By Alois Vinga
THE Insurance and Pensions Commission (IPEC) has bemoaned the slow progress in the resolution of losses incurred by pensioners during the country’s pre-2009 hyperinflationary era.
Pensioners lost their investments during the hyperinflationary era after insurance companies claimed that a substantial proportion of investments they made was eroded when the country’s economy hit the most turbulent period in its history.
During the time, independent estimates placed the country’s inflation at over 230 million percent with locals trading in trillions for minor transactions such as buying bread over the counter.
In attempts to remedy the losses incurred by policy holders, government appointed a Commission that was headed Justice Smith to enquire into the damage caused and to propose remedies to the crisis.
SECP publishes paper
April 22, 2021
ISLAMABAD, April 21: In light of SECPâs commitment to promote capital formation and educate potential issuers and investors about different modes of financing and investment avenues, a Guidance Paper detailing mechanics and elements for issuance of Convertible Debt Securities (CDS) has been published.
The said paper is available on SECPâs website and can be accessed through following link https://www.secp.gov.pk/document/guidance-paper-relating-to-issuance-of-convertible-debt-securities/?wpdmdl=42210&refresh=607fca65241141618987621
Convertible debt security is a hybrid instrument having both debt and equity features. Initially it is a fixed-income security that yields interest payments and subsequently can be converted into specified number of equity shares.
SECP Publishes Guidance Paper on Convertible Debt Securities propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
By Robert Tapfumaneyi
THE Insurance and Pension Commission (IPEC) says insurance benefits totalling $200 million remain unclaimed by subscribers.
IPEC says the total number of pensioners with unclaimed benefits as at 30 September 2020 stood at 154,957 members.
In an interview with NewZimbabwe.com, Cuthbert Munjoma, IPEC Director Pension Supervision said they were rolling out various public awareness initiatives aimed at sensitising the public on the benefits.
These include coming up with SMS and web-based search engines in which members can search for their names should there be benefits due to them.
“It should be noted that the value is cumulative since 2009 and the Commission is enforcing the requirement for allocation of revaluation gains and investment return on the unclaimed benefits in line with requirements of the Guidance Paper on Currency Reforms issued in 2020,” Munjoma said.
A year marked by COVID-specific regulations still included victories for credit unions
January 07, 2021
WASHINGTON World Council of Credit Unions continued in 2020 to successfully advocate before international standard setting bodies on behalf of the global financial cooperative movement. Here are World Council’s Top 10 International Advocacy Success Stories of the year.
1. Basel AML/CFT Guidance includes World Council Recommendations on Proportionality/Financial Inclusion
The Basel Committee on Banking Supervision issued an updated version of its guidelines on
, with guides on the interaction and cooperation between prudential, and anti-money laundering and combatting the financing of terrorism (AML/CFT) supervisors. The issuance specifically included World Council-recommended language stating that AML/CFT burdens should be proportional and risk-based, informed by banks’ own risk assessment of ML/FT risks. Further, with respect to member/customer due diligence, the gu