Latest on Regulation & Reform – Page 137
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News€75bn Australian pension mega-merger kicks off consolidation drive
First State Super and VicSuper deal will create Australia’s second biggest superannuation fund, and three more multi-billion-dollar deals are in the pipeline
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NewsESMA advises against explicit ESG analysis mandate for credit rating agencies
Watchdog says credit rating agencies should stay focused on creditworthiness, but transparency of how they consider ESG factors could be improved to help investors
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NewsMSCI warns of €1bn-plus funds running liquidity risks
Data group analyses 400 UCITS funds and reports on liquidity profiles in wake of high-profile suspension of LF Woodford Equity Income fund
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NewsUS academics challenge whether ESG investing must be fiduciary duty
Two law professors have argued that the position taken by the PRI and others is ‘contrary to both law and economics’
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Auto-enrolment should be expanded, say UK firms
Nearly all companies favour broadening the regime to include lower-paid workers and the self-employed, according to a CBI/Scottish Widows poll
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French government adviser delivers pension reform recommendations
Report elaborates vision of a points-based universal system to replace the 42 schemes that form the current mandatory state-backed system
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NewsItalian pension schemes hit out at government plan for new fund
The Italian Social Security Institute wants to set up an alternative to existing second-pillar funds, but trade body Assofondipensione warns it could hurt the system
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Joseph Mariathasan: Markowitz, Friedman and the crucial debate on ESG
Should the interests of company shareholders trump those of all other stakeholders?
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NewsLuxembourg regulator highlights hard Brexit implications for UK firms
CSSF requires notifications from financial services firms by 15 September and a further submission by the end of October in order to keep operating through a ‘hard Brexit’ scenario
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Energy firm awards Aon £400m fiduciary mandate as new rules bed in [updated]
Schneider Electric awarded fiduciary management contract after competitive tender in accordance with new laws in force since early June
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EIOPA opinion on ESG misrepresents IORP II, says PensionsEurope [updated]
‘Incorrect to indicate that pension funds are required to take ESG factors into consideration as part of investment policy’
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EIOPA IORP II opinions refuel prudential requirement fears [updated]
PensionsEurope said the opinions do not reflect the underlying character of the IORP II directive and reiterates fears of capital requirements being introduced ‘through the back door’
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Targeting people not in paid work could narrow gender pension gap: PPI
Pension Policy Institute finds 50% more women than men to retire with no private pension
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€11bn Dutch medical consultant scheme not keen on system reform
Pension fund for self-employed medical consultants says that with its 3% fixed inflation compensation, it already had an ‘excellent’ pension plan
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Swiss government sets out state pension reform plans for autumn debate
Parliament to decide in the autumn on proposed increase to women’s retirement age, new first pillar funding and other reform measures
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EIOPA appoints ‘extraordinary’ expert group to help with PEPP work
The panel of 21 expert practitioners will test the regulator’s proposals for Level 2 implementing measures and act as a sounding board
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NewsUK minister ups the ante on pension funds and climate change
Guy Opperman tells London Climate Action Week gathering that pension funds ‘must play a massive role’ in getting the UK to net-zero greenhouse gas emissions by 2050
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Fitch warns on liquidity risk in European high-yield bond funds
Comments follow high-profile liquidity issues affecting H2O Asset Management, GAM and Woodford Investment Management
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NewsSwitzerland edges closer to cutting conversion rate
Swiss employer representatives and unions have agreed on a reform package including changes to second-pillar pension law BVG/LPP
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UK regulator toughens stance on poorly performing pension schemes
The UK’s Pensions Regulator (TPR) is seeking to accelerate pension scheme consolidation to raise governance standards. In a consultation paper launched today, TPR said it wanted to ensure all pension savers were in schemes with “excellent standards of governance that deliver good value” – which would mean “fewer but ...
