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Ofcom, the communications regulator, has confirmed that product placement will be allowed on British television programmes from the end of February 2011. The move will be welcomed by commercial broadcasters, such as ITV, who have been seeking additional revenue streams.

The regulator this morning published a series of rules governing the use of product placement on UK TV.

Broadcasters will have to warn viewers about shows containing product placement by using an on-screen logo. This logo will have to appear for a minimum of three seconds at the start and end of programmes that contain product placement.

The TV rules reflect new UK legislation after the government's decision earlier this year to allow product placement in UK TV shows as a result of changes to European broadcasting legislation.

Product placement will be allowed in films, TV series’, entertainment shows and sports programmes. However, it will be prohibited in all children's and news programs and in British-produced current affairs, consumer affairs and religious programming. The product placement of tobacco, alcohol, gambling, foods or drinks that are high in fat, salt or sugar, medicines and baby milk is banned by UK legislation. Ofcom has also prohibited the paid-for placement of products and services that can't be advertised on TV, such as weapons or escort agencies.

The value of product placement to the industry is not yet clear. Some believe it could be worth as little as ￡25m. However, MirriAd, a product placement company, puts the figure at about 5pc of the total UK TV advertising market, as it is in the US. That would give it a value of around ￡150m a year. Companies such as MirriAd, which specialises in technology which digitally embeds product placement into shows after they have been produced, are set to benefit from Ofcom’s decision.

The rules state that product placement must not impair broadcasters' editorial independence and must always be editorially justified. This means that programs can't be created or distorted so that they become vehicles for the purpose of featuring product placement.

The regulator has also relaxed the rules on paid-for references to brands and products in radio programs.

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With only three months to go before the Act enters into force the Serious Fraud Office - maybe more used to study the book bribery multi-million corrupt States that if a strawberry baskets could be illegal - preparing to issue guidelines on what home activity could result in prosecution.

Strawberries at Wimbledon: the question of how business hospitality will be considered the law has been a major concern for businesses in Great Britain.

The Director of the SFO, Richard Alderman, stated: "sensible and proportionate hospitality expenditures remain perfectly legal under the law on corruption when it enters into force."

"I understand that businesses want more detailed instructions to attend major sporting events." We will be happy to help by posting our views. ?

The question of how business hospitality will be considered the law has been a major concern for businesses in Great Britain. However, experts on corruption Act suggest that there is unlikely to be a major problem for the SFO or the Department of justice.

Geoff Nicholas, a partner at Freshfields Bruckhaus Deringer, said: "it is useful that the OST and the Government are beginning to understand this because this caused some concern, particularly for those involved in the home business industry". Although there were initial concerns these appears to retreat. ?

The SFO step will publish this perspective on hospitality that the Department of justice has produced his final guidance on the law on corruption in January. It will be followed by guidance of the public prosecutor at the prosecutors. The law should enter power in March.

Its powers will be British companies and overseas and foreign companies with a UK presence seem to be involved in corruption.

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Hedge funds in London, which includes around 80pc of all European industry sector was shaken by an attack of regulation, in recent months.?Photo: ALAMY

Managers rolling high, which many are due payments book collecting millions of dollars, were deferred pay day until the end of December, instead of waiting until February or March as usual.

A Director of hedge funds, who refused to be named, said: "the earnings situation is so unreliable at this time, we thought we couldn't risk waiting until the end of the year." The calculations for the year at the end of November and pay us the premiums in December. ?

Hedge Fund consultant said: "the decision to advance payment of the premium was taken as the industry facing new rules for compensation of the CEBS [Committee of European banking supervisors of the] and regulators UK."

Is "in the event where pay these two codes are revealed quite well for the hedge fund industry." But it is still exceptional uncertainty, taxes and other regulations. ?

Hedge funds in London, which includes around 80pc of all European industry sector have been buffeted by attack of the regulation, in recent months including the controversial directive Alternative Investment Fund Managers (ISBA). The raft of rules limits proposed for Brussels on compensation, among other restrictions.

Friday the authority for financial services (FSA) has unveiled its remuneration code updated to take into account the difficult rules announced by CEBS 10 days ago.

But the regulator has also included broad exemptions that allow hedge funds and asset managers to opt out of many rules.

CT said that at least 70pc of total remuneration in the financial services companies should be postponed, with cash is limited to a maximum of 20pc and 30pc element.

50Pc new higher rate income tax Government could effectively reduce 10pc sold just in the initial amount. The rules also said that actions must be retained for an "appropriate retention period.

Hedge funds were particularly concerned about proposals that most have no liquid shares for paid staff. Many had warned that the regulation would force them to move away from London.

However, the FSA has promised that a "proportionate approach will be applied to implementation" which means any but the largest institutions will be able to apply for exemptions.

The FSA said that London banks should adopt the new code by 1 January 2011.

Other companies that are currently outside the mission of the ASP code have until the July 31, 2011, at the latest to follow.

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MINES, OIL AND MINERALS: The Securities and Exchange Commission is proposing new reporting requirements for public companies that operate mines, pull oil or gas out of the ground or use certain minerals from Africa in their products. The proposed rules flow from the financial overhaul law enacted in July.

NEW DETAILS: Companies that operate mines would be required to provide information on health and safety violations. Companies that produce oil, natural gas or minerals would have to detail all payments related to commercial development that were made to the U.S. or a foreign government. And companies that use so-called "conflict" minerals from Congo and neighboring countries would have to describe the research the company did to trace the minerals back to their sources.

CONFLICT IN CONGO: The idea is that stricter reporting rules would help curb the violence in Congo, where minerals are produced in mines controlled by rebel groups.

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WASHINGTON – Federal regulators on Wednesday proposed new reporting requirements for public companies that operate mines, pull oil or gas out of the ground or use certain minerals from Africa in their products.

The Securities and Exchange Commission voted to propose the new rules under the financial overhaul law enacted in July. The regulators' goal is to make companies engaged in potentially controversial activities more accountable about them to shareholders.

In the case of companies that use so-called "conflict" minerals from Congo and neighboring countries in electronics and other products, the idea is that stricter reporting requirements would help curb the widespread violence in Congo, where minerals are produced in mines controlled by rebel groups. The goal is to cut off funds to the rebels.

Public companies that operate mines would be required to provide information in periodic SEC reports on health and safety violations as well as any notices from the U.S. Labor Department indicating that a mine has a pattern of violating health or safety standards.

Companies that produce oil, natural gas or minerals would be required to detail in an annual report all payments related to commercial development that were made to the U.S. or a foreign government. They would include taxes, royalties and licensing fees.

The information would have to be provided in an interactive data format, with electronic tags.

An increasing number of companies have been charged by the SEC and the Justice Department in recent years with violating the Foreign Corrupt Practices Act, which prohibits bribery of foreign government officials or company executives to secure or retain business.

And companies that use "conflict" minerals from the Congo and neighboring countries in their products would have to file each year a report including a description of the research the company did to trace the minerals back to their sources. Descriptions of the manufactured products and the factories that processed the minerals would have to be included.

Conflict minerals are defined as gold, cassiterite, wolframite and columbite-tantalite, also called coltan. Cassiterite and coltan are used to make cell phones, computers and other electronics. Wolframite is used in metal seals and other components.

The United Nations has imposed sanctions on armed rebel groups in Congo, who are accused of committing widespread rape, murder and other violence in the course of their illicit minerals trafficking.

"Congress was concerned that the exploitation and trade of conflict minerals originating in (Congo) is helping to finance conflict that is characterized by extreme levels of violence, particularly sexual- and gender-based violence, and is contributing to an emergency humanitarian situation," SEC Chairman Mary Schapiro said before the vote.

The SEC opened the proposed rules to public comment until Jan. 31. They could be formally adopted sometime after that possibly with changes.

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The move comes after the intense lobbying and asset management companies and hedge funds who said that pay heavy restrictions could put at risk as a financial centre London's leading position. The FSA is certainly inclined to accept changes to the new code, which seeks to control the remuneration in the banking sector.

The ASP code that will be published before the end of the year, which will at least tell 40pc of premiums should be deferred if the amounts are lower than ￡ 500,000 amounting to 60pc if the premium is above this figure. A first draft of the code, published in the summer, also said that at least 50pc premiums should be paid in shares with a fixed minimum retention rule.

Financial non-Banque raised concerns service providers when the FSA proposed reforms, stressing that the partnerships did not share structures and because that they did step pose a systemic risk to the financial system they fail they shall not be bound by the same rules. The FSA now agreed to a "proportionate" approach, which means that the rules will be relaxed for smaller operations.

"We have expressed our views directly with decision makers such as Vince Cable, the Secretary of industry, Paul Tucker, the Deputy Governor of the Bank of England and superior to the FSA, people," said Daniel Pinto, partner management and asset management, Stanhope Capital Corporation Chairman and President of the New city that advises on matters of the financial sector initiative.

"We told them that we understood the purpose and relevance of proposed measures for banks but this proportionality should be applied with attention to the structure size and ownership of the companies involved.

"Proportionality should be applied, more independent asset managers should be excluded from the scope of the new regulation."

Initiative of the city of New wrote to the FSA in September highlighting concerns active management sector which employs thousands of people in the United Kingdom and manages the ￡ 150bn funds.

Mr. Pinto said that the sector was initially shocked by the proposals that follow a European directive on compensation.

Taken "we have been aback by the myopia of the European directive on premiums and its implementation at United Kingdom by pay code revisions", he said.

"We are very favourable for the FSA to promote effective management of risks." However, we felt the proposed amendments to the pay code might effect to big - bank groups who have been at the center of the crisis of 2008 - an advantage over smaller companies never pose systemic risk. ?

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Documents commissioned by the Special Prosecutor for the Iceland and perceived by the Sunday Telegraph suggest Glitnir operated under the legal limits of ratios of fit at the end of 2007. A second report for the Office of the Prosecutor contends that Landsbanki also violated the conditions of its banking license at the end of 2007.

At least 12 filed British boards are between ￡ 5 m and 1 m ￡ to Glitnir after this point and advice Colombia British at least 52 put their money in Landsbanki in 2008.

Thousands of people have also put the Landsbanki silver Icesave account after this point. A bailout of the UK Treasury followed for deposits of more than 22 €000 (￡ 18,400).

Both reports are essential Commissioners to the accounts of the Landsbanki and of Glitnir, the Icelandic branch of PricewaterhouseCoopers (PwC), arguing that he should have identified set statements.

Reynir Vignir, Associate Director of PwC in Iceland, said: "we have recently received a copy of a report prepared for the Icelandic Special Prosecutor concerning the banking crisis and examine its contents.

"While we are not able to comment on the content of the report, it would seem we that reporting of the findings in the report, for the moment at least, are not a complete and accurate picture."

"PwC Iceland is very pleased to cooperate with inquiries of the public prosecutor and is convinced of the quality of audits begun Glitnir and Landsbanki."

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WASHINGTON (Reuters) – The top securities regulator said on Monday that she plans to hold broker-dealers more accountable for their customers' assets after Bernard Madoff duped his clients out of billions of dollars.

"We are considering enhancing oversight of broker-dealer custody by providing new information and tools to regulatory examiners," Schapiro said at an accounting conference.

Months after Madoff was arrested in 2008 for operating his epic Ponzi scheme, the SEC beefed up its oversight of investment advisers.

Madoff's investment advisory business was registered with the SEC. He was also registered as a broker-dealer and supervised by the SEC and industry-funded watchdog the Financial Industry Regulatory Authority .

The SEC's rule subjects some 1,600 investment advisers who physically hold their customers' assets to a surprise audit to ensure that the assets are really there.

Now the SEC is mulling ways to improve auditors' oversight of broker-dealers.

Currently, law requires auditors to provide assurances that the broker-dealers' numbers are accurate, and that their controls are in place. But that rule is nearly 30 years old.

"We are considering strengthening compliance and controls," Schapiro said at the conference in Washington of the American Institute of Certified Public Accountants.

Separately, Schapiro said the SEC would decide in 2011 whether to forgo domestic accounting rules for international standards -- now used in more than 100 countries.

If the SEC decides to allow U.S. companies to use the International Financial Reporting Standards, or IFRS, Schapiro said there would be a four-year implementation period.

(Reporting by Rachelle Younglai; Editing by Derek Caney)

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WASHINGTON (Reuters) – U.S. regulators introduced proposals on Friday that will determine which companies will be forced to hold more cash in order to trade in the lucrative over-the-counter derivatives market.

The Securities and Exchange Commission voted unanimously to seek public comment on plans to define who will be subject to more regulatory scrutiny.

(Reporting by Rachelle Younglai; Editing by Derek Caney)

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Matthew Wyles, President of the CMA said regulation proposed by the controller of the city would hurt more borrowers as they.

The Financial Services Authority on how much money, that a person can borrow evolved after the banks have been criticised for giving a larger loans to buyers who can afford not rules.

Mr. Wyles said the "layer on layer" additional requirements are building regulatory set "too large and unwieldy".

Speaking at the annual Conference of the CMA, he said: "I'm sure the FSA does not really exclude large crowds of market borrowers, or reduce capacity reasonable loan household responsible to meet their housing needs."

"And I am sure the FSA really believes that we are loading effects potentiels.Mais I can say with confidence that we're not crying loup.Nous do these points if we do not believe that they are true."

According to proposals of the FSA, the amount that a person could borrow might be restricted taking account of future interest rates are student and whether they can afford their monthly payments based on a refund instead of an agreement of interest only mortgage.

More than half of all mortgage loans taken out during the four years have not been accepted if affordability of the Financial Services Authority rules had been implemented, according to the CMA.

Added Wyles mortgage market felt like it was stuck in "Groundhog Day", and while the industry stood at the edge of a "financial abyss" by other means, little had changed in the two years.

Ready remains only a fraction of what they were in 2007, the year beat the credit crunch with the Group predicted that net loans, redemptions and refunds, bands will be only ￡ 9 billion this year, compared to 108 billion pounds in 2007.

Mortgages will remained "sober" he said as he released figures showing gross loans ￡ 12.4 billion, which is unchanged from September, but the 9% compared to October 2009.Il is total October lowest since 2000.

Brian Murphy, head of loans to mortgages, Council Office said: "in a market that operates normally you would expect to uplift overall activity between September and October on a plateau during the summer months .but this is not a normally functioning market."

"Borrowers are nerve, even more so since the expenditure review and confirmation of some half a million public sector job losses .this fear for their personal situation has certainly contributed to the decline in mortgage applications."

Try the tool search for free mortgage loan from the Telegraph

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By many foreign banks based in the city are technically branches.?Photo: AFP

Authority (FSA) financial services seeks to a possible loophole in which banks are headquartered abroad could be exempt from the release of critical data such as salary bands.

The regulator, which is determined to eradicate wars pay between banks, gave warning of a consultation on the new European rules on the disclosure of remuneration policies.

The consultation, which is part of a wider study on Basel III of Europe's regulations concerning proposals may require banks to explain every year "decision-making" to pay.These might include disclosures on deferred compensation and handshakes gold, as well as the links between pay and the performances.Les larger banks would be subject to more demanding with small lenders have to provide basic information disclosure only rules.

Although the FSA compensation code that was introduced last summer, applies to the 27 most major banks and building societies regulated in London, some of these are not affected by European rules because they are not filiales.Bon number of major banks in London, including Japanese, Chinese banks and American, are often technically branches.

Consultation, which closed on 8 December, intervenes as battle lines are drawn between Westminster and the city in advance of politicians Bank annuelle.Les bonus season banks have urged not to give excessive premiums, but already the heads of the Bank warned that already unilateral action by the United Kingdom will drive the banks abroad.

The United Kingdom has already introduced a one-time tax on premiums and implement a sampling of four years on the shores of 2011.

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WASHINGTON – Federal regulators on Wednesday approved new requirements for brokerage firms aimed at curbing risks posed by their trading customers that get split-second access to markets to buy or sell stocks.

The Securities and Exchange Commission voted 5-0 at a public meeting to adopt the new rules. They effectively prohibit brokerages from providing customers with so-called "unfiltered" or "naked" access to exchanges or trading systems.

In arrangements known as sponsored access, brokerages that are approved to trade on exchanges rent out their access to them to unregulated clients such as high-frequency traders.

Those traders use mathematical models to exploit market imbalances and minute price differences. High-frequency trading is estimated to account for more than 50 percent of all U.S. stock trading.

Brokerages will be required to put in controls to reduce risk from their sponsored trading customers stemming from erroneous orders. The potential risks from electronic disruptions in trading at high speeds were showcased in the "flash crash" of May 6, when the Dow Jones industrial average dropped nearly 1,000 points in less than a half-hour.

Regulators have determined that the plunge occurred when a trading firm executed a computerized selling program in an already stressed market. The firm's trade, worth $4.1 billion, touched off a chain of events that ended with market players swiftly pulling their money from the stock market.

The new rules should help prevent erroneous orders, ensure compliance with regulations and enforce credit limits for trading orders, SEC officials said.

"This is part of our effort to address the risks associated with rapid electronic-trading strategies that have become more prevalent in recent years," SEC Chairman Mary Schapiro said before the vote. "As the events of May 6 demonstrated, the financial markets today are highly interconnected, and an event in one market can rapidly spread throughout the financial system."

The rules take effect in about two months and brokerage firms will have six months to comply.

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The accounting standards Board has launched a consultation by expanding international standards of financial reporting (IFRS) all companies to smaller in Britain. ?

In a statement, the NCC said that the new system would cost an estimated ￡ 78.9 m to introduce, but insists on the fact that it would be worth.

Standards, which are currently mandatory for companies portfolio, has been criticized as "deeply flawed" by some experts.

Tuesday, Lord Lawson, who sits on the House of lords Economic Affairs Committee said the evidence that he saw gave her concerns that he has "serious problems" with the British Columbia Colombia accounting standards.

Former Chancellor said that the system may have hidden risks in British and Irish banks that caused the institutions to explode during the financial crisis.

In his statement, the CNC acknowledged controversy by saying "know that there are differing views".Cependant recommended body standards as being necessary to "simplify" the current; rulesShorten the rule-book of 2,000 pages 400; and reduce the "field for error checking.

However, critics say the new standards will take measurements of life risk UK standards could make work more easy for accountants, but at a potential cost to RTI stakeholders ' others pointed out that book accounting rules has doubled size under the direction of the day-to-day management of the BSA.

David Loweth firmly rejected accusations that the accounting profession was gain most of the modification of the règles.Il said Daily Telegraph: "the new standards of would modernise and simplify the system of accounts that provide clear views on the financial statements for the benefit of investors and owners of the company."

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Legislation scan scheduled for next spring includes new powers to dismiss teams management, forcing banks to sell off the coast of all the divisions, to ban the shareholder dividends and require lenders to prepare contingency plans which would be activated if they close to collapse.

EU regulators would also have the power to force a small bank to be taken over by a so-called "bridge Bank" that would run it temporarily until a permanent owner is found.

Michel Barnier, European Commissioner for the markets, unveiled yesterday the financial regulation which is designed to allow the closure of mark lenders without sparking panic plan.

He said the new measures were "most pressing" and could regulatory tools to ensure that the Bank shareholders and creditors contribute to the cost of restructuring.

He said: "the shareholders and creditors be on the front line and not the taxpayer,". "It is too easy as a u.s. creditors ' there is a problem, it is the taxpayer who resume loi.Nous project are completed with whom.

European countries have been committing close to one-third of their economic output equivalent to prevent system Bank reversal.

Mr Barnier said that the EU must avoid the "terrible dilemma" committing to bail the extremely expensive or allowing a catastrophic failure like the collapse of Lehman Brothers Bank, which has caused panic in the market.

He said: "no bank should be too failed".

Of the proposed legislation European banking supervisor newly created would be mandated to act if an international group with cross-border transactions performed on the verge of disintegration, as happened with Fortis, when the Netherlands rushed to protect the operations of the Bank on its territory, leaving Belgium scrambling to support the rest of the group.

The EU plan will require approval by the block 27 member countries as well as the Parliament to become law.

Proposals - especially United Kingdom - critics are complained that he could ask more serious hazards by stripping of national regulators to influence their own financial centers.

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WASHINGTON - the Federal regulatory agencies are proposing rules mean shareholders and other creditors large financial companies with stranded, seized by the Government should be prepared to suffer losses and receive no money from taxpayers.

Federal Deposit Insurance Corp. Tuesday opened the rules in .the public comment ' agency was empowered by the Act adopted financial review last summer to choose the creditors of a company having failed could receive additional payments beyond what they get in a normal bankruptcy proceedings.

Officials said FDIC some creditors get supplémentaires.Ils payments could include, for example, suppliers allowing the Government to continue operations essential business such as paying employees.

"It's very important that market understands that it is not a bailout", an agency official said in a conference call with reporters.

? 2010 The Associated rights Press.Tous réservés.Ce hardware cannot be published, broadcast, rewritten or redistributed.

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Two committees are due to hear the evidence that the banks have operated dangerously "flawed" rules photo: ALAMY

Accounting standards (ASB) Council was given in months of lobbying from Tim Bush, a Fund Manager and has agreed to hear the argument that rules have contributed to the collapse of banks in 2008 - and even compromise the system.

Separately, the House of lords Economic Affairs Committee is set to hear evidence on the role of checks in the banking crisis of mardi.Le Committee called Stella Fearnley, a Professor of accounting at the University of Bournemouth, who has reached the same conclusions as President Bush.It should give a devastating assessment of bank accounting.

President Bush, a member of the urgent Issues Task Force examines the SBA has recently written a very busy in the Government of a "regulatory fiasco" warning letter in British banks have apparently joined Declaration erronées.Il standards argued that applied to banks, some parts of the International Financial Reporting Standards "false profits and overvalued capital product" who "deceived misled shareholders, the Bank of England, FSA and other creditors.

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Angela Knight, Executive Director of the British Bankers Association has been warning that the rules would be "significant challenges". Photo: Alamy

There is consternation in the whole of the City yesterday after the Committee of European banking supervisors has published a set of guidelines compensation fear much that could lead to enterprises more leave London for cheaper countries rules.

Angela Knight, Chief Executive of the British Bankers' Association, has warned that rules would create "significant challenges", which part of the thinking of many said that compensation restrictions will be a lot less attractive location in London.

"If such rules have been applied all over the world, people would be ok with it, but it is the lack of rules of the level playing field which is the biggest problem,"said Jon Terry, a partner at PricewaterhouseCoopers."

Of rules, which are subject to a 30-day consultation carried out in the future only individuals will receive 10pc of their premium upfront in a given year.

Committee of European banking supervisors prosposals are as follows:

? Borders to apply in all areas of business inside/outside EU

? Prohibits the related performance golden parachutes

? Initial bonus subjected to claw back

? Large bonus could not be purely grant initial cash.

? Should be an appropriate between basic and premium wage rate.

? variable to be deferred for 3 to 5 years old pay 60pc 40pc

? Governments must be repaid before the premiums paid.

? Contracts must recognize the regulations.

? Information on the compensation available to shareholders.

? No multi-year contracts.

? Staff cannot cover the risk bonus is reduced.

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"This could be the straw that breaks vase," said Jon Terry, a partner at accountants PricewaterhouseCoopers, while Angela Knight, Executive Director of the Association of British Bankers said rules would cause "significant challenges".

The CEBS guidelines made of finance professionals, could eventually receive fair 10pc of their annual bonus in a given tax year UK and adjournment is taken into account.

The rules will also be the multiple of salary cap targeted institutions are permitted to pay an annual premium, as well as forcing to reveal information more than ever on how their pay invoice decomposes by groups of employees.

With a consultation period of 30 days in advance of their implementation at the beginning of next year, banks and their lawyers are racing to submit a response to proposals that they consider as potentially very harmful for their business.

"The time is very short," said a spokesman for the Organization of trade industry funds the Association for financial markets in Europe.

Heart are concerned that guidelines will make it harder for banks focused on Europe, which will have to apply the rules throughout their businesses worldwide to compete with international rivals not subject to such onerous regulations.

For instance, the European investment banks like Goldman Sachs and Morgan Stanley will be required to comply, however outside of Europe in highly competitive markets such as China, and the India subsidiaries American authorities do not require to implement the rules us.

"Solution agreed in the European Union is not an international solution unless it was also agreed with the other members of the G20.Nous must cross the Atlantic to the United States and around Asia, in order to ensure that changes are imposing wisely everywhere, said Knight".

United Kingdom, it will be up to the Financial Services Authority work rules in code update compensation, who have complained already many banks is much stricter than anything by the other Member States.

Flexibility is given to the individual to decide how far to go with the rules of implementation ?uvre.Un point particularly controversial might be available that banks received State support should not "grant no variable remuneration as long as the support of the Government is not yet paid back" regulators, which would mean Lloyds and RBS prevented to pay bonuses to certain members of staff.

Here are the Committee of European banking supervisors prosposals

? Borders to apply in all areas of business inside/outside EU

? Prohibits the related performance golden parachutes

? Initial bonus subjected to claw back

? Large bonus could not be purely grant initial cash.

? Should be an appropriate between basic and premium wage rate.

? variable to be deferred for 3 to 5 years old pay 60pc 40pc

? Governments must be repaid before the premiums paid.

? Contracts must recognize the regulations.

? Information on the compensation available to shareholders.

? No multi-year contracts.

? Staff cannot cover the risk bonus is reduced.

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