The Q&As provide clarification on transitional provisions of the Regulation regarding critical benchmarks.
The purpose of this Q&A is to promote common supervisory approaches and practices in the application of the BMR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of the BMR. The content of this document is aimed at competent authorities under the Regulation to ensure that their supervisory activities are aligned with the common practices set out in the responses adopted by ESMA. The updated Q&As also provide guidance to market participants on BMR requirements.
Next steps
ESMA will periodically review these Q&A and update them where required.
“Most of my missions stand out in some way or another due to the nature of helicopter operations. They often entail emergencies either on a mountain or in inaccessible terrain, or otherwise involve serious patterned injuries or time-critical medical conditions,” explains Jacqueline Zbären, a helicopter paramedic nurse working in the Bernese Highlands in Switzerland.
“Something that has made quite the impression on me is that major accidents can occur in the most unremarkable day-to-day activities, like biking or getting groceries, or else during a simple day trip in the mountains. Healthy individuals of any age can suddenly develop life-threatening diseases, like pulmonary embolisms and heart attacks, or trip and sustain major injuries,” adds the 37-year-old, who works at one of the 12 helicopter bases of Swiss Air-Rescue (Rega) distributed across the country.
“Having witnessed how someone’s life can change abruptly has increased my awareness of my own health and well-being.”
“The team in the helicopter is made up of a pilot, a doctor and a paramedic nurse, and the operations centre we’re in touch with over radio. When we receive the emergency notification, when the weather permits take-off, we have as little as 5 minutes to be ready to be airborne. During winter and summer tourist seasons, the base I work at is open 24/7 and shifts can last 24 or 48 hours.
“In primary missions, which are almost 90% of the operations of our helicopter base, we rescue or deliver the first medical assistance on the scene of an accident, while secondary missions involve relocating a patient from one health-care facility to another. In all our operations, the decisive factor is time.
“I’ve always known I wanted to work in the medical field, and I chose the nursing profession because it offered a wide variety of specialization options. The emergency setting fascinated me, which is why I specialized in anaesthesia after my 4-year nursing degree and then proceeded to a 2-year training to become a paramedic nurse. After working for 8 years in paramedicine, I switched to helicopter rescue operations about a year ago, after completing a Helicopter Emergency Medical Services Technical Crew member training.
“The biggest difference from working in a hospital is that in many hospital settings, you have several patients for whom you are responsible. As a paramedic nurse, you have only 1 or 2 to focus on, and while the care is limited in time, it is very intense.”
Managing the unpredictable
“The most defining elements of my work are its unpredictability and the diversity of my tasks. We can be requested to fly to the scene of a car accident, to rescue someone injured in the mountains or to transfer critical-care patients.
“I can be discussing expected medical needs with the emergency physician en route, but then the situation on the ground turns out to be entirely different. Or else, in rare cases, I am required to leave the doctor at a scene while the pilot and I must leave for another mission where I have full autonomy.
“In flight, I oversee medical, technical and operational tasks. I care for the patient’s well-being in close dialogue with the doctor, assist the pilot by operating the navigation devices and radio, and handle the hoist to lower down the doctor or a helicopter rescue specialist from the Swiss Alpine Club when we cannot land.
“I have to slip in and out of various roles and mindsets – I may be thinking of the medical equipment needed upon landing, then help the pilot reach our destination, and moments later think strategically about how best to transport the patient to the helicopter.
“We undergo continuous training to hone our medical, technical and operational skills and, above all, to be prepared for every eventuality.”
UK Prime Minister Boris Johnson has dismissed EU accusations that Britain was deliberately procrastinating over Brexit trade talks to wait until the winner of the US presidential election has been determined, reportsThe Sun.
No 10 Downing Street rejected as “simply untrue” speculations that UK concerns that an administration led by Democrat Joe Biden might adopt a tougher stance on a US-UK trade deal could prompt London to grant more concessions to Brussels in order to get a deal done with the EU.
A source was cited as brushing off such claims by officials in Brussels as no more than “wishful thinking” and “desperate stuff”.
‘Mass Bargaining Session’
Following almost two weeks of intense negotiations between the EU and the UK that have not resulted in any breakthrough on major sticking points, Chief EU negotiator Michel Barnier is claimed to have rejected London’s calls to elevate ongoing Brexit talks to leaders’ level.
A handout photograph released by the UK Parliament shows Britain’s Prime Minister Boris Johnson speaking in the House of Commons in London on November 2, 2020 on new coronavirus lockdown measures.
Warning that they were on a “trajectory” for a No Deal scenario, he was reported to have denounced the UK’s attempts to turn the current stage of talks on shaping the post-Brexit relationship between the sides into a “mass bargaining session”.
Some EU officials were claimed to have accused Britain of calling time on talks early this week amid the tight US election race between President Donald Trump and his Democratic rival Joe Biden.
Sources were cited by the outlet as suggesting that at a private briefing to senior MEPs Michel Barnier railed against No10 gearing up for a “big tug of war at the end”, with as many as 30 issues open for further discussion.
European Union’s Brexit negotiator Michel Barnier wears a protective face mask as he arrives at 1VS conference centre ahead of Brexit negotiations in London, Britain October 24, 2020.
The French politician serving as the European Commission’s Head of Task Force for Relations with the UK reportedly fears that Boris Johnson hopes to wangle more concessions in a direct showdown with president of the European Commission Ursula von der Leyen and German Chancellor Angela Merkel.
Key contentious issues up for debate between the sides have been access to UK fishing waters by EU boats and the need to have common regulatory standards and fair competition.
On fishing, the UK has urged that opportunities be calculated on the basis of ‘zonal attachment’ – a move that would increase the amount of fish caught in UK waters by British boats, while the EU says reaching a “fair deal” on fisheries is a pre-condition for a free trade agreement.
Referring to London’s tactics, Barnier is claimed by sources as having told European diplomats:
“I keep telling them that’s not going to happen… You can’t have things going up to that level that haven’t been gone over with a fine toothcomb.”
The official is cited as having added that unless Downing Street changes its approach to negotiations with Brussels, next week, a deal won’t be reached.
Updating @Europarl_EN & Member States on ????negotiations today.
Despite EU efforts to find solutions, very serious divergences remain in Level Playing Field, Governance & Fisheries. These are essential conditions for any economic partnership.
?? is prepared for all scenarios.
— Michel Barnier (@MichelBarnier) November 4, 2020
Currently, British and EU negotiators are taking a three-day break from talks and are scheduled to reconvene in London on Sunday.
Both sides have been trying to strike a trade deal since the UK left the EU on 31 January in time for the agreement to be ratified by the end of the year, when a post-Brexit transition period ends.
In September, the Moria camp on Lesvos burned down, leaving about 12,000 people without shelter. Most of them were transferred to an emergency site, which was later flooded. This prompted renewed calls for a dignified and long-term solution for people seeking asylum in Greece.
Both at land and sea borders, the number of reported pushbacks is increasing.
As the Coronavirus pandemic situation abated in summer, the number of migrants and refugees arriving to Europe increased again.
Over 300 people have died or gone missing while trying to reach European shores. Moreover, authorities in many countries do not allow ships to land in their ports, leaving people stranded at sea. Many migrants are also attempting to cross the Channel.
Asylum procedure
The number of asylum applications is still significantly below pre-COVID-19 levels.
Many national authorities managed to reduce the backlog of asylum applications despite the Coronavirus challenges, but applicants still face long waiting times. Access to the asylum procedures remains complicated – applicants lack information and legal support. Many family reunification procedures are on hold because of the pandemic.
Reception centres
Many centres remain overcrowded, making it difficult to follow COVID-19 hygiene and physical distancing measures.
In some countries, arrivals are not promptly registered, which prevents access to accommodation and food. In others, migrants have to undergo a quarantine in undignified conditions.
Child protection
Thousands of unaccompanied children continue living in unsuitable conditions.
After the fires in Moria, a number of countries – such as Belgium, Bulgaria, Croatia, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Portugal and Slovenia – committed to relocate 400 unaccompanied children who had been living in the camp.
Policy developments
On 23 September, the European Commission published a new Pact on Migration and Asylum. It sets out a new approach to migration and asylum management in the EU, with a stronger focus on border procedures, improving cooperation with the countries of origin and transit, successful integration of refugees and return of those with no right to stay.
Background:
The latest migration quarterly bulletin covers the period between 1 July and 30 September 2020. FRA has been regularly collecting data on migration since September 2015.
Head of the EU delegation Ambassador Attilio Pacifici.
Kampala, Uganda | THE INDEPENDENT | The European Union (EU) delegation in Uganda will today meet President Yoweri Museveni to discuss conservation of natural resources.
Eight EU Ambassadors have for the past four days been in Western and Northern Uganda to assess and discuss environmental conservation in the country. Top on the agenda was the controversial cultivation of sugarcane in Bugoma central forest reserve by Hoima Sugar Limited, depletion of Zoka central forest reserve by illegal lumbers and charcoal burning and others.
The other area of interest was the proposed construction of a 360 MW hydropower dam on Murchison Falls among others.
Addressing journalists in Gulu city on Thursday, Ambassador Attilio said that the country needs to strike the right balance between development or the necessity to develop with the much-needed conservation of its treasures.
According to Attilio, there should always be dialogue and clear decisions regarding the conservation of the environment.
Dr Roswitha Kremser, the Head of Austria office in Uganda said that there should be options and alternatives to the destruction of natural resources.
Speaking about the cultivation of sugarcane in Bugoma forest, Kremser questioned whether sugarcane growing can take place in a forest or whether there are no alternative sites that can be found. She demanded that natural resources should not be destructed at the expense of development.
Per Lindgarde, the Ambassador of Sweden said that protecting and restoring forests is very important since it attracts tourists and other benefits.
He noted that environment and climate change were key for Sweden and the European Union, which explains why they support natural resource management.
The Ambassador of Italy, Massimiliano Mazzanti said that investment activities in Bugoma forest do not make any sense to them as the European Union.
“There is enough production of sugar in this country. We understand of course the impact of such an investment in terms of short-term jobs but killing the forest to produce sugar, it is suicide in long term perspective to the economy for the whole region,” Mazzanti noted.
He equally said that building a dam on Murchison Falls also does not make sense since there is already enough production of electricity in the country.
Jules-Armand Aniambossou the Ambassador of France, said that Uganda could become the worst example if it doesn’t take conservation seriously.
Besides environment conservation, the EU Press and Information Officer Emmanuel Gyezaho says that the meeting between the President and the Ambassadors is in line with Article 8 Cotonou Partnership Agreement Political Dialogue regularly held between the EU and Government of Uganda.
The last meeting between the EU delegation and the President was on 15th November 2019. They discussed topics ranging from business and investment climate, human rights and democracy including electoral reforms, freedom of assembly and expression as well as National dialogue.
The European Union (EU) on Thursday called on Israel to stop the demolition of Palestinian homes in the occupied territories.
EU Spokesperson Peter Santo announced in a statement: “This week, Israeli forces demolished more than 70 structures, including residential, livelihood and sanitation facilities, belonging to 11 Palestinian families with 41 children in Khirbet Hamsa Al-Foqa, in the northern Jordan Valley.”
“This large-scale demolition confirms once again the regrettable trend of confiscations and demolitions since the beginning of the year,” he added.
“This comes on top of the threat of demolition of the Palestinian school in the Ras Al-Teen community in the central West Bank, which has been co-funded by the EU and several EU Member States,” added Santo.
The EU official indicated: “There are currently 52 Palestinian schools under threat of demolition.”
Santo asserted: “As reiterated in previous EU Council Conclusions, the EU calls for the protection of children, including ensuring their right to education in a safe and secure school environment. Education is a basic human right that should be protected and maintained.”
He continued: “Such developments constitute an impediment towards the two-state solution.”
“The EU reiterates its call on Israel to halt all such demolitions, including of EU-funded structures, in particular in light of the humanitarian impact of the current coronavirus pandemic,” concluded the EU spokesperson.
Meanwhile, the United Nations announced on Thursday: “So far in 2020, 689 structures have been demolished across the West Bank, including East Jerusalem.”
Yvonne Helle, acting humanitarian coordinator in the occupied Palestinian territory, disclosed in a statement on Thursday that these demolitions resulted in the displacement of 869 Palestinians who lost their homes.
Helle pointed out that the number of razed buildings since the beginning of the year until today is: “More than in any full year since 2016.”
One hundred thousand households in Somaliland in northwest Somalia have better access to water, protecting them not just from the ravages of climate change but also against the spread of COVID-19, thanks to a project supported by the UN Development Programme.
Written by Sandeep Singh
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November 6, 2020 3:30:09 am
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</span><span class="custom-caption"> <span class="ie-custom-caption">London starts a newly imposed lockdown. Given that fresh lockdown measures could impact economic recovery, investors can book some profits now. (Reuters)</span></span>As the haze around the outcome of US elections began to clear on Thursday morning, the benchmark Sensex at BSE and Nifty at NSE jumped by 1.8% and inched closer to their respective all-time high levels seen in January this year. The Sensex closed at 41,340, just 604 points or 1.4% lower than its higher ever closing of 41,945 on January 17, while the Nifty closed at 12,120, just 2% from its closing of 12,362 on January 14.
Amid a fresh wave of Covid-19 infections across the world and a looming threat of lockdowns, investors would do well to book some profits on their investments when the market is on a high. With a vaccine still some time away, uncertainty remains over the global economy. Several countries in Europe have imposed new lockdown measures amid the rise in new cases and fatalities. Keeping in mind the fact that fresh lockdown measures may hurt economic recovery and stock market movement, it wouldn’t be a bad idea to book some profits on investments that have achieved their targeted growth.
Some profit booking also makes sense at this time because many feel that if the Covid-19 concerns remain for an extended period of time, then investors will get an opportunity to invest in the same assets at a cheaper valuation at a later date.
It must always be remembered that while investments should be made in a regular and disciplined manner, redemption or profit booking must be planned and executed when the markets are on a high or the expected gains have been achieved.
When the Sensex fell by over 35% from the highs of January to 25,981 on March 23, there was a sense of anxiety among investors. Many rued the fact that they had missed out on booking profits and reducing their equity exposure when the indices were trading at all-time high levels in January. No one knew that the market would regain its levels in 10 months and provide the same opportunity again. Now that this has happened, investors would be wise to book and keep some profits aside, to reinvest when there is a dip.
Where should you book profits from?
It is important to note that while direct investments in stocks of various companies may have generated good positive returns, a number of mutual fund SIP investments may not have generated significant enough positive returns for investors to book profits over the last 3-5 years. Therefore, experts say that it may be a better idea to book profits from individual stock investments rather than mutual funds. The decision to pull out of mutual funds may, however, depend upon the age of the investor, the period of investment and whether the investment objective has been met.
Some feel that investors should look for companies that are not performing too well during the pandemic period but have seen a significant jump in share prices, to book profits.
“As second-quarter results are coming out, investors can figure out companies that are strained on the business front but have seen a sharp jump in their share prices. I feel that investors should book profits in those companies, as they will get an opportunity to buy them at a later date and at cheaper valuation,” said C J George, MD, Geojit Financial Services. He added that one should remain invested in companies that have done well even amid the constraints of the last six months, as they would do well going forward.
What should mutual fund investors do?
The strategy should depend on the life-cycle of an investor. If the investor is young, say in their 30s or early 40s, they can stay invested for the long term and can let the near-term volatility play out. But for an investors who is in their late 50s and is approaching retirement, it is important to seek this opportunity and reduce their equity exposure and start deploying funds into safe asset classes where there is no risk of capital erosion.
“It is a good time for investors to rebalance their portfolio. Investors who think they have high exposure of equity can bring it down and move to debt,” said Surya Bhatia, founder of Asset Managers, a financial advisory firm.
Where should you put your money?
Even as one books profit, the more important aspect in these times is to figure out where to deploy that money. Investors can look at various options. The first is to keep the money in liquid form and put it in bank fixed deposits, G-Secs or a debt mutual fund scheme for a period of three months to six months, and deploy it into high-quality blue chip companies when there is a dip in the market.
The other option is to look for high-performing companies in sectors that are still trading significantly below their pre-Covid levels in January 2020. A fund manager with a leading fund house said that investors can look at strong private sector banks or a banking sector fund, and can also look to invest in dividend yield funds or special situations funds.
Will there be long-term capital gains tax?
In his Budget announcement on February 1, 2018, then Finance Minister Arun Jaitley announced a proposal to impose long-term capital gains tax of 10% (without indexation) on gains exceeding Rs 1 lakh arising from sale of listed equity shares or units of equity-oriented mutual funds. The government, however, said that all gains up to January 31, 2018 will be grandfathered and not attract tax.
So, if investors book profits where the capital gains are over Rs 1 lakh (since February 1, 2018), they must be ready to pay LTCG tax at the rate of 10% on all gains exceeding Rs 1 lakh.
