http://www.complinet.com/ Compliance Complete UK and Europe RSS feed en THOMSON REUTERS GRC en THOMSON REUTERS GRC http://www.complinet.com/global/news/news/article.html?ref=152167 Firms are facing enormous pressure from all sides to meet their payment protection insurance (PPI) complaints handling commitments but the regulator would sooner see complaints handled properly than rushed. Since the High Court dismissed the British Bankers' Association (BBA)'s case against the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) last year, leaving banks to pay compensation claims estimated to total around £4 billion, the spotlight has rarely been off firms. The pressure has been piled on by consumer groups and in particular by claims management companies (CMCs). According to new figures from the Financial Services Compensation Scheme (FSCS), the number of PPI claims submitted doubled from 2010 to 2011 and the vast majority of consumers claiming — more than 75 percent — did so through CMCs, despite the fact that CMCs are taking on average 25 percent of the compensation payable. Few people will have escaped the unsolicited text message, Thu, 09 Feb 2012 06:39:43 GMT http://www.complinet.com/global/news/news/article.html?ref=152167 2012-02-09T06:39:43Z http://www.complinet.com/global/news/news/article.html?ref=152187 Feb 9 (Reuters) - More than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as part of a probe into the alleged manipulation of global lending rates, the Financial Times reported. The newspaper, citing people familiar with the probe, said traders had been suspended, fired or placed on leave in recent months at Deutsche Bank, JPMorgan Chase & Co, Royal Bank of Scotland and Citigroup. All four banks declined to comment, it said. Officials had also expanded their enquiries to both hedge funds that place big bets on movements in the rates, and the interdealer brokers that serve as go-betweens with the banks, the paper said. It said Icap, the world's largest inter-dealer broker, had suspended one employee and put two more on administrative leave in the past six weeks. Regulators since late 2010 have been investigating banks that help set interbank lending rates known as LIBOR and TIBOR in London and Tokyo, which Thu, 09 Feb 2012 06:25:34 GMT http://www.complinet.com/global/news/news/article.html?ref=152187 2012-02-09T06:25:34Z http://www.complinet.com/global/news/news/article.html?ref=152169 (Reuters) - The U.S. Treasury Department on Wednesday enlisted five EU nations to help crack down on offshore tax evasion by Americans and ease the burdens the effort has imposed on many banks and financial institutions. After complaints from the global financial industry about costs and legal issues, Treasury announced a new multilateral approach to implementing the Foreign Account Tax Compliance Act, or FATCA. Enacted by the U.S. Congress in 2010, FATCA is intended to help the U.S. Internal Revenue Service gather information about Americans' accounts with more than $50,000 in assets in foreign banks and other institutions. Scheduled to take effect in 2013, the new law as drafted calls for banks and financial institutions worldwide to gather the information and directly disclose it to the United States' Internal Revenue Service (IRS) tax collection agency. Under Treasury's proposed new government-to-government framework for implementing FATCA, Wed, 08 Feb 2012 18:49:43 GMT http://www.complinet.com/global/news/news/article.html?ref=152169 2012-02-08T18:49:43Z http://www.complinet.com/global/news/news/article.html?ref=152163 Guernsey has urged financial services firms to ensure that their screening systems comply with the Channel island's new terrorist asset freezing legislation which took effect last month. The new regime, which came into force on January 25, largely mirrors the UK's own anti-terror financing laws but has been introduced to close gaps caused by a change in UK law. The government said that financial institutions and other persons had a responsibility to comply with the new law and ensure that appropriate policies and procedures are put in place. Breaches in the law are punishable by imprisonment of up to seven years and/or a fine. Jo Reeve, principal external affairs officer at the Guernsey Policy Council, said that Guernsey had largely followed the UK's approach to tackling terrorist financing. "The only difference is that it enables Guernsey to nominate individuals themselves. If someone was found in Guernsey that wasn't on the UK list Guernsey would be able to list that person as a terrorist Wed, 08 Feb 2012 08:21:52 GMT http://www.complinet.com/global/news/news/article.html?ref=152163 2012-02-08T08:21:52Z http://www.complinet.com/global/news/news/article.html?ref=152170 LONDON, Feb 8 (Reuters) - The European Union's top markets regulator signalled on Wednesday that credit ratings from the United States were close to satisfying EU rules, without which banks would face the cost and upheaval of finding alternatives. The European Securities and Markets Authority (ESMA) must decide by April 30 if the rules for compiling ratings in the United States are as strict as those in the 27-nation bloc. If not, banks will have to obtain alternative ratings, a costly and time-consuming process. "We fully understand how important it is that we get to a solution here," ESMA Chairman Steven Maijoor told a conference organised by the Association for Financial Markets in Europe, a banking lobby. "We know the U.S. is very far ahead, and very far with getting close to the European requirements in this area," Maijoor said. ESMA has to reassure itself that the U.S. system for regulating credit rating agencies is "broadly similar" and that U.S. supervisors will Wed, 08 Feb 2012 08:12:50 GMT http://www.complinet.com/global/news/news/article.html?ref=152170 2012-02-08T08:12:50Z http://www.complinet.com/global/news/news/article.html?ref=152174 BRUSSELS, Feb 8 (Reuters) - An EU lawmaker is planning to propose rules prohibiting the publishing of sovereign credit ratings for countries that do not want them, according to a draft proposal seen by Reuters on Wednesday. It is not clear how such a ban would work in practice, as the proposed law would only apply to EU countries and not to financial markets outside Europe. In addition, any attempt to enshrine a ban in EU law would likely face considerable opposition from investors who use ratings when choosing what debt to buy and sell. Politicians have criticised the credit raters for downgrading struggling European states at delicate moments of the debt crisis, thereby exacerbating efforts to contain their soaring borrowing costs. Such moves led to calls for the raters to be prevented from giving their opinion on the creditworthiness of states receiving financial aid. Last year, Michel Barnier, the EU commissioner in charge of financial regulation, proposed legislation to Wed, 08 Feb 2012 08:02:55 GMT http://www.complinet.com/global/news/news/article.html?ref=152174 2012-02-08T08:02:55Z http://www.complinet.com/global/news/news/article.html?ref=152154 WASHINGTON (Reuters) - Foreign and U.S. banks plan to warn lawmakers on Wednesday that broad application of U.S. swaps rules could undermine U.S. competitiveness abroad, increase the cost of hedging and even provoke brinkmanship among international regulators. The 2010 Dodd-Frank law, which aims to curb excessive risk-taking on Wall Street, gives the Commodity Futures Trading Commission new oversight powers for the opaque $700 trillion derivatives market. That includes broad authority to regulate any swaps activities overseas so long as it has a "direct and significant" impact on U.S. commerce. The CFTC has been mostly silent on the reach of its new swaps rules. But concern over swaps jurisdiction gained momentum last April when banking regulators proposed a rule on margin and capital for uncleared swaps that appeared to impose tough Dodd-Frank rules on U.S. bank branches in other countries, while exempting their foreign competitors. Such a framework Wed, 08 Feb 2012 07:45:00 GMT http://www.complinet.com/global/news/news/article.html?ref=152154 2012-02-08T07:45:00Z http://www.complinet.com/global/news/news/article.html?ref=152111 A police probe into suspected money laundering by wealthy Zimbabwean Jayesh Shah ended in March 2007, according to new documents that emerged at the High Court yesterday. The police file appears to contradict earlier evidence given by a former detective inspector who investigated Shah following a suspicious activity report (SAR) filed by the bank. Richard Barnes, a solicitor for the Metropolitan Police, appeared in court to hand over a bundle of documents detailing the Met's investigation into Shah that began after the businessman attempted to transfer $28 million between two of his bank accounts in September 2006. A log in the file appears to show that the police closed its investigation on March 16, 2007. Shah was never charged with any money laundering offences after the police investigation drew a blank. The new evidence means that Gary Walters, a former detective inspector at the Metropolitan Police's economic and specialist crime unit, will be recalled to the witness stand to Wed, 08 Feb 2012 06:56:11 GMT http://www.complinet.com/global/news/news/article.html?ref=152111 2012-02-08T06:56:11Z http://www.complinet.com/global/news/news/article.html?ref=152108 The insurance industry should focus on turning risk into value in 2012, according to Munich Re. Jo Oechslin, chief risk officer at the firm, said from the Insurance Institute of London's podium at Lloyd's Old Library that, as part of this approach, insurers needed to rely less on lending to banks, given the exposure this involved to their systemic risk. He said that European insurers had experienced the effect of taking assets and lending them to banks. "All insurers have decisive exposure to banks. We've seen in 2007/2008 what it means. We've tried to reduce exposure to banks but it's difficult," he said. Oechslin said that European insurers needed to find other ways of lending. They should not just lend money to banks and so incur the systemic risk of banks. "This requires skills we don't have, but banks have people who work there today but are not there tomorrow. These people may have skills we need." When a delegate queried why insurers might be any better at direct lending Wed, 08 Feb 2012 06:00:58 GMT http://www.complinet.com/global/news/news/article.html?ref=152108 2012-02-08T06:00:58Z http://www.complinet.com/global/news/news/article.html?ref=152124 (Reuters) - The underperforming global economy should not be allowed to delay financial system reforms, according to a senior official at the Financial Stability Board (FSB), a global watchdog set up by the Group of 20 nations. The official also said that the FSB would propose new rules on so-called "shadow banking" by year-end. Bank of Canada Senior Deputy Governor Tiff Macklem, who chairs a key FSB committee , pushed back against bankers who argue now is not the time to impose tougher new capital standards on lenders due to the recession in Europe and a weak U.S. economy. "The current challenges are not an excuse for delay. Quite the opposite," Macklem said in a speech in Toronto. "In a risky world, the need to make the financial system safer and restore confidence is vital. If there is a reproach to be made, it is that progress has not been faster," he said. The roll-out of the new capital rules for banks around the world, known as Basel III, is the "biggest Wed, 08 Feb 2012 00:08:56 GMT http://www.complinet.com/global/news/news/article.html?ref=152124 2012-02-08T00:08:56Z http://www.complinet.com/global/news/news/article.html?ref=152132 Trade between Asia and Iran is likely to slow as new U.S. sanctions make payments more difficult, traders said on Tuesday, although the more determined can still find a route through Middle Eastern intermediaries. On Sunday, U.S. President Barack Obama authorized new measures which extend sanctions to all Iranian financial institutions and require financial institutions doing business in the United States to block and freeze transactions having a suspected link to Iran. Previous sanctions had only required American banks to reject those transactions. Asian importers of Iranian crude, fuel oil and iron ore will find the sanctions complicate payment, which already often goes through intermediaries in the Middle East. Iran will be forced to rely more on settlement in illiquid currencies, which raises its cost of trade and adds to pressure on its currency. "Iranian cargoes I can get, that's not a problem. But how to pay is a problem," said an iron ore trader in New Delhi. Some Tue, 07 Feb 2012 14:59:38 GMT http://www.complinet.com/global/news/news/article.html?ref=152132 2012-02-07T14:59:38Z http://www.complinet.com/global/news/news/article.html?ref=152098 BRUSSELS, Feb 7 (Reuters) - European Union member states are working on a new round of sanctions against Syria, which they hope to conclude by Feb. 27, EU diplomats said on Tuesday. The sanctions would include a freeze on the Syrian central bank's assets as well as on most transactions with it, they said. The sanctions would also ban the import and export of phosphates, diamonds, gold and other precious metals. "A new round of financial sanctions is on the table," one diplomat said, adding that they had full backing from France and Germany. "The sanctions would include freezing assets of the Syrian central bank and banning any transaction with it which is not deemed legitimate... Sanctions would also foresee a ban on imports and exports of phosphates, gold, precious metals and diamonds." EU member states are also considering a ban on commercial flights to and from Syria, but agreement on this is less likely, the diplomats said. "A realistic objective would be to Tue, 07 Feb 2012 10:00:14 GMT http://www.complinet.com/global/news/news/article.html?ref=152098 2012-02-07T10:00:14Z http://www.complinet.com/global/news/news/article.html?ref=152164 Today’s round-up includes an FSA speech entitled Update on the regulatory reform agenda. Norton Rose Group EU/UK regulatory roundup: February 7, 2012 Date Source Document number Title of document Cross references Comment 07.02.12 Financial Services Authority Update on the regulatory reform agendaDelivering twin peaks within the FSADelivering a twin peaks regulatory model within the FSAThe Financial Conduct Authority - Approach documentThe Bank of England, Prudential Regulation Authority - Our approach to insurance supervisionThe Bank of England, Prudential Regulation Authority - Our approach to banking supervisionHM Treasury - Financial Services Bill main page The FSA has published a speech by Hector Sants (Chief Executive, FSA) entitled Update on the regulatory reform agenda.In the first part of his speech Sants discusses the UK’s reform programme and the move to twin peaks supervision. Much of the discussion repeats the comments Sants made in an earlier speech entitled Delivering Tue, 07 Feb 2012 08:31:15 GMT http://www.complinet.com/global/news/news/article.html?ref=152164 2012-02-07T08:31:15Z http://www.complinet.com/global/news/news/article.html?ref=152066 From Monday April 2, banks and building societies, insurers, and large investment firms will deal with separate prudential and conduct supervisors, although both supervisory teams will still be located at the Financial Services Authority (FSA). The large group of firms not destined to be 'dual regulated' in the new 'twin peaks' structure will be supervised by conduct teams only, and will continue to be solely supervised by the Financial Conduct Authority (FCA) when the FCA and Prudential Regulation Authority (PRA) are established with the launch of true twin-peaks regulation in the next 12 to 18 months. Speaking yesterday at a breakfast briefing hosted by the British Bankers Association (BBA), the FSA's chief executive, Hector Sants, said that the intention was to make the internal restructuring as close as possible to the coming statutory twin peaks. But the FSA must still by law operate within the current legal framework, which is not yet governed by the future Financial Services Act, Tue, 07 Feb 2012 06:59:24 GMT http://www.complinet.com/global/news/news/article.html?ref=152066 2012-02-07T06:59:24Z http://www.complinet.com/global/news/news/article.html?ref=152065 Tennessee-based medical device company Smith & Nephew Inc. has agreed to pay more than $22 million to settle allegations it violated the Foreign Corrupt Practices Act (FCPA) by making improper payments to publicly-employed Greek physicians and falsely recording the payments in its books and records. Smith & Nephew Inc., the U.S. subsidiary of the UK's Smith & Nephew PLC, entered into a deferred prosecution agreement with the Justice Department and reached a settlement with the Securities and Exchange Commission (SEC). According to court documents filed in U.S. District Court in the District of Columbia, Smith & Nephew executives, employees and affiliates agreed to sell products at full price to a Greek distributor and then pay a certain "discount" percentage to shell companies in the UK and the Isle of Man that were controlled by the distributor. These off-the-books funds were reportedly used by the distributor to pay "cash incentives" to publicly employed Greek physicians to Mon, 06 Feb 2012 14:26:00 GMT http://www.complinet.com/global/news/news/article.html?ref=152065 2012-02-06T14:26:00Z http://www.complinet.com/global/news/news/article.html?ref=152114 Today’s round-up includes a speech by Hector Sants entitled Delivering twin peaks within the FSA. Norton Rose Group EU/UK regulatory roundup: February 6, 2012 Date Source Document number Title of document Cross references Comment 06.02.12 Financial Services Authority FSA/PN/012/2012Delivering twin peaks within the FSADelivering a twin peaks regulatory model within the FSAThe Financial Conduct Authority - Approach documentThe Bank of England, Prudential Regulation Authority - Our approach to insurance supervisionThe Bank of England, Prudential Regulation Authority - Our approach to banking supervisionHM Treasury - Financial Services Bill main page The FSA has published a speech given by Hector Sants (Chief Executive, FSA) entitled Delivering twin peaks within the FSA.At the start of his speech Sants states that implementing a twin peaks model is the next stage in the FSA’s reform process and that such model will be introduced from 2 April 2012. The FSA intends to move as close Mon, 06 Feb 2012 08:30:22 GMT http://www.complinet.com/global/news/news/article.html?ref=152114 2012-02-06T08:30:22Z http://www.complinet.com/global/news/news/article.html?ref=152069 MILAN/LONDON, Feb 6 (Reuters) - Most plans put forward by European banks to improve the industry's resilience are in line with what was asked of them, their regulator said on Monday, as some banks made last-ditch efforts to meet the demand to lift capital. Italy's Banco Popolare unveiled a plan to raise hundreds of millions of euros by buying back hybrid bonds, as one of 31 banks told to fill a 115 billion euro hole in their balance sheets by the end of June. Intesa Sanpaolo also said it will boost capital by buying back debt, even though it has not been ordered to do so. The aim is to ensure the industry is strong enough to withstand an economic slowdown and the euro zone's sovereign debt crisis. The European Banking Authority (EBA) meets on Wednesday and Thursday to assess each bank's plan, and will reject any that are unrealistic. "The overwhelming majority of measures outlined in the plans appear to be, in aggregate, in line with the spirit and the letter of the Mon, 06 Feb 2012 08:27:31 GMT http://www.complinet.com/global/news/news/article.html?ref=152069 2012-02-06T08:27:31Z http://www.complinet.com/global/news/news/article.html?ref=152068 FRANKFURT, Feb 6 (Reuters) - Deutsche Boerse is seeking to curb market manipulation by tightening up the rules on its open market platform, it said on Monday. The German exchange said it would close its First Quotation board, a segment of its open market platform, which is a cheap and fast way for companies to offer their shares and bonds, after a stricter regime introduced in 2011 failed to have the desired effect. "Despite criminal law and supervisory measures and the close involvement of the applicant and the tightening of admission requirements, there have nevertheless continued to be massive and frequent suspected cases of market manipulation," Deutsche Boerse said in a statement. A spokeswoman for Deutsche Boerse declined to name specific cases of market manipulation or give numbers of incidents. Deutsche Boerse said current First Quotation Board members meeting the entry criteria will be able to move to the more regulated Prime Standard and General Standard segments Mon, 06 Feb 2012 08:25:49 GMT http://www.complinet.com/global/news/news/article.html?ref=152068 2012-02-06T08:25:49Z http://www.complinet.com/global/news/news/article.html?ref=152063 Hector Sants, chief executive of the Financial Services Authority (FSA), has put a firm date for the first time on when the regulator will start mirroring the new twin peaks regime. In a speech today to the British Bankers' Association (BBA), Sants said that the twin peaks model would start operating within the FSA from April 2, 2012 and emphasised the intention of judgmental supervision and the need for firms to buy into the regime, and not drag their feet. The implications for large financial services firms, including insurers, are that that from this date, ahead of formal implementation of the regime, they will have to be dealing with two sets of supervisors, one on the prudential side and the other on the conduct side. Jonathan Davies, partner at Reynolds Porter Chamberlain, said that the FSA's announcement, just ahead of today's second reading of the Financial Services Bill in the House of Commons, where the debate, although unofficially a foregone conclusion, was still technically Mon, 06 Feb 2012 08:13:38 GMT http://www.complinet.com/global/news/news/article.html?ref=152063 2012-02-06T08:13:38Z http://www.complinet.com/global/news/news/article.html?ref=152061 ZURICH - Julius Baer is prepared to pay a fine to escape an escalating U.S. crackdown on offshore bank accounts after last week's indictment of smaller rival Wegelin raised tension among Swiss private bankers. "We expect we will probably have to pay a fine, but have the resources to satisfy a solution," Baer Chief Executive Boris Collardi told a news conference as the bank announced 2011 results and a share buyback on Monday. "We've taken an early, proactive approach with the U.S., taken measures including the U.S. exit in 2009 at our own decision, and have an ongoing constructive dialogue," Collardi said, adding he did not expect the bank to be indicted. He did not say when a resolution was expected, nor how much Baer might have to pay. Collardi said the bank expects to have to hand over client data as part of a U.S. tax investigation into wealthy Americans who stashed their money in Swiss banks to avoid paying taxes. "We expect to have to deliver client information Mon, 06 Feb 2012 07:35:05 GMT http://www.complinet.com/global/news/news/article.html?ref=152061 2012-02-06T07:35:05Z http://www.complinet.com/global/news/news/article.html?ref=151994 Virgin Money has revealed plans to offer loans to small and medium enterprises (SMEs) and personal current accounts through its Northern Rock banks. Virgin is less than one month into its ownership of Northern Rock but the firm has told Thomson Reuters of its ambitious plans for the bank, and said it applauds the regulator for levelling the playing field for new entrants. Virgin had been eyeing Northern Rock since 2007, when the latter hit the rails at the start of the credit crunch. Many commentators have talked about the need for new entrants to the banking sector to increase competition in what had become predominately a four-horse race, but barriers to entry are high and even established players such as Virgin have found it difficult to break into the market. Scott Mowbray, a spokesman for Virgin Money, told Thomson Reuters: "We wanted to grow our business and our brand with a new approach. Northern Rock, which was in government hands, was a great opportunity." Virgin had also Mon, 06 Feb 2012 06:15:58 GMT http://www.complinet.com/global/news/news/article.html?ref=151994 2012-02-06T06:15:58Z http://www.complinet.com/global/news/news/article.html?ref=152031 Feb 5 (Reuters) - The United States is coming to be seen as a global threat, acting unilaterally with aggressive new market rules that critics say will hurt U.S. firms, foreign banks, and international markets in one swoop. The new buzzword in the financial world is "extraterritoriality", or ET. The idea that a government can exercise its authority beyond its borders. The fear is that after the 2007-2009 financial crisis that roiled global markets, some countries will engage in an arms race of tough financial reforms in order to be seen as the safest capital markets, and will haphazardly foist their own rules on other nations. Despite its talk of a global level playing field, the United States is being portrayed as a rogue country, with its unmatched Volcker rule to curtail banks' risky trades and its accelerated timetable to put in place new derivatives reforms. The backlash has gained force in recent weeks. International finance ministers are taking up their Mon, 06 Feb 2012 06:03:52 GMT http://www.complinet.com/global/news/news/article.html?ref=152031 2012-02-06T06:03:52Z http://www.complinet.com/global/news/news/article.html?ref=152002 The European Commission's publication of which countries are to be equivalent under Solvency II is more interesting for its omissions than its inclusions, according to PwC. The major jurisdictions, included in a letter from Jonathan Faull, of the European Commission, to Gabriel Bernadino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA), come as no surprise, but the omission of Canada, a significant insurance jurisdiction, hits European insurance groups with Canadian subsidiaries. The omission of the U.S. has adverse implications for capital requirements to cover the groups' U.S. subsidiaries. Paul Clarke, global Solvency II leader at PwC, said: "European groups with Canadian subsidiaries know now that they will not be equivalent and should plan on this basis. For those interested in the U.S. debate, there is no early answer and so contingency plans are advisable." He noted that the remoteness of U.S. equivalence, brought into sharp relief by the letter, Mon, 06 Feb 2012 06:01:59 GMT http://www.complinet.com/global/news/news/article.html?ref=152002 2012-02-06T06:01:59Z http://www.complinet.com/global/news/news/article.html?ref=151999 LONDON, Feb 3 (Reuters) - Former UBS AG trader Kweku Adoboli, who is accused of unauthorised deals that cost the Swiss bank $2.3 billion, was refused bail by a London court on Friday less than an hour after regulators stepped up their probe into the scandal. The Financial Services Authority (FSA) and the Swiss Financial Market Supervisory Authority (FINMA) said they were launching enforcement investigations, which depending on their findings can be a prelude to actions such as fines or court proceedings. The Swiss bank is conducting its own probe and has blamed the losses on an unauthorised trading incident. Adoboli, 31, the British-educated son of a retired United Nations official from Ghana, was arrested straight after the losses were unveiled last September. He pleaded not guilty earlier this week to charges related to the scandal. He will remain in custody in Wandsworth prison in south London until his trial, which is set for Sept. 3. It was the first time Fri, 03 Feb 2012 08:54:47 GMT http://www.complinet.com/global/news/news/article.html?ref=151999 2012-02-03T08:54:47Z http://www.complinet.com/global/news/news/article.html?ref=152113 Today’s round-up includes ESMA launching a CEREP. Norton Rose Group EU/UK regulatory roundup: February 3, 2012 Date Source Document number Title of document Cross references Comment 02.02.12 European Securities and Markets Authority ESMA makes available data on past performance of credit rating agenciesCEREP databaseList of registered and certified CRAsESMA CRAs databaseRegulation 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agenciesEuropean Commission - Rating agencies The European Securities and Markets Authority (ESMA) has launched a Central Rating Repository (CEREP) providing information on credit ratings issued by the credit rating agencies (CRAs) that are either registered or certified in the EU. The purpose of the CEREP is to allow investors to assess on a single platform the performance and reliability of credit ratings on different types of ratings, asset classes and geographical regions over the time period of choice. The Fri, 03 Feb 2012 08:30:38 GMT http://www.complinet.com/global/news/news/article.html?ref=152113 2012-02-03T08:30:38Z