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Showing 9091 - 9100 of 10480 matches filtered by 'Funds and asset management'

  • BIS/IOSCO: Implementation monitoring of PFMIs: second update to Level 1 assessment report

    11/06/2015
    The report sets out jurisdictions' updated self-assessments on progress towards adopting the legislation, regulations and other policies that will enable them... to implement the 24 principles for financial market infrastructures and four of the five responsibilities for authorities included in the principles for financial market infrastructures. It notes that good progress has been made by the 28 participating jurisdictions since the previous update (May 2014), particularly with regard to central securities depositories and securities settlement systems. A third update will be undertaken next year.
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  • BoE: The Fair and Effective Markets Review

    10/06/2015
    The final report has now been published. It sets out 21 recommendations intended to help restore trust in the wholesale... fixed income, currency and commodity (“FICC”) markets. Recommendations to raise standards, professionalism and accountability of individuals include: encouraging IOSCO to consider developing a set of common standards for trading practices that will apply across all FICC markets; extending UK criminal sanctions for market abuse to a wider range of FICC instruments and lengthening the maximum sentence from 7 to 10 years’ imprisonment and mandating qualification standards and disclosure requirements for references to avoid misconduct going undetected when individuals change jobs. Recommendations to firms to improve the quality, clarity and understanding of FICC trading practices include creating a new FICC Market Standards Board. Recommendations to the UK authorities to strengthen regulation of FICC markets include: extending elements of the Senior Managers and Certification Regimes to a wider range of regulated firms active in FICC markets and creating a new statutory civil and criminal market abuse regime for spot foreign exchange, drawing on the international work on a global code. Recommendations to the international authorities to raise standards in global FICC markets include: agreeing a single global FX code and considering ways to improve the alignment between remuneration and conduct risk at a global level The Review also sets principles to guide a more forward-looking approach to the structure, behaviour and supervision of FICC market which will be discussed at a BoE forum in the autumn. It is noted that the Review’s Chairs will provide a full implementation report to the Chancellor of the Exchequer and the Governor of the Bank of England by June 2016.
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  • BoE: Speech by Mark Carney: Building real markets for the good of the people

    10/06/2015
    Mark Carney’s Mansion House speech on 10 June 2015 has been published, in which he discusses the recommendations of the Fair... and Effective Markets Review, with particular focus on BoE’s role and on the forthcoming open forum (see second link below for BoE’s accompanying paper “Building real markets for the good of the people”, in which BoE analyses FICC markets and considers shortcomings in its own frameworks and operating procedures during the crisis, actions being taken to correct those failings and what challenges remain. The paper provides a set of discussion questions for the open forum. Comments are invited (third link below).
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  • EBA/EIOPA/ESMA: Draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of Regulation (EU) No 648/2012 (second CP)

    10/06/2015
    The ESAs have published its second CP with regard to the above. With regard to OTC derivative transactions that will not... be subject to central clearing, these standards prescribe the regulatory amount of initial and variation margin that counterparties should exchange and the methodologies for their calculations. The standards also set out criteria for the eligible collateral. It is noted that clarifications have been made to certain rules discussed in the first consultation, including the exchange of margins with third countries entities and the treatment of non-financial counterparties; the treatment of covered bonds swap and the timing of margin exchanges. Responses are required by 10 July 2015. EBA will hold a public hearing on the standards on 18 June 2015.
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  • EIOPA: DC module reporting Q&As/templates

    10/06/2015
    EIOPA has published the first set of Q&As and an updated DC module reporting template, together with a list of public... contacts for the occupational pensions stress test and quantitative assessment.
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  • FCA: PS15/12: Proposed changes to our pension transfer rules: feedback on CP15/7 and final rules

    08/06/2015
    FCA has published its PS today with regard to changes to pension rules following an amendment to the RAO which makes... advising on the conversion or transfer of safeguarded pension benefits into flexible benefits a regulated activity and on changes to COBS which will mean that pension transfer requirements will apply to all pension transfers, regardless of when the transferred benefits are being crystallised. FCA states that it has proceeded with most of the proposals, with a small number of amendments described in detail in the PS. The PS also notes issues raised by respondents outside the scope of the CP (“insistent” clients; safeguarded benefits; TVA rules and overseas residents and the requirement to take advice). FCA has published a factsheet for firms on “insistent” clients – see second link below. Rules came into force on 5 June 2015.
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  • FCA: CP15/19: Quarterly Consultation No.9

    08/06/2015
    In this CP, FCA proposes to: transpose the UK Corporate Governance Code (which will make changes to LR, DTR, SYSC and... APER); •make changes to the new capital rules for SIPPs; make minor amendments to MCOB and TC; make minor amendments in relation to the Consumer Rights Act and make technical amendments relating to HMT’s SME finance measures. Responses on the SIPPs and MCOB/TR proposals are required by 5 August 2015 and by 5 July 2015 for the rest of the proposals.
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  • ESMA: Impact of the best practice principles for providers of shareholder voting research and analysis

    08/06/2015
    ESMA has published this call for evidence which asks how stakeholders perceive the most recent proxy seasons to have evolved and... to consider the extent to which new trends or changes in proxy advisors’ approaches have developed. Responses are required by 27 July 2015. ESMA notes that it intends to publish a final report at the end of the year.
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  • IOSCO: Good practices on reducing reliance on CRAs in asset management

    08/06/2015
    IOSCO has published this final report, which provides a set of good practices for reducing over-reliance on external credit ratings in... the asset management industry and sets out eight good practices that asset managers may consider when resorting to external ratings. In addition, IOSCO recommends that FSB considers potential ways to reduce possible investor overreliance on external ratings as a result of references in regulatory requirements.
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  • FCA: New Director of Enforcement and Market Oversight and Director of Risk

    05/06/2015
    FCA has announced the appointments of Mark Steward (Director of Enforcement and Market Oversight) and Barbara Frohn (Director of Risk and... Compliance Oversight). Mark Steward is currently the head of enforcement at the Hong Kong Securities and Futures Commission. Barbara Frohn is MD of Banco Santander and currently on secondment to the Institute of International Finance in Washington, DC (further biographical details are included in the press release). Mark Steward’s role brings together the organisation’s Enforcement function with a new Market Oversight Division, created by incorporating the UKLA and Market Monitoring functions. The new Risk and Compliance Oversight Division provides a direct link between the risk function and the CEO for the first time. FCA states Mark Steward and Barbara Frohn are expected to take up the roles in the early autumn.
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