The Bank of England has provided its backing for the formation of a new professional body called the Banking Standards Review Council (“BSRC”) which will monitor banking standards in the UK banking sector.
Pearse Trust Blog
Working capital is the life blood of the organisation, but what is it? A business’s working capital is the amount in liquid assets a company has available to build its business. The number can be positive or negative, depending on how much debt the company is carrying. In general, companies that have a lot of working capital will be more successful since they can expand and improve their operations. Companies with negative working capital may lack the funds necessary for growth. Net working capital is usually calculated by subtracting current liabilities from current assets.
The Single Euro Payments Area (“SEPA”) is an EU initiative which will change electronic payment processing across Europe from 1 February 2014. SEPA will cover payments between 28 EU member countries plus Iceland, Liechtenstein, Monaco, Norway and Switzerland.
On 15 May 2013, the Central Bank of Ireland announced that it would be accepting applications for the authorisation of alternative investment fund managers (“AIFMs”). Ireland is the first European regulator to do this and it will enable Irish-authorised AIFMs to avail of the AIFMD passport from 22 July 2013. The Central Bank has issued formal applications, an “AIF Rulebook” and an AIFMD questions and answers document that will serve to clarify the policies.
When Is A Receiver Appointed?
A Certificate of Good Standing (COGS) is a document which indicates that a Company is in continuous existence since its date of incorporation and that all Annual Return filings for the Company are up to date.
In March last, the Central Bank of Ireland published its ‘Review of the Regulatory Regime for the Safeguarding of Client Assets’, declaring its plans to strengthen the protection of client assets held by investment firms.
Lehman Brothers International (Europe) (LBIE), the principal European trading company in the Lehman Brothers group, regulated by the Financial Services Authority (FSA), was placed in administration in 2008, following the bankruptcy of Lehman Brothers Holdings Inc. The administrators sought the assistance of the UK Supreme Court to interpret the FSA’s Client's Assets Sourcebook Chapter 7 (CASS7) and the treatment of funds that had been paid to LBIE before it entered administration.