The Dubai Financial Services Authority (DFSA) has deprecated MAS Clearsight Limited (MAS) and requires MAS to pay compensation of USD 3,200,000 (AED 12,044,800) to 20 investors for breaching DFSA’s Law and Rules. Continue reading…
The Board of Directors of the Bank for International Settlements (BIS) has appointed Stephen S. Poloz as Chair of the BIS Consultative Council for the Americas (CCA). Mr Poloz is Governor of the Bank of Canada. Mr Poloz’s appointment is for a term of two years as from 9 January 2016.
Airmic has produced its long-awaited guide to the Insurance Act, which is being sent to all members and partner organisations. The key message to risk managers is that it is up to them to take control of the buying process. The guide urges corporate insurance buyers to start preparing for the Act now, instead of waiting until August when it comes into force or for their brokers and underwriters to give them the necessary advice.
Bas Brouwers will join Rabobank on 1 January 2016 as Chief Financial Officer (CFO). The regulators have given their approval for the appointment. From 1 January 2016 Wiebe Draijer, chairman of the Executive Board, will take on the role of Chief Risk Officer (CRO) ad interim. Bert Bruggink, whose tasks as Chief Financial and Risk Officer (CFRO) are to be split, will step down as CFRO on 31 December 2015. He will continue to work for Rabobank in an advisory capacity to the Executive Board.
Luca Paolini
The Fed’s decision to raise interest rates for the first time in almost a decade does not in itself bring the curtain down on an era of ultra-loose monetary policy. Nor should it prevent stocks from moving higher over the coming months. Continue reading…
As of 1 January 2016, Wim Kuijken will be appointed as independent Chairman of the Board of The Hague Security Delta Foundation. He will succeed Jozias van Aartsen, Mayor of The Hague. This fits the new governance of HSD and the further establishment of HSD as national security cluster with three important regions: Brabant, Twente and The Hague. The appointment marks the next phase in the development of HSD.
Intelligent Partnership have found that the Alternative Finance industry needs to do much more to reach out to advisers. Although 73% of the Alternative Finance providers IP surveyed stated that they were either already marketing to financial advisers, or planned to do so in the future, the vast majority of advisers were still unaware of key industry developments. Only 7% of advisers surveyed realised that Alternative Finance is now regulated by the FCA, and only 13% were aware that some platforms used contingency funds to protect investors from losses. Continue reading…
The Financial Conduct Authority (FCA) recently published its first consultation paper on the implementation of the new European Markets in Financial Instruments Directive II (MiFID II) in the UK. MiFID was originally introduced in 2007 and the revised regime aims to strengthen investor protection, increase market resilience, reduce systemic risks and increase the overall efficiency and transparency of financial markets.
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Wealth managers and private banks have made progress in demonstrating the suitability of their clients’ portfolios, a thematic review by the Financial Conduct Authority (FCA) has found. However, some firms need to make substantial improvements in client information practices as well as ensuring the portfolios they manage truly reflect the needs and risk appetite of their customers. The FCA will be following up on these issues with these firms.
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Legislation that would entitle commercial policyholders to damages for the late payment of claims has passed a major legislative hurdle. The Enterprise Bill received its second reading in the House of Lords, despite some vocal opposition. Airmic CEO John Hurrell welcomed the measure’s progress, which followed an intervention by the specialist insurance consultancy Mactavish.
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Lieve LowetEU Affairs consultant and lobbyist
Elina Karpacheva Chair of the European Compliance Centre based in Sofia, Bulgaria
Ahsan HabibManager, AML Investigation - Correspondent Banking, Royal Bank of Canada
Michael AmadoLawyer in Paris / Lawyer in Canada
Alex MovchanAlex Movchan CIA CICA CFE is the President of the Institute for Internal Controls - Central and Eastern Europe
Elena PykhovaElena Pykhova is a thought leader, influencer and founder of a think tank, Best Practice Operational Risk Forum. 
Daniel VaknineCEO and Partner of Visslan
Nancy MehradAuthor and the CEO and Founder of Registrant Law Professional Corporation
Ajay KataraConsulting Partner and Head the RegTech Portfolio in Banking Risk Management area at Tata Consultancy Services (TCS)
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