Wednesday 23rd July 2014
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TUESDAY TICKER: JULY 22nd 2014 - The Zimbabwe Stock Exchange (ZSE) has been transformed into a company from a mutual society, opening the way for a public listing on the bourse it operates. The ZSE has been owned and run by stock brokers since 1946, but after demutualisation the brokers now hold 68% while the government owns the remaining shares. The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to misuse of the DFSA's name. It has come to the DFSA's attention that a fraudulent email purporting to be from the DFSA has been sent to a number of firms both inside and outside the Dubai International Financial Centre (DIFC). The false email: purports to be about a "DFSA Anti-Money Laundering Violation"; appears to come from "Amina Alshehi" from "Audit & Compliance"; attaches a "non-compliance notice"; and uses legitimate DFSA contact details. The email is fake, warns the DFSA. - Surecomp, the provider of trade finance solutions for banks and corporations, says Nordea has gone live in Frankfurt and London with the stand-alone version of allNETT, Surecomp's Web-based trade finance front-end solution – Saudi’s Kingdom Holding Company announced a net income for the second quarter this year of SAR211.7m up 16.8% on the previous quarter. The gross operating profit was SAR420.3m up 26.2% on the same quarter in 2013. Mohammed Fahmy CFO, says: “The second payment of dividends has been deposited in shareholders’ accounts. The outlook for the company’s profitability remains strong.” - Northern Trust has reported a 20 percent rise in assets under custody and a 15% rise in assets under management for Q2 2014 compared to Q2 2013.The Corporate and Institutional Services (C&IS) and wealth management businesses also report a 9% rise in custody and fund administration services, investment management and securities lending. Frederick Waddell, the bank’s chief executive officer, says, “Our business continued to expand in the second quarter as trust, investment and other servicing fees, which represent 65% of revenue, increased 8% compared to last year and assets under custody and under management increased 20% and 15%, respectively.” - In the latest Investment Quarterly for Q3 2014, Renee Chen, Macro and Investment Strategist at HSBC Global Asset Management, looks at the investment prospects throughout the Asia region. Chen identifies macro trends that are likely to shape investment themes in Asian markets, such as economic policy reforms, economic rebalancing and regional cooperation and integration that will provide a wide diversity of investment opportunities in relevant sectors. Financial deepening, in terms of financial system reform and deregulation and capital market developments, is another macro theme. HSBC continues to see opportunities in various sectors that could potentially benefit from structural reforms in several Asian countries. In particular, effective implementation of reforms could lead to a sustainable improvement in economic fundamentals and the growth prospects of China and India, prompting a reform-led re-rating of Chinese and Indian stocks. The continued search for yield resulted in decent H1 performance in Asian credit markets and there has been continued investor appetite for emerging Asian bonds, but Chen cautions that valuations could become a constraint, with limited room for further spread compression in some sectors and markets. However, the still-low default rates and overall healthy level of leverage among Asian companies on the back of overall sound Asian economic fundamentals provide a solid base for Asian credit market in the medium-to-long term.

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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