(2) such insurance fund operation as guarantee, financing and investment, etc.

Due to the absence or limited role of personal guarantees or securities provided by the project sponsors, project finance is said to be non recourse or limited recourse financing.

Equivalence of acquisition financing devices to security rights

Security for post commencement finance (paras. 103 and 104)

It also welcomed the operation of the Global Environment Facility as an effective financing mechanism.

The law should specify that a security right is created by agreement between the buyer, grantor or financial lessee (hereinafter referred to as the grantor ) and the seller, secured creditor or financial lessor (hereinafter referred to as the acquisition financier ) which is in writing and evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

The purpose of the provisions of the law on acquisition financing devices (sales with a retention of title arrangement, purchase money security devices and financial leases) is to

(Millions of Singapore dollars percentage of local controlled companies in parentheses)

The availability of such security was considered crucial for the availability of financing for privately financed infrastructure projects.

Attracting post commencement finance providing priority or security

(ii) The seller or financial lessor of the same encumbered asset that has retained title to it pursuant to an acquisition security right

For businesses that do not have strong, well established credit ratings, term loan financing will generally be available only if the business is able to grant security rights in its assets to secure the financing.

quot (4) Receivables financing means any transaction in which value, credit or related services are provided for value in the form of receivables. Receivables financing includes, but is not limited to, factoring, forfaiting, securitization, project financing and refinancing.

The law should provide that the priority, provided under recommendation 130, for an acquisition security right in inventory over a pre registered security right in the same goods applies to the proceeds of such inventory, provided that the acquisition financier notified pre registered financiers with a security right in assets of the same kind as the proceeds.

The financing of pre school institutions is conducted in such a manner that the founder ensures resources for the establishment and the commencement of the work of the institution, as well as for the educational labor, while the parents participate in the payment for the nourishment and for the portion of resources for educational work.

Objective Initiate and participate with IFAD in a process of multi source, multi channel financing in the form of cofinancing (joint or parallel, as appropriate) of projects, programmes and investment packages related to NAPs.

In each of the above four cases, the acquisitions are made possible by means of acquisition financing provided by another person (seller, lender or financial lessor) who holds rights in the acquired property for the purpose of securing the acquisition financing granted.

50 MFIs have been visited and the most appropriate means of channelling investment to their institutions, i.e. bonds, asset backed securities, potential guarantors or insurance companies underwriting debt documents, etc., have been discussed

In collaboration with local partners, local financial authorities and investors, identification of the most suitable and adapted investment instruments and means of securitisation, such as bonds or promissory notes backed by loan portfolios.

C. The concept of project finance

Acquisition security rights include those that are denominated as security rights, as well as those that are denominated as retention of title, arrangements and financial leases.

Furthermore, in order to ensure the optimal benefits from law reform, including financial crisis prevention, poverty reduction and facilitation of debt financing as an engine for economic growth, any effort on security interests would need to be coordinated with efforts on insolvency law.

Changes will allow cooperatives access to alternative means of financing, including raising capital from non members while maintaining cooperative principles such as democratic control by members.

Particular attention should be paid to capital flows so that the global financial market does not develop into a world financial casino .

Securities can be used as the deposit.

The premier international body focused on combating money laundering and terrorist financing is the Financial Action Task Force (FATF).

The law should provide that an acquisition security right is subject to the recommendations in this Chapter regarding effectiveness against third parties and priority even if the acquisition financier (i) also has a security right in the goods securing non acquisition obligations of the grantor or (ii) has a security right in other assets of the grantor securing the payment obligation relating to the acquisition security right.

In particular, the Secretary General's recommendation to launch an International Finance Facility as a mechanism for securing a stable and predictable source of financing deserves serious consideration.

Section 5 Securities Lending and Borrowing Business

Frequently, the only unencumbered assets that may be available for securing post commencement finance will be assets recovered through avoidance proceedings.

Trade finance work by the two organizations is coordinated.

Farmers living in areas where food security and resources are scarce lack financial capital.

H. Financing

And when the said financial asset is transferred out at its disposal, it shall be recorded into the profits and losses of the current period.

The types of securities that can be lent to the customer by the securities firm and can be bought with the funds lent to the customer by the securities firm, the types and coefficient of the securities that can be used as deposit, the time limit for securities lending and borrowing, the minimum guarantee maintenance ratio and the time limit for making up the difference shall be determined by the stock exchange.

The upgraded Fund, with both the loan and grant facilities, could become operational in early 2006 with the pledges received to date.

Article 50 A securities firm that carries out securities lending and borrowing business shall sign a securities lending and borrowing contract with the customer, and shall open a customer securities guarantee account with the securities registration and settlement organs, and a customer funds guarantee account with the designated commercial bank in the name of the securities firm in accordance with the provisions of the securities regulatory agency under the State Council.

The IAIS is an observer of the Financial Action Task Force on Money Laundering (FATF) and participates in the current FATF working group which is looking at typologies on money laundering involving insurance.

In order to ensure the effectiveness and speed of anti shock financing, it would need to be set aside upfront so as to be available as genuine financing against contingencies, rather than after the shock when its negative effects had already had an impact on the economy.

The insolvency law should provide that, in the case of the insolvency proceedings of the grantor, the acquisition financier has the rights and duties of a holder of a security right.

This is a powerful tool in protecting our financial system from financial institutions that subvert, ignore or evade money laundering and terrorist financing responsibilities.

An insolvency law can recognize the need for such post commencement finance, provide authorization for it and create priority or security for repayment of the lender.

Finance for development

It sends officers to work alongside law enforcement and security agencies to ensure that they gain maximum benefit from the Unit's information.

The law should provide that, in the case of default on the part of the buyer, grantor or financial lessee, the seller, purchase money secured creditor or financial lessor has, to the maximum extent possible, the same rights and remedies as the holder of a security right.