Since its creation in 1983, IOSCO has rapidly developed into the most important standard setter in the field of securities regulations. In order to continue to be able to publish timely and clear guidelines, recommendations and standards for the regulatory community and the securities industry, the Technical Committee of IOSCO is requesting comments on its work program (http://www.iosco.org/library/pubdocs/pdf/IOSCOPD239.pdf) for the immediate years.
Taking the long view Most of us are so caught up in the moment of the day that it is hard for us to lift our eyes from our PC or Blackberry to try to glimpse the horizon in an effort to put profess
In the second interim report monitoring the implementation of the Lamfalussy process, which is addressed to the European Parliament, the Council and the European Commission, the Inter-institutional Monitoring Group has observed with satisfaction the overall progress of the Lamfalussy process.
The Treasurer magazine is delighted to be working again with The Royal Bank of Scotland to produce a series of expert articles focusing on a topic of particular interest to treasurers.
The Pension Protection Fund has today published its consultation document on whether to include investment strategy as a separate risk factor in the risk based levy.
The document provides an analysis of the impact of introducing investment risk as a separate risk factor. Findings include:
The majority of the schemes’ investment strategies are broadly similar. As a result, just over 3% of the levy would be reallocated as a result of taking investment risk into account as a separate risk factor
Stake your claim now – or find yourself sidelined Richard Raeburn, Chief Executive of the ACT, has issued a stark warning to treasurers over their future role within the organisation.
Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (“the Prospectus Directive”) came into force on 31st December 2003, and was required to be implemented by Member States by 1st July 2005 at the latest. The Prospectus Directive is supplemented by Regulation (EC) No. 809/2004 of 29 April 2004 which became effective also on 1st July 2005.
This request for comment discusses the credit risk of preferred stock and so-called hybrid securities and suggests guidelines for rating these securities in light of their unique features. We propose to combine existing notching guidelines, which address severity of loss in the event of default, with incremental notching to reflect the fact that scheduled payments may be omitted without triggering a default by the issuer.
