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Showing 7741 - 7750 of 7878 matches filtered by 'Funds and asset management'

  • EIOPA Consultation on a possible recovery and resolution framework for financial institutions other than banks

    21/12/2012
    EIOPA has published its response to an EC consultation published in October 2012 on a possible recovery and resolution framework for... financial institutions other than banks under the provisions of Article 34 of Regulation No 1094/2010 of 24 November 2010. It argues that the consultation does not fully address the implications of an insurance failure, suggesting that “the protection of policyholders should also be considered as part of the resolution framework, together with financial stability. Further work is required, however to determine the hierarchy of objectives and when each one would be addressed”.
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  • FSA: Policy Development Update 154

    21/12/2012
    The latest edition of FSA's publication, giving information about recently issued publications and an updated timetable for forthcoming publications
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  • FSA/HMT: CP12/40**: Financial Conglomerates Directive - Technical review amendments

    21/12/2012
    This joint consultation sets out the way in which the UK intends to implement the amending Directive. The key amendments... are changes to the application of conglomerate supervision to ensure it does not substitute sectoral supervision when a group is headed by a bank, or insurance holding company. Amendments to conglomerate capital calculations methodology, the inclusion of asset management companies and alternative investment fund managers within the conglomerate identification process, and changes to conglomerate identification thresholds triggers. Proposals are also made for conglomerate stress testing. Responses are required by 21 March 2012.
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  • FSB: Global Legal Entity Identifier

    20/12/2012
    FSB has issued a request for information from legal professionals, and experts in Swiss law, to provide a legal opinion on... a number of questions regarding Switzerland as the domicile for the Global LEI Foundation (or similar entity such as an association) operating the central operating unit of the global LEI system.
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  • ESRB: General board meeting (20 December 2012)

    20/12/2012
    ESRB has published a note of this meeting. Topics include: asset encumbrance and money market funds in Europe. It has... also published a response to a consultation by the EC on a possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts and a response to a consultation by the EC on a possible recovery and resolution framework
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  • EC: Overview of pending decisions and on-going in-depth investigations in the context of the financial crisis

    20/12/2012
    The EC has published an updated table in respect of the above.
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  • EC: Commission adopts implementing rules for the AIFM Directive

    19/12/2012
    The EC has adopted a Delegated Regulation supplementing the AIFM Directive. This is subject to a three-month scrutiny period by... the European Parliament and the Council and will enter into force, provided that neither co-legislator objects, at the end of this period and the day following publication in the Official Journal.
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  • ESMA: Guidelines on key concepts of the AIFM Directive/ Draft regulatory technical standards on types of AIFMs

    19/12/2012
    ESMA has published draft guidelines for consultation which are aimed at clarifying the rules applicable to hedge funds, private equity and... real estate funds. They set out the criteria for what is considered to be: a collective investment undertaking; capital raising; defined investment policy; and the number of necessary investors. A separate consultation on draft regulatory technical standards on types of AIFMs distinguishes between managers of AIFs whose investors have the right to redeem their shares at least annually (open-ended AIFs), and those whose investors have less frequent redemption rights. Responses are required by 1 February 2013. The guidelines and technical standards will be finalised in the first half of 2013.
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  • FSA: CP12/38**: Mutuality and with-profits funds: a way forward

    19/12/2012
    FSA sets out proposals relating to with-profits mutuals, emphasising that it does not intend any changes to have an effect on... proprietary with-profits firms. FSA notes that the current situation is one in which with-profits mutuals have to deal with the consequences of their current with-profits business maturing more quickly than new policies are being sold. Under current rules firms in this position have to make arrangements to deliver the value of any expected surplus in the fund to its existing with-profits policyholders. Firms which are not writing a material volume of new with-profits business are required to consider closing to new business in order to go into an orderly run-off that is fair to with-profits policyholders. However in a with-profits mutual the with-profits policyholders do not represent the sole relevant consumer interest. In such a firm the ‘with-profits fund’ is not necessarily distinct from the firm as a whole and there is no provision within FSA’s rules that recognises the interests of the membership (as opposed to with-profits) interests. When a proprietary with-profits fund goes into run-off, it does not mean that the firm as a whole has to close down as a consequence. FSA proposes giving mutuals the opportunity to achieve a similar outcome using methods that will be considered on a case-by-case basis. FSA proposes a new approach through changes to guidance in COBS 20 which will allow mutuals the opportunity to present proposals to identify within their existing fund the element that relates specifically to the with-profits policyholders (as opposed to what might be called ‘mutual capital’ or the ‘mutual members’ fund’). COBS 20 should explicitly recognise the potential for with-profits mutuals with a single common fund to undertake an exercise to separate out the relevant interests into a mutual members’ fund and a with-profits fund. Where the existing rights or interests in the mutual’s common fund are unclear and undetermined, the effect of such an exercise would be to seek to determine fairly to what part of that common fund FSA’s conduct regime for the regulation of with-profits business should apply. It would not be a reattribution. This will not be dependent on any particular legal view of the respective rights and interests of with-profits policyholders and members. Firms may, but will not necessarily be required to, use available legal processes, for example court sanctioned schemes of arrangement to effect a fair separation. However, where such options are not available or viable in the circumstances of a particular firm, firms will still be able to put forward proposals for effecting a separation which gives a fair outcome for all relevant categories of policyholders, taking all relevant circumstances into account. These proposals will vary from firm to firm and so each proposal will need to be assessed on its merits. This separation would principally be given regulatory effect in COBS 20 by an indication that firms may apply for a modification of the relevant regulator’s rules, under the new s138A FSMA (as proposed in the current Financial Services Bill) and subject to meeting the statutory tests. This will affect the definition of a with-profits fund in COBS 20, to narrow its focus to the with-profits element of the firm only, to fit the particular circumstances of that firm. Where a modification is granted, COBS 20 rules on with-profits business will still apply to the with-profits fund as identified but will not apply to the mutual members’ fund. However, fair treatment of policyholders may still affect the mutual members’ fund in other ways, for example, when considering the role of any mutual members’ funds as support for the with-profits fund. FSA proposes that certain elements of the existing COBS 20 rules and guidance which might otherwise be seen as prescribing a particular process or standard of evidence be removed or amended. FSA proposes to remove the existing guidance for mutuals in COBS 20.2.60G, which says with-profits policyholders should be asked to agree alternative arrangements for carrying on non-profit business after with-profits run-off, noting that this is a change in approach from a September 2010 “Dear CEO” letter. . FSA’s r proposed new approach potentially enables mutuals to demonstrate retrospectively that they have mutual members’ funds without needing to show that the practice of keeping and not distributing this capital has been clearly communicated to policyholders. FSA further proposes that the new application process should be supported by firms obtaining the report of an independent expert, the identity of whom and terms of reference of which are agreed with FCA (including appropriate consultation with PRA, as relevant) in advance and if appropriate include effective pre-consultation with policyholders and other members. This may be effected under s166 FSMA Responses to the consultation are required by 19 March 2013 and draft guidance will be finalised in light of the responses to this CP with the intention of publishing a PS giving feedback next yea. FSA notes that it is likely to be published by FCA, in consultation where appropriate with PRA.
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  • HMT: Financial Services Act

    19/12/2012
    The Financial Services Bill has received Royal Assent and the Act will come into force on 1 April 2013: HMT... notes that the Government will bring forward secondary legislation in the New Year. Final text of the Act has not yet been published.
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