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Showing 9091 - 9100 of 9440 matches filtered by 'Funds and asset management'

  • European Parliament: Resolutions adopted on 3 July 2013

    04/07/2013
    "Further to yesterday’s news update, texts of the following resolutions mentioned in the three separate press releases are available via the... link below: -Amendments adopted by the European Parliament on 3 July 2013 on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions (COM(2012)0350 – C7-0178/2012 – 2012/0168(COD)) -European Parliament legislative resolution of 3 July 2013 on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax -European Parliament resolution of 3 July 2013 on reforming the structure of the EU banking sector"
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  • ESMA: Guidelines on sound remuneration policies under the AIFM Directive

    04/07/2013
    ESMA has published this document (in various EU languages) which apply to to AIFMs and competent authorities. They apply in... relation to the remuneration policies and practices for AIFMs and their identified staff. Annex II of these guidelines provides details on which guidelines apply to AIFMs as a whole and which apply to their identified staff only. These guidelines apply from 22 July 2013, subject to the transitional provisions of the AIFM Directive.
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  • HoC: Child Trust Funds & Junior ISA transferability

    03/07/2013
    This note addresses a growing number of complaints from holders of child trust fund accounts who argue that they are trapped... in second class accounts and looks at a consultation on the matter currently in progress.
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  • ESMA: Retailisation in the EU

    03/07/2013
    This research report examines the growth in the sale of complex financial products to retail financial consumers in the EU, focusing... on alternative UCITS and structured retail products. The research has found that while their sale to retail financial consumers has increased, there is evidence to show that both products have produced relatively low returns – between 2007 and 2012 average returns were 3% for alternative UCITS and 2.5% for structured products. An analysis in the report of a sample of 76 structured products sold to retail investors indicated that structured products are sold, on average, with a significant issuance premium, estimated at around 4.6% of the issue price and up to 5.5% when the credit risk of the issuer is included.
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  • European Parliament: Small investors to be shielded against reckless risk taking by investment funds

    03/07/2013
    The European Parliament has approved a draft law which clarifies who is liable for mismanagement of funds and tailors fund managers'... remuneration rules to encourage them to take reasonable risks and a long-run view. To clarify who is responsible for small investors' funds, the law would require UCITS to appoint a single depositary. Depositaries would be required not to act without authorisation and would have to keep investors' money clearly separate from their own assets. They would be barred from using these funds as collateral in other transactions or investing them on their own account. Depositaries could also be deemed liable for any loss of assets, even if they delegate custody of them to a third party. Fund managers would be required not to take investment risks beyond what is accepted by their UCITS investors. Where a UCITS loses money, its managers' remuneration would be reduced or even clawed back. Half of the variable part of their remuneration would be paid in the assets of their UCITS, and payment of at least a further 40% of this variable remuneration would be deferred, to encourage managers to take a long-run view. All EU member states would have to provide in their laws for harmonised administrative penalties for funds that fail to comply with national UCITS authorisation and reporting rules. These penalties would include a public warning, temporarily or permanently banning the perpetrators from fund management and administrative fees of up to ten times of profits made while breaking the rules. Member states could also choose to provide for criminal penalties if they so wish.
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  • FCA: Speech by Clive Adamson: The FCA’s approach to supervising wealth management and private banking firms (2 July 2013)

    03/07/2013
    Text of the above, given at the APCIMS Compliance Conference, follows. He discusses the structure of the new supervisory model... with regard to wealth management and private banking firms; recent thematic work and what firms should be focusing on. With regard to the thematic work, he notes: “firms had made improvements, including in how new clients are taken on, and we believe that this is mainly moving in the right direction. … Disappointingly, we still found a number of cases where suitability could not be determined or there was a high risk of unsuitability, and some firms’ descriptions of their Wealth Management offerings may have led customers to misunderstand the service they were receiving. We have been working with firms included in the review to ensure they undertake suitable remedial action in response to the concerns we have identified. Four firms are already carrying out some form of remediation, including undertaking past business reviews to identify customers who have held unsuitable investment portfolios and offer redress where required, and two firms have appointed independent third parties to review and provide reports to us on certain matters of concern”.
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  • IOSCO Meeting with stakeholders on the global financial regulatory reform agenda

    02/07/2013
    IOSCO has published a short note of its meeting on 28 June 2013 in Madrid involving 60 market participants from more... than 20 countries, including some 30 international financial associations and investor groups. Topics discussed included IOSCO´s work on the international financial regulatory reform agenda and challenges faced by securities regulators globally,
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  • FCA: Policy Development Update 3

    02/07/2013
    This provides information about recently issued publications and an updated timetable for forthcoming publications
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  • JMLSG: Proposed amendments to JMLSG guidance 

    02/07/2013
    JMLSG has carried out a review of its guidance, specifically with regard to areas of omissions; provisions of the guidance that... are difficult to implement or effect and provisions of the guidance that no longer reflect current practice and has now produced a summary of proposed changes. Interested parties are invited to comment by 16 September 2013. It is noted that the JMLSG board decided that it would not be appropriate to anticipate, at this time, any amendments to the guidance that would be needed when the Fourth Money Laundering directive is adopted and implemented, but some contextual material from the new FATF documentation relating to the risk-based approach has been included in a proposed revision of chapter 4.
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  • FCA: AIFM Directive National Private Placement Regime

    02/07/2013
    The AIFMD NPPR is a mechanism to allow the marketing by AIFMs of AIFs that are not allowed to be marketed... under the AIFMD domestic marketing or passporting regimes. FCA has published a webpage setting our FAQs and information on the current status of the regime.
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