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Doing Business does not capture such aspects as security, market size, macroeconomic stability and the prevalence of bribery and corruption.
such as security, market size, macroeconomic stability and the prevalence of bribery and corruption. The Doing Business methodology is standardized based on case scenarios in the largest business city of each economy.
for example, capture aspects of security, the prevalence of bribery and corruption, market size, macroeconomic stability, the state of the financial system or the level of training and skills of the labor force.
TABLE 2. 2 What Doing Business does not cover Examples of areas not covered Security Prevalence of bribery
and putting in place the necessary infrastructure to reduce the risk of errors. The indicator will also provide information allowing comparison of transparency standards for land administration systems around the world.
And requirements that technical experts review the proposed plans before construction even begins can reduce the risk of structural failures later on.
and security increase efficiency and transparency and ensure a high standard of service for users and thus might increase the number of reporting institutions that share credit information.
considered more effective in predicting risk than credit histories alone, may improve market efficiency and provide borrowers with more opportunities to obtain credit.
And Uruguay implemented a risk-based inspection system that reduced customs clearance time. HIGHLIGHTS OF REFORMS STRENGTHENING LEGAL INSTITUTIONS Among reforms to strengthen legal institutions in 2013/14,
It also introduced the possibility for the parties to a security agreement to agree to out-of-court enforcement of the collateral.
Can security rights in a single category of assets be described in general terms? No, detailed description of the assets required by law.
Can parties agree to enforce security rights out of court? No, out-of-court enforcement not permissible by law.
and to be disclosed in detail to the Securities and Commodities Authority. The resolution also establishes director liability for any damage resulting from prejudicial related-party transactions
health insurance, unemployment, an accident risk fund, a guarantee fund and medical leave. BOX 4. 2 Southern European economies continue a steady pace of regulatory reform Greece, Italy,
Introduced or improved risk-based inspections Uruguay Uruguay implemented a risk-based inspection system that reduced customs clearance time.
Panama The Czech republic adopted new legislation making it possible to execute a security in any way established by the parties to a security agreement.
Effective security measures are needed to ensure data security. And reliable internet and electricity connections are critical to ensure that online platforms function properly.
rising sea levels and the loss of infrastructure. 6 Zoning regulations that take into account environmental threats such as flooding protect citizens by ensuring Zoning the process of planning for land use across geographic areas can help avoid the mixing of incompatible land uses.
and because of high risk levels 0 G1 rural 20 Areas that are still rural or agricultural with an intermediate level of risk,
and security concerns, by ensuring that all neighborhoods would have activity throughout the day. CONCLUSION Without properly implemented zoning systems, urban planning becomes difficult,
and reduce the risk of errors. Reliable land administration systems can provide up-to-date information that is sufficient to make meaningful inferences on ownership.
supports the security of tenure and facilitates the development of a land market (figure 7. 2). It also inhibits fraudulent actions,
and the opportunities for fraud. 4 It also increases the vulnerability of the records to political instability, poor climate conditions, natural disasters or such incidents as the Great Chicago Fire of 1871,
and encumbrances (figure 7. 3). Cadastral maps play an important part in increasing tenure security by providing information about the physical characteristics of land, the boundaries of parcels and any changes in those boundaries.
thus increasing tenure security. And it provides a single point of contact for those conducting land transactions. 9 In recent years several economies,
One that promotes the availability of credit by reducing the risk to lenders of accepting movable assets as collateral.
scholars from economies with different legal traditions have reached consensus on the importance of a single notion of security right with pledges covered by the same rules and principles for creation,
while minimizing the risk of nonpayment of loans. The Security interests in Personal property Act, which came into force on January 2,
2014, repealed provisions governing traditional securities under the Agricultural Loans Act, the Bills of Sale Act and the Debenture Registration Act.
The new legal framework applies to all types of security documents, including pledges, leases and floating charges.
The most recent previous example was Australia's implementation of the Personal property Security Act of 2009.
Such registries allow a lender to take security rights in an asset without having to take physical custody of it.
Without registration of these transactions, there is no transparent security for the lender and no assurance that the lender is the only one laying claim to the asset.
Collateral registries both enable potential creditors or buyers to discover any existing liens over property
For example, not all security instruments may be available to both companies and sole proprietorships or registered at the same place.
In some civil law economies registration of securities takes place at the local court of first instance or at the commercial registry.
One study found that credit registries played a valuable role in calculating credit risk for capital
and can ensure transparency, data quality and security. A system-to-system connection further ensures system efficiency
reduces the risk of human error and allows the streamlining of work flows with appropriate business and validation rules.
or granting security, including those from outside England who engage in cross-border financing. It could also result in useful clarification and simplification of the law. 7. Study Group on a European Civil Code and Research Group on EC Private law (Acquis Group) 2009.8.
Data provided by the Australian Financial security Authority. 14. Tajti 2013.15. Jappelli and Pagano 2002; Behr, Entzian and Guettler 2011;
such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment.
But the separation also creates risks. Without a proper structure and allocation of duties and rights,
financial reporting and securities regulations. It is also being driven by capital market trends such as the growing use of cross-listings and dual listings that lead to the adoption of common regulatory practices.
For this reason many jurisdictions incorporate IFRS and, to a lesser extent, US GAAP into their domestic reporting systems. b Securities regulations The International organization of Securities Commissions (IOSCO) is an association of organizations that regulate securities markets.
and markets. c Another important driver of convergence in securities regulations is the increase in cross-listings and dual listings.
To appeal to more risk-averse investors companies in emerging markets are listing on more developed stock exchanges such as the London Stock exchange, the New york stock exchange or NASDAQ in addition to their home country exchanges.
For example, risks associated with conflicts of interest increase exponentially when a CEO can also be chair of the board of directors
Among the regions with lower average scores on the 3 new indices, Sub-saharan africa suffers from having less developed securities regulations and capital markets
In East asia and the Pacific financial hubs with strong securities commissions and corresponding regulations such as Hong kong SAR, China;
and securities regulations of some economies contributing to sounder regulations that both protect minority investors
the global financial and economic crisis also led to growing tax compliance risks in some economies.
These were aimed at easing the administrative burden of tax compliance to counter the greater risk of tax evasion during economic downturns.
Changes easing the administrative burden of tax compliance countered the greater risk of tax evasion that arises during economic downturns.
designed to protect individuals from threats to health, safety, morals and welfare. The court decisions spurred a debate over the government's role in imposing limitations on freedom of contract,
so did measures regulating minimum wage and retirement security. Today, despite the differences in approaches to setting the boundary between the use and misuse of bargaining power,
free markets would produce perverse incentives to take excessive credit risks, which drive up the cost of the welfare system as a whole. 18 Those arguing against them conclude that courts should enforce all voluntary contracts that do not produce negative consequences for others
They allow entrepreneurs to determine the maximum risk associated with a failed venture. 7 And they allow creditors to calculate the maximum risk associated with an unpaid Loan collection of debt through bankruptcy proceedings may be the least attractive option for any creditor,
because these proceedings involve several creditors trying to enforce their claims against the same debtor. 8 So,
clear risk allocation rules and incentives for gathering and dispensing information Ensuring a transparent and predictable insolvency law that contains incentives for gathering
such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment.
The analysis exploits the panel structure of the data. A first-difference regression is estimated. A number of control variables are used,
Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food security.
the legal security offered by formal registration, the use of informal property registration systems or the equity of land policies.
Whether financial statements must contain explanatory notes on significant accounting policies, trends, risks, uncertainties and other factors influencing the reporting.
and security controls at the border post with Cameroon. Chad Protecting minority investors Chad strengthened minority investor protections by introducing greater requirements for disclosure of related-party transactions to the board of directors
and for companies to promptly disclose related-party transactions to the Securities Commission and to include the information in their annual reports.
Uruguay Trading across borders Uruguay made trading across borders easier by implementing a risk-based inspection system that reduced customs clearance time for both exports and imports.
Elisabeth Zehetner AUSTRIAN CHAMBER OF COMMERCE Kathrin Zeller AZERBAIJAN STATE COMMITTEE FOR SECURITIES OF AZERBAIJAN REPUBLIC Bahram Abdinov NTD SERVICE Parviz Abdullayev PWC AZERBAIJAN
MEMBER OF LEX MUNDI Md Aminul Islam CITY APPAREL-TEX CO. Rafiqul Islam PROJUKTIBIZ Aminul Islam Nazir ASSURANCE MARITIME BANGLADESH LIMITED
LAW ASSOCIATES Naziba Saima A. QASEM & CO. Khaja Salahuddin Ahmed LEGACY LEGAL CORPORATE Abu Sayed ASSURANCE MARITIME BANGLADESH LIMITED Mohd.
Tashi Pem Tashi Penjor MINISTRY OF ECONOMIC AFFAIRS Sonam Penjore BHUTAN NATIONAL BANK Dorji Phuntsho ROYAL SECURITIES EXCHANGE OF BHUTAN LTD.
AKHLAGHI & ASSOCIATES Morteza Adab REGISTRATION COMPANIES OFFICE Ali Ahmadi TEHRAN CHAMBER OF COMMERCE, INDUSTRIES AND MINES Hamede Akhavan SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Behrooz
Hossein Fahimi SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Behzad Feizi AGAHAN & CO. Milad Ghornan Nejad PERSOL CORPORATION Majid Haddad AUSTRALIAN GREEN MANAGEMENT
BUSINESS ADVISORS GROUP Mohammad Soltani SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Pedram Soltani PERSOL CORPORATION Sahar Sotoodehnia INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI
AND SECURITIES TRIBUNAL Chinwe Chiwete PUNUKA ATTORNEYS & SOLICITORS Ukata Christian AFRIGLOBE SHIPPING LINES LTD.
M. Bautista LOCAL GOVERNMENT OF QUEZON CITY Araceli Macabalo SECURITY BANK SAVINGS Myra Mallari SEC Joel A. Mañacop MAÑACOP LAW OFFICE Katrina Michelle
LAW FIRM Pavel Liaskovskyi PETERKA & PARTNERS Pavlo Liaskovskyi PETERKA & PARTNERS Maksym Libanov NATIONAL SECURITIES AND STOCK MARKET COMMISSION Olga Lubiv KPMG Artem Lukyanov CMS
LLC Nhung Dang LVN & ASSOCIATES Phuong Dzung Dang VISION & ASSOCIATES Nguyen Dang Viet BIZCONSULT LAW FIRM Thuy Linh Do KTC ASSURANCE & BUSINESS
INDOCHINE COUNSEL Hoang Anh Nguyen MAYER BROWN LLP Hoang Kim Oanh Nguyen BAKER & MCKENZIE Khanh Ly Nguyen KTC ASSURANCE & BUSINESS
ASSURANCE & BUSINESS ADVISORS-MEMBER OF RUSSELL BEDFORD INTERNATIONAL Viet D. Phan LUATPVD Vu Anh Phan INDOCHINE COUNSEL Dang Anh Quan RUSSIN
& VECCHI Nguyen Que Tam CSP LEGAL LLC Van Anh Thai KTC ASSURANCE & BUSINESS ADVISORS-MEMBER OF RUSSELL BEDFORD INTERNATIONAL Thao Nguyen
and are willing to take the risks necessary to get a business off the ground.
different industries are compared by looking at their vulnerability to digital disruption from two perspectives: the impact intensity (bang) and the imminence of change (fuse.
supermarkets face fewer direct threats from overseas players, due to the perishable nature of grocery goods and the relatively low value of many items,
and are willing to take the risks necessary to get a business off the ground.
if there was a risk of failure, starting-up a business should be avoided, compared to only 28%in the US.
when there is a risk of failure. Based on all of the above, there is a clear need to endow European citizens with an entrepreneurial mind-set by developing a truly digital entrepreneurial culture where failing is not wrong
Figure 11 Risk perception:""One should not start a business if there is a risk of failing"Source:
European commission (2012. Entrepreneurship in the EU and beyond; Deloitte analysis However, it must be remembered that not all European citizens are born natural entrepreneurs.
European Member States are in general more risk averse 23 Pillar 3 Attract, develop and retain high-end digital skills
However, many investors are reluctant to invest in start-ups and innovative firms because of the high risks and transaction costs,
or because they estimate that the expected returns will not compensate for the risk. As access to these traditional financing sources seems to be a barrier for many SMES and start-ups,
1. Digital single market. 2. Interoperability and standards. 3. Trust and security. 4. Fast and ultra-fast internet access. 5. Research and innovation. 6. Digital
Fighting abuse by the establishment of the European Cybercrime Center and definition of a cybersecurity strategy;
dismantling current national fortresses and negative consumer perceptions. 5. For Trust & Security, the Commission will propose a Directive on network and information security. 6. For Entrepreneurship, Digital jobs and Skills,
the European commission launched on 4 march 2013 the'Grand Coalition for Digital Jobs'to address the shortage of ICT professionals.
what keep people from starting up a company is the fear of risk and the lack of confidence in starting entrepreneurial activities alone.
More effective cooperation in the EU against counterfeiting and piracy. Organise a communication and dissemination campaign promoting the new initiatives for a single market for intellectual property rights.
the financial crisis has highlighted the vulnerability ofindustries and generated debate about future scenarios whereby the country can no longer rely on income from the North sea oil and gas.
Learn and apply a rapid commercialisation process to ideas usingtechniques that minimise time, money and risk;
the risk of an adverse event is reduced, quality is improved, and the unnecessary duplication of tests and investigations eliminated.
ISO 17090 Public Key Infrastructure Data security Standards Standards for protection of patient data by means of e g. data encryption and electronic signatures to prevent loss and theft.
ISO DTS 25237 Psuedoanonymisation ISO 22600 Privilege Management and Access control Safety Standards Standards in healthcare to emphasize
CEN TR 13694 Safety and Security Related Software Quality Standards for Healthcare Terminology and Ontology Standards Standards for health sector specific vocabulary to describe concepts and their interrelationships.
Building security, protection and trust within society and the economy...30 1. Greater online protection for citizens and companies...
32 5. More security in cyberspace...33 VII. European and international dimensions of the Digital Agenda...
we will renew our efforts to redress existing deficits. zzconfidence and security: IT is easy, transparent and safe to use.
Without confidence in the security and integrity of the digital world, we will not succeed in harnessing the true potential of the digital transformation for the benefit of our economy and society.
and promoting the use of simple encryption methods. However, it will also be necessary to protect our critical infrastructures.
However, despite all the positive effects of digitisation, the associated risks and threats cannot be denied. For example, the catchphrase big data refers to the ever increasing volume of digital information that can be used by organisations to make predictions about people's everyday habits
Moreover, people are concerned already about the increasing prevalence of cybercrime, for example, when shopping or banking online.
Meanwhile, the sinister threat of cyber espionage is ever present not only for our economy and citizens but also for the state.
Finally, increasingly complex and interconnected digital technologies could lead to new forms of cyber attacks that threaten the common good.
The use of encryption and other security mechanisms is necessary to ensuring Internet safety. Companies must also bear a large degree of responsibility in this regard by making these technologies easy to access
For our part, we will make citizens aware of existing security risks and support companies in the use of secure information and communications technologies.
making use of the latest digital administration services and insisting on innovative IT SECURITY and data protection,
frequencies will be provided for the future broadband communication of the security agencies and the Federal Armed forces in the 700 MHZ range.
Applications such electronic toll systems, the ecall emergency call system or mobile payments are assigned an infrastructure to better meet our stringent requirements for security within a mobile
This support includes a modern regulatory framework for ensuring freedom, transparency, data protection and security and also for preserving competition in the digital world.
zzthe initiation of new business models and innovative services by fostering the development and distribution of big data and cloud applications that offer greater security and data privacy;
zzreinforcing security and confidence in relation to the use of digital services, including measures to strengthen the German digital security sector;
and ensuring the interoperability and security of IT systems. We are drafting an Intelligent Connections strategy to create additional opportunities for growth and efficiency through ICT in the education, energy, health, transport and administration primary industries.
we will ensure that IT SECURITY is preserved and that no new gateways for anonymous crime are created.
Efficient, reliable and cost-effective communication infrastructure is as important in this context as standards for ensuring data protection, data security and interoperability.
Before the end of 2014, we will start creating reliable framework conditions for the secure implementation of smart metering systems for consumers, producers and water storage heaters on the basis of protection profiles and the technical guidelines of the Federal office for Information security.
while being able to rely on the high standards of confidentiality and security. At the same time, we want to ensure the efficiency and security of the State's information technology systems in the long term.
As a major procurer of IT services, we will play a role in promoting innovation and security in IT.
Our aim is to have a transparent state offering easy access to reliable data. To tackle the tasks ahead
we are providing a cross-departmental communication infrastructure offering highlevel security. The three cross-departmental or Federal and Länder networks (IVBB & IVBV/BVN and DOI) are being migrated fully to this infrastructure,
Agreements on integrating cross-departmental networks are to follow from 2018. zzin the area of information security,
and security and the private and the public sphere. 1. Accelerating the digital transformation in science To ensure broad-based, interdisciplinary and inter-organisational access to digital information and usability thereof,
IT SECURITY research, microelectronics and service research. zzwe are increasing innovation support for the area of big data to exploit its inherent potential for business (e g.
and risks of future developments in digitisation will be funded as part of the innovation and technology analysis. 6. Culture and media Digital technologies and distribution via the Internet have revolutionised
There is a risk of this content becoming unreadable and therefore being lost in the long term due to changes in technology. zzwe are developing a comprehensive strategy
Building security, protection and trust within society and the economy VI. BUILDING SECURITY, PROTECTION AND TRUST WITHIN SOCIETY AND THE ECONOMY 31 The Federal government has set itself the task of ensuring that the network is secure
in order to reap the full benefits of digitisation for German society and its economy. People will not trust new digital services
and they can operate with maximum security on the Internet. Consumers will not trust online shops
System security and data protection are the key crosscutting issues of digitisation and are incorporated into all areas of activity in the Digital Agenda. 1. Greater online protection for citizens
and demand simple security technologies. Internet providers must also take responsibility for ensuring that users can operate securely online.
and software products and services that users can deploy to increase their online security. zzwe are providing secure infrastructures
and better encryption and aim to be the world's leading country in this area. To achieve this goal
the encryption of private communication must be adopted as standard across the board. We are expanding the use of security technologies such as De-Mail. zzwe are carrying out research relating to the security of users
and implementing the findings in practice. The Safe, secure and empowered in the digital world research programme (Selbstbestimmt und sicher in der digitalen Welt) will deal with the IT SECURITY of new technologies and the protection of data in tomorrow‘s world.
The programme will also focus on the development of user-friendly solutions. zzwe are helping people to increase their awareness and knowledge of online security.
Caution and know-how on the part of users are crucial to online protection and security. We are stepping up our cooperation with the Germany Secure Online association (Deutschland sicher im Netz, DSIN.
zzwe promote business models that use anonymisation and pseudonymisation measures. We help companies improve their IT SECURITY.
Small and medium-sized enterprises (SMES), in particular, often do not have the necessary resources. The complementary initiatives IT SECURITY in business (IT-Sicherheit in der Wirtschaft) and Alliance for cyber security (Allianz für Cybersicherheit) are being expanded. 2. Modern data protection for the information age We are committed to a high level of data protection
that continues to guarantee the freedom and right to privacy of citizens. At the same time, we want to optimise the opportunities offered by digitisation for our society
and data security are essential to maintain trust in digital services and products. We are therefore supporting and demanding technology-based data protection (privacy by design)
IT SECURITY is an important driver of innovation and growth in Germany. We are committed to ensuring that our country remains one of the most secure digital locations in the world.
we also want to ensure a high level of security by means of legal requirements or generally binding standards.
business, civil society, science and government must work together closely. zzwe are improving IT SECURITY by developing partnerships with operators of critical infrastructures;
through legal guidelines for minimum security standards; and by introducing mandatory reporting for serious IT SECURITY incidents as part of an IT SECURITY law. zzwe support
and demand the use of trustworthy IT SECURITY technologies, especially the use of more and better encryption in electronic communication.
This will also lead to a more robust market for IT SECURITY solutions. zzwe investing greater efforts into the certification
and recognition of expert agencies as this generates trust in IT products. zzwe support the design of new technologies that are secure and trustworthy.
To this end, we are expanding standardisation activities that apply in particular to the international context. zzwe are empowering the Federal Network Agency (BNETZA) to meet the needs of telecommunications security and the European regulation on electronic identification and trust services
and to make communication patterns much more visible. zzwe will expand the expertise in the Federal office for Civil protection in the area of impact analysis of cyber attacks on critical infrastructures. zzwe will bolster international cooperation in this area, e g. with ENISA (European
Network and Information security Agency) and Europol‘s European Cybercrime Centre. 5. More security in cyberspace As in the offline world,
the government also has a responsibility in the networked world to avert risks and criminality.
We acknowledge this responsibility for public IT SECURITY and want to play our part in protecting society and the economy in the digital age.
This requires a strategic realignment of the cyber security architecture and better resources for security authorities in terms of technology and staffing. zzwe are strengthening the Federal office for Information security (BSI).
Improving the resources made available to the BSI will be part of this process. zzthe National Cyber Response Centre is a platform that we are using to improve cooperation between specialised authorities.
The Centre will be assigned a greater coordination role in the operational handling of cyber security incidents. zzwe are improving technical
and staffing resources for the security authorities and providing them with the technical and legal capacities they need to perform their role. zzwe are strengthening the expertise of the Federal Criminal Police office and the Federal Police in the areas of cyber crime,
cyber espionage and cyber security. This means that we will expand the Cyber crime Centre, which analyses and investigates incidents in these areas, in the Federal Criminal Police office.
We will thus house the processing of all Internet activities relating to these incidents under one roof. zzwe will adapt the criminal law to the digital age
and in particular close any loopholes in criminal law relating to the handling of stolen data. zzin the area of cyber espionage,
we will reinforce measures implemented by the Federal office for the Protection of the Constitution to raise awareness of business security. zzwe will strengthen the Federal office for the Protection of the Constitution strategically
and organisationally to enable a better response to changes in the types of communication and the communication behaviour of terrorists and extremists. 34 PERSONALFÜHRUNG VII.
European and international dimensions of the Digital Agenda VI I. EUROPEAN AND INTERNATIONAL DIMENSIONS OF THE DIGITAL AGENDA 35 We want to protect
IT SECURITY and research funding involve not just German, but also important European considerations. We therefore act as advocates for the Digital Agenda for Germany on the relevant European committees
‘but instead favour a peaceful alignment of international cyber security policy. We will continue to actively follow discussions on the subject of the Internet
zzdriving cyber capacity building and, in a narrower sense, cyber security capacity building. zzexpanding the digital aspect of the Federal government‘s Africa strategy.
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