The mutual funds regulation in Middle Eastern countries is still insufficient and lacks the detailed rules that regulate all aspects of the mutual funds industry. Despite the fact that the current mutual fund regulation addresses different aspects of the fund industry, it is still far from the international standards applied in many countries such as the UK and the USA. The main purpose of this thesis is to investigate the possibility of exporting certain essential regulatory rules form the mutual funds regulation in the UK to the mutual funds regulation in Middle Eastern countries in order to enhance investors’ protection. Enhancing the mutual funds regulations generally and investors protection particularly would accelerate the development of the mutual funds industry in those countries. The first chapter of the thesis is an introduction. The second chapter defines mutual funds by showing their significant role in the financial market and showing their unique attributes which differentiate them from other financial institutions. The third chapter scrutinises the existing mutual funds laws and regulations and their amendments in the UK, namely the Financial Services and Markets Act 2000, the Open Ended Investments Companies Regulations 2001 and the Financial Conduct Authority Sourcebook. The fourth chapter examines the governance of mutual funds under the current legal framework in the UK. The fifth chapter focuses on how the features discussed in the previous chapters could be used in Middle Eastern countries. Finally, chapter six provides the general conclusion of the thesis and the contribution of this research. The findings from the research show that the unique nature of mutual funds as useful financial institutions comes from the combination of the advantages offered to the investors by one financial institution. They also illustrate that mutual funds in the UK are governed by a robust legal framework that regulates nearly all aspects of the industry in detail. This legal framework adopts efficient governance mechanisms that provide investors with a high level of protection. The governance mechanisms ensure investors protection and play a key role in mitigating the potential conflicts of interests between the self-interests of the fund management and the interests of the investors. Another important finding of the research is that the current mutual funds regulations in Middle Eastern countries lack the detailed rules, and they do not regulate all aspects of the fund industry. Therefore, mutual funds investors are not well protected. Finally, the research shows that certain regulatory rules form the UK regulations are exportable to Syrian Mutual funds regulations and can be exportable to Middle Eastern countries. These rules will increase investors’ protection and fill the gap between the international standard and those applied in Middle Eastern countries.

No description available.

Shareholder protection has been a focal point of the Greek legislator's agenda for years. Despite a series of reforms towards the direction of shareholder empowerment, the adequacy of the existing framework remains questionable. The thesis conveys the argument that the remedies for maladministration under Greek company law remain dysfunctional and need to be reformed in order to establish an effective and competitive legal framework for shareholder protection. It is argued that such initiatives are important in order to boost investor confidence and provide an effective monitoring mechanism of corporate governance. In order to assess whether and to what extent the Greek shareholder law attains these objectives, it is examined on a comparative basis with jurisdictions which recently reformed their shareholder law; namely the United Kingdom and Germany. The thesis analyses the imperfections of Greek law. The latter is devoid of a genuine derivative action and the existing functionally equivalent mechanism is unsuitable to overcome the challenges of shareholder litigation. The relevant law is exclusionary and rather biased against individual shareholders. It deters meritorious litigation and does little to ensure that proceedings do not run contrary to the company’s interests. Much of corporate misfeasance escapes the scope and content of the existing provisions and, effectively, corporate wrongdoing is left uncompensated for and undeterred. Furthermore, the broader legal framework cannot compensate for the absence of an appropriate mechanism to enforce directors’ duties and pursue corporate claims via shareholder-initiated litigation. However, the examination of the strategies followed by the UK and Germany provides useful insights for the way forward. The rationale for and the experience from the recently introduced provisions thereto are invaluable in the thesis’ attempt to construct and propose a modern and functioning model of derivative actions for Greece.

“Se considera que una invención entraña una actividad inventiva si aquélla no resulta del estado de la técnica de una manera evidente para un experto en la materia” Este trabajo tiene por objeto el análisis del requisito de actividad inventiva, uno de los requisitos de patentabilidad que debe cumplir una realización para ser protegible mediante un derecho de patente. Se trata del requisito definitivo de patentabilidad, el corazón y el alma del sistema de patentes, aquel que genera mayor litigiosidad. Lo que se ha pretendido ha sido delimitar las bases jurídicas para establecer si una reivindicación de una patente cumple con el requisito de actividad inventiva y hacerlo de un modo coherente con el contenido de la patente y el estado de la técnica, de una forma lógica y natural, sin emplear metodologías artificiosas. Para ello, se ha estudiado como es el objeto sobre el que recae dicho requisito, se ha distinguido de los otros requisitos de patentabilidad, se han identificado los elementos que lo caracterizan, sus orígenes históricos y se ha realizado un análisis crítico de las distintas metodologías que se utilizan para su aplicación, contrastando la empleada por la Oficina Europea de Patentes, por ser la que se está siguiendo en los últimos años por los tribunales españoles, con la de los tribunales de los países en los que se originó el requisito de actividad inventiva según está ahora regulado en la ley. En las conclusiones finales de este trabajo se recoge la opinión del autor en relación con lo que constituye el objeto del requisito de actividad inventiva y cómo aplicarlo. / “An invention shall be considered as involving an inventive step if, having regard to the state of the art, it is not obvious to a person skilled in the art” The aim of this work is to analyze the inventive step requirement, a requirement for patentability that an embodiment must meet to be protected by means of a patent right. This is the final requirement for patentability, the very essence of the patent system, the one that generates the greatest number of legal claims. Our intention has been to define the legal basis for determining whether or not a claim in a patent meets the inventive step requirement and whether it does so in a manner that is consistent with the contents of the patent and the prior art, in a logical and natural way, without using artificial methodologies. For such purpose, we have studied the object involved to meet this requirement; we have distinguished it from the other requirements for patentability; we have identified the elements that characterize it and its historical origins; and we have conducted a critical analysis of the various methodologies that are used to apply it, comparing the one used by the European Patent Office, as it is the one applied by the Spanish courts in recent years, with that of the courts of the countries where the inventive step requirement came into being, according to the way it is now regulated by law. The final conclusions of this work contain the author’s opinion about what constitutes the object of the inventive step requirement and how it should be applied. / “Es considera que una invenció comporta una activitat inventiva si aquella no resulta de l’estat de la tècnica d’una manera evident per un expert en la matèria” Aquest treball té per objecte l’anàlisi del requisit d’activitat inventiva, un dels requisits de patentabilitat que ha de complir una realització per a ser protegible mitjançant un dret de patent. Es tracta del requisit definitiu de patentabilitat, el cor i l’ànima del sistema de patents, aquell que genera una major litigiositat. El que s’ha pretès ha sigut delimitar les bases jurídiques per establir si una reivindicació d’una patent compleix amb el requisit d’activitat inventiva i fer-ho d’una manera coherent amb el contingut de la patent i l’estat de la tècnica, d’una forma lògica i natural, sense emprar metodologies artificioses. Per això, s’ha estudiat com és l’objecte sobre el que recau aquest requisit, s’ha distingit dels altres requisits de patentabilitat, s’han identificat els elements que el caracteritzen, els seus orígens històrics i s’ha realitzat un anàlisis crític de les diferents metodologies que s’utilitzen per la seva aplicació contrastant l’emprada per l’Oficina Europea de Patents, per ser la que s’està seguint en els últims anys pels tribunals espanyols, amb la dels tribunals dels països en els que es va originar el requisit d’activitat inventiva tal i com està ara regulat a la llei. A les conclusions finals d’aquest treball es recull l’opinió de l’autor en relació amb el que constitueix l’objecte del requisit d’activitat inventiva i com aplicar-lo.

The main objective of this research is to examine whether the current practices of Islamic banking and financial activities in Saudi Arabia are compatible with the principles of Shariah. This examination includes the current uses of sukuk (Islamic bonds), the models of takaful (Islamic insurance) and accepted risk transfer mechanisms in Islamic structured finance (Islamic derivatives). The second purpose is to investigate the basic laws of banking and financial activities in Saudi Arabia and examine whether they are compatible with Shariah principles. The final aim is to suggest solutions to the absence of regulatory and supervisory systems of Islamic finance in Saudi Arabia by proposing a legislative and regulatory framework for Islamic banking and finance in Saudi Arabia. The research findings show that there are no specific laws and regulations governing Islamic banking and financial activities in Saudi Arabia. In addition, there is no independent central Shariah board to regulate and supervise Islamic banking and financial activities in Saudi Arabia, nor are there are any specialised commercial courts to look into banking issues. The research finds that there are some articles in the law of supervision of cooperative insurance companies in Saudi Arabia, and its implementing regulations, which do not comply with Shariah, and in addition, there is some incompatibility between the law and its implementing regulations. The final finding is that the issuance of sukuk and Islamic financial derivatives in Saudi Arabia are not consistent with Shariah requirements, due to the absence of regulatory policies and supervisory harmonisation, while Islamic insurance needs to amend some articles of the law of supervision of cooperative insurance companies in Saudi Arabia, and its implementing regulations, in order to comply with Shariah and also to avoid incompatibility between them.

Possession is a legal concept applying in a variety of legal contexts. In Scottish legal literature, however, there is little in-depth writing on the law of possession, and much of the law is uncertain. This thesis is intended to be a contribution to remedying this deficiency as far as one aspect of the law of possession is concerned, the physical element of possession of corporeal moveable property. As part of this, in the hope that this comparative and historical consideration would shed some light on the issues raised, the law of Rome is considered, along with the law of France, Germany and South Africa, as examples of the Civil Law tradition of legal systems drawing on Roman law. English law is also considered. The thesis is thus able to draw on both of the major traditions influencing the development of Scots law, namely the Civil Law and the Common Law. In this way, the thesis is able to consider the extent to which the Scots law on possession has been influenced by these two traditions. The thesis begins giving an outline of the law of possession and the place of the physical element within it. The remainder of the thesis considers in detail the physical element and its role in both the acquisition and the loss of possession of corporeal moveable property. One of the difficulties with this is that many different areas of law use a concept called 'possession', and views differ as to the extent to which it is appropriate to talk of a general concept of possession. It is argued in the thesis that a general test can be developed for the physical element of possession, based on control of the property in a manner consistent with the assertion of a right to the property. This test is then developed through consideration of how it applies in a number of specific factual contexts.

Las Directrices de la OCDE en materia Precios de Transferencia en empresas y grupos multinacionales recogen en su Capitulo IX los criterios y principios de análisis para la validación de las operaciones de reestructuración. Dichos principios y criterios se fundamentan en lo esencial en los Capítulos I-III, en especial en lo relativo a análisis de riesgos y funciones, pero en muchos aspectos desarrollan las directrices generales de análisis en esta materia más allá de lo establecido en los capítulos iniciales de las Directrices. La validación de las operaciones de reestructuración a efectos de la normativa sobre Precios de Transferencia gira en torno al cumplimiento de dos principios propios, como son el de la racionalidad (Rationality) y el de su justificación documental (Reasonability), y un principio general de actuación en todo análisis en esta materia corno es el de la prevalencia del fondo sobre la forma (substance over ,form) y que obliga a atender a la realidad de la operación y conducta de las partes al analizar la operación y la distribución de funciones, riesgos y activos entre las partes implicadas, más allá de lo que indiquen las cláusulas contractuales, Este análisis debe atender en todos sus aspectos no sólo al momento concreto de la operación, sino también a la situación previa a la reestructuración y a la posterior. Del mismo modo, el análisis no se debe centrar exclusivamente en el ámbito interno de la operación y de la empresa o grupo, sino que es necesario atender al externo, esto es, considerar la existencia de comparables externos y preguntarse cómo actuarían terceros independientes en situación análoga. Del mismo modo, la justificación de dicha racionalidad o reasonabay debe ir más allá de la documentación especifica sobre Precios de Transferencia que recoja la operación, para alcanzar a la documentación interna de las partes implicadas tanto societaria como económica que se genere alrededor de la operación, siendo clave que esta prueba sobre la racionalidad de la reestructuración sea contemporánea y se vaya generando de forma paralela a la operación. La verificación del cumplimiento de los principios de rationahly y reasonability de la operación, junto con el examen de la adecuación al PLC tanto de la asignación de funciones, riesgos y activos como de las compensaciones económicas en su caso pactadas, conforman lo que hemos calificado como Elementos Definitorios (Normativos y Económicos) en el modelo de análisis planteado. Complementando a éstos en su labor de análisis se sitúan los que hemos denominado Elementos Correctores, que son (i) la Disregard Clause, corno norma anti-abuso especifica de Precios de Transferencia y ligada al cumplimiento del principio substance over form y a la verificación de que el análisis realizado atiende a la conducta de las partes, y II) el análisis de la remuneración post reestructuración, vinculada al Elemento Definitorio Económico, es decir, a las compensaciones y con un fin eminentemente garantista de que se haya tenido en cuenta el punto de vista individual de la entidad afectada por la reestructuración. / Les Directrius de l'OCDE en matèria Preus de Transferència en empreses ï grups multinacionals recullen en el seu Capítol IX els criteris i principis d'anàlisi per a la validació de les operacions de reestructuració. Aquests principis i criteris es fonamenten en les directrius generals d'anàlisi dels Capítols especialment pel que fa a anàlisi funcional i de riscos, però en molts aspectes desenvolupen aquelles més enllà del que estableixen els capítols inicials de les Directrius. La validació de les operacions de reestructuració a efectes de la normativa sobre Preus de Transferència gira entorn al compliment de dos principis propis, com són el de la racionalitat (rationality)i el de la seva justificació documental (Reasonability), i un principi general d'actuació en tot anàlisi en aquesta matèria corn és el de la prevalença del fons sobre la forma (substance over form) i que obliga a atendre a la realitat de l'operació i conducta de les parts en analitzar l'operació i la distribució de funcions, riscos i actius entre les parts implicades, més enllà del que indiquin les clàusules contractuals. Aquest anàlisi ha d'atendre en tots els seus aspectes no només al moment concret de l'operació, sinó també a la situació prèvia a la reestructuració i a la posterior. De la mateixa manera, l'anàlisi no s'ha de centrar exclusivament en l'àmbit intern de l'operació i de l'empresa o grup, sinó que cal atendre a l'extern, és a dir, considerar l'existència de comparables externs i preguntar-se corn actuarien tercers independents en situació anàloga. De la mateixa manera, la justificació d'aquesta racionalitat o reasonability ha d'anar més enllà de la documentació específica sobre Preus de Transferència que reculli l'operació, per arribar a la documentació interna de les parts implicades tant societàría com econòmica que es generi al voltant de l'operació, sent clau que aquesta prova sobre la racionalitat de la reestructuració sigui contemporània i es vagi generant de forma paral.lela a l'operació. La verificació del compliment dels principis de rationality i reasonability de l'operació, juntament amb l'examen de l'adequació al PLC tant de l'assignació de funcions, riscos i actius com de les compensacions econòmiques si escau pactades, conformen el que hem qualificat com Elements Definitoris (Normatius i Econònics) en cl model d'anàlisi plantejat. Complementant a aquests en la seva tasca d'anàlisi es situen els que hem anomenat Elements Correctors, que són (i) la Disregard Clause, com a norma contra l'abús especifica de Preus de Transferència i lligada al compliment del principi substance over form ï a la verificació de que l'anàlisi realitzat atén a la conducta de les parts, ï (ii) l'anàlisi de la remuneració post reestructuració, vinculada a l'Element Definitori Econòmic, és a dir, a les compensacions i amb un fi eminentment garantista de que s'hagi tingut en compte el punt de vista individual de l'entitat afectada per la reestructuració, / The OECD Guidelines on Transfer Pricing for Multinational Groups include in Chapter IX the criteria and principles of analysis for the validation of business restructuring transactions. These are based essentially on Chapters I-III, particularly regarding functional and risk analysis, but in many ways Chapter IX develops the general guidelines of analysis in depth. Validation of business restructuring for Transfer Pricing revolves around two principles such as the rationality of the transaction and its documentary evidence (the reasonability), and the general principle of the prevalence of substance over form, which forces to attend the factual substance of the transaction and the conduct of the parties in the analysis to perform, beyond what contractual clauses establish. This analysis must also consider both the pre and post restructuring situation. Similarly, the analysis should not focus exclusively on the domestic side of the transaction, this is, the company and the group to which it belongs, being also necessary to consider both the existence of external comparable transactions and what would independent entities do in similar situations acting as a rational manlier. The reasonability of the transaction (which is the justification of the rationality) needs a proper documentation beyond the ordinary transfer pricing documentation companies nowadays manage. Indeed, it is necessary to prepare contemporary documentation which includes internal papers and documents generated as a consequence of the restructuring (business plan, minutes of meeting...), together with specific tax and economic analysis for transfer pricing purposes. The analysis of the fulfillment of both the rationality and reasonability principles, together with the validation of the adequacy at the arm's length principle of the functions and risks performed by the parties, built what we have described as Defining Elements (Regulatory and Economic) in the model of analysis proposed. Complementing those in their analytical task we find the Elements that have been named as Correctors. These are (i) the Disregard clause, an specific anti-abuse transfer pricing rule linked to the fulfillment of the substance over, form principle and the verification that the analysis addresses the conduct of the parties, and (ii) the analysis of post restructuring remuneration, which is linked to the Economic Defining Element, guarantying that the individual point of view of the entity affected by the restructuring has been taken into consideration.

The subject of this work is the concern for the public enjoyment of the open countryside in England and Wales which grew up between 1919 and 1939. I have attempted to analyse its constituent parts, assess their influence and judge their longer-term significance. Its scope has been limited to the political and social sphere and is primarily an examination of the inter-play between public opinion and various interest groups on the one hand and the process of parliamentary and governmental decision-making on the other. In broad terms the study falls into two parts. One is the campaign for the establishment of National Parks between 1925 and 1939 and the other the campaign for the enactment of the Access to Mountains Bill which can be traced through the whole twenty-year period, and indeed from much earlier. Within the first part attention is concentrated on the work of the Addison Committee on National Parks (1929-1931), subsequent parliamentary and public interest in its recommendations and upon the work of the Standing Committee on National Parks, which was set up in 1935. The Access campaign is first considered in general terms by looking at the development of walking as a popular open-air pastime and the struggle for public access to the moorlands in the Peak District, and then a more detailed scrutiny is made of the events leading up to the passing of the Access to Mountains Act of 1939. As little material has yet been published on this subject the source material used has in large part come from parliamentary papers, official reports, departmental files, comment in newspapers and journals, minutes of meetings and conferences, memoranda, correspondence and from the recollections of some of those people involved who are still alive.

A l'époque contemporaine, le mandat est l'objet d'une professionnalisation et d'une diversification. Il est, désormais, au cœur de la vie des affaires : banquiers, commerçants, chef d'entreprise, … l'utilisent afin de dynamiser leurs affaires. Le mandat se présente ainsi comme un contrat conclu principalement dans l'intérêt du mandant.Pourtant, l'étude des liens entre le mandat et la responsabilité civile montre que l'importance du bénéfice retiré par ce personnage est occultée par le danger que représenterait, pour un individu, la gestion de ses affaires par autrui. Concrètement, le droit positif et la doctrine ont tendance à apprécier sévèrement la responsabilité du mandataire, tant à l'égard du mandant qu'à l'égard des tiers. Il existe donc un certain décalage entre l'approche juridique et la réalité pratique du mandat, entre le profit et le risque. Si la première alternative se justifie, la seconde apparaît plus problématique. En effet, au regard de la spécificité altruiste du mandat, l'on pourrait se demander dans quelle mesure le mandant qui tire avantage de l'activité économique de son mandataire peut être tenu pour responsable des dommages éventuellement subis pas les tiers. / In modern times, mandate is subject to professionalization and diversification. It is now at the heart of business: bankers, businessmen, entrepreneur, ... use it to boost their business. The mandate presents itself as a contract primarily for the benefit of the principal.However, the study of the relationship between the mandate and liability shows that the importance of the benefit derived by that character is overshadowed by the danger would be for an individual, the management of its affairs by others. Specifically, the positive law and doctrine tend to severely assess the responsibility of the agent, both in respect of principal in respect of third parties. There is therefore a gap between the legal approach and the practical reality of mandate between profit and risk. If the first alternative is justified, the second is more problematic. Indeed, under the altruistic specific mandate, one might ask to what extent the client that takes advantage of the economic activity of the agent can be held liable for any damages suffered not the third party.

L’expropriation pour cause d’utilité publique est une opération par laquelle l’administration peut contraindre un individu à lui céder sa propriété, dans un but d’utilité publique, moyennant une juste et préalable indemnité. En droit français, la procédure d’expropriation est répartie en deux phases, la phase administrative qui relève des autorités administratives et la phase judiciaire qui relève de la compétence du juge judiciaire. En ce qui concerne la législation iranienne, celle-ci se fonde seulement sur la phase administrative. Ici, les autorités administratives bénéficient d’une grande marge de manœuvre. Par contre, le rôle du juge y est très marginal. Afin d’améliorer le droit iranien, il serait nécessaire de modifier la législation à la fois sur le fond et sur la forme et en particulier de codifier, avec plus de logique et de cohésion des textes dispersés et tout ce qui touche l’expropriation. Par ailleurs, il serait temps de moderniser et de reconnaître les institutions juridiques inconnues du droit iranien qui renforcent la valeur de la propriété privée et qui garantissent l’intérêt public face aux abus de pouvoir. A ce sujet, le droit français pourrait inspirer la législation et la jurisprudence iraniennes. / The expropriation for public utility is a process by which the government can compel a person to give him his property in a public purpose, subject to fair and prior compensation.Under French law, the expropriation procedure is divided into two phases, the administrative phase which falls administrative authorities and the judicial phase within the jurisdiction of the ordinary courts. Regarding the Iranian law, it relies solely on the administrative phase. Here, the administrative authorities enjoy a wide margin of maneuver, but the judge's role is very marginal.To improve the Iranian law, it is necessary to amend the legislation on both the substance and the form and particularly to codify, with more logic and coherence of scattered texts and everything related expropriation. Moreover, it is time to modernize and recognize unknown legal institutions in Iranian law that reinforce the value of private property and guarantee the public interest against the abuse of power. In this regard, the French law could inspire Iranian legislation and law.