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Showing 9121 - 9130 of 9440 matches filtered by 'Funds and asset management'

  • ESMA: Speech by Steven Majoor: ISLA 22nd Annual International Securities Lending Conference (19 June 2013)

    19/06/2013
    Topics include: shadow banking, UCITS guidelines, short selling and collateral.
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  • FRC: Prohibition of use of internal audit staff on the external audit team

    19/06/2013
    FRC has introduced a measure that creates a clearer division of responsibility between internal and external audit teams to safeguard against... conflicts of interest. By prohibiting auditors from using internal audit staff as “direct assistance” members of the audit team, FRC is seeking further to ensure the independence of the external auditor and promote greater confidence in the integrity of the audit for investors. The prohibition comes into effect for audits of financial statements for periods ending on or after 15 June 2014.
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  • FCA: Speech by David Lawton: Investor relations in an increasingly regulated and international world (18 June 2013)

    19/06/2013
    Text of the above, given at the Investor Relations Society Annual Conference, follows. He discusses key issues in the regulatory... world for investor relations (the UK’s new regulatory structure; FCA’s objectives and approach, particularly with regard to UKLA and wholesale conduct; observations on the international landscape). He also considers FCA’s work on corporate access. He notes: “Reports of investment banks charging asset managers several thousand pounds an hour to meet with CEOs of their investee companies suggests that some of the current practices could be pushing out the sort of long-term investors needed for good stewardship in favour of those willing to stump up the cash. No one comes out well in these kind of stories. We need to have a conversation about how industry can yield better the benefits of corporate access and improve practices so that corporate access supports long-term stewardship … Data shows that the corporate access costs of the asset management sector are not going down. The most recent Thomson Reuters Extel survey shows that a quarter of what asset managers reward the sellside for is corporate access. Our recent supervisory work has highlighted to us that this an area where firms can do more work to manage their conflict of interest. There is also scope for firms to provide investors with more assurance that they exercise the same degree of oversight of expenses paid by the fund as they would if they paid for the same services themselves. This is an area where we believe greater transparency over cost would be of advantage to clients. We will have a full and open discussion with industry to reach the right outcome for investors and help build further trust in the sector”.
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  • EC: Proposal for a Council Directive amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation

    18/06/2013
    The objective of the proposal is to expand the scope of automatic exchange of information to the EU beyond that provided... for in existing EU automatic information exchange arrangements. It would bring the following other items within the scope of the information: dividends, capital gains, other financial income and account balances. It is noted that the agreements that many governments have concluded or will conclude with the US with regard to FATCA have given further impetus to automatic exchange of information as a way of combating tax fraud and evasion.
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  • FCA: Policy Development Update 2

    18/06/2013
    This provides information about recently issued publications and an updated timetable for forthcoming publications
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  • FCA: Speech by John Griffith-Jones: Conduct in a new era: leaders rejecting complacency (13 June 2013)

    14/06/2013
    Text of the above, given at the CityUK conference, follows. Topics include: FCA’s objectives and current priorities; the challenge for... firms to promote good behaviour and what such changes could mean for consumers. He notes: “The earlier the intervention, the more contentious it is likely to be. Where the existence of a problem has not been established beyond all reasonable doubt, there will be vested interests with money at stake opposing our intervention … I do not think it reasonable to expect us to prevent all future financial misconduct any more than you expect the police to prevent all future crime and we shall need to distinguish the big from the small”.
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  • European Parliament: Motion for a resolution further to Questions for Oral Answer B7-0208/2013 and B7-0209/2013 pursuant to Rule 115(5) of the Rules of Procedure on financial services: lack of progress in Council and Commission’s delay in the adoption of certain proposals

    12/06/2013
    The text of the motion, from ECON, urges the EC to accelerate its work on those outstanding legislative initiatives in the... area of financial services that it has announced over the past years. Among other specific matters, it calls on the EC to adopt as a matter of urgency its proposal on the Securities Law Directive; to present the outstanding revision of the Directive on payment services in the internal market as quickly as possible; calls for the EC to adopt proposals on a draft regulation on the Single Resolution Mechanism; follow up the Liikanen report; calls on the EC to adopt as soon as possible a proposal on money market funds and calls for action on MiFID, MAD/MAR. It is suggested that the EC undertakes a cost-benefit analysis, as soon as possible on the effectiveness and proportionality of the numerous pieces of legislation that have been adopted since the beginning of the financial crisis.
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  • The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013/1388 (previously reported on while in draft)

    12/06/2013
    These Regulations provide for the formation of undertakings for collective investment constituted in accordance with contract law. Such undertakings are called... contractual schemes and are a new class of collective investment scheme (as defined by s35 FSMA). A contractual scheme may be either a co-ownership scheme, which has no legal personality distinct from the persons who take part as investors, or a partnership scheme, which is a limited partnership under the Limited Partnerships Act 1907 (c.24). The Regulations also provide for the authorisation and supervision of contractual schemes by FCA. (Date in force: 6/06/13)
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  • FCA: AIFM Directive

    11/06/2013
    FCA has updated this webpage which provides a note with regard to the position of a firm that wishes to be... authorised as a full scope UK AIFM and to provide other services as permitted by Article 6(4) of the Directive. 
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