Latest on Regulation & Reform – Page 405
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Bank withdraws Romanian pension business
ROMANIA – MKB Romexterra has quit the newly-created Romanian occupational pension sector because there are too few participants in its fund.
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Talking point: Rows resurface over Solvency II (updated)
TALKING POINT EUROPE - There is widespread debate about whether a Solvency II-type arrangements should be placed on occupational pension funds, following fresh comments from French government and Dutch pension fund officials among others last week.
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Danish pension charges could spark tax rise
[16:00 CEST 16-06] DENMARK - The Danish pensions industry could see some of its tax advantages cut if the government accepts a recommendation by the country’s Competition Commission.
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Dutch support emerges for Solvency II U-turn
[17:00 CEST 12-06] NETHERLANDS – The French-initiated reversal earlier this week on the European solvency framework, known as Solvency II, continued at the Pensioen Forum 2008 in Rotterdam, as experts have pleaded for a single solvency framework.
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Regulatory framework sufficient - Austrian FMA
[12:00 CEST 12-06] AUSTRIA – There are no plans to tighten Austrian pension fund regulations in the wake of the subprime crisis, the supervisory body FMA confirmed today.
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Norway warns US regs could deter foreign investors
[15:00 CEST 11-06] NORWAY – The Norwegian Ministry of Finance has warned the US that proposed regulations on foreign investment could have the "side-effect of deterring foreigners from investing in the US".
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France presses call for Solvency II on pensions
[16:55 CEST 10-06] EUROPE – The French government is reiterated calls for a 'level-playing field' and argued all pension funds should be included under the requirements of the Solvency II directive, just weeks before it takes over the EU presidency.
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Austrian pension reform reveals initial effects
[16:05 CEST 10-06] AUSTRIA – The Austrian National Bank and economic researchers agree the fear of not having enough money at retirement will influence saving behaviour more than the current economic crisis, as evidence reveals Austrians are saving more than ever before.
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Private equity funds threaten to leave Austria
[15:30 CEST 09-06] AUSTRIA – Private equity funds will find new domiciles unless a legal framework for venture capital investments is created in Austria within the next six to eight months, the private equity association AVCO stressed.
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IMA calls for stricter disclosure by consultants
[14:00 CEST 09-06] UK - All external advisers to pension funds, particularly investment advisers, should be more transparent about conflicts of interest between their commercial interests and their fiduciary duties, the Investment Management Association (IMA) has warned.
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Dutch government to lobby against IASB proposals
[13:15 CEST 09-06] NETHERLANDS – The Dutch minister of social affairs has agreed to lobby internationally to get essential components of the national pension system acknowledged in the new International Financial Reporting Standards (IFRS).
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OECD reaches 'proportional' safeguards to SWFs threat
[16:30 CEST 06-06] GLOBAL – The Organisation for Economic Cooperation and Development (OECD) has managed to secure agreement between governments they will apply investment safeguards considered “proportional to clearly-identified national security risks” where sovereign wealth funds (SWFs) attempt to invest in domestic assets.
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German CGT reforms 'to cut pensions'
[14:00 CEST 06-06] GERMANY – Lifting the capital gains tax (CGT) exemption for pension funds would create a double burden on pensioners, the association of company-specific pension schemes (VFPK) hs warned.
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IAPF warns of compulsory pensions 'havoc'
IRELAND – The Irish Association of Pension Funds (IAPF) has warned introducing compulsion to Irish pension schemes would “cause havoc”.
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Fiduciary managers to be stamped with hallmark
[12:30 CEST 06-06] NETHERLANDS – The planned code of conduct for fiduciary managers pitching services to Dutch pension funds will take the shape of a quality mark, IPE has learnt.
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Finland must adjust pension system - OECD
[12:00 CEST 06-06] NETHERLANDS – The Organisation for Economic Co-operation and Development (OECD) has warned Finland its medium-term fiscal policy challenges need to be addressed with further pension reform and tighter fiscal policy in the short-term.
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IASB hints at watering down of pensions review
[16:20 CEST 05-06] GLOBAL - The International Accounting Standards Board could be on the verge of scaling back the scope of its Phase I project to address pensions accounting.
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SWF ESG policy is not "political interference"
[13:15 CEST 05-06] NORWAY - The decision to exclude companies from the investment universe of a sovereign wealth fund (SWF) should not be seen as “undue political interference”, the Norwegian minister of finance has claimed.
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Regulatory compliance 'challenge' for UK and Netherlands
[16:15 CEST 04-06] GLOBAL – Around 45% of pension funds find it challenging to comply with pension regulation following increased complexity in governance requirements, according to SEI Global Institutional Solutions.
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SEB's pension divisions fined for regulatory failures
[16:00 CEST 04-06] SWEDEN - Financial services firm SEB has been fined SEK30m (€3.2m) by the regulator for failing to have risk or compliance controls in place at its two pensions businesses, and been given three months to put things right.
