The European Securities and Markets Agency (ESMA) has called for a review of the UCITS Directive to account for the central clearing of derivatives required under the European Market Infrastructure Regulation (EMIR).The agency, charged with financial market regulation, said, given the impact of the EMIR regulations, the UCITS Directive should be amended to apply the same rules to derivatives that are centrally cleared or exchanged traded.The European Commission has at the same time launched its review of EMIR to produce a general report on the state of the regulation to the European Parliament and Council.Currently, the UCITS Directive allows investments in both exchanged-traded derivatives (ETD) and over-the-counter (OTC) derivatives, but only the latter are subject to counterparty risk-exposure limits. Under the new EMIR regime, certain OTC have to be centrally cleared, which ESMA said raised questions about how the limits to counterparty risk should be calculated for OTC transactions that are centrally cleared, and whether the same rules for OTC trades should also be applied to ETDs.Steven Maijoor, chair at ESMA, said the current UCITS regime needed to change, as it would be unable to account for the central clearing obligation in EMIR.“ESMA, therefore, invites the EU institutions to consider amending the UCITS Directive to make it more compatible with the clearing obligation under EMIR,” he said.The agency said counterparty risk limits should change to match the differing arrangements, and, under individual segregation, the UCITS regime should not apply risk limits but continue to do so under omnibus client segregation.The UCITS Directive is currently on its fifth amendment as of July 2014.The Commission review, to be undertaken via a stakeholder questionnaire, will focus on the delegated acts within EMIR, particularly the section that requires standard derivative contracts to be cleared through central counterparties and the reporting of trades to repositories.In addition to the consultation, the Commission is to hold a public hearing on 29 May in Brussels.Commissioner for Financial Services, Stability and Capital Markets Union, Jonathan Hill, announced the review of EMIR in Edinburgh earlier this year.Pension funds have also been granted an additional two-year exemption from EMIR until August 2017 by the Commission over concerns it would dramatically affect funds’ investment models.At the time, Hill said he understood the concerns of asking pension funds to clear derivatives centrally but said no alternative had yet been found.
COLUMBIA, Mo. — David Stevens broke free up the middle. He ran forward at the snap, turned to face his quarterback and hauled in the pass that made Ryan Nassib the greatest quarterback, statistically, in Syracuse history.Nassib’s 14-yard completion to Stevens on the opening drive of the game on Saturday made him the all-time leading passer in school history, passing Orange legend Marvin Graves to move into the top spot. And by the time Nassib had led his team on a last-second scoring drive to upset Missouri 31-27, he’d thrown for 385 yards and one touchdown.His final touchdown pass of the game, a 15-yarder to Alec Lemon, gave him 23 for the year, setting another SU record for most touchdown throws in a single season.“I love that guy,” offensive coordinator Nathaniel Hackett said. “Congratulations, Ryan. Holy cow.”As head coach Doug Marrone has grown the Syracuse program over his four years at the helm, Nassib’s growth as a quarterback has taken on a direct relationship.AdvertisementThis is placeholder textHe spent a season observing — and waiting — during the Greg Paulus experiment, playing a limited role on a few plays per game. But since then, the team has been his. It’s gone as he has gone, and lately that direction has been up.“We trust him, and he leads our team in the right direction,” Lemon said.With Saturday’s win, he’s now guided the Orange to victories in four of its last five games. He engineered two touchdown drives in the final half of the fourth quarter last night, calmly running the offense and exuding the poise and moxie needed late in games.He even overcame a later interception on a pass that deflected off Wales’ hands. Instead of wallowing in the moment — one that could have sealed the game for Missouri — he shared a moment of encouragement with his tight end and promptly mounted the seven-play, 81-yard touchdown drive that won the game and strengthened his legacy.“It was fun,” Nassib said. “We have fun silencing crowds like this. We’ve been here before, and we were fortunate enough to make enough plays to have it happen again.”It was a stark contrast from last year’s team, which promptly fell off a cliff in the second half of the season by losing five straight games. Suddenly, this year’s Orange squad can compete with anyone.And Nassib is the main reason why.“I already knew (the offense was) going to make the play,” safety Shamarko Thomas said. “When they tell us they’re going to make the play, they do it. I already knew we were going to win.”Injury to Franklin hurts Tigers He had been erratic. See the 27 incompletions and four interceptions in a loss to Florida. He had been ineffective. See the 92 total passing yards in a 21-point defeat to South Carolina.But on this night, a warm one in front of a modest crowd against a mediocre non-conference opponent, James Franklin was dominant.Through two possessions he completed every pass. Through one quarter he tallied 173 passing yards and a pair of touchdowns. He picked apart a Syracuse secondary that tackled poorly and covered worse on the way to a 17-10 halftime lead.Franklin’s first pass of the game, a bubble screen that floated towards the left side, was plucked out of the air by speedster Dorial Green-Beckham, who promptly raced down field untouched for a 70-yard touchdown.He started the Tigers’ next possession with four straight completions, amassing 54 yards in a matter of seconds. Franklin capped the drive with a 30-yard touchdown pass to Jimmie Hunt on a crossing route, and Hunt outraced three SU defenders to reach the corner of the end zone.He cooled after halftime, producing zero points in the third quarter. And then he got hurt — an injury that proved costly in a game decided in the final few minutes.“I just got the word that he was dinged,” Missouri head coach Gary Pinkel said. “Our trainers pulled him out. We’ll see where it goes from here. I don’t know which play it happened on.”Just as suddenly as he had put together what looked like the best game of his season, Franklin was gone. And in his place was backup Corbin Berkstresser, who managed the game fairly well but lacked the explosiveness that Franklin, a dual-threat quarterback, used to torment the Orange early.Berkstresser finished the game 4-for-8 for 85 yards and one interception on the game’s final play. He led the Tigers on a touchdown drive on his first possession of the game, but after that he produced a three-and-out and a field goal when his team needed seven points to try and put away the Orange.He ended with a face full of Deon Goggins, who shoved a Missouri offensive lineman into the quarterback’s lap on he final play of the game. The result was a ball heaved desperately down field and easily picked off by Keon Lyn, igniting a celebration for the Orange.“It came down to who wanted it more,” Goggins said. “And we wanted it more. I sure wanted it more, so I had to get back there and make something happen and help my brothers.” Comments Facebook Twitter Google+ Published on November 18, 2012 at 11:31 am Contact Michael: [email protected] | @Michael_Cohen13