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1 Flash Cards-3-Indirect Investing.pdf
http://www.csun.edu/~jpd45767/352/Flash%20Cards-3-Indirect%20Investing.pdf
Flash Cards - Indirect Investing. Types of Investment Companies. 1) Mutual Fund (Open-End Fund). 2) Closed-End Fund. 3) Exchange Traded Fund (ETF).
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2 What Is an Indirect Investment? - Smart Capital Mind
https://www.smartcapitalmind.com/what-is-an-indirect-investment.htm
An indirect investment is a type of investing opportunity that does not require the actual purchase of the asset that ultimately generates ...
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3 indirect investment Definition - Law Insider
https://www.lawinsider.com/dictionary/indirect-investment
indirect investment means a form of investment through the purchase of shares, share certificates, bonds, other valuable papers or a securities investment fund ...
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4 Indirect investment - Oxford Reference
https://www.oxfordreference.com/view/10.1093/oi/authority.20110803100001564
The purchase of securities that represent claims on other underlying securities. An indirect investment can be undertaken by purchasing the shares of an ...
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5 Indirect investment - Morgan Pryce
https://www.morganpryce.co.uk/knowledge-centre/exclusive-news-articles/indirect-investment
Indirect investment · 1. REITS (Real Estate Investment Trusts). These are primarily public property companies, listed on the London Stock ...
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6 Indirect Investing
https://aast.edu/pheed/staffadminview/pdf_retreive.php?url=157_43175_EA418_2013_1__2_1_ch03.ppt&stafftype=staffcourses
Company Types. Unit investment trusts: Typically holds an unmanaged, fixed-income portfolio. Assets not actively traded once purchased ...
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7 Indirect Property Investments Explained - Fintuity
https://fintuity.com/knowledge-base/indirect-property-investments-explained/
In short an Indirect Property Investment (IPI) is an investment in the stocks and shares of a company(s) that specialises in property and real estate, ...
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8 Indirect investment definition and meaning - Collins Dictionary
https://www.collinsdictionary.com/us/dictionary/english/indirect-investment
Indirect investment can be exemplified by the purchasing of shares in companies that specialise in property dealings, property index derivatives or the ...
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9 What is an Indirect Investment? - Tastytrade
https://www.tastytrade.com/definitions/indirect-investments
Indirect investments are a class of marketable securities. Indirect investments are made in vehicles that pool investor money to buy and sell assets.
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10 Cryptocurrency – advantages of indirect investing | Elliott Davis
https://www.elliottdavis.com/compliance-considerations-digital-asset-indirect-investments/
Depending on the type of indirect investment, investors should receive traditional tax documents, such as 1099s or K-1s, which will accommodate tax return ...
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11 A Complete Guide to Investment Vehicles
https://moneyfortherestofus.com/investment-vehicles/
Pooled investment vehicles are the most common type of indirect investments. Examples of pooled investment vehicles are open-end mutual ...
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12 Foreign Investment: Definition, How It Works, and Types
https://www.investopedia.com/terms/f/foreign-investment.asp
There are three general types of direct investment: vertical, horizontal, or conglomerate investment. Understanding Direct Investment. The purpose of FDI is to ...
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13 What Are Indirect Property Investment Offers | Prideview Group
https://www.prideviewgroup.com/indirect-property/
There are three key types of indirect property investments: land banking schemes, shares in property companies and real estate investment trusts (REITs).
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14 Direct vs. Indirect Investing | Highbrow
https://gohighbrow.com/direct-vs-indirect-investing/
Indirect investing involves buying shares in a real estate fund, such as buying shares of a publicly-traded real estate investment trust ...
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15 What are the Differences Between Direct and Indirect (REIT ...
https://www.crowdstreet.com/resources/topics/investing/direct-indirect-investing
Indirect real estate investing typically involves buying shares in a fund or a publicly or privately held company. One of the common first steps ...
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16 Indirect Investment | The Investment Companies | International ...
https://www.businessstudynotes.com/finance/indirect-investment-types-investment-companies/
Types of Investment Companies · Directly from the investment company by using telephone or mail or at the location of the company's office · From ...
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17 Indirect Private Real Estate | CBRE Investment Management
https://www.cbreim.com/strategies-and-solutions/investment/indirect-private-real-estate
Explore our solutions. We have several ways to execute across investment types. Learn More. Our global core+ comingled solutions provide investors with exposure ...
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18 Schroders investIQ: Direct vs indirect investments - YouTube
https://www.youtube.com/watch?v=wnWU9oBCepc
Nov 1, 2017
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19 INDIRECT INVESTMENT ASSET MANAGEMENT BUSINESS ...
https://www.imolin.org/doc/amlid/Republic_of_Korea/Act_on_businessand_assets.pdf
INDIRECT INVESTMENT ASSET MANAGEMENT BUSINESS ACT. 17. 4. The business that the Financial Services Commission authorizes from among the types of the ...
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20 Should You Be A Direct Or Indirect Investor? - LinkedIn
https://www.linkedin.com/pulse/should-you-direct-indirect-investor-logan-d-freeman?articleId=6727280991326507009
Indirect investing is indirect ownership in an investment property. Instead of acquiring a property directly through your name or the name of ...
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21 Indirect investment vehicle - KoreanLII
http://www.koreanlii.or.kr/w/index.php/Indirect_investment_vehicle
Indirect investment (간접투자/間接投資) means collecting funds, etc. from investors to manage the assets including investment securities, exchange traded ...
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22 An investor has asked you about indirect investment such as ...
https://homework.study.com/explanation/an-investor-has-asked-you-about-indirect-investment-such-as-managed-funds-prepare-a-list-of-the-costs-and-benefits-of-investing-in-indirect-investments-your-list-should-include-at-least-5-costs-and-5-benefits-another-investor-has-asked-you-about-direct.html
Examples: Investing in shares and bonds, real estate investment etc. Answer and Explanation: 1. a. Indirect Investment refers to the type of investment where ...
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23 Types of Investments - Nationwide
https://www.nationwide.com/lc/resources/investing-and-retirement/articles/investment-types
Stocks; Bonds; Cash equivalent. You can invest in any or all three investment types directly or indirectly by buying mutual funds.
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24 6 Functional Categories - International Monetary Fund
https://www.imf.org/external/pubs/ft/bop/2007/pdf/chap6.pdf
also supply other types of finance, as well as know- how. Direct investment tends to involve a ... (b) Indirect direct investment relationships arise.
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25 foreign indirect investment in Egypt: Full Guide
https://www.tayfegypt.com/news/everything-you-need-to-know-about-foreign-indirect-investment-in-egypt
Such investment is divided into two types, Direct Investment and Indirect Investment. When investors make a physical asset purchase in another nation, ...
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26 What Are The Differences Between Direct And Indirect ...
https://www.realized1031.com/blog/what-are-the-differences-between-direct-and-indirect-property-investments
A direct property investment means an ownership interest (full or partial) in a real estate asset. To participate in indirect property ...
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27 Investment Vehicles and Structures Direct and indirect ...
https://www.marshall.usc.edu/sites/default/files/lharris/intellcont/08%20Investment%20Vehicles%20Harris.003%20r2-1.docx
Explain the purpose of security market indices and identify their types. Compare and contrast investing through direct investments in securities ...
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28 Indirect Investment. Introduction In Direct Investment, investors ...
https://slideplayer.com/slide/8291292/
Introduction Direct Investment: Investor owns portfolio of financial assets and receive dividend or capital gains. Indirect Investment: Investor owns share ...
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29 What are the relevant factors and risk characteristics that ...
https://assets-eu-01.kc-usercontent.com/189a8365-d1d0-01d7-8ac1-495bf6c87686/6e9e1fee-8e58-4d0b-a9c3-492cdd23171e/Master%20Thesis%20-%20What%20are%20the%20relevant%20factors%20and%20risk%20characteristics%20that%20determine%20the%20return%20in%20the%20direct%20and%20indirect%20property%20market.pdf
market, property type allocation is the most effective allocation strategy. The ... Indirect investment involves buying shares of real estate investment.
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30 Indirect Property Investing—An Alternative to Direct Ownership?
https://www.soa.org/globalassets/assets/library/newsletters/risks-and-rewards/2006/august/rar-2006-iss48-holland.pdf
Indirect real estate: Purchasing equities of listed real estate companies. Historically, pension funds have used direct investments in real estate.
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31 Direct & Indirect Investment Terms Flashcards - Quizlet
https://quizlet.com/126594773/direct-indirect-investment-terms-flash-cards/
Direct Investment. type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.
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32 Indirect property investment | Union Investment Real Estate
https://realestate.union-investment.com/en/investing-in-property/indirect-property-investment.html
There are many ways of investing in property: directly, by buying real estate, or indirectly, for example through the kind of open-ended real estate funds ...
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33 Indirect Investor Protection: The Investment Ecosystem and Its ...
https://academic.oup.com/jla/article/14/1/17/6589361
Even unsophisticated investors will eventually “learn” to avoid particular types of investments if enough of them get burned long enough, ...
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34 Indirect Investing - SU LMS
https://lms.su.edu.pk/download?filename=1609261003-ch03-indirect-investing-jones.ppt&lesson=42282
Alternative to direct investment in or ownership of securities ... These fund types tend to perform well at different times, appeal to investors with ...
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35 Types of Fund - Standard Chartered - SC제일은행
https://www.standardchartered.co.kr/np/en/pl/it/EnFund2.jsp
Indirect investment Fund that invests indirect investment property in actual assets · Invest in commodities such as vessels, oil, gold and etc. · Offers long-term ...
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36 Types of investments | MoneyHelper
https://www.moneyhelper.org.uk/en/savings/investing/popular-investments-at-a-glance
You can invest directly in investments, like shares, but a more popular way to invest in them is indirectly through an investment fund.
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37 Indirect Property Investment – Investing in REITs, Shares, Bonds
https://investmentproperty.co.uk/property-investment-resources/indirect-property-investment-investing-reits-property-shares-bonds/
Indirect property investment describes the investment in stocks and shares of companies that specialise in property and real estate, property index derivatives, ...
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38 Spotlight on indirect real estate investments - AFIAA
https://www.afiaa.com/en/insights/643-spotlight-on-indirect-real-estate-investments.html
When it comes to pension funds' real estate investments, the yield spread between risk-free government bonds and the current yield from rental income plays a ...
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39 Cryptocurrency Investment Types | Charles Schwab
https://www.schwab.com/cryptocurrency
Mutual Funds & ETFs. Several mutual fund and ETF products invest in Bitcoin futures contracts, providing clients with a brokerage account a way to get indirect ...
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40 Indirect Foreign Investment and Downstream investments
https://www.rashminsanghvi.com/downloads/foreign_exchange_law/FEMA/Indirect%20Foreign%20Investment%20and%20Downstream%20investments.html
Investment by an intermediate Indian company (which is owned or controlled by foreigners) into another Indian entity is considered as Indirect Foreign ...
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41 Indirect Ownership - Jus Mundi
https://jusmundi.com/en/document/wiki/en-indirect-ownership
Types of indirect shareholding ... 9 The coverage of indirect investments is usually referred to in BITs' general definition of “investment” ...
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42 Pwc1 - SEC.gov
https://www.sec.gov/rules/proposed/s71300/pricewa1.htm
We support certain restrictions on the types of consulting services accounting ... The term "indirect investment" means an investment in one or more audit ...
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43 2.1 Significant influence presumption - Viewpoint - PwC
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/equity_method_of_accounting/Equity_method_account/chapter_2/21_significant_influence_presumption.html
Figure EM 2-1 summarizes voting percentages by type of investee. These are general guidelines and ... 2.1.3 Direct and indirect investments.
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44 Investment Strategy - Allianz Real Estate
https://www.allianz-realestate.com/en/investment-strategy
Our robust investment process is based on best in-class risk management and specialist in-house expertise. “The decision to invest in a property should be made ...
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45 Private equity - Wikipedia
https://en.wikipedia.org/wiki/Private_equity
Private equity (PE) typically refers to investment funds, generally organized as limited ... More formally, private equity is a type of equity and one of the asset ...
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46 Frequently Asked Questions - Reserve Bank of India
https://www.rbi.org.in/scripts/FAQView.aspx?Id=26
29: What is the concept of downstream investment and Indirect Foreign Investment? Q.30: Whether an Indian company (owned or controlled by persons resident ...
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47 Reap the Benefits of Indirect Real Estate Investing
https://www.connectinvest.com/resources/blogs/reap-the-benefits/
Indirect real estate investment opportunities provide a number of benefits to investors. Learn how Connect Invest can help you realize these ...
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48 File: ch03 Chapter 3 Indirect Investing Multiple Choice
https://www.academia.edu/22473618/File_ch03_Chapter_3_Indirect_Investing_Multiple_Choice
a) stock brokerage companies b) unit investment trusts c) closed-end funds d) mutual funds Ans: A EASY Response: Stock brokerage accounts are used for direct ...
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49 7 Ways to Invest in Real Estate Indirectly Without Holding Title
https://www.moneycrashers.com/invest-real-estate-indirectly/
2. REITs & mREITs ... An REIT, or real estate investment trust, is a fund that invests money in real estate projects. It allows investors to contribute as much or ...
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50 Property derivatives and indirect investment in real estate
https://www.lexisnexis.co.uk/legal/guidance/property-derivatives-indirect-investment-in-real-estate
A wide range of indirect investment vehicles or arrangements (which are commonly referred to as 'funds') can be used as a way of investing in ...
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51 Guidance on Equity Investment and Merchant Banking ...
https://www.federalreserve.gov/boarddocs/srletters/2000/sr0009a1.pdf
type and nature ofinvestment (e.g., direct/indirect, industry sectors). Adherence to such limits ... indirect investments made through private equity funds.
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52 Direct vs. Indirect Commercial Real Estate Investments
https://www.rlpcommercialtoronto.com/commercial-real-estate-news/direct-vs-indirect-commercial-real-estate-investments
Indirect investments involve investing in marketable securities such as real estate investment trusts (REITs). Investing in a company that ...
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53 [Solved] Distinguish between direct and indirect investments ...
https://www.studocu.com/en-us/messages/question/2780182/distinguish-between-direct-and-indirect-investments-in-real-estate-and-identify-the-at-least
The difference between direct and indirect real estate investment is shown below. 1. Direct real estate investment (DRI) means when a person buys ...
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54 Investment Opportunities | LaSalle Investment Management
https://www.lasalle.com/investment-opportunities
Through investments in separate accounts, commingled funds, indirect investments, ... Each strategy is tailored by property type, geography, target returns, ...
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55 Appendix B: Indirect Investment in Real Estate - Defining Risk
https://www.d42.com/appendix-b-indirect-investment-in-real-estate
Asset-backed finance essentially applies the securitisation techniques of the domestic mortgage backed securities market to other types of corporate assets. The ...
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56 What is an Investment Vehicle? - Wealth Nation
https://wealthnation.io/blog/investment-vehicle/
Two broad types of investment vehicles are direct and indirect investment vehicles. Direct investments include purchasing real assets – precious metals, ...
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57 The direct or indirect decision | Features | IPE
https://www.ipe.com/the-direct-or-indirect-decision/16665.article
An increasingly popular option for separate accounts is investing with public or private operators through joint venture structures. Non-US investors will need ...
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58 Foreign Investment - Meaning, Types, Methods and Routes
https://www.wallstreetmojo.com/foreign-investment/
Foreign investments can be of two types, Foreign Direct Investment and Foreign Indirect Investment. FDI is when a company invests in a business in India, ...
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59 What's the Difference Between Direct and Indirect Shares?
https://investorjunkie.com/investing/direct-vs-indirect-shares/
Many people invest in the stock market primarily through mutual funds and/or exchange-traded funds (ETFs) This gives them indirect stock ...
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60 Indirect Investor Protection: The Investment Ecosystem and Its ...
https://www.law.nyu.edu/sites/default/files/Spamann%20Indirect%20Investor%20Protection_v3.0.pdf
mentators differentiate investor types, many vilify the protagonists of indirect investor protec- tion.14 There have been only partial ...
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61 Direct Or Indirect Real Estate Investment - Assetmonk
https://assetmonk.com/investment/direct-or-indirect-real-estate-investment/
Indirect real estate investment means buying shares in a publicly or privately held company. This type of business is growing nowadays ...
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62 The Impact of Foreign Indirect Investment in the Primary ...
https://www.irmbrjournal.com/download.php?file=papers/1523279525.pdf
indirect investment ( FII), democracy and economic growth in Nigeria. ... ascertained the implications of four different types of foreign capital inflows.
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63 Investeren in vastgoedaandelen, heel wat voordelen
https://commercial.quares.be/en/investing-in-real-estate-shares-all-sorts-of-advantages
Real estate generates a direct return through rental income or utilization. But investing in real estate entails indirect return also: due to rising rental ...
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64 Indirect Investment in Financial Assets | The Lawyers & Jurists
https://www.lawyersnjurists.com/metarial/indirect-investment-in-financial-assets/
Indirect Investment in Financial Assets · Investing Indirectly · Classification of Investment Companies · Unit Investment Trust · Closed-End Investment Companies.
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65 Direct and Indirect Investments in the Energy Sector
https://link.springer.com/chapter/10.1007/978-3-030-75829-5_5
Many types of crowdfunding exist, but generally speaking they fall into two broad categories: non-investment and investment crowdfunding. Non- ...
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66 How to Invest in Gold: Directly & Indirectly - Seeking Alpha
https://seekingalpha.com/article/4455354-how-to-invest-in-gold
Investments in gold can be either direct or indirect. ... Gold mutual funds may hold gold bullion or other types of precious metals.
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67 saving and investment - Students | Britannica Kids
https://kids.britannica.com/students/article/saving-and-investment/276921
Both types may provide investors with a profit, but from the standpoint of the ... Bank accounts, IRAs, and Keogh accounts are forms of indirect investment; ...
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68 Foreign Investment - Overview, Methodologies, Types
https://corporatefinanceinstitute.com/resources/economics/foreign-investment/
Foreign investments are typically defined as either direct or indirect. Foreign direct investments are when investors purchase a physical asset ...
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69 7 Types of Alternative Investments Everyone Should Know
https://online.hbs.edu/blog/post/types-of-alternative-investments
When most people think of investing, they generally think of traditional investments—namely stocks, bonds, and cash. Whether it's the index ...
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70 Investments | Alpha Advisers Group
https://www.alphaadvisers.com.au/services/investments/
Indirect investment is where you employ an investment manager to buy and hold investment assets on your behalf. We can assist you to identify the managed ...
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71 Direct Private Investments: Why Invest in Them? - Carofin
https://carofin.com/knowledge-base/securities-explained/direct-private-investments-why-invest-in-them/
The alternative to DPI, Indirect investments, includes investments in funds. In a fund investment structure, a professional investment ...
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72 What happens if a lending company goes out of business?
https://help.mintos.com/hc/en-us/articles/115002851429-What-happens-if-a-lending-company-goes-out-of-business-
With respect to both types of investments, there can be two types of investment structures – direct and indirect.
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73 Institute Investor Report - Investment Property Forum
https://www.ipf.org.uk/static/uploaded/abc04a2c-3b46-438f-96e695f4c7b2b4f6.pdf
analysis by documenting the various types of strategy – both traditional and ... property; these exposures include indirect investments and, in some cases, ...
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74 Direct and Indirect Investment methods in stock market
https://dicc.in/blog/direct-and-indirect-investment-methods-in-stock-market/
Free management: This type of management allows you to choose yourself the investment funds in which you wish to invest. You decide entirely on ...
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75 401(k) Rollovers | FINRA.org
https://www.finra.org/investors/learn-to-invest/types-investments/retirement/401k-investing/401k-rollovers
Make sure the new plan has plenty of investment choices and includes the ... You may opt for an indirect rollover to take advantage of a short-term loan if ...
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76 Navigating Investor Types and Landscapes | The GIIN
https://thegiin.org/navigating-investor-types-and-landscapes/
The diversity of investor types interested in impact investing provides an ... investments (both direct and indirect) from a total portfolio investment of ...
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77 "Indirect real estate investment" Definition | CROWDLITOKEN
https://crowdlitoken.com/wiki/indirect-real-estate-investment/?lang=en
While direct real estate investment involves buying a property, indirect real estate investment simply involves buying shares in companies that invest in ...
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78 Direct EB-5 investments vs. regional center investments
https://www.eb5diligence.com/articles/direct-investment-or-regional-center-investment
What's the difference of a Direct EB-5 Investment and an EB-5 Regional ... Regional center investors can count not only direct jobs, but indirect jobs, ...
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79 What is Real Estate Investing? - 365 Financial Analyst
https://365financialanalyst.com/knowledge-hub/trading-and-investing/what-is-real-estate-investing/
Real estate investments can be classified into several categories according to the type of property and financial instruments used.
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80 1.2: Investment Characteristics and Attributes
https://biz.libretexts.org/Bookshelves/Finance/Introduction_to_Investments_(Paiano)/01%3A_Chapter_1/01%3A_Introduction_Overview_and_Risk_versus_Return/1.02%3A_Investment_Characteristics_and_Attributes
Examples of these investments are mutual funds, limited partnerships, and Real Estate Investment Trusts (REITs). With indirect investments, you ...
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81 Category 15: Investments
https://ghgprotocol.org/sites/default/files/standards_supporting/Chapter15.pdf
types of investments required to be accounted for in this category. ... 1) emissions of the investee or project, as well as the indirect (scope 2) emissions.
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82 Indirect Real Estate Investment - Gowling WLG
https://gowlingwlg.com/en/services/indirect-real-estate/
Our corporate real estate lawyers offer seamless legal advice to help you at every stage of the indirect real estate investment cycle.
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83 P2P Lending Indirect vs. Direct Investment Structure
https://p2pmarketdata.com/articles/p2p-lending-indirect-vs-direct-investment-structure/
Examples of indirect investments outside of crowdfunding: Pension funds, mutual funds/unit trusts and REIT (Real Estate Investment Trusts).
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84 How to submit | Indirect real estate, finance and DeFi ... - Nature
https://www.nature.com/collections/cbjjgjddbg/how-to-submit
As most investors have to optimise their portfolio to engage in investment, different types of investment portfolio optimisation have been done and proposed ...
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85 Investment Management - Kim & Chang
https://www.kimchang.com/en/expertise/view/investment-management
Overseas Alternative Investment (Overseas Indirect Investment). We represent and advise major domestic institutional investors in respect to their investments ...
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86 Solved Describe the different types of indirect investments
https://www.chegg.com/homework-help/questions-and-answers/describe-different-types-indirect-investments-available-investors-explain-type-investment--q43825031
Indirect way to invest in stocks –Mutual funds benefits You do not have to constantly keep an aye on the stock market. The fund manager will invest the ...
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87 Direct and Indirect Real Estate Investment - Hauzisha
https://hauzisha.co.ke/blog/direct-indirect-real-estate-investment/
Types of Direct Real Estate Investment · 1. Venture Capital · 2. Growth Equity · 3. Buyouts.
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88 (PDF) DIRECT VS INDIRECT INVESTMENTS - ResearchGate
https://www.researchgate.net/publication/333356759_DIRECT_VS_INDIRECT_INVESTMENTS_THE_IMPLICATIONS_OF_A_CHOICE_FOR_A_SHORT-TERM_PRIVATE_INVESTOR
The subject of this article is the implications of a choice between direct and indirect investments for a short-term private investor.
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89 Index Funds | Investor.gov
https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-4
An “index fund” is a type of mutual fund or exchange-traded fund that ... track a market index they provide an indirect investment option.
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90 Chapter 3
http://faculty.tamucc.edu/sfriday/wordpress/?wpfb_dl=449
The most popular type of investment company is a: unit investment trust. ... Buying shares of a mutual fund is an example of indirect investing. (T, easy. ).
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91 Investments | M & M Financial Group
https://www.mmfinancial.com.au/services/investments/
Indirect investment is where you employ an investment manager to buy and hold investment assets on your behalf. We can assist you to identify the managed ...
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92 An introduction to property investing: direct vs indirect | GCV
https://www.growthcapitalventures.co.uk/insights/blog/an-introduction-to-property-investing-direct-vs-indirect-investing
Conversely, indirect property investing is the motion of investing into property through a bond, peer-to-peer (P2P) lending platform or ...
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93 Investment | Affinity Wealth Plus
https://www.affinitywp.com.au/services/investment/
Indirect investment is where you employ an investment manager to buy and hold investment assets on your behalf. We can assist you to identify the managed ...
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94 Indirect versus Direct Diversification - JSTOR
https://www.jstor.org/stable/3664930
particular types of investment companies perform on the average as contrasted to a random portfolio, but it should also be of interest to know how the com-.
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95 Networked capital: indirect investment and BIT formation
https://www.cambridge.org/core/journals/business-and-politics/article/networked-capital-indirect-investment-and-bit-formation/4D8954E97B31A8E280448AFE1AEAF048
This pattern applies only to certain types of BITs, however. BITs that include “substantive business requirement” clauses prevent indirect ...
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