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UK’s Financial Conduct Authority Review Into Mobile Phone Insurance Finds Examples Of Poor Product Design, Unclear Terms, And Inadequate Claims And Complaints Handling

Date 27/06/2013

The Financial Conduct Authority (FCA) has published a review focusing on the way mobile phone insurance firms design products and handle claims from customers that have lost or damaged their phone, or had it stolen.
HKFE Announces Revised Margins For Futures Contracts

Date 27/06/2013

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Tuesday, 2 July 2013, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
Council Of The European Union Agrees Position On Bank Resolution

Date 27/06/2013

The Council today set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1).
Statement Of European Commissioner Barnier Following Agreement In ECOFIN On Bank Recovery And Resolution

Date 27/06/2013

I am very pleased that finance ministers of the Member States have managed a few minutes ago to reach broad political agreement on the future rules for how to restructure and resolve failing banks (IP/12/570). These rules are of utmost importance to protect taxpayers from having to bail-out banks in the future. They will be instrumental to deal with the threat of banks which today are “too-big-to-fail” and to help overcome links between states and banks which continue to weigh on economic growth.
European Commission: Breakthrough Brokered By Irish Presidency On Bank Recovery And Resolution

Date 27/06/2013

Essential pillar of Banking Union and agreement tonight will see "bail-out" replaced with "bail-in". Agreement will now allow negotiations to start with the European Parliament. Agreement also sets out effective resolution rules that will help us avoid and better weather any future banking crises

Palestine Exchange: Cash Dividends For 2012 Exceeded USD 126 Million - 6.43% Dividend Yield To Market Cap. In 2012

Date 27/06/2013

Ahmad Aweidah, CEO of the Palestine Exchange (PEX), announced that the amount of cash dividends distributed by listed companies on the PEX was USD 126,866,108 for the year 2012.
SIX Exchange Regulation: Sanction Proposal Against Weatherford International Ltd.

Date 27/06/2013

SIX Exchange Regulation has submitted a sanction proposal against Weatherford International Ltd. to the Sanction Commission of SIX Swiss Exchange. After completion of its investigation SIX Exchange Regulation is of the opinion that Weatherford International Ltd. violated the applicable accounting standards US GAAP regarding the accounting for income taxes in its 2011 financial statements.
Dubai Financial Market Board Of Directors Meeting Wednesday 26 June

Date 27/06/2013

The Board of Directors of Dubai Financial Market met on Wednesday 26 June at Borse Dubai and discussed normal business activities.
CFTC’s Division Of Market Oversight Extends Time-Limited, No-Action Relief For Swap Dealers And Major Swap Participants From Compliance With Reporting Obligations

Date 27/06/2013

The Commodity Futures Trading Commission’s (“Commission”) Division of Market Oversight (“Division”) today issued a no-action letter extending time-limited relief to Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) from the obligation to report valuation data for cleared swaps as required by § 45.4(b)(2)(ii) of the Commission’s regulations.
CalPERS Commits $50 Million To Clearlake Capital - California-Based Firm One Of Only Ten Private Equity Managers To Receive A Capital Commitment In 2012

Date 27/06/2013

The California Public Employees’ Retirement System (CalPERS) announced that it has committed $50 million to Clearlake Capital, a California-based private equity firm. The commitment to Clearlake was one of only ten that CalPERS made in its Private Equity Program during 2012, and one of only four commitments to new managers.