This – and not other measures – should be the immediate focus, he said.He said this review should take precedence over other work being done on identifying systemically important asset management firms, meaning the FSB’s plans should be shelved until further notice.“A full review of asset management activities and products in the broader global financial context should be the immediate focus of international efforts to identify potential systemic risks and vulnerabilities,” Medcraft said.“After the review is completed, work on methodologies for the identification of such entities should be reassessed.”There are several members of IOSCO who also sit on the FSB, which means that, should this be a universal IOSCO view, discussions to enforce capital buffers on systemically important asset managers could be shelved.In what some perceive as a rejection of the FSB’s view that asset managers are systemically important and thus need additional regulation, IOSCO said it now wanted to use the review to see whether there was a problem before working out a solution to the issue.Views coming out of IOSCO on the systemic risk debate will be welcomed by the asset management industry, which strongly opposes the notion of systemic importance based purely on assets under management.As the FSB consultation closed earlier this month, the world’s largest asset manager, BlackRock, condemned the FSB’s blanket approach to looking at AUM.The manager said AUM metrics would create false positives and false negatives.It also argued that, given the transmission channels identified for analysis by the FSB, leverage should be used as a basis over AUM, should the FSB insist on moving forward.Within the latest consultation, on which the FSB will report back on by the autumn, pension funds were excluded from being classed as systemically important.BlackRock, Vanguard and asset management umbrella groups argued pension funds should not be excluded given that the firms were agents for investors.They said the FSB should take a more holistic view of the investment management industry. The International Organisation of Securities Commissions (IOSCO) – the umbrella group for market regulators – has dampened plans to categorise large asset managers as systemically important by calling for an alternative review of the market.IOSCO has previously been working with the Financial Stability Board (FSB) on its consultation on whether non-bank non-insurer (NBNI) financial institutions such as asset managers and pension funds are systemically important to financial markets.Switzerland-based FSB is an organisation of financial market policymakers and central bankers, chaired by Bank of England governor Mark Carney.However, an outcome of the IOSCO conference in London was chairman of the board Greg Medcraft proposing a full review of asset managers in a global financial context.
Powerful ball-carrier Henderson will feature at both blindside flanker and second row against Italy on Saturday, with head coach Joe Schmidt admitting Ireland are “muddling through” working out his best position. The 22-year-old will start at six in place of hamstring injury victim Peter O’Mahony for Ireland’s penultimate RBS 6 Nations match. Ireland wing Trimble tipped level-headed Henderson to cause havoc with ball in hand in his first Six Nations start. “He’s the man-child, he’s got mutant strength for a 22-year-old, and he’s still got to fill out his frame,” said Trimble. “He’s going to be unbelievable and already at this stage he’s pretty influential when he gets his hands on the ball. “So he’s going to make an impact on Saturday, definitely. “Iain takes everything in his stride to be honest, I’ve never seem him unbelievably happy and I’ve never seem him really disappointed. “He’s just steady, you never really see a lot of emotion out of him, he just does the job. “Going from training and the way that Joe (Schmidt) gets on with him, he’s certainly someone that Joe likes a lot. “It’s very easy to appreciate all the things he brings to the game.” Andrew Trimble believes Ulster and Ireland team-mate Iain Henderson has the potential to go far at international level once he bulks out with age. Craigavon-born Henderson has 34 Ulster appearances since his debut in April 2012, featuring 12 times for his province this term. Schmidt has selected Leinster back-row duo Jordi Murphy and Tommy O’Donnell on Ireland’s bench ahead of natural lock cover. The former Leinster boss admitted Henderson is likely to move to lock in Saturday’s latter stages, so Ireland can view him in both the back and second row. “We’re muddling our way through that to be honest,” said Schmidt on defining Henderson’s best position. “We think he’s athletic enough to play six, we think he’s a fantastic line-out option to have there, and it’s why we didn’t select a second row on the bench as tempted as we were to include Mike McCarthy. “We felt we had good options to go to, but we felt that Iain might finish the game in the second row for a period of time and that will give us a look at both positions. “I’m not sure that Ulster have quite worked out where he fits either, because he plays a bit of both for them as well.” Press Association
Hearts of Oak found the winning path once again when they beat Dwarfs 2-1 at the Accra Sports Stadium on match day 4 of the Normalisation Committee’s Special Committee.The Phobians took the lead as early as the first minute through Joseph Esso and he added a second before half time. Bright Luqman pulled one back for the visitors in the second half.Asante Kotoko emerged on the right side of Ashanti derby against AshGold with a 2-0 scoreline at the Baba Yara Stadium. Abdul Fatawu Safiu’s double in the second half settled the tie.In Tarkwa, Medeama held off Bechem United to win 3-2. Patrick Adu’s own goal put Medeama 1-0 up before Joseph Tetteh Zutah made it 2-0. Sylvester Owusu pulled one back for Bechem but a Kwame Boateng penalty made it 3-1. Emmanuel Owusu found the net to make it 3-2.Aduana Stars found a 1-0 win at Berekum Chelsea. Fatawu Abdulrahman got the goal that made the difference on the day.WAFA kept their good home run going with a 2-1 victory over Karela. Augustine Boakye and Daniel Owusu scored for WAFA and Solomon Sarfo was on target for Karela.The match between Elmina Sharks and Liberty Professionals ended goalless.On Thursday, Inter Allies beat Dreams FC 2-1 at the Tema Sports Stadium. Michael Otuo and Effiong Nsungusi Jnr scored for Allies while Abdul Razak Cromwell found the net for Dreams FC.Match Day 4 resultsHearts 2-1 DwarfsKotoko 2-0 AshGoldMedeama 3-2 Bechem UnitedWAFA 2-1 KarelaElmina Sharks 0-0 Liberty ProfessionalsBerekum Chelsea 0-1 Aduana Stars
DDTV: Tormore Island at 148 m is Ireland’s highest sea stack and sits on the very remote Slievetooey coastline of South West Donegal.This short film shows the 2nd ascent of the stack by Iain Miller and the first free ascent as he did not use an outboard engine to access the base of the stack. If you don’t have a head for heights, look away now!If you do, click play to watch DDTV: THE VIEW FROM THE TOP OF IRELAND’S HIGHEST SEA STACK IN CO DONEGAL was last modified: October 2nd, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalHighestIrelandSea StackTormore Islandvideo