The Executive Board of the International Monetary Fund (IMF) adopted an implementation plan to strengthen the Fund’s engagement in fragile and conflict-affected countries. The plan is based on recommendations outlined in a staff paper entitled “Implementation plan in response to the Board-endorsed recommendations for the IEO Evaluation Report-The IMF and Fragile States.”
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The FCA has published new rules aimed at improving the advice people receive when considering transferring their pension. This policy statement confirms that the FCA is taking forward most of the proposals put forward for consultation in March 2018, which mainly related to transfers from defined benefit (DB) to defined contribution (DC) pension schemes. This consultation proposed further changes to its rules and guidance on advising on transferring from safeguarded benefit schemes (where there is some form of guarantee or promise about the rate of secure pension income that the member will receive, or will have an option to receive).
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The Basel Committee published the results of its latest Basel III monitoring exercise based on data as of 31 December 2017. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks, and has been publishing the results of such exercises since 2012. For the first time, the report sets out the impact of the Basel III framework that was initially agreed in 2010 as well as the effects of the Committee’s December 2017 finalisation of the Basel III reforms.
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The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 November 2018 for a further three-month period. ESMA has carefully considered the need to extend the intervention measure currently in effect. ESMA considers that a significant investor protection concern related to the offer of CFDs to retail clients continues to exist. It has therefore agreed to renew the restriction from 1 November.
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Financial Services Superintendent Maria T. Vullo announced that the Department of Financial Services (DFS) has issued guidance to assist regulated banking institutions in their lending activities involving New York rent-stabilized or rent-regulated multifamily residential buildings.  DFS has received complaints that certain owners of rent-stabilized multifamily residential buildings who have engaged in inappropriate practices including tenant harassment and unsafe living conditions may have obtained loans, directly or indirectly, from banking institutions for the purchase or renovation of buildings, and DFS expects enhanced due diligence of such landlords.
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The Financial Stability Board (FSB) welcomed the publication of a report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Status Report provides an overview of the extent to which companies in their 2017 reports included information aligned with the core TCFD recommendations published in June 2017. The report also provides information to support preparers of disclosures in implementing the TCFD recommendations.
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Citizens Advice submitted a super-complaint to the Competition and Markets Authority (CMA) calling on it to identify remedies and recommendations to put an end to the penalty paid by loyal and disengaged consumers. The super-complaint covers several markets, including insurance, cash savings and mortgages.
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The Financial Stability Board (FSB) welcomed the publication of a report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Status Report provides an overview of the extent to which companies in their 2017 reports included information aligned with the core TCFD recommendations published in June 2017. The report also provides information to support preparers of disclosures in implementing the TCFD recommendations.
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On September 20th, a collaboration was signed in Paris between the Institute of Risk & Compliance and Risk & Compliance Platform Europe. The two parties will continue to live completely independently of each other, but they will rely on good cooperation on the expertise and know-how of each in the appropriate areas. The Institute of Risk & Compliance is a foundation created in autumn 2017. Its president is Michaël Amado. The signing took place at The Westin Hotel, Paris Vendome, after the morning session on Compliance Management. The beautiful hotel is the permanent place of the Institute’s conferences.
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European Union (EU) securities markets, infrastructures and investors face new risks in the form of high volatility, the European Securities and Markets Authority (ESMA) said in its latest Trends, Risks, and Vulnerabilities (TRV) Report (No 2, 2018). ESMA also re-iterated its concerns about cyber risk and Brexit risks for business operations. The TRV, which covers the first half of 2018, finds that overall risk levels for the EU’s securities markets remained stable but at high levels for most risk categories. Equity and bond volatility spikes in February and May reflected the growing sensitivities. ESMA also sees a deterioration in outstanding corporate debt ratings, and in corporate and sovereign bond liquidity.
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