#Basel III Reform

[kevinmmiller]

Treaty of the European Union and Basel III Reforms

Abstract: First I give a brief overview of Article 107 of the Treaty of the EU(TEU). Next, I give a summation of the issues which have come up for the EU in the last decade which have affected state aid, and the guarantees inherent in the Treaty of the EU

Abstract: First I give a brief overview of Article 107 of the Treaty of the EU(TEU). Next, I give a summation of the issues which have come up for the EU in the last decade which have affected state aid, and the guarantees inherent in the Treaty of the EU. These include the Greek Debt Crisis, as well as extraterritorial measures which have been taken an order to further enhance the quality, and…

[mybeautifulchristianjourney]

Today in Christian History

Today is Thursday, April 25th, 2024. It is the 116th day of the year in the Gregorian calendar; Because it is a leap year, 250 days remain until the end of the year.

62: Death of Mark the Gospel writer while imprisoned in Alexandria in the eighth year of Nero, according to Vetus martyrologium romanum (an old Roman collation of martyr accounts).

799: Pope Leo III is attacked, his eyes stabbed, and his tongue torn. He recovers and later crowns Charlemagne as emperor.

1449: The ineffectual Council of Basel ends.

1479: Death of Sylvester of Obnorsk, a Russian Orthodox hermit who had lived off roots and bark. Eventually he had established a monastery.

1564: John Calvin, reformer of Geneva, dictates his last will and testament to notary Peter Chenalat.

1595: Death from a fever in the convent of St. Onofrio of Italian poet Torquato Tasso. Ironically, he was supposed to receive a laurel from the pope on this day in recognition of his epic poems, among which Jerusalem Delivered had been the most acclaimed.

1735: Death at Epworth, England, of Samuel Wesley, curate, author, and father of Methodist revival leaders John and Charles Wesley.

1800: Death at East Dereham, Norfolk, England, of English poet William Cowper (pictured above). Despite lifelong depression, he had produced enduring hymns, including, “Oh For a Closer Walk with God” and “There is a Fountain Filled with Blood.” Dementia had led him to believe he was damned.

1879: Consecration of J. B. Lightfoot as Bishop of Durham. A renowned English New Testament scholar, he had left Cambridge and a life of scholarship to devote the remaining ten years of his life to church administration.

1889: Death at Mt. Pleasant, Michigan, of Anzentia Igene Perry Chapman. A member of the Free Methodist Church, she wrote a number of hymns, including, “Thou Shalt Rest at Eve,” and “We’ll Never Say Goodbye.”

1917: Ordination of Paul Sasaki as a priest in the Anglican Church in Japan. He will become bishop of Nippon Sei Ko Kei (an independent church organization within the Anglican Communion), and suffer imprisonment for his refusal to bring Nippon Sei Ko Kei under the authority of a government-ordered church coalition.

[reality-detective]

GESARA👉 Unleashing Global Prosperity - AMG News

Let’s start with the Global Economic Security and Reformation Act or GESARA. This revolutionary reform movement aims to rectify economic disparities, restore financial stability, and promote global peace and prosperity. It’s not merely about changing the rules of the game; it’s about changing the game itself.

From forgiving debt to abolishing income tax and creating flat-rate non-essential taxes, GESARA promises a world where financial stress and economic inequality become relics of a bygone era. A world where everyone shares in the global prosperity.

##4. QFS: The Dawn of Financial Transparency

Now, let’s turn our attention to the Quantum Financial System, QFS. This cutting-edge technological marvel offers an incorruptible, transparent, and secure financial network. It uses quantum computing technology to make financial transactions faster, safer, and more efficient. This isn’t just an upgrade to our existing financial infrastructure; it’s a complete reinvention.

##5. GCR/RV: A Reset Towards Equality

Then we have the Global Currency Reset/Revaluation (GCR/RV). This significant reset of the world’s currency system is not just a number game but an effort to level the financial playing field.

##6. ISO 20022 and Basel III: Setting New Standards

Moreover, standards like ISO 20022, an international standard for electronic data interchange between financial institutions, and Basel III, a global voluntary regulatory framework addressing bank capital adequacy, stress testing, and market liquidity risk, are creating a safer, more transparent financial world.

##7. The Promise of Protocol QFS 20 and DINAR

And finally, we have the newest protocols like QFS 20 and the revaluation of the Iraqi Dinar (DINAR), which represent the drive for a more unified global financial system.

##8. From Dark to Light: A Journey of Love and Unity

At the heart of this profound shift from the old financial system to the new lies a fundamental principle – love. Love for each other, for our shared Earth, and for the limitless potential that lies within us. This shift isn’t merely about money or wealth; it’s about unity, prosperity, and love. 🤔

Source: AMG News

[dayofbanks]

Regulatory Environment of Financial Institutions.

Financial regulations are laws and rules that govern financial institutions. Regulations of financial institutions focus on providing stability to the financial system, fair competition, consumer protection, and prevention and reduction of financial crimes. By the mid-1970s, the global financial system witnessed market-oriented reforms that led to liberalization in the financial system, such as the reduction of interest rate controls, removal of investment restrictions on financial institutions and a line of business restrictions, and control on international capital movements. The modern trend observed is that financial sector regulation is moving toward a greater cross-sector integration of financial supervision. In 1998, the adoption of the Basel Accord, which required international banks to attain an 8% capital adequacy ratio was a major significant milestone in banking regulations. The collapse of the global financial system that led to the global crisis can be attributed to the systemic failure of financial regulation. Basel I defined bank capital and bank capital ratio based on two-tier systems. The Basel II framework consisted of Part 1, the scope of application and three pillars, the first one being minimum capital requirements, the second one a supervisory review process, and the third pillar is market discipline. The Basel III framework prepared new capital and liquidity requirements for banks.

Learn more about Regulatory Environment of Financial Institutions related to the publication - Strategies of Banks and Other Financial Institutions: Theories and Cases.

[thepastisalreadywritten]

SAINT OF THE DAY (July 13)

On July 13, the Catholic Church celebrates the memory of St. Henry II, a German king who led and defended Europe's Holy Roman Empire at the beginning of the first millennium.

He was also the last ruler of the Ottonian line (919-1024).

Henry was born on 6 May 973 to Duke Henry of Bavaria and Princess Gisela of Burgundy.

During his youth, Henry received both an education and spiritual guidance from a bishop who was himself canonized, St. Wolfgang of Regensberg.

Henry was an intelligent and devout student, and for a period of time, he was considered for the priesthood.

St. Wolfgang's lessons in piety and charity left a lasting mark on Henry's soul.

But it was ultimately in the political realm, not the Church, that he would seek to exercise these virtues.

He took on his father's position as Duke of Bavaria in 995, one year after St. Wolfgang's death.

The Church supported his accession to the throne as King of Germany in 1002.

As king, Henry encouraged the German bishops to reform the practices of the Church in accordance with canon law.

During the same period, he is said to have brought a peaceful end to a revolt in his territory, which ended with the king mercifully pardoning the rebels.

Henry also acted decisively, but not harshly, against an Italian nobleman who set himself up as a rival king.

In 1014, the German king journeyed to Rome where Pope Benedict VIII formally crowned him as head of the Holy Roman Empire.

The emperor demonstrated his loyalty to the Pope by confirming Benedict VIII's authority over the city of Rome.

Henry made his journey from Rome back to Germany into a pilgrimage of sorts, stopping at various monasteries along the way.

Henry became a great patron of churches and monasteries, donating so much of his wealth to them that his relatives complained that he was behaving irresponsibly.

But Henry was far from irresponsible, as his leadership of the Western Empire in both war and peace demonstrated.

The emperor was also a great patron of the poor, making enormous contributions for their relief.

He stressed service to the Church and promoted monastic reform.

The emperor's extraordinary generosity was made possible in part by his lack of an heir.

He was married to a woman who was later canonized in her own right by Pope Innocent III on 29 March 1200, St. Cunigunde of Luxembourg.

They had no children.

Some accounts say that the couple took vows of virginity and never consummated their marriage, though this explanation of their childlessness is not universally accepted.

For the last several years of his life, Henry had to deal with serious illness and an additional ailment that crippled his left leg, along with his imperial responsibilities.

He found support in prayer during these trials and seriously considered resigning his imperial leadership in order to become a monk.

After several years of illness, Henry II died on 13 July 1024.

The public mourned sincerely for the monarch who had managed to lead his earthly kingdom so responsibly without losing sight of the Kingdom of God.

For his remarkable personal piety and enthusiastic promotion of the Church, Pope Eugene III canonized him in July 1146.

He is the only medieval German monarch ever to have been honoured as a saint.

He is the patron saint of the city of Basel in Switzerland and of St Henry's Marist Brothers' College in Durban, South Africa.

[cruger2984]

THE DESCRIPTION OF SAINT HENRY II, THE HOLY ROMAN EMPEROR Feast Day: July 13

Henry II, also known as Henry the Exuberant, was born on May 6, 973 AD in Bavaria, Germany, Holy Roman Empire, and is the son of Henry II of Bavaria and Gisela of Burgundy. He was Henry I of Bavaria's grandson through his father, and is the great-grandson of Henry the Fowler. On his mother's side, he was the grandson of Conrad the Peaceful, and the great-grandson of King Rudolph II of Burgundy.

He was educated in the Christian faith by Wolfgang of Regensburg during his father's exile, and studied at Hildesheim Cathedral. The Emperor himself ensured the younger Henry received an ecclesiastical education in order that by becoming a religious official he would be prevented from participating in the Imperial government.

The death of Otto II in 983 allowed the elder Henry to be released from custody and to return from exile. The elder Henry claimed regency over Otto III, the three-year-old child of Otto II. After a failed attempt to claim the German throne for himself in 985, the elder Henry relinquished the regency to the child's mother Theophanu.

In return for his submission to the child king, Henry was restored as Duke of Bavaria. The younger Henry, now thirteen years old, was named his regent over Bavaria. When the elder Henry died in 995, the younger Henry was elected by the Bavarian nobles as the new duke to succeed his father.

Sincerely religious, Henry II supported service to the Church (he was celibate) and promoted various monastic reforms. He also strongly enforced clerical celibacy, perhaps partly in order that the public land and offices he granted to clerics would not be devised to heirs. He encouraged the reform of the Church, fostered missionary activity, and made several charitable foundations for the poor.

Wished to become a monk, and in virtue of his imperial power he ordered the Abbot of Verdun to accept him in his monastery. Thereupon, the Abbot ordered him, in virtue of the vows he had professed, to continue the administration of the empire. Henry II fulfilled his duties in the spirit of humility and service, being convinced that temporal power was given by God for the good of the people.

He succeeded in persuading Pope Benedict VIII to include the word 'Filioque' in the Nicene Creed. The addition of the term provided that the Holy Spirit emanated from both God the Father and God the Son.

Together with the concept of Papal primacy, dispute over this doctrine was one of the primary causes of the Great Schism of the Church in 1054.

Henry II inherited several unresolved ecclesiastical disputes from his predecessor Otto III. Issues of particular importance were the reestablishment of the Diocese of Merseburg and the settlement of the Gandersheim Conflict.

Returning to Magdeburg, Germany from southern Italy to celebrate Easter, he fell ill in Bamberg. After celebrating Easter, Henry retired to his imperial palace in Göttingen, and died there on July 13, 1024 at the age of 51, without an heir, and thus Henry II is the last of the Saxon kings.

Henry II is canonized as a saint by Pope Eugenius III in July 1147; while Cunigunde of Luxembourg, his spouse, was canonized on March 29, 1200 by Pope Innocent III. Henry's relics were carried on campaigns against heretics in the 1160s.

He is the patron saint of the city of Basel, Switzerland, and of St. Henry's Marist Brothers' College in Durban, South Africa. During his lifetime, Henry II became an oblate of the Benedictine Order, and today is venerated within the Order as the patron saint of all oblates, along with St. Frances of Rome.

[coinguitar]

Basel Committee Cracks Down: Banks Face New Crypto Rules

The recent Basel Committee meeting (July 2-3) focused on key policy decisions related to banks’ exposure to crypto assets. These decisions are part of the ongoing Basel III reforms, a series of regulations initiated in 2019 to strengthen the resilience of European Union banks through stricter supervision, risk management practices, and regulatory frameworks. A proposal for a comprehensive…

[beurich]

Übererfüllung von Basel III in Europa wäre herber Schlag für Kreditinstitute und Realwirtschaft

Übererfüllung von Basel III in Europa wäre herber Schlag für Kreditinstitute und Realwirtschaft

In der von der EBA empfohlenen Umsetzung steigt das von Kreditinstituten vorzuhaltende Mindestkapital europaweit im Durchschnitt um 18,5 Prozent an, Immobilienfinanzierer müssen einen Anstieg von 23 Prozent stemmen. Auf europäische Banken und Finanzinstitute kommt eine massive Belastung zu, falls die Reform von Basel III in der von der Europäischen Bankenaufsichtsbehörde (EBA) präferierten…

[innocentamit]

Brussels has warned not to delay strict rules on EU banks

Brussels has warned not to delay strict rules on EU banks

The EU has been warned not to delay the next phase of international banking regulations, as plans to show that Brussels is proposing a three-year extension to European banks are set by the international deadline. Carolyn Rogers, secretary-general of the Basel Committee for Banking Supervision, said the new rules are “the final and most important chapter” in reforming the Basel III rules. He…

[waaaiz]

Risk Analytics Market Research Report

Global Risk Analytics Market

The GMI Research expects that the Risk Analytics Market will notice an augmentation in demand over the forecast period. This is mainly due to the increasing potential of damages owing to the lack of ability to fulfill the financial goals, accelerating penetration of smartphones, ATMs, and internet banking.

Request a FREE Sample of Risk Analytics Market.

Introduction of the Risk Analytics Market

Risk Analytics helps organizations to be informed of the existent and forthcoming risks to take preventive decisions. The tool enables the organization to raise the performance of its business by identifying the risk associated with any events and evading system failure.

Key Players of Market:

·        Fidelity National Information Services, Inc. (FIS)

·        Moody’s Analytics

·        Provenir

·        Microsoft Corporation

·        Oracle Corporation

·        SAP SE

·        Verisk Analytics

·        AxiomSL, Inc.

·        Gurucul

Risk Analytics Market Dynamics

The factors accountable for the growth in the global risk analytics market include the rapid digitalization and integration of advanced technologies like artificial intelligence, IoT, blockchain in risk analysis. Also, the increasing complications across industrial procedures and the escalating apprehension against data protection will further strengthen the risk analytics market size.  For example, risk analytics aid the Banking industry to evaluate risk and obliterate it to enhance customer understanding. In addition, capitulation with rigorous industrial norms and policies such as Basel II/III, consumer protection act, Dadd-frank wall street reform is stimulating the market demand. However, inadequate consciousness about risk analytics tools and inflated installation costs will hinder the market share.

Component Segment Drivers

As per the risk analytics market research report, based on the component, the software is projected to expand at a faster growth over the forecast period. This is because the software includes modernized technology platforms to address the diverse scenarios and complexities. In addition, their potential to elevate business assessments and supervise efficiency along conventional analytics will propel the market demand. The sophisticated techniques of risk analysis are largely used to manage vast data quantity.

Regional Drivers

On the basis of regional coverage, North America is predicted to maintain its dominance over the coming years. This is due to the rising applications of risk governing technologies by several industries. The elevating inclination of organizations to execute existing risk strategies to reduce risks may add to the market growth. Furthermore, as per the risk analytics market statistics, modern technologies such as machine learning, robotic process automation (RPA), and cognitive analysis are increasingly integrated by vendors to reshape risk and enhance business efficiency by testing a massive amount of unstructured data automatically.

Risk Analytics Market Segmentation:

Segmentation by Component

·        Software

·        Service

Segmentation by Deployment Mode

·        On-Cloud

·        On-Premises

Segmentation by Organisation Size

·        Small and Medium Enterprise

·        Large Enterprise

Segmentation by Risk Type

·        Strategic Risk

·        Operation Risk

·        Financial Risk

·        Others

Segmentation by Verticals

·        BFSI

·        IT and Telecommunication

·        Manufacturing

·        Transportation and Logistics

·        Government and Public Sector

·        Retail

·        Healthcare

·        Others

Segmentation by Region:

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        North America

o   United States of America

o   Canada

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   UAE

o   Brazil

o   South Africa

o   Saudi Arabia

About GMI Research

A consulting and market research company offering enterprises with business insights and market research reports. The team collects all the information about different industries with the help of internal and external databases. The emphasis of the organisation remains to acknowledge our clients with the approaching opportunities and challenges faced by different industries. The team of experienced analysts assists clients to recognize the influence of market size, share, drivers, growth opportunities, etc.. We offer a complete guidance to our clients to help them take a managerial and actionable decision. Our organisation got spotlighted in the Silicon India Magazine list published in 2018 as the Most Promising Market.

Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: enquiry@gmiresearch.com Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com

[mybeautifulchristianjourney]

Today in Christian History

Today is Monday, April 25th, the 115th day of 2022. There are 250 days left in the year.

Today’s Highlight in History:

62: Death of Mark the Gospel writer while imprisoned in Alexandria in the eighth year of Nero, according to Vetus martyrologium romanum (an old Roman collation of martyr accounts).

799: Pope Leo III is attacked, his eyes stabbed, and his tongue torn. He recovers and later crowns Charlemagne as emperor.

974: Death of Ratherius of Verona, a learned but abrasive man who had been deposed from one church position after another, often by his underlings, because of his controversial positions and inability to handle people.

1449: The ineffectual Council of Basel ends.

1479: Death of Sylvester of Obnorsk, a Russian Orthodox hermit who had lived off roots and bark. Eventually he had established a monastery.

1564: John Calvin, reformer of Geneva, dictates his last will and testament to notary Peter Chenalat.

1595: Death from a fever in the convent of St. Onofrio of Italian poet Torquato Tasso. Ironically, he was supposed to receive a laurel from the pope on this day in recognition of his epic poems, among which Jerusalem Delivered had been the most acclaimed.

1735: Death at Epworth, England, of Samuel Wesley, curate, author, and father of Methodist revival leaders John and Charles Wesley.

1800: Death at East Dereham, Norfolk, England, of English poet William Cowper. Despite lifelong depression, he had produced enduring hymns, including, “Oh For a Closer Walk with God” and “There is a Fountain Filled with Blood.” Dementia had led him to believe he was damned.

1858: Consecration of Jean-Pierre Augustin Marcellin Verot as the first Roman Catholic bishop of Florida. He will become known as “the rebel bishop” for his support of the South during the American Civil War.

1879: Consecration of J.B. Lightfoot as Bishop of Durham. A renowned English New Testament scholar, he had left Cambridge and a life of scholarship to devote the remaining ten years of his life to church administration.

1889: Death at Mt. Pleasant, Michigan, of Anzentia Igene Perry Chapman. A member of the Free Methodist Church, she wrote a number of hymns, including, “Thou Shalt Rest at Eve,” and “We’ll Never Say Goodbye.”

1912: Death in Ghana of Christian Abraham Ackah, at the age of about twenty-eight. He had been a major player in establishing Seventh Day Adventist work in Ghana, opening schools and churches.

1917: Ordination of Paul Sasaki as a priest in the Anglican Church in Japan. He will become bishop of Nippon Sei Ko Kei (an independent church organization within the Anglican Communion), and suffer imprisonment for his refusal to bring Nippon Sei Ko Kei under the authority of a government-ordered church coalition.

[sizekitap]

Marton Borsanyi & Friends (Etkinlik)

Márton Borsányi & Friends, Sakıp Sabancı Müzesi Fıstıklı Teras’ta sizlerle buluşuyor.

“İkinci konserimiz; Macar klavsen virtüözü Márton Borsányi, İstanbullu müzisyenler İklim Tamkan (klavsen), Senem Demircioğlu (mezzo soprano) ve arkadaşlarının vereceği son derece dinamik bir konser olacak. Borsányi, parlak tekniği, etkileyici stilistlik özelliklerin olağanüstü ustalığını bir arada barındırırken, seçtiği repertuvarın ifadesi ve süslemesi ile dinleyicileri büyülüyor. 27 Ağustos’ta gerçekleşecek bu konser, İstanbul’da ilk kez iki klavsenin aynı anda sahnede bulunduğu bir topluluğun konseri olması bakımından da özel bir yere sahiptir.

Marton Borsanyi, klavsen İklim Tamkan, klavsen Senem Demircioğlu, mezzosoprano Özge Özerbek, keman Billur Kibritçioğlu, keman Dinç Nayan, viyola Mehmet Gökhan Bağcı, viyolonsel Deniz Yurdakul, kontrbas

Márton Borsányi 1984’te Macaristan’ın Budapeşte kentinde doğan Márton Borsányi, öncesinde Leipzig Müzik ve Tiyatro Yüksek Okulu’nda (Hochschule für Musik und Theater ‘Felix Mendelssohn Bartholdy’), sonrasında ise Nicholas Parle, Jesper Christensen ve Rudolf Lutz gibi isimlerle beraber Schola Cantorum Basiliensis müzik akademisinde klavsen, sürekli bas (basso continuo) ve tarihsel doğaçlama çalıştı. 2009 yılında İtalya’nın Mondovì şehrindeki Montis Regalis Akademisi’nde bursiyer olmaya hak kazandı. Borsányi müziğe dair uğraşını uzun yıllar boyunca 17. yüzyılda Almanca konuşulan Lutherci bölgelerin klavye müziğine odakladı.Sanatçı klavsende ve orgda hem solist hem de oda müzisyeni olarak düzenli konserler vermektedir. Güncel olarak Oberwil’deki (Basel-Landschaft) Reform Kilisesi’nin ve Egerkingen’deki Aziz Martin Roman-Katolik Kilisesi’nin orgcusudur. Bunun yanı sıra, 2016 ve 2019 yılları arasında Graz’daki Müzik ve Gösteri Sanatları Yüksek Okulu’nda ders vermiştir. 2017’den beri ise Budapeşte’deki Ferenc Lizst Müzik Akademisi’nde klavsen üzerine yoğunlaşmış organoloji (müzik enstrumanları ve sınıflandırılmaları ile ilgili bilim dalı) dersleri vermektedir. Yine 2017’den beri Varşova’daki ISAEM Festivalinde klavsen dersleri vermekte ve Macaristan’daki Pannonia Erken Müzik Akademisini organize etmektedir. Son olarak, 2019’dan beri MDW Viyana’da dersler vermektedir.Borsányi organoloji ve erken müzik araştırmaları alanında büyük ilgisi ve deneyimi olan tutkulu bir klavsen ve org eğitmenidir. Aynı zamanda bir klavsen uzmanı ve “intonateuer” (tonlama) olarak Liszt Müzik Akademisinde, Ljubljana Konservatuarında, Basel’deki Schola Cantorum Basiliensis’te ve Graz Sanat Üniversitesinde çalışmış, bu uzmanlığıyla Bartók ve Baroque gibi CD kayıtlarında da yer almış (Helga Váradi Klavsen, ya da J. S. Bach’tan 7 Toccatas), son olarak da Eva Maria Pollerus ile ve Almanya, İsviçre, Macaristan ve Slovenya’dan birçok özel müşteri için çalışmıştır. Klavsen için kullanılan kuş tüyleri ve delrin üzerine bir “intonateuer” olarak 10 yılı aşkın bir deneyime sahip olup klavsen bakımı ve tanzimi üzerine dersler vermektedir. 

İklim Tamkan İzmir’de doğan sanatçı, müzik eğitimine 1995 yılında H. Ü. Ankara Devlet Konservatuvarı’nda Prof. Güherdal Çakırsoy ve Prof. İlhan Baran ile başladı.D.E.Ü. İzmir Devlet Konservatuvarı’nda Prof. Aykut Yafe ile sürdürdüğü 6 yıllık eğitimi süresince çeşitli şehirlerde konser ve resitaller verdi. Viyana Müzik ve Sahne Sanatları Üniversitesi’nde Prof. I. Häusler ile çalışmalarına devam eden Tamkan, 2002 yılında Graz Müzik ve Sahne Sanatları Üniversitesi Piyano Ana Sanat Dalı Solistlik Bölümü’ne, Prof. Walter Groppenberger’in sınıfına kabul edildi. Eğitimi esnasında uzmanlığını klavsen dalında yapan Tamkan, aynı üniversitenin Eski Müzik Enstitüsü Klavsen Ana Sanat Dalı Solistlik Bölümü’ne birincilikle kabul edilerek dünyaca ünlü müzisyen ve pedagog Prof. Jesper Christensen ile klavsen hayatına başlamış oldu. Prof. Eva Maria Pollerus, Prof. Michael Hell ve Merit Eichorn gibi değerli isimlerle devam ettirdi.Eğitimi süresince çeşitli Avrupa ülkelerinde Roland Batik, Prof. Bronislawa Kawalla, Prof. Tadeusz Chmielewski, Prof. Elzbiata Guzek-Soini, Prof. Oleg Krimmner ve Laurent Boullett gibi dünyaca ünlü müzisyenlerle masterclass çalışmaları yapan Tamkan, ayrıca klavsen dalında İtalya Montisi’deki The Piccola Accademia ustalık sınıfına kabul edilerek akademiyi başarıyla tamamladı.Tamkan İtalya, Polonya, İsviçre, Slovenya, Almanya gibi birçok ülkede resitaller ve oda müziği konserleri verdi. Sanatçı, İtalya’da yapılan Uluslararası Valtidone Genç Yetenekler Yarışması’nda piyano dalında üçüncülük ödülü, klavsen dalında Uluslararası Kiwanis Ödülü’nün yanı sıra Avusturya Devleti tarafından verilen Martha Debelli ödülü ve bursunu arka arkaya iki defa kazanmıştır.Sanatçı 2016 yılında Avusturya “Müzik ve Sahne Sanatları Üniversitesi” Oberschützen Akademisi’nde Prof. Michael Hell ile klavsen ve Generalbass, Prof. Susanne Scholz ile oda müziği çalışmaları yapmış ve akademiyi başarıyla tamamlamıştır. “Hofkapelle München” Barok Orkestrası sanatçılarından Angelika Fichter ile oluşturdukları düo ile 2016’da Almanya’nın çeşitli şehirlerinde sahne alan sanatçı, bu konser serisinde klavseniyle oda müziği ve solo eserler seslendirmiştir.Ünlü besteci ve piyanist Fazıl Say’ın prodüktörlüğünde piyasaya çıkmış olan “İlk Atlas” isimli albüm 2017’de raflardaki yerini almıştır. Yine 2017’de oyuncu Yetkin Dikinciler ve Senem Demircioğlu ile beraber “Yarın’a davet Nazım Hikmet” isimli özel bir gösteriyle seyircileriyle buluşan sanatçı, bu projeyi çeşitli şehirlerde sahnelemeye devam etmektedir. Sanatçı 2017’de Avusturya’da düzenlenen “Avrupa Barok Müziği” temalı uluslararası ustalık sınıfına tam burslu olarak davet edilmiş ve akademiyi başarıyla tamamlamıştır.Tamkan yoğun konser performanslarının yanı sıra piyano eğitmenliğine de aktif olarak devam etmektedir.

Senem Demircioğlu Ankara’da doğdu. 1998’de başladığı Mimar Sinan Üniversitesi Devlet Konservatuvarı piyano bölümünde Doç. Hülya Ardıç’ın öğrencisi olan sanatçı 2006’da Piyano Ana Sanat Dalı’ndan mezun oldu ve opera bölümünde Payam Koryak ile şan çalışmalarına başladı. 2009’da Bulgaristan’da düzenlenen “Uluslararası Genç Virtüözler Yarışması”nda birincilik ödülünü kazandı. Opera Ana Sanat Dalı’ ndan 2012’de mezun olup eğitimine Graz Müzik ve Sahne Sanatları Üniversitesi’nde Prof. U. Baestlein’ın master öğrencisi olarak devam etti. Avusturya’da kaldığı sürede birçok operada başrol söyledi ve Avusturya basınından önemli kritikler aldı. Fazıl Say’ın “Ses” adlı oda operasının Mezzo Soprano solistliğini yapan sanatçı yine Say’ın eseri “Gezi Park III”ün Türkiye prömiyerini yaptı. 2017’de piyanist İklim Tamkan ile birlikte, Fazıl Say prodüktörlüğünde “İlk Atlas” isimli ilk albümünü yayınladı. 2019’da  Almanya “Rheingau Müzik Festivali“ ve Gürcistan “Tsinandali Müzik Festivali”nde Fazıl Say ile birlikte kendisinin eserlerini seslendirdi. Sanatçı müzik hayatına yurt içi ve yurt dışında devam etmektedir.

Mehmet Gökhan Bağcı 1990 yılında Antalya’da doğan Bağcı, ilk müzik eğitimini Muzaffer Ayhan ve Cansu Olgun’dan aldı. Akademik viyolonsel çalışmalarını Veronika Yeliz Efe, Prof.Engin Sansa, Arthur Rahmatulla, Prof. Ozan Tunca ve Prof. Peter Bruns ile tamamlayan Bağcı, Balazs Mate, Ruth Phillips, Mauro Valli, Markku Luolajan-Mikkola, Stephan Forck, Johannes Moser, Jean-Guihen Queyras, Wolfgang Boettcher, Benyamin Sönmez, Çağ Erçağ’ın viyolonsel ustalık sınıflarına katılarak eğitimine devam etti.Türkiye’de ve Avrupa’da konserler gercekleştiren Bağcı, 2012 yılında Hezarfen Ensemble’a davet edilerek oda müziği kariyerine başladı. Hollanda, Fransa, Almanya, İtalya’daki konserlerde Türk bestecilerinin yeni müzik eserlerini icra etti. Amerikalı besteci Michael Ellison’ın “Mevlana, Say I am” adlı çağdaş oda opera cd kaydını Hezarfen Ensemble ile gerçekleştirdi ve Rotterdam Operadagen’da dünya prömiyeri yaptı. Berlin Konzerthaus, Berlin Philharmonic Kammermusiksaal, Amsterdam Concertgebouw, Roma Santa Cecilia Hall, Hong Kong Art Center, İstanbul Aya İrini, Kölner Philharmonic Hall, Paris Theatre des Champs-Elysees konser salonlarında orkestra ve oda müziği konserleri gerçekleştirdi. Ellen Jewett, Mısırlı Ahmet, Nina Janssen, Tatjana Masurenko, Sarah Chang ile oda müziği konserleri gerçekleştiren Bağcı, Trio Ba grubu ile L. van Beethoven’ın yazmış olduğu bütün piyano üçlülerini seri halinde Ankara/Türkiye’de ilk kez seslendirdi. 2016 yılından bu yana BEGOA Ensemble’ın “G” harfini temsil etmektedir. Borusan İstanbul Filarmoni Orkestrası viyolonsel grubu asil üyesi olarak sezon konserlerine katılmaktadır.

PROGRAM G.P. Telemann – Suite in e TWV 42 “Friday”

A. Vivaldi – “Laudate pueri“ Rv 601 Laudate, pueri

A. Vivaldi – Cello sonata in g Rv 42 Preludio: Largo Allemanda: Andante Sarabanda: Largo Gigue: Allegro

A. Corelli – Concerto Grosso in g  Op.6 No.8

A. Vivaldi – Stabat Mater“  Rv. 621 I. Stabat mater dolorosa VII. Eia mater, fons amoris

G.P. Telemann – Suite in g TWV 42 “Saturday”

Hakan Erdoğan Prodüksiyon tarafından düzenlenen festival; TC Kültür ve Turizm Bakanlığı, Sabancı Üniversitesi, Le Meridien İstanbul Etiler, ve Dimitrie Cantemir Romen Kültür Merkezi’nin tarafından desteklenmektedir.  Kapılar 19.00’da açılır, konserler 20.30’da başlar.

Vale hizmeti ücretlidir. İletişim: info@heproductions.com

Kaynak

devamı burada => https://sizekitap.com/etkinlikler/marton-borsanyi-friends-etkinlik/

[waaaiz]

Risk Analytics Market Research Report

The GMI Research expects the risk analytics market to expand at a significant rate. From a regional perspective, North America is expected to grow at a higher CAGR due to the increasing acceptance of risk governing technologies by industries.

Request for a FREE Sample Report on Risk Analytics Market

Risk Analytics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The global analytics market is predicted to witness an upsurge in demand during the forecast period due to the growing government regulatory compliances and the increasing data security breaches in companies. Moreover, the rising adoption of risk analytics in financial institutions and the growing IoT landscape are the major factors surging the growth of the risk analytics market size. Furthermore, the rising data and security concerns and growing complexity across industry processes will further boost the market growth. For example, risk analytics aids the Banking sector by analyzing risk, reducing it in order to enhance customer understanding, etc. As per the risk analytics market report, compliance with rigorous industry regulations and policies, including Dadd-frank wall street reform, Basel II/III, consumer protection act, etc., is fuelling the demand for risk analytics among organizations. In addition to this, the increasing digitalization and adoption of new technologies that include IoT, AI, blockchain in risk analytics are some other factors enhancing the demand for risk analytics software. On the other hand, limited awareness related to risk analytics tools and high installation costs are the two major factors hampering the growth of the market in the upcoming years. However, the configuration of the software, increasing cost and complexity in installation, and less security offered by the risk analytics will hinder the growth of the market. Furthermore, the strong demand from emerging countries for the incorporation of artificial intelligence in risk analytics are projected to create various growth opportunities for the market in the upcoming years.

Component Segment Drivers

Based on the component type, the software segment is expected to dominate the market during the forecast period. Risk software, including various technological platforms that can handle numerous complexities and scenarios, is the major factor energizing the market growth. The risk analytics software, such as risk calculation engines, ETL, dashboard analytics & risk reporting tools, scorecard & visualization tools, and GRC software, accelerates the segment growth.

Risk Analytics Market’s leading Manufacturers:

·        Microsoft Corporation

·        SAP SE

·        SAS Institute

·        Oracle Corporation

·        Moody’s Analytics

·        Verisk Analytics

·        Fidelity National Information Services, Inc.

·        AxicomSL, Inc.

·        Gurucul

·        Provenir

Risk Analytics Market Segmentation:

Segmentation by Component:

·        Software

·        Service

Segmentation by Deployment Mode:

·        On-Cloud

·        On-Premise

Segmentation by Organisation Size:

·        Small and Medium Enterprise

·        Large Enterprise

Segmentation by Risk Type:

·        Strategic Risk

·        Operation Risk

·        Financial Risk

·        Others

Segmentation by Vertical:

·        BFSI

·        IT and Telecommunication

·        Manufacturing

·        Transportation and Logistics

·        Government and Defense

·        Retail

·        Healthcare

·        Others

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: enquiry@gmiresearch.com Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com

[mybeautifulchristianjourney]

Today in Christian History

Today is Thursday, April 25th, the 115th day of 2019. There are 250 days left in the year.

Today’s Highlight in History:

62: Death of Mark the Gospel writer while imprisoned in Alexandria in the eighth year of Nero, according to Vetus martyrologium romanum (an old Roman collation of martyr accounts).

799: Pope Leo III is attacked, his eyes stabbed, and his tongue torn. He recovers and later crowns Charlemagne as emperor.

974: Death of Ratherius of Verona, a learned but abrasive man who had been deposed from one church position after another, often by his underlings, because of his controversial positions and inability to handle people.

1449: The ineffectual Council of Basel ends.

1479: Death of Sylvester of Obnorsk, a Russian Orthodox hermit who had lived off roots and bark. Eventually he had established a monastery.

1564: John Calvin, reformer of Geneva, dictates his last will and testament to notary Peter Chenalat.

1595: Death from a fever in the convent of St. Onofrio of Italian poet Torquato Tasso. Ironically, he was supposed to receive a laurel from the pope on this day in recognition of his epic poems, among which Jerusalem Delivered had been the most acclaimed.

1735: Death at Epworth, England, of Samuel Wesley, curate, author, and father of Methodist revival leaders John and Charles Wesley.

1800: Death at East Dereham, Norfolk, England, of English poet William Cowper. Despite lifelong depression, he had produced enduring hymns, including, “Oh For a Closer Walk with God” and “There is a Fountain Filled with Blood.” Dementia had led him to believe he was damned.

1858: Consecration of Jean-Pierre Augustin Marcellin Verot as the first Roman Catholic bishop of Florida. He will become known as “the rebel bishop” for his support of the South during the American Civil War.

1879: Consecration of J. B. Lightfoot as Bishop of Durham. A renowned English New Testament scholar, he had left Cambridge and a life of scholarship to devote the remaining ten years of his life to church administration.

1889: Death at Mt. Pleasant, Michigan, of Anzentia Igene Perry Chapman. A member of the Free Methodist Church, she wrote a number of hymns, including, “Thou Shalt Rest at Eve,” and “We’ll Never Say Goodbye.”

1912: Death in Ghana, of Christian Abraham Ackah, at the age of about twenty-eight. He had been a major player in establishing Seventh Day Adventist work in Ghana, opening schools and churches.

1917: Ordination of Paul Sasaki as a priest in the Anglican Church in Japan. He will become bishop of Nippon Sei Ko Kei (an independent church organization within the Anglican Communion), and suffer imprisonment for his refusal to bring Nippon Sei Ko Kei under the authority of a government-ordered church coalition.

[loyallogic]

Elaborating the establishment of credit rating agencies

This article is written by Anumeha Agrawal pursuing BA.LLB (Hons.) from Symbiosis Law School, Pune. This is an exhaustive article on the growth, regulation, role and the industry structure of the Indian Credit Rating Agencies, additionally, it also discusses the current issues with CRAs along with corrective reforms.

Introduction

A credit rating agency is a company which advises creditors concerning the creditworthiness of individuals and corporate entities by their credit score. Such a score is dependent on various factors like assets, liabilities, debt repayment capacity, collateral and credit repayment, or default history.

History of the emergence of the Indian Credit Rating Agencies

The Indian CRAs emerged first in the late 1980s, the first Indian CRA being credit Rating Information Services of India Limited (“CRISIL”) established in 1987. At present, there are seven CRAs registered with SEBI namely, CRISIL, Fitch Ratings India Private Ltd., Investment Information and Credit Rating Agency (“ICRA”), Credit Analysis & Research Ltd (“ CARE”), Brickwork Rating India Pvt Ltd., Infomerics Valuation and Rating Pvt Ltd and SME Rating Agency of India Ltd, (“SMERA”). 

 Major growth factors of rating in India

The primary factor for the growth of CRAs in India is the increased,the average national income growth of 5.8% from 1981-90 and the industrial growth of 10.5% of 1989-90. After 1991 due to the strong infusion of capital in several sectors in India like the banking sector, industrial sector, infrastructure sector, insurance sector, and several others there was a general increase in per capita spending capacity. Such an increase in body corporates and individual investors led to an increase in the value and volume of total investments.

 The political instability in the country aggravated the financial crisis leading to the point where the only measure to take control of the acute fiscal deposit was to adhere to the bold restructuring of the Indian Economy advised by the IMF and World Bank in exchange for the credit extended. The liberalization increased foreign investment in the domestic market, especially in the underdeveloped sectors like that of the corporate bond market. The markets were extremely volatile, the turnover of stock exchanges increased from Rs. 6364 crores in 1984 to 194000 crores in 1986.

Another worth mentioning the cause of the growth of CRAs is witnessing the huge capital market scams like Harshad Mehta Scam and Ketan Parekh Scam, which led the market participants and the regulator to realize the need for transparency and investor education to mitigate the risks associated with the market. Regulators imposed requirements to acquire a credit rating to avail credit facilities beyond a specified threshold by banks or the general public, like Basel II Norms by RBI.

Regulation of Credit Rating Agencies in India

The Indian Credit Rating agencies are governed by the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 (“the Regulations”).

1.Eligibility Criteria of Promoters of the CRA

The registration is mandatory with SEBI for functioning as a CRA, and requires the following for the registration u/r 4 of the Regulations:

The CRA must be promoted by a person belonging to one of the following:

(i) A public financial institution

(ii) A scheduled commercial bank

(iii) A foreign bank operating in India with RBI approval

(iv) A recognized foreign CRA with a minimum of 5 years of experience in rating securities

(v) Anybody corporate having a minimum net worth of Rs. 100 crore for the last 5 years according to its audited financial statement

2.Eligibility Criteria of the CRA

The eligibility criteria for a CRA to be recognized by SEBI is given u/ 5 of the Regulations as follows:

(i) The applicant must be a company registered under Companies Act 2013 or prior company law

(ii) The applicant’s MOA lists one object as providing credit rating activities.

(iii) The applicant has a minimum net worth of Rs. 5 crores, if the applicant is functioning as CRA before the commencement of the regulations it was given 3 years to increase its net worth to the said minimum.

(iv) It is equipped with the necessary infrastructure to provide the said services

(v) The applicant and its promoters or directors must :

Be a person having professional competence, expertise, financial soundness, and a reputation for fairness and integrity.

Be a fit and proper person for grant of a certificate (as defined under SEBI (Intermediaries) Regulations, 2008)

Not have legal proceedings against him connected with the securities market and having an adverse impact on investors

Not be convicted of an economic offence or any offence involving moral turpitude

Not be refused the grant of a certificate under these regulations or subject to proceedings for a contravention of SEBI Act or regulations made The Regulations require CRAs to not rate securities in which there exists a conflict of interest, including securities where a promoter of CRA (holder of 10% shares in the CRAs) is the issuer, or the issuer is the borrower or subsidiary or associate of the promoter.

A CRA can also not rate securities issued by its associate or subsidiary company, the associate company refers to a company where CRA owns 10% or more shares whereas a subsidiary company is a company in which CRA owns 50% or more shares.

Rating of securities is allowed where the issuer company and the CRA have common Independent Directors (“IDs”), provided the ID does not take part in the rating process and disclosure of the same effect is made by the CRA therein.

3.Periodical Review of Ratings

All CRAs are to periodically review the ratings assigned to it to the securities to the stock

exchanges by the manner of press releases or on the websites u/r 24 of the Regulations.

4.Disclosures

The CRAs are mandated to disclose the definitions and symbol of the concerned rating and the information relating to the analysis of various factors and the rating methodology u/r 18 of the Regulations 

The CRAs are prevented to disclose any confidential information to any person except as permitted by law u/r 23 of the Regulations.

5.Accountability

The CRAs are required to appoint an internal auditor and keep a copy of the auditor’s report for each such accounting period u/r 21 and 22 of the Regulations. As per regulation 19, SEBI also has the power to call for information or conduct investigation in the affairs of the CRAs whenever required.

6.Conflict of Interest

The III Schedule of the Regulations requires CRAs to not rate securities in which there exists a conflict of interest among the issuer of the securities and the CRA. This includes securities where a promoter of CRA (holder of 10% shares in the CRAs) is the issuer, or the issuer is the borrower or subsidiary or associate of the promoter.

A CRA can also not rate securities issued by its associate or subsidiary company, the associate company refers to a company where CRA owns 10% or more shares whereas a subsidiary company is a company in which CRA owns 50% or more shares.

7.Liability

As per regulation 34, CRAs will be held liable for any act or omission contravening the Act, the

Regulations or any other regulations made therein under Chapter V of SEBI Intermediaries Regulations.

Credit Rating Information Services of India Limited (CRISIL)

CRISIL was the first CRA incorporated in India and it initiated its operations in the year 1988 when the concept of credit rating itself was new. The agency at the time of its incorporation was staked by public institutions like ICCI Ltd, UTI, SBI, LICI, HDFC, GIC, and SBI, it went public in 1993. Due to steep increase in the market transactions, CRISIL felt the need to enter into a strategic analysis with Standard and Poor’s Rating Services (S&P) a Global credit rating giant in 1997 where the later also acquired 9.68% in the former, and in the year 2005 S&P acquired a majority stake in CRISIL.

CRISIL diversified its operations from solely credit rating to advisory and research as well. Now the advisory services are handled by the subsidiary of CRISIL, Risk and Infrastructure Solutions Limited. It operates on two broad arenas, risk solutions, and infrastructure advisory and amounts for around one-fourth of CRISIL’s total revenue.

As per the public data available, CRISIL’s research operations include capital market research, sectoral research, company’s research, and also economic research. It adheres to 90% of the Indian Banking industry’s research requirements and has more than 1000 domestic and international clients.

Rating Division of CRISIL

 The following are the eight types of credit ratings rated by CRISIL

Investment Information and Credit Rating Agency of India Limited (ICRA)

The ICRA was established in 1991 and is the second-largest credit rating agency in India, it was promoted by Industrial Finance Corporation of India Ltd, Moody’s Investment Corporation India Pvt. Ltd., LIC, GIC and several banks like Allahabad Bank, SBI, HDFC, Canara Bank, Union Bank of India, etc.

ICRA entered into an MoU with Financial Performance Inc. ( a Moody Group’s company) to provide risk management, credit research, and education, and other consultancy services to commercial banks, financial institutions. Moody’s company became the majority stakeholder in ICRA in 2001 and in 2005 the agency was listed on BSE and NSE. ICRA has also collaborated with several other foreign rating agencies like Bulgarian Credit Rating Agency, Turkey’s First Turkish Credit Rating Agency, and e-Credit Rating Agency of Bangladesh.

Rating Services of ICRA

ICRA provides rating services in a number of fields some of which are:

(i) Bank Loan Credit Rating

(ii) Corporate Debt Rating

(iii) Corporate Governance Rating

(iv) Financial Sector Rating

(v) Issuer Rating

(vi) Infrastructure Sector Rating

(vii) Insurance Sector Rating

(viii) Mutual Fund Rating

(ix) Public Finance Rating

(x) Project Finance Rating

(xi) Structured Finance Rating

(xii) SME Rating

Role in capital markets 

The role of CRAs in the Capital market is threefold, 

it enables the investors to make a more informed decision, 

its ratings having its goodwill makes the issue more trusted by the investors and 

It plays the role of the watchdog of the market by reducing information asymmetry in the investors.

By analyzing the financials, management policies and even confidential information disclosed by the companies the CRAs are able to make a more informed decision about the credit risk of specific debt or equity issued by a company, than that of individual creditors.

The market price of such securities or debt instruments is highly influenced by the ratings given by renowned CRAs. When an issued instrument is rated as low risk by a recognized CRA the creditors or investors associate the expertise and goodwill of the CRA to the said security thus developing the investor’s trust in the issuer.

Lastly, the regulators also mandate credit ratings before an issue which ensures the same information is available for all the securities of that kind and brings symmetry and comparable ground to the market.  

                    Industry structure of Credit Rating Agencies

The current structure of the Credit Rating Industry in India is that of an oligopoly with only seven CRAs giants functioning in the market even after three decades from the incorporation of the first CRA.  

This form of the market leads to several difficulties like:

a lack of competition

compromise on the quality of service provided

long term business relations between the issuers and CRAs

risk of biased or influenced ratings

All of this is against the combined interests of the market and investors.

Some steps that can be taken to restructure the industry can be to remove such high entry barriers which are existing like the stringent eligibility criteria for the CRAs and their promoters. Rather there should be measures taken by the government to encourage the establishment of new CRAs.

Major Uses of Ratings by Sectoral Regulators

Uses of Credit Ratings by SEBI

SEBI has the following major uses of ratings by  CRAs:

Guidelines for Mutual Funds

SEBI (Mutual FundRegulation), 1996 prohibits mutual funds from investing more than 15% in a security which is issued by a single issuer who is rated below investment grade by a CRA, and not more than 10% in unrated security.

Listing of Debt Securities

SEBI vide its circular dated September 30, 2003, made it compulsory for every public and right issue of debt instruments having a tenure of an year more than that to be compulsorily rated by an approved CRA.

Investor Protection Guidelines

SEBI ( Disclosure and Investors Protection) Guidelines, 2000 deals with primary issues of shares, debentures, and various other financial instruments, and regulation 2.5.1A prohibits any public issue or rights issue of convertible debt instruments unless a credit rating is obtained from at least one CRA registered with SEBI.

IPO Guidelines

In case of an IPO the SEBI ICDR Regulations, 2018, regulation 10 additionally requires the issuer of a convertible debt instrument to mandatorily obtain a rating from one CRA and to disclose all the grades obtained by the CRAs which were approached by the issuer in a red herring prospectus.

Collective Investment Scheme

According to SEBI (Collective Investment Scheme) Regulation 1999 u/r 24 states an entity cannot issue agro bonds or plantation bonds without obtaining rating from one CRA registered with SEBI.According to SEBI (Collective Investment Scheme ) Regulation 1999, u/r 24 states an entity cannot issue agro bonds or plantation bonds without obtaining a rating from one CRA registered with SEBI.

Uses of Credit Ratings by RBI

RBI utilises the credit ratings issued by the CRAs in the following manner:

Non- Banking Financial Companies Regulations

The NBFCs Acceptance of Public Deposits (Reserve Bank) Directions, 1998 requires NBFCs with a net owned fund of 25 lakhs and above to have a minimum investment grade granted by a recognised CRA annually to be allowed to accept deposits from the public.

RBI vide its circular dated March 31, 2006, also mandated all residuary NBFCs to invest a minimum of 20% of aggregated amounts of liabilities in FDs or certificate of deposits in commercial banks and financial institutions not rated less than AA+.

Small and Medium Enterprises

To boost the economic growth of SMEs, RBI issued circulars in the year 2005 to improve credit availability in the sector by adopting a transparent rating system, thus the CRA, Small and Medium Enterprises Rating Agency ( SMERA ) emerged which solely focuses on rating the SMEs. SIDBI also developed a Credit Appraisal Rating Tool and Risk Assessment Model. The AGency takes into account several financial and non-financial factors to rate an SME, it uses a 5 point scale ranging from SE1 to SE5, with each grade further qualified by subgrades A, B, and C. 

Primary Dealers in Government Securities

RBI through its circular mandates all primary dealers in government securities to invest only in credit-rated non-government securities. The upper limit for investment in unrated securities is 10% of their total non-governmental securities portfolio. 

Commercial Banks and Financial Institutions Regulations

RBI mandated by its circular that the securities issued by an SPV in a securitization transaction should be compulsorily rated by a registered CRA, and must not be older than 6 months.

RBI vide its circular required all commercial banks to make fresh investments in rated SLR securities by registered CRAs. 

RBI’s Basel II Norms

The Basel II norms issued by RBI state that the external credit ratings granted by CRAs under the Standardised approach is the basis of credit risk evaluation and for different kinds of debtors, the ratings have been matched to their respective risk weights, i.e. the better the rating the lesser the risk weight with a AAA only having 20% and an unrated having 150%.

Uses of Rating by IRDA

The Insurance Regulatory Development Authority under its IRDA (Investment) Regulations, 2000 mandates all insurance companies to invest its assets of the pension business, general annuity, and group businesses solely in securities rated ‘very strong’ by registered CRAs.

Development of CRAs in recent years

The Vijay Ranjan Committee which recommended the enactment of SEBI CRA Regulations had the view that, since credit ratings are essentially opinions there is an extent to which they can be regulated, as it is possible that in a situation with same facts and figures different professionals will have different interpretations thus varying ratings. Nevertheless, the Regulations comprehensively govern the conduct of CRAs and strive for greater transparency and efficiency in the process of rating. 

2010 Amendment

There have been some key developments in the recent years which have aided the credibility of the CRAs, the 2010 CRA Amendment to the Regulations provided for the following:

All CRAs were required to maintain records of factors on which rating was made

CRAs were to publish details of the history of defaults to enable investors to judge their performance accuracy.

CRAs shall not provide consultancy/ advisory services with regards to the design of the structure of financial instruments.

CRAs are mandated to make disclosures to the stock exchanges related to several matters like details of the ratings, agreements with the issuers, issuer wise percentage-wise income of CRAs, and other details of CRAs like shareholding pattern.

2011 Amendment

The next amendment was brought by the 2011 CRA Amendment Regulations, which introduced the concept of initial registration for 5 years and subsequent permanent registration to CRAs.

2018 Amendment

The 2018 CRA Amendment Regulations, required every foreign credit agencies incorporated under FATF members jurisdiction to have a minimum of 5-year experience. 

In absence of cooperation of the Client with the CRA to provide the information required to periodically review the ratings given to the client, the CRA is directed to carry out its review as best possible with the available information and disclose to the investors the fact that the rating is so based.

Another important addition was the insertion of Regulation 24A which prohibits a CRA to hold 10% or more shareholding/ voting or representation in a BOD of another CRA. 

It also prohibited shareholders of a CRA (with 10% or greater shareholding) to hold 10% or greater shareholding in other CRAs, this restriction is inapplicable to Pension funds, Insurance Schemes, and Mutual Fund Schemes. This is a commendable step in maintaining the independence and separation of ownership of the CRAs.

2019 Amendment

More recently the 2019 CRA Amendment Regulations made it mandatory for the client of a CRA to cooperate with it for various processes like a periodic review, disclosures related to information, offer documents, and other relevant information.

The amendment also requires the Client to provide CRA with explicit consent to obtain information related to current and future borrowings, repayment, delay, and default in borrowings form both statutory and non-statutory lenders.

Problems arising out of CRAs

Conflict of Interest

The major issue raised numerous times in the functioning of CRAs is that of the conflict of interest between the CRA and the issuer entities of the securities, as the CRA industry is issuer paid industry it creates a conflict of interest. 

The CRAs are offered whether directly or indirectly incentives to issue favorable credit ratings, the incentives can be either monetary or non-monetary like securing their long-standing business relations which in the end jeopardises the investors’ interests.  

Effect of Non- CR Activities

A research study shows that issuers who were engaged with the CRAs in non-credit rating activities were assigned higher ratings by that particular CRAs as compared to the CRAs which were not engaged with them in any other activities. Also, the Issuers providing greater non-rating revenues were given higher ratings. 

This shows clear partiality resulting from the commercial engagement between the CRAs and the issuers which need to be addressed.

Rating Shopping

Rating Shopping refers to the practice of an issuer entity soliciting multiple CRAs but only pays for and discloses to the public the one which rates it highest. This practice was seen during the year 2008 financial crisis and is even considered one of the causes of it.

The phenomena are common where there is a complex set of assets and liabilities leading to the purview of the difference of opinion and ultimately the CRA taking the most liberal view i.e. granting the highest rating will be paid and disclosed to the public thus incentivising the CRA to take this approach.

Lack of Accountability to Investors

Currently, in India, there is a lack of accountability of CRAs towards the investors who are the direct bearers of the consequences of a default of the credit ratings issued by the CRAs. Although CRAs can be held liable under the SEBI CRA Regulations, the Intermediary Regulations, SEBI FUTP Regulations, and even Companies Act.

The issue is that the nature of liability therein is either functionary like suspension or cancellation of the certificate, ban from the capital market, or penal like an imposition of fine by SEBI. Under Companies Act section 35 provides liability for misstatement and section 447 for fraud, but the issue of its applicability to CRA unclear, as the credit ratings are not merely statements of facts, they are opinions of experts where the discretion of interpretation exists.

However, none of these options are viable for compensating the loss of aggrieved investors who relied on an incorrect rating. Furthermore, due to a severe lack of awareness, the investors of the market should not be expected to know and pursue such indirect liabilities of CRAs but alternatively should be provided with a more direct course of action.

Statutory Reliance

As cited above the Regulators like SEBI, RBI and IRDA rely on CRAs rating to make several important decisions irrespective of subjective factors of all the issuers. This reliance increases the impact of these ratings which exacerbates when these ratings are biased or incorrect, and even in a scenario where such ratings are correct and well regulated, it depicts the dependence of a statutory body on a private entity’s opinion.

Market Structure- Lack of Competition

As stated earlier the CRA industry resembles an Oligopoly market, which has few well-established agents, coordinated operations between these agents, and high entry barriers which ultimately results in reducing the market competition. Any entry of a new agent is opposed on multiple levels, firstly by the existing CRAs in a combined manner, secondly by the stringent statutory requirements and lastly by the capital extensive nature of the industry itself. 

How can CRAs be improved

Developing new Payment Models

An obvious solution to the issuer pay model of CRAs is the establishment of investor pay models, however, it poses another risk of conflict of interest with the bigger investors. In India, 90% of issuances are a private placement of debt accounts which have a remarkable potential to influence such investor paid CRAs if established.

The US SEC has developed another practical solution that the issuers will be required to obtain two ratings, first from a CRA of their choice (maybe Issuer paid) and other of the investor’s choice (Investor paid) thus to maintain neutrality in the ratings.

Another possible solution can be a government or regulator paid model which will eliminate any pecuniary bias between the CRA, Issuer, and Investors (excepting PSEs). These can also disseminate CRAs to all, but it has complications like lack of choice of available to issuers, maintenance, and enhancement of quality beyond a minimum threshold and the determination of payment mechanism.

Rotation Mechanism

Rotation mechanism has been adopted by several jurisdictions like European Union to prevent excessive familiarity due to lack of competition, EU Regulation prescribes a maximum of 4 years of a contractual relationship between the Issuer and the CRAs before rotation of rating analysts. 

A similar measure can be taken by the Indian Regulators to ensure the independence of CRAs and the Issuers, as is enacted in the auditing Industry u/s 139 of Companies Act. The problem with doing the same was the lack of competition in the CR Industry however the individual level rotation technique can be on an individual analyst level resolving the same, as long as there is no organizational bias itself the mechanism should be effective in maintaining independence.

Regulating Non CR Activities

There should be an absolute prohibition in CRAs and its promoters in extending any non-credit rating services to not only issuers and investors but also promoters of issuers, although SEBI has enacted a regulation the implementation needs to be more stringent.

Complete Disclosure of all Ratings

An effective manner to curb rating shopping is to mandate the issuer entities to publish all the ratings granted to it by all the CRAs whether preliminary or otherwise. These ratings shall be made available to the public as well as the regulator. The same is implemented in European Union u/r 10 of EU Regulations and in the United States by SEC Rules. 

In India, the Code of Conduct prevents the rating shopping and requires mandatory disclosures of ratings even when not accepted by the Client but, all of these are only applicable once the Issuer and the CRA come into a contract and to prevent any transaction before that SEBI asked CRAs to refrain from providing preliminary ratings, instead it could have directed them to do so under another contract solely for a preliminary examination as it would make the process more transparent.

                      Direct Accountability to Investors

Originally the reputational constraints were considered enough incentives for CRAs to work fairly and efficiently however the same was soon realised to be unrealistic. US

EU introduced civil liability of CRAs by its Art 35a of  EU Regulations, 2013 on the following occasions:

Intentional commission or gross negligence,

Infringe the duties laid down in the Directive,

Infringement has an impact on the credit rating issued,

Investor reasonably relies on due care for the decision to invest into or divest of the financial

instrument,

Damage to investors.

The article also vests the burden of proof on the investor to prove that CRA ‘s act falls under one of these categories.

There can also be a limitation of liability pleaded by the CRA on the following factors under Regulation 12:

The contractual negotiation between the investor and the credit rating agency, if any;

The price agreed between the investor and the CRA;

Lack of proximity between the investor and the CRA;

Unexpected and unusual uses of the rating;

Lack of foreseeability of the losses incurred;

Lack of the possibility to insure against the loss;

Lack of resources to meet such a loss.

SEBI should insert a similar section in the CRA Regulations for better investor protection.

Removing Entry Barriers

The nature of the credit rating industry itself requires a CRA to make high investments, have a loyal customer base and earn profits according to economies of scale, however, all this is difficult to achieve by a new entrant, therefore the government should take some steps to aid the establishment of new CRAs.

Developing more Comprehensive Regulations

SEBI should develop a more comprehensive and updated form of Regulations to govern all the activities of the CRAs rating and non-rating services alike. These regulations ought to be exhaustive and inclusive of all the directions issued by Circulars issued by SEBI in the past, such a measure shall not only provide legislative clarity but also ease of adherence to the CRAs.

Conclusion

CRAs play a pivotal role in investor protection and hence their regulation is an important function of SEBI. Although there exists an extensive regulatory regime of CRAs the above-mentioned issues need to be addressed for better functioning. 

For other queries related to securities law, you can contact me.

References

https://vidhilegalpolicy.in/wp-content/uploads/2019/05/170731_CRAReport.pdf.

https://shodhganga.inflibnet.ac.in/bitstream/10603/68273/9/09_chapter%204.pdf

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/85BL4697A788DAB5485B826CFA24D35EA1BE.PDF

https://www.imf.org/external/np/apd/seminars/2003/newdelhi/pana.pdf

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