A law of unintended consequences haunts those who rewrite the rules

first_imgTuesday 14 September 2010 9:01 pm A law of unintended consequences haunts those who rewrite the rules whatsapp WHEN rival financial centres rewrote their rulebooks to their own disadvantage, London pounced. If current proposals are mishandled, the City’s competitors will be more than ready for the chance to steal back some of the UK’s financial thunder.In the last half-century, America’s regulators have unwittingly been some of the City’s best friends. Their generosity began with the introduction of America’s Interest Equalisation Tax in 1964 as a temporary measure – subsequently extended again and again. It was intended to reduce the balance of payments deficit by taxing Americans for acquiring foreign-issued stocks and debt obligations. In practice, US investors decided that they wanted to free their offshore dollars from the onerous US controls. Capital outflows continued, with London’s eurodollar market the main beneficiary, while the US capital market saw sales by European and Japanese issuers decline from $326m in the first half of 1963 to under $40m in 1964. Subsequent tax changes were too late to slow the development of the market that had been created in London.In 2002, American regulation once again gave London an inadvertent helping hand with Sarbanes-Oxley (Sarb-Ox). Under pressure after the Enron and WorldCom scandals, politicians passed Sarb-Ox to enhance US accounting standards. The increased weight of compliance drove companies elsewhere, and to London in particular. Notably, the flourishing of London’s Alternative Investment Market has been linked to the fallout from Sarb-Ox. In 2007, Senator Charles Schumer and New York’s Mayor Michael Bloomberg warned that New York could lose its status as a major financial centre within 10 years.Professor Niall Ferguson, author of The Ascent of Money, told City A.M. that history shows just how careful regulators need to be. “Financial history is littered with the unintended consequences of regulatory changes. From the Interest Equalisation Act to Sarb-Ox, New York has repeatedly suffered setbacks because of mistakes made in Washington. It is too early to tell if Dodd-Frank will have similar damaging effects. A lot will depend on how uniformly Basel III is applied and on what the EU and national governments decide to do. If I had to make a bet it would be that London will end up being hurt more by new European rules than New York is hurt by the new American rules.”London cannot rely on American mistakes to keep it competitive. With risks from new European regulations in play, there is all the more reason not to add to the danger by rushing through changes at home. KCS-content Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPuffer fish snaps a selfie with lucky divernypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Show Comments ▼ whatsapp Sharelast_img read more

HSBC nearing a verdict on chairmanship

first_img A SUCCESSOR to HSBC chairman Stephen Green could be announced as soon as next week, it emerged over the weekend.Former Goldman Sachs investment banker John Thornton is still widely tipped as one of the favourites to step into Green’s shoes after he resigned to become trade and investment minister in the coalition government.However, it is understood that HSBC’s board is considering its alternatives carefully, including appointing its senior independent director Sir Simon Robertson as chairman on an interim basis, with a view to appointing a permanent successor in a few years’ time.Robertson, who also spent time at Goldman Sachs as chairman of its London business, currently chairs Rolls Royce, meaning that some juggling will have to take place to afford him time to conduct both roles. HSBC’s board will meet in Shanghai next week, with Green’s replacement top of the agenda for discussion.HSBC insiders also believe chief executive Michael Geoghegan is still in the running for the chairmanship, despite talk that he would prefer to stay in an executive position, particularly given his recent relocation to Hong Kong. A source at the bank last week told City A.M. that a move for Geoghegan “should not be ruled out”.The bank said yesterday that a decision had not yet been made and that it had only undertaken to announce a successor before the end of the year.Green, who has already stepped down from his positions as chairman of the British Bankers’ Association and deputy president of the CBI, is due to relinquish his role at HSBC before the year is out to take up the last remaining vacancy in David Cameron’s government. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.com whatsapp HSBC nearing a verdict on chairmanship Share Sunday 19 September 2010 10:51 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼ KCS-content Tags: NULLlast_img read more

Rod Barker to lead new private investment firm

first_img Tuesday 11 January 2011 7:36 pm KCS-content Tags: NULL whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ Rod Barker to lead new private investment firm Share ROD Barker, partner at International Standard Asset Management, is leaving the firm to head up a new hedge fund business at Pacific Investments, the private investment vehicle of Sir John Beckwith. The business, which will be launched early next month, has attracted the backing of ICAP founder Michael Spencer’s private investment fund IPGL and Jim Pettigrew, chief operating officer of Ashmore. Between them, Barker and Pacific will have a majority stake in the business, with Spencer and Pettigrew as minority shareholders.Barker told City A.M.: “The pedigree of the people involved as shareholders gives you an idea of the scale we’re thinking about.” The business will initially focus on offshore hedge funds, before moving into UCITS-regulated funds further down the line.Pettigrew is expected to take an active interest in the day-to-day running of the business. whatsapplast_img read more

Business soars at St James’s Place

first_img KCS-content Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp whatsapp Show Comments ▼ More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgcenter_img Thursday 20 January 2011 8:14 pm Wealth manager St James’s place has seen new business leap 32 per cent, pushing assets above market forecasts to a record high. The British-based business saw funds under management increase to £27bn, up by £5.6bn, beating analysts expectations of around £26.3bn.St James’s Place, 60 per cent owned by Lloyds Banking Group, saw new investments of £4.75bn, up 37 per cent. Chief executive David Bellamy said: “I am extremely pleased to report another year of record new business for St James’s Place, including a strong final quarter.“We remain committed to recruiting only the highest quality advisers into the partnership, while ensuring that we are able to offer a best in class investment proposition for clients.” Business soars at St James’s Place Tags: NULLlast_img read more

Outokumpu expects break-even

first_imgWednesday 2 February 2011 7:29 pm KCS-content Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Stainless steel maker Outokumpu said it expected to break-even in the first quarter after posting a deeper-than-expected fourth quarter loss. The company expects delivery volumes in the first quarter to be around 10 to 20 per cent higher than in the fourth quarter of 2010. The Finnish firm reported an operating loss of €85m (£72.4m) for the fourth quarter, versus a €31m loss a year ago. Show Comments ▼ Tags: NULLcenter_img More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Outokumpu expects break-even whatsapp whatsapplast_img read more

Verizon plans $3.6bn buyback

first_img US telecoms group Verizon said it plans to buy back up to 100m of its shares, or 3.6 per cent of its outstanding stock, in a scheme worth $3.6bn (£2.2bn) at recent prices. The firm also said yesterday it will raise its dividend as it moves away from conserving cash. Verizon plans $3.6bn buyback whatsapp Thursday 3 February 2011 8:24 pm Tags: NULL Sharecenter_img Show Comments ▼ KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndoBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeUndoAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndo whatsapplast_img read more

China records large trade deficit

first_img China records large trade deficit by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionZen HeraldShe Inspired Three Of The Most Popular Songs EverZen HeraldDefinitionHistorians Doubt These 21 Famous People Ever ExistedDefinitioniCanAnswerThat.comThe New Volkswagen Atlas Is The Car Of Your Dreams.iCanAnswerThat.comYeah MotorCheck Out These Car Wraps, 20 Car Wraps That Had Us LaughingYeah MotorBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach Raider Share whatsapp China experienced a $7.3bn (£4.5bn) trade deficit in February, its largest in seven years. It was China’s first trade deficit since March 2010 and largest since February 2004. “The unexpected deficit reflects both distortions around Chinese new year and the impact high commodity prices are having on China’s import bill,” said Mark Williams from Capital Economics. KCS-content center_img Show Comments ▼ whatsapp Thursday 10 March 2011 7:13 pm More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Tags: NULLlast_img read more

LVMH bags massive profit

first_imgMonday 18 April 2011 8:53 pm Tags: NULL Share whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsappcenter_img LVMH bags massive profit LVMH, the world’s biggest luxury retailer, posted a higher than expected 17 per cent jump in sales for the first-quarter of 2011 yesterday, boosted by double-digit revenue growth across all segments.Demand for its luxury line-up, which includes brands like Louis Vuitton, Givenchy, Moet and Chandon and Christian Dior, delivered huge returns as sales for the first three months of the year were €5.25bn (£4.6bn), up from €4.47bn a year earlier, and a profit of €3.03bn. Analysts had expected the three months to March sales to be €4.97bn.Organic growth reached 14 per cent, the company said, above the expected range of seven to 11 per cent. The France-headquartered company has reported strong performances in the United States, Europe and Asia, despite the earthquake that recently shocked Japan – a key luxury market for the company. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Show Comments ▼last_img read more

Sentance urges rate rise

first_img Share BANK of England hawk Andrew Sentance used his swansong speech yesterday to warn that the UK’s persistently high inflation rate could damage the Monetary Policy Committee’s (MPC) credibility.Sentance, who has repeatedly called for an interest rate rise, told a Pro-Manchester lunch that global economic growth and the pound’s depreciation had pushed inflation higher, while spare capacity in the economy had not had the effect of reducing it.“A large burden of weight is being placed on the view that the Bank of England will return inflation to target before too long, despite not having delivered on promises to achieve just that over the past couple of years,” he said. “I do worry that the MPC’s credibility and commitment to the inflation target may already have been eroded by not adjusting policy settings soon enough.” Sentance steps down on 31 May. Tags: NULL Sentance urges rate rise Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proofcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsBrake For ItThe Most Worthless Cars Ever MadeBrake For ItLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm Oracle Tuesday 26 April 2011 8:58 pm KCS-content whatsapp whatsapplast_img read more

Armenia tightens gambling regulations

first_imgCasino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Armenia tightens gambling regulations 1st October 2018 | By contenteditor Advertising will now be limited to local operators Subscribe to the iGaming newsletter Email Address Tags: Online Gambling Regions: Europe Central and Eastern Europe Armenia Topics: Casino & games Legal & compliance Lottery Marketing & affiliates Sports betting Tech & innovation The Armenian government has given its approval to a series of amendments on national gambling laws, with operators in the country to face stricter regulations on advertising and lotteries. Under the new amendments, only local operators will be permitted to advertise in Armenia. Adverts must be targeted at people aged 21 or older, while television and radio ads can only be broadcast between the hours of 10pm and 6am. Those that fail to adhere to the rules face a fine of one million drams (£1,600/€1,800/$2,100). In addition to advertising, amendments have been made to laws regarding the location of lottery gaming. The ‘Law on Lotteries’ has been changed to only permit gambling in the specified areas of Tsakhkadzor, Sevan, Jermuk and Meghri. Armenian news agency ARKA said that gambling could help boost tourism in the resort cities of Tsakhkadzor, Sevan and Jermuk, as well as build on a developed infrastructure in Meghri. The changes come after Armenia’s National Assembly in January unanimously voted to raise the minimum gambling age in the country from 18 to 21 for those betting on sports or playing lottery game. These amendments were accompanied by higher faces for operators that breach the regulations. Fines are now set at around $4,200 for the first violation, then $10,000 and $20,000 for second and third breaches.Image: Serouj Ourishianlast_img read more