Latest on Regulation & Reform – Page 403
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News
SWFs agree governance and investment rules
[16:45 CEST 04-09] GLOBAL – The Sovereign Wealth Funds (SWF) International Working Group (IWG) has reached a "preliminary agreement" on a set of voluntary practices and principles to be presented to the International Monetary Fund (IMF) in October.
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Iceland pension amendments delayed
[16:40 CEST 01-09] ICELAND – Proposed legislation from the Icelandic Ministry of Finance has been delayed which should have introduced amendments to the Pensions Act, including the transfer of benefits to spouses and ex-partners.
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Greek dividends and investments face 10% tax
[16:00 CEST 01-09] CEST GREECE – The Greek government has announced plans to impose a 10% tax on dividends and a similar capital gains tax (CGT) from the start of 2009, but it’s a move which will also catch both local and foreign domiciled pension funds.
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Dutch encouraged to postpone state pension with higher payout
[15:45 CEST 01-09] NETHERLANDS - Dutch citizens are being offered the opportunity to postpone their state pension AOW by a maximum of five years in return for a higher benefit payout.
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FeaturesImplementing personal accounts
Liam Kennedy spoke to Paul Myners, chairman of PADA, about default options, charges and implementing best practice for the new personal accounts system
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Abolition of pensions divorce limits delayed six months
[16:10 CEST 29-08] UK – Restrictions imposed on people who receive part of their ex-partners pension benefits following a divorce will be removed from April 2009 - at a delay of six months - the government has confirmed.
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Romanian regulator warns BT Aegon over pensions marketing
ROMANIA – The Comisia de Supraveghere a Sistemului de Pensii Private (CSSPP), the regulator for private pensions, has issued a written warning to the BT Aegon Fond de Pensii S.A for failing to inform the regulator about the "illegal actions of their sales force".
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Pension bodies oppose pensioners’ increased say
[14:00 CEST 26-08] NETHERLANDS - Pension fund representative organisations say they are disappointed to discover MPs have put forward a ‘hidden’ element of proposed legislation which would give pensioners increased say in pension schemes’ governing bodies.
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Albania's second pillar is as good as ready
[15:30 CEST 21-08] ALBANIA – There is a political consensus in Albania from its two major parties to introduce a mandatory second pillar pension – but experts say it will have to wait until after the elections in autumn 2009.
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Pension bodies propose new indexation label
[16:50 CEST 20-08] NETHERLANDS – Pension fund representative bodies have presented a new design to social affairs’ minister Piet Hein Donner which they hope will replace the controversial design for the Netherlands’ planned indexation label.
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Value transfer communication needs improving - AFM
NETHERLANDS - The Dutch Financial Markets Authority (AFM) has warned pension providers need to improve their communications to individuals about pension participants’ rights when they move jobs.
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Go ordered to honour Maltacom pensions promise
MALTA – Former employees of Cable and Wireless (C&W) Malta have won a court battle to receive backdated pensions rights from now owners of the firm Go plc, after being promised their entitlement in an government-endorsed agreement in 1975.
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tPR suspends first independent trustee
[16:40 CEST 15-08] UK – The UK’s Pensions Regulator (tPR) has for the first time used its powers to suspend an independent trustee over concerns about the way some of the schemes the trustee administered were being run.
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UK regulator fines Credit Suisse over 'rogue traders'
[17:00 CEST 13-08] UK – Credit Suisse has been hit with a £5.6m (€7m) fine from the UK’s Financial Services Authority for failing to keep an eye on activity inside its business which led to the “mis-marking and mis-pricing” of some of its asset-backed securities.
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Swedish financial system faces 'significant challenges'
[16:50 CEST 13-08] SWEDEN - The Finansinpektionen (FI) has warned while the Swedish financial system has "fared well" in the current market environment, there is "no guarantee" the firms it supervises will not suffer difficulties.
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GM and Deloitte to pay $300m settlement
[16:55 CEST 12-08] GLOBAL – US car manufacturer General Motors Corp and its auditor Deloitte & Touche have agreed to pay institutional investors, including pension funds, $303m (€202m) as settlement to a securities class action suit.
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Danish schemes given until 2009 for CSR compliance
[16:10 CEST 12-08] DENMARK – Danish pension funds will have until the end of 2009 to comply with new legislation requiring the inclusion of corporate and social responsibility (CSR) activity in the management's review of the annual report.
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AmCham criticises German SWF hurdles
[16:15 CEST 08-08] GERMANY – Plans by the German government to raise bars for sovereign wealth funds (SWFs) to invest in German companies have come under fire from the American Chamber of Commerce (AmCham).
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TPR guides on pension transfers
[16:00 CEST 08-08] UK – The UK pension regulator (TPR) today has published draft guidance to help trustees of defined benefit schemes calculate transfer values for members preceding new transfer value regulation coming into force later this year.
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Fortis still waiting for Ping An
[16:55 CEST 07-08] NETHERLANDS – Fortis is still waiting for approval from the Chinese regulators to complete its €2.15bn joint venture with Chinese insurer Ping An, the Belgian Dutch financials firm confirmed today.
