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ECB president Jean-Claude Trichet calls for blanket supervision

European Central Bank president Jean-Claude Trichet has called for an extension of EU regulation to cover all financial markets that pose risks to stability.

Speaking at a conference in Paris yesterday, Trichet said regulation and oversight needs to cover all “systemically important” institutions.

This follows a meeting in Brussels on Sunday, chaired by German Chancellor Angela Merkel, where EU representatives agreed on blanket reforms to regulation.

Heads of government and finance ministers from Germany, France, the UK, the Netherlands, Czech Republic, Luxembourg, the president of the European Commission and central bankers were present.

They agreed on developing an overarching regulatory plan that will apply to “all financial markets, products and participants”, including hedge funds and other private pools of capital that may pose a systemic risk.


Crystallised clear

As my fund has fallen way below the A-Day value of 1.7m and is now worth around 1.35m, admittedly through following our agreed aggressive risk strategy, should I pay more into the pension now to benefit from tax relief and build up the funds again?

Shaking the foundations

Guernsey’s decision to introduce a foundations law during 2009 is the latest example of the rapid growth of foundations. The structures are increasingly popular with family offices, high-net-worth individuals and company managers. Foundations provide a series of particular benefits for asset protection, succession planning and estate management particularly for wealthy families with diverse interests. Beyond this, advisers say foundations are also useful as a part of a package of fiduciary products which can be used collectively for personal and corporate financial structuring.

Royal assembly

Given the number of new entrants into the offshore market last year, Royal London can be said to have bucked the trend by merging its two international businesses into one. The mutual acquired Scottish Provident’s protection and offshore arms from Resolution during the first quarter of 2008 in a deal that was completed by June.


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