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English to Korean: Asset Manager and Fund Selection Process General field: Bus/Financial Detailed field: Investment / Securities
Source text - English The following section should be completed if:
1. External Asset Management Companies are engaged to manage Underlying Funds of ILPs; or
2. Standalone mutual funds are selected as Underlying Funds for ILPs.
Please describe in detail all Manager and Fund due diligence processes performed prior to selecting funds for ILPs. The description should include (but not necessarily be limited to) how you assess a Manager the following factors:
1. The organizational and ownership structure of the asset management company (“AMC”).
2. The financial health of the AMC.
3. The compliance and risk management philosophy & process of the AMC.
4. The AMC’s overall investment breadth and depth.
5. The particular fund’s investment process with respect to its security research and selection, portfolio construction and risk management.
6. The evaluation of the fund’s performance track record.
7. What mandatory on-going information do you receive from the AMC?
8. Frequency of periodic review.
Please advise which unit performs this function and whether the unit is within your company or outsourced to another party.
Translation - Korean 다음 사항에 해당될 경우 아래 영역을 기입해야 합니다.
1. 외부 자산운용사가 투자연계형 상품의 기초자산펀드 운용에 개입하는 경우, 혹은
2. 투자연계형상품의 기초자산펀드로 단일 뮤추얼펀드가 선정되었을 경우
투자연계형상품의 펀드를 선정하기 전 자산운용사 및 펀드에 대하여 수행된 모든 실사절차를 자세히 기술하여 주십시오. 자산운용사를 평가할 때 다음의 요인을 어떻게 고려하였는지가 반드시 포함되어야 하며, 이외에도 중요한 요인을 포함하여 주시기 바랍니다.
1. 자산운용사(이하 “운용사”)의 조직 및 소유구조
2. 운용사의 재무건전성
3. 운용사의 준법감시/위험관리 철학 및 절차
4. 운용사의 전반적 투자영역 및 깊이
5. 증권분석 및 선정, 포트폴리오 구성, 위험관리 등에 관한 해당 펀드의 투자절차
6. 펀드의 성과실적 평가
7. 운용사로부터 지속적으로 제공받아야 하는 정보
8. 검토 주기
이러한 기능을 어떤 부서에서 수행하고 있는지를 비롯하여, 해당 부서가 귀사에 소속되어 있는지 혹은 제 3자에게 아웃소싱되고 있는지 명시하여 주시기 바랍니다.
English to Korean: Microeconomics Textbook General field: Social Sciences Detailed field: Economics
Source text - English 47) Answer both parts of the following question.
a. The San Francisco Chronicle reported that the toll on the Golden Gate Bridge was raised from $2 to $3. Following the toll increase, traffic fell by 5 percent. Based on this information, calculate the point price elasticity of demand. Is demand elastic or inelastic? Explain.
b. Stephen Leonoudakis, chairman of the bridge's finance auditing committee, warned that the toll increase could cause toll revenues to decrease by $2.8 million per year. Is this statement consistent with economic theory? Explain.
Answer:
a. Increasing the toll on the bridge form $2 to $3 is a 50 percent increase. Traffic is expected to decrease by 5 percent as a result of the toll increase. Therefore, the point price elasticity of demand is -5/50 or -0.1. Demand is inelastic.
b. Stephen Leonoudakis' statement is not consistent with economic theory. When demand is inelastic, an increase in price will increase total expenditures on a good (the total expenditure on the good is the total revenue of the firm). Since demand is inelastic here, toll revenues will increase rather than decrease.
Translation - Korean 47) 아래 두 질문에 대하여 답하시오.
a. 샌프란시스코 크로니클(San Francisco Chronicle)은 금문교(Golden Gate Bridge)의 통행료가 $2에서 $3로 인상되었다고 보도하였다. 이러한 통행료 인상에 따라 통행량은 5% 감소한 것으로 나타났다. 이 때 수요의 점탄력성을 구해보라. 또한, 수요가 탄력적인 비탄력적인지 답하고 그 이유를 설명해보라.
b. 다리의 재정감사위원장인 스티븐 레오노다키스(Stephen Leonoudakis)는 통행료 인상으로 인해 통행료 수입이 연간 $2,800,000 감소할 것이라고 경고했다. 스티븐의 주장이 경제학 이론과 부합하는가? 그 이유를 설명해보라.
정답:
a. 다리의 통행료를 $2에서 $3로 인상하면 이전 대비 50% 인상하는 것이다. 통행료 증가로 인해 줄어드는 통행량은 5%이다. 따라서 가격 점탄력성은 -5/50, 즉 -0.1이다. 그러므로 수요가 비탄력적이다.
b. 스티븐 레오노다키스의 주장은 경제학 이론과 부합하지 않는다. 수요가 비탄력적일 때, 가격이 상승하면 재화에 대한 총 지출이 증가한다(재화에 대한 총지출은 기업 입장에서 총 수입을 의미한다). 이 문제에서 수요는 비탄력적이므로 통행료 수입은 감소하지 않고 오히려 증가할 것이다.
English to Korean: Annual reports filed for Financial Supervisory Service of Korea General field: Bus/Financial Detailed field: Accounting
Source text - English (2) 금융자산
1) 분류
금융자산은 당기손익인식금융자산, 대여금 및 수취채권, 매도가능금융자산, 만기보유금융자산으로 분류하고 있습니다. 이러한 분류는 금융자산의 성격과 보유목적에 따라 최초 인식시점에 결정하고 있습니다.
- 당기손익인식금융자산
단기매매금융자산(단기간 내에 매각을 목적으로 취득한 금융자산과 위험회피수단으로 지정되지 않거나 위험회피에 효과적이지 않은 파생상품)과 최초 인식시점에 당기손익인식금융자산으로 지정한 금융자산을 당기손익인식금융자산으로 분류하며, 유동자산으로 분류하고 있습니다.
- 대여금 및 수취채권
지급금액이 확정되었거나 결정가능하며 활성시장에서 가격이 공시되지 않는 비파생금융자산을 대여금 및 수취채권으로 분류하고 있습니다. 보고기간종료일 기준으로 만기가 12개월을 초과하는 경우에는 비유동자산으로 분류하며 이외의 경우 유동자산으로 분류하고 있습니다.
- 매도가능금융자산
매도가능항목으로 지정되거나 당기손익인식금융자산, 대여금 및 수취채권, 만기보유금융자산으로 분류되지 않은 비파생금융자산을 매도가능금융자산으로 분류하고 있습니다. 보고기간종료일 기준으로 12개월 이내에 경영진이 처분할 의도가 있는 경우가 아니면 비유동자산으로 분류됩니다.
- 만기보유금융자산
만기가 고정되었고 지급금액이 확정되었거나 결정가능하고 만기까지 보유할 적극적인 의도와 능력이 있는 비파생금융자산을 만기보유금융자산으로 분류하고 있습니다.보고기간종료일 기준으로 만기가 12개월을 초과하는 경우에는 비유동자산으로 분류하며 이외의 경우 유동자산으로 분류하고 있습니다.
2) 인식과 측정
금융자산은 계약의 당사자가 되는 때(정형화된 매매는 매매일)에 인식하고 있습니다. 당기손익인식금융자산을 제외한 모든 금융자산은 최초 인식시점의 공정가치에 거래원가를 가산하여 측정하며, 당기손익인식금융자산은 최초 인식시점의 공정가치로 측정하고 거래원가는 포괄손익계산서에 비용으로 처리하고 있습니다.
금융자산의 최초인식 후 당기손익인식금융자산 및 매도가능금융자산은 공정가치로 측정하고 있습니다. 다만, 활성시장에서 공시되는 시장가격이 없고 공정가치를 신뢰성 있게 측정할 수 없는 지분상품과 가격이 공시되지 않는 이러한 지분상품과 연계되어 있으며 그 지분상품의 인도로 결제되어야 하는 파생상품은 원가로 측정하고 있습니다. 대여금 및 수취채권과 만기보유금융자산은 유효이자율법을 사용하여 상각후원가로 측정하고 있습니다.
당기손익인식금융자산의 공정가치 변동에 따른 손익은 당기손익으로 인식되며, 당기손익인식금융자산에서 발생한 배당금은 지급액을 받을 권리가 확정되는 시점에 당기손익으로 인식하고 있습니다.
매도가능금융자산의 공정가치 변동에 따른 손익 중 손상차손과 화폐성 매도가능금융자산의 외환손익을 제외한 금액은 기타포괄손익(자본)으로 인식하며, 당해 누적손익은 관련된 금융자산이 제거되거나 손상차손을 인식하는 시점에 재분류조정으로 자본에서 당기손익으로 반영됩니다. 다만, 유효이자율법을 적용하여 계산한 이자수익은 당기손익으로 인식하며, 매도가능금융자산에서 발생한 배당금은 지급액을 받을 권리가 확정되는 시점에 당기손익으로 인식하고 있습니다.
상각후원가를 장부금액으로 하는 대여금 및 수취채권과 만기보유금융자산은 상각과정을 거쳐 이자수익으로 인식하고 있습니다.
Translation - Korean (2) Financial Assets
1) Classification
Financial assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, available-for-sale financial assets, and held-to-maturity investments. The classification is determined at the time of initial recognition, depending on the nature and purpose of the financial assets.
- Financial Assets at Fair Value through Profit or Loss
A financial asset is classified as financial assets at fair value through profit or loss if it is held for trading (financial assets which have been acquired principally for the purpose of selling in near term and all derivative assets except for derivatives that are designated and effective hedging instruments) or is designated as such upon initial recognition. Assets in this category are classified as current assets.
- Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in non-current assets, except for those with maturities less than 12 months from the end of the reporting period, which are classified as current assets.
- Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in this category or are not classified as financial assets at fair value through profit or loss, loans and receivables or held-to-maturity investments. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the end of the reporting period.
- Held-to-maturity financial assets
Held-to-maturity financial assets are non-derivative financial assets with fixed maturities and fixed or determinable payments that management has the positive intention and ability to hold to maturity. They are included in non-current assets, except for those with maturities less than 12 months from the end of reporting period, which are classified as current assets.
2) Recognition and measurement
Financial assets are recognized on the date (trade date for regular trades) on which the Company commits to the contract as a party. Except for financial assets at fair value through profit or loss, all financial assets are measured at fair value at the time of initial recognition plus transaction costs. Financial assets at fair value through profit or loss are measured at fair value at the time of initial recognition, and transaction costs are expensed in the statement of comprehensive income.
Subsequent to the initial recognition, financial assets at fair value through profit or loss and available-for-sale financial assets are measured at fair value. However, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured, and derivative instruments that are linked to and must be settled by delivery of such equity instruments are measured at acquisition cost. Loans and receivables are measured at amortized cost using the effective interest method.
Any gains or losses arising from changes in fair value of financial assets at fair value through profit or loss are recognized in current profit or loss. Dividends on financial assets at fair value through profit or loss are recognized in current profit or loss when the Company's right to receive payments is established.
Any gains or losses arising from changes in fair value of available-for-sale financial assets are recognized in other comprehensive income, except for impairment loss and foreign exchange gains and losses on monetary assets in this category. Accumulated other comprehensive income is reclassified from equity to profit or loss at the time of impairment recognition or elimination of related financial assets. However, interest revenues calculated using the effective interest method are recognized in current profit or loss and dividends on available-for-sale financial assets are recognized in current profit or loss when the Company's right to receive payment is established.
Loans and receivables, and held-to-maturity financial assets carried at amortized cost are subsequently recognized in interest income after amortization.
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Translation education
Bachelor's degree - Yonsei University
Experience
Years of experience: 13. Registered at ProZ.com: Jul 2013.
Daily derivatives market summaries posted on Korea ExchangeEnglish website
Translation projectofglobal banking system manuals for one of leading local commercial bank groups.
Listed companies’ annual reports filed for Financial Supervisory Service of Korea
English to Korean
Publication project(in progress): Solutions Manual to Microeconomics(8th, Pindyck and Rubinfeld), Solutions Manual to Managerial Accounting(8th, Horngren, Datar and Rajan)
Seminal papers in economics: “The Bargaining Problem(John Nash, 1950)”, “Two-Person Cooperative Game(John Nash, 1953)”, “Perfect Equilibrium in a Bargaining Model(Ariel Rubinstein)”, “Equilibrium in a Market with Sequential Bargaining(Ariel Rubinstein and Asher Wolinsky, 1985)”
Due diligence questionnaire report between a leading global bank and a local insurance company
Also worked as a FICC Sales Analyst at Societe Generale Corporate and Investment Banking in Seoul, Korea
Assisted sales people in placing interest rate, credit, currency, hedge fund, commodity, equity and hybrid derivative instrument solutions to financial institutions
Conducted various risk analysis through historical backtesting and Monte Carlo simulations on structured products and seek improvements with financial engineers and traders
Created pitch books analyzing profitability of products through efficient use of quantitative models
Providedtimely and in-depth research analysis to clients for their investment decisions
Developed sales pitch skills through the client meetingsand internal training sessions
Expertise