Latest on Regulation & Reform – Page 136
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NewsEC tenders studies to advance sustainable finance action plan
The European Commission wants to conduct studies looking into sustainability-related products and services, and the integration of ESG risks by EU banks
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ABN Amro scheme expects ‘limited effects’ from Brexit
The €29bn pension fund sees market volatility, declining sterling and the ability to settle transactions as big risks, and has analysed suppliers’ ability to continue through multiple Brexit scenarios
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Promoting sustainable finance won’t help save the planet: consultant
Portraying sustainable investments as making a significant contribution to sustainable development is ‘a fairytale’, says Frank Wettlauffer
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SEC proposes revised corporate disclosure rules
US regulator’s revamp is intended to make disclosures more readable for investors and simplify compliance to cut out ‘unnecessary costs and burdens’
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NewsUK MPs criticise government over handling of FRC chair appointment
Simon Dingemans is set to chair the Financial Reporting Council and its successor body – but politicians have expressed ‘frustration and dissatisfaction’ at the process
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NewsAccounting standards board approves changes to DB reporting methods
The IASB sought to address complaints that pensions accounting rules ‘often do not meet the primary objectives’ of accountants and analysts
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Irish regulator to raise scheme levies to meet cost of EU reporting rules
New reporting requirements brought in by EIOPA and ECB are due to come into force from December this year
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UK roundup: The best and worst industries for employer contributions
Also: The Pensions Regulator authorises DC master trusts run by Aon and Railpen
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LGPS advisory board pursues ESG-related guidance updates
Scheme advisory board wants to make sure legal framework for LGPS does not lag that for other pension schemes
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Politicians urge government to legislate for cost disclosure
Industry cost reporting templates will not be sufficient to provide full transparency for pension funds and savers, argues Work and Pensions Select Committee
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NewsTPR: DC governance stats show smaller schemes should wind up
The Pensions Regulator’s latest survey reveals an ‘unacceptable long tail’ of smaller schemes failing to meet key governance and trusteeship standards
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Asset managers propose new fund structure for illiquid assets
The Investment Association has proposed the creation of the ‘Long-Term Asset Fund’, which would be a modified version of an existing category of open-ended authorised fund
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Ex-regulator boss brings FX rigging lawsuit against five banks
Former chair of the Pensions Regulator Michael O’Higgins is leading efforts to secure compensation from five banks fined more than €1bn in May over two FX cartels
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LGPS funds to be exempt from fiduciary management rules
DWP consults on new rules for fiduciary managers and investment consultants following CMA investigation
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Pension SuperFund signs up second client in £300m deal
DB consolidation vehicle’s first deal was submitted to the regulator for clearance in May
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Aberdeen Standard appeals rejection from Sweden’s state-backed fund platform
Decision by Swedish Pensions Agency affects nine funds managing total of €179m, and comes as the fund platform is rolling out a series of reforms
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Accounting body could drop hybrid scheme work, IASB warns
The international standard setter is looking for help from the European Financial Reporting Advisory Group to inform its work on accounting for hybrid pension funds
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NewsPension funds ‘remain in scope’ of financial transaction tax law
Brussels-based pension fund and insurance lobby groups reiterate concerns ahead of technical meeting tomorrow
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NewsEU court sinks investment cost tax reclaim case for UK charities
Cambridge University has been denied the right to reclaim VAT on fund management fees, casting doubt over the future tax situation for UK charities
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NewsRegulator fines former Standard Life subsidiary £31m over annuity misselling
Standard Life Assurance failed to have robust systems and controls around its pension annuity sales, according to the FCA
