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  • Solvency II in the Financial Services & Insurance Industry: PwC
    clarity in conjunction with EIOPA s guidelines on how supervisors should act in the period from 1 January 2014 through to January 2016 in preparation for Solvency II together with the conclusion to the EU s trilogue negotiations have brought Solvency II back onto the agenda for the insurance industry The difference now is that we are working towards a known start date of 1 January 2016 EIOPA s guidelines for Supervisors to follow from January 2014 are based on Solvency II principles and only focus on 4 key topics systems of governance forward looking assessment of own risks submission of information to supervisors and pre application for internal models Many supervisors in the EU are adopting Solvency II governance and risk management procedures including ORSA as well as disclosure requirements in place from 2014 in line with these EIOPA guidelines On top of this many supervisors across the EU are asking insurers to develop a plan to demonstrate how they will be Solvency II compliant from January 2016 Drawing on our work with insurers and supervisors on the practical application of the directive PwC helps businesses to simplify and accelerate implementation and tackle the strategic as well as the technical challenges of Solvency II PwC is also working closely with insurers in other jurisdictions Bermuda Switzerland Japan South Africa Australia Singapore China and the US amongst other leading global insurance centres on how to deal with the implications of Solvency II for businesses located there Finality on Solvency II timetable Solvency II will be effective from 1 Jan 2016 PwC believes firms have plenty to do on Pillar 1 Pillar 2 and Pillar 3 to get ready Solvency II publications Ready or not here it comes Summary of the status of the IASB re deliberations on the IFRS for insurance contracts and where we go from here The boardroom agenda Priming your business for Solvency II What are some of the pressing questions facing boards and the options for addressing them as we prepare for Solvency II Solvency II requirements published The publication of the Omnibus II text provides much needed clarity on some of the key requirements of the Solvency II regime Agreement reached on Long Term Guarantee package The Trilogue has reached agreement on the package of measures to be used in the valuation of long term business the LTG package under Solvency II Publication of final EIOPA guidelines signals renewed effort towards Solvency II finalisation The publication of EIOPA s final guidelines for the preparation of Solvency II should reinvigorate insurers Solvency II preparations These guidelines are a key milestone towards Solvency II s implementation Solvency II matching adjustment an opportunity for general insurers with PPO claims EIOPA published the results of its Long Term Guarantee Assessment LTGA on 14th June 2013 This proposed extending the scope of the classical matching adjustment to non life liabilities provided these comply with the qualifying criteria Getting to grips with Pillar 3 We explore the strategic and practical issues

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/insurance/solvency-ii.html (2016-02-10)
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  • Financial regulation: Volcker rule: PwC
    Volcker Rule and activity and focus in banks that have non US businesses is now increasing too The Volcker Rule prevents any banking entity from engaging in proprietary trading or acquiring or retaining an ownership interest in or sponsoring or having certain relationships with a hedge fund or private equity fund unless an exemption applies A number of banks will get captured even if they have no presence in the US or they do not see themselves as undertaking activity within the scope of the Rule The proposed Rule as it currently stands requires an affected bank to have a compliance programme designed to address actual or potential activities covered by the Volcker Rule in place by 21 July 2012 It is difficult to anticipate how the Rule will ultimately play out but we expect that most of the key provisions and restrictions will remain as they currently stand Banks operating outside the US should be doing the following things before July 2012 even if it appears that the deadline may change Understand your potential exposure to the Volcker Rule Conduct a preliminary vulnerability assessment to identify the trading business areas most impacted or sensitive to the Volcker prohibitions Assess your readiness for the reporting and compliance obligations for 21 July 2012 Review the bank s current metric reporting capabilities against the future requirements Design the future control requirements Analyse the gaps between the requirements and the bank s current policies reporting and other relevant controls within the Front Office Risk Management Finance Operations Compliance and Technology functions Since the Dodd Frank Act was passed PwC has been helping many firms assess the impact of the Volcker Rule and we are currently working with several banks as they assess the impact of the Volcker Rule on their US and non

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/regulation/volcker-rule.html (2016-02-10)
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  • Financial regulation: Strategic and operational impacts of the Volcker Rule for non-US banks: PwC
    Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Strategic and operational impacts of the Volcker Rule for banks operating outside the US The banking industry has struggled to understand the business impact of the Volcker Rule but clearly that impact will be significant for banking entities operating in and outside of the US Even the regulators estimate that banks will have to spend nearly 6 6 million hours to implement the Volcker Rule and 1 8 million hours annually to maintain compliance going forward Banks with businesses outside the US should be asking themselves How will the Volcker Rule impact our future strategy and targets Which activities will we have to stop doing in future either because they will be prohibited or we will not be able to evidence them How close to the line do we want to play between exempt and prohibited activity for each of our different businesses globally If some of our activities are exempt how will we evidence that Should we continue to do business in the US with US residents to make investments in the US or to trade in US securities markets Will we need to restructure our model to segregate any trading that has any form of US involvement Which legal entities jurisdictions do we want to use for our affected business lines going forward How will our cost base change as a result of the Volcker Rule PwC is helping banks to assess these issues and what the strategic and operational implications will be Speak to Crispian Laura or

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/regulation/volcker-rule/strategic-and-operational-impacts-of-the-volcker-rule-for-non-us-banks.html (2016-02-10)
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  • Financial regulation: How will the Volcker Rule affect non-US banks?: PwC
    Volcker Rule requirements including their operations outside of the US as early as 21 July 2012 Although implementation could be delayed banks should not rely on that at a minimum banks and their affiliates should have a firm plan in place for complying with the Volcker Rule ahead of the July deadline Are you affected by the Volcker Rule Even if a bank has no presence in the US it may still be subject to the Volcker Rule The Volcker Rule applies where any party to a trade is resident in the US so foreign subsidiaries of US companies are caught as well as US subsidiaries of non US banks So for example a German bank with no US presence that trades with a US company s German subsidiary could be caught by the Volcker Rule The proprietary trading restrictions apply to trading in a wide range of securities including options and derivatives and commodities for future delivery A bank may be impacted even if it has no activity in the scope of the Volcker Rule Banks which currently have no activities covered by the Volcker Rule need to ensure they have controls in place designed to prevent them from conducting such activities in future A bank that does not do proprietary trading must have written policies and procedures in place to prevent it from engaging in proprietary trading Any stage of a trade touching the US may trigger the Volcker Rule The exemption for trades wholly executed outside the US remains unclear but it may require all steps necessary to execute a transaction to be conducted outside the US For example a non US bank that trades in any US listed security could potentially be covered by the Volcker Rule including trades where a US security is embedded in

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/regulation/volcker-rule/how-will-the-volcker-rule-affect-non-us-banks.html (2016-02-10)
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  • Financial regulation: Which parts of a non-US bank will the Volcker Rule affect?: PwC
    history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Which parts of a bank operating outside the US will the Volcker Rule affect Apart from the strategic implications the Volcker Rule will require banks non US businesses to strengthen governance arrangements update operational functions and implement a new compliance programme once the bank has identified all affected areas of the business Here are some examples of the areas that could require changes by 21 July 2012 Governance Governance and supervision of trading activity and evidencing this Front line controls Prevent controls around prohibited activity or exemption breaches Review of risk limits and monitoring Training roll out Testing Independent compliance testing and record keeping Data and reporting Calculation of 17 or more metrics on a daily basis at the trading desk level Internal and regulatory reporting against metrics Substantial data aggregation and monitoring on a daily basis Policies and procedures Development and implementation of group wide policies and procedures in relation to the Volcker Rule requirements for example relating to trading market making and hedging activities Trader mandate changes PwC has worked with clients to determine whether their activities are captured by the Volcker Rule requirements and to analyse gaps between their current arrangements and the Volcker Rule requirements Speak to one of our experts to find out what parts of your business will be affected How will the Volcker Rule affect non US banks Strategic

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/regulation/volcker-rule/which-parts-of-a-non-us-bank-will-the-volcker-rule-affect.html (2016-02-10)
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  • Financial services: 18th Annual Global CEO Survey: A new take on talent: PwC
    from new entrants From the development of sharper HR analytics to tapping into new pools of talent most FS organisations are only just beginning to get to grips with these challenges creating opportunities for forward thinking and faster moving businesses to pull ahead The diversity dividend CEOs now see diversity as a bottom line issue When we surveyed CEOs in 2010 barely 40 were taking active steps to attract more women younger and older people Today 59 of FS CEOs have a strategy to promote talent diversity and inclusiveness and a further 14 plan to adopt one Diversity is seen in its widest sense This includes ensuring the workforce and its leadership better reflect the organisation s customer base in areas such as gender generation ethnicity and disability It also includes seeking to attract people with a wide range of skills experiences and industry backgrounds The benefits cited by around 80 of CEOs include enhancing business performance strengthening customer satisfaction and fostering innovation So are FS CEOs and their HR teams doing enough to make diversity a reality within their organisations When asked whether they re actively searching for talent in different industries geographies or demographic segments nearly 40 said no and less than 20 strongly agreed Realising the digital potential FS CEOs see dedicated recruitment and training and ensuring that digital is everyone s responsibility as the keys to making the most of their investments in digital technology The survey also highlighted the importance of the CEO as digital champion Creating a fully digitally enabled organisation calls for the right training and tools It s also vital to break down the silos between IT innovation marketing trading and other frontline teams As part of this trend IT professionals will be increasingly embedded into business teams as technology advisors Using

    Original URL path: http://www.pwc.com/gx/en/ceo-agenda/ceo-survey/2012/industry/financial-services (2016-02-10)
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  • Hans-Ulrich Lauermann
    insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Hans Ulrich Lauermann Global FS Tax leader Dr Hans Ulrich Lauermann is the Global Financial Services Tax Leader Hans is based in Frankfurt Since 2007 he leads the German Tax FS practice He is a member of the German FS and Tax Leadership team In July 2012 he was appointed as Global Tax Leader Banking Capital Markets and in July 2014 as Global Co Tax Leader Financial Services Hans oversees tax and regulatory advice to banks insurance companies and asset managers His broad range of experience includes international structuring coordination of transactions and compliance projects for

    Original URL path: http://www.pwc.com/gx/en/contacts/h/hans-ulrich-lauermann.html (2016-02-10)
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  • Forest financing: the growth of timberland investment
    on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Forest financing the growth of timberland investment Download Opportunities to invest in timberland are growing rapidly As institutions seek genuine diversification and green investments move up their agendas timberland can represent an attractive alternative investment to equities and bonds The timberland investment universe comprises a diverse range of assets from managed native forests in developed temperate regions to plantations in emerging tropical regions Regardless there are essentially three drivers of return two of these timber value and land value have their equivalents in mainstream real estate investment but the third and usually largest component of return biological transformation is what sets timberland apart Timber assets literally grow despite the prevailing economic environment which explains both the relatively low volatility of returns and why investors worldwide see timberland as a counter cyclical investment The range of income sources from timberland is set to grow and in turn this is spawning a widening range of investment themes by both new and existing timberland investment managers In our view timberland has an important role to play in investment portfolios whether because of the returns that may be available the diversification benefits the sustainability characteristics or any combination of these As the opportunities from timberland investing grow it will remain a sophisticated investment area demanding a sound understanding of the risk and return dynamics Download the attached pdf to read more in the PwC authored forward to The Definitive Guide

    Original URL path: http://www.pwc.com/gx/en/industries/forest-paper-packaging/forest-financing.html (2016-02-10)
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