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Jul132013

Malaysia's Islamic finance overhaul boosts protection for depositors








VOLTA FINANCE : Announcement of 2nd reconvened EGM






"From my view, it is quite comprehensive. The challenge is to ensure the enforcement, and to make people understand it," Akram added. TAKAFUL The IFSA may also reshape the takaful (Islamic insurance) sector by requiring the separation of life and general business lines, the latter covering property and automobiles. Under the new rules, firms with composite licenses that cover both sectors will have five years to separate the two. Malaysia had 12 direct takaful operators with a combined 19 billion ringgit in assets as of December 2012, central bank data showed.










***** This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance.




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Jul132013

Your Finance: Advisers who put your interests first








Flaherty's time as finance minister may be over, but any successor faces PM oversight






Industry insiders said devising a rule would be costly and do a disservice to low- and middle-income clients. The National Association of Insurance and Financial Advisers, which represents insurance agents who also sell securities, told the SEC that a fiduciary standard would "harm the ability of middle-market investors to obtain financial services and advice." That's because good personalized financial advice isn't cheap. Most independent advisers who are fiduciaries charge their clients a percentage of the assets they manage for them. Anyone with less than $250,000 in investable assets isn't that attractive to a fee-only adviser. Those clients can get free or inexpensive advice from brokers who sell products like mutual funds and insurance policies, but in return those clients end up investing in the products the brokers are being paid to push.







VOLTA FINANCE : Announcement of 2nd reconvened EGM






2nd reconvened EGM to be held at 3:30pm (UK time) on 17 July 2013 The adjourned EGM will be reconvened at 3:30pm (UK time) on 17 July 2013 at 3rd Floor, NatWest House, Le Truchot, St Peter Port, Guernsey, GY1 1WD, Channel Islands, to consider the resolutions originally proposed at the EGM held at 3:30pm (UK time) on 3 July 2013 at 3rd Floor, NatWest House, Le Truchot, St Peter Port, Guernsey, GY1 1WD, Channel Islands (the "original EGM") and subsequently at the adjourned EGM. Resolutions to be proposed at the 2nd reconvened EGM Details of the resolutions to be proposed at the 2nd reconvened EGM can be found on the Company's website in the notice of the original EGM, which was published on 20 May 2013, together with the supplemental information that was also published on the Company's website on the same date. **** ABOUT VOLTA FINANCE LIMITED Volta Finance Limited is registered in Guernsey under The Companies (Guernsey) Law, 2008 and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi- asset investment strategy targeting various underlying assets.










Last week, the SEC closed its comment period

Flaherty has not been shy to intervene in the Canadian economy, loosening mortgage lending rules before being forced to retreat and tighten them multiple times to avert a potential housing market meltdown in Canada. He has repeatedly warned Canadians about the risks of spending too much and saving too little, and broke a key Conservative campaign promise not to tax income trusts. Flaherty has been "a very sound and competent finance minister," argues Ian Lee, assistant professor at Carleton University's Sprott School of Business in Ottawa and a former banker. Lee believes Flaherty has been one of the top three finance ministers over the last 50 years, behind Michael Wilson and Paul Martin, but does not have any huge legacy projects. "He got stronger as the years went by.




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