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  • Stability Guardians And Crisis Managers: Central Banking In Times Of Crisis And Beyond - Distinguished Lecture By Jörg Asmussen, Member Of The Executive Board Of The ECB, House Of Finance, Goethe Universität, Frankfurt Am Main, 11 September 2012

    Date 11/09/2012

    Ladies and Gentlemen,

    It is a great pleasure to be here today at the Institute for Monetary and Financial Stability and I would like to thank Prof. Siekmann and Prof. Wieland for their invitation. I know that the Institute was founded in November 2007, only three months after the outbreak of what would become the worst financial and eco­nomic crisis of the post-war period. Truly timely, I would say. The Institute’s objective to highlight the significance of monetary and financial stability impressively reflects the practise and the challenges of monetary policy over the last five years.

  • IRS Birkenfeld Decision Released At 10:00am ET - Details To Be Revealed Today At National Whistleblowers Center (NWC) Press Conference

    Date 11/09/2012

    The Internal Revenue Service (IRS) has issued a decision in the whistleblower case of former UBS banker Bradley C. Birkenfeld.

  • Press Conference By Tadahiro Matsushita, Japan's Minister For Financial Services - AIJ Investment Advisors

    Date 11/09/2012

    [Opening Remarks by Minister Matsushita]

    First of all, I would like to announce revisions to regulation and supervision on the investment management that will be made based on the problematic case of AIJ Investment Advisors Co., Ltd.

    Regarding the AIJ case, we have expressed an intention to consider making effective revisions to regulation and supervision in relation to the problems that have been identified in the case in light of the impact on the conduct of financial affairs. Now, the Financial Services Agency (FSA) has adopted draft revisions and is announcing them.

    The draft revisions include the requirement for the development of a mechanism to ensure that third-party oversight by trust banks functions effectively and a mechanism that enables pension fund associations and other customers to better detect problems through such measures as enhancing the contents of investment reports. The revisions also include the strengthening of punishment against illegal acts, such as false reports and fraudulent solicitation by discretionary investment managers, and the reform of regulation, supervision, and inspection of investment management companies.

    Regarding the development of a mechanism to ensure that third-party oversight by domestic trust banks functions effectively in particular, it will be required that discretionary investment managers make arrangements to enable domestic trust banks which administer assets entrusted by pension fund associations to directly obtain information on net asset value of investment funds and audit reports, as well as net asset value indicated on investment reports which discretionary investment managers provide to customers. Domestic trust banks will be required to cross-check these items and notify the results to customers.

    From the perspective of making effective revisions while taking account of the possible impact on the conduct of financial affairs, we invite public comments on the draft revisions. In light of the public comments collected, we will work out draft revisions to relevant laws and regulations and implement them as soon as preparations have been made. We will thus prevent the recurrence of cases like this.

    From 1 p.m. today, the FSA staff will hold a briefing on this case as well as on the overview of the findings so far made in the second-round inquiry into discretionary investment managers.

  • HKEx Announces Market Makers And Margin Rates For RMB Currency Futures

    Date 11/09/2012

    Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers and margin rates for the renminbi currency futures (RMB Currency Futures) that will begin trading in its derivatives market on Monday, 17 September 2012.

  • UK's Financial Services Authority Mortgage Lending Data Published

    Date 11/09/2012

    The Financial Services Authority (FSA) today published its latest Mortgage Lending Data for the United Kingdom covering the period Q2 2012.

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