News Centre
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Nigerian Stock Exchange Collaborates With JP Morgan Chase On Derivatives
Date 21/08/2019
Consistent with its commitment to developing a thriving derivatives market in Nigeria, The Nigerian Stock Exchange is collaborating with JP Morgan Chase to facilitate in-depth capacity building programme on derivatives market. The collaboration with JP Morgan is expected to promote the development of derivatives in Nigeria by helping to bridge the knowledge gap on derivatives investments and trading strategies, through knowledge transfer.
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IMF Executive Board: Governors To Vote On Removing Age Limit For The Position Of Managing Director
Date 21/08/2019
The Executive Board of the International Monetary Fund (IMF) made the following statement today:
“The Executive Board has today recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of IMF Managing Director. Since 1951, the IMF’s By-Laws have prohibited the appointment of a candidate aged 65 or over as Managing Director, and have also prohibited the Managing Director from serving past his/her 70 th birthday. Eliminating the age limit would bring the Managing Director’s terms of appointment into line with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit.
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Statement At Open Meeting On Commission Guidance And Interpretation Regarding Proxy Voting And Proxy Voting Advice, SEC Chairman Jay Clayton, Aug. 21, 2019
Date 21/08/2019
Congress assigned to the Commission the responsibility to regulate the proxy solicitation process in 1934. Voting proxies is important. When we meet with market participants, we consistently hear about the importance of engagement, and the voting process is a key component of that engagement. This is made clear in many ways, including that our proxy rules regulate how proxies can be solicited and what information must be disclosed. Those rules impose significant anti-fraud liability on statements which, at the time and in the light of the circumstances under which they are made, are false or misleading with respect to any material fact. No other country comes close in terms of providing and enforcing this level of investor protection around the proxy voting process. Further, in the context of a share-for-share merger subject to a shareholder vote, we impose additional liability under the Securities Act of 1933 on registrants and officers and directors for the information in the associated registration statement.
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Minutes Of The Federal Open Market Committee, July 30-31, 2019
Date 21/08/2019
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 30-31, 2019.
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Statement At Open Meeting On Commission Guidance Regarding Proxy Voting And Proxy Voting Advice, SEC Commissioner Hester M. Peirce, Aug. 21, 2019
Date 21/08/2019
I want to thank Dalia Blass, Bill Hinman, and their staffs, as well as the Office of General Counsel for their hard work on today’s releases. I am pleased that the Commission is considering guidance related to proxy voting, an area of great importance to our capital markets. I like to remind people that we are not a law enforcement agency, but a regulatory agency. We fulfill our mission primarily by establishing an effective regulatory framework, helping well-meaning market participants clearly understand what the rules are, and assisting firms and individuals as they try to determine what compliance looks like given their particular facts and circumstances. The guidance we are voting on today is a good example of how the Commission can assist market participants—in this case investment advisers and proxy advisory firms—who are trying to serve their clients effectively and in a manner that complies with our rules.
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New Chief Legal Counsel - Eric Leijonram Named Chief Legal Counsel At Finansinspektionen
Date 21/08/2019
Eric Leijonram is currently a judge and administrative director for Linköping District Court. He has previously worked at the Ministry of Justice and the Swedish Prison and Probation Service. He has also been the inquiry chair in the government inquiry into the need to expand regulatory support for register controls in working life.
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Statement Of Commissioner Allison Herren Lee On Proxy Voting And Proxy Solicitation Releases, SEC Commissioner Allison Herren Lee, Aug. 21, 2019
Date 21/08/2019
Thank you, Chairman Clayton, and thank you to the staff in both the Division of Investment Management and the Division of Corporation Finance for your work on today’s releases, including Paul Cellupica, David Bartels, Holly Hunter-Ceci, Tara Varghese, David Fredrickson, Tamara Brightwell, Ted Yu, Luna Bloom, Michele Anderson, and Adam Turk.
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The Special Issue Of Borsa Istanbul Review On Islamic Finance Has Been Published
Date 21/08/2019
Borsa İstanbul Review, forging ahead to be one of the most prominent journals in finance & economics, is managed by Borsa İstanbul and published quarterly by Elsevier, a world leading academic publishing company. The very first special issue of Borsa Istanbul Review, Volume 19, has been published with the content of Islamic Financial Instruments and Institutions.
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SEC Clarifies Investment Advisers’ Proxy Voting Responsibilities And Application Of Proxy Rules To Voting Advice
Date 21/08/2019
The Securities and Exchange Commission today provided guidance to assist investment advisers in fulfilling their proxy voting responsibilities. The guidance discusses, among other matters, the ability of investment advisers to establish a variety of different voting arrangements with their clients and matters they should consider when they use the services of a proxy advisory firm. In addition, the Commission issued an interpretation that proxy voting advice provided by proxy advisory firms generally constitutes a “solicitation” under the federal proxy rules and provided related guidance about the application of the proxy antifraud rule to proxy voting advice. Both of these actions explain the Commission’s view of various non-exclusive methods entities can use to comply with existing laws or regulations or how such laws and regulations apply.
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EBA Publishes Phase 2 Of Its Technical Package On Reporting Framework 2.9
Date 21/08/2019
The European Banking Authority (EBA) published today a new release of the reporting framework 2.9, which includes the validation rules, the DPM data dictionary and XBRL taxonomies. The update reflects the amendments to the Implementing Technical Standards (ITS) on supervisory reporting related to FINREP and those to the ITS on benchmarking of internal approaches, both published on 16 of July 2019.
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