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Senior Supervisors Group Issues Report on Risk Appetite Frameworks and IT Infrastructure
December 23, 2010--Senior financial supervisors from 10 countries — collectively, the Senior Supervisors Group (SSG) — today issued a report that evaluates how financial institutions have progressed in developing formal risk appetite frameworks and in building out highly developed IT infrastructures and firm wide data aggregation capabilities.
The report — Observations on Developments in Risk Appetite Frameworks and IT Infrastructures — concludes that while firms have made progress in developing risk appetite frameworks and have begun multi-year projects to improve IT infrastructure, considerably more work must be done to strengthen these practices. In particular, the aggregation of risk data remains a challenge, despite its criticality to strategic planning, decision making, and risk management.
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Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
December 22, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, December 22, 2010:
Avion Gold Corporation (TSXVN:AVR) will be removed from the index. The company will graduate to trade on the TSX under the same ticker symbol.
Shear Minerals Ltd. (TSXVN:SRM) will trade under the new name Shear Diamonds Ltd. The shares will be consolidated on a 1-for-10 basis. There is no change to the ticker symbol but the new CUSIP number will be 82086A 10 2. Please note this change is effective after close Wednesday, December 29, 2010.
Merit Mining Corp. (TSXVN:MEM) will trade under the new name Huakan International Mining Inc. The new ticker symbol will be "HK" and the new CUSIP number will be 44330J 10 7. There is no consolidation of capital.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Fee Rate Advisory #5 for Fiscal Year 2011
December 22, 2010-- Today the President signed H.R. 3082, the continuing resolution that will fund federal agencies including the Securities and Exchange Commission for approximately two more months. H.R. 3082 stipulates that it shall be deemed the Commission's "regular appropriation" for FY 2011, and therefore will trigger changes in the rates of fees collected by the SEC.
Accordingly, effective Dec. 27, 2010, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rate applicable to proxy solicitations and statements in corporate control transactions will increase from their current rate of $71.30 per million dollars to a new rate of $116.10 per million dollars. The Section 6(b) rate is also the rate used to calculate the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 under the Investment Company Act of 1940.
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Source: SEC.gov
PowerShares files with the SEC
December 22, 2010--PowerShares has filed a first amended and restated application for exemptive relief with the SEC for "funds of funds".
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Source: SEC.gov
RiverPark Advisor files with the SEC
December 22, 2010--RiverPark has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Argentina/World Bank: US$1.061 Billion to Improve Health, Road Infrastructure, Water and Sanitation
December 21, 2010--The World Bank (WB) Board of Directors approved three projects for Argentina totaling US$1.061 billion. Both Great North projects, Water and Infrastructure, will generate opportunities for all to access water and sanitation services, as well as better road infrastructure, to promote integration and foster the competitiveness of this region of the country.
The third project, “Essential Public Health Functions II”, will benefit more than four million people participating in seven health programs.
“The Government of Argentina is strengthening its strategy to promote inclusive growth, by expanding social services for the vulnerable and consolidating health programs, with the approval of these new World Bank projects“ said Amado Boudou, Argentina’s Minister of Economy and Public Finance.
The US$600 million destined for both Great North projects will inject funds into Argentina’s poorest provinces, strengthening regional infrastructure.
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Source: World Bank
U.S. One files with the SEC
December 21, 2010-U.S. One has filed an amended application for exemptive relief with the SEC.
view filing
Source: SEC.gov
FOMC statement: Federal Reserve, European Central Bank, Bank Of Japan, Bank Of Canada, Bank Of England, And Swiss National Bank Announce Extension Of Temporary U.S. Dollar Liquidity Swap Facilities
December 21, 2010--The Federal Open Market Committee has authorized an extension through August 1, 2011, of its temporary U.S. dollar liquidity swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. The swap arrangements, established in May 2010, had been authorized through January 2011.
Information on the actions that will be taken by other central banks is available at the following websites:
view U.S. Dollar Liquidity Swaps--Frequently Asked Questions
Source: FBR
NASDAQ OMX Announces Closing of $370 Million Senior Notes Offering
December 21, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it closed an underwritten public offering of $370 million aggregate principal amount of 5.250% Senior Notes due 2018.
NASDAQ OMX applied the net proceeds from the notes offering to repay senior unsecured indebtedness that it incurred to finance the purchase of approximately 22.8 million shares of NASDAQ OMX's common stock, $0.01 par value per share, from Borse Dubai Limited.
J.P. Morgan Securities LLC is the sole bookrunner of the notes offering.
The offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. A prospectus supplement and accompanying prospectus describing the terms of this offering were filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained at no cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, J.P. Morgan Securities LLC can arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC at the following collect number: 1-212-834-4533.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Source: NASDAQ OMX
Dow Jones Indexes To Introduce A New Country Classification System
December 21, 2010-Dow Jones Indexes, a leading global index provider, announced today a new country classification system that will apply to all countries covered in its major index families. The implementation of the new system will begin in March of 2011.
Assessing the practical considerations within country markets is a primary focus of the classification process,” said Michael A. Petronella, president, Dow Jones Indexes. “This new country classification system strikes the appropriate balance between a rules-based methodology and the subjective guidance of our highly experienced Index Oversight Team,” he added.
All countries included in the indexes will be researched individually and assessed according to a pre-defined framework built around the needs of international portfolio investors in three broad categories: market and regulatory structure, trading environment and operational efficiency.
Assessments of the countries will be monitored on an ongoing basis, and include quantitative and qualitative elements leveraging internal and external resources.
The assessments will be used to produce a country classification assignment1 including: Developed Markets, the most accessible to and supportive of foreign investors with a high degree of consistency across these markets; Emerging Markets, which generally have less accessibility relative to developed markets, but demonstrate a level of openness, and Frontier Markets, which are typically much less accessible to foreign investors, exhibit notable limitations in their regulatory and operational environments, and support a smaller investment landscape. Frontier Markets tend to be much less robust and in the earlier stages of development (the prior country classification system did not offer a “Frontier” assignment).
The assignments will be formally reassessed each year in June by the Dow Jones Index Oversight Committee (IOC), which will make the final classification assignment decision for each country. The IOC may base their decision on the assessments or any other information that they consider to be relevant. A public announcement of classification changes, if any, will be made in September of each year. Classification changes will occur with a minimum of six months notice.
The new country classification system will be rolled out in stages to the full suite of Dow Jones indexes beginning with the March 2011 review. The transition of each index or index family from the old country classification system to the new country classification system will be announced individually.
Extraordinary Reclassifications: The IOC will re-visit a country classification on an as-needed basis if there is a material change in any of the assessments. If the IOC deems that a classification change is warranted, Dow Jones Indexes will provide a minimum of 90 days notice before a reclassification is implemented. Such changes will be implemented with the regular quarterly index review schedule (i.e.: following the third Friday in March, June, September or December).
For further information on Dow Jones Indexes please visit http://www.djindexes.com.
Source: Dow Jones Indexes
