Thermotherapy to free seeds from pathogenic bacteria.
\r\n\tThis book plans to focus on elaborating recent advances in the field of electrodeposition with fruitful evidence. The feasibility of electrodeposition routes to fabricate different metals and their derivatives for various uses are to be explained in detail.
",isbn:null,printIsbn:"979-953-307-X-X",pdfIsbn:null,doi:null,price:0,priceEur:0,priceUsd:0,slug:null,numberOfPages:0,isOpenForSubmission:!1,isSalesforceBook:!1,isNomenclature:!1,hash:"207613e28b728f2b6cd3007e746cdefa",bookSignature:"Prof. Dhanasekaran Vikraman and Dr. K. Karuppasamy",publishedDate:null,coverURL:"https://cdn.intechopen.com/books/images_new/8532.jpg",keywords:"Topic 1:Thin films\r\nKeywords: Electrodeposition, Anodic deposition, cathodic deposition, Reaction kinetics\r\nTopic 2: Metals and metal oxides \r\nKeywords: II-VI elements, copper oxide, Ferrous oxide, Silver oxide\r\nTopic 3: Chalcogens \r\nKeywords: metal dichalcogens\r\nTopic 4: Alloys\r\nKeywords: Metal alloys, Solid solution, Gold - copper, Iron - Cobalt",numberOfDownloads:null,numberOfWosCitations:0,numberOfCrossrefCitations:0,numberOfDimensionsCitations:0,numberOfTotalCitations:0,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"August 14th 2019",dateEndSecondStepPublish:"September 4th 2019",dateEndThirdStepPublish:"November 3rd 2019",dateEndFourthStepPublish:"January 22nd 2020",dateEndFifthStepPublish:"March 22nd 2020",dateConfirmationOfParticipation:null,remainingDaysToSecondStep:"3 years",secondStepPassed:!0,areRegistrationsClosed:!0,currentStepOfPublishingProcess:5,editedByType:null,kuFlag:!1,biosketch:null,coeditorOneBiosketch:null,coeditorTwoBiosketch:null,coeditorThreeBiosketch:null,coeditorFourBiosketch:null,coeditorFiveBiosketch:null,editors:[{id:"199404",title:"Prof.",name:"Dhanasekaran",middleName:null,surname:"Vikraman",slug:"dhanasekaran-vikraman",fullName:"Dhanasekaran Vikraman",profilePictureURL:"https://mts.intechopen.com/storage/users/199404/images/system/199404.png",biography:"Dr. Dhanasekaran Vikraman is an assistant professor in the Division of Electronics and Electrical Engineering, Dongguk University, Seoul, Korea. He received his bachelor’s degree from Mannai Rajagopalaswamy Government Arts College, Mannargudi, affiliated with Bharathidasan University, India. He completed his master’s degree and Ph.D. at the Department of Physics, Alagappa University, India. Later, he received a visiting scientist position at KIST, Korea; a Marie-Curie Experienced Researcher fellowship at the Department of Physics, Aristotle University of Thessaloniki, Greece; and post-doc positions at Sejong University and Ajou University, Korea. He has authored more than 180 international journal articles and 3 book chapters and edited several books. He serves as a guest editor and topic editor for various journals.",institutionString:"Dongguk University",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"1",totalChapterViews:"0",totalEditedBooks:"2",institution:{name:"Dongguk University",institutionURL:null,country:{name:"Korea, South"}}}],coeditorOne:{id:"300938",title:"Dr.",name:"K.",middleName:null,surname:"Karuppasamy",slug:"k.-karuppasamy",fullName:"K. Karuppasamy",profilePictureURL:"https://mts.intechopen.com/storage/users/300938/images/system/300938.jpeg",biography:"Dr. K. Karuppasamy is currently working as an Assistant professor at Division of Electronics & Electrical Engineering, Dongguk University-Seoul, South Korea. He received his Ph.D. in the field of nanocomposite electrolytes for lithium-ion batteries in Anna University, Chennai, India in 2014. Later, he completed his Post-Doc positions at Department of Metallurgical Engineering and Materials Science, Indian Institute of Technology Bombay, India, and Department of Chemical Engineering, Sogang University, Seoul, South Korea. His research interests mainly focus on synthesis and characterization of nanostructured materials for energy storage and conversion device applications. He has published more than 50 research papers in well reputed international journals and also authored for 25 international and national conference papers.",institutionString:"Dongguk University",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"0",totalChapterViews:"0",totalEditedBooks:"0",institution:{name:"Dongguk University",institutionURL:null,country:{name:"Korea, South"}}},coeditorTwo:null,coeditorThree:null,coeditorFour:null,coeditorFive:null,topics:[{id:"8",title:"Chemistry",slug:"chemistry"}],chapters:null,productType:{id:"1",title:"Edited Volume",chapterContentType:"chapter",authoredCaption:"Edited by"},personalPublishingAssistant:{id:"297737",firstName:"Mateo",lastName:"Pulko",middleName:null,title:"Mr.",imageUrl:"https://mts.intechopen.com/storage/users/297737/images/8492_n.png",email:"mateo.p@intechopen.com",biography:"As an Author Service Manager my responsibilities include monitoring and facilitating all publishing activities for authors and editors. From chapter submission and review, to approval and revision, copyediting and design, until final publication, I work closely with authors and editors to ensure a simple and easy publishing process. I maintain constant and effective communication with authors, editors and reviewers, which allows for a level of personal support that enables contributors to fully commit and concentrate on the chapters they are writing, editing, or reviewing. I assist authors in the preparation of their full chapter submissions and track important deadlines and ensure they are met. I help to coordinate internal processes such as linguistic review, and monitor the technical aspects of the process. As an ASM I am also involved in the acquisition of editors. Whether that be identifying an exceptional author and proposing an editorship collaboration, or contacting researchers who would like the opportunity to work with IntechOpen, I establish and help manage author and editor acquisition and contact."}},relatedBooks:[{type:"book",id:"6695",title:"Design, Simulation and Construction of Field Effect Transistors",subtitle:null,isOpenForSubmission:!1,hash:"304929bc541d961dff8977432a49075e",slug:"design-simulation-and-construction-of-field-effect-transistors",bookSignature:"Dhanasekaran Vikraman and Hyun-Seok Kim",coverURL:"https://cdn.intechopen.com/books/images_new/6695.jpg",editedByType:"Edited by",editors:[{id:"199404",title:"Prof.",name:"Dhanasekaran",surname:"Vikraman",slug:"dhanasekaran-vikraman",fullName:"Dhanasekaran Vikraman"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"11210",title:"Chalcogenides",subtitle:"Preparation and Applications",isOpenForSubmission:!1,hash:"f5bf032bc55f99e48f4b0e5375ca7442",slug:"chalcogenides-preparation-and-applications",bookSignature:"Dhanasekaran Vikraman",coverURL:"https://cdn.intechopen.com/books/images_new/11210.jpg",editedByType:"Edited by",editors:[{id:"199404",title:"Prof.",name:"Dhanasekaran",surname:"Vikraman",slug:"dhanasekaran-vikraman",fullName:"Dhanasekaran Vikraman"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"1591",title:"Infrared Spectroscopy",subtitle:"Materials Science, Engineering and Technology",isOpenForSubmission:!1,hash:"99b4b7b71a8caeb693ed762b40b017f4",slug:"infrared-spectroscopy-materials-science-engineering-and-technology",bookSignature:"Theophile Theophanides",coverURL:"https://cdn.intechopen.com/books/images_new/1591.jpg",editedByType:"Edited by",editors:[{id:"37194",title:"Dr.",name:"Theophile",surname:"Theophanides",slug:"theophile-theophanides",fullName:"Theophile Theophanides"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"3161",title:"Frontiers in Guided Wave Optics and Optoelectronics",subtitle:null,isOpenForSubmission:!1,hash:"deb44e9c99f82bbce1083abea743146c",slug:"frontiers-in-guided-wave-optics-and-optoelectronics",bookSignature:"Bishnu Pal",coverURL:"https://cdn.intechopen.com/books/images_new/3161.jpg",editedByType:"Edited by",editors:[{id:"4782",title:"Prof.",name:"Bishnu",surname:"Pal",slug:"bishnu-pal",fullName:"Bishnu Pal"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"371",title:"Abiotic Stress in Plants",subtitle:"Mechanisms and Adaptations",isOpenForSubmission:!1,hash:"588466f487e307619849d72389178a74",slug:"abiotic-stress-in-plants-mechanisms-and-adaptations",bookSignature:"Arun Shanker and B. 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This organic farming is regulated by certain certifications including chemical-free state of agriculture farm. In this condition use of chemicals will not help farmers for these certifications; rather, there is rejection of the produce. Here it becomes pertinent to involve those practices which are natural and can help control diseases naturally. Priming and pelleting are commonly used practices for seed treatment to enhance the production of
High humidity in the environment and moist soil together with optimum temperature result in high incidence of various diseases. Diseases like bacterial spot (
Bacterial spot (
Seed is the primary and essential starting point of a wide range of horticultural crops, including the majority of vegetables. The high-quality seeds of vegetable varieties that display early, consistent, dynamic seedlings and better- and good-quality fruits from individual seed sown at favourable or unfavourable conditions have increased significantly in recent years. Seedling emergence and field stand establishment is one of the problems faced by the growers, especially in early planting where adverse conditions are prevailing (low temperature and high soil moisture). Delayed, erratic germination and emergence, poor stand, slow early seedling growth rate and non-uniform maturity often limit crop production even under optimum environmental conditions [8, 9, 10]. Extensive seed germination and seedling appearance has increased the occurrence of pre-damping off mortality caused by soil-borne fungi [11]. This also leads to establishment of weeds in the fields even before the crop seedlings are mature enough to be cultivated, competing with the main crop for nutrients, and moreover, they hinder the processes of fertilisation, chemical application and mechanical harvesting.
\nThe most appropriate seed treatment with respect to least damage, economy, efficiency and application is hot water soaking. It is an old-age practice based on treatment with hot water whose temperature is high enough to kill the pathogen but not high enough to harm the seed, hence a very good technique to control many seed-borne diseases [12, 13]. Heat treatment may be applied for agricultural commodities by (1) immersion in hot water, (2) exposure to vapour heat, (3) exposure to hot dry air, (4) treatment with infrared radiation or (5) microwave radiation. Hot water treatments of seed and plant material are classical thermophysical methods of plant protection and are more eco-friendly and effective than chemical treatments.
\nHot water treatment can be damaging or not practical for seeds of peas, beans, cucumbers, lettuce, sweet corn, beets and some other crops [12, 14, 15], but it is highly recommended for pepper, eggplant, tomato, cucumber, carrot, spinach, lettuce, celery, cabbage, turnip, radish and other crucifers. It may also severely damage old seeds, and therefore, a small sample of any seed lot over 1 year should be first treated and then tested for germination to determine the amount of injury that may occur. Hot water treatment is recommended for seeds with surface or deep-seated infections. Effective treatment temperature and duration have to be found out for every vegetable crop and the relevant pathogens. The principle is to eliminate the pathogens as far as possible without decreasing germination of seeds. For example, just a 5-min difference in treatment time can lead to diverse differences in the germination rate of cabbage seed.
\nA number of tests and studies of heat treatment must be undertaken to optimise the time and temperature that are most adaptable to the seeds to be treated and the pathogens to be killed before practical application. Susceptibility to heat damage may differ among different varieties of plant species [16, 17]. The time/temperature combination for a given plant seed depends on many factors interacting with the heat susceptibility of the host, viz., conditions of external layers, dormancy, moisture content, age and vigour [18]. Particularly, it has long been known that the smaller the initial water content of seeds is at the time of heating, the greater the resistance to high temperatures [19]. Two major groups of proteins may be activated by the hot water treatments that induce fruit resistance: heat shock proteins (HSPs) and pathogenesis-related (PR) proteins. HSPs are believed to play a major role in thermotolerance [20, 21, 22]. Among the PR proteins, most characterised enzymes chitinases and β-1,3-glucanases hydrolyse polymers of fungal cell walls and are, therefore, thought to be involved in the plant defence mechanism against fungal infection [23, 24].
\nNega et al. [15] stated that even with longer treatment times, hot water treatment with a temperature of 40°C had no significant effect on the seed-borne pathogens. However, on all the crops investigated, hot water treatments at temperatures 50 or 53°C for 10–30 min had a good phytosanitary effect. In the majority of cases, these treatment conditions did not affect seed germination. Therefore, to reduce the effect of higher temperature like 53°C on germination, comparatively shorter treatment time must be used, especially on sensitive crops like cabbage, etc. The treatment of 50°C for 30 min is optimal against
In the past, Walker [25] observed complete abolition of
Melanie et al. [36] demonstrated the efficiency of hot water treatment method in reducing bacterial diseases like bacterial spot and bacterial canker in tomato under greenhouse as well as open-field conditions. They also observed that after treating, seedlings from the same seed lots with hot water did not get diseased in the greenhouse or fields. In plots/fields established from hot water-treated seed, the occurrence of bacterial canker was less extensive, and yields were higher than the plots/fields established from non-treated seeds. Also, fruits from non-treated seeds were considerably smaller than fruits from treated seeds. Reduced infection frequency of bacteria responsible for bacterial canker and bacterial leaf spot was observed in tomato seeds after hot water treatment with increased fruit size and yield.
\nHot water treatment of seeds of okra (
The effects of hot water treatments of carrot seeds on seed-borne fungi, germination, emergence and yield were studied by Hermansen et al. [40] where the seeds infected with
Hot water treatment of seeds was also observed to be helpful in controlling seed-borne pathogens in sweet pepper. Aguilar et al. [42] observed that hot water treatment of bell pepper at 45°C for 15 min or 53°C for 4 min before storing them at 8°C reduced the occurrence of fungal infections. Several hot water treatments of bell pepper seeds resulted in considerable drop-off in seed viability but had no effect on seed vigour [43]. No study can be found in the literature that attempted to arrive at the optimum time-temperature combination for sweet pepper. Therefore, the effect of hot water treatments of sweet pepper seeds on seed viability and seedling vigour needs to be investigated (Table 1).
\nCausal agent | \nHost | \nThermotherapy tested | \nResult | \nRef. | \n
---|---|---|---|---|
\n | \nTomato ( | \nHot water treatment at 53, 54 and 55°C for 10–60 min | \nGermination remained unaffected up to 55°C for 30 min; bacteria were recovered after 30 min at 53 and 54°C and not after 40 min | \nBryan [44] | \n
\n | \nTomato | \nSoaking infected seeds 30 min in hot water at 56°C | \nPlants develop significantly less disease than when no seed treatment is used; seed germination is slightly reduced | \nShoemaker and Echandi [45] | \n
\n | \nBean ( | \nHot water treatments: 50°C for 45–60 min | \nReduction of bacterial number by 98–l00% but 45% reduction in seed germination for 60 min soaking with naturally infected seeds | \nTamietti [46]; Tamietti and Garibaldi [47] | \n
\n | \nPea ( | \nDry heat at 65°C for 72 h and soaking in water at 55°C for 15 min | \nSignificant reduction of pathogen contamination but germination lowered 5–20% | \nGrondeau et al. [48] | \n
\n | \nTomato | \nInfected seeds are subjected to hot water treatment at 48°C for 60 min | \nPathogens are killed, and germination is not affected | \nDevash et al. [49] | \n
\n | \nCabbage, cauliflower ( | \nHot water treatment at 50°C for 30 min | \nPathogens are eliminated successfully by this treatment to prevent seedling infestation | \nShekhawat et al. [34] | \n
\n | \nCarrot ( | \nHot water treatment (52°C for 10 min) | \nCan prevent pathogen infestation | \nArk and Gardner [50] | \n
\n | \nPumpkin ( | \nHot water treatment at 54 and 56°C for 30 min | \nGreatly reduces the level of seed infestation but does not completely eliminate it | \nMoffett and Wood [51] | \n
High incidences of disease in consumers leading to fatal diseases like cancer have attracted the attention of researchers. The causative agents were explored, and the focus was indiscriminate use of chemicals starting from seed treatment to crop productions. The residual effects of pesticides, herbicides and other chemicals are long lasting, adversely affecting the health of consumers. Some mechanism and treatments are needed to address these problems. Hot water treatment is one such mechanism which has been reviewed in the chapter to help the consumers taking care of all the public health issues. The present study provides easy to practice technique to farmers without involving cumbersome techniques to farmers to protect the capsicum against bacterial, viral and fungal diseases, leading to optimal productions without harming the interest of consumers.
\nThe
As defined in the Guide to Banking Supervision, the European Central Bank (ECB) has identified three objectives to be achieved by the
The safety and soundness of the European banking system.
Integration and stability of the financial sector.
The increased consistency of banking supervision across the Euro area.
The Single Supervisory Mechanism (SSM) has no legal personality and its purpose is the prudential supervision of banking activities. It consists of the ECB, which also plays the lead role, and the national competent authorities (NCAs) of the participating countries. Although the ECB has the ultimate responsibility for decision-making, it carries out its supervisory tasks under the MVU in close cooperation with the NCAs. Working with the NCAs, the ECB performs direct supervision of institutions defined as Significant (SIs). On the other hand, the supervision of Less Significant institutions (LSIs) is carried out directly by the NCAs in a unified supervisory approach guided by the general guidelines and instructions given by the ECB. In addition, all supervisory tasks that are not conferred within the MVU, such as consumer protection or anti-money laundering, remain with the NCAs. The criteria for determining whether banks can be considered significant – and therefore subject to direct ECB supervision – are defined in the MVU Regulation.
\nTo qualify as significant, banks must meet at least one of these criteria4:
The total value of assets exceeds €30 billion or, unless the total value of assets is less than €5 billion, exceeds 20% of national GDP.
Be one of the three most significant credit institutions in a Member State.
Receive direct assistance from the European Stability Mechanism.
The total value of assets exceeds €5 billion and the ratio of cross-border assets in more than one other participating Member State to total assets exceeds 20%, or the ratio of cross-border liabilities in more than one other participating Member State to total liabilities exceeds 20%.
The ECB may decide at any time to classify a bank as significant to ensure that high supervisory standards are applied consistently, and conducts periodic reviews of all licenced banks within the SSM. The classification of banks may be changed due to the normal operations of credit institutions or as a result of extraordinary events such as mergers or acquisitions. In such cases, the ECB and the national supervisory authorities involved coordinate the transfer of supervisory responsibilities. The purpose of balancing the regulatory requirements for institutions of different sizes is to promote the stability of the financial system and to ensure a level playing field within the financial system and an appropriate comparison of risk, capital and liquidity profiles between intermediaries of different sizes and operational complexity.
\nFor significant institutions, the ECB carries out its supervision through a specific methodology, the periodic assessment of their economic and financial situations, the verification of compliance with prudential rules, the adoption of any necessary supervisory measures, and the performance of stress tests. All of this is done by the Joint Supervisory Teams (JST) composed of staff from the ECB and the NCAs of the significant institutions’ countries of establishment. The JST is responsible for drafting and organising the supervisory review programme, as well as for performing day-to-day supervision at consolidated, sub-consolidated and individual levels (assessments of the institutions’ risk profiles, business models and strategies, risk management and control systems and internal governance). JST members may also participate in on-site inspections and investigations of internal models.
\nIn our country, the supervision of less significant banks and banking groups is instead exercised directly by the Bank of Italy with a view to unitary supervision under the guidelines and general instructions given by the ECB. Among the less significant banks are the so-called “High Priority” banks for which the exchange of information between the BoI and the ECB is more intense. (These are the first banks “below the threshold” of €30bn in assets.) However, the BoI retains full and autonomous competence in the areas of consumer protection, combating money laundering and terrorist financing, supervision of payment services and markets for financial instruments, and supervision of non-banks and branches of non-EU banks.
\nAs regards SIMs and OICR managers, the Consolidated Law on Finance (TUF) assigns to the Bank of Italy supervisory tasks for risk containment, stability and sound and prudent management, and to Consob those for the transparency and propriety of the conduct of these intermediaries in offering investment products.
\nThe First Pillar of the MUV (SSM) is based on the so-called Basel framework, or rather on the following regulatory sources:
CRR (
CRD IV (
Starting from 2021, the two regulatory packages will be gradually replaced by the new CRR II and CRD V, whose regulatory changes define the final structure of the new “
CRR II and CRD V.6\n
Basel III: Finalising post-crisis reforms.
EU Regulation 2017/2401–2402 (
The prudential supervisory framework for risk and capital (Basel IV) has always been ideally divided into three pillars:
\n
\n
\n
In general terms, the MUV is based on the European single rulebook, which therefore consists – in addition to the Regulation and the Directives (Directive 2013/36/EU-CRD IV, EU Regulation no. 575/2013 - CRR, Directive 2014/49/EU -
The entire structure of the Single Supervisory Mechanism is based on a principle of proportionality aimed at achieving a uniform application of the rules while respecting the diversity of banks’ business models, identities, size and operational complexity. However, the operational implementation of this principle does not always seem to have been able to fully achieve these objectives, which is why the application of this principle continues to be a priority on the agenda of European authorities.
\nHowever, the approach of European supervision has historically been oriented towards the definition of a set of rules equal for all, in order to ensure homogeneity of treatment for different banks: the principle of “one size fits all”. However, this approach, while further tightened in the immediate post-crisis years, has been revisited from a proportional perspective (at least in theory) with the introduction of the current CRR and CRD IV and the future entry into the scene of the new CRR II and CRD V.
\nThe application of the principle of proportionality within the Single European Supervisory Mechanism is therefore substantiated by the application of the same rules to all banking intermediaries, but with a “depth” and an articulation proportionate to the significance and/or operational complexity. The significance of an intermediary is relevant to the identification of the competent Supervision Authority, even though, in this regard, an intense collaboration between the European Central Bank and the NCAs is foreseen to guarantee the harmonised application of the Community rules. Specifically, the SSM provides that, with regard to the supervision of the
Priority classes | \nIntermediary | \n
---|---|
Very High | \nAny LSIs identified as O-SIIs | \n
High | \nHigh priority LSI | \n
Medium | \nMedium priority LSI | \n
Low | \nLow priority LSI | \n
Classification of LSIs into priority classes.
Source: Bank of Italy.
Based on this classification, the NCAs establish the intensity of Pillar II assessments, supervisory expectations and information requirements at the data collection stage, calibrated according to the classes.10 Supervisory activities for less significant institutions consist of regular assessments conducted jointly by the ECB and the NCAs of the Member States, with the aim of making the best use of the information available to the national authorities. Moreover, for high priority LSIs, the ECB examines the supervisory procedures and relevant draft decisions established by the NCAs themselves11.
\nThe subject of the proportionality of the rules of supervision and surveillance in the European banking system is of strategic importance, also due to the fact that the LSIs represent a pillar of the European real and financial economy, even though 80% of these institutions are concentrated in nine countries (primarily Austria, Germany and Italy, but also Croatia, Denmark, Luxembourg, Poland, Slovakia and Slovenia).12 It is interesting, in this context, to observe how the principle of proportionality is implemented overseas.
\nIn fact, US banking regulations basically implement the Basel standards for large banks, while the provisions of the reform known as the “Wall Street Reform” or also the “Dodd-Frank Act”13 establish a series of rules tailored to the size of small and medium-sized banks, which make up about 95% of US credit institutions. From the outset, the main objective of the definition of new common rules was to guarantee greater stability to the US financial apparatus and above all to avoid the spread of systemic risk. Although this objective was perfectly consistent with that of European legislators, the approach used on the other side of the Atlantic was more oriented towards defining more stringent rules for large banks (identified as those with total assets of over $50 billion), and therefore by definition carrying systemic risk, while a set of new, less onerous rules proportionate to their operations was envisaged for community banks. In addition, in 2018, the Dodd-Frank Act was revised and amended with a view to further calibrating it towards a more pervasive application of the proportionality principle. For example, while initially the more stringent rules on stress testing, MREL requirements and the weakening of the role of advanced internal models were only applicable to institutions with assets in excess of $50 billion, from 2019 they would be limited to institutions with assets in excess of $250 billion. In the case of smaller banks, the legislature instead focused its attention on the need to hold high capital requirements, which – especially initially – resulted in the closure of smaller, underperforming banks [1].
\nWith regard to Community banks, however, the principle of proportionality does not take the form of applying the same regulatory requirements with a different degree of depth, but rather provides for total exemption from certain supervisory standards (this is the case for banks with assets of less than $10 billion, which are not subject to the macroprudential stress tests that are mandatory for all larger institutions, including those with assets of between $10 and $50 billion). The application in the United States of the regulatory standards envisaged by Basel III applies, with due differentiation, to two categories of credit intermediaries:
\n\nTable 2\n summarises the regulatory capital and liquidity requirements for different types of banks operating in the US system.
\nApplicable Regulations | \nCurrent Tailoring of Rules | \n||||
---|---|---|---|---|---|
G-SIB | \nInt’l Active ($250b+) | \nRegional ($50-250b) | \nMid-size ($10-50b) | \nSmall (<$10b) | \n|
\n | \n|||||
Global market shock for trading | \nYes (6/8) | \nNo | \nNo | \nNo | \nNo | \n
Counterparty default scenario | \nYes (8/8) | \nNo | \nNo | \nNo | \nNo | \n
Qualitative Fed-run process review | \nYes | \nYes | \nNo | \nNo | \nNo | \n
Quantitative Fed-run stress tests | \nYes | \nYes | \nYes | \nNo | \nNo | \n
Fed ability to object to capital plans through CCAR | \nYes | \nYes | \nYes | \nNo | \nNo | \n
\n | \n|||||
Quantitative Fed-run stress tests | \nYes | \nYes | \nYes | \nNo | \nNo | \n
Company-run stress tests | \nYes | \nYes | \nYes | \nYes | \nNo | \n
Annual stress test | \nYes | \nYes | \nYes | \nYes | \nNo | \n
Mid-year stress test | \nYes | \nYes | \nYes | \nNo | \nNo | \n
\n | \n|||||
Risk-based | \n\n | \n | \n | \n | \n |
G-SIB capital buffers | \nYes | \nNo | \nNo | \nNo | \nNo | \n
Countercyclical capital buffer | \nYes | \nYes | \nNo | \nNo | \nNo | \n
Including AOCI changes in capital | \nYes | \nYes | \nNo | \nNo | \nNo | \n
Risk-based (i.e., Base III) | \nYes | \nYes | \nYes | \nYes | \nYes | \n
Leverage ratio | \n\n | \n | \n | \n | \n |
Enhanced Supplementary leverage ratio (eSLR) | \nYes | \nNo | \nNo | \nNo | \nNo | \n
Supplementary leverage ratio (SLR) of 3% | \nYes | \nYes | \nNo | \nNo | \nNo | \n
U.S. leverage ratio | \nYes | \nYes | \nYes | \nYes | \nYes | \n
TLAC and long-term debt requirement | \nYes | \nNo | \nNo | \nNo | \nNo | \n
\n | \n|||||
Liquidity coverage ratio (LCR) | \nYes | \nYes | \nNo | \nNo | \nNo | \n
Modified LCR | \nNo | \nNo | \nYes | \nNo | \nNo | \n
Net stable funding ratio (NSFR), proposed rule | \nYes | \nYes | \nNo | \nNo | \nNo | \n
Modified NSFR, proposed rule | \nNo | \nNo | \nYes | \nNo | \nNo | \n
Breakdown of the main regulatory obligations in the US system.
Source: U.S. Treasury (A Financial System That Creates Economic Opportunities - Banks and Credit Unions. Pag.41. www.treasury.gov).
A comparison of the regulatory indicators in the US and European systems reveals some differences in the proportionate application of supervisory rules with respect to bank size. First, while US regulation provides for a full exemption from stress testing for community banks, in Europe this exemption does not apply to LSIs. With respect to capital requirements, however, the main difference is that while the EU framework allows NCAs to require even smaller institutions to hold an additional countercyclical capital buffer in good times, this only applies to banks with assets greater than $250 billion in the US. Ultimately, evidence of different application of the proportionality principle can also be found with respect to liquidity requirements. Specifically, while in the US full compliance with the LCR (Liquidity Coverage Ratio14 [2]) and NSFR (Net Stable funding Ratio)15 [2] is only required for banks with assets greater than $250 billion, and less stringent application is demanded of institutions with assets between $50 billion and $250 billion, in Europe compliance with an LCR of at least 100% is mandatory for all intermediaries. In addition, as of 2021, compliance with an NSFR of at least 100% will also be mandatory for all intermediaries, although a simplified version will be available for small and less complex institutions. \nTable 3\n below summarises the differences just discussed.
\nSupervisory obligations | \n\n | \n\n | \n
---|---|---|
\n
| \nNO | \nYES | \n
\n
| \nNO | \nYES | \n
\n
| \nNO | \nYES | \n
\n
| \nNO | \nYES | \n
Differences between the US and the EU in the application of the principle of proportionality.
Source: Author elaboration.
Finally, the application of the principle of proportionality in the US banking system manifests its effects also in the phase of resolution of banks in crisis, contrary to what actually happens in the European Banking Union. In Europe, in fact, as highlighted by Masera [3], while the SSM provides for the assignment of the tasks of supervision on the LSIs to the NCAs, the performance of this activity is effectively limited only to the banks in ordinary administration, and as highlighted in paragraph 3.2, in the cases in which a Less Significant bank shows signs of vulnerability, the ECB has the right to take over the supervision of the institution, making the principle of subsidiarity prevail over that of proportionality. In the US, on the other hand, resolution interventions are led by the Orderly Liquidity Authority for banks subject to
In this context, it should be noted that the definition of the identification threshold for banks to which size-related measures are to be applied is not straightforward and can hardly be standardised. The difficulty lies primarily in defining criteria that are adaptable to the financial systems of different jurisdictions, which are different from each other. Policymakers and the literature have provided much food for thought [3, 4, 5] on the effective application of a two-tiered approach to less complex institutions identified through parameters such as:
\nArticle 97 of the CRDIV (Directive 2013/36) requires supervisors to review the organisation, strategies, processes and methodologies that banks put in place to address the range of risks they face.
\nThe Supervisory Review and Evaluation Process (SREP) is conducted annually by the supervisory Authorities to verify that each bank has implemented strategies, processes, capital and liquidity appropriate to the risks to which it is or might be exposed and that they have appropriate capital and organisational safeguards in place to address the risks they face, ensuring overall balance of operations and market resilience.
\nThe SREP process is not new, as it has always been carried out before the SSM by national supervisors with different and non-homogeneous methodologies and practices. For this reason, the European regulation intended to standardise the SREP methodologies and practices used by the different Authorities at the level of the Banking Union.
\nSREP entered into force in 2016 for IS and only from 2018 became mandatory first for high priority LSIs and then for other LSIs. Following the harmonisation of the SREP process for LSIs, national authorities have been given full flexibility regarding the definition of Pillar 2 guidelines (P2G) [6]. Finally, one of the focal points of the MUV is the possibility for the ECB to take over the supervision of LSIs that are more vulnerable, for example due to a change in materiality profile or due to a choice by the Central Bank as a result of new assessments of the impact the institution might have on the financial system. Supervision of less significant institutions takes the form of periodic assessments conducted jointly by the ECB and the national supervisory authorities of the Member States, with the aim of making best use of the information available to the national authorities. Moreover, for high priority LSIs, the ECB examines the supervisory procedures and relevant draft decisions established by the NCAs themselves [6].
\nThe SREP is a process by which the European Central Bank and the NCA specifically:
Review and assess the ICAAP (Internal Capital Adequacy Process).
Review and evaluate the ILAAP (Internal Liquidity Adequacy Process).
Carry out Business Model Analysis (BMA).
Analyse the bank’s risk individually and in the aggregate, including under stressed conditions, and its contribution to systemic risk.
Evaluate the corporate governance system, the organisational structure and the system of internal controls.
Monitor compliance with all prudential rules.
Make an overall assessment of the bank and initiate corrective action where appropriate.
At the end of the process, the supervisory Authorities send the banks a letter (called a “SREP decision”) specifying the objectives and areas to be addressed and corrected within a defined time frame16.
\nThe SREP is an articulated process that develops through a continuous dialogue and confrontation between supervisor and supervised in order to make an overall assessment, from an integrated perspective, of the stability and resilience of the latter. The inspectors’ findings and the on- and off-site supervision feed the subsequent SREP cycle. In this perspective, the SREP is not a control and assessment activity carried out by the Supervisor once a year, but rather a process of second-pillar prudential control, which unfolds continuously and starts from the identification of the category17 to which the bank belongs (with respect to which to calibrate the intensity of the supervisory activity) against which the intensity of the SREP assessment is established, the supervisory expectations and the information required during the data collection phase, calibrated according to the classes [7] to finally arrive at the so-called SREP decision. The classification is calibrated according to the systemic impact of the intermediary, based on: size, structure, internal organisation, type, purpose and complexity.
\nThe classification of institutions is followed by monitoring of indicators for changes in financial conditions and risk with the objective of updating the assessment of SREP elements. If monitoring reveals a deterioration in the institution’s risk, the Supervisor investigates the causes and may revise the assessments of the SREP elements. Vigilance develops different sets of ratios based on the different specificities of banks, including: ratios for all risks subject to SREP. All ratios used for regulatory requirements (see EU Regulation 575/2013 and Directive 2013/36/EU), minimum requirements on own funds and eligible liabilities under Directive 2014/59/EU (bank recovery), market indicators (equity price, CDS spread, etc.), recovery indicators. The frequency of assessment of all items of the SREP process is calibrated according to the category that the financial intermediary belongs to.
\nThe four central blocks covered by the SREP assessment are: business model analysis, the governance and risk management framework, the capital adequacy framework (ICAAP) and the liquidity management framework (ILAAP).
\nFor each of the four main blocks covered by the SREP, banks are assessed by the Supervisory Authorities on a scale of 1 to 4.18 The outcome of the assessment constitutes the basis for the overall assessment of the SREP: the SREP decision, which is the basis for supervisory measures. The SREP decision is the final summary of the entire Pillar 2 supervisory review process, which reports the bank’s overall score (compared to the assessment of the four main blocks) and, if anomalies are found, any corrective measures of an organisational, capital or liquidity risk containment nature or
Early intervention measures may be triggered by events that could have a significant prudential impact19 on the institution’s financial condition. They should be considered if the institution’s overall or individual SREP score is 4 and even if the SREP score inclusive was 3, but individual elements for governance and internal control, business model strategy, capital adequacy or liquidity score were instead 4. However, the early intervention measures are the result of ongoing monitoring of compliance with the requirements of the CRR and CRDIV with respect to the anomalous situations foreseen by the BRRD in the supervisory activity.
\nIn the SREP decision the Authorities also define the so-called Pillar 2 Requirement (P2R), which
By its very nature, the entire process of Pillar 2 prudential supervision gives shape and content to the fundamental moments of intermediaries’ strategic planning, business choices, capital and liquidity allocation, funding plan, governance and organisational structure. The SREP is certainly a holistic approach to supervision that calls for an equally integrated approach by individual intermediaries to business choices, risk, capital and liquidity management both in normal and stressed conditions (Crisis and Recovery Risk Management), governance and the overall Risk Management framework. In this perspective, the SREP certainly represents a regulatory “stimulus” to a significant qualitative leap in the functions that deal with risks, capital and liquidity in the bank, recognising them as having a primary role in the strategic planning of the bank, as well as a flexible and proactive integration of the corporate control functions (\nTable 4\n).
\n\n | \nDegree of feasibility (within the year) and sustainability (over a three-year horizon) of the business model declared by the bank. Identification of the key elements of the Business Model and assessment of the main areas of vulnerability. | \n
\n | \nAdequacy of the governance model including the main control functions (risk management, internal audit and compliance). Adequacy of the Risk Management system/infrastructure and degree of establishment of a “risk culture”. | \n
\n | \nAdequacy of capital to cover specific risk categories (e.g. credit, market, operational and interest rate risk in the banking book). Overall assessment of ICAAP (documentation, data quality, risk measurement processes, capital planning, ...). | \n
\n | \nAdequacy of overall liquidity management processes/governance; Funding capacity. | \n
SREP process::Building blocks.
Within the SREP process, one of the main moments of assessment is represented by the analysis of the business model of financial intermediaries and the related operational and strategic risks (Business Model Analysis) aimed at establishing the economic (viability) and strategic sustainability of the business model20 of the institution based on its ability to generate acceptable profits over the next 12 months and over a three-year horizon. With the BMA, legislators attempt to investigate in detail the profitability of the current and prospective business model, but also to assess its resilience and weaknesses, which could jeopardise the future survival of the bank and which may not be highlighted by other elements of the SREP. The business model is not to be confused with the concept of “intermediation model”. On closer inspection, the former refers to a broader concept that encompasses both the issue of the intermediation model and other aspects such as the use of technology, the creation of value for the set of stakeholders and the management and operation of the most relevant processes (Maurizio [8]). The business model describes the logic with which an organisation creates, distributes and captures value [9]. However, there is no unambiguous definition of the business model in the literature, nor have European legislators ventured to define it in relation to the financial intermediation sector (Di [10]).
\nFrom this perspective, it is clear that the introduction of the BMA within the SREP process is a clear sign of the importance that European lawmakers assign to strategic planning and therefore to the choice of the intermediary’s business model, which, as is well known, has a large impact on the levels of profit produced. The latter is an issue of strategic importance given the negative trend in profitability in the context of the low profitability of Italian and European banks caused by the international financial crisis and the strong tightening of prudential supervisory obligations on risk, capital and liquidity, which require a thorough review of the intermediary’s strategic choices along possible lines of development of intermediation margins (Artificial Intelligence, attention to sustainable or rather ESG-oriented finance, etc.). The possibility for a bank to exploit resources with a high technological content, albeit following significant initial investments, allows it to achieve cost-reduction objectives, especially with regard to traditional credit activities, but in general for all activities whose costs (e.g. personnel costs) are not adequately remunerated by the revenues generated [11].
\nWhile it is true that business model choices have an impact on the profitability of individual banks, they also have important implications for the stability of the entire financial system (through funding structure,21 revenue composition, cost composition, ownership structure), which is why the BMA has been given an important role in the overall Pillar 2 prudential control process.
\nThe BMA starts with a preliminary assessment of the environment the bank operates in, with particular reference to its core activities. In this initial step, the supervisor is required to assess a number of parameters (total revenues/costs, market position, etc.) and monitor their evolution over time in order to have a clear picture of the condition of the institution and to establish the relevance of its business areas in the context of reference. Competent authorities should use this preliminary assessment to establish the materiality of business lines/areas (i.e. determine which geographic areas, subsidiaries/branches, business lines and product lines are the most relevant based on profit contribution, risk and/or organisational/regulatory priorities -specific requirements for public sector banks to offer certain products- identify the peer group based on competing product/business lines that target the same source of profits/customers, support the application of the proportionality principle.
\nAfter the preliminary macroeconomic assessment, the competent authority should focus on the current business model, on the business lines that are most important in terms of viability or future sustainability of the current business model and/or that are most likely to increase the institution’s exposure to existing or new vulnerabilities, whereby they should assess the relevance of the business lines, previous SREP findings, findings and observations of internal and external audit reports, the importance of strategic plans identifying any business lines to be substantially increased or decreased, results of topical supervisory reviews, observed changes in the business model and peer comparisons (i.e. whether a business line has performed atypically compared to peers). As outlined in the EBA guidelines on the SREP process, the areas for which authorities are tasked with conducting analysis should include, at a minimum, an assessment of the trend in profits and losses in recent years, looking at the most significant indicators of banking activity such as net interest income, net banking income, cost-to-income ratio and loan impairment rate; the composition of the balance sheet in recent years, with particular attention to the composition of liabilities; the concentration of assets by customer, sector or geographic area; an assessment of the intermediary’s risk appetite, taking into account the formal definition of the current limits and the real tendency to respect them in practice; and finally an assessment that takes into account both internal and external factors capable of impacting on the functioning of the business model.
\nIt should be made clear that the BMA has as its ultimate goal:
The feasibility/viability of the current business model over a 12-month horizon.
The sustainability of strategic plans over a three-year horizon.
In other words, the supervisors’ “ultimate” objective is to assess whether the financial intermediary, with its business model and strategy, is credibly capable of generating acceptable returns over a short (12-month) and long-term (three-year) time horizon.
\nThe BMA does not aim to give a rating to the possible business models since the choice of these remains the responsibility of the management body, but to assess viability and sustainability, therefore verifying the bank’s ability to generate “acceptable returns” in the time horizons considered (12 months and 36 months). With regard to viability, having carried out the preliminary analysis, the Supervisor considers:
\n
\n
\n
After the preliminary assessment, that of the entrepreneurial context, the detailed analysis of the current business model for the purposes of assessing the viability thereof, the Authority must
The
The impact of supervisors’ estimates on the business environment (if different from that assumed by the bank).
The level of
The most obvious problem that arises in the assessment phase of the financial intermediary’s business model concerns the existence of documents capable of providing comprehensive information to the supervisory authority on the subject in question. Indeed, in many cases it is difficult to find the documentation relating to the detailed description of the business model adopted or, again, a definition of the responsibilities of the corporate functions involved in the implementation of the activities aimed at complying with the regulatory obligations on the subject. After the process described above and at the end of the BMA process, the authority will have the task of formulating an overall opinion on the business model adopted by the intermediary, highlighting any critical points identified.
\nThe second assessment of the SREP process is devoted to the following areas: Internal governance framework; Risk management framework and risk culture; Risk infrastructure and data and reporting.
\nAt this stage of the assessment, the main objective of the supervisory authority is to evaluate whether the bank’s governance system and risk management process are adequate and consistent with the adopted business model and with what is planned in the risk appetite framework. More specifically, the suitability of the governance is assessed and whether the governance is adequately informed about the risks assumed by the bank, the risk management policies, the impact of the risk management policies on the banking activity as well as the level of capitalisation and whether this level is in balance with the risks assumed. It also assesses whether the bank has remuneration policies that comply with applicable regulations and whether the bank has an adequate system of internal controls (focusing on the risk management and compliance function), and in particular whether: (a) risk management policies have been properly defined and documented; (b) whether operational limits to the risk that can be taken are properly defined for the various business units and the bank’s risk appetite; (c) whether these limits are complied with; (d) whether the risk management function is able to measure, control and manage the risks the bank is exposed to; and (e) whether the bank in its operations complies with the rules affecting its business and internal regulations. Finally, in order for the analysis to be complete, the authority examines the technological infrastructure supporting the risk management process, as well as the quality of the data and the data collection mechanism. In fact, it is easy to see how scarce or irrelevant information can compromise the proper operation of the banking business, especially in terms of risk management and control. In summary, the areas impacted by this analysis are:
Overall internal governance framework.
Corporate and risk culture.
Organisation and operation of the management body.
Remuneration policies and practices.
Risk management framework, including ICAAP and ILAAP.
Internal control framework, including the internal audit function.
Information systems and business continuity.
Recovery planning arrangements.
Particular attention is paid to the assessment of the Risk management framework and the diffusion of an adequate risk culture at all organisational levels of the bank. The attention paid by supervisors to the three corporate control functions and in particular to the Risk Management function highlights the strategic role assumed by this function in recent years: there is no possibility of planning the opening of new branches, offering new products, changing the funding plan without taking into account the impact of these choices on the governance of risks, capital and liquidity. Given the strategic role that this function plays in the overall governance of the bank, it is clear that it must be staffed with adequate professionalism to oversee the various tasks and responsibilities that regulation has greatly articulated in recent years. In carrying out its activities, the Risk Management then has the moral obligation to spread the culture of risk at every organisational level; it is the culture of risk that is the real engine of change to guide the bank in the current hyper-regulated, volatile and complex market context. As pointed out by FSB [12]22 “
An appropriate risk–return combination, consistent with the financial institution’s risk appetite.
An effective system of controls, commensurate with the size and complexity of the financial institution.
The quality of risk models, the accuracy of data, the ability to measure risks accurately, using appropriate tools.
Limit possible violations of the policies followed.
A sound and widespread risk culture is the
For this reason, the culture of risk, being the humus of the sound and prudent management of a bank, cannot remain the exclusive property of the relative Risk Management function, but must become part of the common language and cultural baggage of the other actors involved in the governance of the company at any organisational level. In this perspective, it seems useful to clarify the skills and professionalism required by the corporate control functions, and therefore also by the Risk Management.
\nOn 26 September 2017, EBA and ESMA [13] issued guidelines pursuant to article 9(1) of Directive 2014/65/EU (MiFID II) and article 91(12) of Directive 2013/36/EU (CRD IV). The Guidelines explicitly identify
In compliance with the guidelines, banking and financial institutions must ensure and assess that KFH have an appropriate level of reputation, honesty, integrity, knowledge, skills and experience:
When applying for the authorisation;
When appointing a new KFH (within one month of appointment);
When necessary to ensure “ongoing” monitoring, in particular when “events” occur that make it appropriate to reassess the fitness of KFH (changes in the organisational structure, occurrence of episodes with reputational impact, changes in the business model).
In this regard, banks and financial institutions should establish their own fitness policy, including an appropriate induction plan (for new appointments) and ongoing training to ensure that they are familiar with the required areas and have the necessary skills. The Guidelines outline a perimeter of competencies for the fitness assessment of KFHs that includes not only their previous experience but also technical competencies23 (banking and financial markets, legal requirements, regulatory framework, strategic planning, etc.) and a very articulated set of soft skills including: independence of mind, decision-making ability, authenticity (consistency with stated values), communication and judgement skills (examines, recognises and understands the essential elements of issues with respect to which he/she is able to weigh different courses of action and project himself/herself beyond his/her area of responsibility), customer and quality orientation (of products, services, relationships), leadership, loyalty (identifies with the company, its value system defends the interests of the company and operates objectively and critically with a sense of involvement), stress resistance, negotiation skills, awareness of the external context (he/she is well informed about financial, economic, social and other relevant developments at a national and international level that may affect the company), ability to work in a team, persuasiveness, strategic acumen (he/she is able to develop a realistic vision of future developments by translating it into long-term objectives, e.g. by applying scenario analysis), ability to chair meetings efficiently and effectively creating an open atmosphere that encourages everyone to participate.
\nIndependence of mind should not be confused with the independence required of members of the management body. In the latter case, reference is made to the fact that a member of the body in question must not have had any present or recent relationship or connection of any kind with the intermediary that could influence the latter’s ability to take balanced and independent decisions in the performance of his/her functions. For example, the fact that a member of the board of directors is considered to be “independent” does not mean that the member simultaneously has independence of mind [14]. The latter is in fact a set of necessary behavioural skills, including courage, conviction and strength to effectively evaluate and challenge the proposed decisions of other board members, the ability to ask questions of board members and to resist group-think.
\nThis is a brief overview of the main steps involved in publishing with IntechOpen Compacts, Monographs and Edited Books. Once you submit your proposal you will be appointed a Author Service Manager who will be your single point of contact and lead you through all the described steps below.
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\\n\\nYour manuscript will be sent to Straive, a leader in content solution services, for language copyediting. You will then receive a typeset proof formatted in XML and available online in HTML and PDF to proofread and check for completeness. The first typeset proof of your manuscript is usually available 10 days after its original submission.
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\\n\\nIf you feel that IntechOpen Compacts, Monographs or Edited Books are the right publishing format for your work, please fill out the publishing proposal form. For any specific queries related to the publishing process, or IntechOpen Compacts, Monographs & Edited Books in general, please contact us at book.department@intechopen.com
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\n\nPlease complete the publishing proposal form. The completed form should serve as an overview of your future Compacts, Monograph or Edited Book. Once submitted, your publishing proposal will be sent for evaluation, and a notice of acceptance or rejection will be sent within 10 to 30 working days from the date of submission.
\n\n2. SUBMIT YOUR MANUSCRIPT
\n\nAfter approval, you will proceed in submitting your full-length manuscript. 50-130 pages for compacts, 130-500 for Monographs & Edited Books.Your full-length manuscript must follow IntechOpen's Author Guidelines and comply with our publishing rules. Once the manuscript is submitted, but before it is forwarded for peer review, it will be screened for plagiarism.
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\n\nExternal reviewers will evaluate your manuscript and provide you with their feedback. You may be asked to revise your draft, or parts of your draft, provide additional information and make any other necessary changes according to their comments and suggestions.
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\n\nIf the manuscript is formally accepted after peer review you will receive a formal Notice of Acceptance, and a price quote.
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\n\nWe will send you your price quote and after it has been accepted (by both the author and the publisher), both parties will sign a Statement of Work binding them to adhere to the agreed upon terms.
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\n\n5. LANGUAGE COPYEDITING, TECHNICAL EDITING AND TYPESET PROOF
\n\nYour manuscript will be sent to Straive, a leader in content solution services, for language copyediting. You will then receive a typeset proof formatted in XML and available online in HTML and PDF to proofread and check for completeness. The first typeset proof of your manuscript is usually available 10 days after its original submission.
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\n\nThe invoice is generally paid by the author, the author’s institution or funder. The payment can be made by credit card from your Author Panel (one will be assigned to you at the beginning of the project), or via bank transfer as indicated on the invoice. We currently accept the following payment options:
\n\nIntechOpen will help you complete your payment safely and securely, keeping your personal, professional and financial information safe.
\n\n7. ONLINE PUBLICATION, PRINT AND DELIVERY OF THE BOOK
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