Latest on Regulation & Reform – Page 353
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News
UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit
UK – The UK Pensions Regulator (TPR) has confirmed it has issued a Financial Support Direction (FSD) against 25 companies in the Nortel Group in Canada, the US, the UK and Europe, requiring them to provide support to the UK pension scheme to cover a £2.1bn (€2.5bn) deficit.
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NewsEuropean Parliament backs EIOPA and pension stability fund
EUROPE – Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.
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NewsEC Green Paper on pensions draws mixed reactions from industry
EUROPE – The European Commission has called for public consultation on how the EU can best support national efforts to ensure an "adequate, sustainable and safe" pension system.
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NewsEC sanctions state aid for UK's NEST
EUROPE – The European Commission (EC) has approved the establishment of the National Employment Savings Trust (NEST) in the UK under State Aid rules on the basis that it would not receive "overcompensation".
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NewsEFRP launches consultation website to coincide with pensions green paper
EUROPE – The European Federation for Retirement Provision (EFRP) will tomorrow launch a website allowing anyone to give feedback on the European Union (EU) green paper on pensions [amended].
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NewsDifferent ring-fencing rules could hinder cross-border pensions
EUROPE – The safeguards expected from ring-fencing pension assets may not work as expected in certain situations or countries, raising potential risks for cross-border pension provision, CEIOPS has warned.
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NewsDutch parliament gives green light on cross-border DC schemes
NETHERLANDS – The Dutch parliament has endorsed a new pension vehicle that would be able to carry out cross-border defined contribution (DC) arrangements.
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NewsGerman occupational schemes using consultants for divorcee rights
GERMANY – The majority of occupational pension schemes (bAVs) in Germany employ external consultants to help calculate pension rights for divorcing couples, Towers Watson has reported.
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NewsDutch minister rejects calls for DB cost-transparency rules
NETHERLANDS – Dutch social affairs minister Piet Hein Donner has resisted calls to issue additional rules to increase the cost transparency of defined benefit (DB) schemes offered by insurers and pension funds.
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NewsDutch parliament rebukes central bank head over DSB failure
NETHERLANDS – Nout Wellink, president of the Dutch central bank (DNB), has drawn harsh criticism from parliament after he yielded to pressure to apologise for his agency's role in supervising the failed DSB Bank.
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NewsNordic roundup: Finanstilsynet, KPA, ITP, AP3
EUROPE – Norway's regulator, Finanstilsynet, has lifted a ban on hedge fund sales and marketing to institutional investors in the country.
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NewsUK roundup: TPR, PADA-NEST
UK – The Pensions Regulator (TPR) has issued guidance on multi-employer scheme support, while the Personal Accounts Delivery Authority (PADA) has claimed it remains on track to deliver the National Employment Savings Trust (NEST) "on time and at low cost" ahead of the transition to the NEST Corporation next week.
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NewsUK Financial Reporting Council unveils Stewardship Code
The Financial Reporting Council (FRC) today published its long-expected Stewardship Code, aimed at improving communication between shareholders and companies.
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NewsSupreme Court ruling does not 'close door' on foreign lawsuits
GLOBAL – A recent US Supreme Court ruling will not bar European investors from suing for damages in the US, according to a partner at law firm Bernstein Litowitz Berger & Grossmann.
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NewsUK reviews international pensions ahead of 2012 reforms
UK/GLOBAL – The UK Department for Work and Pensions (DWP) is digesting the results of a report on international pension reform.
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News
Van Rompuy throws support behind European Foundation Statute
EUROPE – The European foundation statute (EFS) has moved closer to reality after Herman Van Rompuy, president of the European Council, endorsed its creation in a speech at European Foundation Week earlier this month.
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News
TPR issues first contribution notice against Belgian firm
UK – The Pensions Regulator (TPR) has issued its first contribution notice, ordering Michel Van De Wiele NV (VDW) to pay £5m (€6.2m) into the Bonas Group Pension Scheme.
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News
Government intervention possible if USS cannot agree reforms
The UK government could be forced to intervene if the Universities Superannuation Scheme (USS) is not able to agree new terms regulating pension contributions.
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NewsEU reaches consensus on banker bonuses
EUROPE - Next week’s plenary session of the European Parliament is set to approve the EU’s latest version of the Capital Requirements Directive after an agreement yesterday following three-way talks in Brussels.
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NewsCEIOPS issues all clear in spring report
EUROPE – Equity volatility is expected to remain high, respresenting for a significant risk for pension funds, according to the Spring Financial Stability Report 2010 of the Frankfurt based Committee of European Insurance and Occupational Pensions (CEIOPS).
