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Showing 9111 - 9120 of 9440 matches filtered by 'Funds and asset management'

  • EC: Proposal for a Regulation of the European Parliament and of the Council on key information documents for packaged retail investment products (PRIPs)

    25/06/2013
    The text of an updated Presidency compromise on the above EC proposal has been published together with a “general approach” ...document.
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  • IMA: Adherence to the FCA’s Stewardship Code

    25/06/2013
    IMA has published its third report on adherence to the Stewardship Code by asset owners, asset managers and service providers. ... It is noted that strategy and objectives, together with board remuneration, were the most frequently addressed issues, with collective engagement between institutional investors continuing to help meet aligned objectives. Among the key findings: there was an increase in monitoring with 76% of the 2012 respondents monitoring all investee companies as part of their investment process, compared to 70% in 2011’ thee was an increase in resource as the overall headcount of those involved with stewardship continues to rise; voting levels increased in all markets in 2012 and a slightly greater proportion of respondents voting all their UK shares and no respondents in 2012 followed service providers’ recommendations without giving due consideration themselves as to how they voted (this compares to 2011, where 4% of respondents stated they always followed such recommendations).
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  • The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (Draft)

    25/06/2013
    These Regulations have been laid before Parliament and set out changes to remuneration reporting; including a requirement for directors’ remuneration reports... to contain information about the remuneration of the directors in the financial year being reported on to include a single total figure table of remuneration in respect of each person who was a director during the relevant financial year, payments made to directors for loss of office, a performance graph which sets out the total shareholder return of the company on the class of equity share capital, if any, which caused the company to fall within the definition of “quoted company” in s385 Companies Act 206, the percentage change in the remuneration of the CEO, the relative importance of spend on pay, a statement of how the directors’ remuneration policy of the company will be implemented in the financial year following the relevant financial year, the consideration given by directors to the matter of remuneration and a statement of the result of the voting on any resolutions in respect of the directors’ remuneration report or policy at the last general meeting of the company. (Date in force: 1/10/13)
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  • FCA: FG13/1: Guidance for designated Consumer Bodies on making a Super-Complaint under s234C/FG13/2: Guidance for Regulated Persons and the Financial Ombudsman Service on making a reference under s234D

    25/06/2013
    The Financial Services Act 2012 introduced two new mechanisms to allow certain persons to bring information to the attention of FCA.... Section 234C enables designated consumer bodies to make a super complaint to FCA. Similarly s234D enables regulated persons and FOS to make references to FCA. FSMA also requires FCA to publish guidance on the presentation of a reasoned case for such a complaint or reference. Following consultation on draft guidance, FCA has now published final guidance on these matters together with a summary of the feedback received through the consultation and responses to the issues raised.
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  • EBA/EIOPA/ESMA: SV Capital OU v EBA

    24/06/2013
    The joint Board of Appeal of the ESAs has published today its decision in an appeal brought by the above-mentioned Estonian... company against an EBA decision. It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with EBA guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within EBA’s powers of investigation. Although the appellant criticised the way in which EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner. The ground on which the appeal was allowed was one of interpretation of the applicable legal provisions. The case was remitted to EBA to adopt the appropriate decision in accordance with the Board of Appeal’s findings.
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  • IOSCO: Principles for the regulation of exchange traded funds

    24/06/2013
    IOSCO has published its final report which contains principles intended to guide the regulation of ETFs and foster industry best practices... in relation to these products. including principles intended to clearly differentiate ETFs from other non-CIS exchange traded products. Other principles encourage the disclosure of related fees and expenses, including the eventual impact of securities lending on these, as well as disclosure to address the types of risks investors may be exposed to particularly through ETFs using complex strategies that may involve the use of leverage (or reverse leverage). The report addresses concerns tied to the structuring of ETFs, including the management of potential inherent conflicts of interest and of counterparty risks arising from the two main types of replication methods: physical and synthetic. IOSCO encourages regulators to consider imposing requirements to ensure that ETFs appropriately address risks raised by counterparty exposure and collateral management.
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  • Law Societies Joint Brussels Office: Company law and financial services (June 2013)

    21/06/2013
    This details the current status of various relevant Directives and European-level proposals.
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  • ESRB: Risk dashboard

    21/06/2013
    This “dashboard” document described as a set of quantitative indicators and not an early warning system. The cut-off date for the... data contained in this document is 3 June 2013.
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  • PRA: Capital shortfall exercise with major UK banks and building societies

    20/06/2013
    PRA has now concluded its work with the eight major UK banks and building societies in relation to FPC’s March 2013... recommendation on bank capitalisation and has set out details here and in accompanying documents. PRA’s assessment is that, at the end of 2012, five of the eight banks (Barclays, Co-operative Bank, LBG, Nationwide and RBS) fell short. These firms have been required to submit plans for additional actions. All of the firms have been informed of their requirements and have produced for PRA plans to meet them. It is for the firms themselves to announce the actions they plan to take. In aggregate, the additional actions, which include disposals and restructurings, will generate the equivalent of an additional £13.4bn of capital. The vast majority of actions are due to be completed by end-2013, but PRA has allowed some limited flexibility for a small part of these actions to be delivered during the first half of 2014. It is noted that PRA will hold firms to these plans, and will require additional actions to be taken if capital to cover the full shortfalls is at risk of not being delivered by any firm. To complement this action, the PRA board has announced its intention to require banks to deduct from Common Equity Tier 1 significant investments in insurance companies above threshold allowances under its implementation of CRD IV/CRR.6 PRA has also indicated that it will use a regular process of stress testing to ensure firms’ capital positions accurately reflect the realities of their individual circumstances.
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  • FCA: Speech by Tracey McDermott: Enforcement and credible deterrence in the FCA (18 June 2013)

    20/06/2013
    Text of the above, given at the Thompson Reuters Compliance & Risk Summit, follows. Topics include: new approaches (such as... behavioural research); culture in financial services; senior management (she notes: “we are recognising that quick wins will be few and far between, that it will be necessary to adopt a ‘cradle to grave’ approach – addressing this issue from the way we authorise through the way we supervise, to the way we enforce, and that our first cases will be hotly contested – both evidentially and procedurally”); credible deterrence and wholesale markets; FCA enforcement priorities in the next year (including further cases relating to failings in controls over financial crime, client money and assets, low value insurance, UCIS and pension liberation).
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