Юридические документы о лизинге.
Проект документов о лизинге учрежден 01-10-1999 ; редакция от 01-11-2001.
Международная лизинговая энциклопедия.
The International Leasing Encyclopedia by Steven Gilyeart.
Энциклопедии не было в интернет последние полтора года, но это не означает, что ее нет вообще. я взял на себя смелость разместить на этом сайте всю подборку статей (собственно энциклопедию), с указанием адресов электронных почт авторов материалов и редактора. Материал на английском языке.
Leasing: A Fractured Market--A Report on the 17th World Leasing Convention
Held 17-19 May 1999, Toronto, Canada.
By Steven Gilyeart, Editor, The International Leasing Resource
20 May 1999. Seeking to bring together members of the leasing industry from all parts of the world, Euromoney's 17th World Leasing Convention was held in Toronto May 17th through the 19th. With 155 delegates from 27 countries in attendance for presentations on over 16 topics, it was an opportunity for not only business networking but for assessment of the current state of international leasing. So just what is the state of the world-wide leasing industry? Leasing Industry or Leasing Community? Some would question whether there even is a world-wide leasing industry. Sudhir Amembal of Amembal and Associates in his "Global Leasing Update" argued that the better term would be leasing community, because of the wide difference in tax, legal, accounting, regulatory and market environments that leasing encounters in the countries that have leasing activity. R Even in the European Union, which has already implemented the euro and is harmonizing its economic and political environments across the board, there are dramatically divergent variations in the treatment and regulation of leasing, as pointed out in country-by-country detail by Klaus Feinen, of Deutsche Immobilien Leasing and Past President of LeaseEurope, in his presentation. The fractured nature of the international leasing market was also reflected in the regional and country representations of the audience. Reflecting the troubles at home, there were no delegates from Japan, Korea, or Thailand, although Asia is usually well represented at this event. While there were delegates from the African countries of Ghana, Nigeria and Zimbabwe, Africa remains limited in attendance, which reflects the modest level of leasing on that continent. However, leasing does continue to grow there. Different Regions/Different Issues The topics of the speakers also illustrated a big difference in issues for different parts of the world. For example, speakers from Canada and the United States, both countries having mature leasing industries and booming economies, addressed sophisticated issues which are not really the hot topics for many emerging and moderately developed lease economies: securitization, merger and consolidation as a growth strategy, strategic joint ventures and the current state of German and French leveraged leases and other sophisticated, large ticket products. These countries are just not faced with some of the problems lessors elsewhere encounter, such as currency fluctuations. Currency issues came up, as they perennially do, in the discussions about Latin America, along with free trade and even the weather--in the form of the economic consequences of El Niсa and Hurricane Mitch. While most of Latin America has somewhat recovered from the contagious effect of Brazil's recent problems, leasing in Latin America still faces a number of challenges as outlined by Federico Rodriquez, Chairman of the Federaciуn Latinoamericana de Leasing (FELALEASE): reduction in activity because of high interest rates, downsizing, increase in bad debts, mismatched funding, and of course, currency volatility. Although leasing is doing reasonably well in Mexico, partly because of the benefits of NAFTA, the Latin America market itself remains uneven, with Paraguay and Uruguay without even cognizable leasing activity. Better regional free trade agreements are needed and the the currency volatility issue must sometime soon be definitively addressed. As stated by one audience member as part of a question to a speaker, "unless the region continues to dollarize, there is no real opportunity for leasing in Latin America to grow." As it is, more and more lease agreements in the region provide for payment in US dollars. For Asia, the focus is on rebuilding the Asian leasing industry. M. Aminul Islam, President of the Asian Leasing Association, while noting in his presentation that there "is now more or less a consensus that the domestic origins of the Asian crisis lay in macroeconomic imbalances, structural deficiencies in financial sectors, and shortcomings in political and corporate governance," also commented "While one can find common reasons across the region, there are uncommon reasons contributing to the crisis in different countries within the region, culminating in a similar consequence." Of course, this implies that the solutions for rebuilding leasing in each affected country will also be different--and leasing again simply takes on a domestic flavour. Harmonization Trends ---Accounting Yet, there are trends toward more unity and harmonization with the industry itself. One of the most significant and important trends is in accounting. It is becoming increasingly clear that accounting rules will be reformed to an internationally applicable standard. And those standards may require that all leases be on the balance sheet, as Dr. Thomas Schrцer discussed in his forebodingly entitled presentation "Is Off-Balance Sheet Financing Doomed?" These are exciting times for accounting. There is competition amongst accounting bodies for the position of standard setter, with the International Accounting Standards Committee, the Financial Accounting Standards Board of the US, the Accounting Standards Board of the UK and the G4+1, all vying for that position. There are also disputes as to whether the fundamental approach to classification should take an "asset and liability" approach, a "transfer of risks and rewards (associated with the asset)", approach, something in-between or something different. Regardless, as Dr. Schrцer predicted, some fundamental changes to existing standards are likely to be made. We are likely to see "one single lease accounting solution for the world" sooner rather than later. ---The Internet & e-Commerce One of the biggest trends that will ultimately bring the leasing markets of the world together is the internet and e-commerce. While Barbara Whited of IBM's Internet Division, pointed out in her presentation on "How Can e-Commerce Be Used to Enhance Your Business" that "capital markets" have led the pack in e-business adoption, that group cannot yet be said to include leasing. There were casual comments made in presentations and discussions that indicated more than a few leasing companies were taking lease applications online, but none seemed to have complete web-enabled "paperless" transaction implementation. It is also noteworthy that those companies were almost always North American based. Internet infrastructure is expanding rapidly throughout the world, including in many emerging lease markets. These markets might benefit the most from web-assisted transactions, but whether they will be early or late adopters from within the leasing industry remains to be seen. Yet, the internet is coming to everyone--and quickly, and will without a doubt, bring more integration to the disparate and stand-alone lease economies. (In fact, acceleration of that process is one of the missions of this website.) Globalization and a Truly International Leasing Industry Setting aside sophisticated, big-ticket transactions, such as syndicated, cross-border double-dip leveraged leases with defeasance, there has yet to develop a truly international leasing market with a ready ability to do "leasing without borders" across almost all industry sectors, equipment types and transaction sizes. Notwithstanding all the talk about free trade zones, currency integration, the EU,and the global economy, true international leasing remains in the future. Even though much positive change has happened between the 1st World Leasing Convention and the 17th, each leasing economy remains almost completely insular. The world-wide leasing industry is indeed a fractured market. But this will change. Harmonization is happening, not only in accounting but in tax regimes and commercial laws. Markets are becoming more integrated at both infrastructure and transaction levels, all as part of the movement toward freer trade. Yet, because capital already moves fsoreely around the globe, capital markets are the markets leading the way. It is unsurprising that the biggest push for international accounting harmonization is coming from the regulators of the world's securities and exchange commissions. Leasing is a capital market activity. It involves finance. As the financial markets become more integrated, the door for true international leasing begins to open a bit. It is only a matter of time before it is open wide enough to be able to do "leasing without borders." Hopefully, a World Leasing Convention with that as the theme--and one that is not just hypothetical--is not too far over the horizon.
Posted 20 May 1999