Latest on Regulation & Reform – Page 407
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OECD queries SWF future spending plans
[16:45 CEST 20-06] UK – The Organisation for Economic Cooperation and Development (OECD) has questioned whether sovereign wealth funds are likely to be as willing to continue investing in the finance and real estate market over the coming years following the recent surge of credit crunch-related deals, as officials argue ...
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'Regressive' proposals 'dumb down' Myners principles
[16:10 CEST 20-06] UK – The responsible investment charity FairPensions has launched an aggressive campaign against the UK government’s proposed changes to the Myners principles, branding them as "regressive" and likely to prove a failure.
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Unions call for full buyout review
[15:50 CEST 20-06] UK – A full review of the pension buyout market is needed to avoid putting pension schemes at risk from asset-stripping business models that seek to avoid regulation, the Trades Union Congress (TUC) has warned.
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ECJ sets date for UK age discrimination case
[16:45 CEST 19-06] UK/EUROPE – The European Court of Justice (ECJ) has set a date for the hearing of a legal action claiming the UK government has breached age discrimination regulations by allowing employers to set a mandatory retirement age of 65.
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Pension deal might break coalition
[16:25 CEST 19-06] AUSTRIA – The recently settled deal on sustainability in the pension system might now turn into the breaking point of the government coalition as one of the parties is changing its course.
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PADA to start administration search in 2009
[13:30 CEST 19-06] UK – The Personal Accounts Delivery Authority (PADA) has revealed it intends to issue a tender for scheme administration services for the new system of personal accounts in January 2009 with the contract expected to be awarded by the summer of 2010.
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Polish pension reforms deemed "incomplete"
POLAND – The Organisation for Economic Cooperation and Development (OECD) has described recent Polish pension reforms as a welcome measure but branded them “incomplete” and called for further stringent reviews.
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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.
