FERMA represents over 4,200 corporate insurance buyers and risk managers across Europe. They provided feedback on proposals to reform the EU insurance intermediation framework (IMD2). FERMA is concerned that the proposals and Parliament positions do not adequately address business customer needs. Specifically, they are concerned that business customers will not have a legal right to request information from intermediaries. FERMA calls on co-legislators to provide a minimum standard of disclosure for all customers to allow business customers to make informed insurance decisions. FERMA also recommends examining exemptions for large risks and professional customers to ensure all business customers have access to information.
Functional separation in European Telecoms RegulationClaudio Boreggi
Key Questions:
Understanding the reasons advocates for functional separation (FS) as a possible remedy in European Telecoms regulation, and its role:
• Which problems should be addressed by FS?
• Should FS be seen as an end in itself or as a means to an end?
• Which “key features” should be present in the FS?
Which experiences in Europe?
Should FS be mandatory?
Efpia disclosure-code---august-2013-edited-finalMarket iT
EFPIA CODE ON DISCLOSURE OF TRANSFERS OF VALUE FROM PHARMACEUTICAL COMPANIES
TO HEALTHCARE PROFESSIONALS AND HEALTHCARE ORGANISATIONS
Adopted by the EFPIA Statutory General Assembly of 24 June 2013, and requiring implementation in national codes by 31 December 2013
Ireland: Recent Developments in Merger Control and Antitrust EnforcementMatheson Law Firm
Matheson's EU, Competition and Regulatory team provide an overview of recent developments in merger control and antitrust enforcement in Ireland.
This article was co-authored by Helen Kelly, Head of the EU, Competition and Regulatory Group, Kate McKenna, Partner and Ronan Scanlan, Associate Solicitor in the EU, Competition and Regulatory Group.
This article appeared in The In-House Lawyer Spring 2018 edition.
Functional separation in European Telecoms RegulationClaudio Boreggi
Key Questions:
Understanding the reasons advocates for functional separation (FS) as a possible remedy in European Telecoms regulation, and its role:
• Which problems should be addressed by FS?
• Should FS be seen as an end in itself or as a means to an end?
• Which “key features” should be present in the FS?
Which experiences in Europe?
Should FS be mandatory?
Efpia disclosure-code---august-2013-edited-finalMarket iT
EFPIA CODE ON DISCLOSURE OF TRANSFERS OF VALUE FROM PHARMACEUTICAL COMPANIES
TO HEALTHCARE PROFESSIONALS AND HEALTHCARE ORGANISATIONS
Adopted by the EFPIA Statutory General Assembly of 24 June 2013, and requiring implementation in national codes by 31 December 2013
Ireland: Recent Developments in Merger Control and Antitrust EnforcementMatheson Law Firm
Matheson's EU, Competition and Regulatory team provide an overview of recent developments in merger control and antitrust enforcement in Ireland.
This article was co-authored by Helen Kelly, Head of the EU, Competition and Regulatory Group, Kate McKenna, Partner and Ronan Scanlan, Associate Solicitor in the EU, Competition and Regulatory Group.
This article appeared in The In-House Lawyer Spring 2018 edition.
This document brings together a set
of latest data points and publicly
available information relevant for
Technology Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Automobile Manufacturers Fined for Restricting Access to Replacement Parts - ...KK SHARMA LAW OFFICES
Competition Law and Intellectual Property Rights (IPRs), since ages, have had a difficult marriage. As is popularly believed that a happy, successful and enduring marriage, between spouses, is good for the growth, stability and future development of the children, nearly in a similar way, it is necessary for this marriage between competition law and IPRs for the overall and long-term benefit of the society. IPRs are statutorily given monopolies and these are given for good reasons to induce inventions and other creative outcomes from some gifted members of the society to be revealed to the society at large so that , in exchange for granting of short term monopoly to the contributor of the IPRs, the society is revealed the new inventions and creations which become publicly available after the lapse of statutorily granted monopoly time period. During the period during the grant of these statutorily allowed monopolies, the holder of IPRs is permitted reasonable protection under competition law as well. The order in automobiles spare parts’ case passed by CCI on the question of reasonableness is an important landmark in this area of jurisprudence of IPRs and competition law. The author, who as the first Director General of functional Competition Commission of India, established the competition law investigation framework in India, looks back at this order of CCI in this piece.
A diverse set of articles for this month.
• firstly, Anja Beriro considers the recent European Court of Justice judgement in an Italian procurement case that includes some very useful guidance on what to consider when looking at Part B contracts, cross-border interest and the application of the 2004 Directive
• Lynne Rathbone looks at the latest developments in the ongoing fiscal devolution debate
• Sarah Hooton examines the impact of recent developments in employment case law on pay and overtime
• we finish off by taking a dip in the pool with Neil Walker and the second instalment in a series of articles focusing on local authorities and land collaboration/joint ventures.
FERMA's response to the Insurance Mediation Directive (IMD)FERMA
The Federation of European Risk Management Associations (FERMA) welcomes the oppotunity to contribute to the consultation launched by the Internal market and Servicdes Directorate General of the European Commission.
FG2A France (Fédération des Garanties et Assurances Affinitaires): Response of the consultation paper CP-16-2016 on Technical Advice on possible delegated acts concerning the Insurance Distribution Directive.
This document brings together a set
of latest data points and publicly
available information relevant for
Technology Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Automobile Manufacturers Fined for Restricting Access to Replacement Parts - ...KK SHARMA LAW OFFICES
Competition Law and Intellectual Property Rights (IPRs), since ages, have had a difficult marriage. As is popularly believed that a happy, successful and enduring marriage, between spouses, is good for the growth, stability and future development of the children, nearly in a similar way, it is necessary for this marriage between competition law and IPRs for the overall and long-term benefit of the society. IPRs are statutorily given monopolies and these are given for good reasons to induce inventions and other creative outcomes from some gifted members of the society to be revealed to the society at large so that , in exchange for granting of short term monopoly to the contributor of the IPRs, the society is revealed the new inventions and creations which become publicly available after the lapse of statutorily granted monopoly time period. During the period during the grant of these statutorily allowed monopolies, the holder of IPRs is permitted reasonable protection under competition law as well. The order in automobiles spare parts’ case passed by CCI on the question of reasonableness is an important landmark in this area of jurisprudence of IPRs and competition law. The author, who as the first Director General of functional Competition Commission of India, established the competition law investigation framework in India, looks back at this order of CCI in this piece.
A diverse set of articles for this month.
• firstly, Anja Beriro considers the recent European Court of Justice judgement in an Italian procurement case that includes some very useful guidance on what to consider when looking at Part B contracts, cross-border interest and the application of the 2004 Directive
• Lynne Rathbone looks at the latest developments in the ongoing fiscal devolution debate
• Sarah Hooton examines the impact of recent developments in employment case law on pay and overtime
• we finish off by taking a dip in the pool with Neil Walker and the second instalment in a series of articles focusing on local authorities and land collaboration/joint ventures.
FERMA's response to the Insurance Mediation Directive (IMD)FERMA
The Federation of European Risk Management Associations (FERMA) welcomes the oppotunity to contribute to the consultation launched by the Internal market and Servicdes Directorate General of the European Commission.
FG2A France (Fédération des Garanties et Assurances Affinitaires): Response of the consultation paper CP-16-2016 on Technical Advice on possible delegated acts concerning the Insurance Distribution Directive.
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during March 2018.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Collaboration of the Year Award winner 2020: Pim Moerman and Rob van den Eijn...FERMA
Philips Global Resilience Platform: Breaking down silo approach of departments by collaborating in multidomain platform making our company more resilient
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
George Ong, Chief Risk Officer, Northern Ireland WaterFERMA
Nominations for the Public Sector Risk Manager of the Year for the European Risk Management Awards 2020.
George Ong is the Chief Risk Officer for Northern Ireland Water (NIW), a Government Owned Company (GoCo). George joined the business in 2006 with a clear remit of implementing a risk and insurance management system given that the ‘Government Protection’ was to be removed from 1st April 2007. Since then George has worked to adapt, enhance and embed risk management arrangements within NIW, developed partnerships with businesses, communities and institutions to improve resilience for the Company and the community. #euroriskawards
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
GDPR & corporate Governance, Evaluation after 2 years implementationFERMA
FERMA’s live joint webinar with ECIIA on Monday 28 September gathered more than 300 participants
The objective of this joint webinar was to take stock of where we stand after 2 years of GDPR implementation and the practical consequences on businesses. For this, FERMA and ECIIA (European Confederation of Institutes of Internal Auditing) invited the following speakers:
- Olivier Micol, Head of Data Protection Unit at the European Commission, Directorate-General for Justice. He highlighted key elements of the recent GDPR evaluation report of the European Commission, shared the latest data and feedback from companies and civil society. He also gave an overview of future planned initiatives.
- Jérôme Avot, Group Risk Officer and Data Protection Officer at Faurecia, a global leader in automotive technology.”The GDPR served as a common thread from the start to the end of the project. We feel we have turned what might have been perceived as a constraint into an opportunity. “
- Ralf Herold, Senior Vice President, Corporate Audit BASF, a leading chemical company. He is an expert in GDPR as Germany was a pioneer in this piece of legislation.
Jérôme Avot and Ralf Herold shared their experience as a Risk Manager and DPO and as an Internal Auditor by exchanging on the changes that the GDPR involved within their companies.
https://www.ferma.eu/webinar-replay-gdpr-corporate-governance-evaluation-after-2-years-implementation/
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
GDPR & corporate governance: the role of risk management and internal audit o...FERMA
The webinar discussed the full results and recommendations of a joint project between FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA), to assess how the EU General Data Protection Regulation (GDPR) impacted our professions, one year after its enforcement. This webinar helped to know:
- To which extent the risk manager and the internal auditor are involved in the GDPR corporate implementation
- How GDPR has affected the interactions between risk management, internal audit and Data Protection Officer (DPO)
- What are the best practices and recommendations to embed personal data protection in the risk and audit governance of your organisation
After one year of GDPR implementation, FERMA and ECIIA sent in May a common basis of five questions to their risk and internal audit members.
The objectives were to:
- Evaluate the roles of the risk management and internal audit functions regarding the GDPR and personal data related risks
- Provide a unique insight into the implementation of the GDPR by companies to the European policymakers
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Card
Ferma Position Paper on IMD2
1. Position Paper
1
Please note that the current position is the one endorsed by the majority but not all of FERMA
members.
BUSINESS CUSTOMER CONCERNS REGARDING PROPOSALS TO REFORM THE EU
FRAMEWORK FOR INSURANCE INTERMEDIATION (IMD2)
The Federation of European Risk Management Associations (“FERMA”) welcomes the opportunity to
contribute to the current debate surrounding the proposals to reform the EU framework for
insurance intermediation (“IMD”).
FERMA is a European association which brings together the national risk management associations
from 22 European countries. FERMA’s 4,200 individual members are corporate insurance buyers
(“business customers”) representing a wide range of business sectors, including manufacturing, financial
services, health, non-governmental and local governmental organisations. Members manage their
organisations’ risks and insurance needs on a daily basis. FERMA members have a significant interest in
ensuring that the review of the EU legislative framework governing the activities of insurance
intermediaries serves all business customers, irrespective of the size of the customer or the risk
insured.
In recent years FERMA has pursued an industry solution to improve the level of information provided
by intermediaries to business customers. This has resulted in a voluntary system of information on
request. In preparation for the proposal, FERMA urged the Commission enshrine this industry solution
into Union legislation. In parallel CEIOPS/EIOPA recommended that intermediaries provide
information on request to both life and non-life insurance customers.
At this stage in the negotiation process, neither the proposal by the Commission nor the preliminary
views of the European Parliament provide an entirely satisfactory response to these recommendations.
The Council is proceeding with discussions at attaché and expert level, and FERMA looks forward to
learning more about the Member States’ views.
FERMA calls on the co-legislators to consider business customer concerns and, as a minimum, provide
them with a legal basis on which to request information from their intermediary. This would enable
business customers to make fully informed decisions about their insurance coverage.
2. Position Paper
2
Please note that the current position is the one endorsed by the majority but not all of FERMA
members.
THE GENERAL FRAMEWORK FOR DISCLOSURE UNDER IMD2
In essence, the Commission’s proposal would require intermediaries to provide customers with
information:
about the intermediary (or insurer acting as intermediary);
in relation to the contract proposed; and
the nature and amount of remuneration.
As regards remuneration, the proposal distinguishes between life and non-life insurance products. For
life products, intermediaries would have to indicate whether payment is on the basis of:
a fee paid by the consumer;
a commission that is included in the insurance premium; or
a combination of both.
Intermediaries would also have to disclose the total remuneration, or at least the basis on which the
fee or commission is calculated.
For non-life products, the Commission contemplates a five-year transitional period. During this
period, the intermediary would only be bound to inform the customer that they may request
information. The intermediary would also be bound to disclose on request whether they have a
significant holding in a given insurance company.
Although FERMA recognizes that the European Parliament has not yet adopted its position, it is
concerned that business customer needs are not being adequately addressed. Rapporteur Langen for
the Economic and Monetary Affairs Committee (ECON) advocates in his draft report removing most
of the proposed provisions on conflict of interest and disclosure, including the transitional period, but
leaving Member States the discretion to introduce or retain additional national requirements as they
see fit. Rapporteur Stihler for the Internal Market and Consumer Protection Committee (IMCO) has
not tabled any specific amendments on this aspect of the proposal.
The Commission’s proposal is not FERMA’s preferred approach but it would, at least, ensure that all
customers receive a minimum level of information regardless of the national market(s) in which they
operate. FERMA is concerned that the preliminary position in ECON in particular assumes that such
information is both “unnecessary” and “confusing to consumers”. Given the varied needs of different
types of non-life customer, including business customers, FERMA respectfully requests a minimum
European standard of disclosure in IMD2 to be available to all customers.
3. Position Paper
3
Please note that the current position is the one endorsed by the majority but not all of FERMA
members.
EXEMPTION FOR LARGE RISKS AND PROFESSIONAL CUSTOMERS
There is a general assumption in the Commission’s proposal that the following types of non-life
customer do not require access to the information outlined above. These are:
customers seeking coverage for large risks which are defined either with reference to the
nature of the risk (e.g. ships and aircraft) or the size of the undertaking;
professional customers, a new customer category which is defined in the Annex to the
proposal.
The definitions include a range of criteria to determine whether or not a given customer falls under
the exemption. Both definitions include criteria to define a large undertaking. They are as follows:
for large risks, the criteria remain the same as defined in the current IMD. They are based on
Directive 88/357/EEC, which has never been updated. Two of the three criteria must be met: a
balance sheet total of € 6.2 million, net turnover of € 12.8 million and an average number of
250 employees;
for professional customers, the legislator has introduced separate criteria based on different
Union legislation, Directive 2004/39/EC (“MiFID”). A large undertaking is defined as an entity
meeting two of the three criteria - a balance sheet total of € 20 million, net turnover of € 40
million and own funds of € 2 million.
Thus intermediaries would not need to provide the information specified in the general framework: a
medium-sized buyer might fail to meet the professional customer criteria but might still be meeting the
large risks criteria and, as such, would not be entitled to information on request. By contrast, the
larger professional customer would be able to request a certain level of information (on the nature of
the risk to be insured and by written agreement). This raises a fundamental policy issue as to whether
the two criteria should be aligned more closely to ensure that all business customers qualify for
disclosure, at least the partial information on request.
The European Parliament has not yet fully addressed this point. Rapporteur Langen for ECON has
narrowed the list of entities that may be deemed professional customer and has removed the
provision entitling such customers to request information. Rapporteur Stihler for IMCO has not yet
tabled any amendment on this point.
FERMA is not convinced the right balance has yet been struck between providing business customers
with adequate information on which to base insurance decisions and avoiding excessive regulatory
burden for intermediaries. In particular FERMA recommends that:
4. Position Paper
4
Please note that the current position is the one endorsed by the majority but not all of FERMA
members.
the exemptions are reexamined to ensure they reflect market reality and identify the
consumers that genuinely do not need disclosure; and
the categories of large undertaking are amended to provide common criteria. This would
ensure that a significant number of business customers are not left without access to
information.
FERMA recognizes that the proposal is a minimum harmonization Directive, but nevertheless regrets
the Commission and Parliament’s readiness to leave Member States discretion to introduce or
maintain national rules as this will result in different solutions across the EU. While this may reflect
the state of the EU insurance market, it will do little to promote a single market approach.
FERMA’S PROPOSED SOLUTION FOR BUSINESS CUSTOMERS
As the representative organization for European business customers, FERMA closely follows the
development of risk management practices and market realities. In response to problems reported by
members, FERMA pursued an industry solution with the European Federation of Insurance
Intermediaries (BIPAR).
This resulted in both associations adopting a non-binding Protocol in November 2010 which sets a
framework for information disclosure by intermediaries to business customers. It covers: the nature of
the services rendered; the capacity in which intermediaries operate; and remuneration levels.
Information is provided on an on-request basis.
FERMA has consistently called for the incorporation of these standards in EU legislation, principally
IMD2.
By introducing provisions to allow professional customers to request certain information in writing,
the Commission made a step towards meeting FERMA’s expectations.
FERMA, therefore, regrets the initial approach by the European Parliament to remove this provision in
the Annex, and respectfully requests its reinstatement.
FERMA also requests the co-legislators to include rights for business customers to request
information on remuneration from intermediaries.
FERMA would be pleased to engage with the co-legislators to ensure that a solution is found which
enables business customers to make fully informed choices about their insurance coverage without
placing an undue burden on intermediaries.
5. Position Paper
5
Please note that the current position is the one endorsed by the majority but not all of FERMA
members.
ANNEX 1: Beyond simple disclosure, the transparency and the management of conflict of interest