Volume 21 Issue 02 July Ralph Hamers, ING: DoubleDividend. Roundtable: Gaining insight. pension sector to make

Size: px
Start display at page:

Download "Volume 21 Issue 02 July 2014. Ralph Hamers, ING: DoubleDividend. Roundtable: Gaining insight. pension sector to make"

Transcription

1 Volume 21 Issue 02 July 2014 Ralph Hamers, ING: At ING, everything starts and ends with the customer DoubleDividend We take the long- term view and investors need to do that too Roundtable: Gaining insight into your investments Europe is forcing the Dutch pension sector to make choices

2 CONTENTS Editorial 3 Interview: Ralph Hamers, ING Group 4 Cost benchmarking for pension funds 6 Column AIFMD 8 Draghi s dream 10 Round-table session on look through for funds 12 Interview: DoubleDividend 14 Column EMIR 17 Global Custody Network News 18 Column TARGET2-Securities 21 Collectivism in DC: Everyone s a Winner? 22 Europe is forcing the Dutch pension sector to make choices 24 Comments on this issue, suggestions for future articles and mailing list requests should be addressed to: Netherlands Client management Tamis Stuker, Managing Director Business Development Mark van Weezenbeek, Managing Director German Branch Frank Vogel, Managing Director UK Branch Laurens Vis, Managing Director Translations Wilkens c.s. Editor Robbert Veltman, KAS BANK Graphic Design Koeweiden Postma, Amsterdam Print KAS BANK, Document & Systems Services KAS Selections is a quarterly newsletter from KAS BANK N.V. Although the information in this issue is drawn up with the utmost precision, no rights can be derived from it. Volume 21, Issue 2, July 2014

3 Editorial Cost transparency is big news right now. In February the Dutch supervisor DNB, for instance, published its findings on 2012 pension fund costs. By and large, the financial watchdog is reasonably satisfied with the transparency pension funds offer into their cost structures. But he does believe there is room for improvement where illiquid investments are concerned so it will be subjecting this to particular scrutiny in its 2013 report. The new Financial Assessment Framework, which comes into force in the Netherlands on 1 January 2015, also includes a large number of compulsory statements, designed to shed light on pension fund costs. If wealth manager Russell Investments is to be believed, this new system may make it clear whether institutional investors can save billions worldwide on the implementation of their investment policies. The argument is that too little heed is paid to costs when implementing investment decisions, and this is the main reason why money leaks away. Calls for greater (cost) transparency and better cost control are supported widely in the pension sector. At the same time, smaller pension funds in particular are at risk of buckling under the weight of regulations. Ton Berendsen, a former member of the Board at pension fund ABP/APG, is forthright in his views. He believes that the plethora of rules imposed on funds and their managers will make it difficult for independent funds to continue operating autonomously, leaving some funds too small to comply. He believes the situation is much the same for providers, because investment in areas such as compliance and new systems is ballooning. I take a less pessimistic view. The new General Pension Fund ( Algemeen Pensioenfonds ), for instance, offers plenty of opportunities to retain the identity of your own scheme while taking full advantage of benefits of scale when running it. But The Hague needs to get a move on with implementing the draft law, otherwise it will soon be too late for many small funds. And yet, with the right instruments at their disposal, smaller funds can also preserve their independence. Outsourcing frees up managers to devote themselves fully to their core task, i.e. protecting members interests and looking after the pension capital entrusted to them. Needless to say, we are keeping close watch on this debate at KAS BANK. But that s not all. Together with our clients, we are developing solutions which genuinely meet the needs of the market. Our organisation and IT are dedicated to achieving our aim of being the securities specialist for pension funds, insurers, funds and wealth managers. At the end of the day, we are here to provide you with the best possible support in achieving your business objectives. So we are very keen to hear your views on our services. You will soon be receiving the Client Service Review In each section, you can give us detailed feedback and make suggestions for improvements. We will discuss the results with you at your office in a spirit of true partnership. I would therefore like to conclude this Foreword by urging you to take part in the Client Service Review Sikko van Katwijk Managing Board KAS BANK 3

4 SUSTAINABILITY WILL INCREASINGLY BECOME AN INTEGRAL PART OF BUSINESS Ralph Hamers, CEO and President of ING Group ING Group is a global financial institution of Dutch origin and provides services in the areas of banking, investments, life insurance and pensions. The more than 63,000 employees of ING Bank offer services in the areas of retail and corporate banking to clients in more than 40 countries. NN Group is a leading insurance / asset management company with over 12,000 employees operating in 18 countries, mainly in Europe and Japan. Since July 2014, NN Group is listed at Euronext Amsterdam stock exchange. ING Group still has a majority interest in NN Group, but will dispose more than 50% of its shares before 31 December and the remaining shares before 31 December 2016, as agreed with the European Commission. The independent pension fund of ING (Stichting Pensioenfonds ING) is customer at KAS BANK. As part of our series of interviews with CEOs of the parent company of our institutional clients we spoke with Ralph Hamers, since October 1st, 2013 CEO and Chairman of ING Group. How would you describe the corporate culture at the ING Group? Open and accessible, with a no-nonsense mentality. I also think that we are frontrunners among financial service providers and want to be frontrunners in developing new and better services for our customers as well. A survey of our employees around the world about our future indicated that our standards and values what we stand for is our common denominator. And what we stand for, and have always stood for in fact, is: Empowering people to stay a step ahead in life and in business. Our brand is powerful and well known in the more than 40 countries in which we operate. That gives our employees a sense of identity and serves as the basis for the trust that our customers and other stakeholders have in us. What is the ING Group s strategic vision on customer loyalty and long-term relationships with customers? At ING, everything starts and ends with the customer. ING has a broad customer base: individuals, families, small, medium-sized and very large companies, institutions and the government. The longer your service relationship with a customer, the better the understanding you have of how you can help with day-to-day banking issues and the better the advice you can give when advice is required. Private banking and commercial banking customers alike have moments when decisions need to be taken that involve important financial aspects. In order to really be there for a customer at times like these, you need the benefit of a long-term relationship. These are the moments that our specialists actually find the most rewarding and often the most challenging part of their work. As time goes on, customers also purchase more and more services from ING. ING wants to be its customers primary bank. That doesn t happen automatically. Our customers tell us where we could do better and what aspects they are very happy with and that helps us improve our service provision even further. But we go beyond simply helping customers. We also aspire towards helping society. Take Financially Fit (Financieel Fit), for instance, a programme in which we give Dutch people insight into how they can keep their finances in order, now and in future. The financial world is facing increasingly strict international regulations, like Basel III, AIFMD, MiFID, EMIR and FATCA. How are the various divisions at the ING Group preparing themselves and their customers for this? For some time now we have been working on strengthening the company, so that we at least comply with the increasingly strict regulations. At ING we support the need to make financial institutions more resilient and the system as a whole more stable. We therefore support the majority of the measures being taken at the international, European and national level, such as the required increase in the core capital of banks. ING is concerned, however, about the cumulative impact of the many different measures, the uncertainty about when and how these will be implemented, and what impact they will have on our role as financier of the real economy. We have ongoing dialogue with policy makers about this. 4 KAS SELECTIONS July 2014

5 Ralph Hamers, CEO and chairman of ING Group Ralph Hamers was appointed a member of the Executive Board of ING Group on 13 May On 1 October 2013, he was appointed CEO and chairman of this Board. Ralph Hamers joined ING in Before his appointment to the Executive Board, he was CEO of ING Belgium and Luxembourg. Ralph Hamers is also chairman of the Management Board Banking and the Management Board NN Group. I do understand, though, where the concerns at the root of the broad call in society for even stricter supervision and even tighter regulation come from. However, it is also crucial that we do not put too many constraints on banks scope for action in supporting the early signs of economic recovery by turning all the dials at the same time. ING is a strong proponent therefore of developing a European Banking Union, including a European resolution mechanism and resolution fund. My message to policy makers is broadly: let the European mechanisms do their job, so that banks throughout Europe can offer their socially essential services as the lowest possible prices, and manage their risks optimally. That is ultimately in everyone s interest, but certainly in the interest of the Netherlands. What do you think the financial sector will look like in five years? The changes are taking place very fast. A number of trends will impact the financial sector. I will mention three of them. The mobile revolution means that we are now living in a much more on-demand economy. The consumer wants more and more convenience and ease. As a bank, we must move along with that, and we want to do so. We demonstrate that in what we call our customer promises. There are four of these in total. The first is Clear and easy. This means that we want to be clear in our services and products and that we want to offer ease of use. The second, Anytime, anywhere, and also the third, Empower, are relevant in this context. Anytime, anywhere indicates that we want to offer our services at the moment the customer wants them. Empower means that we want to give customers insight into the tools for taking the financial decisions that enable them to stay one step ahead in life and in business. The fourth is Keep getting better, which means that we constantly try to improve the service to our customers. A second trend that has an impact on the financial sector is sustainability. Sustainability will increasingly become an integrated part of operations in the financial sector. ING wants to play a leading role in supporting and accelerating the process of transition to a more sustainable economy and society. A third trend is the social digital revolution. People are increasingly searching online for reliable, relevant information and insights. This means that ING sees opportunities in social media, for instance, for starting dialogue with customers and answering questions. These trends and how we deal with them show what direction I expect the sector to move in. What is certain is that the financial sector will certainly look different in five years time. Our competitors are in flux as well; this includes the existing competition and potential newcomers from outside the sector. But I think that ING is well prepared. We are well on course towards becoming a pure bank. We are in a good financial position. We have a good mix of activities that allows us to profit from the many changes the sector is facing. And with our updated corporate strategy as presented in March of this year, we strongly anticipate the future and are well positioned to continue to play a leading role in international markets for our customers. Although there are some threats of course, I think that ING has abundant possibilities for even better fulfilling the important social role that we have to and want to fulfil. 5

6 Cost benchmarking for pension funds At the initiative of Stichting Administratie Groep Holland (AGH), a working group from AGH and KAS BANK has investigated the possibilities for optimising cost transparency at pension funds.* The working group sees the results of the study as a prelude to further discussion on a new benchmarking tool for pension fund directors. KAS Selections talked about this with Erik Martens, Martin de Gelder and Eric Mateman, director, head of Asset Management and manager of Pension Policy and Actuarial Affairs, respectively, at AGH. * The working group consists of Pol de Jaeger (KAS BANK), Sikko van Katwijk (KAS BANK), Tim Kamphorst (Director TEN), René Lahoye (pension fund trustee at CNV Vakmensen), Eric Mateman (AGH), Erik Martens (AGH) and Tamis Stuker (KAS BANK). Next October KAS BANK will organise round table sessions on cost transparency at pension funds. The Federation of the Dutch Pension Funds has issued guidelines for presenting costs incurred more clearly. How has AGH responded to that? Erik Martens: In March 2013, I met Tim Kamphorst, Sikko van Katwijk and René Lahoye during a conference and we got talking about the guidelines for cost transparency. The approach of the Federation of the Dutch Pension Funds ( Federation ) is a good start, but is it enough? Won t the government issue even more regulations in future? At that time we decided to create a working group to look into optimising cost transparency. Pension funds serviced at AGH were used as a pilot in this regard. How important to AGH is cost transparency? Martin de Gelder: This topic is set to become even more important given the upcoming legislative amendments. In the future, costs will have to be further specified as transition costs, asset management costs and pension administration costs in the annual report. Eric Mateman: It is comparing apples and oranges to some extent. The guidelines from the Federation are not uniform, particularly in relation to the fixed-income securities. That makes it difficult to compare results. And the party that is truly transparent has to fight an uphill battle as well. Why are you so expensive? Erik Martens: Cost transparency is a good thing, but it also raises some questions. If you adjust the investment policy and change asset manager, for instance, the transition costs are included in the transaction costs. Thus you cannot always compare pension properly. In the long term the transition may result in higher returns. In order to make a good comparison you need to look at costs over a longer period of at least three years. Then you can make a better comparison of the costs with respect to the return and risks. To what extent could a benchmark help here? Erik Martens: A benchmark is important, but it is still quite a challenge to find a good benchmark. Which pension funds should be part of the benchmark? How deep must you go in analysing the costs? Pension funds that only invest in funds will have more difficulty unearthing all the costs via the manager than a pension 6 KAS SELECTIONS July 2014

7 Left to right: Martin de Gelder, Erik Martens en Eric Mateman van Administratie Groep Holland. fund that mainly invests on a discretionary basis. In that case you just have to ask your asset manager to specify his costs. A large pension fund is also in a stronger position to insist on this than a smaller one. Martin de Gelder: With cost transparency, you cannot get away with just a number; you will also have to explain where the costs originate from. The recent letter from De Nederlandsche Bank on cost transparency only mentions insight into asset management costs, for instance. In our view, that is not enough. Has there been any rebalancing or a change in the investment policy? How do the costs relate to the risks and return? In short, it must be even more meticulous and precise. As a pension fund trustee you must ultimately be able to give a clear account. The research by this working group is a good first step in that direction. With cost transparency, you cannot get away with just a number; you will also have to explain where the costs originate from. Eric Mateman: This step should have a follow-up, however. You will continue to have differences in transaction costs. For good insight into the costs, you really need a time stamp of every transaction and good insight into the spreads. Not every asset manager is keen on that. It is also important to know whether a pension fund does business itself directly or via a third party. Together, all these factors make it difficult to compare pension funds with each other and draw unequivocal conclusions. What is the norm? Do you deviate from the norm or not and if so, why? This is something that needs more consideration. Will the working group be feeding the results back to the pension sector? Erik Martens: You have to be careful that the results do not take on a life of their own. But it is important to make our approach a structural one. It is difficult to make all the transaction costs of all pension funds visible over time. The working group therefore decided to first consult with the Federation. She has then taken the initiative to do so, possibly we can share knowledge. Eric Mateman: In our investigation the asset managers felt a little ambushed. If these kinds of requests for insight into the costs become structural, they will also start charging money for it. Legislation may provide some footing in this, but there must also be guidance from the sector itself. The cost reporting becomes a requirement in the 2015 Financial Assessment Framework and the annual report and financial statements for 2014, so we do have a little bit of time to prepare that properly. Therefore, I am curious about the progress of the Federation." Erik Martens: All the parties in the financial markets must ultimately start providing this kind of transparency, for all financial products. We want to contribute to this by drawing up a clear road map. To this end, we will first sit down with the Federation to see how their approach, making management costs transparent and communicating clearly on these, fits in with our approach. In August we would like to organise a number of roundtable sessions with pension funds to see how we can best tackle the activities necessary for benchmarking. Ultimately, this should yield a product that is a good instrument for all parties in the pension sector to independently compare costs with. Stichting Administratie Groep Holland provides the pension, early retirement, 55-plus and WGA-shortfall schemes for six pension funds. AGH also advises boards and social partners on developing and amending schemes. The third arm of its activities is the administration of the schemes, communication with the participants and providing support to the board and/or investment committee in managing balance sheet management. 7

8 Column AIFMD SICCO PLESMAN, MANAGING DIRECTOR KAS TRUST & DEPOSITARY SERVICES B.V. Selecting a Depositary From 22 July 2014, investment schemes in the European Union must comply with the Alternative Investment Fund Managers Directive (AIFMD). Consequently, all the parties involved have been hard at work over the past few months converting their investment funds in line with the rules of the AIFMD and appointing an AIFMD-compliant Depositary. The litmus test will be whether the Depositaries follow through on what they have promised the managers of the investment schemes. Conversion to AIFMD The AIFMD provides a harmonised legislative and supervisory framework for managers of non-ucits investment schemes that are offered to professional investors. The Netherlands is also introducing requirements for managers of retail funds which do not satisfy the eligibility criteria for the less stringent registration regime. Furthermore, unlike other member states in Europe, the Netherlands is converting virtually all existing licences for investment schemes into AIFMD licences. Exempt managers* do have to register with the regulator though. Fund managers who are already active and who did not yet have a licence must comply with the AIFMD from 22 July 2014 but have until 21 July 2014 to submit a licence application to the Netherlands Authority for the Financial Markets. A characteristic of the AIFMD is the cooperation between the auditor, administrator, custodian and depositary of the investment scheme in the efficient structuring of the desired set-up of the Depositary. All these parties are therefore hard at work to be AIFMD compliant on time. Appointment of a Depositary One of the most important steps in this process is the appointment of an independent depositary or depositaries for the investment scheme s funds. The Depositary is responsible for the audit and supervision duties and custody of the fund's assets. It performs its duties primarily to protect the investors in the fund. The choice of a good depositary is therefore in the interest of the participants in the fund. Three types of depositaries have sprung up on the market: depositaries aimed at investment funds that only invest in financial instruments under the AIFMD (i.e.: listed securities); depositaries aimed at investment funds that invest in other assets (property, for instance) and depositaries that service both asset classes. One of the most important steps in this process is the appointment of an independent depositary or depositaries for the investment scheme s funds. 8 KAS SELECTIONS July 2014

9 The deadline of 22 July applies for all countries in the European Union. For the rest, the investment schemes only need to be AIFMD compliant after definitively securing the licence. Since the period for the licence application runs until 21 July, they may also simply proceed as usual for the time being after 22 July. However, in that case they will not (yet) have the European passport which enables them to offer their fund in all countries in the EU. Funds from outside the European Union that ultimately want to profit from the European passport are therefore already opting now for a kind of depositary light construction. Because this construction largely complies with the AIFMD, they ultimately expect to become fully AIFMD compliant more easily in order to consequently also be able to make use of the advantages of the European passport. Choice of a Depositary In structuring new funds or converting existing funds, the emphasis is clearly on the fund s investments (asset classes). The market also looks critically at the set-up of the depositary function. Is the Depositary s expertise a good match for my type of fund? The introduction of the AIFMD sees new parties entering the market who do not necessarily have knowledge and experience of all asset classes and/or the local market usuance in the fund s country of domicile. In some cases these parties will have to make major investments in the required systems and knowledge of local structures. After all, experience in the trust world is not the same as experience in the depositary world. At unlisted funds, it is often the case that only a few transactions take place per week or per month. At funds with listed investments there is daily trading in various markets on different stock exchanges. The Depositary must therefore be able to enter all these data electronically in order to carry out the controls STP on the basis of compliance systems. Fund managers would therefore be wise to investigate thoroughly whether the prospective Depositary indeed has the experience to properly service the desired asset classes. KAS Trust as your Depositary KAS Trust & Depositary Services B.V. (KAS Trust) has many years of experience as a Depositary for investment schemes and has a licence as an investment firm. Because of its vast experience in the capital market, KAS Trust focuses specifically on the depositary function for investment schemes with listed financial instruments. KAS BANK is the preferred custodian of KAS Trust but other custodians may also be considered, on request and after a thorough risk assessment. In addition to a whole host of new rules and administrative paperwork, the AIFMD also offers abundant new opportunities for European investment schemes. KAS Trust would be happy to discuss these with you; managers can always count on KAS Trust's specific market knowledge and support. * Funds with invested assets of < 100 million (incl. leverage) or 500 million (unleveraged and closed-end for at least five years). 9

10 Draghi s dream After a period of low growth and high unemployment, the European economy remains fragile. The ECB is also of opinion view that sustained low inflation does no good to Europe s path to recovery. So the central bank initiated a wide array of deflation-preventing measures. The measures create time for ailing banks to run off bad loans. Southern European governments can refinance themselves cheaper and have more time to implement reforms. The measures have long been deterred by criticism within the European Union, particularly from Germany. Unfortunately Draghi s dream could have a negative effect for pension funds, insurers and banks in the short term. After all, the extra volume of euros in the system will push down returns on fixed-interest euro investments. Banks will also start paying negative interest on the money that they have in excess. For the first time in its history, the euro zone has a negative deposit rate of - 10bp (- 0.10%). This is one of the consequences of the new measures announced by President Mario Draghi of the European Central Bank (ECB) on the 5th of June to stimulate the European economy. The ECB also announced a Targeted Long Term Refinancing Operation (a credit facility set up for loans to businesses) and a liquidity-absorbing weekly deposit tender was suspended. As a result many billions will be flowing into the euro zone and banks will be paying money for the balance they keep with the ECB. By: Geert-Jan Kremer, Head Treasury The ECB, how does it work in practice? Just as businesses and individuals can hold an account with a bank, European banks hold an account with the ECB. The banks receive the ECB deposit rate on the balance that they have in this account at the end of the day. If they have a negative balance, the banks pay the marginal lending rate. Banks can also borrow money from the ECB for 1 week at the refinancing rate via so-called MROs (Main Refinancing Operations). Since borrowing from and lending to the ECB is always easier and safer than from/to another bank, the deposit rate and the marginal lending rate are the minimum and maximum interest rates, respectively, at which banks are willing to lend each other funds. The 1-day interest rate (EONIA) and 3-month interest rate (Euribor-3m) which are usually used in interbank contracts are therefore also generally within this bandwidth. In 2010 the ECB bought up bonds in order to support the Southern European economies. This put an extra 170 billion euros of liquid assets into the money market. These liquid assets were being sterilised using a liquidity-absorbing weekly deposit tender where banks could lend funds to the ECB for 1 week. This is how the ECB maintained the balance on the money market. This weekly tender, or sterilisation, has been superseded by the new support package. Hot potato s Since Draghi has lowered the deposit rate, the refinancing rate and the marginal lending rate, the money market interest rate has plummeted. But since the sterilisation has also been suspended, an artificial money surplus has been created. This also serves to push down the interest rate. The combination of a 10 KAS SELECTIONS July 2014

11 Institutional investors can borrow funds (with securities as collateral) at historically low levels. surplus and a negative deposit rate results in a situation in which banks are focused all day on transferring their surpluses from one place to another. This is sometimes referred to as passing on the hot potato. This transferring from one place to another also has an impact on the money market interest rates: we see that money market rates like the EONIA and Euribor-3m have decreased significantly, as well as the interest rates on short-term government securities (which is also negative now). Furthermore, the compensations on long-term government securities, reverse repos, money market funds and bonds with collateral have all fallen. This has drastic consequences for savings interest rates, pension funds funding ratios and the profitability of the banks liquidity portfolios. The lack of alternatives has prompted a search for yield, a surplus in demand, which means parties are being forced to take more risk in order to keep the same level of return. What impact will this have for institutional investors? Pension funds and insurers will also notice that the search for yield causes the return on euro investments to decline. Furthermore, the low short-term rates affect the entire yield curve, which means that the discount rate by which pension funds and insurance liabilities value their long-term liabilities will decrease as well. Lastly, there is always the risk that the surge of cheap money is creating a new bubble. Fortunately there are some positive aspects as well. Institutional investors can borrow funds (with securities as collateral) at historically low levels, for instance. Also the volatility on the securities and bonds market has never been so low, which in general is favourable for investors. Another effect is that carry trades have proved to be very profitable. An example of a carry trade is where short term money is borrowed in order to be lent out for longer. If the interest structure does not change, a spread (carry) will be made. What impact will this have for KAS BANK? Our core business, settling transactions for large (pension) funds and insurers, requires substantial liquidity buffers. We do not need these buffers at the end of the day and we store them safely at the central bank or in other highly liquid instruments. As a bank with a structural surplus, the negative deposit rate means we will have to start paying for our buffers, which is a rather reversed reality. We will continue to adhere to a low risk profile, however, because we believe in the business model of safe and stable banking. But this does leave us with a complication: every increase in our clients current account increases the costs for KAS BANK. We become overloaded with the proverbial hot potatoes as a result. In order to prevent becoming overloaded with cash, we have opted to convey our costs transparently to our clients. Future Unfortunately the ECB decision has hit those banks that have their affairs in order the hardest. For others, Draghi s decision is precisely a dream come true. The volatility on the bond market has never been so low and the Southern European economies are feeling a tailwind. The dream of a recovered and thriving Europe can virtually become a reality in the short term. Let us hope it does not prove a nightmare in the long term! Money Market rates Interest rate (%) Eonia Euribor (3m) Repo (3m) Dutch Govt. (1m) Source: KAS BANK Balance Sheet Management, 16 June 2014, for indicative purposes deposit

12 Roundtable: Gaining insight into your investments De Nederlandsche Bank (DNB) expects pension funds to break down their investment risks to the fullest extent possible and wherever this clarifies the situation in a meaningful way. It also expects that the phrase clarifies the situation in a meaningful way will be implemented appropriately. In March 2014, DNB indicated what it means by this: We expect pension funds to satisfy the lookthrough requirement for their investment portfolio at all times. Investments by Dutch Pension Funds in investment institutions (incl. FGR- APG en PGGM) Pension funds (assets in billions) Total capital invested Invested in Funds relative 56% 52% 52% 51% Invested in NL Funds relative 46% 43% 44% 44% Invested in INT Funds relative 10% 9% 8% 7% Source: DNB 12 KAS SELECTIONS July 2014

13 In the interests of its members, every pension fund must handle invested capital according to the prudent person principle. To support pension fund managers in clarifying the situation in a meaningful way, on 12 and 14 May KAS BANK organised two Roundtable sessions with the theme Gaining insight into your investments. Judging by the high attendance 40 pension fund directors and managers took part over two sessions there is an unequivocal need for this. Prudent person Look-through relates specifically to investment funds underlying assets. Although the definition of the term has not changed, the expectations of the market and DNB most certainly have. Rather than an aggregated picture, pension funds now have to know precisely what the investment funds are investing in. This is all to do with the Prudent Person Principle. In the interests of its members, every pension fund must handle invested capital in accordance with this principle, which means the investments must satisfy the principles of safety, quality and risk diversification. All business processes must also be under proper control. This approach places special emphasis on illiquid and innovative investments combined with a high-quality management environment. In its report on pension fund costs in 2012, DNB talks of a positive improvement with regard to the transparency of management costs associated with the investments. But the bank is not entirely happy. DNB has doubts as to whether some funds have sufficient insight into the underlying assets behind their private equity, real estate and fund-of-funds investments. So in its 2013 report DNB will be subjecting these costs to even closer scrutiny. The same is true of the transparency of costs and risks associated with derivatives. For statement K2014, DNB requires market value after-shocks to be broken down for each derivative. This means that more than 160 fields have to be completed, including for interest rate derivatives, swaps, options and credit derivatives. Greater transparency sought Pension fund managers and directors have plenty of food for thought. How can they obtain the underlying derivative contract information for all funds, so as to determine the correct market value following interest rate shocks? And what might be an alternative course? Ideally, they need a full (integral) insight into all investment funds, both to comply with the reporting obligations imposed by laws and regulations, and to fulfil their responsibility towards members under the prudent person principle. This is a big ask, especially for smaller pension funds. For derivatives in particular, wealth managers aren t always able (or willing) to supply the requested information, so the funds will have no choice but to hire-in external expertise. But this will push up the total costs of asset management, leaving them once again at odds with DNB s demand for better control over costs. Nonetheless, the sector is keen to have a greater insight into the costs of its underlying investments. One of the Roundtable participants commented: Regardless of DNB s demands, I always want to know what s going on with the investment funds in which I invest, so that I am always able to assess my risks accurately. Fulfilling managerial responsibility Opinions are divided when it comes to the frequency of this look through information. Most managers seemed to favour quarterly updates, as the information supplied can then be used for both regulatory and risk reports. One thing on which they did agree was that the information must be available on a daily basis, so that any exposure can be determined quickly if an event occurs. To fulfil their managerial responsibility, the managers want to be able to justify their actions to members at all times. There was then some debate about the theory and practice of processing information. When does theory overshadow feasibility? How far do we want to take this? Both these questions will be addressed again at KAS BANK s forthcoming Roundtable sessions on cost transparency. KAS BANK offers pension funds the total solution they need for full look-through into their investments. Drawing on all the available internal and external sources of data, KAS BANK Pension Monitor provides the necessary look-through information for each individual investment fund and at the aggregated level. You can set your own selections to see the relevant exposure. The categories are as follows: Asset (sub-) type, Security type, Currency, Country, Business class and Rating. You can contact your Client Team to arrange a demonstration of the Pension Monitor at your office. 13

14 DoubleDividend: responsible asset management as an investment philosophy The AIFMD has been a good trigger for getting all kinds of things back in good order. DoubleDividend Management B.V. is an independent specialist in responsible asset management, offering a madeto-measure approach to assembling an investment portfolio. The company was created on 1 April 2014 when Double Dividend B.V. merged with ActivInvestor Management B.V. Its two most important investment strategies are the DoubleDividend Equity Fund and the ActivInvestor Real Estate Fund (which is to be renamed DD Property Fund). From 22 July 2014, both funds will come under the AIFMD as Alternative Investment Funds. KAS Selections talked to Ward Kastrop and Marian Hogeslag, both partners in DoubleDividend Management, about their vision for responsible investment in the long term. 14 KAS SELECTIONS July 2014

15 Marian Hogeslag (1966) spent eleven years at BNP Paribas as Corporate Finance Director and Investment Manager, in both Amsterdam and Paris. After that, she was Director Corporate Finance at Petercam Bank N.V. in Amsterdam for three years. In 2005, she founded ActivInvestor, an actively-managed real estate equity fund focusing on Europe. Marian is co-author of Goudmijn, alles wat een vrouw moet weten over geld (Goldmine: Everything a woman needs to know about money) and Met minder euro's door het leven (Living for less). She also writes a regular column on IEX.nl. Ward Kastrop (1971) studied Business Economics at Maastricht University. He has worked in the financial sector since 1997, holding various senior positions at companies including Kempen & Co, ABN AMRO, Petercam and Achmea Global Investors. Ward joined DoubleDividend B.V. as a Managing Partner on 1 December 2010, after completing a round-the-world trip with his wife and two children. He is also a member of the investment committee of Incluvest B.V. What do you mean by responsible asset management? Ward: Quality, involvement and independence, with the focus on longterm returns. Quality because our investment selection process is uncompromising when it comes to sustainability and financial returns. Sustainability is part and parcel of quality, and we firmly believe that it enhances an investment portfolio s risk/return profile. Although a worthy aim in itself, sustainability alone isn t a proven investment strategy. DoubleDividend is also an involved investor. We believe in taking an active role in our investments and in family values. Our independence is expressed through our partnership status and the fact that we run our own business; we re not part of a bank or a financial group. Marian: In our investment strategy, we are at pains to ensure that the sustainability risks affecting companies are transparent, by which I mean the Environmental, Social and Governance (ESG) aspects, as we firmly believe that this makes a positive contribution to risk. We also monitor these aspects continuously and will discuss any scope for improvement with a company s management. DoubleDividend and ActivInvestor merged on 1 April How has the merger created added value for both companies? Ward: It s as if all the pieces of the puzzle have fallen into place. Our investment philosophy was already largely the same. However, DoubleDividend is geared far more towards institutional investors, whilst ActivInvestor serves around 700 small investors, mainly in real estate. Now we can explore the market further together and continue to grow. Everything s in place: a good investment team, the right organisation, an AIFMD licence and the right custodian. We chose KAS BANK as our custodian because, in our view, the costs are commensurate with the quality on offer. Your independence also appeals greatly to us, as does the one-stop-shop concept. We want to concentrate on investing, so we need to have the back-office side of things in good order. Marian: To my mind, the added value also lies in the fact that we spend all day working with proper investors. We have a genuine interest in the companies in which we invest. It s all about the long-term return. Of course we want to earn a decent living, but not by charging all kinds of confusing fees or flitting > We take the longterm view and investors need to do that too. 15

16 In our industry, it's about investing, not piling on the fees. constantly from one transaction to the next. We want to be able to explain to ourselves and our clients why we made a particular investment. As a result of the merger, we have expanded our team with people who share our vision, and that s really great. Your motto is: Not moral crusaders, but practical idealists. How does this work in practice? Ward: "My eyes were opened in I was working for a hedge fund at that time, but I made a conscious decision to leave. It no longer felt right. Although it wasn t good for my bank balance, it was good for my soul. In 2011 we transformed Double Dividend from a consultancy to an active investor, because this makes it much easier to manage the investment process yourself. We also invest in our own funds, because we have faith in our philosophy. Marian: We operate as transparently as possible. Our monthly reports are very extensive and we are always accountable to our investors. Our clients want trust and good service. IT is fine for the back-office stuff and for a company's efficiency, but not when it comes to the human touch. Our clients can always telephone us if they have questions or want us to explain something about an investment, the voting policy or whatever. Our clients are entitled to expect from us whatever we expect from our investments. Incidentally, transparency has already improved greatly in the market in recent years, as a result of a plethora of laws and regulations and the emphasis on Total Cost of Ownership. And rightly so. In our industry, it s about, or it should be about, investing, not piling on the fees! DoubleDividend Management holds an AIFMD licence. What s your take on the AIFMD and other regulations? Marian: The AIFMD has been a good trigger for getting all kinds of things back in good order. ActivInvestor already had a Dutch Wft (Financial Supervision Act) licence but the AIFMD goes quite a lot further. However, the AIFMD creates the opportunity to work more efficiently if, as well as managing investment institutions, you also want to offer a total solution for assets. The merger has enabled us to capitalise fully on this. Although it has meant a lot of changes, which translate into higher costs for investors, it does pave the way for further growth. KAS BANK has been a tremendous help in making those changes. Ward: The AIFMD has really got things moving on the market. It is make or buy, otherwise you miss the boat. At the same time, we ve noticed that institutional investors are a bit more cautious nowadays because of all the rules and regulations. An AIFMD licence is a must, really, because everyone wants to do things by the book. You can t just go ahead and invest a million anymore and there is less and less incentive for new initiatives. The consequence is that the market may soon be dominated by just three or four big institutions. Abroad, there s more scope for newcomers like us. There s much less box-ticking in other countries and more focus on the quality of the team, quality of the organisation and quality of the investments, than on the assets under management. Has the AIFMD also prompted you to go public with your funds? Marian: The 2008 crisis taught us all a few basic lessons. Companies with a long-term policy are, by and large, still standing strong whereas the rest are on their last legs. The average investor realises that things must and can be done differently. Nowadays, the focus is increasingly on quality and long-term investments. For us, this is a good time to work on further expansion. A listing on Euronext is a good and relatively cheap way for us to attract new investors. And investors know that we comply with all the rules, and that their interests will be monitored by a reliable custodian like KAS Trust. Growth is not an aim in itself for us, so we aren t setting any deadlines for achieving it. We believe in our investment philosophy and, clearly, so do a lot of investors. We re patient and, fortunately, so are our investors. 16 KAS SELECTIONS July 2014

17 Column EMIR JEROEN VAN WALSEM, PRODUCT MANAGER EMIR Don t miss the boat on EMIR After the introduction of certified trade repositories for the mandatory reporting of derivatives transactions, all eyes are now focused on the next important step in the EMIR process: the mandatory clearing of standardised OTC derivatives. Connecting with the impending EMIR infrastructure is far from an open-and-shut case. For small and medium-sized institutional parties, in particular, the accompanying efforts will most likely exceed those for connecting to the Trade Repository. Central clearing: why? Under the EMIR regime, many of the parties that trade in standardised OTC derivatives (IRS and CDS) will have to clear their transactions centrally rather than closing bilaterally. This clearing process takes place via so-called central counterparties (CCPs). The main objective of central clearing is risk mitigation, an important element being strict and (usually) higher collateral requirements. The first CCPs have now been approved by European regulator ESMA as clearing organisations for derivatives. If they also comply with the stipulated technical standards, the path seems open for them to start clearing standard OTC derivatives centrally. Assertions The market expects that central clearing will become mandatory in the first half of Although not all the conditions are yet satisfied, parties would be wise to start preparing for this already. I would like to use three assertions to give you some idea of the possibilities and impossibilities of the EMIR clearing landscape. I. Every (institutional) party can gain access to central clearing promptly via a Clearing Member. In the quest for possibilities for opening up the central clearing infrastructure in Europe for our clients, assertion I is very quickly refuted. Of the 15 Clearing Members (CMs) contacted, it emerged only four parties are able or willing to explore joint product development. The other 11 parties had various reasons for not being able to offer central clearing. It is certainly not a given therefore that every (institutional) party will be able to satisfy the central clearing requirement under EMIR on time. II. Central clearing is purely an operational matter. If you have found a CM willing to clear your OTC derivatives centrally, the execution is not limited just to laying infrastructural lines. To start with, you must select at least two CMs in order to mitigate in advance the risk of a default on the part of one of the two CMs. Technical connections must be realised to both CMs (or perhaps even to 3 or 4). You must then set up reports, configure the liquidity flows, configure a thorough KYC/ ALM process as well as optimise and integrate all operational processes. The latter action especially is of crucial importance. So no, central clearing is not purely an operational matter. III. Within the clearing infrastructure, a tailor-made legal solution is possible for all parties. In a simple (indirect) EMIR clearing model, at least 7 parties are involved in the clearing and settlement of a standard derivatives transaction throughout the derivatives chain. The sheer number of parties means that there are various direct and indirect relationships among the various parties. Different contracts between the CCP, CM and (end) client must be signed, for instance. It appears that about CMs will be supporting approximately 5,000 to 7,000 parties with clearing. The extensive contract structure described above and the (proven) limited resourcing at CMs when it comes to client on boarding are prompting the CCPs and CMs to standardise contracts as much as possible. With regard to assertion III, therefore, it seems that a tailor-made legal solution is not feasible in the short term. If a tailor-made solution is indeed sought, this can substantially delay the connection to a CM. Be on time In short, the basis of a timely connection with the EMIR infrastructure (reporting) is not only infrastructural in nature. The legal and liquidity aspects, as well as a thorough selection process for the CM and its additional elements (KYC/ALM), are of crucial importance for realising timely connection with the central counterparties. In selecting a clearing infrastructure, it is important to avoid purchasing the service provisions as a package wherever possible. Many parties will offer order execution, valuation, clearing, reporting and collateral management as a total package. This kind of contract introduces a number of new disadvantages, however: lack of transparency, less freedom of choice and (as a result) higher costs. The central clearing of OTC derivatives is inevitable. But take care to make arrangements on time, because otherwise you may find you have missed the boat. 17

18 18 KAS SELECTIONS July 2014 Global Custody Network News EMIR Qualified Central Counter Parties So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter So far, seven European Central Counter Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from Parties have received authorization from and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and and robust risk models, systems and operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle operations and are able to handle market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received market stress. The QCCP s also received authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities authorization of the European Securities Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Markets Authority (ESMA) to act as a Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the Central Counter Party within the European Union. European Union. European Union. European Union. European Union. European Union. European Union. (Italy). (Italy). (Italy). (Italy). Spain Spain Spain Spain Market reform continues Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but Elimination of Register Reference (RR) but As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish As from Q4 2015, transactions executed on the Spanish stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. stock exchange will be cleared through BME Clearing. Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing Since September 2013 the exchange and the clearing activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, activities are performed by two separate companies, MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). MEFF (exchange) and BME Clearing (CCP). The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced The current settlement matching system will be replaced by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear by a new matching system. The BIC code of Iberclear participants and account numbers will be matching participants and account numbers will be matching participants and account numbers will be matching participants and account numbers will be matching participants and account numbers will be matching participants and account numbers will be matching participants and account numbers will be matching criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These criteria, which will be fully compatible with T2S. These changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable changes to the settlement procedure will be applicable for the following transactions: for the following transactions: for the following transactions: for the following transactions: for the following transactions: for the following transactions: for the following transactions: for the following transactions: Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions cleared through BME Clearing; Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading Transactions executed on an MTF or other trading platform; platform; platform; OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear OTC transactions instructed by members of Iberclear and not cleared via a CCP; and not cleared via a CCP; and not cleared via a CCP; Special transactions executed on a Spanish stock Special transactions executed on a Spanish stock Special transactions executed on a Spanish stock Special transactions executed on a Spanish stock exchange but not cleared via a CCP. exchange but not cleared via a CCP. INSIDE EUROPE

19 Global Custody Network News OUTSIDE EUROPE United Kingdom EuroCCP will offer clearing of trades executed on London Stock Exchange The European Central Counterparty N.V. (EuroCCP) announced that it will offer clearing of trades that have been executed on the London Stock Exchange (LSE). Clients using EuroCCP to clear UK equity trades executed on Aquis, BATS Chi-X, Equiduct, GETMatched, Sigma-X, SmartPool, Turquoise and UBS MTF will be able to direct LSE trades likewise to EuroCCP in the future. Through cross-platform netting all trades in the same UK equity, independently of where they are executed, can be netted with LSE trades into one single settlement obligation. EuroCCP will start clearing LSE trades once legal, connectivity and operational arrangements have been finalized among the relevant parties and regulatory approvals have been received. India New procedure for foreign investors applying for Securities and Exchange Board of India registration As of the 1st of June 2014, India has introduced a new procedure for foreign investors to apply for Securities and Exchange Board of India (SEBI) registration; the Foreign Portfolio Investor (FPI) regime. Several categories of foreign investors, being foreign institutional investors, sub-accounts and qualified foreign investors, have been categorized into one new category; the FPI. In order to apply for FPI registration an Application Form for Grant of Certificate of Registration as Foreign Portfolio Investor has to be completed. KAS BANK has appointed its subcustodian HSBC as designated depository participant, in order to take all necessary actions to support us and our clients with their FPI registrations. An existing Foreign Institutional Investor (FII) registration has to be converted into an FPI registration. In this respect clients can opt for immediate conversion or they can convert to FPI at the regular moment of SEBI renewal. It is advised to prepare well in advance of the expiry date of the existing registration. During recent market discussions SEBI clarified that in case of name change or merger immediate conversion from FII registration into FPI registration must take place. 19

20 Global Custody Network News OUTSIDE EUROPE United States KAS BANK is FATCA compliant The United States (US) Internal Revenue Service (IRS) has allocated a Global Intermediary Identification Number (GIIN) to KAS BANK N.V., following our registration at the IRS. KAS BANK is considered to be a FATCA compliant financial institution under the FATCA regulations. KAS BANK s FATCA details are: FATCA status: Registered Deemed Compliant Financial Institution according to IGA Model I GIIN: UECJRH SL.528 Our GIIN can be found in the FATCA Foreign Financial Institution (FFI) list search and download tool, which the Internal Revenue Service (IRS) has released on the FATCA website (www.irs.gov/businesses/corporations/ Foreign-Account-Tax-Compliance-Act- FATCA). United States DTCC supports recommendation to implement T+2 settlement cycle The Depository Trust & Clearing Corporation (DTCC) has announced that it supports the recommendations of the industry to shorten the settlement period with one day for the U.S. equity market, corporate and municipal bonds and unit investment trust trades. The date of implementation is to be announced. Currently transactions in equities and certain debt securities settle on T+3. The implementation of T+2 would mitigate credit risk and counterparty exposure for all market participants who are active in the U.S. financial market. Shortening of the settlement cycle would also align U.S. practices with a global movement toward shorter settlement cycles. In 2014, most European markets are moving to a T+2 settlement cycle. Much of Asia already uses a settlement cycle shorter than T KAS SELECTIONS July 2014

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing

European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing Finding a solution for cash variation margin remains the main concern Executive Summary The fundamental issue

More information

Please find below our responses to the questions raised in the consultation document.

Please find below our responses to the questions raised in the consultation document. 9 May 2014 To: Unit G3 Securities Markets DG Internal Market and Services European Commission Via e-mail to MARKT-G3@ec.europa.eu Re: Consultation Document FX Financial Instruments Dear Sir, Dear Madam,

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association

More information

Table of content. MiFID II: getting ready for implementation

Table of content. MiFID II: getting ready for implementation Table of content MiFID II: getting ready for implementation The European Council adopted a set of legislation on 13 May 2014 regulating the trade in financial instruments and the investment services sector.

More information

Non-Complex Products. Complex Products. General risks of trading

Non-Complex Products. Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

VAN LANSCHOT REINFORCES ITS CAPITAL POSITION

VAN LANSCHOT REINFORCES ITS CAPITAL POSITION HOOGE STEENWEG 29 5211 JN S-HERTOGENBOSCH PO BOX 1021 5200 HC S-HERTOGENBOSCH, THE NETHERLANDS T +31 (0)73 548 32 25 F +31 (0)73 548 33 49 VANLANSCHOT@VANLANSCHOT.COM WWW.VANLANSCHOT.C OM COC S-HERTOGENBOSCH

More information

The Financial Markets Division of a Bank

The Financial Markets Division of a Bank Chapter 1 The Financial Markets Division of a Bank A bank s financial markets division carries out financial markets transactions on behalf of the bank. These transactions have to do with the various tasks

More information

MLC MasterKey Unit Trust Product Disclosure Statement (PDS)

MLC MasterKey Unit Trust Product Disclosure Statement (PDS) MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take

More information

EMIR Key business impacts for asset managers

EMIR Key business impacts for asset managers External perspective EMIR Key business impacts for asset managers Brian Jackson Partner Audit Deloitte Niamh Geraghty Director Audit Deloitte Patrick Rooney Manager Investment Management Activity Deloitte

More information

AFG would like to stress an important issue which is the way entities enter into these operations.

AFG would like to stress an important issue which is the way entities enter into these operations. AGA n 4342/Div FSB Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland Paris, 15 December 2014 AFG response to the FSB s consultation on Strengthening

More information

Investing in mortgage schemes?

Investing in mortgage schemes? Investing in mortgage schemes? Independent guide for investors about unlisted mortgage schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from ASIC about

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

Prof Kevin Davis Melbourne Centre for Financial Studies. Current Issues in Bank Capital Planning. Session 4.4

Prof Kevin Davis Melbourne Centre for Financial Studies. Current Issues in Bank Capital Planning. Session 4.4 Enhancing Risk Management and Governance in the Region s Banking System to Implement Basel II and to Meet Contemporary Risks and Challenges Arising from the Global Banking System Training Program ~ 8 12

More information

Solvency II, the practical implications for asset managers and insurers

Solvency II, the practical implications for asset managers and insurers www.pwc.nl/nl/asset-management Solvency II, the practical implications for asset managers and insurers December 2014 Introduction Solvency II is the most significant change for the European (re)insurance

More information

on Asset Management Management

on Asset Management Management 2008 Guidelines for for Insurance Insurance Undertakings Undertakings on Asset on Asset Management Management 2 Contents Context...3 1. General...3 2. Introduction...3 3. Regulations and guidelines for

More information

The Dutch Pension System. an overview of the key aspects

The Dutch Pension System. an overview of the key aspects The Dutch Pension System an overview of the key aspects The Dutch Pension System an overview of the key aspects Dutch Association of Industry-wide Pension Funds (VB) Contents 1 Introduction 6 2 The Three

More information

AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris

AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris Paris, 30 January 2014 AFG comments to ESMA s consultation paper on the Revision of the provisions on diversification of collateral in ESMA s guidelines

More information

Public consultation on the possibility for an investment fund to originate loans

Public consultation on the possibility for an investment fund to originate loans Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment

More information

asset classes Understanding Equities Property Bonds Cash

asset classes Understanding Equities Property Bonds Cash NEWSLETTER Understanding asset classes High return Property FIND OUT MORE Equities FIND OUT MORE Bonds FIND OUT MORE Cash FIND OUT MORE Low risk High risk Asset classes are building blocks of any investment.

More information

Commodity Markets Intelligence Series

Commodity Markets Intelligence Series Commodity Markets Intelligence Series How to master (OTC) Clearing for Energy Companies October, 2012 Introduction The move to clearing of standardised over-the-counter (OTC) derivatives represents a significant

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

Writing your charity s investment policy A guide

Writing your charity s investment policy A guide Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment

More information

Ref: B15.01 Eumedion response draft revised OECD principles on corporate governance

Ref: B15.01 Eumedion response draft revised OECD principles on corporate governance Organisation for Economic Co-operation and Development (OECD) Corporate Governance Committee 2, rue André Pascal 75775 Paris Cedex 16 France The Hague, 2 January 2015 Ref: B15.01 Subject: Eumedion response

More information

General Investment Conditions

General Investment Conditions General Investment Conditions This is a translation of the original Dutch text. This translation is furnished for the customer s convenience only. The original Dutch text will be binding and shall prevail

More information

Self Managed Super Funds Take charge

Self Managed Super Funds Take charge Self Managed Super Funds Take charge Gain control of your financial future with a Self-Managed Super Fund (SMSF) About Markiewicz & Co. Markiewicz & Co. is one of Australia s leading full service investment

More information

THE SMSF ESSENTIALS GUIDE. The ultimate starter guide to setting up, running and effectively using a Self Managed Superannaution Fund

THE SMSF ESSENTIALS GUIDE. The ultimate starter guide to setting up, running and effectively using a Self Managed Superannaution Fund THE SMSF ESSENTIALS GUIDE The ultimate starter guide to setting up, running and effectively using a Self Managed Superannaution Fund DISCLAIMER The purpose of this e-book is to provide information and

More information

Complex Products. Non-Complex Products. General risks of trading

Complex Products. Non-Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

General Investment Conditions

General Investment Conditions General Investment Conditions This is a translation of the original Dutch text. This translation is furnished for the customer s convenience only. The original Dutch text will be binding and shall prevail

More information

Good Practice Checklist

Good Practice Checklist Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment

More information

master-feeder structures: made in luxembourg UCITS IV

master-feeder structures: made in luxembourg UCITS IV master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of

More information

RIT Capital Partners plc Shareholder Disclosure Document January 2015

RIT Capital Partners plc Shareholder Disclosure Document January 2015 RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative

More information

Collateral, UCITS and the re-use of assets Entering a new era in collateral management

Collateral, UCITS and the re-use of assets Entering a new era in collateral management Collateral, UCITS and the re-use of assets Entering a new era in collateral management Introduction Counterparty risk arising from Efficient Portfolio Management techniques (EPM) and financial derivative

More information

September 2014. The CSD Regulation A guide for clients

September 2014. The CSD Regulation A guide for clients September 2014 The CSD Regulation A guide for clients 1 Contents Introduction 3 About this guide 3 Background 3 Provisions for securities settlement (Title II) 4 Provision of banking-type ancillary services

More information

Personalised Discretionary Management. ING Private Banking offers me customised asset management. ing.be/privatebanking.

Personalised Discretionary Management. ING Private Banking offers me customised asset management. ing.be/privatebanking. Personalised Discretionary Management ING Private Banking offers me customised asset management ing.be/privatebanking Private Banking 1 I trust my personal manager to manage my portfolio. ING Private Banking

More information

Navigate the regulatory maze

Navigate the regulatory maze www.pwc.com.cy Navigate the regulatory maze Delivering Regulatory Compliance services to the Financial Services industry September 2014 As at July 2014 there were more than 40 licensed banking institutions

More information

European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE. Investment Fund Managers Directive and types of AIFM.

European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE. Investment Fund Managers Directive and types of AIFM. European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE Federation of the Dutch Pension Funds Prinses Margrietplantsoen 90 2595 BR The Hague PO Box 93158 2509 AD The Hague The Netherlands

More information

Basic Policy for Employees Pension Insurance Benefit Adjustment Fund

Basic Policy for Employees Pension Insurance Benefit Adjustment Fund Basic Policy for Employees Pension Insurance Benefit Adjustment Fund (Established on October 1, 2015) In accordance with Article 112-4, Paragraph (1) of the Local Public Service Mutual Aid Association

More information

HMT Discussion paper on non-bank lending

HMT Discussion paper on non-bank lending 17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include

More information

INVESTING IN GLOBAL EQUITIES, EUROPE

INVESTING IN GLOBAL EQUITIES, EUROPE INVESTING IN GLOBAL EQUITIES, EUROPE Published by MAY 2016 Exploring global equities and determining how to best select, blend and assess different strategies Sponsor Download the full report from www.clearpathanalysis.com

More information

2010 Portfolio Management Guidelines

2010 Portfolio Management Guidelines 2010 Portfolio Management Guidelines Preamble The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality of Swiss

More information

Response by Swedish authorities to the European Commission s public consultation on short selling

Response by Swedish authorities to the European Commission s public consultation on short selling Ministry of Finance Financial Institutions and Markets Fi2010/3634 10-5913 Financial Stability Department 2010-560-AFS European Commission Internal Markets and Services DG Financial Institutions markt-g3-consultations@ec.europa.eu

More information

Collateral, UCITS and the re-use of assets Entering a new era in collateral management

Collateral, UCITS and the re-use of assets Entering a new era in collateral management Collateral, UCITS and the re-use of assets Entering a new era in collateral management Introduction Counterparty risk arising from Efficient Portfolio Management techniques (EPM) and financial derivative

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Friends Life Online Stakeholder Pension Fund guide

Friends Life Online Stakeholder Pension Fund guide Friends Life Online Stakeholder Pension Fund guide This guide describes the funds available for investment under our Friends Life Online Stakeholder Pension and sets out their aims. Which funds can I choose

More information

Chapter 8 Is this a good business? How to measure company returns

Chapter 8 Is this a good business? How to measure company returns Chapter 8 Is this a good business? How to measure company returns In the previous chapter, we learnt that profits and cash received (cash flow) are rarely the same value. We looked at free cash flow conversion

More information

A Guide to Corporate Governance for QFC Authorised Firms

A Guide to Corporate Governance for QFC Authorised Firms A Guide to Corporate Governance for QFC Authorised Firms January 2012 Disclaimer The goal of the Qatar Financial Centre Regulatory Authority ( Regulatory Authority ) in producing this document is to provide

More information

Fast, flawless, local. Fund Services with Intertrust

Fast, flawless, local. Fund Services with Intertrust Fast, flawless, local Fund Services with Intertrust Global reach. Local knowledge. Why is this important. An international business sees the big global picture, and combines that with local insights. With

More information

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS A background paper for the 4th OECD/World Bank Bond Market Workshop 7-8 March 02 by Jan Woltjer 1 1 Introduction Settlement

More information

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES March 15, 2013 THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES To Our Clients and Friends: On 16 August 2012, The European Market Infrastructure Regulation ( EMIR ) 1 came into force with immediate and

More information

Information Investment

Information Investment April 2016 Information Investment I. ABN AMRO Investment Conditions General Investment Conditions Investor Giro Conditions Investment Appendix ABN AMRO Order Execution Policy List of Stock Exchanges II.

More information

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc.

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Introduction Basel II is an international framework on capital that applies to deposit taking institutions in many countries, including Canada.

More information

Investing in unlisted property schemes?

Investing in unlisted property schemes? Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from

More information

Key Points. Ref.:EBF_007865E. Brussels, 09 May 2014

Key Points. Ref.:EBF_007865E. Brussels, 09 May 2014 Ref.:EBF_007865E Brussels, 09 May 2014 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association countries.

More information

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA is the representative association for the European investment

More information

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond 4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to

More information

MLC Wrap. Investments. Service Guide. MLC Wrap. Preparation date: 17 January 2011

MLC Wrap. Investments. Service Guide. MLC Wrap. Preparation date: 17 January 2011 MLC Wrap MLC Wrap Investments Service Guide Preparation date: 17 January 2011 Issued by: Navigator Australia Limited (NAL) ABN 45 006 302 987 AFSL 236466 MLC Wrap MLC Wrap Investments Supplementary Service

More information

information Informatie Beleggen investment ABN AMRO General Investment Conditions Investor Giro Conditions Investment Appendix

information Informatie Beleggen investment ABN AMRO General Investment Conditions Investor Giro Conditions Investment Appendix Informatie Beleggen information november 2011 ABN AMRO investment September 2014 I. ABN AMRO Investment Conditions General Investment Conditions Investor Giro Conditions Investment Appendix ABN AMRO Order

More information

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 INVESTING YOUR SUPER FACT SHEET 5 14 AUGUST 2015 NGS Super offers you flexibility and choice when

More information

Risks and uncertainties

Risks and uncertainties Risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal risks that

More information

Dodd-Frank Act Is it really significant?

Dodd-Frank Act Is it really significant? FINANCIAL SERvICES Dodd-Frank Act Is it really significant? Impact of US Regulation on Foreign Investment Managers and Funds May 2011 kpmg.com With as many as 11 federal regulatory agencies required to

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

MiFID II Level 2 and energy trading:

MiFID II Level 2 and energy trading: MiFID II Level 2 and energy trading: How to further specify the ancillary activity exemption in Article 2? 17 April 2015 1. Introduction The undersigned associations believe that open, robust, liquid,

More information

Funds Transfer Pricing A gateway to enhanced business performance

Funds Transfer Pricing A gateway to enhanced business performance Funds Transfer Pricing A gateway to enhanced business performance Jean-Philippe Peters Partner Governance, Risk & Compliance Deloitte Luxembourg Arnaud Duchesne Senior Manager Governance, Risk & Compliance

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

The challenge of liquidity and collateral management in the new regulatory landscape

The challenge of liquidity and collateral management in the new regulatory landscape The challenge of liquidity and collateral management in the new regulatory landscape ICMA Professional Repo and Collateral Management Course 2012 Agenda 1. Background: The repo product under pressure 2.

More information

SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL

SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL SEPTEMBER 2010 This guide is a simple introduction to securities lending for anyone seeking a basic understanding of it (such as pension fund

More information

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com October, 2014 Securitisation of Alternative Investment Funds s www.scoperatings.com Introduction Alternative Investment Fund ("AIF") 1 managers are looking to respond to investors search for yield in a

More information

EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs)

EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs) EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs) EFAMA is the representative association for the European investment management industry. It represents through its 26 member

More information

Mario Draghi: Europe and the euro a family affair

Mario Draghi: Europe and the euro a family affair Mario Draghi: Europe and the euro a family affair Keynote speech by Mr Mario Draghi, President of the European Central Bank, at the conference Europe and the euro a family affair, organised by the Bundesverband

More information

Simple synthetic securitisation

Simple synthetic securitisation pggm.nl Simple synthetic securitisation Why and how we invest in synthetic balance sheet securitisations Introduction On 30 September 2015 the European Commission (the EC ) presented its Action Plan on

More information

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten

More information

Financial Planning Growing a better future

Financial Planning Growing a better future To make an appointment with a Financial Planner: Go to hsbc.com.au/financialplanning Visit in branch Call 1300 308 008 All testimonials listed in this brochure are sourced from Sue, an HSBC financial planning

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

EVLI SWEDEN EQUITY INDEX FUND

EVLI SWEDEN EQUITY INDEX FUND EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto

More information

Trade Globe The investment world of ABN AMRO

Trade Globe The investment world of ABN AMRO Information ABN AMRO 0900-00 24 (local rate in the Netherlands) www.abnamro.nl Trade Globe The investment world of ABN AMRO Plenty of possibilities for every investor Completely independent investment

More information

Knowledge. Practical guide to competition damages claims in the UK

Knowledge. Practical guide to competition damages claims in the UK Knowledge Practical guide to competition damages claims in the UK Practical guide to competition damages claims in the UK Contents Reforms to damages litigation in the UK for infringements of competition

More information

Fund descriptions, their charges and risk warnings

Fund descriptions, their charges and risk warnings Fund descriptions, their charges and risk warnings This document was produced in March 2015 and is accurate at that date. When reviewing your fund choices you should refer to up-to-date information, available

More information

HOME LOAN HOUSE. Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help.

HOME LOAN HOUSE. Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help. 1 Home loans + uk, house loan HOME LOAN HOUSE Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help. We specialise in providing home loans for the things you desire

More information

Make yourself at home with the UHomeLoan

Make yourself at home with the UHomeLoan Make yourself at home with the UHomeLoan You ve probably got a few questions about UBank and the UHomeLoan. You should find all of the answers right here. And if you have something specific in mind, just

More information

General Forex Glossary

General Forex Glossary General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without

More information

Liberia Leasing Investment Forum

Liberia Leasing Investment Forum Finance Leasing in Liberia: Unlocking Accelerated Market and Business Development GROWING COMPETITIVE AND EFFECTIVE LEASING MARKETS Collins David-Ikpe Past chairman, Equipment Leasing Association of Nigeria

More information

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles GSK Pension Scheme ( the Scheme ) Statement of Investment Principles This Statement of Investment Principles (SIP) covers the defined benefit and the defined contribution sections of the Scheme. It is

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing

More information

List of legislative acts

List of legislative acts List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment

More information

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com www.allegrodev.com EMIR and REMIT: Wholesale Energy Trading on the Docket How to Prepare Your Business for the New Paradigm 2013 Allegro Development. All rights reserved. Introduction At a Glance EMIR

More information

A guide to CFDs. Contracts for difference. For more information please contact us on 0117 988 9915 or visit our website www.hlmarkets.co.

A guide to CFDs. Contracts for difference. For more information please contact us on 0117 988 9915 or visit our website www.hlmarkets.co. A guide to CFDs Contracts for difference For more information please contact us on 0117 988 9915 or visit our website www.hlmarkets.co.uk One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

Definition of Capital

Definition of Capital Definition of Capital Capital serves as a buffer to absorb unexpected losses as well as to fund ongoing activities of the firm. A number of substantial changes have been made to the minimum level of capital

More information

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News IFRS News Welcome to IFRS News a quarterly update from the Grant Thornton International IFRS team. IFRS News offers a summary of the more significant developments in International Financial Reporting Standards

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

Handelsblatt: Mr Prot, how do the financial markets look to you?

Handelsblatt: Mr Prot, how do the financial markets look to you? The incident that led to the publication of an interview of Baudouin Prot with the questions and no answers is the result of a misunderstanding between the communications department of BNP Paribas and

More information

RBS Collective Investment Funds Ltd Derivatives Risk Management Policy. Part 1: Authorised Corporate Director ( ACD ) Overarching Arrangements

RBS Collective Investment Funds Ltd Derivatives Risk Management Policy. Part 1: Authorised Corporate Director ( ACD ) Overarching Arrangements RBS Collective Investment Funds Ltd Derivatives Risk Management Policy Part 1: Authorised Corporate Director ( ACD ) Overarching Arrangements Contents Page Policy Statement 3 Derivatives Defined 3 Credit

More information

Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com

Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016 www.fi sconti.com Table of contents Changes in Dutch payroll and income tax Tax credits and rates in 2016 ----------- 3 Emigration of substantial interest

More information

The value based Credit Union model. the alternative to consumer banking in the 21 st Century

The value based Credit Union model. the alternative to consumer banking in the 21 st Century The value based Credit Union model the alternative to consumer banking in the 21 st Century CUDA August 2009 1 Contents Introduction...3 CUDA s Statutory Prudential Management Framework: A comprehensive

More information

Exchange traded fund, UCITS, Alternative Investment directive, financial stability, systemic risk.

Exchange traded fund, UCITS, Alternative Investment directive, financial stability, systemic risk. The regulatory regime of Exchange traded funds in the European Union Eddy Wymeersch University of Gent Exchange traded funds have become an essential part of our financial landscape: they stand globally

More information