European pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”.Pension schemes will not be expected to comply with requirements to trade derivatives through clearing houses until 2020, the commission announced yesterday as it unveiled amendments to the European Market Infrastructure Regulation (EMIR).In its proposed amendments, the commission said “no viable technical solution facilitating the participation of [pension schemes] in central clearing has emerged to date”.The delay will give central clearing houses, pension schemes, and other players more time to come up with solutions, the European Commission said. However, Valdis Dombrovskis, vice-president responsible for financial stability, financial services, and the capital markets union, said central clearing for pension funds remained “a clear goal”.He added that the delay would help pension schemes “avoid estimated losses of up to €1.6bn”.The decision marks the third time the European Commission has delayed bringing pension funds into EMIR’s scope. It originally pushed back the deadline by two years to August this year, before adding another year to this revised timetable.A spokesman for PensionsEurope, the continent-wide trade body, said: “The prolongation of the exemption is good news for pension funds. We appreciate that the European Commission has taken seriously into consideration the undue financial burden that would have resulted from [the] clearing obligation when only cash can be used as collateral. Now we need to use these extra years of exemption to find good permanent solutions.”James Walsh, policy lead for EU and international at the UK’s Pensions and Lifetime Savings Association, welcomed the exemption.“This extension recognises that the market has not yet developed a practicable solution for clearing by pension schemes,” he said. “While this development removes the worrying prospect of compulsory clearing from August 2018, it does not present a solution to the underlying problem. Derivatives are an essential tool for pension funds, who use them to hedge their risks and ensure they can pay pensioners.”In a speech announcing the EMIR amendments, Dombrovskis also outlined regulatory effects on non-EU-based central clearing houses, a particularly important issue with the UK’s impending exit from the EU. London is a key hub of derivatives trading in Europe, with the commission estimating that as much as 75% of euro-denominated interest rate derivatives are traded in the UK capital.Dombrovskis said the European Commission was considering whether to require clearing houses “of key systemic importance” to be domiciled within the EU. Alternatively, the commission could request “enhanced supervisory powers” over clearing houses in non-EU countries.He added that detailed discussions on this issue would begin soon, with a view to proposing legislation in June.In addition to the exemption for pension funds, the commission also announced a streamlining of reporting requirements to alleviate the burden on smaller players in the derivatives markets, particularly non-financial companies.
Photo courtesy U.S. Coast Guard District 8U.S. Coast Guard crews assisted a 145-foot offshore supply vessel taking on water, near Cameron, Louisiana, early on Monday morning.At 12:00 a.m., the crew of the Candy Fleet-owned Candy Store vessel contacted Sector Houston-Galveston watch-standers to report the vessel was taking on water and in need of assistance.A Station Lake Charles 29-foot response boat-small boat crew was launched. Once on scene, the crew of the RB-S passed two dewatering pumps to the vessel and remained on scene throughout the night with the Candy Store.Coast Guard Marine Safety Unit Lake Charles personnel were dispatched to the scene to investigate and respond to fuel discharge around the partially submerged vessel.
BATESVILLE — The City of Batesville is reminding residents of what not to flush during the COVID-19 crisis. Items such as napkins, paper towels, facial tissues, baby wipes, diapers, gauze/band aids and feminine hygiene products should be disposed of in a waste basket. “These non-flushable products could cause clogs, backups, pipe damage, in toilets and septic systems. The cost to repair these damages are the homeowners responsibility,” according to the flyer. Residents who want more information should call the Batesville Wastewater Treatment Plant at (812) 934-5338.
The Principal Investigator on the Ebola Natural History Study in Liberia Dr. Mosoka Fallah has called on Liberians to embark on the same spirit used during the fight against the Ebola virus disease outbreak through its communities engagement to eliminate rabies from Liberia. Dr. Fallah made the statement yesterday at the celebration of World Rabies Day under the theme: “Educate, Vaccinate and Eliminate’ held at the Duport Road Health Center in Paynesville.He said even though rabies is a killer disease, it can be prevented and completely eliminated in the country if citizens rise up against it as it was done during the Ebola outbreak.Dr. Fallah noted that to eliminate rabies is for pet owners to ensure that their dogs are vaccinated against rabies.He advised that in order to eliminate rabies from killing less than 15 year old children, inter sectoral meetings with the Ministry of Agriculture and health must work together to pay for the cost of immunizing dogs.“It’s important for these things to be put in place because Liberia doesn’t have a good surveillance system therefore we must use the measures that was enforced during the EVD outbreak to save the lives of our people,” Dr. Fallah said.He encouraged awareness campaign programs to educate communities on the danger and the preventive measures on how to help communities eliminate rabies in the country.He pointed out that this venture is necessary because if citizens are not educated about the danger and the prevention of rabies they will not know what to do and how to prevent it .Meanwhile, Roseline George, Deputy Director for Disease Prevention and Control at the Ministry of Health, disclosed that statistics indicate that there are 779 dog bites cases in the country with Montserrado County accounting for the highest cases of 444 incidents.The issue of addressing rabies is very significant to the country because there are many citizens affected with cases of rabies that have led to the deaths of several young people.To eliminate rabies the Ministries of health, agriculture and World Health Organization and others, have introduced vaccines to be used to treat victims of rabies, and the Duport Road Health Center in Paynesville is the center for the exercise.Dr. Garba Ahmed of the Emergency Center for Transboundary Animal Disease (ECTAD) County Team Leader of Food and Agriculture Organization (FAO) encouraged Liberians to report cases of rabies and must also take their dogs to be vaccinated.“We need to work together to end rabies and this can be done if everyone works to create awareness and then going to the health facility for vaccination,” Dr. Ahmed said.Several speakers at the occasion spoke of the danger of rabies if it is not treated and called on government and partners to decentralize the immunization process by taking the awareness and treatment to other counties.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)