PPPs Explained. 2019

EXPLANATION OF PRIVATE PLACEMENT PROGRAMS

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EXPLANATION OF PRIVATE PLACEMENT PROGRAMS Ultra High-Net-Worth client !ill "etter #n$ertan$ the reaon an$ o%er%ie! o& the o'eration in a 'ri%ate 'lace(ent 'rogra( o& tra$ing. Thi i NOT an o&&er to ell or olicit) It i &or in&or(ational '#r'oe onl*.

CONFIDENTIAL. NOT FOR GENERAL DISTRIBUTION

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E+,LANATION OF ,RIATE ,LACEENT ,ROGRAS

............................................................................................................. ............................................................................. ................... 3 INTRODUCTION ................................................... ............................................................................................................. ............................................................................................. ................................. 3 TOPICS ................................................. ....................................................................................................... ..................................................... 3 THE BASIC REASONS FOR PPOPs .................................................. .................................................................................... ............................... 5 NORMAL TRADING vs. PRIVATE PLACEMENT..................................................... .................................................................................................................... .............................................................. 8 PROGRAM STRUCTURE ........................................................

NON-SOLICITATION AND NON-DISCLOSURE ..................................................................................... 9 HOW BANKS AND BROKERS CAN PROFIT .......................................................................................... 9 ......................................................................................................... ........................................................................................... ............................... 10 PROJECTS ............................................. ............................................................................................................. ...................................................................... .......... 10 PROCESS SUMMARY .................................................

ANALYSIS OF RISK INVOLVED IN PPOP CONTRACTS ........................................................................ 11 ................................................................................................................. ....................................................................................... ........................... 15 SCAMS .....................................................

USE OF LAWYERS FOR ADVICE AND GUIDANCE .............................................................................. 16 .................................................................................................................... .......................................................................... .............. 17 CONCLUSION ........................................................









INTRODUCTION

Thi $oc#(ent e/'lain o(e o& the o"c#re or #nclear a'ect o& ,ri%ate ,lace(ent O''ort#nit* ,rogra( 0,,O,1. ,,O, are alo 2no!n #n$er other na(e3 #ch a ,ri%ate ,lace(ent ,rogra( 0,,,1 or ,ri%ate ,lace(ent In%et(ent ,rogra( 0,,I,1. Thi t#$* i the re#lt o& e%eral *ear o& e/'ert 'eronal e/'erience an$ teti(on*3 an$ i e/'laine$ &ro( the %ie!'oint o& "oth an client an$ a "ro2er.

TOPICS

Be&ore tac2ling the to'ic o& o& ,ri%ate ,lace(ent O''ort#nit* ,rogra(3 ,rogra(3 it i i('ortant to $ic# the "aic reaon &or the e/itence o& thi "#ine. Thi $ic#ion incl#$e the "aic conce't o& !hat (one* i an$ ho! it i create$3 controlling the $e(an$ &or (one* an$ cre$it3 an$ the 'roce o& i#ing a $e"t note3 $ico#nting the note3 an$ elling an$ reelling the note in ar"itrage tranaction.

THE BASIC REASONS FOR PPOPS

ONE4 CREATION Firt an$ &ore(ot3 ,,O, e/it to 5create6 5create6 (one*. one* i create$ "* creating $e"t. For e/a('le) 4o# a an in$i%i$#al can can agree to loan 7899 to a &rien$3 !ith the #n$ertan$ing that the interet &or the loan !ill "e 89:3 re#lting in a total to "e re'ai$ o& 7889. What *o# ha%e $one i to act#all* create 7893 e%en tho#gh *o# $on;t ee that (one* initiall*. Don;t coni$er the legal a'ect o& #ch an agree(ent3 <#t the n#("er. Ban2 are $oing thi ort o& len$ing e%er* $a*3 "#t !ith (#ch (ore (one*.









create$ $#e to the &act that #ch intr#(ent are $e&erre$ 'a*(ent o"ligation3 or $e"t. one* i create$ create$ &ro( that $e"t. Theoreticall*3 an* 'eron3 co('an*3 or organi=ation can i#e $e"t note 0again3 ignore the legalitie o& o& the 'roce1. De"t note are $e&erre$ 'a*(ent lia"ilitie. E/a('le) A 'eron 0in$i%i$#al3 co('an*3 co('an*3 or organi=ation1 organi=ation1 i in nee$ o& 7899. He generate a $e"t note &or 78>9 that (at#re a&ter 8 *ear3 an$ ell thi $e"t &or 7899. Thi 'roce i 2no!n a 5$ico#nting6. Theoreticall*3 the i#er i a"le to i#e a (an* #ch $e"t note at !hate%er &ace %al#e he $eire ? a long a "orro!er "elie%e that he; &inanciall* trong eno#gh to hono#r the( #'on (at#rit*. De"t note #ch a e$i#( Ter( Note 0TN13 Ban2 G#arantee 0BG13 an$ Stan$-B* Letter o& Cre$it 0SBLC1 are i#e$ at $ico#nte$ 'rice "* (a








in%ol%ing i#ing "an2 an$ gro#' o& e/it-"#*er 0,enion F#n$3 large &inancial intit#tion3 etc.1 in an e/cl#i%e ,ri%ate ,lace(ent arena. All #ch acti%itie "* the "an2 are $one a @O&&-Balance Sheet Acti%itie@. A #ch3 the "an2 "ene&it in (an* !a*. O&&-Balance Sheet Acti%itie are contingent aet an$ lia"ilitie3 !here the %al#e $e'en$ #'on the o#tco(e o& !hich the clai( clai( i "ae$3 i(ilar to that o& an o'tion. O&&-Balance Sheet Acti%itie a''ear on the "alance "alance heet ONL4 a (e(oran$a (e(oran$a ite(. When the* generate a cah &lo! the* a''ear a a cre$it or $e"it in the "alance heet. The "an2 $oe not ha%e to coni$er "in$ing ca'ital contraint3 a there i no $e'oit lia"ilit*.

NORMAL TRADING VS. PRIVATE PLACEMENT

All tra$ing 'rogra( in the ,ri%ate ,lace(ent arena in%ol%e tra$e !ith #ch $ico#nte$ $e"t note in o(e o(e &ahion. F#rther3 in or$er to "*'a the legal retriction3 thi tra$ing can onl* "e $one on a 'ri%ate le%el. Thi i the (ain $i&&erence "et!een thi t*'e o& tra$ing an$ @nor(al@ tra$ing3 !hich i highl* reg#late$. Thi i a ,ri%ate ,lace(ent le%el "#ine tranaction that i &ree &ro( the ##al retriction 'reent in the ec#ritie (ar2et. U#all*3 tra$ing i 'er&or(e$ #n$er the @o'en (ar2et@ 0alo 2no!n a the @'ot (ar2et@1 !here $ico#nte$ intr#(ent are "o#ght an$ ol$ !ith a#ction-t*'e "i$. To 'artici'ate in #ch tra$ing3 the tra$er (#t "e in &#ll control o& the &#n$3 other!ie the* lac2 the (ean "#* the intr#(ent an$ reell the(. Alo3 there are &e!er ar"itrage ar"itrage tranaction in thi (ar2et3 ince all 'artici'ant ha%e 2no!le$ge o& the intr#(ent an$ their 'rice. Ho!e%er3 in a$$ition to the o'en (ar2et there i a cloe$3 'ri%ate (ar2et !herein lie lie a retricte$ n#("er o& @(ater co((it(ent hol$er@. Thee hol$er are Tr#t !ith h#ge a(o#nt o& (one* that enter contract#al agree(ent !ith "an2 to "#* a li(ite$ n#("er o& &reh-c#t intr#(ent at a 'eci&ic 'rice $#ring an allotte$ 'erio$ o& ti(e. Their








"ac2ing each tranaction. It i at thi 'oint the client are nee$e$3 "eca#e the in%ol%e$ "an2 an$ co((it(ent hol$er are not allo!e$ to tra$e !ith their o!n (one* #nle the* ha%e reer%e$ eno#gh &#n$ on the (ar2et3 co('riing #n#e$ (one* that "elong to client3 ne%er at ri2. The tra$ing "an2 can loan (one* to the tra$er. T*'icall*3 thi (one* i loane$ at a ratio o& 8)893 "#t $#ring certain con$ition thi ratio can "e a high a >9)8. In other !or$3 i& the tra$er can @reer%e@ 78993 then the "an2 can can loan 78B. In all act#alit*3 the "an2 "an2 i gi%ing the tra$er a line o& cre$it "ae$ on ho! (#ch (one* the tra$erco((it(ent hol$er ha3 ince the "an2 !on;t loan that (#ch (one* !itho#t collateral3 no (atter ho! (#ch (one* the client ha%e. Beca#e "an2er an$ &inancial e/'ert are !ell a!are o& the o'en (ar2et3 an$ e#all* a!are o& the o-calle$ @TN-'rogra(@3 "#t are cloe$ cloe$ o#t o& the 'ri%ate (ar2et3 the* &in$ it har$ to "elie%e that the 'ri%ate (ar2et e/it. ARBITRAGE AND LEERAGE ,ri%ate ,lace(ent tra$ing a&et* i "ae$ on the &act that the tranaction are 'er&or(e$ a ar"itrage tranaction. tranaction. Thi (ean that the intr#(ent !ill "e "e "o#ght an$ reol$ i((e$iatel* !ith 're-$e&ine$ 'rice. A n#("er o& "#*er an$ eller are contracte$3 incl#$ing e/it-"#*er co('riing (otl* o& large &inancial intit#tion3 in#rance co('anie3 or e/tre(el* !ealth* in$i%i$#al. The i#e$ intr#(ent are ne%er ol$ $irectl* to the e/it-"#*er3 "#t to a chain o& client. For o"%io# reaon the in%ol%e$ "an2 "an2 cannot $irectl* 'artici'ate in thee tranaction3 "#t are till 'ro&iting &ro( it in$irectl* "* loaning (one* !ith interet to the tra$er or client a a line o& cre$it. Thi i their le%erage. le%erage. F#rther(ore3 the "an2 'ro&it &ro( &ro( the co((iion co((iion in%ol%e$ in each tranaction. The client; 'rinci'al $oe not ha%e to "e #e$ &or the tranaction3 a it i onl* reer%e$ a a co('enating co('enating "alance 0@(irrore$@1 againt thi cre$it line. Thi cre$it line i then #e$ to "ac2 #' the ar"itrage tranaction. Since the tra$ing i $one a ar"itrage3 the (one* 05cre$it line61 $oen;t ha%e to "e #e$3 "#t it (#t till "e a%aila"le to "ac2 #' each an$ e%er* tranaction.











E%en tho#gh the tra$er i in control o& that (one*3 the (one* till cannot "e 'ent. The tra$er nee$ onl* ho! that the (one* i #n$er hi control3 an$ i not "eing #e$ ele!here at the ti(e o& the tranaction. Thi conce't can "e ill#trate$ in the &ollo!ing e/a('le. A#(e *o# are o&&ere$ the chance to "#* a car &or 793999 an$ that *o# alo &in$ another "#*er that i !illing to "#* it &ro( *o# &or &or 73999. I& the tranaction are co('lete$ at the a(e ti(e3 then *o# !ill not "e re#ire$ to 5'en$6 the 793999 an$ then !ait to recei%e the 73999. ,er&or(ing the tranaction at the a(e ti(e net *o# *o# an i((e$iate 'ro&it o& 73999. Ho!e%er3 *o# (#t till ha%e that 793999 an$ 'ro%e it i #n$er *o#r control. Ar"itrage tranaction !ith $ico#nte$ "an2 intr#(ent are $one in a i(ilar !a*. The in%ol%e$ tra$er ne%er act#all* act#all* 'en$ the (one*3 "#t the* (#t "e in control o& it. The client; 'rinci'al i reer%e$ $irectl* &or thi3 or in$irectl* in or$er &or the tra$er to le%erage a line o& cre$it. Con&#ion i co((on "eca#e (ot ee( to "elie%e that the (one* (#t "e 'ent in or$er to co('lete the tranaction. E%en tho#gh thi i the tra$itional !a* o& tra$ing - "#* lo! an$ ell high ? an$ alo the co((on !a* to tra$e on the o'en (ar2et &or ec#ritie an$ "an2 intr#(ent3 it i 'oi"le to et #' ar"itrage tranaction i& there i a chain o& contracte$ "#*er. Thi i !h* clientJ &#n$ in ,ri%ate ,lace(ent ,rogra( are al!a* a&e !itho#t an* tra$ing ri2. HIGH 4IELD Co('are$ to the *iel$ &ro( tra$itional in%et(ent3 thee 'rogra( ##all* get a %er* high *iel$. A *iel$ o& 9:-899: 'er !ee2 i 'oi"le.









E%en !ith a 'lit o& 'ro&it "et!een the client an$ tra$ing gro#'3 thi till re#lt in a $o#"le-$igit !ee2l* *iel$. Thi e/a('le can till "e een a coner%ati%e3 ince &irt tier tra$ing gro#' can achie%e a (#ch higher ingle 'rea$ &or each tranaction3 a !ell a a (ar2e$l* higher n#("er o& !ee2l* tra$e. CLIENTS The in%ol%e$ client 0'rogra( client1 are not the en$-"#*er in the chain. The act#al real en$-"#*er are &inanciall* trong co('anie !ho are loo2ing &or a long ter(3 a&e in%et(ent3 li2e 'enion &#n$3 tr#t3 an$ in#rance co('anie. Beca#e the* are nee$e$ a en$-"#*er3 the* are not 'er(itte$ to 'artici'ate @in-"et!een@ a client. The client !ho 'artici'ate in a ,,O, i <#t an actor in the 'ict#re along !ith (an* other actor 0i#ing "an23 e/it"#*er3 "ro2er3 etc.1 !ho "ene&it &ro( thi tra$ing. U#all*3 the client $oe not interact !ith other in%ol%e$ in the 'roce.

PROGRAM STRUCTURE

Nor(all*3 a tra$ing 'rogra( i nothing (ore than a 're-arrange$ "#*ell ar"itrage tranaction o& $ico#nte$ "an2ing intr#(ent. Theoreticall*3 an client !ith a large a(o#nt a(o#nt o& &#n$ 0on the le%el o& 7899-99 USD1 co#l$ arrange hi o!n 'rogra( "* i('le(enting the "#*ell tranaction &or hi(el& ho!e%er3 in thi cae he nee$ to control the entire 'roce3 initiating contact !ith the "an2 an$ the e/it "#*er at the a(e ti(e. Thi i not a i('le ta23 coni$ering the retriction in 'lace. For a client it i (#ch i('ler 0an$ ##all* (ore 'ro&ita"le1 to enter a 'rogra( !here the tra$er an$ hi tra$ing gro#' ha%e e%er*thing in 'lace 0the









NON-SOLICITATION AND NON-DISCLOSU NON-DISCLOSURE RE

A a $irect cone#ence o& the ,,O,J en%iron(ent !here thi "#ine ha to ta2e 'lace3 a non-olicitation agree(ent ha to "e trictl* &ollo!e$ "* all 'artie in%ol%e$. Thi agree(ent trongl* in&l#ence the !a* the 'artici'ant can interact !ith each other. So(eti(e non-olicitation agree(ent &oter ca( atte('t3 $#e to the &act that at an earl* tage it i o&ten $i&&ic#lt &or the client to recogni=e relia"le o#rce to "e in contact !ith. There i another reaon !h* o &e! e/'erience$ 'eo'le tal2 a"o#t thee tranaction) %irt#all* e%er* contract in%ol%ing the #e o& thee high-*iel$ intr#(ent contain %er* e/'licit non-circ#(%ention an$ non-$iclo#re cla#e &or"i$$ing the contracting 'artie &ro( $ic#ing an* a'ect o& the tranaction &or a 'eci&ie$ n#("er o& *ear. Hence3 it i %er* $i&&ic#lt to locate locate e/'erience$ contact !ho are "oth 2no!le$gea"le an$ !illing to tal2 o'enl* a"o#t thi t*'e o& intr#(ent an$ the 'ro&ita"ilit* o& the tranaction in !hich the* &ig#re. Thi i a highl* 'ri%ate "#ine3 not a$%ertie$ an*!here nor co%ere$ in the 're3 an$ i cloe$ to an*one "#t the "et-connecte$3 (ot !ealth* entitie that can co(e &or!ar$ !ith #"tantial cah &#n$.

HOW BANKS AND BROKERS CAN PROFIT

Ban2 are not allo!e$ to act act a client in #ch 'rogra(. Ho!e%er3 the* are a"le to 'ro&it in$irectl* in $i&&erent !a*. Thi &act 'er(it o(e 'ri%ate "ro2er3 tra$ing gro#'3 an$ client to ta2e 'art in thi 'roce that other!ie !o#l$ "e a "an2ing (atter onl*. onl*. The aet co(ing &ro( 'ri%ate client are necear* to tart the 'roce. Thee 'ri%ate3 large &#n$ are are the (an$ator* re#ire(ent &or the "#*ell tranaction o& "an2ing $e"t intr#(ent.









PROJECTS

The '#r'oe o& thi t*'e o& tra$ing i to &inance 'ro
PROCESS SUMMARY

The &ollo!ing i a #((ar* o& the 'roce in%ol%e$ &or entering a ,,O,) A client !ith

(ini(#( o& 899

a''lie &or ,ri%ate ,lace(ent









A&ter the client ha ent hi o!n 'a'er!or2 0their ,a'ort3 Client In&or(ation Sheet3 an$ recent "an2 tate(ent ho!ing cah13 the tra$ing gro#' !ill in%etigate the a''licant. I& the re'one i 'oiti%e3 the 'rogra( (anager in the tra$ing gro#' !ill contact contact or (eet !ith the client. I& the in%etigation i not &a%o#ra"le3 the 'rogra( (anager !ill contact the "ro2er an$ tell hi( that the client $i$ not #ali&*. D#ring the contact !ith the client3 the tra$er !ill e/'lain the 'rogra( ter(con$ition to the client3 an$ o#tline the g#arantee an$ re#ire(ent to tart the 'rogra(. The client !ill get intr#ction to o'en a ne! ole ignator* "an2 acco#nt at the tra$ing "an2 &or tran&erring the &#n$ there. The client !ill recei%e a contract !hich tate the total gro *iel$3 the 'ercentage o& the gro 'ro&it reer%e$ &or 'ro9 'rohi"it the #e o& an aet other than cah or gol$ "#llion in a "an2 %a#lt. A











The a''licant client !ill not "e a"le to (eet $irectl* !ith the tra$er in thi "#ine. The (ain reaon !h* there; a "ro2er-inter(e$iar* "ro2er-inter(e$iar* chain i "eca#e the 'eo'le in the tra$ing gro#' ha%e no ti(e or interet in (eeting all the 'eo'le !ho are <#t &ihing &or in&or(ation3 an$or !ho &ail to #ali&* "eca#e the* $on;t ha%e eno#gh (one*3 or ha%e #ele "an2 intr#(ent. I& *o#;re a #ali&*ing client3 tr#l* connecte$ inter(e$iarie"ro2er ho#l$ "e a"le to 'lace *o# in contact !ith a 'er&or(ing tra$ing gro#'. Don;t atte('t to &in$ a tra$er on *o#r o!n) o!n) ot o-calle$ tra$er in the &inancial !orl$ are not in%ol%e$ in thi 2in$ o& tra$ing an$ are not e$#cate$ to their e/itence. Thoe &e! tra$er !ho are 2ee' a lo! 'ro&ile 'ro&ile an$ !o#l$ ne%er tal2 !ith a client !ho han;t "een cleare$. In &act the* cannot #ntil the client 'ae the international 4C 0no! 4o#r C#to(er1 co('liance. When it co(e to cae o& non-'er&or(ance3 the 'ro"le( i ##all* on the client i$e. The client $oen;t #ali&* &or a %ariet* %ariet* o& reaon he $oen;t ha%e eno#gh (one*3 the "an2 i too (all or i locate$ in the !rong co#ntr*3 he cannot (o%e hi &#n$3 etc. O&tenti(e $eal are 2ille$ "eca#e the "ro2er an$or inter(e$iar* $on;t #n$ertan$ the 'roce3 an$ in








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The* $ela* the $eli%er* o& $oc#(ent or en$ &a2e or non-con&ir(e$ $oc#(ent.



Their i$entit* cannot "e con&ir(e$.

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The* are "lac2lite$ or #n$er in%etigation.

Re(e("er that the tra$ing gro#' $oe not ha%e to gi%e an* e/'lanation !h* the client $oen;t 'a thro#gh the clearance. Client ho#l$ #n$ertan$ !hat i re#ire$ to #ali&*) 

A (ini(#( o& 7899 illion EURO or USD in cah locate$ in a (a


The client3 or co('an* i& one i re'reente$3 ho#l$ "e clearl* i$enti&ie$.









It i $i&&ic#lt &or an* client to en#re that he (eet the right 'eo'le thoe &e! inter(e$iarie an$ "ro2er !ho 2no! the 'roce an$ !ho are !or2ing !ith a 'er&or(ing tra$ing gro#'. The "et he can $o i to e$#cate hi(el& an$ not "e l#re$ "* thoe !ho clai( clai( that their 'rogra( !ill gi%e the highet *iel$. He (#t alo "e 'atient3 an$ tr#t the legiti(ate inter(e$iar* or "ro2er. There i no !a* that the client !ill $irectl* (eet !ith the tra$e gro#' "e&ore he ha "een cleare$. I& &or an* reaon the client i $iati&ie$ !ith the "ro2er an$or inter(e$iar*3 then another one can "e o"taine$. Thee are o(e o& the (ain ri2 the client can (eet) 

Nothing !ill co(e o#t o& the tra$e no contract an$ no 'ro&it3 <#t &r#tration a&ter !ee2(onth o& !aiting.

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Client or their inter(e$iarie an$or "ro2er are @ho''ing aro#n$@ !ith client $oc#(ent3 !hich ooner or later !ill re#lt in "lac2liting.

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The client i tol$ that he (#t (o%e hi &#n$ o#t o& hi o!n control to an ecro! acco#nt3 etc.









hol$er3 or !hate%er. An$ ince #ch 'oition cannot "e %eri&ie$ 0at the &irt tage13 #ch title can "e (eaningle a een &ro( the client; 'oint o& %ie!. There i al(ot al!a* a chain o& tra$ing gro#'3 a "ro2er an$ inter(e$iar*3 an$ client. Thi i &or t!o reaon. Firtl*3 tra$ing gro#'3 "ro2er3 an$ inter(e$iarie are not allo!e$ to olicit the Client (#t tart "* a2ing &or in&or(ation. Secon$l*3 thi 'rotect all 'artie in%ol%e$ !ith the tra$ing gro#'. Bro2er (a* !or2 thro#gh e%eral inter(e$iarie3 an$ %ice %era inter(e$iarie. A chain o& (ore than one or t!o inter(e$iarie connecte$ $irectl* "et!een the t!o ,rinci'al3 in general3 i not acce'ta"le to o(e 'rogra( 'ro%i$er. A goo$ "ro2er ho#l$ alo creen the 'otential client3 &iltering the (ot 'ro(iing a''licant an$ at the a(e ti(e collecting &ro( the( the 'ro'er $oc#(entation. In thi !a*3 the tra$ing gro#' recei%e !or2a"le !or2a"le $oc#(entation &ro( the "ro2er. The (ot co((on ri2 or 'ro"le( that a "ro2er3 an inter(e$iar* or a &acilitator can (eet !ith in thi "#ine are) 

The* (a* nee$ to in%etigate $o=en o& client "e&ore &in$ing a #ali&ie$ a''licant.









Fro( ti(e to ti(e *o# (a* hear a"o#t ca( 0or 'otential ca(1 in the High 4iel$ In%et(ent ,rogra( arena. One o& the con$ition con$ition that &acilitate ca( in thi "#ine i $#e (ainl* to the non-olicitation en%iron(ent an$ the 'ri%ate a''roach re#ire$ that &orce in&or(ation to re(ain a '#re !hi'ere$ goi' rea$* to "e e/'ree$ alo#$ at an* ti(e. That &act &acilitate a $i&&#e le%el o& ignorance in thi (atter !here ca((er are in their ele(ent. ,oi"le ca( incl#$e) 

The inter(e$iar* a2 &or #'-&ront &ee 0in a real it#ation no one !ill a2 &or #'-&ront &ee to the client1.

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4o# are a2e$ to tran&er the (one* into an ecro! acco#nt not in &#ll control o& the client.

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4o# are a2e$ to "#* a "an2 intr#(ent againt the &#n$ to tart the 'rogra( 0that later !ill "e $ico%ere$ to "e o& no %al#e1.

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4o# are a2e$ to 'ool the &#n$ together !ith other little client.

The internet i no! &#ll o& $i&&erent (one*-(a2ing o''ort#nitie that 'ro(ie











It i the !riterJ o'inion that la!*er an$ acco#ntant are engage$ to er%e a 'eo'le !ho e/ec#te agree(ent or &inancial re'ort "et!een the 'rinci'al in #''ort o& the clientJ "#ine $eciion (a$e "et!een t!o 'artie. In (ot general cae3 their a$%ice i olicite$3 ho!e%er3 it i rare to &in$ an attorne* !ho i inti(atel* &a(iliar !ith ,,O,J. A a re#lt3 al(ot al!a*3 the client i 'oorl* a$%ie$ "* 'racticing attorne*J !ho are not #&&icientl* e$#cate$ in thi arena. Wo#l$ *o# go to a 'o$iatrit to get a$%ice on ha%ing "rain #rger* Too o&ten3 "eca#e o& their !ell-$eer%e$ achie%e(ent to "eco(e a legal or acco#nting 'ro&eional3 the* are a$$itionall* a2e$ to g#i$e an$ $irect the clientJ $eciion. Whilt the* are traine$ 'ro&eional in their re'ecti%e &iel$3 the* are not the one !ho ho#l$ "e in charge o& or $irect the clientJ #lti(ate "#ine $eciion. A a re#lt3 t*'icall* ill-a$%ie$ in'#t co(e &ro( a lac2 o& #n$ertan$ing in thi arena3 an$ (an* client !ho other!ie !o#l$ ha%e "ene&ite$ !ell are tol$ to ta* a!a* "* their a$%iorJ. E%en tho#gh the* !ill "elie%e or tate the* are 'rotecting the clientJ3 the lot o''ort#nit*









O"%io#l*3 it !o#l$ not "e a goo$ i$ea to re%eal e%er*thing regar$ing thi t*'e o& tra$ing in thi !riting3 or on an* other '#"lic con&erence or &or#(. Thi 2in$ o& tra$ing can onl* contin#e "eca#e it i #n2no!n to the '#"lic an$ tra$itional client. The 'ro&eional in thi "#ine (#t "e e/tre(el* ca#tio# !hen it co(e to haring in&or(ation. Learn an$ #n$ertan$ (onetar* hitor* an$ "an2ing3 an$ it !ill "eco(e clear !h* thi t*'e o& tra$ing can ? an$ $oe ? !or2.

PPPs Explained. 2019

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