documentary, that simultaneously has the following features: it fixes the composition of material and non-material rights that are subject to confirmation, cession and unconditional realisation in compliance with the form and procedure established by this federal law; it is placed by issues; and it has equal amount and time of realisation of rights within the same issue regardless of when the valuable paper was purchased. Thus the introduction of the conception of "emission valuable paper" became the starting point in the Russian federation's legislation for the differentiation between the legal regimes of "commercial papers" and "investment papers" similar to the Common Law approach. Moving now to the synchronic, comparative method of research, Mr. Pentsov notes that there are currently three major conceptions of "security" and, correspondingly, three approaches to its legal definition: the Common Law concept, the continental law concept, and the concept employed by Japanese Law. Mr. Pentsov proceeds to analyse the differences and similarities of all three, concluding that though the concept of "security" in the Common Law system substantially differs from that of "valuable paper" in the Continental Law system, nevertheless the two concepts are developing in similar directions. He predicts that in the foreseeable future the existing differences between these two concepts will become less and less significant. On the basis of his research, Mr. Pentsov arrived at the conclusion that the concept of "security" (and its equivalents) is not a static one. On the contrary, it is in the process of permanent evolution that reflects the introduction of new financial instruments onto the capital markets. He believes that the scope of the statutory definition of "security" plays an extremely important role in the protection of investors. While passing the Securities Act of 1933, the United States Congress determined that the best way to achieve the goal of protecting investors was to define the term "security" in sufficiently broad and general terms so as to include within the definition the many types of instruments that in the commercial world fall within the ordinary concept of "security' and to cover the countless and various devices used by those who seek to use the money of others on the promise of profits. On the other hand, the very limited scope of the current definition of "emission valuable paper" in the Federal Law of the Russian Federation entitled "On the Valuable Papers Market" does not allow the anti-fraud provisions of this law to be implemented in an efficient way. Consequently, there is no basis for the protection of investors. Mr. Pentsov proposes amendments which he believes would enable the Russian markets to become more efficient and attractive for both foreign and domestic investors.

L'évolution du système consonantique des langues cangin

The Cangin languages are classified as an own subgroup of the Atlantic languages. Evidence for their common origin can be given by the comparative method. By means of the systematic grammatical comparison of different languages this method aims at the reconstruction of a hypothetic proto-language and allows to draw hypothesises on their diachronic linguistic development. This paper concentrates on the evolution of the consonant system of the Cangin languages.

Abordaje interdisciplinario a Viaje por los estados del Plata de Hermann Burmeister : parte III : abordaje desde la geografía

El relato de viaje por los Estados del Plata de Herman Burmeister está embuído de la tradición humboldtiana de proyecto científico. El uso del método comparativo de paisajes para descubrir relaciones generales y causas genéticas comunes, las abundantes y heterogéneas observaciones, dibujos y planos se asemejan bastante al método de trabajo utilizados por Humboldt. En este contexto científico, la Geografía se acerca a la Literatura a través del enfoque geográfico humanístico y fenomenológico, que exige el acceso al conocimiento a través de la experiencia humana, y aborda el texto con una metodología de carácter inductivo. El presente texto posibilita a la Geografía acceder a percepciones del espacio en un tiempo pasado, que permite comprender etapas o secuencias del proceso de constitución del territorio; y resulta un recurso significativo para el aprendizaje y comprensión de conceptos geográficos.

PHI-24 fps-55 : del espacio fílmico al espacio protofílmico : del espacio arquetípico al espacio fenomenológico : una propuesta pedagógica

Este trabajo constituye una propuesta didáctica para incluir en los procesos de enseñanza de la arquitectura y del dibujo y la teoría del proyecto arquitectónico en la Facultad de Arquitectura de la Universidad de la República del Uruguay. Se parte de la afirmación ya demostrada de que el cine de ficción resulta un medio adecuado y complementario de otros procedimientos para enseñar y estudiar arquitectura. El trabajo establece una ejercitación alternativa a las tradicionales basada en el método de la comparación que permite establecer relaciones entre diferentes realidades: entre la realidad y la ficción o entre diferentes mundos de ficción. Si se hace referencia concreta a la ejercitación desarrollada en los cursos de proyecto y dibujo arquitectónicos de la Facultad de Arquitectura, no es novedad que las prácticas del dibujo de observación directa del objeto real o mediatizado –croquis de observación directa y restitución (pasaje de un sistema de representación codificada a otro) – o del manejo de referentes paradigmáticos durante los procesos creativos, se basan todas en la comparación entre dos cosas. Toda comparación nos induce a fijar la atención en dos o más objetos para descubrir sus relaciones y estimar sus semejanzas lo que nos permite conocer con mayor precisión sus atributos. El ejercicio de ideación de un objeto –propio del proceso proyectual– se sustenta en el cotejo sucesivo y alternativo de la observación del objeto imaginado y de su representación gráfica progresiva. En ese proceso son puestos en juego mecanismos que activan y relacionan nuestras sensaciones con nuestra memoria inconsciente y con redes de conceptos adquiridos a través de la enseñanza y la reflexión. Por un lado, este trabajo busca –mediante el planteo de hipótesis– poner en juego diferentes recursos de análisis de filmes para su debida demostración y, al extraer conclusiones, aportar al conocimiento científico sobre un tema. Por otra parte procura mostrar un camino alternativo para el manejo del recurso cine en los procesos de enseñanza del estudiante de arquitectura. Un camino que estructure diferentes procedimientos de análisis –que por sí mismos implican un ejercicio de la percepción y de la sensibilización– para verificar los contenidos y el alcance de las hipótesis planteadas. This work emerges from a reflection based on the capacity of the cinematographic resource in architecture teaching. The proposal consists in alternative exercises different from the traditional ones, specially designed for architecture students. The exercises handle the potential value of the cinema, especially fictional film or narrative film, as a tool for developing our perception and reflection, thus stimulating the rational and emotional aspects of each person. It is based on the comparative method which allows the establishment of relations among different realities: between fiction and reality and between different fiction worlds. It has been structured into three modules of increasing difficulty. Each one initiates its discourse with a hypothesis formulation which must be demonstrated and triggers a research process where the student’s knowledge, reasoning and ability to evaluate are put into play through a set of exercises. These involve the graphic survey of film spaces, cinematic languages and significance perception systems in order to detect archetypical architectural spaces common to different films. In this particular case, the proposal is addressed to the analysis of interior domestic spaces and its furnishings.

Written on the threshold

One of the most productive discoveries of art and architectural criticism is the comparative reading between different situations. It is an approach that does away with all conventions and destroys any attempt to codifing the future. It also reveals the futility of established styles or movements. In the early 20th century, the Russian Formalists spoke of the dissimilarity of the similar in literature and more than a few studies on the visual arts have used the comparative method, from Heinrich Wolfflin to Robert Venturi. But something more has to be added, personal biography. The involvement of the individual, their name and their life, in the history of art bursts in with all the force of what is real, with no need for credibility, because it merely is what it is. The histories of architecture and art tell things in a believable, perfectly connected manner, without the fits and starts of personal biography - when this appears we find ourselves in a different sort of situation.

Análisis comparativo sobre trabajo rural en la forestoindustria, las semilleras y la fruticultura (Argentina 2008-2011)

Este artículo analiza transversalmente estudios de caso sobre el trabajo rural en la Argentina entre 2008 y 2011 en unidades de producción de capital concentrado: fruticultura en el Alto Valle de Río Negro, forestación en el NO de Misiones y producción de semillas de maíz transgénico en la Zona Núcleo Cerealera. La metodología aplicada fue la etnografía multisitio. Para el análisis que se presenta en este artículo se aplicó el método comparativo, que permitió establecer continuidad entre los casos sobre la base de tres estrategias empresariales: la reducción de puestos de trabajo clásico distinguiendo producción y servicios; la ambientalización de las relaciones laborales y territorios diferenciados para la producción, y el trabajo y la residencia de los trabajadores

Moralidade administrativa: o agente público na democracia do novo milênio

Os altos índices de corrupção no Brasil levaram a criação de algumas leis com o intuito de combater este mal que corrói a democracia e que preocupa todos os países democráticos. Este trabalho busca verificar as novas ferramentas jurídicas, bem como a responder a uma questão. Há mais alguma reforma necessária? Alguns estudos apontam influência de aspectos do sistema eleitoral no índice de corrupção. Se há, que reforma nesse sentido o Brasil poderia adotar? Foram utilizados método dialético e método comparativo, para análise de doutrina e legislação estrangeiras, comparando-as com as nacionais, e método indutivo para a análise de dados. Foram feitos grandes avanços legislativos, mas há que discutir o que pode ser aprimorado para criar um ambiente menos fértil à corrupção e tornar mais eficazes os mecanismos de controle dos agentes públicos.

Atenuação pragmática e problemas de intercompreensão: um estudo intercultural entre paulistanos e cordobeses

Discutimos nesta pesquisa o uso dos elementos de Cortesia, em especifico, a atenuação, entendida como categoria pragmática que afeta as relações interpessoais enquanto atividade linguística (redução do dito e do dizer) e social (aproximação ou não distanciamento do outro). Enfatizando estes aspectos, o trabalho tem como objetivo comparar o emprego de procedimentos linguísticos de atenuação na produção de atos diretivos e respostas não preferidas (atos de fala não corteses), por estudantes universitários das cidades de São Paulo (Brasil) e Córdoba (Argentina). Ainda, explicar as diferenças tendo como base os conceitos de sociedades de aproximação e distanciamento (HAVERKATE, 2004 e BRIZ, 2007) e analisar as diferenças nas interpretações que realizaram os estudantes da cidade argentina dos enunciados formulados pelos paulistanos. Nesta investigação, formulou-se e aplicou-se questionário de coleta de dados denominado testes sociais no qual apareceram situações de interação no ambiente de trabalho e da faculdade. No processo analítico deste fenômeno, usamos o método comparativo salientando as relações quantitativas e qualitativas dos enunciados estabelecidos pelos paulistanos e cordobeses, analisando dois tópicos, a comparação dos procedimentos de atenuação empregados; e a interpretação dos enunciados (dos estudantes paulistanos) feita pelos alunos de Córdoba. Como resultado, verificamos o uso acentuado de procedimentos de atenuação por parte dos paulistanos, causando interpretações díspares por parte dos cordobeses.

A formação superior para o secretariado na perspectiva luso-brasileira

O objetivo deste estudo foi verificar como se constitui a formação tecnológica para o Secretariado no Brasil e em Portugal, identificando as características da educação formal e a oferta de cursos superiores para esse público, compondo uma análise comparativa do panorama dessa formação nos dois países. Com o embasamento em legislações educacionais e para o trabalho e, ainda, em referenciais sobre o ensino superior no âmbito brasileiro e internacional, a pesquisa se constitui como um estudo de caso, associado ao método comparativo. Os resultados apontam para a tendência da formação tecnológica para os secretários, em detrimento aos de longa duração, trazendo como desafios a ambos os países o acompanhamento dos debates e tendências para o ensino superior, a observação e articulação das demandas à preparação de novos profissionais e a identificação das influências nas expectativas e escolhas de carreira da população jovem.

O jogo da distinção: C. A. Paulistano e Fluminense F. C.: um estudo das identidades clubísticas durante a fase amadora do futebol em São Paulo e no Rio de Janeiro (1902-1933)

Este trabalho investiga o processo de formação de identidades clubisticas durante a fase amadora do futebol brasileiro (1900 – 1933), tendo por foco os casos do C A Paulistano e do Fluminense F. C. Tal construção identitária costuma atribuir a estes clubes a marca da elitização calcada na distinção e no refinamento. Ao aprofundar e ao matizar essa versão consagrada pelo memorialismo esportivo, pretende-se analisar a história dessas duas agremiações, durante os anos iniciais do desenvolvimento do futebol na cidade do Rio de Janeiro e São Paulo, com destaque à relação do esporte com o desenvolvimento destas duas cidades. Para a demonstração de nosso argumento central, levantaremos os aspectos sociais, econômicos, políticos e culturais que podem ser considerados fundamentais na construção da imagem de distinção atribuída tanto ao Fluminense quanto ao Paulistano. Com o emprego do método comparativo, buscaremos apontar as semelhanças e diferenças na história desses clubes, tendo como pressupostos teóricos os trabalhos de Bourdieu sobre a distinção, de Hobsbawm e Ranger sobre a invenção das tradições e de Halbwachs sobre a memória coletiva. Junto aos acervos documentais das duas instituições examinadas, utilizaremos como fontes a documentação produzida pelos clubes no período e os periódicos da época. Procuraremos demonstrar, através dos relatos memoriais produzidos por escritores, dirigentes e ex-atletas, a perpetuação de uma série de valores simbólicos e de tradições que associaram o Paulistano e o Fluminense a um espaço de distinção e refinamento que se reproduziu ao longo das gerações e que permanece no imaginário esportivo até os dias atuais.

Análisis comparativo sobre trabajo rural en la forestoindustria, las semilleras y la fruticultura (Argentina 2008-2011)

Este artículo analiza transversalmente estudios de caso sobre el trabajo rural en la Argentina entre 2008 y 2011 en unidades de producción de capital concentrado: fruticultura en el Alto Valle de Río Negro, forestación en el NO de Misiones y producción de semillas de maíz transgénico en la Zona Núcleo Cerealera. La metodología aplicada fue la etnografía multisitio. Para el análisis que se presenta en este artículo se aplicó el método comparativo, que permitió establecer continuidad entre los casos sobre la base de tres estrategias empresariales: la reducción de puestos de trabajo clásico distinguiendo producción y servicios; la ambientalización de las relaciones laborales y territorios diferenciados para la producción, y el trabajo y la residencia de los trabajadores

Análisis comparativo sobre trabajo rural en la forestoindustria, las semilleras y la fruticultura (Argentina 2008-2011)

Este artículo analiza transversalmente estudios de caso sobre el trabajo rural en la Argentina entre 2008 y 2011 en unidades de producción de capital concentrado: fruticultura en el Alto Valle de Río Negro, forestación en el NO de Misiones y producción de semillas de maíz transgénico en la Zona Núcleo Cerealera. La metodología aplicada fue la etnografía multisitio. Para el análisis que se presenta en este artículo se aplicó el método comparativo, que permitió establecer continuidad entre los casos sobre la base de tres estrategias empresariales: la reducción de puestos de trabajo clásico distinguiendo producción y servicios; la ambientalización de las relaciones laborales y territorios diferenciados para la producción, y el trabajo y la residencia de los trabajadores

Sociality and the rate of molecular evolution

The molecular clock does not tick at a uniform rate in all taxa but maybe influenced by species characteristics. Eusocial species (those with reproductive division of labor) have been predicted to have faster rates of molecular evolution than their nonsocial relatives because of greatly reduced effective population size; if most individuals in a population are nonreproductive and only one or few queens produce all the offspring, then eusocial animals could have much lower effective population sizes than their solitary relatives, which should increase the rate of substitution of nearly neutral mutations. An earlier study reported faster rates in eusocial honeybees and vespid wasps but failed to correct for phylogenetic nonindependence or to distinguish between potential causes of rate variation. Because sociality has evolved independently in many different lineages, it is possible to conduct a more wide-ranging study to test the generality of the relationship. We have conducted a comparative analysis of 25 phylogenetically independent pairs of social lineages and their nonsocial relatives, including bees, wasps, ants, termites, shrimps, and mole rats, using a range of available DNA sequences (mitochondrial and nuclear DNA coding for proteins and RNAs, and nontranslated sequences). By including a wide range of social taxa, we were able to test whether there is a general influence of sociality on rates of molecular evolution and to test specific predictions of the hypothesis: (1) that social species have faster rates because they have reduced effective population sizes; (2) that mitochondrial genes would show a greater effect of sociality than nuclear genes; and (3) that rates of molecular evolution should be correlated with the degree of sociality. We find no consistent pattern in rates of molecular evolution between social and nonsocial lineages and no evidence that mitochondrial genes show faster rates in social taxa. However, we show that the most highly eusocial Hymenoptera do have faster rates than their nonsocial relatives. We also find that social parasites (that utilize the workers from related species to produce their own offspring) have faster rates than their social relatives, which is consistent with an effect of lower effective population size on rate of molecular evolution. Our results illustrate the importance of allowing for phylogenetic nonindependence when conducting investigations of determinants of variation in rate of molecular evolution.

Adverse feedback sequences in exploited marine systems: Are deliberate interruptive actions warranted?

Several mechanisms for self-enhancing feedback instabilities in marine ecosystems are identified and briefly elaborated. It appears that adverse phases of operation may be abruptly triggered by explosive breakouts in abundance of one or more previously suppressed populations. Moreover, an evident capacity of marine organisms to accomplish extensive geographic habitat expansions may expand and perpetuate a breakout event. This set of conceptual elements provides a framework for interpretation of a sequence of events that has occurred in the Northern Benguela Current Large Marine Ecosystem (off south-western Africa). This history can illustrate how multiple feedback loops might interact with one another in unanticipated and quite malignant ways, leading not only to collapse of customary resource stocks but also to degradation of the ecosystem to such an extent that disruption of customary goods and services may go beyond fisheries alone to adversely affect other major global ecosystem concerns (e.g. proliferations of jellyfish and other slimy, stingy, toxic and/or noxious organisms, perhaps even climate change itself, etc.). The wisdom of management interventions designed to interrupt an adverse mode of feedback operation is pondered. Research pathways are proposed that may lead to improved insights needed: (i) to avoid potential 'triggers' that might set adverse phases of feedback loop operation into motion; and (ii) to diagnose and properly evaluate plausible actions to reverse adverse phases of feedback operation that might already have been set in motion. These pathways include the drawing of inferences from available 'quasi-experiments' produced either by short-term climatic variation or inadvertently in the course of biased exploitation practices, and inter-regional applications of the comparative method of science.

Group or individual tinnitus therapy:what matters to participants?

Objective: To explore the 'active ingredient' of tinnitus therapy groups. Study design: The design was an inductive qualitative study informed by grounded theory. Eight participants, four from a tinnitus group and four from individual therapy with similar content, were invited to discuss their experiences of tinnitus therapy. The interviews were transcribed and analysed using a constant comparative approach. Results: The findings revealed that group experiences facilitate information exchange and social comparison, which facilitates coping. Conclusions: The human dynamics of groups may have an additional therapeutic benefit. © 2011 Informa Healthcare.