Latest on Regulation & Reform – Page 431
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Pan-European foundation could raise “serious” class actions
[16:45 CEST 18-07] EUROPE - Europe could still be some way off from regularly handling local class action suits unless a pan-European legal foundation can be established matching US standards, according to legal experts.
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Private equity firms caution on transparency calls
[15:00 CEST 18-07] EUROPE – Private equity associations have cautiously welcomed new proposals to increase transparency of their industry, noting any future requirements must not undermine their competitive position.
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DNB softens early line on internal supervision
[17:00 CEST 17-07] NETHERLANDS – The Dutch central bank and pension fund regulator (DNB) says it will not initially fine schemes which have yet to implement the newly-required internal supervision.
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German Pensionskassen give thumbs down to Solvency II
[16:30 CEST 17-07] GERMANY – VFPK, a new lobby for German Pensionskassen, has rejected the idea of applying the EU’s Solvency II insurance regime to its members, arguing the move would increase their costs and limit investment flexibility.
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Same sex rights present extra Irish pension costs
[16:00 CEST 17-07] IRELAND - Pension schemes could see increased costs as a result of plans by the Irish government to recognise civil partnerships, suggests the Irish Association of Pension Funds (IAPF).
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Indexation label faces six-month delay
[16:00 CEST 17-07] NETHERLANDS - The introduction of the indexation label will be delayed by half a year until July 2008, Social Affairs’ minister Piet Hein Donner has said.
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ABI accused of making false claims on Pensions Bill
[17:00 CEST 16-07] UK – The Association of British Insurers (ABI) is misleading MPs about the effects of the cross-party Pensions Bill amendments to be passed by the House of Commons tomorrow, according to pensions campaigner Ros Altmann.
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LSE launch to support specialist fund growth
[15:30 CEST 16-07] UK - The London Stock Exchange is launching a dedicated market for issuers of specialist funds to fill a gap in the burgeoning growth of the alternative investments sector.
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Internal supervision seen as 'misleading’
[13:30 CEST 16-07] NETHERLANDS – The Internal supervision required under new Dutch pension fund governance rules could be misleading, argues Joep Schouten, exiting chairman of pensions provider Cordares.
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TPR warned guidance branches into standards
[13:00 CEST 16-07] UK – Legal experts have warned The Pensions Regulator could be forced to enact powers beyond its current legislated remit from this summer because of regulatory pressures on pension fund trustees.
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EP wants pan-European pensions product
[17:00 CEST 13-07] EUROPE – The European Parliament has called on the European Commission to encourage the financial industry to create a portable pension product.
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Denmark reforms to resolve ”illegal” pensions tax
[17:00 CEST 13-07] DENMARK - Political parties have agreed a new framework for Danish pensions tax after the European Court of Justice overruled the continuation of the country’s existing system.
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Pension fund replaces brown envelope
[11:00 CEST 13-07] EUROPE – New forms of bribe have emerged which now include payments into a pension fund, participants at an anti-corruption seminar learned this week.
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Docters van Leeuwen descends with 10 commandments
[17:00 CEST 12-07] NETHERLANDS – Arthur Docters van Leeuwen, exiting chairman of the Dutch Financial Markets Authority (AFM), has called for greater fiscal transparency and exemption from dividend tax for pension funds.
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Pensions Board urges trustees to focus on risk
[17:00 CEST 12-07] IRELAND – Trustees should be constantly reviewing the asset allocation in their pension funds' investment portfolios to mitigate risk, the Irish Pensions Board has suggested.
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Italy reaches pension agreement
[11:00 CEST 12-07] ITALY – The minimum pension will be increased from next year, the Italian government and the unions agreed.
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UK funds may only need one set of actuarial assumptions
[16:45 CEST 11-07] UK – Pension fund trustees will be required to devise an extra set of actuarial assumptions under new regulations on transfer values, but actuaries Hamish Wilson & Co believe funds might get away with only one.
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Own assessment proposal for Solvency II
[16:45 CEST 11-07] EUROPE - The European Commission's long awaited Solvency II proposal to upgrade legislation for the insurance industry would have insurers assessing their own capital needs in light of all risks by means of a so-called 'own risk and solvency assessment'(ORSA).
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Financial advice "crucial" to pensions growth - EFAMA
[11:00 CEST 11-07] EUROPE – The European Fund and Asset Management Association is calling on European member states to provide greater access to tailored pension provision, financial advice and education to improve individuals’ retirement savings.
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CEIOPS to offer mediation in cross-border disputes
[17:12 CEST 10-07] EUROPE – Supervisors in Europe will in future have the opportunity to take disputes over cross-border pension and insurance issues to the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
