COMPANY LAW Essay Example | Topics and Well Written Essays - 1500 words

COMPANY LAW - Essay Example The deregulatory claims are premised on the view that inside information fosters market efficiency and that granting the property rights to security managers is an efficient compensation scheme. Prohibition of insider trading in European Union is justified on the basis of equity and fairness to all market participants. Generally, both firms, shareholders and the society benefit from the accurate pricing of the securities since it leads to efficient allocation of capital and decreases the volatility of the prices in the market thus attracting the risk-averse investors. The firm will also benefit from the accurate pricing through increase investor confidence in the security and reduction in monitoring costs. According to the proponents of deregulation, insider trading will benefit the society since it moves the price to a level which it would be if the inside information was available to the public. Henry Manne, asserts that insider trading leads to price accuracy thus it is an efficie nt mechanism for compensating the security managers for the release of stock information2. The aim of the new EU rules was address the divergence of the member states in their approach to market abuse3. Variations in the national laws have allowed many security managers to escape prosecution for insider dealing. Some countries even lack the sanction powers while other countries do not have sanctions for certain market manipulation offences. For instance, Bulgaria does not have any criminal laws to govern insider trading while other countries impose only up to five years maximum imprisonment for inside trading related offences. Another problem to the effectiveness of the sanctions is the Bank secrecy laws in some countries. For instance, French authorities have faced challenges in tracing the persons who executed order in Paris Stock Exchange via the Swiss banks. Some of the problematic effectiveness of sanctions includes the gaps in regulation of commodity derivatives, lack of legal certainty of the market abuse directive, the gaps in regulating new markets, platforms and over the counter instruments in the emerging markets. EU Directive 2003/6/EC24 adopted in 2003 updated the legal framework on insider dealing and market manipulation behavior. However, several market, technological and legislative changes have led to changes in the financial landscape thus creating loopholes for insider dealing. The Market Abuse Directive (MAD) faced numerous challenges in curbing insider trading. For instance, Section 3.1.1 of the MAD covered limited financial instruments

Underground mining, Coal Prep Plant, and Strip Mining Essay

Underground mining, Coal Prep Plant, and Strip Mining - Essay Example However, there are commons methods and techniques used to access underground. Accessing underground is done through declines, shafts, and adits (Hustrulid 318). Spiral tunnels that circle the deposit flanks or those that are sunk around the deposit being mines are referred to as the declines. These tunnels are sunk from the surface to allow access the underground. Declines can also be sunk where an open cut mine already exists, and the tunnels are made on the wall of the already open mine. Vertical excavations that are sunk close or adjacent to mineral deposits are referred to as the shafts. In most cases, they are sunk for both access to underground and shaft haulage purposes. On the other hand, adits refer to horizontal or near horizontal excavations made on hills or mountains (Hustrulid 403). Use of ramps is also common when it comes to accessing underground. Seams that are mined must be consistent with the set regulatory provisions enforced by mining regulating agencies. The mine r also assesses the mine and the deposit available for mining. The thickness of the seams must be significantly adequate to initiate the mining project. This means that the deposits being mined must be in a position to compensate all the mining costs and earn relevant profits for the mining firm. The properties of the deposits contained in the seams must at least meet the minimum requirement of the mining entity in terms of their composition and value. Different machines and equipment are used for underground mining. The equipment to be used is determined by the method of mining to be used and the form of underground access to be employed. Drills, excavators, and mining shovels are just but some of the equipment used for underground access. Trucks are also used for transport purposes whens soil dug from underground have to be moved. Cranes and lifts are used for different purposes, ranging from lifting machinery and mine workers during the mining process. Conveyor belts are also use d to move different materials to different locations, especially the mined minerals. Most importantly, tunnel boring machines are used for the purpose of sinking shafts or declines, and belt systems are fitted underground to facilitate different aspects of the mining process. Equipment used for underground mining can vary from one mine to another depending on the mineral being mined. Ventilating super sections requires an assessment of ground stability before the ventilation is undertaken. Hard and soft ground and underground surfaces are determined, and the right position of super section ventilation determined. Once this is complete, the plan is implemented bit by bit, while assessing the impact of the process on the mining site. This assessment relates to safety and position of the deposit to be mined. Machinery and equipment are then put in place and the ventilation is made, taking into account all risk factors in super section ventilation. Coal removed by miners is transported to the washing plant in various ways. This depends on whether the washing plant is installed on the surface or underground. Mined coal reaches the washing plant through conveyor belts or through track transportation. Deposits from continuous miners are collected and loaded on conveyor belts or on tracks that transport them to the washing plant. However, use of tracks is only employed under instances where the process is economical. Shaft haulage and belt systems are also used where the mined coal has to be taken from the mining point to a washing plant located on the surface (Hustrulid 551). The visit to the mine was informative and educative in terms of underground mining and preparation of plants to facilitate the process. The mining process encompasses