The FSB said its final policy recommendations deviated from its June 2016 proposals in a few ways to reflect responses to its consultation.“Among other things,” it said, “the recommendations on liquidity have been revised to encourage authorities to develop consistent reporting requirements, to better distinguish the information that is useful to authorities and investors, and to emphasise the exploratory nature of system-wide stress testing at this time.“The purposes and uses of leverage measures also have been clarified.”The FSB said it also clarified the circumstances where authorities could consider providing specific guidance to facilitate the use of exceptional liquidity management tools to include, for example, when there is a market dislocation or overall market stress. ‘Bad policy’ warningIn a statement, Paul Schott Stevens, president and chief executive at the Investment Company Institute (ICI), which represents investment funds in the US and around the world, said the FSB had made “some helpful changes”.He also welcomed the FSB charging the International Organization of Securities Commissions (IOSCO) with evaluating the recommendations and considering next steps.He said the ICI remained troubled, however, that the report continued to “perpetuate the FSB’s flawed assumptions about liquidity risk management by open-ended funds”.Angus Canvin, senior adviser at the Investment Association (IA) in the UK, told IPE the association had “minor quibbles” with some of the recommendations, but that, “in the big scheme of things”, the association was “broadly speaking happy with where the FSB has landed”, as this was a major improvement on where the FSB began its work on asset management two years ago.The “best bit”, he said, was the role assigned to IOSCO, as this is “where the expertise concerning our industry really lies”.However, like the ICI, the IA remains concerned the FSB has said it would resume its work on methodologies that could lead to asset managers being designated G-SIFIs like banks and insurers.The IA believes these methodologies are “fundamentally misconceived”, according to Canvin.“Policy made on that basis will be bad policy we think,” he said. “It’s frustrating to us, and we regret that the FSB has said it will go back to this discredited methodology.”The ICI’s Stevens also lamented the FSB’s plans to continue its work on methodologies to identify non-bank non-insurance G-SIFIs (NBNI G-SIFIs).“If the FSB engages in an evidence-based analysis, we believe the FSB will conclude – at a minimum – that there is no basis for considering regulated funds and their managers for possible G-SIFI designation,” he said. The Financial Stability Board (FSB) has set out its final policy recommendations for tackling structural weak spots in asset management activities, making some welcome changes but also frustrating some in the industry by deciding to pursue work that could lead to asset managers being deemed “systemically important”.The Basel-based FSB has been examining the asset management sector since 2015 due to concerns its growth, alongside trends such as increased investment in illiquid assets, could pose a danger to financial stability.It made policy recommendations to tackle “structural vulnerabilities” of asset management activities in June last year, covering risks such as liquidity mismatches in open-ended funds and leverage within investment funds.The FSB, with other international bodies, has been considering designating asset managers as globally systemically financial institutions (G-SIFIs) alongside banks and insurers but delayed a decision on this until after its work on the structural vulnerabilities of asset managers was completed.
BATESVILLE, Ark. (Sept. 26) – Practice and time trials get underway tonight (Tuesday) before IMCA Modified drivers from across the United States and Canada get down to the business of qualifying for the inaugural Race For Hope 74 at Batesville Motor Speedway.The Sept. 26-30 Mark and Arlene Martin Hope For Arkansas Foundation Race For Hope 74 calls attention to the needs of others while paying the biggest main event purse in division history. The winner of Saturday’s main event earn a $20,000 share of the $150,000 main event purse.Pre-entered drivers now include:Chad Andersen, Fort Calhoun, Neb.; Drew Armstrong, Alexander; Robby Arnold, Paragould; Chadd Avey, Judsonia; Jason Beaulieu, Campbell River, B.C.; Mikey Bell, Quitman; Wayne Brooks, Bald Knob; Aaron Carr, Judsonia; Chris Carter, Redfield; Timmy Culp, Prattsville; Robert Davis, Searcy; Myron DeYoung, Stanton, Mich.; Travis Dickson, Gallipolis, Ohio; Ethan Dotson, Bakersfield, Calif.; Tyler Droste, Waterloo, Iowa; and Tommy Fain, Abilene, Texas.Casey Findley, Bryant; Scott Fitzpatrick, Cedar Falls, Iowa; Neal Flowers, Hobbs, N.M.; Kelsie Foley, Tucson, Ariz.; Bill Frye, Greenbrier; Joey Gee, Judsonia; Dennie Gieber, Frankston, Texas; Ryan Gilmore, Republic, Mo.; J.T. Goodson, Bryant; William Gould, Calera, Okla.; Jordan Grabouski, Beatrice, Neb.; Heath Grizzle, Drasco; and John Hansen, Brush, Colo.Brint Hartwick, Quitman; Chris Hawkins, Neosho, Mo.; Terry Henson, Benton; Shelby Holderfield, Denison, Texas; Jason Ingalls, Longview, Texas; Kris Jackson, Lebanon, Mo.; Greg Jenkins, Hobbs, N.M.; Justin Jurgens, Cortland, Neb.; Justin Kay, Wheatland, Iowa; Kurt Kile, Nichols, Iowa; Gavin Landers, Batesville; Cody Laney, Torrance, Calif.; and Cody Leonard, Sinton, Texas.Kris Lloyd, Paragould; Justin McCoy, Waxahachie, Texas; Mike McKinney, Alexander; Kayden Menasco, Muldrow, Okla.; Richard Michael Jr., Ischua, N.Y.; Brian Mullen, Seymour, Wis.; Mike Mullen, Suamico, Wis.; Jacob Murray, Hartford, Iowa; Tyler Newcom, Jonesboro; Jamie Newton, Carlsbad, N.M.; Clay Norris, Searcy; Mark Norris, Searcy; and Nick O’Neil, Tucson, Ariz.John Parmeley, Phoenix, Ariz.; Eric Perry, Ward; Mike Petersilie, Hoisington, Kan.; Terry Phillips, Springfield, Mo.; Bill Pittaway, Corpus Christi, Texas; Will Poston, Midland, Texas; Chett Reeves, Bakersfield, Calif.; Jesse Richter, Great Bend, Kan.; Chuck Sanders, Mabelvale; Troy Schaberg, Amity; Aaron Scroggins, Neosho, Mo.; Kelly Shryock, Fertile, Iowa; and Scott Sluka, Fairbanks, Alaska.Ricky Stephan, South Sioux City, Neb.; Tyler Stevens, Jacksonville; Kyle Strickler, Mooresville, N.C.; Kevin Sustaire, Emory, Texas; Regan Tafoya, Farmington, N.M.; Jeff Taylor, Cave City; Peyton Taylor, Desha; Ricky Thornton Jr., Chandler, Ariz.; Richie Tosh, Salado; Jordan Turner, Batesville; Wendell Wallace, Batesville; Shawn Walsh, Ash Flat; Billy Ward, Cobleskill, N.Y.; Will Ward, Cobleskill, N.Y.; Jason Wilkey, Batesville; and Burl Woods, Republic, Mo.Fifteen heat races will be held each night with the top eight drivers from each qualifying feature transferring to the big show on Saturday. Non-transfers get $1,500 for ninth down to $200 for 30th.Both the Race of States, featuring the fastest car from each state that does not qualify for the main event, and the Manufacturers’ race, featuring the fastest non-qualifying car built by each manufacturer represented, pay $1,000 to win and a minimum of $200 to start on Saturday.The 74-lap main event is a qualifier for the 2018 Fast Shafts All-Star Invitational ballot. The race will be halted for a fuel stop on lap 40.Twenty-seven cars will comprise the main event and a minimum of $2,000 will be paid to start.Presenting sponsor is Sweet Manufacturing. All IMCA rules will apply and IMCA officials are in charge of tech inspection.Pit gates open at 3 p.m. each day, grandstands open at 5:30 p.m. and racing starts at 7 p.m.Spectator admission is free tonight, $20 Wednesday through Friday and $25 on Saturday. Pit passes are $20 tonight, $30 Wednesday through Friday and $40 on Saturday. A weekly pit pass is $125.Pit gates open at 3 p.m. each day, grandstands open at 5:30 p.m. and racing starts at 7 p.m.Spectator admission is free tonight, $20 Wednesday through Friday and $25 on Saturday. Pit passes are $20 tonight, $30 Wednesday through Friday and $40 on Saturday. A weekly pit pass is $125.Mission of the Mark and Arlene Martin Hope for Arkansas Foundation is to improve the quality of life for children and families across the state with an emphasis on Batesville and Independence County.This year, the foundation will provide financial assistance to the Community Enrichment Organization as it works to provide shelter and rehabilitation to the homeless in the area.The event will be broadcast by IMCATV.
LEICESTER (4-4-2)SCHMEICHEL,SIMPSON, HUTH,MORGAN, FUCHS,MAHREZ, DRINKWATER, KANTE, ALBRIGHTON,VARDY, ULLOABOURNEMOUTH (4-4-1-1)KING,ARTER,STANISLAS, SURMAN, GOSLING, RITCHIE,DANIELS, COOK,FRANCIS, SMITH,BORUCLeicester start 2016 as joint-top leaders of the Barclays Premier League, though they are second on goal difference following the 0-0 draw at home to Manchester City. Tuesday’s result was a surprise given that teams were joint leading scorers on 37 goals apiece.Leicester return to the King Power Stadium having won five and drawn three of nine games; only title-rivals Arsenal have won there so far. Leicester have now gone two games without a goal – for the first time since March. If they don’t score against Bournemouth it will be the first time since November 2014 that they will have gone three without scoring.Bournemouth lost 2-0 at Arsenal on Monday and face another daunting prospect. The defeat at the Emirates was Bournemouth’s second game in a row without a goal but only the sixth time this season that they have failed to score.The Cherries have lost six and drawn one of their 10 away games so far this season and when the teams met earlier this season at the Vitality Stadium it finished 1-1 with Jamie Vardy netting the equaliser from the penalty spot.But Bournemouth have lost on their last two visits to Leicester and last won there on Boxing Day 1988 in the old Second Division.Bournemouth miss Christian Atsu, Tommy Elphick, Max Gradel, Tyrone Mings and Callum Wilson.Leicester test Jeffrey Schlupp and must check on Danny Drinkwater, who returned against City after a two-match absence.
Real Madrid are weighing up a move for Real Betis midfielder Dani Ceballos.Ceballos is viewed at Real as a long-term successor for Luka Modric.Pundit Eduardo Inda said on El Chiringuito that Real are serious about signing Ceballos.He revealed: “The management of Real Madrid is in love with Dani Ceballos and he is a signing that could be done, would be loaned to Betis at least one more season because he is 20 years of age.”Real Madrid is waiting for Modric to age to give Ceballos a boost and it would be a very economic operation.”