Tuesday 31st March 2015
NEWS TICKER: TUESDAY MARCH 31st 2015 : President of the European Council Donald Tusk’s meeting with Prime Minister of Spain Mariano Rajoy today covered many points, but concern over a lack of government in Libya and the causes and consequences of instability and insecurity in the Southern Neighbourhood took up much of the discussion. “The Prime Minister and I had a very open discussion on both the causes and consequences of instability and insecurity in the Southern Neighbourhood. We had a good exchange on what the European Union is already doing - in terms of assistance, counter-terrorism and migration - and how we can better target our efforts to make a real difference,” notes Tusk in a briefing note issued today - Data published today by the Association of Investment Companies (AIC) using Matrix Financial Clarity suggests that investment company total purchases on platforms by advisers and wealth managers were 19% higher least year (with purchases worth £452.7m) and more than double the figure in 2012. In Q4 2014, platform purchases of investment companies were at £110.3m, 10% higher than purchases of £100.3m in Q4 2013 and 90% higher than purchases of £58.1m in Q4 2012. Investment company purchases at £110.3m in Q4 2014 were stable when compared to £110.6m in Q3 2014. Whilst 2014 was a strong year for purchases there was also a significant increase in sales, which rose 40% to £290.9m compared to £208.4m in 2013, suggesting some advisers and wealth managers are taking profits and rebalancing portfolios. Ian Sayers, Chief Executive, AIC, said: “Though sales have increased, we should remember that this trading activity all helps to improve liquidity. The AIC has trained over 3,000 advisers in response to RDR, and has recently increased its resource in this area, with the recruitment of Nick Britton, the AIC’s Head of Training. This will help us to increase awareness and understanding of investment companies with a refreshed training programme and the capability to meet and support more advisers.” The Global and UK Equity Income sectors were the most popular for advisers and wealth managers in 2014 overall, accounting for 18% and 13% of purchases respectively. The Infrastructure and Property Direct – UK were the third and fourth most popular sectors over 2014, accounting for 8% and 7% of purchases respectively. Transact and Ascentric continue to be the top platforms for investment company purchases, accounting for 49% and 20% of the market respectively in 2014. Alliance Trust Savings are increasing in popularity with financial advisers, their market share increasing to 18% in 2014 from 12% in 2013 - The Straits Times Index (STI) ended -7.25 points lower or -0.21% to 3447.01, taking the year-to-date performance to +2.43%. The FTSE ST Mid Cap Index declined -0.17% while the FTSE ST Small Cap Index declined -0.24%. The top active stocks were SingTel (+0.46%), DBS (-0.10%), UOB (-0.99%), Global Logistic (+0.38%) and OCBC Bank (-0.75%). The outperforming sectors today were represented by the FTSE ST Technology Index (+1.08%). The two biggest stocks of the FTSE ST Technology Index are Silverlake Axis (+1.86%) and STATS ChipPAC (unchanged). The underperforming sector was the FTSE ST Basic Materials Index, which declined -1.88% with Midas Holdings’ share price declining -3.23% and Geo Energy Resources’ share price declining -0.52%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.13%), DBXT MSCI China TRN ETF (+1.25%), DBXT FT China 25 ETF (+0.28%). The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (+0.92%), Ascendas REIT (+1.17%), Suntec REIT (-1.07%). The most active index warrants by value today were HSI25000MBeCW150429 (+6.12%), HSI24800MBeCW150528 (+5.80%), HSI24000MBePW150528 (-7.32%) - Mississippi’s Rankin County School District has issued an online survey meant to gauge public opinion of a potential bond issue to build new classrooms. The bond issue would be used for construction of new instructional facilities, and school board officials have been discussing the possibility for a while. No specific details of the amount or number of facilities have been released, but school board Vice President Ann Sturdivant said district personnel are working to assess the needs. Rankin voters rejected a $169.5m bond issue in 2011 to upgrade and build new classrooms, but Sturdivant said she believes people see the need to remedy overcrowding issues, particularly in the Florence, Brandon and Northwest zones and that tapping the US debt capital markets will be a logical step -

DFSA delegated new powers by DIFC Registrar of Companies

Wednesday, 15 February 2012
DFSA delegated new powers by DIFC Registrar of Companies The Dubai Financial Services Authority (DFSA) has been devolved new powers by the DIFC Registrar of Companies. http://www.ftseglobalmarkets.com/

The Dubai Financial Services Authority (DFSA) has been devolved new powers by the DIFC Registrar of Companies.

The delegated powers include the power to appoint inspectors to investigate the affairs of companies and partnerships, and to pursue enforcement remedies available to the Registrar under the following Dubai International Financial Centre (DIFC) Laws and their associated Regulations (together, the Registrar of Companies Laws (ROC Laws)):

• Companies Law, DIFC Law No 2 of 2009;
• Limited Partnership Law, DIFC Law No 4 of 2006;
• Limited Liability Partnership Law, DIFC Law No 5 of 2004;
• Insolvency Law, DIFC Law No 3 of 2009; and
• General Partnership Law, DIFC Law No 11 of 2004.



The Registrar continues to have the right to exercise the delegated powers in relation to any matter, whether independent of, or concurrently with, the DFSA. However, the Registrar and the DFSA have agreed that the DFSA will investigate contraventions of the ROC Laws for which penalties of AED 36,700 (US $10,000) or more may be imposed. Contraventions, for which lesser penalties may be imposed, will remain the responsibility of the Registrar (though the DFSA may investigate such contraventions if they are ancillary to any DFSA investigation).

The Registrar will continue to administer the registry functions within the DIFC.

 Khalid Al Zarouni, The Registrar explains the move is “in line with our on-going commitment to develop the DIFC’s legal and regulatory framework while leveraging the expertise and best practices of other DIFC bodies. Both the DIFC Registrar of Companies and the DFSA agree that the delegation will result in a more efficient and effective regulation of the ROC Laws.”

Under the delegation, the DFSA will exercise the delegated powers and functions as it deems necessary or desirable in order to carry out inspections and investigations, make directions, procure court orders, impose penalties or take any other regulatory or enforcement action in relation to the ROC Laws.

Related News

Related Articles

Related Blogs

Related Videos

  • Forces shaping the UK pension industry Thursday, 18 October 2012 Forces shaping the UK pension industry
    Rosalind Knowles, partner, Linklaters Pension Practice Group provides the first Keynote Speech at FTSE Global Markets’ Transition Management conference at Gibson…
  • Investing in Russia (Part 1) Friday, 01 July 2011 Investing in Russia (Part 1)
    Mattias Westman, founding partner, Prosperity Capital Management, discusses the key challenges and opportunities of investing in Russia during the Accessing…
  • Russia's derivatives and FX markets Friday, 01 July 2011 Russia's derivatives and FX markets
    Tim Bevan, director, global electronic trading services, Otkritie Securities Ltd discussed the Russian derivatives and FX markets during the Accessing…

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP