Water Entitlements

France's iM Global Partner has teamed up with Scharf Investments in the US to introduce a fund that invests in securities that are undervalued based on high earnings predictability. Scharf manages the iM Scharf US Quality Value fund, which complies with the Undertakings for the Collective Investment in Transferable Securities directive. Citywire (12 Nov.)

The European Commission will propose legislation during the second quarter to implement Basel III. A study by the European Banking Authority has found the rules would increase capital banks must hold by about 25%, or €135 billion. EurActiv (12 Nov.)

The China Banking and Insurance Regulatory Commission is replacing growth targets for small-business lending with a flexible approach that responds to a bank's circumstances. "Going forward, we want to shift away from growth targets to more comprehensive measures for evaluating banks and have differentiated requirements for different banks," says Li Junfeng, director of inclusive finance. BNN Bloomberg (Canada) (12 Nov.)