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German regulator calls for regular stress tests for investment companies
July 9, 2010-- German regulator BaFin has unveiled new guidelines for German investment companies (KAGs) that will force them to conduct regular stress tests.
The new rules governing risk management for investment companies (InvMaRisk) were drawn up after changes to German investment law in 2007 meant the banking code MaRisk no longer applied to KAGs.
Arno Kempf, a partner specialising in financial services at PricewaterhouseCoopers, said implementing a strict risk management system was in everyone's interest, as it affected a KAG's bottom line.
"For example," he said, "the company itself is exposed (indirectly) to any financial risk involved in fiduciary management, as it affects all administration fees and, finally, the company's balance sheet."
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Source: IP&E
France, Germany push EU on global bank tax
July 9, 2010--France and Germany want the European Union to keep up the fight for a global bank tax even though the proposal was rejected by the Group of 20, according to a letter released Friday.
The French and German finance ministers wrote to Belgium, which holds the rotating presidency of the European Union, to say that such a global tax was "possible and necessary."
"Even though a consensus has not been found, we are convinced that the European Union must continue to try to create such a tax," wrote Christine Lagarde of France and Wolfgang Schaueble of Germany.
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Source: EUbusiness
EU set to cap emission allowances from 2013
July 9, 2010--The European Commission today adopted a decision which determines for the first time a ceiling or 'cap' on the number of emission allowances that will be available under the EU Emissions Trading System (EU ETS) in 2013, the first year of the 2013-2020 trading period.
This has been done in line with the provisions of the revised Emissions Trading Directive, which applies to the 2013-2020 trading period. The cap for the year 2013 has been determined at 1.927 billion (the precise figure is 1,926,876,368). It has been calculated on the basis of a formula which applies a 1.74% annual reduction in allowances below the average yearly total allocated through Member States' national allocation plans in the 2008-2012 trading period. The application of this reduction each year to 2020 and beyond will result in a 21% fall in emissions from the 2005 level by 2020.
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Source: EUbusiness
Frequently asked questions regarding Prospectuses: Common positions agreed by CESR Members
11th Updated Version - July 2010
July 8, 2010--INTRODUCTION - The context and status of this ‘Q and A’:
EU Legislation:
The Prospectus Directive 2003/71/EC and the Commission’s Regulation on Prospectuses (EC 809/2004)
became effective on 1 July 2005. The Prospectus Directive and accompanying Regulation establishes a
harmonised format for Prospectus in Europe and allows companies to use this Prospectus to list on all
European markets without having to re-apply for approval from the local regulator and by doing so, it is
intended to help companies avoid the inherent delays and cost that this may involve.
As a result of this new
legislation, consumers can also be assured of more consistent and standardised information which will
enable them to compare more effectively the various securities offers available from a wider number of
European companies.
Level 3 work to provide supervisory convergence in day-to day implementation across the EU and clarity for market participants:
As a result of the Directive and Regulation, the scope for interaction between competent authorities has increased because of the passport and it is therefore essential that supervisors achieve convergence across the EU in their approach to handling the day-to-day implementation of this legislation.
To this end, CESR has developed, at the request of market participants, a number of clarifications which may prove useful to market participants. These are:
- CESR Recommendations (Ref.CESR/05-054b) to provide greater clarity for issuing companies regarding the provision to disclose information on a range of areas and to promote greater transparency in the way in which supervisors will apply the Regulation, without imposing further obligations on issuers. CESR consulted market participants in the development of this and the responses and feedback statement can be accessed on the website under ‘Consultation’ and ‘Standing Committees/Corporate Finance/Prospectus Level 3’.
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Source: CESR
BlackRock Names Mike Latham Global Head of iShares
July 9, 2010-- BlackRock Inc. named Mike Latham global head of its iShares exchange-traded fund unit as part of a reorganization that unites U.S. and non-U.S. portions of the business.
Latham, 44, was previously head of North American iShares, the New York-based firm said today in an e-mailed statement. Rory Tobin, 44, head of the international iShares business, decided to leave BlackRock, the company said.
BlackRock acquired iShares Dec. 1 in its $15.2 billion purchase of San Francisco-based Barclays Global Investors from Barclays Plc in London. IShares is the largest provider of ETFs, with $481.2 billion in assets, or 46 percent of the global market, as of May 31, according to BlackRock.
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Source: BlackRock
New UK ETF Issuer: RBS launches a new range of Exchange Traded Funds on the London Stock Exchange
July 9, 2010--- New UK ETF Issuer: RBS launches a new range of Exchange Traded Funds on the London Stock Exchange, offering UK investors acess to a range of specialist opportunities in emerging markets and commodity indices. The six products listed are the Market Access DAXglobal BRIC Index Fund; the Market Access DAXglobal Asia Index Fund;
the Market Access NYSE Arca Gold BUGS Index Fund; the Market Access Jim Rogers International Commodity Index Fund and the Market Access RICI-M Index Fund.
Source: London Stock Exchange
FTSE/Xinhua China 25 Index is basis of first Chinese themed ETF in Malaysia
July 9, 2010--FTSE Xinhua Index Ltd (FXI), the leading Chinese index specialist, has licensed the FTSE/Xinhua China 25 Index to CIMB-Principal Asset Management Berhad (CIMB-Principal) as the basis of the first Chinese themed Exchange Traded Fund (ETF) in Malaysia, which lists today.
The ETF will be the first international ETF listed on Bursa Malaysia, giving local investors exposure to offshore markets. CIMB-Principal is also listing a FTSE ASEAN 40 Malaysia feeder fund which will further expand the range of FTSE based ETFs in Malaysia.
The FTSE Xinhua Indices are widely recognized as the definitive set of indices for China. They are based on FTSE’s global indexing standards and give international investors the most comprehensive, investable and representative view of the Chinese market. The indices continue to meet the growing demand for China themed products with more than 55 per cent of China themed ETF AUM (approximately USD 18 billion) tracking FTSE Xinhua indices globally.
Paul Hoff, Managing Director, Asia Pacific, FTSE Group said, “FTSE Xinhua indices have become the natural choice globally for investors who want Chinese themed investment products developed using internationally recognised standards. CIMB-Principal listing both an ETF and a feeder fund based on our Asian indices highlights why they are the ideal for capturing unique Asian opportunities. We are pleased to be working with CIMB-Principal as they develop their ETF product suite for their Asian and global clients.”
Campbell Tupling, Chief Executive, CIMB-Principal Asset Management Berhad, added “There is a growing interest among our clients to explore investment opportunities in the Chinese market. Designing an ETF based on the FTSE/Xinhua China 25 Index enables us to use FTSE’s expertise and international standards to meet the needs of investors. We look forward to continuing our relationship with FTSE as our product offerings expands.”
The FTSE/Xinhua China 25 Index comprises of the 25 largest H shares and Red chips by market capitalisation and is the first index to track their performance, giving international investors access to the China market without the need for a QFII quota. The index is designed to meet fund regulatory requirements worldwide, with constituent weightings capped at 10% to avoid over-concentration in any single stock. The index is based on FTSE’s award winning methodology which includes free float adjustment and liquidity screens and is managed in accordance with a clear and transparent set of index rules.
For more information on the FTSE/Xinhua China 25 Index or other FTSE Xinhua indices please visit www.ftse.com/xinhua. For more information on the FTSE/ASEAN 40 Index please visit www.ftse.com/asean.
Source: FTSE.com
Deloitte: Turkish financial sector remains strong amidst global crisis
July 8, 2010--Turkey’s financial sector was less affected by the global financial crisis compared with other sectors and other countries, the findings of a study released yesterday show.
In a report on the performance of the Turkish financial sector during the global financial crisis released yesterday by Deloitte, the main factors behind the Turkish banking sector’s successful resistance to the global financial meltdown were enumerated as its robust asset quality, capital adequacy, risk management and internal control systems.
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Source: Todays Zaman
European Parliament backs EIOPA and pension stability fund
July 8, 2010--Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.
They have delayed, however, the vote on the legislative resolution to allow for further negotiations with the European Council.
Yesterday, the Parliament adopted amendments to the legislation that would give a number of powers to the three new authorities – including the replacement for CEIOPS, the EU Insurance and Occupational Pensions Authority (EIOPA) – such as the power to settle disputes between national supervisors. (See earlier IPE articles: EIOPA might end up with fewer powers – Bernardino and EC presses ahead with plans to end CEIOPS)
However, the Parliament also deferred the final vote on the legislation, allowing its negotiators a few more weeks for an agreement to be reached at the first reading with the European Council after the summer break.
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Source: IP&E
Deutsche Börse launches post-trade transparency product
MiFID Post Trade“ provides trading prices for all MiFID relevant instruments
July 8, 2010-- Deutsche Börse is expanding its market data offering by launching a pure post-trade transparency product for its regulated exchanges. The new Information Product, “MiFID Post Trade”, provides trading prices and volumes for all MiFID relevant instruments traded on the Frankfurt stock exchange (Xetra and trading floor) as well as Tradegate Exchange. The data which is non-delayed and quality assured offers greatest transparency and more value than data that is available for OTC markets.
“MiFID Post Trade satisfies our clients’ needs for a pure post-trade transparency product for MiFID relevant stocks,” said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse. “MiFID Post Trade will become available in fall 2010. It will be offered at a lower price than already existing Information Products to allow the consolidation of post-trade transparency data in a cost efficient way.”
The new product complements Deutsche Börse’s existing Information Product “MiFID OTC” which provides post-trade transparency for the OTC market.
Source: Deutsche Börse
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