Sunday, January 26, 2020
Chapter Two: Design
Chapter Two: Design 2.1 Chapter Overview This chapter presents a summary of the the review of literature regarding the subject of design and captures various aspects and thoughts on this. Various thoughts, process and research particularly related to the design process are explored. This chapter encompasses the definitions, characteristics, discussions and applications of design. It is intended that this chapter should give some clear background on the understanding of the design process and its development in todays world of design research. While the literature review provides a useful background of current research in the material, process and RM systems, the literature available on the design aspect for RM products is severely limited. First a review of the literature for definition of the term design is presented. A discussion of the act of designing then follows. Next, the type of knowledge associated with design has been discussed. Finally, various thoughts of process of design have been reviewed. This introduction should provide the reader with a context for interpreting the remaining chapters of this report. The full version of this chapter can be referred to Appendix 3. 2.2 Chapter Summary Design is a complex activity, involving artefacts, people, tools, process, organisations and the environment in which this takes place. This chapter has explored and discussed the subject of design and captures various aspects and thoughts on this. Various thoughts, process and research particularly related to the design are explored. However, the assumption that there exists a set of universally accepted design process is an area that can be further explored. Conclusively, design is seen as a possible but subjective process. This leads to different sets of interpretation being used by different researchers. Whilst there may be some dispute about the precise definition of the term design, it is recognized as a purposeful and creative activity. In summary, design seeks to create things with the purpose of satisfying certain requirements in new ways that improves the quality of lives. In product design, a variety of requirements must be considered ranging from functionality and usability to pleasure. However, design is more than just translating a set of requirements into a product. Also, and more importantly, it involves finding new requirements. Thus, design involves finding problems and solutions simultaneously, and this is where creativity is important. Designing a product involves a constant decision making process that includes problem solving in a sequential fashion and analysis of constraints at each step. Product designers conceptualize and evaluate ideas, making them tangible through products in a more systematic approach. The role of a product designer encompasses many characteristics of the marketing manager, product manager, industrial designer and design engineer. The role of the product designer combines art, science and technology to create tangible three-dimensional goods. This evolving role has been facilitated by digital tools that allow designers to communicate, visualize and analyze ideas in a way that would have taken greater manpower in the past. (This appears in identical form in Wikipedia!) A number of formal structures and frameworks to better understand the design process have been suggested from many different disciplines by many researchers. Most of them have converged upon the general form proposed by Pahl and Beitzs. Pahl and Beitz (1996) outline a model of the design process for mechanical design that considers not only the sequence of stages, but also what the output of each stage. They divided the design process into four phases that includes planning and clarification of the task, conceptual design, embodiment design and detail design. However, this research is concern with the understanding of the design process for Rapid Manufactured products. One of the objectives is to understand how the design process works and how it is learned and performed by professional and expert designers. The aim of the research is to support the design process with the aid of computers. Finally, this chapter has given some background on the understanding of the design process and its development in todays world of design research. Chapter Three: Computer Support Tools for Design 3.1 Chapter Overview This chapter presents an overview of various tools to generate CAD models for RM processes and the decision support systems, tools and techniques used to support the design process. The full document of this chapter can be referred to Appendix 4. 3.2 Chapter Summary Computational tools play an essential role in providing support for the designer, because of their speed and capability for handling huge amounts of information at fairly low costs. There are various methods to aid designer to generate CAD models such as CAD softwares, reverse engineering and haptic devices. CAD traditionally refers to computer tool to visualize, describe, edit and test manufactured artefacts, which are now an essential part of all manufacturing and production processes. CAD systems often involves more than just shapes. CAD has evolved to incorporate several other applications of computer integration with engineering, manufacturing and simulation. CAD now offers the capability of freeform surface modelling and solid modelling operations that allows user to create almost any complex geometry and photo realistic rendered images. Reverse engineering is an important tool to generate CAD models. To reverse engineer a part, the part is measured by a coordinate measuring machine (CMM) or a 3D laser scanner. The use of reverse engineering technology not only increases the overall accuracy, but also improved the productivity of manufacturing process. There are various areas of applications of haptics devices. In manufacturing, haptics can assist design for assembly and for rapid design and prototyping. In computer-aided design, designers can experience real time details with their hands, such as wanted or unwanted artefacts of a design which are difficult to display visually. It is also possible to assess human maintainability of complex systems before they are built . The increasing power of computer has lead to the development of software, tools and techniques to support the design activity particularly to make design decisions. Most of the decision support tools are related to the knowledge base systems or often called as expert system. Expert systems are computer programs that are derived from a branch of computer science research called Artificial Intelligence (AI). AIs scientific goal is to understand intelligence by building computer programs that exhibit intelligent behaviour (Boyle 1989). It is concerned with the concepts and methods of symbolic inference, or reasoning, by a computer, and how the knowledge used to make those inferences will be represented inside the machine. The main characteristics of the Expert Systems can be briefly described as: reduced decision making time, enhancement of problem solving capabilities, a capture of limited expertise and its diffusion, an increased output, productivity and quality; accessibility to know ledge, ability to work with incomplete information and provision of training(Ziemian, Crawn 2001). There are several methods used to support the decision making process such as Case-Based Reasoning (CBR), fuzzy logic, Artificial Neural Network, Rule Base System and Ontology. CBR is a problem solving technique based on the adaptation of previous examples that are similar to the current problem(Maher, Balachandran Zhang 1995). An Artificial Neural Network (ANN) is an information processing paradigm that is inspired by the way biological nervous systems, such as the brain, process information (Moridis, Economides, 2009). Fuzzy are developed using the method of fuzzy logic, which deals with uncertainty. This technique, which uses the mathematical theory of fuzzy sets, simulates the process of normal human reasoning by allowing the computer to behave less precisely and logically than conventional computers (Shu-Hsien Liao 2005). Rules are probably the most common form of knowledge representation and they are present in most Artificial Intelligence (AI) applications such as Expert Systems and Decision Support Systems (Obot, Uzoka 2009). Rule base system uses rules as the knowledge representation for knowledge coded into the system i.e. knowledge is stored as rules. Rules typically take the form of if then statement. Ontology in both computer science and information science is a formal representation of a set of concepts within a domain and the relationships between those concepts (Shu-Hsien Liao 2005). Ontology is a system of vocabulary, which is used as a fundamental concept for describing the task/domain knowledge o be identified. This vocabulary is used as a communication basis between domain experts and knowledge engineers. On the other hand, there are a number of selection tool for RP system has been developed since 1993 (Masood, Soo 2002). The selection of the most suitable RM process is dependent on factors such as build envelope, accuracy, material, build speed and other machine related parameters. This chapter has explored and discussed the general overview of the various tools to generate CAD models for RM processes and the decision support systems, tools and techniques to support the design process. Various CAD data development systems and tool have been explored. Furthermore, various expert systems technologies that support the decision making process have also been explored. Conclusively, CAD and reverse engineering technology are the most well known CAD data development systems. In addition, expert systems are the most well known decision support tool that have been used for various applications. Having become widely used for a broad range of applications, some elements of an expert system could be considered to have the capability to be a design aid tool that could realise the DfRM tool. In the context of design support systems for RM technologies, due to the direct manufacturing of products from CAD data, the cost and time are low mainly because complex objects can be generated without the use of conventional machines. So far within the RM field little attention has been given to the product design phase, emphasis is normally on the development of the technology itself (processes, materials, building strategies, system selection, manufacturing parameter optimisation etc). On the other hand the operation and choices which take place during the design phase are crucial for the quality of the product produce.
Friday, January 17, 2020
Minamata Disease
Minamata disease sometimes referred to as Chisso-Minamata disease is a neurological syndrome caused by severe mercury poisoning. Symptoms include ataxia, numbness in the hands and feet, general muscle weakness, narrowing of the field of vision and damage to hearing and speech. In extreme cases, insanity, paralysis, coma, and deathfollow within weeks of the onset of symptoms. A congenital form of the disease can also affect foetuses in the womb. Minamata disease was first discovered in Minamata city in Kumamoto prefecture, Japan, in 1956.It was caused by the release of methylmercury in the industrial wastewater from the Chisso Corporation's chemical factory, which continued from 1932 to 1968. This highly toxic chemicalbioaccumulated in shellfish and fish in Minamata Bay and the Shiranui Sea, which when eaten by the local populace resulted in mercury poisoning. While cat, dog , pig, and human deaths continued over more than 30 years, the government and company did little to prevent the pollution.As of March 2001, 2,265 victims had been officially recognised (1,784 of whom had died) and over 10,000 had received financial compensation from Chisso. By 2004, Chisso Corporation had paid $86 million in compensation, and in the same year was ordered to clean up its contamination. On March 29, 2010, a settlement was reached to compensate as-yet uncertified victims. A second outbreak of Minamata disease occurred in Niigata Prefecture in 1965. The original Minamata disease and Niigata Minamata disease are considered two of the Four Big Pollution Diseases of Japan
Thursday, January 9, 2020
Essay on Colonists Living Among Natives in the New World
Colonists Living Among Natives in the New World When the Europeans invaded the New World in 1492 they brought along their culture and way of life. The Europeans were not prepared to encounter a previously developed culture, which was home to the Indians. The negative stereotype of the Indians as viscous savages and barbarians was immediately formed by the Europeans beginning as early as Christopher Columbus discovery of the New World. These negative stereotypes made Europeans believe that Indians were hardly human and believed that no civilized person would choose to become an Indian (Axtell, Invasion 302). When in fact the opposite became true. Despite the European view of Indians as savages, there were many English and French†¦show more content†¦Another European group that experienced the Indian way of life was the French fur traders. They took hundreds of young men into the pays den haut for months, even years at a time (Axtell, Invasion 303). In order for them to be successful trading partners with the Indians, the f ur traders adopted many aspects of native culture (303). To learn about the Indian culture, the fur traders wore Indian clothing such as, breechclouts, leggings, and moccasins. They learned to speak local dialects, eat native food, follow council protocol, and forged alliances with headmen (Axtell, European 277). These adaptations of the fur traders helped them to be accepted into the Indian culture. The majority of people who joined the Indian way of life were the English and French colonists who were captured by the Indians. Most of the colonists were captured for adoption into the Indian families, as opposed to the expected sale, ransom, torture or enslavement (Axtell, Invasion 304). One of the most interesting facts that does not support the idea of Indians as barbarians, is that most Indians chose their captives very carefully in order to cultivate them into Indian life. The Indians often kept their captive who they adopted, within the family and raised them as a member of the family, turning them into a white Indian. Although at first the Indians took many of the colonists against their will asShow MoreRelatedClash of Cultures1027 Words  | 5 Pagesof Cultures Native Americans and Colonist had sophisticated differences with so many factors, adding West Africans to the new world would contribute to even more catastrophic events to the three cultural groups during the changeover, the a chronologic and historical event leads to what is known today as the â€Å"Clash of Cultures.†Native Americans and Colonist at Jamestown Jamestown, sits in the fort of Virginia where Colonist first set foot and settled to the new world. For thousands ofRead MoreThe Colonization Of America, Australia And Antarctica1054 Words  | 5 Pageslittle of the world surrounding them. Outside of Europe and the Mediterranean, little was known, with rumors and imagination filling the gaps. 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They came across a group of people they never knew or seen before; they called them â€Å"Savages†or â€Å"Natives.†Various encounters with the Native Americans were documented with both negative and positive connotation. During this period of trial and error, time with the Natives seemed often terroristic and pea ceful. In various colonial texts severalRead MoreNative Americans During The Colonial Era1477 Words  | 6 Pagesproduct now has to be shared among them. This is similar to what happened to Native Americans in North America. Native Americans owned and lived in North America for several thousand years. Then, all of a sudden, European explorers came to North America and claimed the land â€Å"discovered†. Europeans started moving into the land and later, started sharing the land. Encounters between Europeans and Native Americans in the colonial era led to the exchange of diseases with Native Americans, a change in dietsRead MoreHistory1484 Words  | 4 Pagesthe various ways conquerors settled the New World, commenting on what worked, what did not work, and the consequences of those methods The Spanish official ‘s remark could mean that the primary reason for the conquest of a foreign territory is to look for lands in order to find new places to inhabit and develop . In other words , the conqueror must expand a kingdom ‘s territory by finding new places wherein some of its citizens could transfer to these new regions and establish themselves by developing
Wednesday, January 1, 2020
Examining The Security Market In Mauritius Example For Free - Free Essay Example
Sample details Pages: 12 Words: 3516 Downloads: 9 Date added: 2017/06/26 Category Marketing Essay Type Narrative essay Did you like this example? As provided under the Financial Services Development Act 2001, the Financial Services Commission administers The Stock Exchange Act 1988 and the Securities (Central Depository, Clearing and Settlement) Act 1996 and elaborates policies among others which are directed to ensuring the fairness, efficiency and transparency of financial and capital market in Mauritius. The Securities Act 2005  The Securities Act 2005 aims to enhance and upgrade the existing securities legislation. It also provides a wider and deeper coverage of the securities market in Mauritius and is based on standards recommended by the International Organisation of Securities Commissions (IOSCO). The main object of the Securities Act 2005 is to ensure a fair, efficient and transparent securities market and most importantly, to strike an appropriate balance between the protection of investors and the interest of the securities market. It establishes a framework for adequate regulation of securities market, market participants, self-regulatory organisations and for the offering and trading of securities. Don’t waste time! Our writers will create an original "Examining The Security Market In Mauritius Example For Free" essay for you Create order  The Securities Act 2005, which replaces the Stock Exchange Act 1988, draws on modern legislation in jurisdictions similar to Mauritius and is based on up-to-date regulatory and supervisory standards.  With the assistance of consultants from abroad, the Commission is currently developing regulations to give effect to the Securities Act 2005.   1.1      Who are the main players of the securities market?  The Stock Exchange of Mauritius The Central Depository Settlement Company Issuers CIS Intermediaries Investors (Institutions/Individuals local/overseas)  1.2      Who can have access to the securities market?  The securities market is open to local and overseas investors who have to use the services of the twelve stockbroking companies licensed by the FSC.  1.3       How is the market structured in Mauritius?  The Stock Exchange consists of two markets namely the Official Market and the Development and Enterprise Market, both under the management of the Stock Exchange of Mauritius.  The Official Market  The Official Market is reserved to companies that meet the criteria described in the Listing Rules regarding financial requirements, shareholders spread, and financial reporting. Trading takes place on a daily basis via a fully automated trading system, the Stock Exchange of Mauritius Automated Trading System (SEMATS).  As at end June 2007, there were 41 companies listed on the Official Market, 2 Authorised Mutual Fund, 1 debenture and a total of 51 securities traded (incl.T-Bills Debenture).  Trading is effected daily on both Markets.  Market Exchange Day Trading Hours Official Monday to Friday 10.00 a.m. to 12.30 p.m. DEM Monday to Friday 10.00 a.m. to 12.30 p.m.  The Development and Enterprise Market (DEM)  The Development and Enterprise Market, which is the second market of the Stock Exchange of Mauritius, was officially launched on Thursday 17 August 2006.  It is designed for Small and Medium-sized Enterprises (SMEs) and newly set-up companies which possess sound business plans and demonstrate good growth potential. The DEM is meant for companies wishing to avail themselves of the advantages and facilities provided by an organised and regulated market to raise capital to fund their future growth, improve liquidity in their shares, obtain an objective market valuation of their shares and enhance their overall corporate image.  Companies which were previously quoted on the Over-The-Counter (OTC) Market* have also been admitted on the DEM.  Two indices help to track the evolution of the DEM: the DEMEX, which is a price index, and the DEMTRI, which is a total return index.  The rules governing the DEM were approved by the Financial Services Commission on 25 May 2006.  These rules are less stringent than those of the official market. The trading of securities of DEM companies is effected through the SEM Automated Trading System (SEMATS), as per SEM Trading Rules and ATS Schedule of Procedures. All transactions are cleared and settled through the Central Depository Settlement Co Ltd (CDS) in accordance with CDS Rules and Procedures.  * The OTC Market was closed on Thursday 25 January 2007. More information on the Development and Enterprise Market   The Central Depository and Settlement Company (CDS)  Investors willing to trade in securities should open an account with the Central Depository and Settlement Company, or in the case of a sale, deposit the shares in CDS custody before trading. Orders are routed through a licensed stock broking company. Trading is conducted via the SEMATS which checks, validates and matches the orders on a price and time priority before establishing a pre-opening price. Thereafter the market shifts to a continuous trading mode where orders are entered in accordance with outstanding buy and sell orders. Prices can fluctuate between + / 15% on the official market and +/- 20% on the DEM for a trading day and is based on the reference price. All orders outside the permissible spread are rejected by the ATS.   Indices  The SEMDEX ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨The SEMDEX is the index of prices of all listed shares and each stock is weighted according to its share in the total market capitalisation. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨Thus, changes in the SEMDEX are influenced by changes in the prices of shares with relatively higher market capitalisation. In its computation, the current value of SEMDEX, is expressed in relation to a base period, which is chosen as the 5 July 1989, with an index value of 100.  The SEM-7  The SEM-7 comprises the seven largest eligible shares of the Official List, measured in terms of market capitalisation. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨Only shares which meet liquidity and investibility criteria are eligible for inclusion in the SEM-7. Maintenance of the index is ensured by an independent Index Management Committee. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ The Index Management Committee (composed of stockbrokers, fund managers, academics, and officials from the Stock Exchange of Mauritius) ensures that the process of building and maintaining the SEM-7 is as interactive as possible. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ The Stock Exchange of Mauritius Total Return Index (SEMTRI) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨The Stock Exchange of Mauritius (SEM) has launched a Total Return Index in 2002, the SEMTRI, whose main purpose is to provide domestic and foreign market participants with an important tool for performance measurement of the local market. Besides capturing the price movements of listed stocks, common to the already published all-share index SEMDEX, the Total Return Index, SEMTRI, incorporates the added feature of providing investors, in general, and long-term investors like pension funds, in particular, a good measurement of total return which combines both capital gains/losses on listed stocks and gross dividends obtained on these stocks since the inception of the local stock market on 5 July 1989. Gross dividends are assumed to be re-invested in the stocks underlying the capital index, SEMDEX.  2.0      Licensing  2.1      By whom are stock market intermediaries licensed in Mauritius?  Stock market intermediaries (stockbroking companies, stockbrokers and dealers representatives) are licensed by the FSC.  2.2      How are licences of stock market intermediaries maintained?  The Commission keeps a register of all licences that are issued under the Stock Exchange Act 1988. This register contains the following:  Â ·Ãƒâ€šÃ‚       Name of the licensee;  ·Ãƒâ€šÃ‚       Business address of the licensee;  ·Ãƒâ€šÃ‚       Name under which the licensee carries on his business; and  ·Ãƒâ€šÃ‚       Nature of the licence held by the licensee.  2.3      Who deal in securities?  All dealings in securities on the Stock Exchange of Mauritius are carried out by stockbroking companies which are licensed by the FSC.   2.4      Licensing of stockbroking companies           No company will be able to carry on the business of a stockbroking company or hold itself out as carrying on such a business unless:  1.                 it is the holder of a licence granted by the FSC 2.                 at least two of its officers are duly licensed stockbrokers  2.5      What are the obligations of a stockbroking company?  Every stockbroking company must:  Â ·Ãƒâ€šÃ‚       have and maintain at all times a minimum paid up capital of Mauritian Rupees 500,000;  ·Ãƒâ€šÃ‚       have as directors and other officers persons of good financial standing and integrity;  ·Ãƒâ€šÃ‚       pay such contributions for the purpose of the Compensation Fund and insurance;  ·Ãƒâ€šÃ‚       must provide an auditors report within three months after the end of each financial year;  ·Ãƒâ€šÃ‚       comply with the provisions of the Stock Exchange Act 1988 as amended and such rules that are made by the Stock Exchange of Mauritius Ltd;  ·Ãƒâ€šÃ‚       satisfy other conditions as the Minister may, upon the recommen dations of the FSC, prescribe.   2.6             How can a stockbroker or a dealer representative licence be obtained?  (a)   To act as a stockbroker or a dealer representative, a person must be duly licensed by the Commission under section 23 (1) of the Stock Exchange Act 1988 as amended (b)  Every person who is a stockbroker must furnish, immediately upon his being licensed, a personal guarantee amounting to Mauritian Rupees 250,000.   2.7      What are the annual licence fees payable by stockbroking companies, stockbrokers and dealers representatives?  The annual licence fees payable by a stockbroking company, a stockbroker and a dealers representative are as follows:  Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Stockbroking Company ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦..        Mauritian Rupees 2,000                        Stockbroker       ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬  ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.. ..          Mauritian Rupees 1,000                       Dealers Representative ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦..           Mauritian Rupees 1,000  There is a processing fee of Rs 200 to be paid with each application.  2.8      What are the procedures for application and renewal of the licences of stockbrokers and dealers representatives?  1.     Application for obtaining a licence of a stockbroker and a dealer representative must be sent to the Commission and must be accompanied by the prescribed fee(s); 2.     Licences are renewed on a yearly basis by the Commission subject to terms and conditions as it deems fit and as long as the requirements under section 23 of the Stock Exchange Act are duly satisfied; 3.     The FSC can under section 25 of the Stock Exchange Act 1988 require an applicant to supply further information as it considers reasonably necessary to determine his application.  2.9    How to become a stockbroker and a dealers representative?  The Commission conducts examinations for prospective stockbrokers and dealers representative who may apply for a licence under section 23 of the Stock Exchange Act 1988. Candidates must meet certain entry qualifications as prescribed under the Act and are required to have a basic understanding of:  1.     the regulatory framework of the securities industry and the Stock Exchange in Mauritius; and 2.     financial and investment analysis.  2.10    In what circumstances are licences usually not granted?  A licence for a stockbroker or a dealer representative cannot be granted if:  Â ·Ãƒâ€šÃ‚       the applicant does not have sound financial means or has been convicted of an offence involving fraud or other dishonesty;  ·Ãƒâ€šÃ‚       he does not satisfy the minimum entry requirements and has not passed the examinations that are prescribed by the FSC;  ·Ãƒâ€šÃ‚       he is an auditor of a public company;  ·Ãƒâ€šÃ‚       he is an employee or partner of a firm of accountants or business consultants providing auditing services; and  ·Ãƒâ€šÃ‚       he is the shareholder, officer or employee of more than one stockbroking company.  2.11    What types of accounts are maintained by stockbroking companies, stockbrokers and dealers representatives?  1.     They must under section 37 (1) of the Stock Exchange Act 1988 open and maintain a separate and distinct bank account in which all amounts received for the purchase and from the sale of securities (less any brokerage or other proper charges) must be kept.  2.     They must not withdraw any money from that bank account, except for the purpose of making a payment:  Â ·Ãƒâ€šÃ‚       to the person entitled thereto or his agent; or  ·Ãƒâ€šÃ‚       defraying brokerage and other proper charges.  2.12    Can the FSC inspect stockbroking companies?  Â Â Â Â Â Â Â Â Stockbroking companies must, when required by the FSC, furnish all such information and produce records or documents as may be required in order to ensure compliance with the relevant Acts falling under the Financial Services Development Act 2001 [section 26 (1)];  Â Â Â Â Â Â Â Â Pursuant to section 27 (2) (c) of the Financial Services Development Act 2001, a stockbroking company or other intermediaries which are licensed under the Stock Exchange Act 1988, may be required to produce for inspection, either at the business premises of the holders of the licence or at the Commission, all books, records, accounts and documents, as may be necessary.  1.                                          The objectives of on-site inspections are to ascertain compliance with relevant laws and regulations, check adherence to anti-money legislations and codes, assess market conduct (including fairness and transparency of dealings with investors and the public), appraise corporate governance practices and evaluate financial soundness and controls. Since January 2003, the FSC has started doing its on-site compliance testing regime which is on-going.  ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 3.0      Supervision  3.1      Supervisory responsibilities of the FSC with regard to the securities market  The FSC regulates the activities of the capital market operators namely:  Â ·Ãƒâ€šÃ‚        Stock Exchange of Mauritius Ltd  ·Ãƒâ€šÃ‚        Central Depository Settlement Company Ltd  ·Ãƒâ€šÃ‚        Unit trusts/CIS  ·Ãƒâ€šÃ‚        Approved Investment Institutions  ·Ãƒâ€šÃ‚        Investment clubs  ·Ãƒâ€šÃ‚        Stockbroking Companies  ·Ãƒâ€šÃ‚        Dealers Representatives   3.2      FSC also investigates and suppresses market abuses such as insider trading, price manipulation, money laundering.  Measures to detect and suppress stock market abuses ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨The Commission supervises daily trading in real time via terminals linked to the Exchanges Automated Trading Systems ATS.  In the event unusual trading patterns are detected, or in the event of complaints and reports from the stock exchange company, preliminary enquiries are conducted to determine whether the trading gives rise to suspected cases of market abuses. Client details and records may be examined upon request from the CDS whereby a preliminary enquiry is conducted and if the situation warrants investigations are initiated.  In addition to trade watch mechanisms, the Commission has in place a set of regulatory tools to suppress market abuses, which include:  Â ·Ãƒâ€šÃ‚       Timely Dissemination of price sensitive information to the public via the press and the Exchanges ATS to allow investors to make informed choices. If necessary, trading on securities is halted to allow equal access to information to all market participants.  Â ·Ãƒâ€šÃ‚       Stakeholders compulsory reporting The Central Depository and Clearance Company has to submit to the FSC periodic reports including  trade settlement and clearance details.  Â ·Ãƒâ€šÃ‚       Continuous monitoring The FSC keeps track of all happenings, events, specific actions and decisions that may materially affect trading and market integrity.    Â Â Â Â Â Compliance and procedures manual  With growing threat from money laundering activities and terrorist financing, market intermediaries are encouraged to develop internal compliance and procedures manual for providing guidance to staff to detect fraudulent activities. To that end, FSC has issued a Code on the Prevention of Money Laundering and Terrorist Financing applicable to investment businesses (as revised in July 2005).  Stockbroking firms are required to observe the CDD procedures when dealing with their clients and to put the interests of their clients before their own.   Â ·Ãƒâ€šÃ‚                  Development of the SEM  Â Â Â Â The SEM is empowered under current laws and legislations to supervise:  Ø     Listing and trading activities. Ø     Monitoring trade data and member positions to detect abnormal trading activity Ø     Inspecting and monitoring the financial standing and integrity of stock broking companies. Ø     Ensuring compliance with the Stock Exchange Act 1988.  3.4      The Central Depository and Settlement Company  The Central Depository and Settlement Ltd (CDS), which started operation for the clearing and settlement of securities in January 1997, is governed by a set of legislations, rules and procedures to ensure fair practices and transparency. Since the establishment of the CDS in 1997, the rules and procedures have been amended regularly to cater for the changing securities market environment and for the betterment of customers protection and services.  The CDS which is a subsidiary of the Stock Exchange of Mauritius, has extended its services to the companies on the DEM market. The CDS ensures strict delivery-versus-payment with a rolling T + 3 settlement cycle.  Under section 8(a) of the CDS Act, the CDS has an obligation to establish and maintain a Guarantee Fund for the purpose of providing an indemnity against any default in respect of payments fee or delivery of securities by any participant and of obligations of participants towards CDS. The Guarantee Fund is administered in accordance with the CDS rules.  Pursuant to section 18 of the CDS Act 1996, the CDS should, in accordance with the rules of the CDS, furnish to the FSC periodic reports on the activities and operations of the CDS.  In order to closely monitor risk factors and ensuring wider disclosure and transparency in the accounts of participants in the CDS, the Financial Resource Requirements were introduced by the CDS. They ensure that all participants maintain a sound financial position to meet their financial obligations.   4.0      Brokerage Fees  4.1      Equity Securities  The brokerage fee claimed by a stockbroking company to its client is as follows (see note (1) at bottom of Table 2):  Â ·Ãƒâ€šÃ‚       In respect of a transaction, other than a transaction relating to bonds or debentures, for a value specified in the first column of table 1 below, the total fee claimed is specified in the last column of table 1:  Â ·Ãƒâ€šÃ‚       The brokerage fees claimed is apportioned among the stockbroking company, the Stock Exchange of Mauritius Ltd (SEM), the Financial Services Commission (FSC) and the Central Depository Settlement Co Ltd (CDS) as specified in the second, third, fourth and fifth columns of Table 1, respectively;  Table 1:   Value of Transaction  Rs Stockbroking Company % SEM  % FSC  % CDS  % Total fee claimed for apportionment % Not exceeding 3 million 0.75 0.25 0.05 0.20 1.25 More than 3 million but not exceeding 6 million 0.70 0.25 0.05 0.15 1.15 More than 6 million but not exceeding 10 million 0.60 0.25 0.05 0.15 1.05 More than 10 million 0.50 0.25 0.05 0.10 0.90   4.2             Debt Securities  The following brokerage fee is applicable to transactions relating to bonds or debentures (See note (1) at bottom of Table 2):  The percentage of brokerage fee as specified in table 2 below is shared among the SEM, CDS and the Stockbroking Company as follows:   Table 2:  Value of Transaction  Rs Stockbroking Company % SEM  % CDS  % FSC  % Maximum Brokerage Fee % Not exceeding Rs 100,000 0.435 0.075 0.075 0.015 0.60 More than Rs 100,000 but not exceeding Rs 2 million 0.385 0.075 0.075 0.015 0.55 More than Rs 2 million 0.30 0.07 0.07 0.01 0.45   Note (1): In accordance with item 30 (C) of the First Schedule of the Value Added Tax Act, brokerage fees are exempted from the VAT.   5.0      Investment Instruments  5.1             FSC Approved Investment Funds  There are a number of open and closed end funds operating in Mauritius. Eight unit trusts including a listed open end fund have been authorized by the regulator. Ten closed end funds are listed on the Stock Exchange under investment category. There are a few authorized mutual funds which have been authorized to operate under the provisions of the Companies Act.  Unit Trusts  The Unit Trust Act 1989 provides for the establishment of open ended funds with the approval of the FSC. There are ten Unit Trusts operating in Mauritius if mutual funds and other registered funds are also included. Applications for the registration of Unit Trusts are processed and examined by the FSC which then grants authorisation once the requirements are satisfied as stipulated under the Act.           Â Â Â Â Â Â Â Â Â Â Â Approved Investment Institutions  Approved Investment Institutions are similar to Unit Trusts in so far as their objectives and operation are concerned but they are regulated by the Approved Investment Institution Rules 1994. These rules provide clear guidelines with regard to their investment strategy, investment mix, investment restrictions and overall management.  Authorisation for the setting up of Approved Investment Institutions is granted by the Minister responsible for financial services upon the recommendations of the FSC.  Â 6.0     Oversight of listed companies  FSC has limited control over listed companies. Oversight of listed companies is effected through the Listing Committee which applies and enforces the Listing Rules. FSC derives investigation powers under the Stock Exchange Act over certain defined market abuses, mis-selling and misleading prospectuses. Sections 33(4) (5) (6) and Sections 33A of the Stock Exchange Act do confer some power to the Commission but they are limited to false and erroneous statements in prospectuses and advertisements.  7.0      Opening up of the Stock Exchange  The opening up of the capital structure of the Stock Exchange of Mauritius to non-stockbroking companies constituted a major development. The move was at that time  in line with the demutualisation trend which characterised stock exchanges worldwide (1996).  There was also a need to pursue the objective of greater transparency in the running of the Stock Exchange. The eleven stockbroking companies, which held 100 per cent of the share capital of the Stock Exchange Company Ltd since its creation in 1989 sold 52.53 per cent of their shareholdings to some important players in the financial market. There are now about 25 companies, including the eleven stockbroking companies, which are shareholders of the Stock Exchange Company Ltd.  8.0             The Stock Exchange of Mauritius Automated Trading System (SEMATS)  The decision taken in 2001 to automate the Stock Exchange trading system was prompted by the need to develop a more efficient and transparent trading system and to improve the quality and flow of stock market information. Set up at the end of June 2001, the SEMATS puts an end to the floor-based open-outcry system since the inception of the Stock Exchange in 1989. The SEMATS constitutes a state-of-the-art electronic trading system built on third generation technology and designed for first class order-driven equity and debt markets.  The new trading system aims to:  Â ·Ãƒâ€šÃ‚        Improve market transparency  ·Ãƒâ€šÃ‚        Provide fair and efficient matching orders  ·Ãƒâ€šÃ‚        Enhance the variety and quality of market data and information  SEMATS operates on a price-time priority which allows a security to be purchased from the lowest offerer and sold to the highest bidder.  1.          Compensation Fund  Section 18 of the FSD Act 2001 provides for a Compensation Fund, out of which investors and other persons who suffer losses as a result of the inability by a person licensed under the Act, to satisfy claims from any civil liability in connection with services provided or compensated.  The Compensation Fund will, among others address situations where investors suffer pecuniary loss as a result of default committed by a stockbroking company or any of the directors or employees.  2.     Affiliation to the World Federation of Exchanges ( WFE)  The attainment of membership status of the World Federation of Exchanges (WFE), formerly Fà ©dà ©ration Internationale des Bourses de Valeurs (FIBV), on 1 November 2005 demonstrates that the SEM is operating in accordance with the principles established by the WFE and which constitute the hallmarks of well-regulated, operationally efficient and technically proficient Stock Exchanges. The SEM has also initiated different projects in order to develop the capital markets in Mauritius, attract more foreign investors and encourage cross-border investments.  Â Â Â Â Â Â Â Â Â Â Â  Â Â Â Â Â Â Â Â Â Â Â
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