Public finance is of much importance for the sustainability of a State. For that purpose,there are diverse tax mechanisms that are key to achieve that purpose, such as the case of Property Taxes. However, can we affirm that this tax achieves that goal in Peru? Is the rate properly fixed? Is there an adequate administration and recollection of taxes? In this investigation, THĒMIS studies the diverse challenges that come up in fiscal decentralization in this country, showing off a legal perspective as well. It also brings a dynamic study of Property Taxes, concluding that it has a very decisive impact on public finance, and for that reason, the rate must be progressively modified and increased. It will be fundamental that the recollection may be done with good governance that allows both the decentralization and maximization of the funds use, in order to benefit all sectors. / El financiamiento público es un factor de suma importancia para el sostenimiento de un Estado. Es por ese motivo que existen diversos tributos que son fundamentales para lograr tal cometido, como es el caso del Impuesto Predial. Sin embargo, ¿aquel impuesto cumple su finalidaden el Perú? ¿Su tasa es fijada adecuadamente? ¿Existe un buen sistema de recaudación? En esta investigación, THĒMIS analiza los retos que encuentra la descentralización fiscal en nuestro país, proveyendo además, un enfoque jurídico. Asimismo, se presenta un dinámico estudio del Impuesto Predial en el país, concluyendo que tal afecta definitivamente a las finanzas públicas y que, por ello, la tasa debe ser progresivamente modificada y alzada. Será fundamental que éste sea recaudado mediante una adecuada gestión pública que permita descentralizar los fondos y maximizar su uso para beneficiar a todos los sectores.

O objetivo central desta dissertação é realizar uma análise crítica da política de informática brasileira adotada na década de noventa sob uma perspectiva jurídica. O mote principal é utilizar a Lei de Informática (Lei 8.248/91 e modificações posteriores), seus dispositivos e incentivos, tanto como objeto de análise quanto como centro de referência para compreensão do setor e da política pública adotada. A questão que se propõe responder é que papel pode ser atribuído ao direito dentro de uma política pública setorial voltada ao desenvolvimento de uma indústria de grande importância na economia contemporânea e com alta dinâmica tecnológica como o setor de informática. Na primeira parte realiza-se uma revisão da literatura econômica sobre política industrial e intervenção do Estado na economia, a fim de se estabelecer os marcos teóricos do estudo empírico. Nos dois capítulos subseqüentes é feita a reconstrução histórica da antiga política de informática (a reserva de mercado) dos anos setenta e oitenta, e do novo conjunto de incentivos instituídos nos anos noventa com a Lei de Informática, tentando entender porque uma política inicialmente pensada para durar até 1997 já foi renovada por duas vezes, tendo por prazo atual de duração o ano de 2019. Também é realizado um estudo das três principais ferramentas jurídicas adotadas na nova política (o Plano Produtivo Básico, as exigências de pesquisa e desenvolvimento e o fundo setorial CT-Info), abordando a racionalidade adotada para atacar os problemas identificados, e como o direito e o arcabouço normativo se encaixam e são utilizados dentro dessa racionalidade. Ao final, tenta-se retomar sinteticamente as análises anteriores, respondendo à pergunta sobre a função do direito em três frentes: (i) como elemento que, uma vez positivado como norma jurídica, exerce influência para a evolução ou evolver posterior da política; (ii) como ferramenta jurídica de política industrial utilizada pela Lei de Informática; e (iii) como elemento explicativo fundamental para compreender a própria construção e desenvolvimento do mercado de informática no país. / The main purpose of this essay is to critically analyze under a legal perspective the Brazilian informatics policy adopted during the nineties. The strategy may be described as using the Informatics Law (Law no 8.248/91 and latter amendments), its rules and incentives as the central object of analysis and as a guidance to understand the industry and the public policy. The question to be answered herein is what role may be ascribed to Law in an industry targeted public policy aimed at promoting the development of an industry of great importance in todays economy and with high technological dynamics such as the informatics industry. The first part reviews the economic literature on industrial policy and State intervention in the economy, in order to establish the theoretical grounds of the empirical study. In the two subsequent chapters there is a historical analysis of the former informatics policy (the market reserve) in the seventies and the eighties, and of the new policy established with the Informatics Law in the nineties, arguing why a policy initially thought to last up to 1997 was renewed twice already, with a current deadline in 2019. It is also presented a research on the three most important legal instruments of the new policy (the Basic Productive Plan, the investments required on research and development and the industry specific fund CT-Info), including a study of the rationale intended to correct the identified problems, and how the Law and legal arrangements fit and were used within such rationalities. Finally, the main theses defended along the essay are jointly reviewed, thus answering the question regarding the role of Law in three different ways: (i) as an element that, once approved as legal provision, exerts influence on the further evolution of the public policy in question; (ii) as an industrial policy legal instrument used within the Informatics Law; and (iii) as a fundamental explanatory element to comprehend the constitution and development of the Brazilian informatics market itself.

Le Programme d’exonération financière pour les services d’aide domestique (PEFSAD) du Québec a pour but d’encourager les ménages ayant des besoins en matière de services d’aide domestique à se procurer leurs services auprès d’entreprises d’économie sociale en aide domestique (EESAD) tout en favorisant le développement de celles-ci. Ce programme cible principalement les personnes en perte d’autonomie en raison de leur âge ainsi que celles qui présentent des besoins particuliers découlant d’une condition d’incapacité ou de vulnérabilité. Plusieurs types d’aide sont alors offerts telles que l’aide compensatoire accordée aux EESAD, l’aide fixe et l’aide variable accordées aux usagers. À cet effet, des investissements ont été effectués depuis 2009 dans le PEFSAD pour bonifier l’aide variable touchant la clientèle vulnérable afin de permettre aux usagers de bénéficier de plus de services. Le but de cette étude est d’évaluer l’effet de la bonification de l’aide variable de 1 dollars de l’heure en octobre 2016 sur la consommation moyenne d’heures de services. Nous exploitons cette expérience quasi-naturelle à l’aide de données sur les usagers actifs 18 mois avant et 18 mois après la bonification. Nous utilisons un modèle Tobit de type 1 en doubles différences pour évaluer la bonification de l’aide variable. Après estimation, nous constatons que la bonification de l’aide variable en 2016 a eu pour effet d’augmenter la consommation moyenne d’heures de services de 0,19 heures par mois (environ 11 minutes). Ce chiffre correspond à une augmentation mensuelle d’environ 4%de la consommation moyenne d’heures de services. De plus nous distinguons deux types d’effets :une contribution à la marge extensive et à la marge intensive. Les résultats révèlent une réponse à la marge extensive de beaucoup supérieure à celle observée à la marge intensive. Ces résultats suggèrent que la bonification de l’aide variable afin d’augmenter les heures de services d’aide à domicile a eu un effet positif et significatif sur la consommation moyenne d’heures de services d’aide à domicile au Québec. / The financial exemption program for domestic help services in Quebec aims to encourage house holds with needs for domestic help to obtain their services from social economic enterprises domestic help while promoting their development. This program mainly targets people who are losing their independence due to their age, as well as those who have special needs due to a condition of incapacity or vulnerability. Several types of aid are then offered, such as compensatory aid granted to organizations providing services, fixed aid and variable aid granted to users. To this end, investment shave been made since 2009 in this program to improve variable aid for vulnerable clients in order to allow users to afford more services. The purpose of this study is to assess the effect of a increase in variable assistance per hour of domestic help which happened in October 2016. We use this almost natural experience and data on active users 18 months before and 18 months after the increase. We use a Tobit type 1 model in double differences to evaluate the impact of this reform on users’ consumption of domestic help services. Monthly, we find that the improvement in variable assistance in 2016 had the effect of increasing the average consumption of services by 0.19 per hours (approximately 11 minutes). This figure corresponds to a monthly increase of approximately 4% in the average consumption of hours of services. In addition, we distinguish two types of effect : a contribution at the extensive margin and at the intensive margin. The results reveal a greater response at extensive margin. These results suggest that the improvement in variable assistance had a positive and significant effect on the average consumption of hours of home help services in Quebec.

Made available in DSpace on 2016-04-26T20:22:43Z (GMT). No. of bitstreams: 1 Amanda Alves Almozara.pdf: 557882 bytes, checksum: 16de1c02d517fd5b3afb2bafb41ad8db (MD5) Previous issue date: 2014-04-16 / This study analyzes the Nation States experiencing a new global reality, characterized by increasing interdependence in several areas, especially the taxfinancial area. Sovereign States, to achieve their goals, now have to increasingly establish international treaties and conventions. Assuming obligations at a global level, in many cases, involves incorporating international regulations into internal ordinance. Law agents have to face such incorporation of regulations into the internal legal system. Internally, the selection of a federal system for the State has led to several political agents, with their own competence and autonomy. The tax area is one segment in the Brazilian legal system that has received strong impact of regulations from international treaties and conventions. After all, federal agents find in the 1988 Constitution the support to obtain the revenues required to perform their assignments, especially for the distribution of tax competencies. In a federal system that ensures economic-financial autonomy of political agents, it is important to highlight Article 151, III of the Federal Constitution, which prohibits interventions of a partial legal order (the Union) in the other members (states, federal district and municipalities), by granting heteronomous exemptions. Thus, debates have been conducted about the incorporation of exemptions granted abroad into the legal system affecting the tax competency of member States. Considering this reality, the purpose of this study is to demonstrate the possibility to establish international treaties that grant conventional state tax exemptions. It also addresses national limits applicable to such exemptions, which result from the structure and constitutional organization of the Brazilian Federal State, the financial autonomy of federal agents and interests safeguarded by the Constitution / A temática desta tese envolve a análise dos Estados nacionais diante de uma nova realidade mundial, marcada pela crescente interdependência em várias áreas, das quais se sobressai a área tributária-financeira. Os Estados soberanos, para atingir seus propósitos e objetivos, necessitam, cada vez mais, celebrar tratados e convenções internacionais. A assunção de obrigações no âmbito global, em inúmeras situações, importa na recepção de normas internacionais nos ordenamentos jurídicos internos. A incorporação de tais normas no sistema jurídico pátrio deve ser enfrentado pelos operadores do Direito. Internamente, a opção pela forma federal de Estado levou a existência de várias pessoas políticas, dotadas de competência e autonomia próprias. O campo tributário é uma das áreas do sistema jurídico brasileiro em que mais se sentem os reflexos do ingresso das normas decorrentes de tratados e convenções internacionais. Afinal, a Constituição de 1988 confere aos entes federados os meios de obtenção de receitas indispensáveis ao desempenho de suas atribuições, com destaque para a distribuição das competências tributárias. Em um sistema federal que garante a autonomia econômico-financeira dos entes políticos, ressalta-se a importância do artigo 151, inciso III da Constituição Federal, que veda a ingerência de uma ordem jurídica parcial (a União) nas demais (Estados, Distrito Federal e Municípios), por meio da concessão das chamadas isenções heterônomas. Justificam-se, assim, os debates quanto ao ingresso no ordenamento jurídico das isenções concedidas no plano internacional, e que atinjam a competência tributária dos Estados-membros. Considerando essa realidade, a presente dissertação tem como propósito demonstrar a possibilidade de celebração de tratados internacionais concessivos de isenções convencionais de tributos estaduais. Dando um passo além, trata dos limites aplicáveis no âmbito interno a tais isenções, que decorrem da própria estrutura e organização constitucional do Estado Federal Brasileiro, da autonomia financeira dos entes federados e dos interesses salvaguardados pela Constituição

This thesis uses archive materials to map the post-war situation of German population in a Czechoslovak district of Teplice-Šanov. Before the war, the German population made for more than 70% of the total population of this borderline area. In 1947 it was only about 7%. In the first months after the end of the war, 27,000 - 34,000 of German nationals were banished from the area. In the following transfers 29,487 were forced out between February and August of 1946. More Germans continued to leave the country after the regular transfers in additional transports up until 1950. Only some specific groups of German speaking inhabitants were permitted to stay in Czechoslovakia - antifascists, Austrians, German experts, people living in mixed marriages, some of the German clergy, and those who were pardoned. In Teplice-Šanov it was a considerably large group of specialists (especially in the field of mining) who remained. The issue of repopulating the regions affected by the expulsion of Germans is also addressed. Settlers from inland, other borderline areas, Slovakia and from abroad came to the Teplice-Šanov district. The total number of newcomers in May 1947 was 47,402. This thesis uses an actual example of one district to illustrate the complexity of post-war situation. The analysis of the stance of...

Made available in DSpace on 2016-04-26T20:20:24Z (GMT). No. of bitstreams: 1 Adriana Souza Dellova.pdf: 777174 bytes, checksum: 4a4a41882c8fc49915e49705553a2bb1 (MD5) Previous issue date: 2011-09-13 / The present study is to delineate the scope within the epitome of International Law, the Exception to the Rule of Parity remanded to the Tax Law for the existence of Article 98 of the Internal Revenue Code and its implications. First, it presents issues for basic understanding of the issue in comment, basic concepts, general characteristics of the treaties, theories, monist and dualist, on the reception of treaties in domestic law and the way how it is operationalized. It follows the evolution of the topic in the field of hierarchy, with the aim of entering the reader on aspects peculiar to the rule of parity and the case law regarding positioning, addressing the normative species, starting immediately for the Exception to the Rule of Parity in tax, which addresses the criteria to be used in case of contradiction between the treaty and domestic law. Care was taken of the exemptions from state and local taxes granted by international treaties, and the concept of exemption and heteronomous positioning of jurisprudence on the matter, as well as the importance of agreements to avoid double taxation and tax evasion / O presente trabalho tem o escopo de delinear dentro do epítome do Direito Internacional, a Exceção à Regra de Paridade deferida ao Direito Tributário, pela existência do artigo 98, do Código Tributário Nacional e suas implicações. Apresenta, inicialmente, assuntos basilares para compreensão do tema em comento, conceitos básicos, características gerais dos tratados, as teorias - monista e dualista - sobre a recepção dos tratados no direito interno e a forma de como ela é operacionalizada. Segue-se pela evolução do tema no campo da hierarquia, com o fito de inserir o leitor nos aspectos peculiares à regra de paridade e o posicionamento jurisprudencial a respeito, abordando as espécies normativas, partindo-se imediatamente para a Exceção à Regra de Paridade no âmbito tributário, que aborda os critérios a serem utilizados no caso de antinomia entre tratado e lei interna. Cuidou-se das isenções de tributos estaduais e municipais concedidas por tratados internacionais, além do conceito da isenção heterônoma e o posicionamento jurisprudencial sobre a matéria, bem como a importância dos acordos para evitar a bitributação e a evasão fiscal

Made available in DSpace on 2016-04-26T20:22:56Z (GMT). No. of bitstreams: 1 Silvia Helena Gomes Piva.pdf: 1425544 bytes, checksum: 828b9c1f9a94418cd55e4e251c54868f (MD5) Previous issue date: 2014-06-11 / This thesis analyzes tax incentives under the regulation point of view and based on logical-semantic constructivism. The starting point is the analysis of the lack of consensus surrounding the term tax incentives and the wastage in the use of it by the doctrine. The main studies related to tax incentives already produced were analyzed, as well as the absence of systemic organization of the rules dealing with tax incentives at the constitutional and infraconstitutional levels. The analysis of tax incentives that are presented in this work is based on logical semantic constructivism, which brings a new point of view on the subject. Whereas most tax incentives related analysis takes into consideration the tax object, the view presented here differs from previous studies by seeking a review of its regulatory framework. Understanding tax incentives in a linguistic study allows adding a richer view on previous work already developed on the matter, because it intersects this pragmatic load other studies undertaken by the two semiotic instances syntactic and semantic to allow a full view of the legal phenomenon. Thus an attempt was made to remove the vague and ambiguous sense of the term tax incentives and relocate it according to its legal regime of taxes, according to a classification of the analysis of legal rules and their respective interference in matrix rule of tax incidence. In this way, the analysis of tax incentives on a constitutional perspective was carried out to find its validity, limitations and motivations of constitutional order, so that the constitutional principles underlying the tax incentives were analyzed. From a normative perspective for fiscal incentives, the standard structural fiscal stimulus was built, and it starts from a standard of competence outlined in the Constitution. The identification about tax incentives being true legal rules was created and it acts upon a set of rules that interfere with the matrix rule of tax incidence. Thus, the rules that do not interfere with the matrix rule of tax incidence can be regarded as a tax incentive. The work was finished with the analysis of the constitutionality of illegitimate tax incentives and the mechanisms that the constitutional system has to flush the rules that grant incentives erratically while honoring the constitutional principles that protect the relationship between tax authorities and taxpayers / A tese que apresentamos tem por objetivo analisar os incentivos fiscais do ponto de vista normativo e com base no constructivismo lógico-semântico. O ponto de partida é a análise sobre a ausência de consenso que envolve a expressão incentivos fiscais e o desgaste em sua utilização pela doutrina. Para isso, foram analisados os principais estudos relacionados aos incentivos fiscais já desenvolvidos, bem como a ausência de organização sistêmica entre as regras que tratam dos incentivos fiscais no plano constitucional e infraconstitucional. A análise dos incentivos fiscais que é apresentada no presente trabalho é baseada no constructivismo lógico-semântico, o que traz uma nova visão aos trabalhos já empreendidos sobre o tema. Considerando que a maioria das análises relacionadas aos incentivos fiscais leva em consideração a finalidade, a visão apresentada neste trabalho se diferencia por buscar uma análise de sua estrutura normativa. A compreensão dos incentivos fiscais calcada no estudo linguístico permite agregar uma visão mais rica aos trabalhos já desenvolvidos sobre o tema, pois intersecciona esta carga pragmática empreendida pelos demais estudos às duas instâncias semióticas sintática e semântica para permitir uma visão completa do fenômeno jurídico. Assim, buscou-se retirar o sentido vago e ambíguo da expressão incentivos fiscais e realocá-lo conforme o regime jurídico dos tributos, de acordo com uma classificação que parte da análise das normas jurídicas e a sua respectiva interferência na regra-matriz de incidência tributária. Neste trilhar, foi realizada a análise dos incentivos fiscais a partir do plano constitucional, para encontrar o seu fundamento de validade, os limites e motivações da ordem constitucional, de modo que foram analisados os princípios constitucionais que norteiam os incentivos fiscais. A partir de uma construção normativa para os incentivos fiscais, foi construída a norma estrutural de incentivo fiscal, que parte de uma norma de competência esboçada na Constituição Federal. Criou-se a identificação de que os incentivos fiscais são verdadeiras normas jurídicas e atuam mediante um conjunto de normas que interferirão na regra-matriz de incidência tributária. Assim, as normas que não interferem na regra-matriz de incidência tributária não poderão ser consideradas como incentivo fiscal. Finalizamos o nosso trabalho com a análise sobre o controle de constitucionalidade dos incentivos fiscais ilegítimos e quais os mecanismos de que o sistema constitucional dispõe para expulsar as normas que concedem incentivos de forma irregular e, ao mesmo tempo, prestigiar os princípios constitucionais que protegem as relações entre Fisco e contribuintes

Made available in DSpace on 2016-03-15T19:21:34Z (GMT). No. of bitstreams: 1 Maria Fernanda Freire Luis.pdf: 12292494 bytes, checksum: 88b98796bf6b7cae863796fc00f0ea3c (MD5) Previous issue date: 2011-02-17 / The author s professional experience was the groundwork for this research. Its aim was to systematically investigate how rehabilitation projects are being made eligible for taxes incentives and exemptions by Brazilian Federal Cultural Laws (like the Rouanet law). In order to understand and explain how this process is developed, besides identifying the formal aspects of the role played by these incentive laws, this study presents a bibliographical review of some major concepts (such as historic heritage, tax exemption, restoration); consolidates the information upon the incentive laws and the necessary steps for its activation; and builds up a wide picture checking in which cases, among all the classified buildings in São Paulo with at least two different levels of protection, these fiscal incentives have been used for the revitalization of the cultural heritage. To illustrate this process it further examines three restoration works carried out in city of São Paulo, made available by the use of with funds originated from Brazilian State tax exemption incentives, with the support of private companies. The study also analyzed the quality of these rehabilitation projects and how they have contributed to the effective preservation of Brazil s cultural heritage / Esta pesquisa parte da experiência profissional da autora e buscou analisar de maneira ampla e referenciada como são analisados e aprovados os projetos de restauração de obras arquitetônicas de interesse especial com base nas leis de incentivo à cultura, notadamente pela Lei Federal de Incentivo, conhecida como Lei Rouanet. Para entender e explicar como esse processo se desenvolve, são identificados os aspectos formais do papel das leis de incentivo, apresentada uma revisão bibliográfica sobre alguns conceitos relevantes (como patrimônio cultural, renúncia fiscal, restauração) consolidando as informações sobre as leis de incentivo e sobre os passos necessários para sua ativação. Elaborou-se um quadro abrangente verificando, para o caso de São Paulo, dentre os bens tombados em pelo menos dois níveis de proteção, em que casos vêm ocorrendo o aproveitamento de incentivos fiscais para a revitalização desse patrimônio. Para exemplificar o processo, foram estudadas três obras de recuperação de edifícios históricos realizadas com recursos provenientes da renúncia fiscal do Estado Brasileiro, aplicados por empresas privadas, na cidade de São Paulo. O estudo buscou avaliar a contribuição efetiva dessas intervenções para a preservação do patrimônio cultural do país

Private juridical persons as persons having duties under the Act on Contract Register Abstract The aim of this thesis is to provide a comprehensive analysis of the rights and obligations arising from Act No. 340/2015 Coll., on the Contract Register, for private juridical persons, focusing mainly on the interpretative problematic provisions of the Act on the Contract Register which are applicable to private juridical persons. The thesis is also focused on provisions that are not yet sufficiently interpreted by any reference literature or by the case law but are absolutely crucial in terms of their impact on rights and obligations of private juridical persons. This thesis is divided into eight chapters. The main topics of the thesis are the possibilities and conditions of application of selected exceptions from the publication obligation, the information not published in the respective contracts and the consequences of not publishing a contract subject to publication in the contract register, including ways to solve situations caused by cancellation of the contract from the beginning. The first chapter is due to the compactness of the thesis devoted to brief analysis of the characteristics of the mandatory published documents in the contract register, including the mandatory forms of the documents, with...

原為避險目的而生之衍生性商品，因為金融創新，不僅交易規模擴大，交易對象也變得多元，甚至進一步成為部分投機者賺取高報酬之工具。依統計資料，透過店頭市場交易之衍生性商品，其名目價值遠高於在集中市場交易者，然店頭市場交易係由雙方自行協商交易條件，在欠缺相關揭露要求之情況下，市場透明度低，且欠缺有力之違約風險控管機制，兼之此市場中參與者間之高度關聯性，使得一旦有違約情況發生，影響層面往往波及當事人以外之眾多對象。 在金融危機過後，國際間開始檢討此次危機之成因，並研擬後續可能改革方向，針對店頭市場交易部分，則強調透過集中交易、集中結算以及交易資訊揭露等方式加強監管。美國為眾多戮力於金融改革之國家中較早通過具體條文者，2010年的改革法案將店頭衍生性交易納入規範，以集中結算為改革重點，並施加交易資訊申報公開、保證金、資本準備和部位限制等要求。儘管集中結算制度為改革關鍵，在法案中卻存在部分豁免規定，例如僅標準化衍生性商品須集中結算、外匯換匯及遠期外匯兩類衍生性商品可免集中結算、以及最終使用者所從事之交易亦可豁免等。 對於上述豁免規定，本文認為基於集中結算制度本身運作之前提，為結算之衍生性商品必須有一定之流動性及標準化，加上採行集中結算可能會增加之避險成本，因此美國改革法案中之例外為妥協後之結果。上述例外存在之本身，以及相關主管機關所提行政規則修正草案中存在之缺失，皆增加了藉以規避集中結算制度之可能性，而成為美國改革法案集中結算制度之潛在漏洞，無法防範店頭衍生性交易再度賈禍。觀察過去美國幾次重大金融改革，皆是在金融危機後大幅加強對市場之管制，然管制之必要性卻須待多年運行後才能獲致理性檢驗之機會。此次集中結算制度之改革然結果如何，仍需待實際於市場實施後才能準確評價。 / Because of financial innovation, the trading volume of derivatives increases and the market participants get varied. Derivatives, that were developed to hedge or mitigate risk, become one of the tools to speculate. According to statistics, the total nominal value of derivatives traded in the over-the-counter (OTC) market is much higher than that traded in the exchange. Because of the low market transparency, the lack of powerful risk mitigating mechanism and the high correlation among major market participants, default of one counterparty may cause systemic risk. After the global financial market meltdown in 2008, countries devoted attention to the causes of the financial crisis, especially to the OTC derivatives. To reduce the risk identified in the OTC derivatives market, trading on the exchange or electronic trading platform, central clearing and information disclosure are some measures to be implemented. The Dodd-Frank Act was the earliest reform act passed by the U.S. among these countries. Although central clearing is the major component of the act, there are also several exemptions of it. For example, non-standard derivatives, foreign exchange swaps, foreign exchange forwards and derivatives traded by end-user are exempted from central clearing requirement. To be central cleared, the OTC derivatives must be standardized and with certain liquidity. Once central cleared, companies would be unable to use customized derivatives to mitigate commercial risk and the cost of hedge would probability increases. These are some reasons mentioned to support the central clearing exemption. However, the existence of these exemptions may become the inherent loopholes of the act. This article would first introduce the central clearing exemptions and evaluate the possible effect these exemptions might cause.