Dutch watchdog urges schemes to prepare for a hard Brexit

first_imgThe implementation of over-the-counter derivatives contracts, concluded with UK-based parties and extending beyond the Brexit date, could also become stuck, he warned.“These counterparties would possibly no longer have the required authorisation to offer investment services to EU counterparties, or conduct investment activities related to these derivatives contracts,” Hilbers said.Meanwhile, the UK’s Financial Conduct Authority (FCA) said it continued to prepare for a range of scenarios, including a hard Brexit.The FCA is to be tasked by the UK’s treasury department with amending and maintaining EU rules and technical standards after the UK’s membership ends on 29 March 2019. This is in line with the EU (Withdrawal) Act, recently passed by the parliament, which allows the transferral and conversion of EU law to UK law and gives ministers powers to make amendments as necessary.The FCA said its work would “sit underneath the EU regulations and directives and provide technical detail of how those requirements must be met”.Last March, the UK and the EU agreed on a transitional period from 29 March to December-end 2020.During this time, EU law would remain applicable to the UK, with firms, funds and trading venues continuing to benefit from passporting between the UK and EEA as they do today, according to the FCA.“Obligations derived from EU law would continue to apply, and firms must continue with implemention plans for EU legislation that is still to come into effect before the end of December 2020,” the FCA added. Dutch supervisor DNB has urged pension funds to prepare for a so-called ‘hard’ Brexit, as the preliminary agreement for a transition period after the UK leaves in March is not yet legally binding.On DNB’s website, Paul Hilbers, director for financial stability, said that if the UK and the EU failed to reach an agreement on their future relationship, the transitional arrangement could be cancelled.He warned that a hard Brexit could come without equivalence certificates for the UK, which are necessary for companies and financial institutions to access each other’s markets.DNB’s financial stability director explained that pension funds ran the concrete risk of loosing acces to infrastructure in the UK, such as central counterparty (CCP) clearing.last_img read more

Moyes starts work at United

first_img Moyes drove into the vast complex in a sponsored Chevrolet at just after 8am, stopping briefly to wait for security barriers to be raised before heading into work. It marks the start of a new era for the Red Devils after Ferguson ended his 26-year tenure in May. Press Association In a sign of the changing nature of life at United, within minutes of Moyes’ arrival the club were confirming another regional partnership – this time with leading Thai telecommunications company True Corporation Plc. As True will be an associate match sponsor for United’s opening tour match against Singha All Stars in Bangkok on July 13 – Moyes’ first in charge – it will be part of a significant day in Red Devils’ history. Before that, Moyes has a few issues to deal with. Although the majority of his players are not due in until Wednesday, it is thought Moyes plans to talk to Wayne Rooney on Tuesday amid speculation the England striker has decided his future lies away from Old Trafford. Moyes would prefer to keep the 27-year-old but if Rooney is set on leaving, it will be interesting to see whether he makes the tour squad when it leaves for the Far East on July 10. It is also assumed the former Everton boss will return to his old club to make another bid for England defender Leighton Baines, which in itself is a heavy hint that Patrice Evra may be destined for Monaco. In addition to Baines, Barcelona midfielder Thiago, PSV’s Dutch international Kevin Strootman and Benfica defender Garay have all been strongly linked with a switch to Old Trafford. center_img David Moyes has arrived at Manchester United’s Carrington training ground to officially begin work as Sir Alex Ferguson’s successor.last_img read more

No. 1 USC volleyball set to clash with No. 2 BYU

first_imgThe foundation for USC’s men’s volleyball program was built long before Missouri native and senior outside hitter Murphy Troy began pelting the Galen Center hardwood court with explosive kills, and long before a prolific Hawaiian recruiting pipeline produced the McKibbin brothers, Tri Bourne and Henry Cassiday.Pedigree · While past players will be honored prior to tonight’s game, senior outside hitter Murphy Troy has an impressive résumé of his own. – Daily Trojan file photo Two Trojan legends, Dusty Dvorak and Celso Wallace, who played on the 1977 national championship team, will see their jerseys raised to the rafters after tonight’s match against No. 2 BYU, in the presence of Ernie Hix, who coached the team from 1974 to 1981 and is regarded as the godfather of USC’s men’s volleyball program.At risk of exaggerating comparisons, it is not unimaginable to think that some players on this year’s roster might one day join these icons. An opportunity to improve their résumés presents itself tonight, as the No. 1 USC men’s volleyball team (10-1, 10-1) puts its ranking on the line against No. 2 BYU (13-4, 9-3) at 7 p.m. in the Galen Center.“[BYU is] a physical team that runs a strong offense, with great attacking in the middle,” said  Murphy Troy, who has accrued eye-popping statistics in his four years at USC. “It’s going to be a great weekend, and we’re really looking forward to the challenge of playing these guys.”The Trojans’ two most recent road wins were noteworthy for different reasons, as the games posed unique tests of mental fortitude. A game at unranked Cal State Northridge team drew few fans, and questions abounded regarding whether the Trojans would take their lowly opponent too lightly; they won in straight sets.Against No. 6 Long Beach State, the Trojans had to grind out a grueling five-set win — a stage of the match they have successfully avoided for much of the season. Undoubtedly, tonight’s game might require a fifth set, and the importance of the Trojans’ experience against Long Beach State cannot be discounted.To defeat BYU, the formula to success has not changed, as the team sees no need to adjust its game plan.“It sounds cliché, and I’ve said this most weeks, but we must pass the ball well,” said USC coach Bill Ferguson. “We must do a good job blocking when the team is out of its system in order to win the points we should.”Although opposite Robb Stowell paces the BYU offense with 226 kills at an efficient .345 clip, Ferguson identified the team’s middle blocker Futi Tavana, who has supplemented his 121 kills with an impressive 107 blocks this season, as a player of particular focus for the Trojans.“Tavana is leading the nation in blocking,” Ferguson said. “He is a big, athletic and skilled player who plays a really physical net game. He really sets the tone up front.”Senior middle blocker Austin Zahn, however, refused to mask the importance of tonight’s match to his team.“For us, this is like a mini national championship game right now,” Zahn said. “We’ve beaten [several top-ranked teams], but haven’t gotten a shot at BYU yet.”last_img read more