AUSTRALIA - The Australian Securities and Investments Commission (ASIC) has outlined its key areas of concern for the coming months, in light of the current global economic downturn.
Belinda Gibson, commissioner, ASIC, said: "Directors and responsible entities have a duty to act in the interests of all security holders. We will look closely to see how conflicts of interest are handled.
"Providing arms length valuations and independent expert reports as to value will be of great assistance in our assessment, and that of the market."
One key area for ASIC was the diligence of credit ratings agencies and potential causes of conflicts of interest.
With investors relying on the information provided by ratings agencies, ASIC said it was important for the financial community to be confident in the data.
Gibson added: "Directors should be frank about alternatives to the proposed transaction, and the possible benefits of the transaction to the person proposing it."
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.