BNY Mellon fined £126m in UK for failure to protect custody assets

first_imgPhilippou noted that the severity of the breach was compounded by taking place over a period of “considerable” market stress.During the period of the rule breaches, BNYMLB and BNYMIL — the third and eighth biggest custody banks in the UK respectively — held up to £1.3trln and £236bn in safe custody assets, the regulator said.“As a result of this, the firms are systemically important to the UK market,” Philippou said.In a statement, BNY Mellon noted that its fine had been lowered due to its “cooperative efforts”, and that the sum would be met from pre-existing legal reserves.”Importantly, BNY Mellon remained financially robust throughout the relevant period and, as indicated by the FCA in its Final Notice, no clients suffered any loss as a result of the issues identified.”The firm said it regretted that it had failed to meet its own or the FCA’s standards, and that it had conducted an independent review and amended its policies.BNY Mellon was one of six appointed to a national custodian framework agreement launched by a number of UK local government pension schemes in 2013.The FCA said the firms had failed to comply with its Client Assets Sourcebook (Custody Rules, or CASS).The rules are meant to protect safe custody assets if a firm becomes insolvent, making sure the assets can be given back to clients as quickly and easily as possible, the regulator said.Instead of keeping entity-specific record and accounts for the client safe custody assets they held, as required, the FCA said the firms used global platforms to manage the money, which did not record with which BNY Mellon Group entity clients had contracted.The firms also failed to stop safe custody assets being commingled with firm assets from 13 proprietary accounts, and occasionally used safe custody assets held in omnibus account to settle other clients’ deals without getting proper permission from all parties.“Other firms with responsibility for client assets should take this as a further warning that there is no excuse for failing to safeguard client assets and to ensure their own processes comply with our rules,” Philippou said. The Financial Conduct Authority (FCA) in the UK has fined custodian Bank of New York Mellon (BNY Mellon) £126m (€175.4m) for failing to follow rules meant to keep client money safe over a six-year period.The fine applied to the London Branch (BNYLB) and Bank of New York Mellon International (BNYMIL). The Bank of New York Mellon Group, to which the firms belong, is the world’s largest global custody bank by safe custody assets, the regulator said.Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: “The firms’ failure to comply with our rules including their failure to adequately record, reconcile and protect safe custody assets was particularly serious given the systemically important nature of the firms and the fact that safeguarding assets is core to their business.”If the subsidiaries had become insolvent, the total value of safe custody assets at risk would have been significant, she said.last_img read more

Bottas Caps Off Fantastic 2017 For Mercedes With Abu Dhabi Victory

first_imgValtteri Bottas held off Lewis Hamilton to claim a morale-boosting victory over 2017’s world champion as Mercedes dominated F1’s season finale in the Abu Dhabi GP.It was Bottas’ third win of the year, but first since July, as the Finn made up for being beaten from pole in Brazil and denied his team-mate a perfect ending to his fourth title-winning campaign.Hamilton applied pressure on Bottas after the one round of pit stops but was unable to get close enough to the back of the sister Mercedes to attempt an overtake and had to settle for second place, eventually finishing three seconds behind.“Impossible to pass here man!” said Hamilton to Bottas as he congratulated his team-mate in the pre-podium holding room. “I was like ‘where are all the backmarkers?’ I think they’ve got to change this track!”Ferrari had run Mercedes close for much of 2017 but were no match for the world champions in the Yas Marina desert as Sebastian Vettel finished 19 seconds adrift in third place.But Bottas’ victory was not enough to deny Vettel the runner-up position to Hamilton in the drivers’ standings.“It was a bit lonely,” admitted Vettel. “We were in no man’s land. I would have liked to be in the hunt but I’m happy with the podium.”Like Ferrari, Red Bull endured a muted final race with Max Verstappen only fifth behind Kimi Raikkonen after failing to jump the Finn through the pit stops.Daniel Ricciardo had been running fourth in the other Red Bull but his race unravelled within a matter of laps just after half distance. A brush with the wall triggered an emergency pit stop and then the Australian promptly retired when his car developed a hydraulics fault.The DNF, Red Bull’s 13th of the year, also cost Ricciardo fourth place to Raikkonen in the drivers’ championship.It has been a season split in two halves with regards to dominance. Sebastian Vettel in his Ferrari looked like he was cruising to the driver’s championship until the summer break from which point Hamilton took the title race by the scruff of the neck.Mercedes may have been pushed like never before in the hybrid turbo engine era this year, but 12 race wins and a fourth consecutive title double underline that they remain the team everyone has to try and catch when F1 2018 begins in earnest in Melbourne in four months’ time.RelatedFormula One Set For Exciting Grand Finale In Abu DhabiNovember 26, 2017In “Formula One”Hamilton Wins Again To Egde Closer to Fourth TitleOctober 8, 2017In “Formula One”The 2017 Formula 1 Pirelli Magyar Nagydij ReviewJuly 31, 2017In “Sports”last_img read more

Kane’s late double saves Spurs from opening day stumble

first_imgThe pressure continued to build on the Villa goal after the break, but Spurs were often too wasteful to take advantage as Moussa Sissoko dragged horribly wide with just Heaton to beat.Christian Eriksen had been left on the bench with doubts remaining over the Dane’s future with the transfer market across Europe still open until September 2.Pochettino finally called for his ability to pick the lock of a packed defence 25 minutes from time.Eriksen certainly did not appear lacking in commitment as he immediately offered the cutting edge Spurs had lacked.Heaton made a stunning save as Sanchez turned Eriksen’s cross goalwards 17 minutes from time, but the rebound was worked back to Ndombele who curled home from the edge of the area.Only another brilliant save from Heaton denied Eriksen scoring moments later with a thumping strike from a free-kick.However, Heaton was helpless four minutes from time when the ball broke Kane’s way and the England captain hammered the ball home to break his duck at Tottenham’s new home.And within four minutes he had a second with a trademark finish curled low beyond Heaton into the far corner.Share on: WhatsApp Harry KaneLondon, United Kingdom | AFP | Harry Kane scored his first goals at Tottenham’s new stadium as last season’s Champions League finalists came from behind to beat newly-promoted Aston Villa 3-1 on Saturday.Spurs were on course for a Premier League opening day shock for 73 minutes as they trailed to John McGinn’s early opener.However, club-record signing Tanguy Ndombele sparked the fightback by curling home from distance to level before Kane struck twice in the final four minutes.Villa spent over £100 million ($120 million) on 12 new recruits over the summer to try and stabilise themselves as a Premier League force again after three seasons in the second tier.And there were plenty of promising signs for Dean Smith’s men, particularly in the first 45 minutes, before they wilted under Spurs’ relentless second-half pressure.Despite a host of new arrivals, it was one of Villa’s heroes in gaining promotion from the Championship last season who stunned Mauricio Pochettino’s men early on.From a long ball forward, Wesley outmuscled Davinson Sanchez to allow McGinn to burst through and he kept a cool head to leave Danny Rose on the floor before firing into the bottom corner.The visitors could even have been further ahead had one of their new recruits Trezeguet been more clinical at the end of a couple of promising counter-attacks.Spurs soon had the visitors penned in, though, as Kane headed over then fired wide when one-on-one with Tom Heaton as half-time approached.last_img read more

26th Annual Student GREEN Congress at The Evergreen State College

first_imgFacebook96Tweet0Pin0Submitted by The Evergreen State CollegeOn March 22, 400 student delegates from schools around the South Puget Sound and Nisqually Watersheds will gather at The Evergreen State College for the 26th Annual Student GREEN Congress. This year’s Congress theme focuses on the Orcas of Puget Sound, featuring a welcome from State Representative Beth Doglio (LD-22) and keynote presentation Jeff Hogan of Killer Whale Tales, a program where students can experience the world as the animals around them do. With the Southern Resident Killer Whale population at critical levels, this year is a special opportunity to connect students’ work studying local stream habitats to broad issues of environmental stewardship at every level of their communities.The Nisqually River Education Project and South Sound Global Rivers Environmental Education Network (GREEN) host Student GREEN Congress each year as the culmination of water quality monitoring programs in classes around local watersheds. Student delegates ranging from 4th grade through high school will participate in a “State of the Rivers” session, sharing water quality data and developing action plans to improve their local streams and rivers.Students will also learn from experts dealing with today’s environmental issues and take part in hands-on, science-based educational workshops, including salmon carcass dissections, making bird boxes, getting up close with stream bugs, shellfish tasting, live raptors, tree planting, and much more.Since Student GREEN Congress began in 1992, thousands of students and hundreds of teachers have used hands-on learning to make a meaningful difference in their own backyards. The event is supported by a robust group of community partners who make this educational experience possible. In addition to support from Thurston Conservation District, Nisqually River Foundation, and The Evergreen State College, this year’s GREEN Congress partners include Mount Rainier National Park, Thurston County Environmental Health, the Nisqually and Capital Land Trusts, the US Fish & Wildlife Service, Nisqually Reach Nature Center, Tacoma Power, Taylor Shellfish Farm, Wolf Haven International, Northwest Trek, the Pacific Shellfish Institute, Trout Unlimited, Northwoods Limited, Strawless Olympia, Eco Woodworks, Native Plant Salvage Foundation, City of Olympia, Tumwater Stream Team, and the Mountaineers, along with local artists, scientists, and educators committed to environmental stewardship.South Sound GREEN (Global Rivers Environmental Education Network) is a watershed education program in Thurston County that educates, empowers and connects about 50 classrooms and 1200 students in watershed studies annually. Through South Sound GREEN, participants engage in science and engineering practices related to water quality in South Sound. For more information, visit the Thurston Conservation District website. The Nisqually River Education Project is housed within the Nisqually River Foundation. Our mission is to connect students in the Nisqually watershed with the environment around them. We work to teach students how they impact the river, the environment, and their community. For more information, visit the Nisqually River Education Project website.last_img read more