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Governor Wolf Will Sign Compromise Office of State Inspector General Bill


first_imgGovernor Wolf Will Sign Compromise Office of State Inspector General Bill Government Reform,  Government That Works,  Press Release,  Public Safety,  Transparency Harrisburg, PA – In the spirit of bipartisan compromise, Governor Tom Wolf today announced he will sign Senate Bill 527, sponsored by Senator Ryan Aument, into law later this week. The bill codifies the Office of State Inspector General in statute and sets forth the office’s powers and duties.In addition to granting subpoena power to the office for its internal investigations, the bill allows the IG to investigate and file criminal charges for certain welfare fraud crimes.“The Office of the Inspector General plays an important role within state government and this bipartisan compromise will bolster this vital executive office,” Governor Wolf said. “I want to thank Senator Aument, Democratic and Republican members of the State Government committees, and their staffs for their willingness to work together on amending this bill to ensure the OIG can serve the executive branch and the taxpayers with efficiency and accountability.”Under the new law, the State Inspector General will be appointed by the governor to serve concurrent with the governor’s term in office unless removed. A State Inspector General may not seek election to a political office while serving.Key responsibilities of the Office of Inspector General include:Investigate and report on the administration of programs and operation of executive agencies;Provide evidence of a crime to law enforcement;Make referrals to the Auditor General for the audit;Review complains from any source;Produce public reports and;Make recommendations to agencies for improvement.The Office of Inspector General was initially created by Executive Order in 1987 and is charged with conducting investigations into fraud, waste, and abuse within the administration of state government and the administration of welfare benefits. July 11, 2017center_img SHARE Email Facebook Twitterlast_img read more


MiFID II may spur more regulation as costs come to light: Moody’s


first_imgMiFID II will accentuate every trend affecting the European asset management industry today, according to Moody’s.The credit ratings agency said the new EU financial legislation would accelerate a move to cheaper passive funds, sharpen competition and drive consolidation.It could also lead to more regulation, as a result of detailed costs and other data becoming visible for the first time.Depending on their asset allocation and responses to ongoing pressures, European asset managers’ effective fee rates could fall 10%-15% over the next three years as a result of cost disclosure requirements under MiFID II, according to Moody’s. MiFID II was also likely to accentuate a trend for asset managers to shift from offering traditional benchmark-driven funds to offering outcome-oriented solutions that aimed to meet investors’ financial goals, the agency said.Managers were already on this path in a response to scepticism about the value of active management, said Moody’s, but new MiFID II product governance and product suitability rules could push them further in this direction.Coming on top of fee pressure, the cost of complying with MiFID II was likely to lead to consolidation among smaller asset managers because they lacked the scale to absorb the extra costs, according to Moody’s.It cited an estimate from consulting firm Opimas that the 15 largest asset managers spent an average of €10.3m to implement MiFID II, and that maintenance costs will amount to around €4.5m a year for the next five years.Moody’s estimated that managers’ costs could increase by between 0.5% and 5%, taking into account compliance, disclosure, budgeting, audit requirements and investment research costs. Overall, it meant that MiFID II was “credit negative” for the asset management industry.“The introduction of MiFID II will put pressure on asset managers’ profits by lowering their effective fee rate and increasing their costs,” said Marina Cremonese, senior analyst at Moody’s.“However, cost saving initiatives, new investment solutions and mergers and acquisitions will likely offset some of the negative effects, limiting their credit impact.”Cremonese has also said MiFID II would probably encourage greater use of exchange-traded funds by institutional investors because they would be able to know full trading volumes and liquidity levels.Commenting on MiFID II a day before its entry into force, fellow credit ratings agency Standard & Poor’s (S&P) said it saw the regulatory regime as “somewhat negative” for asset managers. It was “generally negative” for brokers and all but the largest investment banks, “slightly positive” for exchanges and other trading venue operators, and “manageable” for most other banks.With regard to asset managers, S&P said it did not foresee market dynamics changing dramatically in the near term, but that it could be a catalyst for consolidation among active managers given the pressures they were already under.last_img read more


Report: Amurskaya Neftebaza Orders Six Bulkers from Yangzijiang


first_imgRussia’s transportation and logistics firm Amurskaya Neftebaza has placed an order for six bulk carriers with Chinese shipbuilder Yangzijiang Shipbuilding.According to the agreement between the parties, which was unveiled on April 20, the new vessels will feature 120,000 dwt.The units are scheduled for delivery to their owner in the second half of 2019, data provided by Asiasis show. The parties did not reveal any financial details related to the order.In late March, the Russian company placed an order for a 4,500 cbm small clean tanker at China’s Jiangsu Dajin Heavy Industry. The unit, which is scheduled for delivery in May 2019, was priced at USD 7.1 million.For Yangzijiang Shipbuilding, the order comes on the back of a Letter of Intent (LOI) signed for the construction of up to twenty LNG-fueled bulk carriers for Forward Maritime, a part of Arista Shipping Group.The Kamsarmax vessels, which would feature 84,000 dwt, would join the fleet between 2020 and 2023, provided that Forward Maritime signs firm contracts for the units.World Maritime News Stafflast_img read more