(1) The combined amounts relate to restricted share units ("RSUs")
(excluding RSUs granted in connection with the 2007 private placement)
and share options. Excludes equity-based compensation expense comprising
amortization of Apollo Operating Group ("AOG") units.
(2) Includes amortization of leasehold improvements.
(3) Reflects the remaining interest held by certain individuals who receive an allocation of income from certain of the credit management companies.
(4) During the first quarter of 2014, the calculation of the income tax provision on economic net income was revised to include the benefit of tax deductions in excess of GAAP deductions from share-based arrangements, as further discussed in the definition of ENI After Taxes in the non-GAAP financial information and definitions section of this press release. The prior period financial data was recast to conform to the revised definition of income tax provision on economic net income. The difference in the ENI tax provision under the revised definition as compared to the previous methodology is $22.3 million or $0.06 per Class A share for each quarter presented in 2013.
JMP Group (NYSE:JMP) President Carter D. Mack acquired 25,000 shares of the stock in a transaction dated Monday, October 27th. The stock was purchased at an average price of $6.36 per share, with a total value of $159,000.00. Following the completion of the transaction, the president now directly owns 215,609 shares of the companys stock, valued at approximately $1,371,273. The acquisition was disclosed in a document filed with the Securities amp; Exchange Commission, which is available at this link.
Shares of JMP Group (NYSE:JMP) traded up 1.84% on Thursday, hitting $6.956. The stock had a trading volume of 65,958 shares. JMP Group has a one year low of $6.00 and a one year high of $8.42. The stock has a 50-day moving average of $6.46 and a 200-day moving average of $6.. The company has a market cap of $150.4 million and a P/E ratio of 13.42.
JMP Group (NYSE:JMP) last issued its quarterly earnings data on Friday, October 24th. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.14 by $0.01. The company had revenue of $40.30 million for the quarter. During the same quarter in the prior year, the company posted $0.12 earnings per share. Analysts expect that JMP Group will post $0.67 EPS for the current fiscal year.
JMP Group Inc is a full-service investment banking, asset management and corporate credit management firm.
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The new regulation is credit positive for Philippine banks because it will require them to cap the value of real estate collateral and will accelerate loan-loss provisioning for distressed loans, Moodys said in its Credit Outlook report released Thursday.
The regulation will also reduce banks credit risk concentration among borrowers in interconnected industries, it added.
In the revised rules on bank lending issued mid-October, the BSP ordered banks to focus on the ability of the borrower to pay, and not collateral, as the basis of loan approvals.
It also intends to cap the value of real estate mortgage as collateral at 60 percent in securing loans.
This regulation follows the real estate stress test that the BSP introduced in July 2014.
Because most Philippine banks are already exposed to real estate through their large conglomerate owners and loans to their affiliates, which are also leading players in the real estate market, we expect the new regulation to limit banks exposure to real estate and related sectors. The limit, in combination with the stress test, will protect asset-quality amid property price volatility, Moodys said.
Moodys point of view is an affirmation of the BSPs concern to ensure the stability of the Philippine financial system, Bank of the Philippine Islands lead economist Emilio Neri Jr. told GMA News Online.
The BSP wants to make sure the growth were experiencing will not translate to excessive risk-taking, he said.
The Philippine economy has a growth rate of between 5 to 5.5 percent over the past decade, British banking giant HongKong Shanghai Banking Corporation (HSBC) Limited.
Last year, the Philippines posted a 7.2 percent jump in gross domestic product (GDP) from the 6.8 percent expansion in 2012, making the country Asias second fastest growing economy next to China.
In the second quarter of 2014, the Philippine economy expanded by 6.4 percent, matching that of Malaysia as the second fastest in Asia next to China, from 5.6 percent in the first quarter and 7.9 percent a year earlier.
Over the past five years, real estate loans in the Philippines have grown rapidly, fueled by robust economic growth and strong domestic demand.
Last week, BSP Deputy Governor Diwa Guinigundo said the central bank sees the need for circumspect in monitoring personal credit, noting a brisk lending activity amid a growing economy.
In the second quarter, consumer loans extended by universal, commercial, and thrift banks grew by 18.1 percent to P803.3 billion from P680.4 billion a year earlier as more Filipinos borrowed for automotive and real estate investments.
However, Neri noted some of the reforms have to be revisited to ensure the growth of the financial industry.
The banks profitability has been a bit more challenging given all those measures, he said.
While they are healthy so far, some measures have to be reviewed to avoid having a repressive environment for banks, he added. BM, GMA News
Keywords: China, social credit system, certified enterprise, general enterprise, discredited enterprise
China Customs published Customs Interim Measures on Enterprise Credit Management (Interim Measures) on 8 October 2014. It is a part of an effort by the Chinese Government to establish a Social Credit System based on a 2014-2020 plan of the State Council. The new system will replace the existing Customs Compliance Rating Scheme and will come into effect on 1 December 2014.
The Interim Measures require China Customs to establish an enterprise credit management system to collect enterprise information, conduct credit appraisal, supervise enterprises accordingly and disclose the enterprise credit-related information to the public.
According to the Interim Measures, China Customs will place enterprises into one of three categories: the Certified Enterprise, the General Enterprise and the Discredited Enterprise.
A Certified Enterprise obtains China AEO (Authorized Economic Operator) status is further classified into two groups: General and Senior. Preferential customs treatment will be provided for all Certified Enterprises, this treatment includes a lower customs goods examination rate and a simplified customs review process. For companies that qualify as a Senior Certified Enterprise, China Customs will designate a customs officer to help coordinate between the company and various functions and offices of China Customs. China Customs will publish the detailed standard for the accreditation requirement/ procedure of the Certified Enterprise separately.
While the General Enterprise is a default category, companies should try their best to avoid being categorized as a Discredited Enterprise.
A Discredited Enterprise is a company which has been found committing non-compliance activities within the last 12 months. Non-compliance activities include smuggling activities conducted criminally or administratively and other violations being penalized by China Customs for a cumulative amount of more than RMB1million.
A Discredited Enterprise will be subject to a higher customs goods examination rate as well as to tightened review of customs declaration documents and tightened supervision when they conduct/ engage in processing trade activities.
Another key point that companies should notice is that China Customs is going to publicly disclose the enterprise credit system information on its website/ notice board. This will include the enterprise category of a company, as well as its customs penalties that a company has been imposed for the past five years. In particular, customs penalties will also be publicly disclosed via the National Enterprise Credit Information Disclosure System.
The National Enterprise Credit Information Disclosure System is to be established by the State Administration of Industry and Commerce according to the Interim Regulation on Public Disclosure of Enterprise Information which is come into force on 1 October 2014. Based on this regulation, penalties imposed against companies by any government agencies are to be disclosed publicly via this system.
Compliance counts, and it is now even more important with China#39;s establishment of its Social Credit System. Customs and trade compliance is often an area that a company does not pay much attention to until a major problem appears. Now a company could suffer huge financial and reputational loss. We recommend that companies take the launch of the Interim Measures as a special opportunity to initiate a self-compliance review of its trade activities and establish or upgrade its trade-related internal controls. This will enable the company to achieve a better balance between compliance and efficiency.
The Interim Measures have yet to provide detailed guidance on a number of areas. These include issues such as what are the appraising standard for Certified Enterprise, how will a company#39;s rating be reconciled between the previous customs system and the new accredited categories, etc. We will monitor the development around these and keep you updated via our Trade Alerts.
Learn more about Mayer Brown#39;s International Trade practice and Mayer Brown Consulting.
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