Friday 31st July 2015
NEWS TICKER, Thursday, July 30th:Standard & Poor's Ratings Services said today that it has assigned its 'B' long-term issue credit rating to the senior unsecured Eurobond issued by the Republic of Zambia (B/Stable/B). The bond issue totals $1.25bn and carries an interest rate of 8.97%. Coupon payments will be made bi-annually, and principal repayments will take place in three equal payments, due in 2025, 2026, and 2027. The bond will be Zambia's third international placement following its debut $750m bond in September 2012, at 5.375%, and a $1bn bond issue in April 2014 at 8.5%. Zambia will mainly use the proceeds of the eurobond for budgetary and project financing – ESMA, the European markets regulator has published responses to its consultation on virtual currencies and distributed ledger technology. The responses can be viewed on the regulator’s website -The second phase of Zambia's $828m Maamba power station project is close to being finalised according to trade press reports. The project sponsor is Maamba Collieries Limited (MCL), the largest coal mining company in Zambia. In 2011, MCL appointed SEPCO Electric Power Construction Corp (China), a large supplier of power generating plants, substations, and transmission lines, for implementation of the power project. The power will be sold to Zambia Electricity Supply Corporation (ZESCO) Limited. The 300 MW plant is planned for operation by 2016.

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Is your compliance program adequate to the task?

Monday, 05 March 2012
Is your compliance program adequate to the task? In the face of a changing regulatory environment it is important for you to determine that your compliance program is adequate to protect you and your firm. The following questions are designed to identify factors that are important to an effective and robust compliance program. Honestly answering the following questions is the first step in making this assessment. http://www.ftseglobalmarkets.com/

In the face of a changing regulatory environment it is important for you to determine that your compliance program is adequate to protect you and your firm. The following questions are designed to identify factors that are important to an effective and robust compliance program. Honestly answering the following questions is the first step in making this assessment.

Culture of Compliance

Key questions:



1. Does the management team, as well as the investment personnel, believe that  governance processes are important and understand the legal and regulatory requirements  impacting their roles?
2. Does your chief compliance officer have respect and influence in your organisation?
3. Do risk and compliance personnel raise issues to you (or your senior management team) for consideration, even when the issues concern a major profit centre?

If you answered “No” to any of these questions, you are at risk of not realising that something has gone awry until it is too late. You must manage regulatory and legal issues just as closely as you would manage financial challenges

Organisational Structure

Key questions:

1. Does your chief compliance officer have direct access to your governing board or executive committee?
2. Have you
  (i) identified the laws that apply to your company, your investment vehicles, and your investments, and
  (ii) have you incorporated these requirements into operational processes?
3. Is there a process for keeping the information gathered in #2 up-to-date reflecting both changes to laws, changes to the market place, and new activities?

If the answer is “No” to any of these questions, you need to build these processes now.

Compliance Manual

Key questions:

1. Is your compliance manual tailored to your business?
2. Is it meaningful to you and your staff so that you use it to obtain guidance in unusual or tricky situations?
3. Do the investment personnel appreciate the importance of the policies and procedures that apply to them?

If you answered “No” to more than one of these, you probably do not have satisfactory compliance manual in place.


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