Introduction. This document constitutes a base prospectus pursuant to Article 5, paragraph (4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 as amended from time to time (the "Prospectus Directive") and as implemented into German law by § 6 of the German Securities Prospectus Act (tÉêíé~éáÉêéêçëéÉâíÖÉëÉíò Ó "WpPG") in connection with Regulation (EC) No. 809/2004 of 29 April 2004 as amended from time to time (the "Base Prospectus" or the "Prospectus"). The subject matter of the Base Prospectus is the issuance of or the increase of issued Constant Leverage Certificates (the "Securities") which either will be publicly offered or will be placed in application of an exceptional case pursuant to § 3 paragraph 2 WpPG and at the same time admitted to trading on a regulated market. The Issuer has made an application for approval of the Base Prospectus to the Federal Financial Supervisory Authority (_ìåÇÉë~åëí~äí ÑΩê cáå~åòÇáÉåëíäÉáëíìåÖë~ìÑëáÅÜí – "BaFin") as competent authority. The BaFin approved the Base Prospectus after completing a review of this document for completeness, including a review of the coherence and comprehensibility of the information provided pursuant to § 13 paragraph 1 sentence 2 WpPG. Following the date of approval of the Base Prospectus, events and changes may occur, which render the information contained in the Base Prospectus incorrect and/or incomplete. The Issuer will publish a supplement to the Base Prospectus in accordance with § 16 WpPG in case of a significant new factor or a material mistake or inaccuracy with respect to the information contained in the Base Prospectus. In order to be able to conduct a public offer and/or a listing of the Securities on a regulated market (within the meaning of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004) in Italy, the Issuer has applied for the notification of the Base Prospectus into Italy pursuant to §§ 17, 18 WpPG. The Issuer reserves the right to apply for the notification of the Base Prospectus into further member states of the European Economic Area. The Base Prospectus must be read in connection with the information contained in (i) the registration document of the Issuer and the registration document of the Guarantor which are incorporated by reference into the Base Prospectus (see chapter XIII. on page 187 of the Base Prospectus), (ii) the respective final terms of the offer as drawn up in connection with the Securities (t...
Introduction. No-one should purchase the Securities without having detailed knowledge of their method of operation, the total costs involved and the related risk factors. Only those who are in no doubt about the risks and are financially able to bear the losses that may be associated with them should purchase these types of Securities. Potential investors should therefore carefully read the whole Base Prospectus, in particular the risk factors including any supplements thereto as well as the respective Final Terms, understand the terms and conditions of the issue in detail and assess the suitability of the relevant investment, in each case taking into account their own financial, tax and other circumstances. In cases of doubt potential investors should seek advice by a competent investment, legal or tax advisor.
Introduction. A contract is a binding agreement stipulated between two or more parties, which dictates their rights and their duties, and the penalties each party has to pay in case the contract is not honoured. In the current practice of information technology, contracts are not that different from those legal agreements traditionally enforced in courts of law. Both software and services commit themselves to re- spect some (typically weak, if not “without any expressed or implied warranty”) service level agreement. In the case this is not honoured, the only thing the user can do is to take legal steps against the software vendor or service provider. Since legal disputes may require a lot of time, as well as relevant expenses, such kinds of contracts serve more as an instrument to discourage users, rather than making easier for users to demand their rights. Recent research has then addressed the problem of devising new kinds of contracts, to be exploited for specifying and automatically regulating the interaction among users and service providers. See e.g. [6, 8, 11, 13, 20], to cite a few. A contract subordinates the behaviour promised by a client (e.g. “I will pay for a service X”) to the behaviour promised by a service (e.g. “I will provide you with a service Y”), and vice versa. The crucial problems are then how to formalise the concept of contract, how to understand when a set of contracts gives rise to an agreement among the stipulating parties, and how to actually enforce this agreement in an open, and possibly unreliable, environment. In the Concurrent Constraint Programming (CCP) paradigm [23, 24], concurrent processes commu- nicate through a global constraint store. A process can add a constraint c to the store through the tell c primitive. Dually, the primitive ask c makes a process block until the constraint c is entailed by the store. Very roughly, such primitives may be used to model two basic operations on contracts: a tell c is for publishing the contract c, and an ask c′ is for waiting until one has to fulfill some duty c′. While this may suggest CCP as a good candidate for modelling contract-based interactions, some important features seem to be missing. Consider e.g. a set of parties, each offering her own contract. When some of the contracts at hand give rise to an agreement, all the involved parties accept the contract, and start interacting to accomplish it. A third party (possibly, an “electronic” court of law) may later on join these parties, so ...
Introduction. This manual has been prepared with the scope of supplying all the instructions required for the correct use of the appliance and to maintain it in optimal condition. It also contains important user safety information. The following professional roles are explained in order to define the responsibilities of each:
Introduction. The company Medicasa Italia S.p.A. with registered office in Milan, Via Bisceglie, n. 66, C.F. e P.I. 04905801009 (di seguito, la "Società”) e sede operativa ad Assago (MI), Centro Direzionale Milanofiori Nord Edificio U7, Xxx xxx Xxxxx Xxxxxxxxx, 0 (hereinafter, the "Company"), in its capacity of data controller, informs you that the personal data of the data subject (in the case of a natural person or a sole proprietorship), of your employees or persons in charge, provided for the development of the negotiations relating to the agreement to which this notice is annexed (hereinafter the "Agreement") between the Company and the counterparty of the Agreement (hereinafter, the "Supplier") and in the course of the execution of the same and of the activities related to the same (hereinafter the "Personal Data", while the individuals to whom the personal data refer are defined below the "Data Subjects"), will be processed in accordance with this notice on the processing of Personal Data and within the meaning of the Legislative Decree No. 196/2003 (the "Privacy Code") and of the European Regulation No. 679/2016 concerning the protection of the personal data (the "European General Data Protection Regulation (GDPR)"). The Company is the data controller in relation to the processing of the Personal Data.
Introduction. First of all, I thank the Department of Political, Legal and International Studies of the University of Padua and, in particular, Xxxx. Xxxxxx Xxxxxx for involv- ing me in today's morning. My name is Xxxxxx Xxxxxxxxx and I am a researcher and trainer on labour law at the Study Center of the CISL (Italian Confederation of Workers' Unions). The trade union culture of the CISL is based on a participatory model of industrial relations and institutional dialogue, which makes collective bargaining and concertation the main actions of trade union representation. Indeed, the CISL Statute itself (which dates back to 1951), in article 2 it underlines the importance of worker participation in the management of the company as well as in the plan- ning and control of economic activity. The adherence to the participatory culture implies the CISL's responsibility to address highly topical issues related to the subject of work, according to a scien- tific (instead of ideological) approach. As regards digitalisation, its most recent appearances in the Italian labour market are: tionship with technological equipment, which the worker accesses voluntarily by stipulating an individual agreement with the em- ployer. The essential elements of this executive method are the require high or low level of skills, either in-person or remotely. These activities are carried out through digital open call systems, where consumers can request for a service or product, and a crowd of available workers can satisfy the demand; troduction of monitoring or automated decision-making processes based on worker profiling, which make use of algorithms to collect data or make decisions relating to employment relationships. Furthermore, the prospect of using artificial intelligence (AI) in the work- place is becoming increasingly interesting - also from the point of view of trade union action. These technologies possess human-like abilities such as reasoning, learning, planning and creativity. They are capable of making decisions related to the employment relationship and can even replace workers in performing certain tasks. On March 13, 2024 the European Parliament approved a regulation that es- tablishes standardized rules on the use of AI. In light of this, I will try to measure the impact of the digitalisation of work on the areas of application and intervention of collective bargaining, focusing on three themes: 1) trade union representation of self-employed workers; 2) block- chain (and smart c...
Introduction. Current smart contract platforms can be roughly parti- tioned in two main classes: account-based (e.g., Ethereum) and UTXO-based (e.g., Cardano). Besides the well-known differences in the programming style of smart con- tracts [1], these two paradigms have fundamental dif- ferences that affect the performance and scalability of smart contracts. A well-known weakness of the account- based model is that it hinders the parallelization of val- idator nodes: indeed, detecting when two transactions are parallelizable is an hard problem, and approaches that try to improve the node performance require complex optimistic execution or static analysis techniques [2], [3]. By contrast, in the UTXO model detecting when two transactions are parallelizable is straightforward: it just amounts checking that their inputs satisfy the Xxxxxxxxx conditions [4]. However, in smart contract platforms based on the UTXO model, like Cardano, smart contracts are typically represented as a single transaction output: there- fore, transactions representing actions on the same smart contract are never parallelizable, since they spend the same input. Another typical problem is that transactions acting on a UTXO contract must include the whole up- dated contract state. When the contract state gets large (e.g., for contracts storing user data in maps), this is a clear performance bottleneck. Besides that, transaction size is usually capped, so in some scenarios one can easily reach a point when further contract updates are forbidden. This problem can be mitigated by segregating the state, i.e. storing only the state hash on the blockchain. While this might reduce the transaction footprint on the blockchain, validators still need to access the whole state corresponding to such hashes, hence this approach still requires a significant amount of network communications. Summing up, current UTXO models of smart contracts scale poorly when the contract state grows large. Distributing the contract state. In this paper we propose a framework to improve the performance and scalability of contracts in the UTXO model. The key idea it so distribute the contract state over multiple UTXOs. As a basic example, if the contract state contains two variables, we store their values in distinct UTXOs: in this way, contract actions accessing different variables can be parallelized. More in general, we distribute arbitrary contract states, including those comprising unbounded data structures. This is done in a fin...
Introduction. Sharia banking has a goal as mandated in Law Number 21 of 2008 concerning Sharia Banking, namely as a financial intermediary institution that is in accordance with sharia principles, supporting the implementation of national development in order to improve justice, togetherness, and equitable distribution of people's welfare (Pasal 2, Pasal 3, xxx Pasal 4 ayat (1) Undang-Undang Nomor
Introduction. This section gives at short introduction to the bridge and the individual systems which are relevant for the report.
Introduction. It is widely believed that over-optimism is a very common character trait of human beings. It is even more common among businessmen (De Meza and Xxxxxxx, 1996). For instance, as is suggested by Xxxx (1986), over-optimism may explain an excess of merger activity. Overconfident CEOs overestimate their ability to generate returns, and so overpay for target companies and effect value-destroying mergers. Xxxxxxxxxx and Xxxx (2005, 2008) find evidence of CEOs’ over-estimation of their firms’ future performance in their holding of stock options until the expiration date.1 For Xxxxxxx (2009) the fact that wishful thinking shows up not only in words but also in deeds, is the proof that reality denial is not, or at least not only, a result of a design to deceive investors. This paper studies, within a moral hazard framework, an employment contract between a manager with anticipatory emotions and investors who respond strategically to those emo- tions. Managers with anticipatory emotions have higher current utility if they are optimistic ∗DISES, Xxx Xxxxx Xxx Xxxxxxx, 84084, Fisciano (SA), Italy, xxxxxxxxxx@xxxxx.xx †DISES, Xxx Xxxxx Xxx Xxxxxxx, 84084, Fisciano (SA), Italy, xxxxxxxx@xxxxx.xx ‡DISES, Xxx Xxxxx Xxx Xxxxxxx, 84084, Fisciano (SA), Italy, xxxxxxxx@xxxxx.xx 1Also Xxxxxx et al. (1988) find that entrepreneurs see their own chances for success higher than that of their peers. about the future. But optimism affects decisions, because distorted beliefs distort actions, and exacerbates incentive problems. We thus study how the need to control for both opti- mism and moral hazard affects the design of managers’ incentives. Our model has a risk-neutral investor hiring a risk-neutral manager for a project. When the investor offers the contract, the parties are symmetrically informed. If the manager accepts, he will choose a level of effort that affects the project’s probability of success. After signing, but before choosing his unobservable effort, the manager receives a private signal about the profitability of the task. A good signal implies a high return in case of success, a bad signal only intermediate return. Finally, in case failure, there is a low return regardless of type of signal. If the signal is informative about the return from effort, the manager would benefit from having accurate news. However, since he derives utility from the anticipation of his final payoff, the suppression of a bad signal may induce a positive interim emotional effect. We assum...