Latest on Regulation & Reform – Page 381
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Shell ordered to pay €316m class action settlement
[16:45 CEST 01-06] EUROPE – Pension funds and institutional investors of a securities class action against Royal Dutch Shell have won a higher compensation payout than earlier expected, following a landmark decision by the Amsterdam Court of Appeals.
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Madoff fraud cost Dutch pensions €166m
[15:00 CEST 29-05] NETHERLANDS - Dutch pension funds have lost €166m to the Ponzi scheme run by Bernard Madoff, Wouter Bos, the Dutch finance minister has claimed.
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IASB admits 'unintended consequences' to IFRIC 14
[13:00 CEST 29-05] GLOBAL – The International Accounting Standards Board (IASB) has unveiled proposed amendments to IFRIC 14 rules concerning pensions minimum funding rules shown on the balance sheets as officials say “unintended consequences” mean some prepayments are not shown as an asset.
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AIMA rallies against EC alternatives directive
[16:30 CEST 28-05] GLOBAL - The Alternative Investment Management Association (AIMA), which represents the global hedge fund industry, is planning to lead members in opposition to certain provisions in the European Commission's draft directive for alternative investment fund managers.
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Growing private pensions not enough – IMF
SLOVENIA – The Slovenian government wants to increase incentives for people to save privately for their retirement and work longer, but the International Monetary Fund (IMF) thinks this is not enough the pensions regime.
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Eq Life judicial review passes to next stage
[15:30 CEST 28-05] UK – Equitable Life policyholders have been given permission to proceed with a full judicial review hearing, over the government's failure to implement the Parliamentary Ombudsman's recommendations on compensation.
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'Duty to report' replaces ban on short-selling
[15:15 CEST 28-05] NETHERLANDS - The ban on short-selling of Dutch equities will be replaced by a temporary but mandatory registration of short positions in Dutch financial institutions.
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EC to replace CEIOPS (updated)
[14:15 CEST 28-05] EUROPE – The European Commission is proposing to replace the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) with a new pensions authority in 2010, which it hopes will significantly improve cross-border cooperation and understanding between regulators.
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Pension fund members to go to court
[17:00 CEST 27-05] AUSTRIA – 2,600 members of Austrian pensionskassen have hired a lawyer to file a complaint with the constitutional court over the question of ownership of pension fund assets.
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'Failed' industry-wide schemes could lose members
[16:20 CEST 27-05] NETHERLANDS - Almost one in four Dutch pension funds with mandatory membership did not pass a key investment performance test between 2004 to 2008 and could potentially lose sponsoring employers as a result, according to VB, the Dutch association of industry-wide schemes.
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EC to look at solvency rules on pensions
[14:15 CEST 27-05] EUROPE - The European Commission is to conduct an impact assessment of solvency rules for EU pension funds before it responds to last year's consultation on the topic and a public hearing that was held in Brussels today.
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NewsAustrian pensions system 'riskiest' by comparison
[16:35 CEST 26-05] AUSTRIA – A study of defined contributions pensions regimes in Europe suggests beneficiaries of the Austrian second pillar alone bear almost the full risk of the capital market, according to pension expert Gerald Klec.
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NewsECB staff to strike over pensions
[16:15 CEST 26-05] EUROPE – Staff at the European Central bank (ECB) are planning to hold an initial 90-minute strike next month, in protest against the bank's "unilateral decision-making" concerning changes to its defined benefit (DB) pension fund.
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NewsDonner to lead broad review of pension system
[14:30 CEST 26-05] NETHERLANDS - Social affairs’ minister Piet Hein Donner will commission a study into the investment policy and risk management of pension funds, following the severe impact of the credit crunch on the capital-funded second-pillar schemes.
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NewsEU hedge fund 'passports' will take five years to deliver benefits
[14:00 CEST 26-05] EUROPE - Most hedge fund and private equity managers are unlikely to benefit from the passport provisions of the European Commission’s Draft Directive on Alternative Investment Fund Managers (AIFM) before 2014, even though they will have to meet its requirements as soon as it becomes law.
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Ageing impact requires further fiscal 'squeeze'
[17:15 CEST 22-05] UK – Existing plans by the government for fiscal tightening of 6.3% of GDP, or £90bn, over the next few years, to return the current budget to balance by 2017/18, is not sufficient to counter the costs of an ageing population, PricewaterhouseCooper (PwC) has warned.
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NewsIIGCC calls for more 'effective' carbon markets
[17:10 CEST 22-05] EUROPE – The Institutional Investors Group on Climate Change (IIGCC) has proposed a number of measures to boost the effectiveness of carbon markets and raise money from the private sector to fund climate change mitigation.
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Public sector reform to boost Romanian pensions
ROMANIA – Second pillar pensions funds in Romania could see a significant boost to membership in the coming years, according to pension experts, as the government is introducing reforms to cut its budget deficit which include reducing the non-contributory pensions for some public sector workers.
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NewsIMA wants effective shareholder engagement
[16:55 CEST 21-05] UK – The number of fund managers making their voting records public increased from just two in 2003 to 24 five years later, so the UK's Investment Management Association (IMA) has revealed amid calls for more effective engagement.
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Punter Southall wins FAS caseworker role
[17:00 CEST 19-05] UK – The Pension Protection Fund (PPF) has appointed Punter Southall as an external caseworker to help and support trustees of pension schemes entering the Financial Assistance Scheme (FAS).
