text: Financial services updater - international edition Publication | 23 January 2012 Introduction Capital adequacy Clearing & settlement Consumer credit Regulation and compliance Retail Seminars Introduction Welcome to the latest international edition of our financial services updater.Highlights this week include:Treasury Select Committee Report on the Financial Conduct AuthorityPolicy Statement 12/1: Auctioning of greenhouse gas emission allowances: Feedback to CP11/14ARROW visit coming up? It is important that firms properly prepare themselves for an ARROW visit. There are many ways in which we can assist in this preparation to ensure that the process runs smoothly. For further information please contact either Jonathan Herbst or Peter Snowdon. Capital adequacy Capital instruments: Pre-issuance notificationIn Handbook Notice 114 (November 2011) the FSA stated that, from 1 February 2012, all firms that calculate their regulatory capital under GENPRU had to notify it before issuing any capital instrument that they wished to include as regulatory capital, either at solo or group level.The FSA has created a new web page on its website concerning Capital instruments: Pre-issuance notification.The web page briefly sets out the circumstances in which the obligation arises and what firms need to tell the FSA. It also contains links to further guidance including FAQs and the notification form.View Capital instruments: Pre-issuance notification, 16 January 2012 Clearing & settlement CPSS-IOSCO publishes final report on requirements for OTC derivatives data reporting and aggregationThe International Organisation of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS) have published a final report on the over-the-counter (OTC) derivatives data that should be collected, stored and disseminated by trade repositories (TRs). The report addresses Recommendation 19 in the October 2010 report of the Financial Stability Board entitled Implementing OTC derivatives market reforms.The report specifies minimum requirements for reporting data to a TR and for the reporting by a TR to regulators, as well as types of acceptable data formats. The report also discusses issues relating to authorities' and reporting entities' access to data, and disseminating selected OTC derivates data to the public while taking into account any confidentiality constraints. The report also addresses data aggregation mechanisms and tools needed to enable authorities to aggregate data in a manner that fulfils their regulatory mandates, including methods, rationale and possible tools to implement data aggregation such as legal entity identifiers. The report also makes recommendations in the following key areas: minimum data reporting requirements, access to data and development of a standard international product classification system.View CPSS-IOSCO publishes final report on requirements for OTC derivatives data reporting and aggregation, 17 January 2012The T2S Framework Agreement: A management summaryTARGET2-Securities (T2S) is one of the most ambitious projects that the Eurosystem has embarked upon. The purpose of T2S is to provide harmonised delivery-versus payment (DvP) settlement in central bank money in a variety of currencies for almost all heavily traded securities circulating in Europe. It will therefore be a major step forward in creating a single market in securities, removing many of the Giovannini barriers to cross-border clearing and settlement, as well as acting as a catalyst for further harmonisation in post-trading services. It is intended that T2S will make cross-border settlement identical – in terms of cost, risk and technical processing – to domestic settlement. Owned by the Eurosystem, operated on a cost-recovery basis and designed for the benefit of the users, T2S aims to be a state-of-the-art securities settlement platform.In November 2011, the Governing Council of the European Central Bank (ECB) endorsed the T2S Framework Agreement and related schedules. The Framework Agreement is the core legal document governing the rights and obligations of the Eurosystem and the central securities depositories (CSDs) in relation to the development and operation of T2S.The ECB has now published a management summary which summarises the structure and content of the Framework Agreement.View The T2S Framework Agreement: A management summary, 17 January 2012 Consumer credit The regulation of consumer credit - Consumer Panel position paperThe Office of Fair Trading is currently responsible for regulating the consumer credit market. In December 2010, the Treasury and the Department for Business, Innovation and Skills published a joint consultation looking at the future of this sector. In this paper the Government outlined a preference to transition consumer credit regulation to a FSMA-style regime by transferring responsibility to the proposed Financial Conduct Authority (FCA).The Financial Services Consumer Panel (FSCP) has now published a position paper in which it supports the proposal that responsibility for consumer credit regulation should be transferred to the FCA, initially under the Consumer Credit Act regime, but with an aim of reviewing whether transitioning to FSMA-style rules would be appropriate at a suitable time.View The regulation of consumer credit - Consumer Panel position paper, 17 January 2012 Regulation and compliance ESRB publishes recommendation on the macro-prudential mandate of national authoritiesThe European Systemic Risk Board (ESRB) has published a recommendation on the macro-prudential mandate of national authorities.The recommendation provides that Member States should designate a competent authority in national legislation to conduct macro-prudential policy. The ultimate objective of this authority is to safeguard the stability of the financial system.The recommendation also provides that Member States should bestow on the macro-prudential authority the powers to conduct macro-prudential policy on its own initiative or as a follow-up to recommendations or warnings from the ESRB. The macro-prudential authority should also have the necessary independence to fulfil its tasks and should be able to issue public and/or confidential statements on systemic risk.The ESRB calls on Member States to take the necessary action before 1 July 2013 and, by June 2012, to communicate their intentions with respect to implementation and to report on developments to date.View ESRB publishes recommendation on the macro-prudential mandate of national authorities, 16 January 2012View Recommendation of the European Systemic Risk Board on the macro-prudential mandate of national authorities, 16 January 2012ESRB publishes recommendation on funding of banks in US dollarThe European Systemic Risk Board (ESRB) has published a recommendation on US dollar-denominated funding of banks. The recommendation is addressed to national supervisory authorities of Member States.The ESRB recommends that:National authorities intensify their monitoring action to prevent EU credit institutions from accumulating future excessive funding risks in US dollars. In particular such authorities are called on to closely monitor maturity mismatches, funding concentration, the use of US dollar currency swaps and intra-group exposures. National authorities should encourage credit institutions to take action before these risks reach an excessive level. At the same time measures to limit exposures should avoid having an adverse effect on existing financing in US dollars.National authorities should ensure that EU banks include management actions in their contingency funding plans for handling a shock in US dollar funding. In addition, national authorities should assess the feasibility of these plans at the level of the banking sector.The ESRB calls on national authorities to report on the implementation of the recommendation by June 2012.View ESRB publishes recommendation on funding of banks in US dollar, 16 January 2012View Recommendation of the European Systemic Risk Board on US dollar denominated funding of credit institutions, 16 January 2012Info letter: Financial Conglomerates (issue 7)The European Commission has published the January 2012 edition of its info-letter concerning financial conglomerates. The info-letter covers:The first amending Directive to EU financial conglomerates legislation which entered into force on 9 December 2011. The central character of this first revision implies that supervisors can simultaneously apply banking consolidated supervision, insurance group supervision and supplementary supervision at the level of the same parent entity, in case that parent is a holding company.Work concerning further amendments to EU financial conglomerates legislation. The Commission plans to publish a review report after the summer of 2012. Any legislative initiative will follow after this report, if deemed necessary, in 2013.The Joint Forum's consultative paper entitled Principles for the supervision of financial conglomerates. The Commission is considering the implications of this consultative paper from a European perspective and a call for evidence will be issued in due course.The info-letter also states that a conglomerates conference will be held in Brussels on 28 June 2012. This event is being organised back to back to the Joint Forum plenary meeting taking place in Amsterdam 26-27 June 2012.View Info letter: Financial Conglomerates (issue 7), 16 January 2012Opinion of the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission - MiFID review proposalThe Council of the European Union has published an opinion by the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission on the legislative proposals for the review of the Markets in Financial Instruments Directive (MiFID review).Comments in the opinion include:That the explanatory memorandum to the proposals should have specified which provisions of the current legislation remain unchanged.Certain amendments in the proposals should have been identified by using the grey-shaded type generally used for marking substantive changes. The specific amendments are set out in the opinion.The proposed recast Directive should have included a correlation table and that certain wording be used in the repealing article.The working party states that the proposal does not comprise any substantive amendments other than those identified in the opinion.View Opinion of the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission - MiFID review proposal, 16 January 2012Annual Report on the application of the CRA RegulationFrom 1 July 2011, the European Securities and Markets Authority (ESMA) was given exclusive responsibility for the registration and supervision of credit rating agencies (CRAs) in the EU. So far 16 CRAs have been registered by ESMA.ESMA has now published its first annual report on the application of article 21(5) of the EU Regulation on Credit Rating Agencies. The report:Covers how ESMA and competent authorities dealt with the assessment of the completeness and compliance of CRA applications.Explains how CRAs have adapted to the requirements set out in Annex I of the CRA Regulation.Discusses the supervisory action carried out by ESMA in the course of 2011 and its assessment of staffing and resource needs.Provides an update on the implementation of CEREP, the aggregated credit ratings database accessible to the public, which will go live in January 2012.Describes ESMA's policy work in 2011.Informs on the work carried out by ESMA regarding the assessment of third country regimes under the endorsement and certification provisions in the CRA Regulation.View Annual Report on the application of the CRA Regulation, 12 January 2012ESMA comment letters to EFRAG and IASB regarding IASB's ED Investment EntitiesThe European Securities and Markets Authority (ESMA) has published a comment letter to both EFRAG and the IASB concerning IASB's exposure Investment Entities.ESMA supports the proposed requirement for investment entities to measure investments in entities that it controls at fair value through profit or loss in accordance with IFRS 9 (Financial Instruments Classification and Measurement) rather than consolidating such investments. However, ESMA believes that the IASB should further deliberate on how to achieve that objective. In particular the IASB should:Introduce a main principle that the general business model of the parent investment company is to invest for capital appreciation, investment income or both.Identify the exit strategy as an additional criterion. An exit strategy is specific to the business of investment entities and should be in place as part of the business model.ESMA also states that whilst it would not support an overly prescriptive requirement for the format of disclosures, it may be helpful to users of the information to include the proposed schedules (of investments and financial highlights) as a disclosure requirement. ESMA also calls on the IASB to clarify the impact of any amendment to IAS 28 (Investment in Associates).View ESMA comment letter to EFRAG regarding IASB's ED Investment Entities, 16 January 2012View ESMA comment letter to the IASB on its ED Investment Entities, 16 January 2012Response from the Court of the Bank of England on accountability recommendationsThe Court of the Bank of England (the Bank) has published its response to the recommendations made by the House of Commons' Treasury Committee (the Treasury Committee) and the Joint Committee on the draft Financial Services Bill on the Bank's accountability.Key points in the response are:The new responsibilities for the Bank in the area of financial stability will need to be accompanied by new accountability mechanisms.That an oversight committee be established with direct access to the policymaking processes and papers in the Bank.The role of the oversight committee should be to assess whether the processes employed in making financial stability policy decisions have considered a full range of options and have taken reasonable account of the relevant information, analysis, differing views amongst policymakers, and challenges from outside the Bank.The oversight committee should commission reviews from outside experts concerning the performance of the Bank's financial stability policymakers.The forthcoming crisis management Memorandum of Understanding between the Bank and the Treasury should establish a clear framework for coordination. It should also establish a power for the Chancellor, when public funds are at risk and there is a serious threat to financial stability, to direct the use of the Bank's tools of crisis management.The Bank supports the Treasury Committee's recommendation that future Governors of the Bank be appointed for a single eight-year term.The Treasury Committee has issued a short press release on the Bank's response. The Treasury Committee's chairman, Andrew Tyrie MP' stated:"The Bank of England's response requires careful consideration. The Treasury Committee intends to produce a short report in time for consideration by the Chancellor before he publishes the Financial Services Bill at the end of the month. Whilst supporting some of the Committee's recommendations, on several key points the Court of the Bank of England falls short of what is needed. These points will be set out in the Committee's report."View Response from the Court of the Bank of England on the recommendations made by the Treasury Committee and the Joint Committee on the draft Financial Services Bill on the accountability of the Bank of England, 17 January 2012View Bank of England's proposals for reform fall short of what is needed, claims Treasury Committee Chairman, 17 January 2012Treasury Select Committee Report on the Financial Conduct AuthorityThe House of Commons' Treasury Select Committee (the Committee) has published a report on the proposed new Financial Conduct Authority (FCA), to advise the Government in preparation for the drafting and publication of the Financial Services Bill (the Bill) in early 2012.The report begins with an analysis of how the FCA fits into the proposed regulatory structure, followed by a consideration of its objectives. It then looks at the proposed lines of accountability for the FCA and makes suggestions for improvement. The report then outlines the FCA's place in the wider regulatory architecture, including how the FCA should coordinate with the PRA and the EU. Finally, the report looks at the proposed new powers of the FCA, such as early warning notices and product intervention.Some of the key conclusions in the report are:Competition should be central to the culture of the FCA.The Government should re-examine the need for the FCA's strategic objective. The report states that the strategic objective, as set out in the draft Bill, may lead the FCA to seek to enhance confidence in markets at times when that confidence may be misplaced. There is also the risk of confusion due to there being multiple tiers of objectives and duties.It is not necessary to transfer the competition powers of the Office of Fair Trading (OFT) to the FCA. Instead, the Committee prefers an approach whereby the FCA can refer issues of competition law to the OFT.The FCA should develop more reliable estimates of its own cost effectiveness.The Government should examine the scope for differentiating between retail consumers and wholesale consumers in the draft Bill.There should be improved communication between the FCA and the industry.The draft Bill does not provide for adequate accountability, or a framework for sufficient scrutiny of the FCA. Therefore, the draft Bill should be revised to ensure that the FCA is properly accountable to Parliament and that the necessary tools are available.The report is accompanied by a press release which contains a summary of the background to the report, as well as comments from the chair of the Committee, Andrew Tyrie MP. View Treasury Select Committee Report on the Financial Conduct Authority, 13 January 2012View Treasury Select Committee Report on the Financial Conduct Authority: Volume 2: Additional Written Evidence, 13 January 2012Policy Statement 12/1: Auctioning of greenhouse gas emission allowances: Feedback to CP11/14In July 2011 the FSA published Consultation Paper 11/14: Auctioning of greenhouse gas emission allowances. In this paper the FSA consulted on measures to complement the Treasury's implementation of a new regulatory regime applicable to platforms that will conduct auctions in emission allowances.The FSA has now published Policy Statement 12/1: Auctioning of greenhouse gas emission allowances: Feedback to CP11/14 (PS12/1). In PS12/1 the FSA reports on the responses to its earlier consultation and sets out the changes it has made to the Handbook. The FSA's response to the earlier consultation is set out under three headings:Provisions for a Recognised Investment Exchange's default rules.Auction products.Language.The new rules came into effect on 22 December 2011 and the FSA states that there will be a further consultation in the Spring in relation to bidding on an auction platform.View Policy Statement 12/1: Auctioning of greenhouse gas emission allowances: Feedback to CP11/14, 12 January 2012Notice of undertaking - National House Building CouncilThe Office of Fair Trading (OFT) is the principal enforcer of the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations). However, the FSA is a "qualifying body" under the Regulations, which means that it has powers to tackle unfair terms.By agreement with the OFT, the FSA is responsible for considering the fairness (within the meaning of the Regulations) of standard terms in financial services contracts issued by FSA authorised firms or appointed representatives of firms that undertake any regulated activity. This means that the FSA is responsible for considering the fairness of terms in many types of financial services contracts, including those relating to mortgages, general insurance, pensions, investments and long term savings.The FSA has now issued a notice of undertaking from the National House Building Council undertaking not to use a term in its NHBC Buildmark policy (an insurance policy which covers defects in the way a consumer's new home is built) which the FSA considers may be unfair.View Notice of undertaking - National House Building Council, 17 January 2012BBA response to questionnaire on MiFID/MiFIR 2 by Markus Ferber MEPThe British Bankers' Association (BBA) has published its response to the questionnaire issued by Markus Ferber MEP on the review of the Markets in Financial Instruments Directive (MiFID).The BBA's response to the questionnaire includes:That its members do not agree with the proposal to include custody as a core service. The BBA argues that if custody is to be included as a core service there needs to be a clear definition of this service and clarity on which provisions apply.An EU passport for third country firms has the potential to improve EU investors' and issuers' access to third country markets. However, it needs to be carefully designed not to limit or discourage third country participation in EU markets or routine professional and counterparty interactions with third country firms to the detriment of EU investors and corporates, or the access of third country issuers to funds in the EU markets. The proposals as they stand may seriously hinder global trade.That its members support a well calibrated definition of Organised Trading Facility. However, the definition in its current form is too high level.The proposals define high frequency trading and algorithmic trading but does not distinguish the two concepts.That its members are concerned that an outright ban on inducements for portfolio managers is inappropriate. The existing MiFID requirements on inducements provide sufficient safeguards as all investment advisors are already under an obligation to recommend products that are suitable for consumers and to disclose inducements. Any concerns around conflicts of interest would be better addressed by requiring firms that offer inducement-based services to obtain explicit consent from clients for the fees.That its members feel that the revised best execution requirements are generally workable.That its members believe that the revised rules on pre-trade transparency could cause drastic structural change (with unintended consequences) if not appropriately considered and defined with clear objectives in the text.View BBA response to questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP, 13 January 2012CLLS response to Markus Ferber MEP's questionnaire on the European Commission's proposals for MiFID II/MiFIRThe City of London Law Society (CLLS) has published its response to the questionnaire issued by Markus Ferber MEP on the review of the Markets in Financial Instruments Directive (MiFID). CLLS comments include:That the European Commission has not justified the proposed deletion of the exemption contained in article 2.1(k) MiFID.To the extent that emission allowances are brought into the scope of MiFID, that a mechanism needs to be found to ensure that in the negotiations the specific merits of extending individual provisions of MiFID are fully considered in each case and the European Parliament is urged to facilitate such consideration.Greater certainty concerning the scope of the activity "safekeeping and administration" is needed if it is to become a core service.Extending the MiFID authorisation requirements in the way that the Commission proposes would significantly damage the ability of EU investors and firms to access the services of third country firms.That there are at least two fundamental problems with the proposed definition of "Organised Trading Facility".That the proposed definition of algorithmic trading is too wide, capable of capturing any trading which makes use of computer technology.That it does not agree that an absolute prohibition on inducements as suggested by draft article 24(6) works for the benefit of consumers in every case.View CLLS response to Markus Ferber MEP's questionnaire on the European Commission's proposals for MiFID II/MiFIR, 16 January 2012FSA imposes fine on UK Insurance LimitedThe FSA has found that two insurance firms, Direct Line and Churchill, have failed to prevent complaint files from being improperly altered before being submitted for review in breach of Principle 2. While the fine of £2,170,000 relates specifically to failings by Direct Line and Churchill, since the breach occurred the relevant business and liabilities of both firms have been transferred to UK Insurance Limited (UKI). UKI is therefore responsible for paying the fine. Prior to an internal file review exercise, management had told staff that they would face internal disciplinary investigation if they were found not to be operating to required standards. This increased the risk of alteration of files. Instructions to staff in relation to the collation of files for the FSA were not sufficiently clear. The files were not collated by individuals who had not worked on the files or checked for improper alterations by the risk department prior to being sent to the FSA. One staff member had forged signatures of colleagues on case assessment reports.However, the alterations were minor and the breach did not result in any customer detriment or have a significant impact on the FSA's review. The FSA assessed this as a "level 3" breach and considered that a penalty of £3.1 million reflected this seriousness. No adjustment was made in relation to aggravating or mitigating factors or for deterrence. A 30 per cent settlement discount was applied.View FSA imposes £2.17 million fine for failure by Direct Line and Churchill to conduct their businesses with due skill, care and diligence, 18 January 2012View Final Notice - UK Insurance Limited, 18 January 2012France: AMF comments on a number of provisions from the MiFID review proposalsThe French Securities regulator (the Autorité des Marchés Financiers or AMF) has commented on the European Commission's legislative proposals revising the Markets in Financial Instruments Directive.In essence, while the AMF agrees that the legislative proposals progress certain issues such as investor protection, regulation of over-the-counter trades and reinforcement of pre- and post- trade transparency requirements, two areas are of particular concern:The AMF believes that the new proposed concept of Organised Trading Facility (OTF) cannot be a category of "trading venue" in its own right. This is on the basis that regulated markets and MTFs are characterised by the non-discretionary execution of transactions and are subject to pre-determined rules. Operators of OTFs, in contrast, will have a degree of discretion over how a transaction will be executed (although they will be subject to investor protection, conduct of business and best execution requirements). Instead, the AMF argues for the incentivisation of trading on "trading venues" for all standardised and sufficiently liquid financial instruments by setting a limit beyond which an OTF would have to become a fully fledged MTF.The AMF regrets that the treatment of high frequency trading considered under the legislative proposals is not ambitious enough. The AMF suggests the inclusion of rules on tick sizes, fee structures, order execution/cancellation ratios, or rules ensuring that co-location and fee structures do not undermine fair competition between market participants.The extent to which the AMF's views will be taken into account when the legislative proposals are finalised remains to be seen.For further information please contact Roberto Cristofolini or Anselme MialonFrance: Implementation of UCITS IV is now completeAs previously reported, the implementation of UCITS IV into French law and regulation has been a gradual process. Legislative and regulatory provisions were implemented into the French Monetary and Financial Code over the summer and the French Securities regulator (the Autorité des Marchés Financiers or AMF) incorporated the necessary changes into its Rulebook last October. However, a number of AMF Instructions needed to be revised in order to complete the implementation.Existing AMF Instructions have been reclassified and two are of interest for UCITS:Instruction 2011-19 on authorisation procedures, establishment of a KIID and a prospectus, and the periodic reporting requirements of French UCITS and foreign UCITS marketed in France (notably setting out what information the notification file for marketing a UCITS or UCITS sub-fund in France is required to include).Instruction 2011-15 on procedures for calculating the global exposure of UCITS, in order to implement CESR's Guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS, published on 28 July 2010, and ESMA's Guidelines to competent authorities and UCITS management companies on risk measurement and the calculation of global exposure for certain types of structured UCITS, issued on 14 April 2011.For further information please contact Roberto Cristofolini or Anselme MialonFrance: AMF launches public consultation on overhaul of certain aspects of rules governing takeover bidsThe French Securities regulator (the Autorité des Marchés Financiers or AMF) has launched a consultation on suggested amendments to provisions contained in its Rulebook dealing with takeover bids.Two proposed changes that are particularly noteworthy:Insertion of mandatory acceptance threshold condition in takeover bids. As a preliminary note, under French regulation, the offeror launching a voluntary takeover bid may (but is under no requirement to) stipulate in its offer that a certain number of securities must be tendered and below which the offer will lapse. The AMF suggests reversing this current position and making a 50 per cent acceptance condition mandatory for all voluntary offers covered by the normal procedure (i.e. where the offeror does not already own a majority of the target's shares prior to the launch of the takeover bid). The rationale for the suggested amendment may be traced to a number of recent takeover bids where the absence of an acceptance threshold condition was viewed suspiciously by the corporate body of the target as a sign that the offer was not intended to give the bidder a majority stake but to allow the latter to gain creeping control of the target. Supporters of this amendment argue that changing the position would allow successful offers that clearly result in the bidder gaining statutory control of the target company, while critiques claim this would result in takeover bids being harder to launch with less liquidity being consequently offered to shareholders of potential targets.Introduction on French semi-regulated markets of new exemptions from the requirement to file a mandatory takeover bid under certain circumstances. At present any investor that happens to hold more than 50 per cent of the share capital or voting rights of a company listed on French semi-regulated market Alternext Paris (French equivalent to AIM) is required to make a takeover bid to purchase all of the outstanding shares of such company. As an exception, the AMF may grant, upon request by the relevant investor, an exemption from the requirement to file a mandatory takeover bid in a number of limited circumstances, such as going through the 50 per cent threshold as a result of the subscription of new shares of a company in financial difficulties or as a result of a transaction submitted to the approval of the general meeting of shareholders. In addition to these existing exemptions, it is proposed to add two new cases where the threshold triggering the mandatory takeover bid is exceeded consecutive to: (i) the subscription of a restricted capital increase; or (ii) the exercise or conversion of securities giving access to equity, thereby filling in a loophole in current regulations.The deadline for responding to the consultation is 31 January 2012. Following a review of the consultation responses the AMF will implement the new provisions into its Rulebook.For further information please contact Roberto Cristofolini or Anselme MialonNetherlands: Publication of updated guideline for shareholdersOn 4 January 2012, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published an updated guideline for shareholders in relation to the notification duty in relation to voting rights, share capital, control and share capital interests in issuers. The guideline was updated by the AFM as on 1 January 2012 the legislative proposal regarding the introduction of a notification requirement for certain cash-settled instruments came into force.View AFM publishes guideline for shareholders, 4 January 2012For further information please contact Floortje NagelkerkeNetherlands: Policy rule on notification duty cash-settled instrumentsIn December 2011, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) consulted on a policy rule (beleidsregel) concerning the disclosure obligation in relation to cash settled instruments. The policy rule came into force as of 1 January 2012 and includes a calculation method on the number of shares in an issuer to which the relevant financial instruments pertain and the circumstances pursuant to which a basket or an index falls under the disclosure obligation. The AFM also published a feedback statement to its earlier consultation on the policy rule.View The policy rule (in Dutch), 30 December 2011View The feedback statement (in Dutch), 23 December 2011For further information please contact Floortje NagelkerkeNetherlands: Measures relating to pension fundsOn 6 January 2012, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that, given the impact of pension changes on macro-economic developments, DNB will permit pension funds which will need to curtail pension rights and benefits to a maximum of 7 per cent. In addition, due to the exceptional conditions of the financial markets DNB has decided to make a correction to the yield curve as at the end of 2011. Both these measures aim to reduce uncertainty concerning pensions. After this adjustment, the weighted average funding ratio of the pension funds as at 31 December 2011 comes out at an estimated 98 per cent. DNB believes that pursuant to these measures, approximately 125 pension funds will have to take corrective action. Without these measures this would be approximately 180 pension funds.View Measures taken by DNB to reduce uncertainty about pensions, 6 January 2012For further information please contact Floortje NagelkerkeNetherlands: On-line courseOn 17 January 2012, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published on their website a course relating to the approval process of prospectuses by the AFM. This on-line course consists of video as well as briefing notes. This course deals with the requirements for issuers on publishing an approved prospectus and how to draft a prospectus.View The on-line course (in Dutch), 17 January 2012For further information please contact Floortje Nagelkerke Retail Ombudsman News - Issue 99The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter, Ombudsman News. This issue of Ombudsman News includes articles on:Recent disputes involving debt.Complaints about personal accident insurance.A snapshot of the FOS complaints figures for Q3 2011/12 financial year.The newsletter also contains an article from the chief ombudsman, Natalie Ceeney, on proposed new arrangements for charging financial businesses case fees.View Ombudsman News - Issue 99, 17 January 2012 Seminars 40 minute briefing series - January 2012 to April 2012We are pleased to announce that the invitation for the next series of 40-minute briefings is now available.If you cannot access this link, please copy and paste the address below into your web browser.http://www.nortonrose.com/invitations/2011/your-guide-to-the-key-regulatory-challenges-in-2012-60409.aspxFifth annual Markets Infrastructure Group seminar - 7 February 2012At 15.00 on Tuesday 7 February 2012 the Norton Rose LLP financial services team will be holding its fifth annual Markets Infrastructure Group seminar. If you cannot access this link, please copy and paste the address below into your web browser.http://www.nortonrose.com/invitations/2011/fifth-annual-markets-infrastructure-group-seminar-60990.aspxFinancial services regulatory products: Phoenix and PegasusHaving difficulty keeping up with the pace of the Government's regulatory reform proposals?Phoenix is our new financial services product that is an online resource designed to help those who are starting their UK regulatory reform projects. It sets out the latest developments and timing of the Government's reform programme plus the key resource papers from the Treasury, Bank of England, FSA and the ICB. The latest Norton Rose LLP briefing notes, videos and webcasts are also available.The Phoenix main page can be found here.Behind the curve on the MiFID review?We have launched a second online resource product called "Pegasus". Pegasus is a new financial services product that is an online resource designed to assist those starting work on MiFID review projects. The Pegasus main page can be found here.Financial services Fireside FridaysPlease click on the links below:2012: The regulatory year ahead (20 January 2012)The regulatory year in review (16 December 2011)MiFID review and third country issues (25 November 2011)The MiFID Review (21 October 2011)The regulatory regime for energy and commodity companies (7 October 2011)The final report of the Independent Commission on Banking (23 September 2011)Financial services webcastsPlease click on the links below:Financial services 40 minute briefing entitled 'European reform: AIFM Directive - the latest on implementing measures' (7 December 2011)Financial services 40 minute briefing entitled 'European reform: MiFID and MAD: tying the legislative proposals together (November 2011)Financial services 40 minute briefing entitled 'European reform: MiFID and MAD: The next pieces in the puzzle' (July 2011)Financial services webcast directory Sector: Financial institutions Top


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Don,I see the Cecilware deck oven has 3 heating elements as you posted. I am not sure which Ceilware deck oven perezoso has, but this one says this oven isnt recommended for fresh dough or pan baking. It says it is for prebaked crusts only. http://www.foodservicewarehouse.com/cecilware/po18/p1348724.aspxNorma

subset: commoncrawl


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Here's how RW members rated this race (40 votes).
In short: Watlington Skyline 2014 ratingIn full: This makes 3 great races in Watlington - Summer and Winter 10km and 10 mile Skyline.As with all the Watlington races v well organised, marshalled and marked, despite my fears about getting lost!A race organised by runners for runners, v friendly race and great to get a pint in the pub.Enter these races before they get too popular!Thanks.Date of review: October 13, 2014
In short: Charming local even with a serious challengeDate of review: June 30, 2012
In short: Great local off-road 10k with a few good hills In full: I was roped into this at the last minute but on the day entry was swift and easy. Parked right outside, no queue for the loo and a warm place to wait for the start. Very low key with les sthan 150 runners but very friendly and a fantastic route with a wondersul long downhill section in the last 2m. Not sure how we get to see the results as can't seem to find them anywhere...Date of review: December 5, 2011
In short: Great way to spend a Sunday morning!In full: Really enjoyed myself - small, friendly race in beautiful countryside. Well marshaled and well marked course and the first XC race I've ever done where the organizers had kindly marked tree roots/tree stumps in fluorescent paint! Nice hard race with killer hills and we were warned at the start that although billed as 10K it was actually longer (6.5 miles by my reckoning!) well that's my excuse when broadcasting my time!! Well done to the organizers. Date of review: December 4, 2011
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About Runner's World


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Beth Fertig
Beth Fertig is the contributing editor for education, covering the New York City public school system for WNYC on air and online at SchoolBook.org. She has covered education in the city for more than 15 years. Beth is the author of Why cant u teach me 2 read? Three Students and a Mayor Put Our Schools to the Test (FSG Books) which grew out of a radio series on the low graduation rate for special education students. Follow her @bethfertig.


text: "Sexting" refers to sending a text message with pictures of children or teens that are inappropriate, naked or engaged in sex acts. According to a recent survey, about 20 percent of teen boys and girls have sent such messages. The emotional pain it causes can be enormous for the child in the picture as well as the sender and receiver--often with legal implications. Parents must begin the difficult conversation about sexting before there is a problem and introduce the issue as soon as a child is old enough to have a cell phone. Here are some tips for how to begin these conversations with your children:


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About the Author: Andrew Stevenson serves as a Foreign Affairs Officer at the U.S. Mission to the Organization of American States (OAS).
When I learned early last year that the Organization of American States (OAS), the world's oldest regional organization, was planning to celebrate its 60th anniversary in 2008, I took advantage of the occasion to learn more about the history of the OAS and the role played therein by the U.S.
During the hours I had spent in negotiations at the Main OAS Building in downtown Washington , I had already become familiar with the prominent fig and rubber hybrid Peace Tree planted in the central patio in 1910 by President Taft during the dedication ceremonies for the organization then known as the Pan American Union. But I quickly realized that more recent inter-American cooperation stems from the early roots symbolized by the Peace Tree, manifesting itself in a variety of other forms and shared commitments over the years.
In fact, today marks the 60th anniversary of the Charter of the OAS, a document signed by the U.S. and 20 other countries of the Americas at the Ninth International Conference of American States on April 30 1948, in Bogotá , Colombia . Concurrent with the adoption of the Charter, the same states also adopted the American Declaration of the Rights and Duties of Man, predating the Universal Declaration of Human Rights by more than six months.
In the 60 years since the founding of the OAS, the Americas have undergone profound and positive changes. All 35 countries of the Americas have ratified the OAS Charter and belong to the Organization -- even Cuba , though the current Cuban government was excluded from participation in 1962. The Inter-American Democratic Charter, approved on September 11, 2001, also underscored the strength of a deepened OAS consensus on democracy.
When the OAS returns to Colombia to hold its annual General Assembly next month, it will do so acknowledging these past challenges and accomplishments. From the seeds planted by Simon Bolívar, who expressed his dream of a Pan-American union "with a single bond that unites its parts among themselves and to the whole" in his famous 1815 "Letter from Jamaica ," the OAS has truly grown in importance and relevance.
The U.S. commitment to the OAS was strong and forward-looking from the start. President Truman's June 16, 1951 statement on U.S. ratification of the OAS Charter reflected shared post-war and security concerns, a recognition that "we are bound together by a common past and by common beliefs," and interest in engaging the OAS in advancing the region's diverse interests. Observing that the "pace of change is not fast enough," President Johnson's remarks on the 20th anniversary of the OAS emphasized support for the Alliance for Progress and the Inter-American Development Bank.
President Bush also underscored the important role which the U.S. plays in the region and in the Organization when, shortly after being sworn into office, he addressed the OAS, attended three OAS-organized Summits of the Americas , and later served as host to its 2005 General Assembly in Fort Lauderdale .
Over the past two years, I have attended numerous OAS meetings, and seen up close the real impact which the OAS is having on people's lives. As a result, I also know that the work of the OAS parallels key U.S. interests in promoting democracy, protecting human rights and fundamental freedoms, fostering economic development, and combating terrorism, illegal drugs, and corruption.
In negotiating resolutions in preparation for the OAS General Assembly next month under the theme of "Youth and Democratic Values," I am constantly reminded of the high hopes and aspirations which we - and other member states -- have put on paper over the years, in English, Spanish, French, and Portuguese. I also am reminded that Bolívar's ideals of Pan Americanism, based on independence, sovereignty, and the right of all nations to live in peace, find clear expression in the work of the OAS and its Charter. The challenge we now face is making tangible -- especially for youth -- this vision of a just, united and democratic hemisphere.
More information available at the OAS website.


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Mirror Lake Inn Resort and Spa receives second Conde Nast Traveler award in the past month
LAKE PLACID – Mirror Lake Inn Resort and Spa continues to impress the discerning readers of Conde Nast Traveler with yet another distinction.
As ski season approaches, the publication's readers have placed the Mirror Lake Inn sixth among their Top 50 Ski Hotels in North America. In addition, as the top five are located in the western United States, the privately-owned Lake Placid property becomes the poll's top-rated ski hotel in eastern North America.
Just one month ago, the hotel, AAA Four Diamond-rated for 28 consecutive years, was bestowed with the Readers Choice Awards No. 1 resort rating in the Northeast. The View Restaurant, located just steps beyond the Inn's front desk, has been designated a Four Diamond dining experience the past five years.
The Lake Placid Lodge tied for eighth place in the ski hotel survey, while the Whiteface Lodge was 11th.
"To receive one such honor is quite an achievement," said Mirror Lake Inn Resort and Spa owner Ed Weibrecht. "But for us to back that up with another top award is really remarkable. We believe such distinction will not only help us, but I think it will enhance the overall brand of the Lake Placid/Whiteface Mountain region."
In the 17th annual Conde Nast Traveler ski poll, there were six distinct categories, each with grades to 100. Mirror Lake Inn's average of 94 placed it ahead of such upscale properties as the Stowe Mountain Lodge and the Equinox Resort, both in Vermont.; Stein Eriksen Lodge and Montage, both at Deer Valley, Utah; Ritz Carlton Lake Tahoe, Calif.; Ritz Carlton Avon, Colo.; Little Nell in Aspen, Colo.; Chateau Lake Louise in Alberta, Canada; and the Four Seasons in Vail, Colo.
"To receive such a distinction, especially as we enter a new winter season, will not only give our resort, but the area overall, a welcomed boost," said owner Lisa Weibrecht, Ed's wife.
"When you couple this honor with the kind of cooperative weather that has enabled Whiteface Mountain to make excellent snow in November and open early, the entire Adirondacks is on target for an outstanding season."


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Debates of Nov. 4th, 2003
House of Commons Hansard #150 of the 37th Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was claims.
- Members' Expenditures Report
- Government Response to Petitions
- Committees of the House
- Food, Drugs and Natural Health Products Act
- Petitions
- Questions on the Order Paper
- Specific Claims Resolution Act
- Veterans' Week
- Minister of Transport
- International Cinema Festival in Abitibi-Témiscamingue
- Foreign Affairs
- National Defence
- Foreign Affairs
- Middle East
- Quebec City Bridge
- Veterans Affairs
- North Thompson
- Liberal Government
- National Defence
- Crime Prevention Week
- Liberal Government of Canada
- Multiculturalism
- Foreign Affairs
- Hockey
- Prime Minister of Canada
- National Defence
- Minister of Finance
- National Defence
- Foreign Affairs
- Agriculture
- National Defence
- Minister of Finance
- National Defence
- The Environment
- Atlantic Canada Opportunities Agency
- Foreign Aid
- Atlantic Canada Opportunities Agency
- Canada-U.S. Border
- Foreign Affairs
- Natural Resources
- Intergovernmental Relations
- Foreign Affairs
- Sex Offender Registry
- Softwood Lumber
- Canada Lands Company
- Health
- Sex Offender Registry
- Presence in Gallery
- Privilege
- Specific Claims Resolution Act
- Business of the House
- Specific Claims Resolutions Act
- Federal-Provincial Fiscal Arrangements Act
- Canada Pension Plan
Specific Claims Resolution Act
Government Orders
1:40 p.m.
An hon. member
The minister of backlogs.
Specific Claims Resolution Act
Government Orders
1:40 p.m.
Canadian Alliance
Gurmant Grewal Surrey Central, BC
Yes, he is the minister of backlogs and he will continue to be the minister of backlogs.
In this backlog, 48% of the specific claims are from first nations in British Columbia. That is almost half. The most claims from any region in Canada are in the province of British Columbia. First nations in British Columbia have the most to gain from the establishment of a truly independent, fair and timely process. And they have the most to lose if the bill before us is passed without further significant amendments, which we have come forward with in the past.
Bill C-6 will institutionalize the federal government's conflict of interest in judging claims against itself and will authorize and reward the Minister of Indian Affairs for indefinite delay in deciding whether or not to accept specific claims for negotiations. It will institutionalize the conflict of interest in the whole process.
The Alliance of Tribal Nations is outraged by the failure of the minister to consult with first nations on Bill C-6, by the speed with which Bill C-6 was rushed through second reading, and by the fast tracking of this legislation through the Standing Committee on Aboriginal Affairs, Northern Development and Natural Resources.
As members may remember, only one day was allocated for briefs from first nations, with their presentations being limited to from 5 to 10 minutes, and with only 10 to 20 minutes for questions and answers. That was not enough. If we wanted to listen to all the parties involved, one day, with just 5 to 10 minute presentations, was not good enough.
The Alliance of Tribal Nations has asked that I oppose this legislation vigorously. That is why I am participating in the debate along with my other colleagues, who have already given a good version of this whole situation.
In conclusion, I would like to say that the Canadian Alliance strongly supports the speedy resolution of claims. However, this bill will not speed up the resolution of claims and particularly not the larger and more costly claims. The Senate recognized all the main problems with the bill, which we in the Canadian Alliance pointed out during earlier debate in the House. While the Senate amendments marginally improve the bill, they do not go far enough to rectify the fundamental flaws in the legislation. We therefore stand opposed to the Senate report and to the final passing of this bill.
However, I believe that this exercise of participation in the debate is an exercise in futility. It is an exercise in vain. First, the government does not listen. Second, we know that the House is going to prorogue soon for the preparation of the incoming leader. Or maybe the House will adjourn soon and all this legislation will be pending and will go into the waste bin eventually. I will just say for the sake of analogy that if we have to demolish something and there is a bulldozer next to us but we continue building something with the hope that it will not be demolished, we know that if the bulldozer is there our building will be demolished. The work we do will not be fruitful.
I am concerned that the government is not serious about specific claims settlement. I still believe that if the government listens to the official opposition, to the other concerned bodies and to first nations, it can come up with some proposed amendments. The government should listen. That would improve the quality of the bill.
Specific Claims Resolution Act
Government Orders
1:45 p.m.
New Brunswick
Charles Hubbard Parliamentary Secretary to the Minister of Indian Affairs and Northern Development
Madam Speaker, I listened with interest to the hon. member. I do not think the 10 minutes available to us will enable me to comment on all the various points he has made, but there are several points I would like to bring into question.
First of all, he indicated that the bill has been very rushed. In fact, various parts of this government and the previous government have spent more than 10 years preparing this legislation. They have listened to the various departments.
In terms of claims, not only do we think of claims between the Government of Canada and our various first nations communities, but also we think of the people affected in our provinces, territories and in fact all Canadians. So when we talk about specific claims and how they might be resolved and we look at the process that has been in progress, we can see that there have been very few successes in terms of the number of issues that have been dealt with.
I hope that in terms of this legislation we will see a speedier resolution of the various claims that first nations will bring to our table.
I would like to remind members of the House that the more than 600 first nations across the country are getting more involved with their history. The scholars being developed through our educational systems on those first nations communities are bringing to bear on this people who are very much concerned about the history of their communities and what effect Canadians and history have had on their various groups. With this, we find that research is being done and new specific claims are being brought about. With that, of course, we find that hopefully just dues will be paid for the mistakes that have been made by our peoples in the past.
The hon. member has also indicated that there is a problem about independence of the centre and of the tribunal. He has tried to indicate that by the way the appointments might be made there could be bias, but the same argument could be made in terms of the Supreme Court of Canada or the judicial system itself because there, of course, appointments are made by various levels of government. With it, we always have high hopes that the decisions made by those groups are fair, unbiased and in the best interests of all of Canada.
I visit various parts of British Columbia and we know that in British Columbia great assertions of their traditional territories are made by first nations peoples. In the member's home province, a commission has been set up that has looked at some of those claims and is attempting to bring resolution to many of the concerns they have in that great province. I would ask the hon. member if he could simply bring to the attention of the House what is happening in his home province in terms of that commission and how it is improving the lives, the attitudes and the outlook of the more than 300 first nations in the province of British Columbia.
Specific Claims Resolution Act
Government Orders
1:50 p.m.
Canadian Alliance
Gurmant Grewal Surrey Central, BC
Madam Speaker, I appreciate the member's concern. He has raised a good point but the overall purpose of the bill is not accomplished at all. The specific claim process is not independent. The minister has every right to interfere with it. The minister will be making the patronage appointments, including the chief executive officer of the tribunal, the commission members and so on.
The cap for the claims is arbitrary; $7 million is not enough. We made an amendment in committee for $25 million, which would have been fairer. The backlog is already huge. The process will be quite slow and the backlog will continue. The minister still has 500 specific claims on his desk that need to be concluded as to whether they should go for negotiation. There is a huge backlog and 48% of those claims are from my province of British Columbia.
The government has not paid full attention to the issues and concerns and it did not look at the amendments in the way it should have. The flaws in the bill that we pointed out in previous debates were the same flaws that the Senate pointed out but the government still refuses to accommodate those concerns.
In a nutshell, this whole process is not independent, it is not fair and it will not resolve the claims in a timely fashion.
Specific Claims Resolution Act
Government Orders
1:50 p.m.
Claude Bachand Saint-Jean, QC
Madam Speaker, I have the advantage of having been the Indian Affairs critic for my party for seven years. There is one thing that has always struck me: the matter of consultation. I recall several bills where we called witnesses after second reading, when we asked aboriginal people to come and give us their views.
I always found that the government heeded this consultation very little, and did not pay much attention to the representations made. One might say that the government had a preconceived idea in mind when it introduced a bill. Everything was organized in advance, everything was prepared. Regardless of what the aboriginal leaders had to say, or the aboriginal people themselves or their chiefs, the government went ahead and decided to pass its legislation, attaching no importance to the consultation.
From what I hear about Bill C-6, it seems that is more or less what happened. There were numerous representations. Many people were consulted. Now the government is saying, "Well, we listened to you, but now we are going to do as we please". That is the impression I have about the bill before us.
I would like to ask my colleague, who has just given an excellent presentation, if he does not somewhat share my opinion that the government has once again missed its chance to listen to those who are the directly concerned by this bill, that is the aboriginal people themselves? Once again, we are involved in a debate on a bill that has been presented after consultation, but the consultation will not be heeded. They want to impose this bill, ignoring not only the opinion of the first nations people, but also the opinion of all opposition parties in the House of Commons.
I would like to know whether my colleague shares my impression that there has been a lack of consultation or that the consultation that did take place is being ignored, as far as Bill C-6 is concerned?
Specific Claims Resolution Act
Government Orders
1:55 p.m.
Canadian Alliance
Gurmant Grewal Surrey Central, BC
Madam Speaker, the hon. member has done tremendous work on this issue for many years in the past. He is absolutely right when he says that the government has completely ignored addressing the specific concerns of the first nations.
We know our first nations people are in a desperate situation. The issues of health care, unemployment, suicide rates, poverty and accountability continue as they were many years ago. It is difficult for the first nations to get their rights and the attention of the government on these issues.
I agree with the member that the government is not listening. It is not listening to the opposition nor is it listening to the first nations. It has misspent all the money in various programs. The money flows from the government to certain people in the first nations but it does not reach the grassroots first nations people where it has to go.
The government has completely ignored looking into various issues like health care, unemployment or employment and the general overall welfare of the society in general. I blame the government for that. Not only does it not have any plan in place, but I guess there is a lack of political will to resolve the problems in an effective manner.
Specific Claims Resolution Act
Government Orders
1:55 p.m.
Brampton Centre
Sarkis Assadourian Parliamentary Secretary to the Minister of Citizenship and Immigration
Madam Speaker, my colleague from the Alliance Party blasted the government for its record but I have to remind him that this government and this party has been more friendly to aboriginal people than any other government over the last 100 years.
Why is he so opposed to bringing this system into the 21st century? What was so good about the previous treatment of first nations that he is still defending it? I cannot comprehend his logic.
Specific Claims Resolution Act
Government Orders
1:55 p.m.
Canadian Alliance
Gurmant Grewal Surrey Central, BC
Madam Speaker, the hon. member has it wrong again. Neither I, my party nor anyone on this side of the House are against the process of resolving the claims. We are against the government's ill will and its lack of understanding that it has put into Bill C-6 to resolve the issues.
As I indicated, the process is not independent and it is not fair. It will not be done in a timely manner. The backlog will continue. The member should look at this issue again. All of us in this chamber have a moral responsibility to deal with the claims in a timely and fair manner.
Veterans' Week
Statements by Members
November 4th, 2003 / 1:55 p.m.
Clifford Lincoln Lac-Saint-Louis, QC
Madam Speaker, this month we are celebrating Veterans' Week, culminating in the ceremonies on Remembrance Day, November 11.
Yesterday, I participated in a ceremony at the veterans' hospital in Sainte-Anne-de-Bellevue, where the minister presided over the sod-turning for the hospital modernization project.
This modernization project involves an expenditure of $67.7 million for improvements at the hospital. The hospital is redesigning its main section and adding a new 130 bed pavilion. By the end of construction in 2007, the hospital will include 460 private rooms equipped to take care of the unique needs of our most deserving citizens.
I applaud this initiative of Veterans Affairs Canada on behalf of those who have sacrificed so much of themselves in the cause of freedom and peace.
Minister of Transport
Statements by Members
1:55 p.m.
Canadian Alliance
Jim Gouk Kootenay—Boundary—Okanagan, BC
Madam Speaker, in the final days of his dictatorial tenure as the transport minister, I would like to take this opportunity to thank him for his latest excesses on VIA Rail. His outrageous new spending announcement is enough to finally focus media and public attention on the phenomenal waste of money that VIA represents.
Since the Liberals took office, VIA has used up $3 billion of taxpayer money, exclusive of this latest announcement. That money could have been far better spent on health care, justice issues, basic community infrastructure or simply left in the pockets of Canada's hard-pressed taxpayers.
However I certainly cannot thank the minister for the destruction he has brought on all the other areas of transportation. While he has focused on his pet rail fetish, our highways are crumbling, airport rents and the subsequent airline fees have skyrocketed and have tripled. Airline security has turned into another expensive and inefficient bureaucracy, and security at our national ports has been slashed.
Our country needs and deserves better. If the minister had just stayed home and played with toy trains, the taxpayers and the transport industry would be in far better shape.
International Cinema Festival in Abitibi-Témiscamingue
Statements by Members
2 p.m.
Gilbert Barrette Témiscamingue, QC
Madam Speaker, allow me to rise in this House to pay tribute to people from Rouyn-Noranda who help make the International Cinema Festival in Abitibi-Témiscamingue a success year after year.
The festival generates economic spinoffs estimated at $1.5 million annually and gives more than 20,000 moviegoers an opportunity to view a hundred or so films. During five intensive days, we get to venture into the worlds of the cinema of Quebec, Canada, Europe, Africaand South America. Our festival knows no boundaries.
Under the direction of the founding trio of Jacques Matte, Louis Dallaire and Guy Parent, some 60 volunteers and associates welcome each year a hundred or so producers, directors, actors, journalists and distributors.
My warmest congratulations to the organizers of the festival, which is celebrating its 22nd anniversary.
Foreign Affairs
Statements by Members
2 p.m.
Irwin Cotler Mount Royal, QC
Madam Speaker, we just concluded an all party press conference in support of the case and cause of Dr. Wang Bingzhang, the celebrated Chinese human rights advocate, regarded as the father of the overseas Chinese democracy movement, who has been sentenced to life in imprisonment in China, the longest sentence ever meted out to a Chinese dissident, on trumped up charges of terrorism and kidnapping. Ironically, as witness testimony has revealed, he was the victim of kidnapping and criminal violence rather than the perpetrator of them.
Indeed, the UN working group on arbitrary detention has determined that the charges are without foundation; that his continued detention is in violation of international law; that he has been denied the right to a fair trial; and that China should remedy these violations.
Dr. Wang Bingzhang has a close connection to Canada. He is a doctoral graduate from McGill University and his parents, children and siblings reside in Canada.
Accordingly, we call upon the Chinese authorities to abide by their undertakings under international law, undertakings also to Canada which is a co-signatory, to release Dr. Wang Bingzhang from prison, where, as his family testified today, his health is deteriorating, and permit him to be reunited with his family and colleagues in Canada and the United States.
National Defence
Statements by Members
2 p.m.
Canadian Alliance
Cheryl Gallant Renfrew—Nipissing—Pembroke, ON
Madam Speaker, if anything demonstrates 10 years of Liberal incompetence it is the sad tale of the Sea King helicopter.
Political expedience has been deemed more important than national security and the safety of the lives of the men and women who serve in the Canadian Forces.
Scheduled to be replaced in the 1980s, by the time they are actually replaced these helicopters will be 50 years old. Most pilots who fly the Sea King were not even born when that helicopter came into service.
The Prime Minister cancelled the Sea King replacement with a stroke of his pen and then happily paid 500 million in taxpayer dollars for cancellation penalties.
Ten years later, there are still no replacements. Continued government interference into the contract process will mean further delays.
Our soldiers deserve the best.
The Sea King will forever stand as a symbol for the most shameful legacy in the 10 years of neglecting our nation's defence by the Prime Minister.
Foreign Affairs
Statements by Members
2 p.m.
Sarkis Assadourian Brampton Centre, ON
Madam Speaker, I rise in the House today to applaud the appointment of Mr. Bhupinder S. Liddar as Canada's new Consul General in Chandigarh India, an appointment made all the more important, as Mr. Liddar is the first Canadian Sikh to become head of a Canadian diplomatic mission overseas.
Mr. Liddar is no newcomer to the diplomatic scene as he has served as editor and publisher of Diplomat & International Canada magazine since 1989, host of CPAC's the Diplomatic World , a weekly panel discussion on current international issues, as well as contributing regular columns to the Hill Times and Ottawa Sun on international relations for many years.
I urge my fellow members of Parliament to join me in congratulating Mr. Liddar on his appointment and in wishing him all the best as he undertakes this important role as Canada's new representative in Punjab.
Middle East
Statements by Members
2 p.m.
Richard Marceau Charlesbourg—Jacques-Cartier, QC
Madam Speaker, after hate propaganda was broadcast last year in Egypt based on the Protocols of the Elders of Zion, a fraudulent document from 1905, something similar is now happening in Lebanon.
The Al-Manar channel run by Hezbollah, a recognized party in Lebanon, will broadcast a series called Al-Shatat , the diaspora, at prime time during the holy month of Ramadan. This offensive series is based on the classic anti-Semitic myth that the Jews want to rule the world.
All governments in this part of the world must prohibit all forms of hate mongering or calls for violence against neighbours. As long as people in the Middle East are exposed to such propaganda, it is foolish to believe that the peace we all want so badly will be achieved.


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Hitzlsperger feared for future
Thomas Hitzlsperger has admitted he feared his career was over before being given a second chance by Everton.
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Thomas Hitzlsperger
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The German midfielder was released by Wolfsburg at the end of last season after a campaign wrecked by a knee injury and was without a club until Toffees boss David Moyes offered him a short-term deal in November.
Hitzlsperger, who previously played in the Barclays Premier League for Aston Villa and West Ham, has impressed in his seven appearances for Everton and has now signed an extended deal until the end of the season.
The 30-year-old told evertontv: "When I was out in the summer I thought maybe I'd played my last game already. Now I'm back at a very, very good level in the Premier League, playing for a huge club and it's so enjoyable.
"I'm over it now and I don't want to look back really. It happens and I think most players go through it. It came unexpectedly to be honest but when it did come it was something I knew I had to deal with.
"I tried to be positive and I was most of the time. Fortunately that period is over now, it's behind me and I'm just looking forward to the next few weeks and months.
"I think now I'm fully fit, there's not any problems and I think it's gone well. I spoke to the manager a few weeks ago and he told me he's pleased with my efforts."
Hitzlsperger is now hoping he can help Everton qualify for the Champions League, and he believes the Toffees, who currently sit fifth, are in with a great chance.
He said: "There's so many good footballers in this team and the work ethic is tremendous, so I think we're well equipped.
"But this league is quite tough because you have the usual three or four teams up there that have the financial power and make it very, very difficult.
"It would be a tremendous achievement if we get into the top four. I think we have it in us, we've proved that this season. It's only four months but it will be a long season for us and we've just got to maintain that level of performance we've shown."
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In the eastern Horn of Africa, a massive drought has left over 11 million people vulnerable to severe food insecurity and in need of emergency assistance. The U.S. Agency for International Development (USAID) is working with the international community to ensure that critical assistance is mobilized to support those in need. But emergency assistance alone cannot solve the underlying causes of food insecurity in the Horn of Africa. Severe food insecurity in this part of the world is driven by cyclical drought, poor land management practices, limited availability of animal health services, food inflation, conflict over land and water, poor hygiene practices, and lack of dietary diversity. This is why my colleagues and I are so passionate about supporting Feed the Future, the U.S. government initiative to address the root causes of hunger and poverty.
In July, I visited the region and areas in Kenya where Feed the Future is focusing investments to sustainably address these challenges in the long term. As I traveled though the North Eastern province of Kenya, I met with local families, farmers, and livestock dealers; it was clear that they are facing serious threats to their livelihoods. One family from the Mwingi region reported that it has not rained since last year and that there has not been a harvest since 2009. They fortunately have a water source so they aren't extremely food insecure -- yet. If the drought continues, this region is in danger of becoming severely food insecure, with dire consequences for its people.
With the frequency of droughts increasing over the last decade, it's become increasingly difficult for people to recover from one shock before another one strikes. Such shocks drive conflict over land and water, disrupt economic activity, and leave young men vulnerable to unemployment and recruitment into extremist groups, like al-Shabaab. In such volatile conditions, food insecurity looms as an ever-present threat. Yet even under severe circumstances, there are clear signs of the population's resilience and determination. I had the pleasure of meeting Ms. Asha Adan Khalif, a mango producer and one of several women serving on a leadership committee for a communal farm in the North Eastern province. The farm consists mostly of former livestock herders (pastoralists) who were forced to "drop out" of pastoralism after their livestock perished in prior droughts. Since then, they have successfully converted to farming, with many of them exporting produce to the Middle East. A third of the households on this farm are headed by women (who are the ones most often acutely affected by food insecurity) and the community includes a broad mix of families from different ethnic groups. It was heartening to see how women's leadership on this communal farm has contributed to diversity, security, and productivity among those families most vulnerable to the drought.
Our efforts through Feed the Future will be critical in the coming years to achieve sustainable food security for families like those I met in Kenya. In particular, Feed the Future's work on developing drought-tolerant crops and promoting more efficient water management in Kenya will directly and positively impact incomes in the region and help to build household resiliency. Other long term efforts to strengthen Kenya's livestock market, improve livestock management, expand economic access and alternative livelihoods for women, and improve nutrition are just some of the ways in which Feed the Future can contribute to regional stability and support sustainable food security. Already there are key interventions taking place on the ground, such as the Kenya Drylands Livestock Development Program, which is enhancing productivity and market competitiveness of livestock in Kenya to increase production for local consumption and marketing, and export trade.
As these kinds of programs become increasingly effective over time, USAID and its partners are striving to bring such interventions to scale, to ensure that Feed the Future has the greatest possible impact and increases resilience among vulnerable populations.
Editor's Note: This entry also appears on USAID's Impact Blog.
W.W. writes:
Do not repeat Mistake in Haiti,Mexico and everywhere else the corrupted society put hands speculating on famine and poors. Send tools and training instead then debts or ways to put population in slavery.
Send Tools and training to have the Horn African to work and export their product , and be finally productive for its self, to have them one day competing with european products or pakistani products...
We do not need slaves ...for a slave the corrupted financial society creates we have consequently according to ecomnomic at least 5 american getting under the line of poverty in term of family income...
Please stop criminal financial corrupted society in wall street ...invest in local small business -self employment and scorporate what is today corporate In the US as in the Horn Of Africa
David A. in the Dominican Republic writes:
That's a good way for the most disadvantaged of the earth. America always count on my support in this type of actions and my criticisms of others that do not share. Excuse my frankness but not be otherwise.
Palgye in South Korea writes:
Thanks but this picture say to me, all situation is that.
Palgye in South Korea writes:
and personal things...
Two weeks before the company was working-http: / / www.saehaninc.co.kr/- standpoint, president of taunting me, while another employee showed up paper making fools of people, convince them to use violence against another employee, and - for no reason without fertilization and, for some reason is so surreal and yet their mental states not understand's not - and now the price to pay even a denial marvelous, the company top A-10 a day, even a couple of times flight training heard, accidentally bombs a drop If I'm very glad. There is a hope. There was a problem for me. file for Chapter 11 protection by the companies that have jobs or do not know.
However, I keep them in the direction of someone who goes by the feel of the neugyeotseupnida times. Osan Air Base was near you, are you of you are related to someone?
Hyundai Steel is now working as a subcontractor for a part-time ... (hard to believe that human's).