first_imgBriefs Bar members who delay seeking approval for unapproved CLE courses until just before their three-year CLE reporting deadline will soon find themselves paying a $50 late fee. The Board of Governors okayed in April a recommendation from the Budget Committee to impose the late fee. Budget Committee Chair Jerald Beer said the Bar is having a problem from members who take unapproved CLE courses more than 60 days before the end of their CLE reporting period, and then do not request evaluation and award of credit until less than 60 days for the deadline. That has created a backlog of work that the committee hopes to discourage with the late fee, he said. That late fee becomes effective July 1. Briefs JUSTICE PEGGY QUINCE led a book club discussion in Tallahassee with 60 students at PACE Center for Girls by asking the girls to explain which of the main female characters they felt they shared characteristics with and why from The True Meaning of Cleavage by Mariah Fredericks. The Tallahassee Women Lawyers hosted the Breakfast & Books program as part of Florida Association for Women Lawyers implementation of a statewide mentorship program created at the PACE centers. “One of the great rewards of being a justice of the Supreme Court is having opportunities to interact and hopefully influence our young people,” said Justice Quince. “The book club at PACE was especially rewarding because both the girls and the lawyers read the same book and had an opportunity to discuss their differing views of people and relationships.” A. Mirielle Fall chaired and coordinated all the activities for the book club meeting. Six classroom discussions were facilitated by TWL members C. Sha’Ron James, June McKinney Bartelle, Kendra Davis, Maja Holman, Katrice Jenkins, and Karusha Sharp. YOUNG LAWYERS DIVISION President Michael Faehner, right, presented The Florida Bar YLD 2005 Diversity Award to Diego “Woody” Rodriguez. The award recognizes an attorney who has demonstrated a strong commitment to diversity. Rodriguez served as the national diversity director of the ABA YLD for 2004-2005, and directed and presented The Trial of the Century: A Re-enactment of Brown v. Board of Education. Rodriguez also is the past president of the Hispanic Bar Association of Central Florida and serves as a guardian ad litem and mentor to Hispanic families. The YLD donated $2,500 to the Florida Citrus Sports Foundation, Rodriguez’ charity of choice, which sponsors a camp for disadvantaged youth. THE FLORIDA GUARDIAN AD LITEM ASSOCIATION honored Rep. Joe Negron, R-Stuart, with its “Legislative Voice for Children” award—presented annually to a legislator who has positively impacted the lives of abused and neglected children. Negron, an attorney, was “instrumental in securing additional funding for the program during the 2004 legislative session and helped to ensure a smooth transition for the program when it moved from the state courts system,” according to a statement from GAL Statewide Executive Director Angela Orkin. The award was presented on April 19 at a reception on the top floor of the Capitol, during Florida Guardian ad Litem Legislative Day when the program celebrated 25 years of advocacy for children. Pictured from the left are Orkin, Sen. Nan Rich, D-Sunrise, Negron, State GAL Association President Marilyn McLean, and Sen. Rod Smith, D-Gainesville. THE LINCOLN HIGH SCHOOL Mock Trial Team from Tallahassee recently captured its second straight Florida High School Mock Trial Competition championship. The event was held in Orlando and is sponsored by the Florida Law Related Education Association. Lincoln will now represent Florida in the national competition this month in Charlotte, N.C. Lincoln High teacher Rob Thompson and his wife, Kelly O’Keefe, who practices with Broad and Cassel, founded the team nine years ago. The team consists of eight members and three alternates. Katherine Davis received the Best Attorney Award in the competition and a $500 check. Pictured on the bottom row from the left are O’Keefe, David Grossman, Yao Yao Luo, Davis, Monica Marder, Gary Cooper, and Thompson. On the top from the left are Lauren Durden, Sonha Hoang, Courtney Aztalos, Kathleen Wade, Heather Milton, and Victoria Boselman.City, County and Local Government Section sets public finance seminar May 15, 2005 Regular News The City, County and Local Government Law Section will present its biennial seminar “Public Finance in Florida” July 29-30 at the Ritz Carlton in Manalapan. This year’s seminar includes presentations about the local government lawyer’s role in bond transactions, legal issues in derivative financial products, economic development matters, and a roundtable discussion concerning the proposed amendments to IRS Circular 230. Also scheduled is a panel presentation about the Sanibel Bridge litigation which disrupted Lee County’s planned bond financing. The public finance seminar has been held every other year since 1989 and provides an opportunity for city, county, and local government attorneys and municipal bond attorneys to learn about and discuss new developments in public finance law. For more information contact Sandy MacLennan at [email protected] or Carol Kirkland at [email protected] fee for CLE reporting approvedlast_img read more

ESAs call for investigation of asset managers’ systemic relevance

first_imgThe report grouped risks into three main areas: the low profitability of financial institutions in the low yield environment, increasing interconnectedness of bank and non-bank entities, and potential contagion from China and emerging markets.“The financial service industry struggles to offer adequate level of profitability and increasingly turns to a search-for-yield behaviour,” said Bernardino.“Therefore, it is crucial the supervisory community adopt a forward-looking perspective, challenging business model sustainability.”The report notes that the low-interest-rate environment was putting pressure on the investment fund industry, insurers and banks.If prolonged, it also poses “significant challenges” to the resilience of defined benefit occupational pension funds, it adds.This, it says, is shown by the results of EIOPA’s stress test of pension funds, as announced in January.It repeats EIOPA’s conclusion that the stress test show IORPs are generally more vulnerable to market stresses than increases in longevity, and reiterates the deficits revealed by the stress test: €78bn on a national balance sheet basis and €428bn using a “market-consistent approach”, when sponsor support and pension protection schemes are not taken into consideration.The report also highlights the risks posed by the increasing role played by non-bank and non-insurance financial institutions (NBNIFIs) in financing the economy.It flags a 65% growth of euro-area investment funds over the past five years and says the size of the financial system beyond banks and insurers is equivalent to 87% of the banking system in the euro-area.“The development of the marked-based funding is […] raising concerns regarding the interconnectedness between investment funds, banks and insurance companies,” according to the ESAs’ report.Asset managers, it says, are the group impacting on the performance of companies in the other two sectors.This is a reversal of the situation before 2012, when banks’ performance was most influential.“This evidence is consistent with the growing importance of the asset management sector in terms of interconnectivity,” the report says.Referencing a graph showing interconnections among banks, insurers and asset managers, the report notes that the active role recently played by asset managers “calls for further investigation, also with regard to their potential systemic relevance”.Only banks and insurers are designated systemically relevant under current regulations, but NBNIFIs, despite their valuable role, “also increase the potential for spill-over effects and add to complexity”, according to the report.“In this context,” it says, “negotiations around the finalisation of criteria for the definition of systemically important NBNIFIs are pending at the international level.”The ESAs called on regulators to continue to support market-based funding measures – for example, by developing regulation for non-bank loan origination models.They should, however, pay close attention to “ancillary, intrinsic risks”, such as concentration risks, cross-border exposures and regulatory arbitrage. A report from the joint committee of the European Supervisory Authorities (ESAs) has reiterated the risk posed to defined benefit occupational pension funds from sustained low interest rates, as revealed by EIOPA’s stress test, and warned of the implications of the rise of non-bank lending.The report, released yesterday, is on “risks and vulnerabilities in the EU financial system”.The joint committee is chaired by Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA).The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) are also represented on the committee.last_img read more

Lazio Offers a New Contract to Senad Lulić

first_imgThe members of the FC Lazio want to keep the Bosnian footballer Senad Lulić in the team. They will soon offer him a 2 year extension of the contract, up to 2019.Lulić arrived to Rome from the Suiss Young Boys in 2011. In 11 matches this season, he scored two goals, had three assistances and created 14 chances for his co-players. He had only 2 yellow cards.Italians commend Lulić on his strength, professionalism and tactics.The details of the contract should be completed in the next few weeks when Lazio and Lulić will extend their three year lasting cooperation.(Source: Sport Centar)last_img read more