Nobody downloaded yet

Law of Finance and Securities - Assignment Example

Comments (0) Cite this document
Summary
Question 1: Recently Elizabeth discovered an old bank book she had as a child. She had forgotten that there was over $1,000 in it. When she went to the bank to claim the money she was shocked to discover that it had been passed across to the government as unclaimed money…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.3% of users find it useful
Law of Finance and Securities
Read TextPreview

Extract of sample
"Law of Finance and Securities"

Download file to see previous pages What should a depositor do in such kind of situation? Relevant Laws An unclaimed money refers to “all principal, interest, dividends, bonuses, profits and sums of money legally payable by an ADI (Australian Deposit-taking Institution) but in respect of which the time within which proceedings may be taken for the recovery thereof has expired, and includes moneys to the credit of an account that has not been operated on either by deposit or withdrawal for a period of not less than seven years” (s69.1 Banking Act (BA) 1959). It is classified into three: (1) money in which its recovery “has been or may be barred by operation of law” (2) deposited money (3) “share capital subscribed for a share in a body from which the capital subscribed may be withdrawn by the subscriber” (s8 Unclaimed Money Act 1995 (UMA)). These three are held by an enterprise in an account which “has not been in operated for at least” six years or shorter as may be required by regulations or as may be confirmed by the Chief Commissioner to a certain enterprise (s7.1 UMA 1995). An Australian Deposit-taking Institution is obliged to transmit a statement to the Treasurer of all the amount of unclaimed money (s69.3 BA 1959). The sums of unclaimed money should have a minimum amount of one hundred dollars or higher (s69.3 BA 1959). An enterprise holding an unclaimed money should make reasonable efforts to locate and identify the money owner as well as to make sure that the owner is paid (s8A.1 UMA 1995). A failure to do so would not make the money an unclaimed money (s8A.2 UMA 1995). The owner of the unclaimed money has the right to recover the money from the Commissioner of Internal Revenue (s15 UMA 1995). An application for repayment should be lodged by the owner at any period before such right is extinguished (s17-18 UMA 1995). The right shall be terminated if no action has been made to recover the money within the six year period from the date of payment of the unclaimed money to the Chief Commissioner (s16 UMA 1995). Application Under BA 1959, Elizabeth’s money could be an unclaimed money if she has not been active with her bank account for at least seven years. On the other hand, based on UMA 1995, Elizabeth’s money in the bank would be judged as an unclaimed money if her bank account has not been in operation for not less than six years or shorter and that the bank had exerted reasonable efforts to locate her but was proven unsuccessful. In the instant scenario, it would seem that Elizabeth had not been active with her bank account for more than seven years. The facts of the case provide that she discovered an old bank book she had as a child. If her money is indeed an unclaimed money, then, the bank has a right to pass it to the government. To note, the minimum amount of money required under section 69.3 of BA 1959 is one hundred dollars. In the instant case, Elizabeth had over one thousand dollars in her old bank account. There is no notification period provided under UMA 1995. Nonetheless, it is emphasized that reasonable efforts should be exerted by the bank to locate and identify the owner of the money before declaring the money as an unclaimed money. The reason of which is that some people actually tend to forget their bank accounts (Tyree 2008). They move to other places and do not receive notifications (Tyree 2008). If the bank holding Elizabeth’s money had performed the cited requisite but was proven un ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Law of Finance and Securities Assignment Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/family-consumer-science/1408028-law-of-finance-and-securities
(Law of Finance and Securities Assignment Example | Topics and Well Written Essays - 1250 Words)
https://studentshare.org/family-consumer-science/1408028-law-of-finance-and-securities.
“Law of Finance and Securities Assignment Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/family-consumer-science/1408028-law-of-finance-and-securities.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Derivative Securities
...% of these securities. Securities price drop, generated with interest rates increasing, can cause problems for those, who bought them during the period of high price. Financial institution, which bought securities in the time of low interest rate, will experience losses, if it sells them after the rate uprising. If the rate is falling, financial institutions have an opportunity to attract necessary finances with securities selling. During the interest rate uprising we observe converse effect - financial institutions try not to sell government securities, avoiding capital losses. As security buyers don't know the way, in...
24 Pages(6000 words)Coursework
Finance - Fixed Income Securities
...Introduction The term structure of fixed income securities indicates the relationship between different bonds having different maturities. The term structure is usually depicted through a yield curve which indicates as the relationship between the interest rates on the fixed income security against their terms. The longer the term of the interest rates the higher the interest rates will be as in comparison to short term interest rates which are mostly lower than the long term interest rates. Yield curve analysis is considered as one of the most valuable bond valuation techniques and is heavily used for measuring the future expectations of the movement of the interest rates. The market participants usually...
6 Pages(1500 words)Essay
Law - Finance and Investment Law
...) argues ‘Within the United Kingdom, the Government “views continued cooperation and engagement with the private sector as critical to the success of the antimony laundering and counter terrorist financing regime.” The Government consulted extensively prior to the implementation of the Third Directive and have established various forums through which they seek to maintain an ongoing dialogue. Several of the private sector representatives from whom we heard participate in the work of these bodies. While there was a generally positive attitude towards these efforts at securing better interaction it was felt in some quarters that there remained room for improvement.’ The money-laundering activities of the...
16 Pages(4000 words)Essay
Business Formation & Securities Law
...Business Formation and Securities Law Legally, business formation and securities in the United s is guided by the H.R. 1070 Bill which contains two Acts in two sections. Section one of the bill is the Small Company Formation Act, 2011 and the second is the Securities Act, 1933. Another important law for business securities is the Securities Exchange Act of 1934 (U.S. Securities and Exchange Commission, 2011). Other regulations that companies are supposed to comply with include: environmental laws as well as taxation laws. The Securities Act of 1933, which is simply referred to as the Securities Act requires that all businesses should hide any decision based facts from investors. The same act also requires all businesses to file... ...
2 Pages(500 words)Essay
Securities Law
...Securities Law Introduction Securities Law is a body of rules and regulations dealing with securities,shares, stocks, bonds and debentures. The government or corporations do the work of issuing securities. Securities law is a form of payment that evident the ownership of dividends and other financial obligations. Various investments scenarios are available at the securities level. Some information is extremely essential for an investor to know. This information may sometimes not be available in other texts. Federal Securities and Blue Sky Laws Variety...
2 Pages(500 words)Research Paper
Finance - Securities Analysis
...at facebook has an increasing trend which can assure an investor of returns after investing at the company. The average P/E ratio is measured on how expensive a stock is. It is also equal to stock market capitalization dived by its after tax earning over a duration of a year. For example if facebook share price is $10 and the share earning is $2 the Average P/E ratio is $5. The diagram above shows FB exchange at yahoo finance. Conclusion. The initial share price now at FB is $38 and analysts are looking forward at it to increase even more. Roughly analysts have estimated that by the year 2013 the share price will probably hit at $53. This will lead to an increase in retail investors who have a vision for the company ....
4 Pages(1000 words)Essay
Financial securities
...Financial securities Making an investment decision is one of the most critical processes that any investor will ever go through. Making a wrong investment decision will lead to loss of funds while the right investment decision will help the investor gain or increase his or her capital. It should be noted that the aim of every investor is to increase their capital. Therefore, they are concerned with making the right investment decision. Financial markets have become increasingly famous as many people today are opting to invest in financial assets/ securities (Madura, Pg. 3). These are assets such as stocks and bonds. Given 100,000 dollars, it is important to make a decision on the right investment...
2 Pages(500 words)Research Paper
International Securities and Finance
..., 2014). Regulation about securities Insider dealing is under the FSA and Securities regulation in the UK. It has been a criminal offense since the year 1985 and currently it is incorporated under the criminal justice Act 1993 Part V. Information that is not available to all parties in the market is deemed asymmetric as traders could use it for their personal gains and make high profits. Efforts have been done overtime to tighten up laws on insider dealing but still there are some who go unprosecuted. Insider dealing is said to be a criminal offense when; the information on hand is price sensitive to the shares trading in the market and when an individual encourages someone else to pass...
2 Pages(500 words)Essay
CORPORATE AND SECURITIES LAW
...Corporate and Securities Law Corporate law governs the establishment and operations of corporations. Close link exist between corporate law and commercial and contract law. A corporation refers to a legitimate entity established through the laws of its national of incorporation, which defines a corporation as a legal body that can sue or face trial, separate from its shareholders. Security laws ensure that investors receive the required information; information should be accurate and updated. Such information regards the nature and value of the interest under contemplation for purchase. The paper applies...
2 Pages(500 words)Case Study
Finance law
...professional stakeholders. Financial law manifests through the legal grounds of credit set by the signing of the corporate treasury agreement document between Tco and the Q group of companies. A financial lawyer witnesses the signing of the agreement. He or she ensures the execution of the terms in the agreement throughout the contract span of duration. Financial law articulates for honoring and keeping of the agreements through a legal perspective (Ryder, Griffiths, & Singh 2012, p. 344). It is a type of fiscal security to the parties involved. Another instance where finance law is evident from the case study is the Risk transfer process where Northpic...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Assignment on topic Law of Finance and Securities for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us