Pillar 3 As at 31st March 2011
|
|
- Abraham Sutton
- 5 years ago
- Views:
Transcription
1 Pillar 3 As at 31 st March 2011
2 Purpose of Disclosure This document sets out the Pillar 3 market disclosures for Threadneedle Asset Management Holdings an authorised and regulated limited license firm in the UK. In 2005 Threadneedle became the international asset management arm of Ameriprise, a US publically listed company. Threadneedle now benefits from the strength of being part of a worldwide asset management group, whilst retaining its own distinctive investment philosophy and brand identity. The Financial Services Authority s General Prudential Sourcebook ( GENPRU ) and Prudential Sourcebook for Banks, Building Societies and Investment Firms ( BIPRU ) implemented the Capital Requirements Directive, which is the common framework for implementing Basel II in the European Union. These rules are built on three pillars: Pillar 1: Minimum capital requirements Pillar 2: Guidance for the setting of bespoke capital requirements by the firm s Board executive through the Internal Capital Adequacy Assessment Process ( ICAAP ) and subsequent Supervisory Review and Evaluation Process ( SREP ). Pillar 3: Rules for the disclosure of risk and capital management, including capital adequacy. The purpose of Pillar 3 is to encourage market discipline by developing a set of disclosure requirements which will allow market participants to assess key pieces of information on a firm s capital, risk exposures and risk assessment process. The disclosures are to be made public for the benefit of the market. Pillar 3 Page 2 of 9
3 Recommends Strategic Tactical Delegates FINAL Governance The Board Level governance committees are illustrated in the chart below. The Threadneedle Asset Management Holdings Sàrl Board is the board for the Luxembourgbased top-level holding company. The group is regulated on a consolidated basis by the FSA, and the regulated entities are largely controlled by delegation from the Threadneedle Asset Management Sàrl Holdings board, or by their own regulated Boards. Threadneedle Risk Governance Communication and escalation structure Audit Committee Risk Committee Remuneration Committee Threadneedle Asset Management Holdings Sàrl Statutory Relationship Main Operating Companies CEO & Threadneedle Executive Operational Communication and Reporting Credit Controls Projects IMLT PLT SLT DLT While risk management is ultimately the responsibility of the Board, certain areas of risk oversight and monitoring have been delegated to the Audit and Risk Committees, as well as to the Threadneedle CEO and the Threadneedle Executive and underlying risk committees. The Risk and Audit Committees are sub-committees of the Board, and meet at least four times a year, with oversight by the Audit Committee on all risk management activities. Their membership also includes members of the Ameriprise senior management, who are independent of Threadneedle executive management. The Audit Committee is chaired by the Senior Independent Non-Executive Director on the Board. The Risk Committee agenda includes Risk and Capital Reports as a standing item. Risk management principles and objectives The overall objective of risk management at Threadneedle is to protect its franchise. Risk to Threadneedle s franchise value comes from two main sources: 1. Investment management risk: Mandate compliance; and Investment performance. 2. Client mis-representation risk: Mis-selling; Mis-communication; and Client service errors. Pillar 3 Page 3 of 9
4 The overall objectives of risk management are: To assist the business in avoiding unacceptable losses in particular stemming from either of the major risk sources given above; and To assist the business in achieving consistent fund performance and corporate profit. Threadneedle believes achievement of these objectives will be furthered by adherence to the following principles: Senior management is demonstrably committed to risk management and to strengthening the risk aware culture of the organisation; Risk management is independent of the fund managers and of distribution ; Threadneedle s fiduciary responsibilities are first and foremost in people s thoughts; Risk management needs to be top-down as well as bottom-up; Encourage risk takers to think like risk managers; and Risk management does not mean risk avoidance. Risk Appetite Threadneedle has a Risk Appetite Framework covering: Operational risk; Market risk; and Credit risk. Threadneedle s risk appetite is defined both qualitatively and quantitatively. The qualitative risk appetite framework is expressed through Threadneedle s policies and the quantitative limits and tolerance levels of potential loss. Threadneedle has established an extreme loss tolerance that is not an annual loss tolerance but represents the maximum loss that the firm would never want to see exceeded. Threadneedle has also adopted a more operationally focused maximum annual loss tolerance has been set at 1/12 of the extreme tolerance. The risk appetite is fixed and is reviewed annually and more often should the firm s circumstances change in a material way. Where business risks are identified that could lead to a significant loss, the Threadneedle Executive determine the appropriate course of action to reduce or mitigate the risk where possible. Where risks are greater than the operational tolerance level, the Threadneedle Executive is required to: Put in place a plan to reduce or mitigate the risk where possible. Where it is not possible to mitigate the risk then the Board Executive will consider whether the activity should be scaled down or terminated. Smaller risks are mitigated through process improvements and business as usual activities facilitated by the risk and control self assessment process and the Operational Risk Department. Pillar 3 Page 4 of 9
5 Assurance Framework The operational risk department works closely with the other assurance functions, namely Internal Audit and Compliance. The Operational Risk department seeks to assist Audit and Compliance through the provision of data and management information to support the monitoring activities undertaken. FSA Remuneration Code The FSA implemented its new Remuneration Code (the Code ) as required by the Capital Requirements Directive and the Financial Services Act Under the new Code, Threadneedle must report annually on its remuneration governance process and certain details on its remuneration policies and practices. Decision-making process for remuneration policy Threadneedle has a Remuneration Committee (the Committee ) which meets regularly to establish the firm s remuneration principles and oversee the governance of the remuneration programmes, policies and procedures. The Committee carries out its responsibilities within the authority delegated by the Board and documented in its Terms of Reference. The responsibilities include approving the terms of the profit share pool, long term incentive plan, and any other incentive arrangements and the remuneration for senior level employees, including all positions identified as Code Staff. During 2011 a distinct project has commenced reviewing the key design aspects of overall remuneration approach for the firm for future years, which will report to the Committee on key findings and recommendations for change. The Committee was comprised of three members throughout This included two Committee members who were not employees of Threadneedle and who served as Ameriprise Financial nominated Directors on the Board. The other member was the Executive Chairman of the Board. The Committee received independent advice on regulatory compliance with the Remuneration Code from PricewaterhouseCoopers LLP and on remuneration issues and trends from McLagan. Role of the relevant stakeholders The Committee takes full account of the firm s business and strategic objectives in setting remuneration policy and is mindful of its duties to shareholders and other stakeholders. The Committee seeks to preserve shareholder value by ensuring the successful engagement, motivation and retention of employees. The link between pay and performance for Code Staff Remuneration is made up of fixed pay (ie salary and benefits) and variable pay that is performance-related. The variable pay includes (1) short term incentives tied to the firm profitability, business results, and individual performance and (2) long term incentives linked to the creation of shareholder value. Long-term incentive awards represent the deferred element of variable pay and are conditional on vesting requirements and future performance. The variable pay decisions for individuals on both short term and long term incentives is dependent on the individual s performance assessment which considers risk management and the firm s standards of performance and conduct. Code Staff identification and quantitative disclosure The FSA classifies Code Staff as those staff whose activities could have a material impact on the firm s risk profile. The Code Staff for Threadneedle have been identified through an exercise that involved the mapping of risks and responsibilities, and consideration of other factors. For the calendar year 2010, there were a total of 20 Code Staff who were employees of Threadneedle for all or a portion of the year. They were all senior managers who were in significant management, control, or risk functions for the firm. The operations Pillar 3 Page 5 of 9
6 of Threadneedle are considered a single business unit. The aggregate total remuneration for Code Staff for the period ending 31 December 2010 was 15.7m. A significant portion of this total remuneration was deferred in the form of long term incentive awards. Total remuneration represents salary, profit share awards, long term incentive awards, and the estimated employer value of pension accruals or contributions on their behalf. Pillar 3 Page 6 of 9
7 Capital Resources Threadneedle s assessment of capital adequacy Threadneedle as a limited licence firm maintains sufficient capital to meet its regulatory requirements. In line with these requirements, Threadneedle maintains the higher of Pillar 1 and Pillar 2 (ICAAP) capital requirements. The adequacy of the capital held by Threadneedle is assessed, at least annually, as part of the Individual Capital Adequacy Assessment Process (ICAAP) and is subject to formal approval by the Board of Directors. As of 31 March, the Group s capital resources amounted to 123.4m. Threadneedle Group resources as of 31 March Total Capital and Reserves 349,146 Liabilities 225,742 Consolidated Group financial resources 123,404 As of 31 March, the Group s Pillar 1 minimum capital requirement amounted to 37.7m. On a Pillar 1 basis this gives a regulatory surplus of 85.7m. Requirement 000 Market Risk + Credit Risk 37,695 Fixed Overhead Requirement 34,518 Minimum Capital Requirement 7,145 Total Group Financial Resources Requirement 37,695 Consolidated Group financial resources 123,404 Total Group Pillar 1 Surplus 85,709 The Threadneedle ICAAP assesses the amount of capital required to mitigate the risks to which Threadneedle is exposed over a 12 month time horizon. The ICAAP considers the impacts of future business plans as well as potential adverse scenarios (such as market downturns or significant operational errors) on the capital resources of Threadneedle, so that regulatory capital requirements are met at all times. The firm s exposure to risk categories as defined by the FSA and Threadneedle s strategies with respect to key risk categories is shown below: Treatment of Risk Types The following are the key risk types that are assessed within the ICAAP and throughout the business: Pillar 3 Page 7 of 9
8 Operational Risk Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people, systems or from external events. Examples of significant operational incidents that could arise are: fraud, theft of Threadneedle intellectual property, technology failures, fund valuation errors, trading errors, mis-selling of products or errors in fund prospectuses. Threadneedle uses a scenarios based approach to the calculation of operational risk capital. This approach is used as it allows the business to engage more fully in understanding the risks the business is exposed to and in the management of those risks. Threadneedle has identified operational risk scenarios that represent the top operational risks to which the business is exposed. Threadneedle also has an insurance programme designed to reduce its exposure to liability and to protect its assets. Operational Risk is reported and escalated to the Controls Group, Threadneedle Executive and the Risk Committee. Market Risk Market risk is defined as the possibility of losses in the market values of assets, such as equities, bonds and other market-traded instruments, appearing on Threadneedle s balance sheet. Market Risk is reported to the Threadneedle Executive and the Risk Committee. Credit Risk Credit risk is defined as the risk of default by counterparties and a resulting loss to the company s balance sheet. A factor which may contribute to increased credit risk is concentration of assets held with a single counterparty. Counterparties for Threadneedle are banks and other financial institutions holding the company s cash balances, money market deposits and other similar investments, debtors and commission sharing balances held at broking firms used by Threadneedle. Threadneedle only places deposits with institutions having a minimum credit rating and considers the credit risk from its funds to be minimal. The Credit Policy and counterparty risk appetite adopted across the firm ensures that exposures to counterparties are diversified and not concentrated. Exposure versus limits are monitored and reviewed by the Credit Committee and reported to the Threadneedle Executive, the Risk Committee, the IMLT and ultimately, the Board. Liquidity risk Liquidity risk is defined as the risk that the firm, although solvent, either does not have sufficient available resources to enable it to meet its obligations as they fall due, or can secure them only at excessive cost. Threadneedle maintains a surplus of liquid resources sufficient at all times to meet any immediate requirements it could prudently foresee. Liquidity Risk is monitored by the Fund Pricing and Dealing Committee in Threadneedle. Pillar 3 Page 8 of 9
9 Pillar 3 Page 9 of 9
Pillar 3 Disclosures. Invesco UK Limited
s Document Version: Version 1 Version Date: 30 July 2014 Table of Contents 1 Background 3 1.1 Basis of Disclosure 3 1.2 Frequency of Disclosure 4 1.3 Media and Location of Publication 4 2 Risk Management
More informationFirst State Investments (UK Holdings) Ltd
First State Investments (UK Holdings) Ltd Pillar 3 disclosures For the year ended 30 June 2016 Contents 1. INTRODUCTION... 3 2. SCOPE OF APPLICATION... 4 2.1 Group structure... 4 2.2 FSI Corporate Structure...
More informationT. Rowe Price International Ltd. Pillar 3 & Remuneration Code Disclosure. 31 December 2016
T. Rowe Price International Ltd Pillar 3 & Remuneration Code Disclosure 31 December 2016 Background: The Capital Requirements Directive ( CRD ) sets out the regulatory capital framework for Europe based
More informationT. Rowe Price International Ltd. Pillar 3 & Remuneration Code Disclosure. 31 st December 2017
T. Rowe Price International Ltd Pillar 3 & Remuneration Code Disclosure 31 st December 2017 Background: The Capital Requirements Directive ( CRD ) sets out the regulatory capital framework for Europe based
More informationPILLAR 3 DISCLOSURES MERCER UK AUGUST 2016
PILLAR 3 DISCLOSURES MERCER UK AUGUST 2016 CONTENTS 1. Background... 1 1.1 Basis of Disclosures... 2 1.2 Frequency of Publication... 2 1.3 Verification... 2 1.4 Media & Location of Publication... 2 2.
More informationPillar 3 Disclosure November 2016
Pillar 3 Disclosure November 2016 1 1. Overview 1.1 Background This document comprises the Capital and Risk Management Pillar 3 disclosures as at 30 September 2016 for River and Mercantile Group PLC and
More informationRynda Property Investors LLP (the Firm )
Rynda Property Investors LLP (the Firm ) Disclosure Statement under Pillar III as at 30 th June 2018 Contents 1. Overview 2. Risk Management Objectives and Policies 3. Capital Resources 4. Capital Adequacy
More informationCBRE Clarion Securities UK Limited PILLAR 3 RISK DISCLOSURES April 2017
CBRE Clarion Securities UK Limited PILLAR 3 RISK DISCLOSURES April 2017 1. Introduction The Capital Requirements Directive (CRD) sets out regulatory capital adequacy standards and an associated supervisory
More informationValu-Trac Investment Management Limited Pillar 3 Disclosure
Valu-Trac Investment Management Limited Pillar 3 Disclosure The Capital Requirements Directive (CRD) of the European Union created a revised regulatory capital framework across Europe governing how much
More informationICAAP Pillar 3 Disclosure
ICAAP Pillar 3 Disclosure This document is for professionals only Contents A1.1 Introduction 3 A1.2 Risk Framework 4 A1.3 Material Risks 6 A1.4 Capital Resources 8 A1.5 Capital Requirements 9 A1.6 ICAAP
More informationNeptune Investment Management Limited ( Neptune or the Company ) Pillar 3 Disclosures 2017
Neptune Investment Management Limited ( Neptune or the Company ) Pillar 3 Disclosures 2017 Approved by the Board of Neptune on 26 th June 2018-1 - Contents 1. Overview 2. Risk Management Objectives and
More informationFCA Pillar 3 Disclosure
FCA Pillar 3 Disclosure Introduction Regulatory Context Evoia Capital LLP ( Evoia or the Firm ) is incorporated in the UK and authorised and regulated by the Financial Conduct Authority ( FCA ). As such,
More informationAshmore Group plc Pillar 3 Disclosures as at 30 June 2018
Ashmore Group plc Pillar 3 Disclosures as at 30 June 2018 Table of Contents 1. OVERVIEW 3 1.1 BASIS OF DISCLOSURES 1.2 FREQUENCY OF DISCLOSURES 1.3 MEDIA AND LOCATION OF DISCLOSURES 2. CORPORATE GOVERNANCE
More informationPILLAR 3 REGULATORY DISCLOSURES REPORT AS AT 30 NOVEMBER 2017 LEUCADIA INVESTMENT MANAGEMENT LIMITED
PILLAR 3 REGULATORY DISCLOSURES REPORT AS AT 30 NOVEMBER 2017 LEUCADIA INVESTMENT MANAGEMENT LIMITED CONTENTS 1 OVERVIEW AND BASIS OF PREPARATION OF THE PILLAR 3 DISCLOSURES... 1 1.1 Business Background...
More informationCapital Requirements Directive Pillar 3 Disclosure. June 2017
Capital Requirements Directive Pillar 3 Disclosure June 2017 1. Background The purpose of this document is to outline the Pillar 3 disclosures for BlueBay Asset Management LLP ( LLP ). LLP is a subsidiary
More informationIngenious Capital Management Limited: Pillar III Disclosure
CONTENTS 1. Introduction 2. Risk Management 3. Capital Resources 4. Internal Capital Adequacy Assessment Process (ICAAP) 5. Remuneration Policy Disclosure 1. INTRODUCTION 1.1 Scope of Application Ingenious
More informationPillar 3 Disclosure Statement
Pillar 3 Disclosure Statement 1 BACKGROUND From the beginning of 2014, the new Capital Requirements Directive 4 ( CRD 4 ) and the Capital Requirements Regulation ( CRR ) came into effect, replacing the
More informationChina International Capital Corporation (UK) Limited Pillar 3 Disclosure In respect of Financial Year Ended 31 December 2016
Pillar 3 Disclosure December 2016 China International Capital Corporation (UK) Limited Pillar 3 Disclosure In respect of Financial Year Ended 31 December 2016 1. Overview Capital Requirements Regulation
More informationPillar 3 Disclosure and Policy. Stenham Asset Management (UK) Plc. ( The Firm )
Pillar 3 Disclosure and Policy Stenham Asset Management (UK) Plc. ( The Firm ) May 2017 The following information is provided pursuant to the Pillar 3 disclosure rules as laid out by the Financial Conduct
More informationED&F MAN CAPITAL MARKETS LIMITED PILLAR 3 DISCLOSURES YEAR ENDED 30 SEPTEMBER 2012
ED&F MAN CAPITAL MARKETS LIMITED PILLAR 3 DISCLOSURES YEAR ENDED 30 SEPTEMBER 2012 CONTENTS Page Overview 1 Risk Management Objectives and Policies 2 Remuneration 5 Capital Resources 6 Capital Adequacy
More informationBAILLIE GIFFORD. Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2018
BAILLIE GIFFORD Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2018 Contents Introduction and Context 3 Purpose of Disclosures Scope Basis of Preparation Governance Arrangements
More informationMondrian Investment Partners Limited Fifth Floor, 10 Gresham Street, London EC2V 7JD Authorised and regulated by the Financial Conduct Authority
Mondrian Investment Partners Limited Fifth Floor, 10 Gresham Street, London EC2V 7JD Authorised and regulated by the Financial Conduct Authority M O N D R I A N I N V E S T M E N T P A R T N E R S L I
More informationNeptune Investment Management Limited ( Neptune or the Company ) Pillar 3 Disclosures 2013
Neptune Investment Management Limited ( Neptune or the Company ) Pillar 3 Disclosures 2013 Approved by the Board of Neptune on 25 th April 2014-1 - Contents 1. Overview 2. Risk Management Objectives and
More informationPILLAR 3 DISCLOSURE POLICY
PILLAR 3 DISCLOSURE POLICY Part 1. Overview of the Disclosure requirements 1.1 Introduction The European Union Capital Requirements Directive (EU CRD) was introduced in January 2007 to ensure consistent
More informationCrown Agents Investment Management Limited. Pillar 3 Disclosures. December 2014
Crown Agents Investment Management Limited December 2014 Page 0 CONTENTS Introduction... 2 Corporate Governance... 3 Risk Appetite... 7 Capital Resource... 9 Capital Management... 10 Risk Categories...
More informationPillar 3 Disclosure. CVC Credit Partners Limited For year ended 31 Dec 2015
CVC Credit Partners Limited For year ended 31 Dec 2015 Pillar 3 Disclosure Table of Contents 1. Introduction 3 2. Risk Management Policies 4 3. Risk Management Function 5 4. Capital Resources 6 5. Integration
More informationPillar 3 Disclosures. 31 December 2013
Pillar 3 Disclosures 31 December 2013 Contents 1. Overview... 3 1.1 Background... 3 1.2 Scope of application... 3 1.3 Basis and frequency of disclosures... 3 1.4 External audit... 3 2. Risk Management
More informationRISK PROFILE DISCLOSURE Pillar 3 Capital Requirements Directive
RISK PROFILE DISCLOSURE Pillar 3 Capital Requirements Directive Northern Trust Holdings Limited (incorporating Northern Trust Global Services Limited) June 2012 CONTENTS 1 Overview 1 2 Location and Frequency
More informationBAILLIE GIFFORD. Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2017
BAILLIE GIFFORD Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2017 Contents Introduction and Context 3 Purpose of Disclosures Scope Basis of Preparation Governance Arrangements
More informationPillar 3 disclosures 3I GROUP PLC. As at 31 March 2018
Pillar 3 disclosures 3I GROUP PLC As at 31 March 2018 1. Overview The Capital Requirements Directive ( CRD ) and the Alternative Investment Fund Managers Directive ( AIFMD ) established a regulatory capital
More informationPILLAR 3 DISCLOSURE 31ST December 2013
PILLAR 3 DISCLOSURE 31 ST December 2013 1 BIPRU 11 Pillar 3 disclosure Background The Capital Requirements Directive ( CRD ), which represents the European Union s implementation of the Basel II Accord,
More informationPIMCO Europe Ltd Pillar 3 Disclosure. As at 31 December 2015
Pillar 3 Disclosure As at 31 December 2015 1. Introduction PIMCO Europe Ltd ( PEL ) is a company incorporated under the laws of England and Wales on 24 April 1991, and authorized and regulated by the Financial
More informationTilman Brewin Dolphin Limited Pillar 3 Disclosures
Tilman Brewin Dolphin Limited Pillar 3 Disclosures 23 rd December 2016 Contents Section 1. Overview 2. Disclosures 3. Risk Management Objectives and Policies 4. Operational Risks 5. Financial Risks 6.
More informationAshmore Group plc Pillar 3 Disclosures as at 30 June 2016
Ashmore Group plc Pillar 3 Disclosures as at 30 June 2016 Table of Contents 1. OVERVIEW 3 1.1 BASIS OF DISCLOSURES 1.2 FREQUENCY OF DISCLOSURES 1.3 MEDIA AND LOCATION OF DISCLOSURES 2. CAPITAL RESOURCES
More informationPILLAR 3 Disclosures
PILLAR 3 Disclosures Published April 2016 Contacts: Rajeev Adrian Sedjwick Joseph Chief Financial Officer Chief Risk Officer 0207 776 4006 0207 776 4014 Rajeev.adrian@bank-abc.com sedjwick.joseph@bankabc.com
More informationCitadel Europe LLP. Pillar 3 disclosures for the year ended 31 December 2014
Section Index 1. Introduction: Pillar 3 2. BIPRU 11.5.1 Risk management framework and policies 3. BIPRU 11.5.3 Capital resources 4. BIPRU 11.5.4 Overall Pillar 2 rule 5. BIPRU 11.5.8 Credit risk 6. BIPRU
More informationTD BANK INTERNATIONAL S.A.
TD BANK INTERNATIONAL S.A. Pillar 3 Disclosures Year Ended October 31, 2013 1 Contents 1. Overview... 3 1.1 Purpose...3 1.2 Frequency and Location...3 2. Governance and Risk Management Framework... 4 2.1
More informationPillar 3 Disclosure ICAP Europe Limited
Pillar 3 Disclosure 31 st March 2017 1. INTRODUCTION AND SCOPE The purpose of this report is to meet Pillar 3 requirements laid out by the European Banking Authority (EBA) in Part Eight of the Capital
More informationPillar 3 Disclosures. Sterling ISA Managers Limited Year Ending 31 st December 2017
Pillar 3 Disclosures Sterling ISA Managers Limited Year Ending 31 st December 2017 1. Background and Scope 1.1 Background Sterling ISA Managers Limited (the Company) is supervised by the Financial Conduct
More informationRSMR Portfolio Services Limited RSMR-PS Pillar 3 Disclosure
RSMR Portfolio Services Limited RSMR-PS Pillar 3 Disclosure 1 Introduction Firms are required under the Senior Management Arrangements, Systems and Controls (SYSC) manual of the Financial Conduct Authority
More informationGUIDELINES FOR THE INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS FOR LICENSEES
SUPERVISORY AND REGULATORY GUIDELINES: 2016 Issued: 2 August 2016 GUIDELINES FOR THE INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS FOR LICENSEES 1. INTRODUCTION 1.1 The Central Bank of The Bahamas ( the
More informationFIDANTE PARTNERS EUROPE LIMITED. Pillar III Disclosure. 30 June 2017
FIDANTE PARTNERS EUROPE LIMITED Pillar III Disclosure 30 June 2017 Fidante Partners Europe LimitedPillar III Disclosure 30 June 2017 Fidante Partners Europe Limited ( Fidante Partners Europe or the Firm
More informationCapital & Risk Management Pillar 3 Disclosures
Capital & Risk Management Pillar 3 Disclosures 31st December 2017 Company Registration no. 06736473 Contents Introduction...3 Activities and Scope...3 Regulatory framework for disclosures...4 Basis and
More informationPillar III Disclosures
GIB Capital Pillar III Disclosures Year ended 31 December 2017 Table of Contents 1. OVERVIEW... 3 2. SCOPE OF APPLICATION... 3 2.1 Pillar I Minimum capital requirements... 3 2.2 Pillar II Internal Capital
More informationMerrill Lynch Equity S.àr.l. Pillar 3 Disclosures. As at December 31, 2012
Merrill Lynch Equity S.àr.l. Pillar 3 Disclosures As at December 31, 2012 1 2 Contents 1. Introduction 2. Capital Resources and Requirements 3. Risk Management Objectives and Policies 4. Further Detail
More informationAshmore Group plc Pillar 3 Disclosures as at 30 June 2015
Ashmore Group plc Pillar 3 Disclosures as at 30 June 2015 1.0 Overview The purpose of this document is to outline the Pillar 3 disclosures for the Ashmore Group (the Group). The disclosures on risk management
More informationKnight Capital Europe Limited. Capital Requirements Directive Pillar 3 Disclosure Statement 31 December 2012
Knight Capital Europe Limited Capital Requirements Directive Pillar 3 Disclosure Statement 31 December 2012 1 Index Background 3 Knight Capital Group Consolidation 3 Definition of Capital Resources and
More informationDARLINGTON BUILDING SOCIETY CAPITAL REQUIREMENTS DIRECTIVE
DARLINGTON BUILDING SOCIETY CAPITAL REQUIREMENTS DIRECTIVE PILLAR 3 DISCLOSURE DOCUMENT AS AT 31 st DECEMBER 2016 CONTENTS Section Title 1 Introduction 2 Risk Management Objectives and Policies 3 Capital
More informationGZC Investment Management Limited. Disclosure under Pillar 3 of Capital Requirements Directive. Date: March 2015
GZC Investment Management Limited Disclosure under Pillar 3 of Capital Requirements Directive Date: March 2015 GZC Investment Management Limited ( the Firm ) is authorised and regulated by the Financial
More informationKotak Mahindra (UK) Limited. Pillar III Disclosures Basel II
Kotak Mahindra (UK) Limited Pillar III Disclosures Basel II 2013 1 KOTAK MAHINDRA (UK) LIMITED Pillar III Disclosures Basel II Contents Pages The Kotak Group 3 The Basel II Disclosure Requirements 4-6
More informationPillar 3 Disclosures
Pillar 3 Disclosures 31 December 2017 Contents 1. Introduction: Pillar 3... 2 2. BIPRU 11.5.1 - Risk management objectives and policies... 3 3. BIPRU 11.5.3 - Capital resources... 5 4. BIPRU 11.5.4 - Compliance
More informationSEI Investments (Europe) Limited Pillar 3 Disclosure
SEI Investments (Europe) Limited Pillar 3 Disclosure June 2018 Table of Contents 1. Overview 1.1. Introduction 1.2. Purpose of Pillar 3 1.3. Frequency of Disclosure 2. Structure of SEI 3. Capital Resources
More informationPillar 3 Regulatory Disclosure (UK)
Pillar 3 Regulatory Disclosure (UK) As at 30 June 2017 Approved by the Board 12 December 2017 THE UK CAPITAL CONSOLIDATION REGULATED GROUP, INCLUDING: PRAEMIUM ADMINISTRATION LTD (FRN 463566) SMART INVESTMENT
More informationAldermore Bank Plc. Pillar 3 Disclosures
Aldermore Bank Plc Pillar 3 Disclosures December 31 2010 Contents 1. Introduction... 2 2. Scope... 2 3. Risk Management... 3 3.1 Risk Management Objectives... 3 3.2 Principal Risks... 3 3.3 Risk Appetite...
More informationRedburn (Europe) Limited Pillar 3 Disclosures
REDBURN PILLAR 3 DISCLOSURES 30 SEPTEMBER 2017 Important Notice On 20 September 2017, the FCA approved a variation in regulatory permissions requested by Redburn (Europe) Limited (the Company ), such that
More informationElavon Financial Services Limited Pillar III Risk Disclosures. 31 December 2013
Elavon Financial Services Limited Pillar III Risk Disclosures 31 December 2013 Table of Contents 1. Overview 1.1. Pillar III 1.2. Scope of Application 1.3. Date of Pillar III Disclosures 1.4. Distinctions
More informationCapital Requirements Directive Pillar 3 Disclosure
Capital Requirements Directive Pillar 3 Disclosure Contents: Contents 1. Introduction... 2 2. Scope and Application of Directive Requirements... 2 3. Risk Management Objectives and Policy... 4 4. Key Risk
More informationPillar 3 Disclosure 2017
Pillar 3 Disclosure 2017 Background The Capital Requirements Directive (CRD) of the European Union establishes a regulatory capital framework across Europe governing the amount and nature of capital credit
More informationPILLAR 3 DISCLOSURES. As at December avivainvestors.com
As at December 2014 avivainvestors.com Contents Abbreviations and glossary of terms 3 1. Introduction 4 1.1 Overview 4 1.1.1 Introduction 4 1.1.2 Basis of disclosures 4 1.1.3 Frequency of disclosures 4
More informationInvesco UK Limited Pillar 3 Disclosure As at 31 December 2017
Invesco UK Limited Pillar 3 Disclosure As at 31 December 2017 Contents 1 Background... 3 1.1 Basis of Disclosure 3 1.2 Frequency of Disclosure 3 1.3 Media and Location of Publication 3 1.4 Scope of Application
More informationDisclosure and Market Discipline Report V.2. Table of Contents
DISCLOSURE AND MARKET DISCIPLINE REPORT 2014 Table of Contents I. Scope of the Report... 3 II. Risk Management Objectives and Policies:... 4 II.1 Risk Management policy:... 4 II.2 Structure of Risk Management
More informationPillar 1 sets out the minimum capital resource requirement firms are required to maintain to meet credit, market and operational risks
Gresham House Asset Management Limited Pillar 3 Disclosure 1 Introduction Firms are required under the Senior Management Arrangements, Systems and Controls (SYSC) manual of the Financial Conduct Authority
More informationAIA Group Limited. Terms of Reference for the Board Risk Committee
AIA Group Limited AIA Restricted and Proprietary Information Issued by : Board of AIA Group Limited Date : 26 February 2018 Version : 7.0 Definitions 1. For the purposes of these terms of reference (these
More informationOtkritie Capital International Limited. Pillar 3 disclosures for the year ended 31 December,
Otkritie Capital International Limited Pillar 3 disclosures for the year ended 31 December, 2014 www.otkritie.com Contents 1. Overview... 3 2. Business Model... 3 3. Risk overview... 3 4. Capital base...
More informationPillar 3 Risk Disclosure Statement AS OF DECEMBER 2016
Pillar 3 Risk Disclosure Statement AS OF DECEMBER 2016 1 INTRODUCTION The Pillar 3 disclosures relate to Dimensional Fund Advisors Ltd. ( DFAL ), a 100% owned subsidiary of Dimensional Fund Advisors LP
More informationCapital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2017
Capital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2017 Contents INTRODUCTION... 2 RISK MANAGEMENT POLICIES AND OBJECTIVES... 3 BOARD & SUB-COMMITTEES... 3 THREE LINES OF
More informationBATH BUILDING SOCIETY
BATH BUILDING SOCIETY Pillar 3 Disclosure Document Index Page 1. Introduction 3 2. Risk management policies and objectives 5 3. Main Board and committee structure 10 4. Capital resources and capital ratios
More informationGuidance Note: Internal Capital Adequacy Assessment Process (ICAAP) Credit Unions with Total Assets Greater than $1 Billion.
Guidance Note: Internal Capital Adequacy Assessment Process (ICAAP) Credit Unions with Total Assets Greater than $1 Billion January 2018 Ce document est aussi disponible en français. Applicability This
More informationDirect Line Insurance Group plc (the Company ) Terms of Reference of the Board Risk Committee (the Committee )
Direct Line Insurance Group plc (the Company ) Terms of Reference of the Board Risk Committee (the Committee ) Chair An independent Non-Executive Director. In the absence of the Chair of the Committee,
More informationHENDERSON GROUP HOLDINGS ASSET MANAGEMENT LIMITED Pillar 3 Disclosures As at 31 December 2017
HENDERSON GROUP HOLDINGS ASSET MANAGEMENT LIMITED Pillar 3 Disclosures As at 31 December 2017 Page 1 of 18 1. Introduction Henderson Group Holdings Assets Management Limited ( HGHAML ) is subject to prudential
More informationM&G Group Pillar 3 Disclosures
M&G Group Pillar 3 Disclosures As at 31 December 2016 Page 1 of 24 CONTENT 1 Overview 4 1.1 Introduction 4 1.2 M&G overview 4 1.3 Disclosure policy 5 1.4 Accounting consolidation 5 1.5 Prudential consolidation
More informationMizuho Securities UK Holdings Ltd Basel III Pillar 3 Disclosures 31 March 2015
Mizuho Securities UK Holdings Ltd Basel III Pillar 3 Disclosures 31 March 2015 Mizuho Securities UK Holdings Ltd Bracken House One Friday Street London EC4M 9JA Telephone +44 (0) 20 7236 1090 Mizuho Securities
More informationPillar 3 Disclosures Year ended 31 st December 2017
Pillar 3 Disclosures Year ended 31 st December 2017 1 Contents 1. Introduction 3 2. Board and Committee structure 3 3. Capital resources 4 4. Capital requirements 4 5. Key risks 5 6. Directors 9 2 1. Introduction
More informationCapital Requirements Directive. Pillar 3 Disclosures
Capital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2016 INDEX Page INTRODUCTION 2 RISK MANAGEMENT POLICIES AND OBJECTIVES 3 CAPITAL ADEQUACY ASSESSMENT, CAPITAL RESOURCES
More informationSOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD
SOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD FOR THE YEAR ENDING 31 DECEMBER 2016 1 Table of Contents 1.Executive Summary... 5 1.1 Overview... 5 1.2 Business and performance... 5 1.3 System of
More informationPillar 3 Disclosure (UK) As at 31 December 2010
Pillar 3 Disclosure (UK) As at 31 December 2010 FSA BIPRU Disclosures: Remuneration for Year Ended December 31, 2010 2 Composition of the Compensation Committee 2 Decision-making process 2 Determination
More informationSOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD
SOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD FOR THE YEAR ENDING 31 DECEMBER 2017 1 Table of Contents 1. Executive Summary... 5 1.1 Overview... 5 1.2 Business and performance... 5 1.3 System of
More informationPillar 3 disclosures. Macquarie Infrastructure and Real Assets (Europe) Limited March 2016
Pillar 3 disclosures Macquarie Infrastructure and Real Assets (Europe) Limited March 2016 Macquarie Infrastructure and Real Assets (Europe) Limited Pillar 3 Disclosures March 2016 macquarie.com This page
More informationHenderson Rowe Limited. Pillar 3 Disclosures. Henderson Rowe has a year end of the 30 th June 2016
Henderson Rowe Limited Pillar 3 Disclosures Henderson Rowe has a year end of the 30 th June 2016 The following report covers the period from 1 st July 2015 to 30 th June 2016 1. Introduction This report
More informationStifel Nicolaus Europe Limited. Pillar 3 Disclosures As at 30 September 2015
Stifel Nicolaus Europe Limited Pillar 3 Disclosures As at 30 September 2015 Contents 1. Overview 1.1 Introduction 1.2 Basis and frequency of disclosure 1.3 Location 1.4 Verification 2. Corporate Background
More informationCAPITAL REQUIREMENTS DIRECTIVE Pillar 3 Disclosure Document 2015 (As at 28 th February 2015)
CAPITAL REQUIREMENTS DIRECTIVE Pillar 3 Disclosure Document 2015 (As at 28 th February 2015) Contents 1. Introduction... 1 2. Risk management objectives and policies... 2 2.1 Principal risks and uncertainties...
More informationEurope Arab Bank plc - Pillar III Disclosure
Europe Arab Bank plc - Pillar III Disclosure 31 December 2013 Contents 1. Overview... 3 1.1 Background... 3 1.2 Scope... 3 1.3 Disclosures and Policy... 3 2. Risk Management Objectives and Policies...
More informationP I L L A R I I I D I S C L O S U R E S
H E A L TH W E A L T H C A R E E R P I L L A R I I I D I S C L O S U R E S M E R C E R (IR E L A N D ) LIM I T E D J U N E 2 0 1 7 C O N T E N T S 1. BACKGROUND... 1 1.1 FREQUENCY OF PUBLICATION... 1 1.2
More informationMORGAN STANLEY SMITH BARNEY HOLDINGS (UK) LIMITED AS AT 31 DECEMBER 2013
MORGAN STANLEY SMITH BARNEY HOLDINGS (UK) LIMITED AS AT 31 DECEMBER 2013 Disclosure (UK) TABLE OF CONTENTS 1. BASEL II ACCORD... 2 2. BACKGROUND TO PILLAR 3 DISCLOSURES... 2 3. APPLICATION OF THE PILLAR
More informationDraft for Consultation FICOM ICAAP Guide
Draft for Consultation FICOM ICAAP Guide BC Credit Unions November 2017 www.fic.gov.bc.ca Table of Contents INTRODUCTION... 1 FEATURES OF AN EFFECTIVE ICAAP... 2 I. Board and Management Oversight... 2
More informationThe Northern Trust Company, Canada Basel III Pillar lll Disclosure March 31, 2018
The Northern Trust Company, Canada Basel III Pillar lll Disclosure March 31, 2018 April 27, 2018 Subject to Board Approval CONTENTS THE NORTHERN TRUST COMPANY, CANADA OVERVIEW AND SCOPE OF APPPLICATION...
More informationTHE INVESTOR FOR SECURITIES COMPANY. PILLAR III DISCLOSURE As of 31 December 2017
THE INVESTOR FOR SECURITIES COMPANY PILLAR III DISCLOSURE As of 31 December 2017 Table of Contents 1. Scope of Application... 3 1.1. Basis of Disclosure... 4 1.2. Frequency of Disclosures... 4 1.3. Material
More informationBARINGS REAL ESTATE ADVISERS FINANCE LLP PILLAR 3 & ASSOCIATED REGULATORY DISCLOSURES MARCH Page 1 of 6
BARINGS REAL ESTATE ADVISERS FINANCE LLP PILLAR 3 & ASSOCIATED REGULATORY DISCLOSURES MARCH 2016 Page 1 of 6 1. INTRODUCTION The Capital Requirements Directive ( CRD ) created a revised regulatory capital
More informationTHE CO-OPERATIVE BANK PLC RISK COMMITTEE. Terms of Reference
THE CO-OPERATIVE BANK PLC RISK COMMITTEE Terms of Reference 1. CONSTITUTION 1.1 The terms of reference of the risk committee (the "Committee") of The Co-operative Bank plc (the "Bank") were approved by
More informationHome Capital Group Inc. Home Trust Company Home Bank Risk and Capital Committee Charter
Home Capital Group Inc. Home Trust Company Home Bank Risk and Capital Committee Charter Home Capital Group Inc. Home Trust Company Home Bank Risk and Capital Committee Charter 1.0 Overall Role and Responsibility
More informationAmex Bank of Canada. Basel III Pillar III Disclosures December 31, AXP Internal Page 1 of 15
December 31, 2013 AXP Internal Page 1 of 15 Table of Contents 1 Scope of application 3 2 Capital structure and adequacy 4 3 Credit risk management 6 4 Asset liability management 11 Structural interest
More informationPillar III Disclosures
Pillar III Disclosures As on 31 December 216 1. 1.1. 1.2. 1.3. 2. 2.1. 2.2. 3. 3.1. 3.2. 3.3. 4. 4.1. 4.2. 4.2.1. 4.3. 4.4. 4.4.1. 4.4.2. 4.5. 5. 5.1. 5.2. 5.3. 5.4. 5.5. 5.6. 5.7. 5.8. 6. 6.1. 6.2. 7.
More informationSector Investment Managers LTD 67 Grosvenor Street London W1K 3JN. Pillar 3 Disclosures
Sector Investment Managers LTD 67 Grosvenor Street London W1K 3JN Pillar 3 Disclosures 8 January 2013 1 Overview The Capital Requirements Directive consists of three pillars: Pillar 1 Pillar 2 Pillar 3
More informationPILLAR-III DISCLOSURES
PILLAR-III DISCLOSURES 31 December 2014 Page 1 of 12 Table of contents PAGE 1. SCOPE OF APPLICATION...3 2. CAPITAL STRUCTURE..3 3. CAPITAL ADEQUACY 3 4. RISK MANAGEMENT 4.1 GENERAL QUALITATIVE DISCLOSURE
More informationALUBAF Arab International Bank B.S.C (c) Basel II -Pillar III disclosures As at 31 December 2013
BASEL II PILLAR III DISCLOSURES 31 DECEMBER 2013 1 ALUBAF Arab International Bank B.S.C (c) Basel II -Pillar III disclosures As at 31 December 2013 Table of Contents 1 Introduction 3 2 Corporate Structure
More informationITrade Global (CY) Ltd Regulated by the Cyprus Securities and Exchange Commission License no. 298/16
Regulated by the Cyprus Securities and Exchange Commission License no. 298/16 DISCLOSURE AND MARKET DISCIPLINE REPORT FOR 2017 April 2018 Contents 1. INTRODUCTION 3 1.1. THE COMPANY 4 1.2. REGULATORY SUPERVISION
More informationKing & Shaxson Group Pillar 3 Disclosures 2016
1. Introduction 1.1 Background The European Union Capital Requirements Directive ( CRD ) established a regulatory framework for capital adequacy across the European Union. CRD was replaced by the Capital
More informationPension obligation risk: treatment in the Internal Capital Adequacy Assessment Process (ICAAP) for banks and building societies
Supervisory Statement LSS6/13 Pension obligation risk: treatment in the Internal Capital Adequacy Assessment Process (ICAAP) for banks and building societies April 2013 Supervisory Statement LSS6/13 Pension
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationCAPITAL REQUIREMENTS DIRECTIVE PILLAR 3 DISCLOSURE DOCUMENT 31 ST MARCH P a g e
CAPITAL REQUIREMENTS DIRECTIVE PILLAR 3 DISCLOSURE DOCUMENT 31 ST MARCH 2017 1 P a g e CONTENTS Page 1. Introduction 3 2. Risk Management Objectives and Policies 3-7 3. Capital Resources 7 4. Capital Adequacy
More information