Latest on Regulation & Reform – Page 407
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AnalysisAnalysis: The struggle to balance pensions accounting standards
[15:30 CEST 27-05] UK/GLOBAL - Discussion around Accounting Standards Board (ASB) proposals for pensions accounting reforms really began in earnest last week, and what an uphill struggle it seems ASB officials face.
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Finland to merge supervisory authorities
[16:05 CEST 23-05] FINLAND - The Finnish government has submitted a legislative proposal to merge the country's Financial Supervisory Authority (FIN-FSA) with the Insurance Supervisory Authority.
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EU investors miss out on €2.4bn in legal settlements
[12:00 CEST 22-05] EUROPE – Non-US investors failed to claim around $3.7bn (€2.4bn) of monies resulting from securities fraud legal actions in the last four years, according to DRRT.
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Malta knocks on door to pensions reform
MALTA – The Maltese government will implement second- and third-pillar pension schemes by 2011, IPE has learnt.
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Accounting standards are key cross-border barrier – EC
[14:00 CEST 19-05] EUROPE – David Wright, deputy director-general of the Internal Markets and Services division at the European Commission (EC), has warned current accounting standards are a key obstacle for cross-border activity.
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Pensions industry takes anti-free choice stance
[16:25 CEST 16-05] SWITZERLAND – Giving individuals the option to choose their pension fund freely would “destroy the solidarity in the system”, participants at a panel discussion in Zurich have argued.
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EU allows GPP auto-enrolment
[16:00 CEST 16-05] UK/EUROPE – The European Commission has confirmed employees can be auto-enrolled into contract-based group personal pensions (GPPs) when the new personal accounts regime comes into force in 2012.
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Call for ‘levensloop’ terms to be widened
[13:00 CEST 15-05] NETHERLANDS – The Labour Foundation (Star) has suggested terms of use for the “levensloop”, or life course, tax-friendly savings scheme would be more attractive to workers if they were widened to help people deal with a general loss of income.
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NewsSwiss funds join critics of new solvency rules
[12:30 CEST 15-05] SWITZERLAND – Swiss Pensionskassen fear there could be major financial burdens arising from the discussed application of the country's very own revised solvency regime for insurers, known as Swiss Solvency Testing.
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Hewitt Wassum attacks AP fund limits
[12:00 CEST 13-05] SWEDEN - Hewitt Wassum Investment Partners, the Stockholm-based investment consultant, has criticised the investment restrictions imposed in the country’s AP pension-buffer funds, as creating unwanted and irrational investment decisions.
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UK pension fund mounts VAT challenge
[16:50 CEST 12-05] UK – The National Association of Pension Funds (NAPF) and the £8bn (€10.14bn) Wheels Common Investment Fund (WCIF) plan to bring a joint legal challenge against the UK government over the application of value added tax (VAT), which could result in £300m payout for the pension fund ...
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PADA to bring in personal account advisers
[16:40 CEST 12-05] UK – The Personal Accounts Delivery Authority (PADA) has begun search for three groups of specialist advisers to support the implementation of the personal accounts pension regime, due to begin in 2012.
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EC fires warnings over tax and governance
[15:00 CEST 12-05] EUROPE – The European Commission is making fresh moves to rectify the discrimination of overseas pension funds by the Spanish and Portugese governments over dividends tax along with legal breaches concerning corporate governance.
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Aegon gets green light for Polish merger
POLAND – Aegon, the insurance firm, has been given the regulatory approval to merge BRE Bank’s Skarbiec-Emerytura with its own Polish pension fund.
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Ombudsman's legal warning over non-compliance
[12:30 CEST 12-05] IRELAND – Paul Kenny, the Pensions Ombudsman, has warned "non-co-operation or prevarication" by companies in relation to his investigations will be met with the "full force of the law" following a second legal victory.
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TPR tackles "critical stage" of retirement options
[16:40 CEST 08-05] UK – The Pensions Regulator (TPR) has published the first in a planned series of "good practice guidance" for the running of defined contribution (DC) schemes.
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HMRC extends TCSP deadline over guidance delay
[13:30 CEST 09-05] UK – HM Revenue & Customs (HMRC) has again extended the deadline by which firms are required to register as a trust or company service provider (TCSP) under the new money laundering regulations, as updated guidance has been delayed.
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Commission Frijns taps Munsters in continuing role
[13:00 CEST 09-05] NETHERLANDS – The Corporate Governance Code Monitoring Commission , which tested the Tabaksblat Code, is now planning to implement a series of changes to corporate governance requirements.
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Dutch parliament rallies against IASB proposals
[15:15 CEST 08-05] NETHERLANDS - A large majority of the Dutch parliament wants the government to take steps to get essential components of the national pension system acknowledged in the new International Financial Reporting Standards (IFRS).
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AFM questions status of pension communications
[12:15 CEST 08-05] NETHERLANDS - A significant proportion of all Dutch pension providers and insurers may still not be ready to implement the new rules on providing information to pension funds’ participants, according to the regulator AFM.
