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EFAMA, ICMA: ‘no systemic risk’ from leverage in EU-based funds

first_imgLevels of leverage have remained constant in recent years and there has been no systemic risk related to the use of leverage in EU-domiciled funds, according to the associations.The Financial Stability Board has been investigating whether the asset management sector could pose a danger to financial stability, with leverage forming part of its concern about systemic risk in investment funds.Earlier this year it set out policy recommendations for tackling “structural vulnerabilities” of asset managers, with leverage one of the risks covered. The International Organization of Securities Commissions (IOSCO) has been charged with evaluating the recommendations and considering next steps.Peter de Proft, EFAMA director general, said European regulation was “a cutting-edge framework at global level and [we] hope that IOSCO and the FSB use it as the benchmark and starting point for their work”.“This will allow them to deliver their mandate and propose a consistent matrix of different measures that can capture the broad universe of fund vehicles and investment strategies,” he said.Martin Scheck, chief executive of ICMA, said there was an “advanced technical framework already in place in Europe”.“We believe this work should help the ongoing debate on systemic risk in investment funds and should promote sensible solutions based on existing rules and practices,” he said.The associations recommended that existing EU regulatory standards should be the basis for developing a “matrix” of different measures of leverage and risk.“No single measure can capture all the risk in nature, size and characteristics associated with a fund’s underlying assets and strategies,” the associations argued.EFAMA and ICMA added: “Not all funds are relevant from a systemic point of view. In fact, very few of them present characteristics that need a more detailed scrutiny… Second, we should not forget that – at least in Europe – the risk that investment funds represent for their counterparts is already addressed by reporting requirements to national regulators. In addition, such risk is also addressed by prudential requirements in other existing regulatory frameworks that apply in combination with the regulation on leverage.”They also recommended that the existing EU framework guide any further streamlining of global calculation methodologies for leverage and risk.The paper can be found here. Global regulators’ work on leverage and systemic risk in investment funds should use the existing European regulatory framework when addressing these issues, according to two European industry associations.In a joint report, the European Fund and Asset Management Association (EFAMA) and the asset management and investors council of the International Capital Market Association (ICMA) argued that the European legislative regime “offers a robust framework” to address risks related to leverage in investment funds.The associations said EU rules for alternative investment fund managers and UCITS funds had “allowed regulators to ascertain that leverage levels remained relatively low and constant over time and that wider regulatory framework governing European investment funds has not led to potential systemic risk occurring in EU-domiciled investment funds since the crisis”.Citing rules and legislation for UCITS, alternative investment funds, and derivatives, EFAMA and ICMA said European regulators were already able to assess levels of leverage in funds and “take appropriate supervisory actions”.last_img read more

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Does the Unborn Child Feel Pain in an Abortion?

first_imgCultureWatch 13 July 2013Those who seek to justify the killing of unborn babies resort to all sorts of myths and falsehoods to make their case and assuage their conscience. They in fact have to live in a world of lies and misinformation in order to defend their willingness to destroy the unborn, and make that defence seem palatable.Denying the humanity and personhood of the unborn child is of course one main way in which they proceed. And that is always the case with those who seek to oppress others: they seek to dehumanise the victims. Thus slave owners dehumanised blacks, just as baby-killers dehumanise the unborn.Thus it is customary to hear that the unborn baby is just a blob of cells. As such, an abortion does not hurt it or cause it any pain. After all, ‘how can a clump of cells experience pain?’ the pro-abortionists argue. This rhetoric is just that: rhetoric. It is really about dehumanising the victim and ignoring the evidence.Science has shown us quite clearly that babies do indeed feel pain. For example, surgeon Robert Shearin argues that unborn babies can experience pain at quite an early age: “As early as eight to ten weeks after conception, and definitely by thirteen-and-a-half weeks, the unborn experiences organic pain. . . . [At this point she] responds to pain at all levels of her nervous system in an integrated response which cannot be deemed a mere reflex. She can now experience pain.”http://www.billmuehlenberg.com/2013/07/13/does-the-unborn-child-feel-pain-in-an-abortion/last_img read more

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Christmas comes early for 90-year-old €2,000 raffle winner Peg!

first_imgThe Annual Croí Golden Ticket Raffle results were announced on Wednesday, December 18, with 90-year-old Peg Murrin from Killybegs winning the top prize of €2,000! The second prize of €1,000 went to Claire Connolly from Oranmore, now living in Australia.Claire’s Grandmother Julie, a stroke survivor and member of Croí’s Stroke Support Group, purchased the ticket for her granddaughter. The draw took place at 1:30pm in Croí House, with a total prize fund of €5,000.An incredible €65,000 was raised through Croí’s annual Christmas fundraiser, with funds going to support stroke survivors and their carers. With thanks to generous donors, Croí is able to offer free stroke support services, including specialised physical activity programmes and support groups.Former Garda Sergeant John Kelly from Cregmore, Co. Galway pulled the winning names from the draw.John survived a stroke eight years ago and now receives specialist support from the Croí Health Team, including communication sessions with a Speech and Language Therapist. The winners of the 2019 Croí Golden Ticket Draw:· 1st prize, €2,000 – winner is Peg Murrin, Donegal· 2nd prize, €1,000 – winner is Claire Connolly, Australia· 3rd prize, €500 – winner is Ursula Dineen, Sligo· 4th prize, €250 – winner is Ultan McDonagh, Galway· 5th prize, €250 – winner is Kevin Cume, Co Clare6th – 15th prize, €100 – winners are Marie Partridge, Dublin; Thomas Walsh, Mayo; Flan Tierney, Clare; Margaret McLaughlan, Donegal; William Quinn; Marie Darcy, Galway; Marian Carey, Donegal; David Kavanagh, Galway; Derek Kennedy, Galway; Hugh Martyn, Galway.Seller’s prizes: Sr Margaret Coyle, Galway; Kathleen Heraty, Mayo; Kathleen Joyce, Galway.Thank you to everyone who purchased tickets – your support helps us continue to help stroke survivors and their families. Special thank you to our Golden Ticket Raffle prize fund sponsor Coen Steel for their generous support, and Corrib Oil for sponsoring the seller’s prizes.Christmas comes early for 90-year-old €2,000 raffle winner Peg! was last modified: December 19th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:croiKillybegsPeggy MurrinRafflewinnerlast_img read more

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Risky behavior on the streets leading to spike in motor accidents teenager

first_img TCI Deputy Fire Chief ‘ok’ after scary-looking accident Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:#drivetoarrivealive, #magneticmedianews, #riseinmotoraccidentsonBahamasstreets Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, December 11, 2017 – Nassau – Police say the public is taking a lot of risks while driving and that is driving up the frequency in traffic accidents in The Bahamas.   Using cell phones, driving drunk, driving sleepy and speeding were cited as the main causes for traffic accidents following the Thursday night traffic tragedy on Nassau streets.The accident on East Street South and Sealink Drive at around 10pm has resulted in a teenage boy’s death, and serious injury to others in the two car collision.  Assistant Superintendent Craig Stubbs, officer-in-charge of the Traffic Division reported on the surge in bad driving habits and accidents resulting from them, “Drivers have to not only drive for themselves, but also for the persons in front of them, the persons behind them and the pedestrians that may be walking in their immediate area.”In the deadly head on crash Thursday night, a white Honda Fit was heading south, a black Nissan Fuga was heading north when there was impact; the force of the impact said Press Officer, Shanta Knowles sent the white car spiraling and it slammed into a lamp pole.   The boy, a passenger in that Honda Fit was dead on the spot.   Both drivers were in serious condition at hospital.#MagneticMediaNews#drivetoarrivealive#riseinmotoraccidentsonBahamasstreetslast_img read more

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City Council committee considers several options to address homelessness

first_img SAN DIEGO (KUSI) — The City Council’s Select Committee on Homelessness Monday directed city staff to flesh out measures that can be taken relatively quickly to ease the problem of people living on San Diego’s streets. The “menu of options” presented by committee Chairman Chris Ward includes establishing temporary housing at Golden Hall in the Civic Center complex and the Qualcomm Stadium practice field, expanding outreach efforts and creating more places where people who live in their cars can spend the night. “I think all things are on the table,” Councilman Chris Cate said.  In January’s annual tally of the area’s transient population, 5,619 homeless individuals were counted in the city of San Diego, a 10.3 percent increase from last year. Of those, 3,231 were living on the streets, and hundreds lived in vehicles. Ward’s proposals were conceptual in nature, so his office will work with various city departments to develop more details, including an idea of how much everything will cost. The results are scheduled to be returned to the committee in September. “Some of the material within this item is really designed to be able to provide things that are admittedly temporary in nature,” Ward said. “We hope that as we’re able to provide additional housing opportunities, some may be years down the road when those come online, that we’ll be able to scale back some of the need for immediate resources — that’s certainly the intent here.” Ward also suggested that the city provide more facilities for the homeless to store their belongings while they seek work or obtain social services. A current facility has reached capacity, he said.  Jessica Ranck July 24, 2017 Posted: July 24, 2017 Categories: Local San Diego News FacebookTwitter City Council committee considers several options to address homelessness Jessica Ranck, last_img read more

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