How The Currency Market Can Affect Your Portfolio
Financial services love an acronym, but the latest – Mifid II – is a particularly obscure label for rules which will materially change the way investors’ money is managed. Time is of the essence. Any investment firms planning to undertake MiFID II-regulated business in another European country have until 2 December 2017 to apply for a passport that provides the necessary authorisation. Firms that miss the deadline risk not having a passport in place in time for MiFID II’s implementation, leaving them unable to trade with their counterparties in the European market. MiFID II has a broader scope than its predecessor, so some firms may also need new authorisations or regulatory permissions ahead of making a passporting application.
A list of the plan’s historical annual inflation adjustments is posted on this website. It shows the plan has granted inflation adjustments consistently for many years, with one exception: in 2009 there was no inflation – in fact there was deflation – so there was no inflation adjustment granted in 2010. This history represents a phenomenal record of inflation protection for plan members. Few pension plans in Canada can boast such robust protection.
bear marketBear market A weak market where stock prices fall and investor confidence fades. Often happens when an economy is in recession and unemployment is high, with rising prices. + read full definition – a weak market where stockStock An investment that gives you part ownership or shares in a company. Often provides voting rights in some business decisions. + read full definition prices are falling and investor confidence is fading. It often happens when an economy is in recession and unemployment is high, with rising prices.
Two other EU regulations are connected to MiFID II: PRIIPS (regulation on Packaged Retail Investment and Insurance Products) and EMIR (European Market Infrastructure Regulation). PRIIPS introduces a Key Information Document (KID) – a simple document giving key facts to investors in a clear and understandable manner so it has a connection to the investor protection rules of MiFID II.
FCA proposes transitional provisions for changes to FSCS compensation levy year. The UK Financial Conduct Authority requested comments on a consultation paper that proposes transitional provisions that will delay changes to the Financial Services Compensation Scheme levy year in an effort to avoid unintended modifications to the allocation of costs to the life and pensions intermediation class. Comments are due on or before February 5, 2018. (1/4/2018) FCA press release.