DOCSLIB.ORG

View the Full Issue (PDF)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
View the Full Issue (PDF) June 2017 The Member Magazine for Investment Professionals KICK-START A STALLED CAREER NEW FUNDING PLATFORMS: GAME CHANGERS? THE HIDDEN COSTS OF CAREER BURNOUT, UNLEASHING DIVIDENDS, AND MORE Can artificial intelligence arrange a perfect marriage of technology and human judgment? DEEP LIQUIDITY IS WITHIN YOUR REACH Come explore one of the largest fixed income liquidity pools in wealth management. Dive into powerful analytics integrated with our deep liquidity so you can efficiently manage your portfolio and navigate markets like never before. · 200+ LIQUIDITY PROVIDERS · 170K LIVE EXECUTABLE MARKETS · 78K UNIQUE SECURITIES ARE YOU READY TO DISCOVER MORE? [email protected] 212.852.1202 tradewebdirect.com ©2017 Tradeweb Markets LLC. All rights reserved. June 2017 COVER STORY 36 Code Wed Can artificial intelligence arrange 36 a perfect marriage of technology and human judgment? By Cynthia Harrington, CFA “OUR BUSINESS 40 Kick-Start DEALS WITH MANY Stuck in a career rut? Learn how REAL PERSONAL to get back on the open road IMPACTS BEYOND By Lori Pizzani SHEER FINANCE. 44 Rules of Engagement IT RELATES TO Military veterans in finance show HAPPINESS AND how career switchers can adapt WELL-BEING.” and grow 56 By Lance Widner, CFA (USNR), and Matt Noll, CFA (former USN) 48 A Phase in the Crowd 40 Will the stream of new funding platforms become a flood? By Cynthia Harrington, CFA 52 Mean Values Being an authentic leader requires a deeper sense of meaning, says one leadership expert By Nathan Jaye, CFA 56 The Purpose Imperative 44 Too many investment professionals are “addicted to winning,” and it’s a COVER ILLUSTRATION problem for them and their clients Bob Scott By Nathan Jaye, CFA June 2017 CFA INSTITUTE NEWS 7 In Focus On Sustainability By Paul Smith, CFA 10 Americas Outlook A New Way Forward for Wealth Management By John Bowman, CFA 12 APAC Focus Building a Better Society Partnership Model By Nick Pollard 14 EMEA Voice The Widening Gap of Non-GAAP 16 Financial Measures By Vincent Papa, CFA “IT WOULD REQUIRE THE COMPLETE 15 Also in CFA Institute News: CFA Institute ELIMINATION OF DIVIDEND TAXES celebrates its 70th anniversary, the future state of the investment profession, and more FOR THE CAPITAL MARKETS TO REALIZE THE TRUE BENEFITS VIEWPOINT OF DIVIDEND POLICY.” 20 Fixing the Peer Group Problem By Antti Raappana, CFA, Kimmo Kurki, Fernand Schoppig, 22 and Barry Gillman, CFA 22 Dividend Taxation and the Free-Cash-Flow Theory By Patrick Cusatis, CFA 24 Ethical Concerns and Your Career By Julia VanDeren 25 Integrity: A Mounting Problem By Jennifer Simpson PROFESSIONAL PRACTICE 26 Burning down the house: burnout’s impact 28 Ask a Career Question 30 Risk management for private clients 34 Infrastructure: constructive investments? ETHICS AND STANDARDS 60 Market Integrity and Advocacy • New Standards & Advocacy Advisory Committees 63 • Ethics: “The Heart of the Accountancy Profession” 62 Professional Conduct Notices of disciplinary action 6 In Summary 63 Chapter 10 Why buy a single stock when you CFA INSTITUTE NEWS 7 In Focus On Sustainability can invest in the entire sector? By Paul Smith, CFA 10 Americas Outlook A New Way Forward for Wealth Management By John Bowman, CFA BENEFITS INCLUDE: 12 APAC Focus - S&P 500 Components Building a Better Society Partnership Model - The all-day tradability of stocks By Nick Pollard - The diversifi cation of mutual funds 14 EMEA Voice The Widening Gap of Non-GAAP - Liquidity Financial Measures By Vincent Papa, CFA - Total transparency 15 Also in CFA Institute News: CFA Institute - Expenses - 0.14%** celebrates its 70th anniversary, the future state of the investment profession, and more VIEWPOINT 20 Fixing the Peer Group Problem By Antti Raappana, CFA, Kimmo Kurki, Fernand Schoppig, and Barry Gillman, CFA 22 Dividend Taxation and the Free-Cash-Flow Theory By Patrick Cusatis, CFA 24 Ethical Concerns and Your Career FINANCIAL Sector SPDR ETF Top 10 Holdings* By Julia VanDeren Company Name Symbol Weight 25 Integrity: A Mounting Problem XLF Berkshire Hathaway B BRK.b 10.88% By Jennifer Simpson JP Morgan Chase JPM 10.78% PROFESSIONAL PRACTICE Wells Fargo WFC 8.41% 26 Burning down the house: burnout’s impact Bank of America BAC 8.11% ™ 28 Ask a Career Question Citigroup C 5.68% THE NEXT CHAPTER IN INVESTING 30 Risk management for private clients Goldman Sachs GS 2.88% 34 Infrastructure: constructive investments? US Bancorp USB 2.83% Chubb Limited CB 2.22% ETHICS AND STANDARDS *Components and weightings as Morgan Stanley MS 2.16% of 4/30/17. Please see website for 60 Market Integrity and Advocacy daily updates. Holdings subject to change. American Express AXP 2.08% • New Standards & Advocacy Advisory Committees Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF • Ethics: “The Heart of the Accountancy Profession” 62 Professional Conduct An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other Notices of disciplinary action information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing. The S&P 500, SPDRs®, and Select Sector SPDRs® are registered trademarks of Standard & Poor’s Financial Services LLC. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to di er to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic 6 In Summary common stocks. Investors cannot invest directly in an index. The S&P 500 Index figures do not reflect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level of trading activity. 63 Chapter 10 Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector generally experience greater volatility. Diversification does not eliminate the risk of experiencing investment losses. **Gross & Net Expenses are the same – 0.14%. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. AND PEAK OIL ENDS GOVERNMENTS CHANGE HOMES BECOME HOTELS DON’T JUST SEE IT FIRST, ACT FIRST. At FactSet we’re committed to helping investment professionals seize opportunity sooner. We integrate the world of big data with your data, FactSet data, and robust analytics to give you the edge to outperform. With fresh perspectives, informed insights, and the industry-leading support of our dedicated specialists, you can get from data to decision fi rst. FINANCIAL DATA | ANALYTICS | TECHNOLOGY | SERVICES June 2017 Vol. 28, No. 2 CFA INSTITUTE PRESIDENT AND CEO ASSOCIATE EDITOR Paul Smith, CFA David Alluisi [email protected] CFA Institute Magazine (ISSN 1543-1398 (print), ISSN 1938-3339 (online), CPM MANAGING EDITOR 400314-55) is published quarterly—March, June, September, and December—by Roger Mitchell GRAPHIC DESIGN CFA Institute. Periodicals postage paid at Charlottesville, VA, and additional mailing [email protected] Communication Design, Inc. [email protected] offices. POSTMASTER: Send address changes to CFA Institute Magazine, 915 East ONLINE PRODUCTION COORDINATOR High Street, Charlottesville, VA 22902. Kara Hite CIRCULATION COORDINATOR Statements of fact and opinion are the responsibility of the authors alone and Jeanie Cox do not imply an endorsement by CFA Institute. ADVERTISING MANAGER [email protected] © 2017 CFA Institute. All rights reserved. Materials may not be reproduced or Andy Jenkins translated without written permission. CFA®, Chartered Financial Analyst®, the [email protected] CFA Institute logo, CFA Institute Investment FoundationsTM, GIPS®, and CIPM® are just a few of the trademarks owned by CFA Institute. See www.cfainstitute.org for a complete list. EDITORIAL ADVISORY TEAM Annual subscription rate for CFA Institute members is US$40, which is included Shanta Acharya Aaron Lai, CFA in the membership dues. Annual nonmember subscription rate is US$50. Bashir Ahmed, CFA Casey Lim, CFA Jim Allen, CFA Michael Liu, CFA THE AMERICAS EUROPE, MIDDLE EAST AND AFRICA Jonathan Boersma, CFA Bob Luck, CFA 915 East High Street 67 Lombard Street, 7th Floor Jarrod Castle, CFA Farhan Mahmood, CFA Charlottesville, VA 22902 London Michael Cheung, CFA Dennis McLeavey, CFA USA EC3V 9LJ Josephine Chu, CFA Sudip Mukherjee, CFA Phone: (800) 247-8132 or United Kingdom Franki Chung, CFA Jerry Pinto, CFA +1 (434) 951-5499 Phone: +00 (800) 1247-8132 Darrin DeCosta, CFA Linda Rittenhouse Nick Dinkha, CFA Craig Ruff, CFA 477 Madison Avenue, 21st floor ASIA PACIFIC Jerry Donohue, CFA Christina Haemmerli Schlegel, CFA New York, NY 10022 23/F, Man Yee Building Alison Durkin, CFA David Shen, CFA USA 68 Des Voeux Road Kenneth Eisen, CFA Arjuna Sittampalam, ASIP Central, Hong Kong William Espey, CFA Larry Swartz, CFA Phone: +852 2868-2700 Julie Hammond, CFA Jacky Tsang, CFA BRUSSELS Burnett Hansen, CFA Gary Turkel, CFA Rue du Champ de Mars, 23 M. Mahboob Hossain, CFA Raymond Wai Pong Yuen, CFA 1050 Brussels Vahan Janjigian, CFA James Wesley Ware, CFA Belgium Andreas Kohler, CFA Jean Wills Phone: +32 (02) 207-1210 4 CFA Institute Magazine June 2017 IN SUMMARY A Martian Career Guide for Earthlings Edgar Rice Burroughs is best known as the author who cre- lose the very qualities that give life meaning for rational ated the “Tarzan of the Apes” series, but his “Barsoom” series beings.
Load more

Recommended publications
  • Aqueduct Racetrack Is “The Big Race Place”
    Table of Contents Chapter 1: Welcome to The New York Racing Association ......................................................3 Chapter 2: My NYRA by Richard Migliore ................................................................................6 Chapter 3: At Belmont Park, Nothing Matters but the Horse and the Test at Hand .............7 Chapter 4: The Belmont Stakes: Heartbeat of Racing, Heartbeat of New York ......................9 Chapter 5: Against the Odds, Saratoga Gets a Race Course for the Ages ............................11 Chapter 6: Day in the Life of a Jockey: Bill Hartack - 1964 ....................................................13 Chapter 7: Day in the Life of a Jockey: Taylor Rice - Today ...................................................14 Chapter 8: In The Travers Stakes, There is No “Typical” .........................................................15 Chapter 9: Our Culture: What Makes Us Special ....................................................................18 Chapter 10: Aqueduct Racetrack is “The Big Race Place” .........................................................20 Chapter 11: NYRA Goes to the Movies .......................................................................................22 Chapter 12: Building a Bright Future ..........................................................................................24 Contributors ................................................................................................................26 Chapter 1 Welcome to The New York Racing Association On a
    [Show full text]
  • The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital
    - Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup­ port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re­ lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex­ change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex­ pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re­ affirm its allegiance to the European monetary agreement and return to a fixed parity.
    [Show full text]
  • Climate-Related Risks for Ministries of Finance
    Climate-Related Risks for Ministries of Finance: An Overview —- Nepomuk Dunz and Samantha Power (World Bank) A product of the Helsinki Principle 5 Workstream May 2021 Authors and Acknowledgements This note was co-authored by Nepomuk Dunz and Samantha Power (World Bank) under the direction of the Sherpa Co-Chairs of the Coalition of Finance Ministers for Climate Action, Pekka Moren (Finland) and Masyita Crystallin (Indonesia), the Lead of the Helsinki Principle 5 Workstream, Meg Nicolaysen (UK), and Fiona Stewart (World Bank). This note benefited from contributions from Robert Zymek, Emmanuelle Dot (UK Treasury), Joanna Tikkanen (MoF Finland), Bryan Gurhy, Sebastien Boitreaud, Cigdem Aslan, Hiroshi Tsubota, Lars Jessen, Henk Jan Reinders, Rachel Chi Kiu Mok (World Bank), Ulrich Volz (SOAS, University of London), Joaquim Levy, Carter Brandon, and Lihuan Zhou (World Resources Institute), as well as input from the Helsinki Principle 5 Workstream Members more broadly. This note also benefited from the work of the Network for Greening the Financial System (NGFS) and its members. Benjamin Holzman provided graphic design. Disclaimer and Copyright This work is a product of the Coalition of Finance Ministers for Climate Action (‘the Coalition’) and was prepared at the request of the Co-Chairs of the Coalition under the Helsinki Principle 5 Workstream on ‘mobilizing private finance for climate action’. The views, findings, interpretations, and conclusions expressed, however, are those of the authors and do not necessarily reflect those of the Coalition, its Members, or the affiliations of the authors. This work may be reproduced, in whole or in part, for non-commercial purposes provided full attribution to this work is given.
    [Show full text]
  • The Theory and History of Banking
    T H E H EO RY A ND H IST O O F B A NK ING CHARLES F . DUNBAR MRLY P E OF P LITICAL EC MY HARVARD U IVE ITY O ROF SSOR O ONO . N RS W ITH CHAPTE RS ON FOREIGN E"CHANGE AND CENTRAL B ANKS B Y L VE AGUE O I R M. W . SPR P FE OF B K G AND F CE H V D U V E TY RO SSOR AN IN INAN . AR AR NI RSI W ITH SU PPLEMENTARY CHAPTER PRESENTING RECORD OF THE FEDERAL RESERV E SYSTEM B Y HENRY PARKE R WILLIS Pnon sso a op B ANKING COLUMB IA U NI VE RSI TY FORuE RLY EC E T Y FED E L E E a a S R AR RA RES RV li t 8 E 4 FOURTH E DITION A ’ G . P . PUTN MS SONS NEW YORK AND LONDON Obe finichetboc ket p ress o ri h 1 8 1 C p y g t , 9 b y e s n bar Ch arl F. Du o ri h . 1 0 1 1 9 1 7 . by C p y g t 9 , ’ P . P n am s Son s G . ut o ri h 1 2 2 b C p y g t , 9 , y ' P. Pu n am s Son s G . t Fi rst P ublish ed { 8 91 con d sed Ed n 1 S e Revi i ti o 1 90 T rd R d E d i on 1 1 h i e vi se it 9 7 Four h R evi sed E di i on Oc ober 1 2 2 t t t .
    [Show full text]
  • The History That Preceded Historical Gaming: How Parimutuel Wagering
    The History that Preceded Historical Gaming: How Parimutuel Wagering Won its Place in America, as Typified by Kentucky Alex Gardner Much focus lately has been given to the emergence of sports gambling nationally and the changing landscape surrounding the regulation of gambling, specifically bookmaking. This focus usually doesn’t include parimutuel gambling. This paper traces the legal history of parimutuel wagering on horse racing since its creation in the nineteenth century to the new issues surrounding parimutuel wagering today. Parimutuel wagering on horse racing has faced a variety of legal challenges as it has spread across the world but has generally prevailed, solidifying itself as an accepted form of gambling. The legal challenges to parimutuel wagering on horse racing seem to follow a similar pattern of treatment by the governments in the jurisdictions where it is introduced. The treatment of parimutuel wagering on horse racing by Kentucky’s government exemplifies this historical pattern and provides insight into the future of parimutuel wagering on horse racing nationally as new forms of parimutuel wagering are introduced, namely historical horse racing. Informing this paper are historical newspaper articles as well as current ones, legal briefs, court decisions, and academic studies. Kentucky’s embrace of parimutuel wagering on horse racing in the early twentieth century led to a resurgence nationally and Kentucky is again leading the way in spreading parimutuel wagering across the country through historical horse racing. Few events can compete with the thrill of the Kentucky Derby. The parade of the horses and the trumpeter blaring a call to the post amplify the excitement for the hordes of spectators.
    [Show full text]
  • Engineering Paradise the History of the Jerome Park Reservoir
    ENGINEERING PARADISE – THE HISTORY OF THE JEROME PARK RESERVOIR COMMUNITY The community that developed on the ridge around the Jerome Park Reservoir and Van Cortlandt Park should be thankful for the early pioneers who found a grand vision on the land we call home. Looking at an old map, one could only imagine what it looked like, how the landscaped developed, and other things for the interested mind. In what could only be describe as the growth of the conservationist environmentalist era, two men, John B. Jervis (1775-1885) and Frederick L. Olmstead (1822-1903), had a great influence on development in the country, state, and city. For our area, their foresight and talent had no bounds. But it took fifty years of planning and building. Surveying streets cut out of the same topography with curves instead of straight lines (1876). Building railroads to go north by the “country” (1880). Connecting parks for the enjoyment of the new settlers (1884), and by discovering that the land at Van Cortlandt Estate was much more beautiful and natural than Central Park (1888). When there was not enough water for the thirsty city, by adding the New Croton Aqueduct to the Old Croton Aqueduct system to enable growth (1890). By opening the first municipal golf course for recreation in Van Cortlandt Park (1895). Importantly, knowing to choose the site of the old Jerome Park Race Track as the site for a reservoir because it was on the high ridge, on an area with soft ground for ease in digging, and topographically configured to enable gravity to continue to bring water to a thirsty city (1906).
    [Show full text]
  • Bert Morgan Negatives
    Start of Box 6 Morgan, Bert, 1904-1986. Negatives, 1932-1985. Special Collections Department/Long Island Studies Institute Contact Information: Special Collections Department Axinn Library, Room 032 123 Hofstra University Hempstead, NY 11549 Phone: (516) 463-6411, or 463-6404 Fax: (516) 463-6442 E-mail: [email protected] http://www.hofstra.edu/Libraries/SpecialCollections Compiled by: [M. O’Connor] Date [June 10, 2013] Completed: Morgan, Bert, 1904-1986. Negatives, 1932-1985. 1.7 cubic ft. Born in Windemere, England, in 1904, Bernard "Bert" S. Morgan moved to the United States in 1911 with his parents and siblings. In 1919, he became a syndicate newspaper photographer in New York, where he provided photographs to the New York Daily News and other Northeast newspapers. In 1930, he opened his own photography business and spent the next fifty-six years photographing celebrities, royalty, politicians and members of society at social and sporting events in places such as Long Island, Saratoga, Key West, Nassau and Newport. During the 1950s, he moved to Palm Beach, Florida, where he opened Bert and Richard Morgan Studios with his son Richard F. Morgan, Sr. (1936-2012), who learned the photography business from his father. The two worked together until the elder Morgan’s death in1986. During his career, Bert Morgan rose to the top of his profession and became the dean of society photographers. He was friends with the Duke of Windsor and became the only photographer to ever call him “Eddie.” He was also the only photographer to photograph a president (John F. Kennedy) and his first lady (Jacqueline Bouvier) from their childhoods.
    [Show full text]
  • Executive Summary
    Introducing FanMint The Next Generation of Fan Engagement for Artists, Entertainers, Athletes & Teams First Regulatory-Compliant Securities Issuance & Marketplace Utilizing Blockchain & Decentralized Finance Infrastructure © 2021 FAN Engagement, Incorporated • Confidential & Proprietary Disclaimer This confidential presentation (this “Presentation”) contains selected information about Tritaurian Capital, Incorporated and its affiliated entities (collectively, “Tritaurian”). This Presentation is intended for authorized recipients only and includes confidential, proprietary and trade secret information regarding Tritaurian and must be held strictly confidential. By accepting this presentation, each recipient agrees that (i) it will keep confidential all information contained, and (ii) that it will not use any information contained herein for any purpose other than in discussions with, or in furtherance of a business relationship with, Tritaurian. Statements contained in this Presentation are based on current expectations, estimates, projections, opinions, and beliefs of Tritaurian as of the date of the Presentation unless stated otherwise, and Tritaurian has no obligations to update any information contained herein. Such statements involve known and unknown risks and uncertainties, and are delivered “AS IS.” Tritaurian does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of Tritaurian or be construed as creating any obligation of Tritaurian without an explicit written agreement duly executed by Tritaurian. Several of the products and services described herein require Tritaurian to obtain various regulatory licenses. Some of these have not been obtained yet, but Tritaurian intends to obtain such licenses.
    [Show full text]
  • The Development and Effect of Banking in Utah, 1933
    THE DEVELOPMENT AND EFFECT OF BANKING IN UTAH, 1933 - 19^5 * J. Patrick McOahan A research report submitted to the faoulty of the University of Utah in partial fulfillment of the requirements of the degree of Master of Business Administration College of Business University of Utah May, 1963 This Research Report for K. B* A. Degree * J. Patrick MqGahan had been approved by 4 Faculty Advisor Chairman, M. B. /A, Committee Dean* //College of Business ACKNOWLEDGEMENTS The author wishes to express hia appreciation to all those who assisted hire in the preparation of this report. A speoial note of appreciation to Dr. Roland Stucki for many hours devoted to reading this research report as it progressed and for offering many helpful suggestions and criticisms. Those who freely provided information and time also deserve recognition. Among those are Mr. C. B. Quinn, Chief Examiner of the Utah State Bank Commissioner's Office, and Mr. Fredrick G. Eberhard, Secretary of the Utah Banker's Association* lii TABLE OF CONTENTS Page ACKNOWLEDGEMENTS.....................................iii LIST OF CHARTS ........................... Yi LIST OF E X H I B I T S ................................... vii CHAPTER I. INTRODUCTION .............................. 1 Background Information ......... 1 Statement of Purpose ...................... 2 General "'rocedurea and Methods Followed . 2 Plan of the Report 3 n . 1932 - 193^, A PERIOD OF LEGISLATION .... 4 Utah and tivs Depression . ................. 4 Utah Banks During the Depression ........... 6 Bank Holiday...................... .. 7 Banking Legislation 9 Utah State Legislation ....•••« 9 Banking holidays and restrictions on withdrawal of deposits 9 State depository law 10 Branch banking bill ................. .. 11 Borrowing by closed banks ....... 12 Federal Legislation 12 Federal Deposit insurance Corporation .
    [Show full text]
  • A Streamlined Regulatory Structure for Québec's Financial Sector
    A Streamlined Regulatory Structure for Québec's Financial Sector Report of the Task Force on Financial Sector Regulation December 2001 A Streamlined Regulatory Structure for Québec’s Financial Sector ISBN 2-550-38533-0 Legal Deposit Bibliothèque nationale du Québec Publication: December 2001 Montréal, December 2001 Ms. Pauline Marois Deputy Premier and Minister of State for the Economy and Finance Ministère des Finances 12, rue Saint-Louis, 1er étage Québec (Québec) G1R 5L3 Madam, We are pleased to submit the report of the Task Force on Financial Sector Regulation, entitled “A Streamlined Regulatory Structure for Québec’s Financial Sector”. This report is more than the product of our deliberations; it represents the efforts and contributions of interested people, industry stakeholders in particular, to fulfil the mandate you gave us last May 2. This mandate is particularly opportune in view of the disintermediation, decompartmentalization and inter-sectoral convergence in Québec’s financial sector. Our proposal to create a single regulatory body, namely the Agence d’encadrement du secteur financier du Québec, satisfies, in our view, the clear need for simplicity and efficiency of a constantly changing financial sector. The recommendations in this report should make it possible to effect tangible improvement in the regulatory structure of Québec’s financial sector. … 2 Ms. Pauline Marois - 2 - We thank you for your confidence in us and remain Yours truly, Claude Béland Pierre Carrier Yvon Charest Pierre Comtois Pierre Laurin Dominique Vachon Yvon Martineau, Chairman FOREWORD The Task Force on Financial Sector Regulation, constituted by order-in- council on May 2, 2001, was instructed to analyze the regulatory structure of Québec’s financial sector and recommend measures to the Minister of State for the Economy and Finance regarding regulatory bodies and the improvement of this structure.
    [Show full text]
  • 03.06.2021 Gubernator Andrew M. Cuomo Gubernator
    Do natychmiastowej publikacji: 03.06.2021 GUBERNATOR ANDREW M. CUOMO GUBERNATOR CUOMO OGŁASZA NOWY TYMCZASOWY PUNKT SZCZEPIEŃ I ZACHĘTĘ W POSTACI BILETU NA BELMONT STAKES W 2022 R. Punkt szczepień będzie działał w godz. 12–18 w dniu 4 czerwca i w godz. 9–17 w dniu 5 czerwca; osoby, które się zaszczepią otrzymają wejściówkę na wyścigi Belmont Stakes w 2022 r. W punkcie szczepień partnerem stanu Nowy Jork będzie Northwell Health i NYRA W dniu dzisiejszym gubernator Andrew M. Cuomo ogłosił nowy mobilny tymczasowy punkt szczepień w Belmont Park, co zbiega się z festiwalem wyścigów konnych 2021 Belmont Stakes Racing Festival, którego kulminacją jest 153. gonitwa Belmont Stakes w sobotę, 5 czerwca. Fani wyścigów, którzy zaczepią się na miejscu, otrzymają darmową wejściówkę na wyścigi Belmont Stakes w 2022 r. Partnerem stanu Nowy Jork w punkcie szczepień będzie Northwell Health i New York Racing Association, Inc. Podczas szczepienia wykorzystana zostanie szczepionka Johnson & Johnson. Punkt będzie działał obok Clubhouse Entrance w Belmont Park w piątek, 4 czerwca, w godz. 12–18 i w sobotę, 5 czerwca, w godz. 9–17. „Wykorzystujemy każde możliwe narzędzie dostępne w naszym arsenale, aby pokonać COVID-19 na dobre, ożywić naszą gospodarkę i rozpocząć nową normalność, a zaszczepienie możliwie jak największej liczby nowojorczyków jest kluczowym aspektem strategii dla przyszłości naszego stanu”, powiedział gubernator Cuomo. „Ten tymczasowy punkt szczepień, otwarty podczas jednego z najbardziej ekscytujących corocznych zdarzeń Nowego Jorku, przekona kolejnych mieszkańców i rodziny do zaszczepienia się dzięki wspaniałej zachęcie – darmowej wejściówce na kolejne wyścigi Belmont Stakes. Zachęcam wszystkich zainteresowanych nowojorczyków, aby skorzystali z tej możliwości i zrobili to, co do nich należy, chroniąc siebie, swoje rodziny i nasz stan”.
    [Show full text]
  • Four Generations' Innovation Needs
    HOW EASTERN LABS MEETS Four Generations’ Innovation Needs FEATURE STORY NEWS & TRENDS DEEP DIVE Why FIs should frame NatWest introducing biometric How FIs are using biometrics technological06 innovation as mobile payments09 for business and AI to enhance14 security a ‘precision tool, not a blunt customers without introducing frictions instrument’ J U N E 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 How financial institutions are innovating digital security tools to better engage customers who expect faster banking experiences Feature Story An interview with Ashley Nagle Eknaian, chief digital strategist and head of Eastern 06 Bank innovation unit Eastern Labs, on how the FI is approaching innovation and technologies like AI to satisfy different generations’ needs News and Trends The latest headlines on how banks are experimenting with digital cards, mobile apps 09 and online tools to better secure digital banking experiences Deep Dive A look at how biometrics, artificial intelligence and other tools can prevent fraud and 14 better identify customers without adding frictions Top 10 Rankings 18 The highest-ranking B2B and B2C digital banking providers Scorecard 19 See this month’s top scorers and a directory featuring more than 250 digital banking players About 157 Information on PYMNTS.com and Feedzai ACKNOWLEDGMENT The Digital Banking Tracker was done in collaboration with Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2019 PYMNTS.com All Rights Reserved 2 What's Inside Speedy transactions and services are hallmarks of Around the digital banking world the digital banking industry, with consumers expect- Banks around the globe are using a variety of tech- ing to accomplish increasingly complex tasks faster nologies that merge speed and security to create than ever.
    [Show full text]