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Agreement to revise MiFID only ‘start of the process’

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first_imgBarnier expressed regret the Commission had been unable to win full support for its “ambitious” transparency proposals for bonds and derivatives, but said the changes marked an important step “towards greater transparency in this area”.The French commissioner, who last year was forced to shelve proposals to impose capital requirements on pension funds through a revised IORP Directive, added: “Today’s agreement also strengthens the existing rules to ensure effective cooperation between authorities and harmonised administrative sanctions in order to detect and deter breaches of MiFID.”Laura Cox, financial services partner at consultancy PwC, said that while the proposals had taken a long time to agree – the revisions were first tabled by the Commission in October 2011 – it was only the beginning of the process for companies regulated by the directive.She noted that the achieved consensus allowed the European Securities and Markets Authority (ESMA) to begin the consultation process for the detail involved in implementing MiFID II.“The EU is coming more in line with the UK on investor protection measures, including a ban on inducements paid to independent financial advisers and an obligation to design investment products to meet the needs of specified groups of clients,” she added.She said that while much of the focus had been on “a handful of contentious issues”, MiFID II’s enhanced governance requirements would have a much wider impact.“MiFID II will affect all regulated firms in Europe, so firms need to begin assessing the full operational impact of these changes now,” she said. Political agreement on revising the European Commission’s Markets in Financial Instruments Directive (MiFID) is only the start of a prolonged process for affected firms, PwC has warned.The consultancy’s comments come the day the European Commission announced that the European Council, Parliament and the executive branch agreed on a number of revisions to the directive following prolonged negotiations.The internal markets commissioner Michel Barnier said in a statement that MiFID II would mean trading would need to shift to “multilateral and well-regulated” trading platforms.“Strict transparency rules will ensure dark trading of shares and other equity instruments that undermine efficient and fair price formation will no longer be allowed,” he said. last_img read more

In email to Syracuse players, Marrone thanks team, says he will always support SU

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first_img Published on January 8, 2013 at 4:01 pm Contact Michael: mjcohe02@syr.edu | @Michael_Cohen13 Facebook Twitter Google+ Within minutes of Doug Marrone’s introduction as the next head coach of the Buffalo Bills, Syracuse football players received a mass email from Marrone explaining his reasoning for accepting the new position and expressing his love and support for the players he is leaving behind at his alma mater.The message, which was obtained by The Daily Orange on Tuesday from a player on the current roster, was written by Marrone and sent on his behalf by SU Director of Football Operations Kevin Van Derzee at 12:05 p.m. Monday. Marrone’s press conference in Buffalo began around noon.It was sent to all current members of the football team as well as graduating seniors.“To My Players,” the email begins, “I am very sorry that I haven’t had an opportunity to speak to you in person regarding my move to the Buffalo Bills. It happened very quickly when I was not in Syracuse, and when most of you were not in Syracuse. I will explain everything in depth when I meet with you in-person this weekend.”Marrone continues his four-paragraph message by reiterating that getting an opportunity to be the head coach at Syracuse four years ago was truly his dream job. He harkens back to his days as a student at SU, saying his life had changed by the time he left the campus in 1985.AdvertisementThis is placeholder text“I dreamed about returning one day as the head football coach,” Marrone wrote. “I was finally given the opportunity, and it has been the most DIFFICULT and the most REWARDING professional experience of my life. I have learned so much from each of you. I do not have the words to express the satisfaction and the joy that coaching you has given me.”He goes on to explain that leaving Syracuse for another coaching position at the collegiate level is something he never considered, saying instead that he accepted an offer from the Buffalo Bills because the challenge of that opportunity excited him.He then reflects at his time coaching at Syracuse, a four-year stretch in which he posted a 25-25 overall record that included a pair of Pinstripe Bowl victories.Sophomore defensive tackle Eric Crume said he is proud of Marrone for landing an NFL job and taking on the large opportunity. He called his time at Syracuse a “fun two years” playing under Marrone. Safety Shamarko Thomas, guard Rob Trudo and linebacker Cameron Lynch all voiced support for Marrone as well when contacted by The D.O.“I know it’s such a busy time with him doing all the interviews and things like that,” Crume said. “To have some type of communication, I really appreciate it. I know he cares about us.”Marrone writes in his email that he “felt good” about the progress the program has made in his time at the helm and that he feels he is “leaving the program in much better condition than I found it.”“I will do everything in my power to ensure that your next head coach will continue on the path toward making Syracuse University a national football powerhouse,” Marrone wrote. “I will always support Syracuse University Football. I will always support each of you. If there is any way that I can help you with football and with your lives after football, reach out to me. Reach out to me even when you need nothing, I want to hear how my guys are doing.”Wide receiver Marcus Sales, who will be traveling to Naples, Fla., Friday to begin workouts in preparation for the NFL Draft, said he appreciated the message and felt it was genuine.“I thought he respected the players by sending out the email,” Sales said. “Most coaches leave their program without saying anything, so I thought it was from the heart, like he really cares about his players.”Freshman linebacker James Washington said he understood Marrone’s decision to support his family in the best way possible and has no ill feelings toward the former head coach.He wished Marrone the best of luck in Buffalo and added he hoped defensive coordinator Scott Shafer would be promoted to head coach in order to keep things in the family.Shafer will be the next head coach, according to multiple reports.Marrone closes with one final reflection, saying a dream he had as a 22-year-old kid has been fulfilled. He says that coaching the players at Syracuse has been a “privilege,” and he implores them to never quit working hard.In his final press conference as Syracuse’s head coach, inside Yankee Stadium following the 38-14 win over West Virginia on Dec. 29, Marrone spoke about how close this team was — the closest he’s had in four years, he said. And true to form he expressed that closeness in the closing line of his closing message as the face of Syracuse football.“My thoughts and my heart will be with you on every down of every game. Work hard every day. Never take a short-cut. Never quit.Love,Coach Marrone” Commentscenter_img Related Stories ‘To My Players’: Full text of Marrone’s email to SU playerslast_img read more