Latest on Regulation & Reform – Page 287
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NewsIrish reserve fund expresses 'concerns' over State Street governance
IRELAND – Head of Irish debt management agency, charged with oversight of NPRF, awaits FSA report.
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UK consultation on liabilities smoothing comes 'too little, too late'
UK – Proposals to acknowledge ‘challenging economic conditions’ come alongside new TPR objective.
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NewsNetherlands unveils benefits scheme to bridge AOW income gap
NETHERLANDS – Scheme to support those facing income loss after increase of official retirement age.
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NewsRomanian government maintains second-pillar pension contribution rise
ROMANIA – IMF, EU approve newly elected government's draft budget for 2013.
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NewsDefined ambition will be 'patchwork', minister concedes
UK – Steve Webb confirms 'third option' pension would require primary legislation.
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NewsIreland's NPRF considers 'suite of funds' targeting SMEs
IRELAND – Minister's comments come as department refuses to confirm fund's continued existence.
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NewsBrussels investigates letter allegedly 'advising' against cross-border plans
EUROPE – European Commission to assess whether actions by French regulator contravened EU law.
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NewsAuto-enrolment funds should have been licensed, Now Pensions says
UK – CEO at ATP-backed venture says licensing regime should have been introduced.
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NewsSmall pot consolidation a 'hornet's nest' of vested interests – Webb
UK – Minister tells committee that increasing definition of 'good' provision will lead to consolidation.
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NewsGerman investors keen to increase risk, but wary of Solvency II
GERMANY – BVI says investors keen to boost equity exposure 'put off' by upcoming legislation.
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Dutch watchdog touts UFR's success in softening pension rights cuts
NETHERLANDS – Number of schemes cutting pension rights drops from 103 last year to 70.
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NewsEU gives member states green light to introduce Financial Transaction Tax
EUROPE – Decision a 'milestone' for European tax policy, commissioner says.
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NewsMake pension fund participation mandatory, expert says
EUROPE – Academic says mandatory participation best way of sharing risk among generations.
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NewsUK government consults on contracting-out override for pensions
UK – Consultation examines ways for sponsors to reclaim cost of national insurance rebate.
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NewsAccounting rules could add 10% to Swiss liabilities, Towers Watson warns
SWITZERLAND – Caveat echos similar warning by Mercer on liabilities of Dutch multinationals.
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NewsFrench 'advice' on UMR cross-border plan could breach EU Treaty – lawyers
EUROPE – Any 'open opposition' to transfer to Belgium would breach treaty and IORP I Directive, experts say.
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Lack of action on RPI to increase deficits, Mercer warns
UK – Consultancy says decision to leave RPI unchanged will increase market-implied inflation.
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NewsInternational accounting standards encourage 'race to bottom'
UK – Parliamentary committee on banking hears strong criticism on accounting from UK academic.
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NewsInvestors reject construction risk as watchdog warns of lender pullout
EUROPE – UK parliamentary committee threatens changes to licensing regime.
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European Parliament approves new rules for ratings agencies
EUROPE – New legislation limits number of unsolicited sovereign ratings per year.
