Latest on Regulation & Reform – Page 356
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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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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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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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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).
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Philips scheme reclaims millions from property fraud
NETHERLANDS - The €14.3bn Philips pension fund will receive millions of euros in settlements with suspects in the large-scale property fraud.
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German pension liabilities set to surge as BilMoG takes effect
GERMANY - German pension liabilities are set to increase by up to 30% by the end of the year as new accounting regulations take effect.
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PMI and JLT join forces on UK pension governance
UK - JLT Benefit Solutions (JLT) has teamed up with the Pensions Management Institute for a joint research initiative investigating the relationship between pension scheme administration and effective scheme governance.
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Marine pilots ruling clarifies funding for multi-employer schemes
UK – A legal ruling clarifying the powers of trustees to recover deficits in a multi-employer pension scheme confirms that trustees can require employers to make greater contributions. It also outlines when an employer triggers a section 75 debt on leaving the scheme.
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Complementa not under suspicion, public prosecutor confirms
SWITZERLAND – In the ongoing scandal over alleged corruption at the Canton of Zurich pension fund (BVK), the fund’s investment controller Complementa has now received confirmation from the public prosecutor that it is not under suspicion.
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Netherlands sees first multi-opf
NETHERLANDS - The first so-called ‘multi-opf’ will soon become a reality in the Netherlands through a merger between the two corporate schemes of SCA.
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AIFM Directive postponed until September
EUROPE – Jean-Paul Gauzès MEP, the rapporteur for the Alternative Investment Fund Managers (AIFM) directive, has confirmed the European Parliament has postponed the adoption of the new rules on alternative investments such as hedge funds and private equity until September.
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CBI predicts one-off profit spike for UK asset managers
UK – Asset managers are likely to see their profits grow this quarter, but it will be a one-off spike, the Confederation of British Industry (CBI) has warned.
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Romanian court rejects pension reforms, as Greece ratifies theirs
The Romanian Constitutional Court this afternoon rejected planned reforms of the pension system as unconstitutional in a move that could endanger a €2bn bailout by the International Monetary Fund (IMF).
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NewsDutch pension trade bodies submit proposals for 'new' FTK
NETHERLANDS – Pension fund trade bodies have called on the next Dutch government to make the pension fund system financially sound, with "no concealed shift of current losses to the future".
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NewsLeaked EC paper on national pensions calls for 'urgent' reform
EUROPE – A version of the European Commission's forthcoming policy paper on national pension schemes, which calls for "necessary and urgent" reform, was leaked earlier this week.
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NewsPublic consultation launched into changes to UK state pension
UK – A public consultation into "radical" changes to Britain's retirement system was today launched by the Department for Work & Pensions.
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NewsISLA urges EC to harmonise short-selling regulation
EUROPE – The International Securities Lending Association (ISLA) has called on the European Commission to adopt "consistent and proportionate" regulation for short selling.
