Latest on Regulation & Reform – Page 370
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News
Dutch DC providers fail cost clarity test
[13:30 CET 10-12] NETHERLANDS - Pension funds and insurers must provide their members with more clarity on the costs of their defined contribution arrangements as few are meeting regulatory requirements, according to communications watchdog the Financial Markets Authority.
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News
UK gov't hints at auto-enrolment delay to pensions
[16:50 CET 09-12] UK – The UK government has revealed that the cost of private pension reform to UK businesses under the current economic climate is behind a decision to slow the implementation of future pensions auto-enrolment.
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News
PKA faces sanction over undisclosed shareholdings
[16:00 CET 08-12] DENMARK - The Danish financial regulator has reported pensions provider PKA to the police for repeatedly failing to disclose holding large stakes in companies that were above legal limits.
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News
Sweden’s AP funds should be merged - report
[16:45 CET 07-12] SWEDEN - A report has been published by an independent think-tank from within the Swedish Ministry of Finance suggesting the country’s first four pension buffer funds should be merged into one, to achieve scale advantages and potentially boost assets by SEK1bn (€958m) annually.
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News
DB Advisors predicts interest rate and accounting change
[16:00 CET 07-12] EUROPE – Georg Schuh, chief investment manager at DB Advisors, has sought to lift some of the worries that German pension have about their bond yields and predicted the US Federal Reserve will increase interest rates by next year.
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News
Donner considers use of professional pension trustees
[17:15 CET 04-12] NETHERLANDS - Social affairs minister Piet Hein Donner is considering whether to allow professional trustees to sit on Dutch pensions board or even make up the entire board to increase the expertise.
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News
Irish pension reforms may wait until 2014
[16:55 CET 04-12] IRELAND – Mary Hanafin, minister of Irish social and family affairs, said the national pensions framework will be published in the next few months but admitted the implementation of Irish pension reforms could be delayed until 2014.
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News
Investors call for climate change clarity ahead of Copenhagen Summit
[16:30 CET 04-12] GLOBAL – Institutional investors are being encouraged to call on governments to deliver clarity on national climate change policies and transparency on market signals ahead of the COP 15 United Nations Climate Change Conference, or Copenhagen Summit, next week.
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News
Towers Watson merger gains EC clearance
[16:00 CET 04-12] GLOBAL – Towers Perrin and Watson Wyatt have been given the final regulatory clearance needed to go ahead with merger plans from the beginning of next year.
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News
Tories to review means-testing with personal accounts
[16:50 CET 03-12] UK – Theresa May MP, the shadow secretary of state for work and pensions, has stated the current UK government's failure to address the impact of means-testing on the 2012 pension reforms will be one of the issues it will include in a review of the personal ...
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News
Pension age rise criticised as Donner submits Bill
[16:45 CET 03-12] NETHERLANDS - Social affairs minister Piet Hein Donner has submitted his bill to parliament proposing a rise in the state pension (AOW) age from 65 to 67, despite criticism from the government’s most senior advisory body the Raad van State (RvS).
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News
Romania moves to cut pensions monopoly
ROMANIA – The two largest funds in the Romanian second pillar will not be handed new clients from the pensions default pool over the next two years, the supervisory authority has decreed.
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News
TPR targets smaller schemes with revised risk guidance
[13:30 CET 02-12] UK – The Pensions Regulator (TPR) has highlighted seven risk areas where trustees need to improve when assessing the internal risk and controls framework for the scheme.
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Features
Ong’s law of finance
When leading financial practitioners and academics convened in Qatar earlier in the autumn at the launch of QFinance to discuss the future of financial services regulation, it seemed that the economic tsunami of 2008 was finally receding and normality was returning. Banks have spent most of the year rebuilding their ...
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News
UK governance code to target investor communication
[16:45 CET 01-12] UK – The existing UK Combined Code on corporate governance remains "broadly fit for purpose" but additional proposals relating to the role of the chairman and non-executive directors have been suggested by the Financial Reporting Council (FRC).
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News
IASB corrects 'unintended consequences' of IFRIC 14
[15:15 CET 01-12] GLOBAL – The International Accounting Standards Board (IASB) has corrected earlier wording to its IFRIC 14 pensions accounting rules, which prevented some companies from recognising early pensions contribution payments as assets on the balance sheet.
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News
Gauzès proposes 138 changes to AIFM Directive (additional comment)
[16:55 CET 27-11] EUROPE - Jean-Paul Gauzès, rapporteur for the European Parliament’s Committee on Economic and Monetary Affairs has proposed 138 changes to the European Commission’s Directive on Alternative Investment Fund Managers (AIFM), in a draft report published yesterday.
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News
Walker review calls for investors' stewardship code
[16:10 CET 26-11] UK – The final report of the Walker Review into corporate governance has recommended institutional investors should abide by a new Stewardship Code, developed from the principles set out by the Institutional Shareholders Committee (ISC).
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News
AFM to check indexation labels from April
[15:45 CET 26-11] NETHERLANDS - The Dutch pensions communications regulator, the AFM, will start checking that pension funds are correctly using the indexation label from 1 April next year – three months after its introduction on 1 January 2010.
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News
Most Dutch insurers issue UPOs by deadline - VvV
[16:40 CET 25-11] NETHERLANDS – Dutch insurance-based pension providers have considerably cleaned up their acts, according to the Dutch Association of Insurers (VvV), as 89% of companies managed to send out their Uniform Pension Statements (UPOs) to members on time this year.
