Dearth of cross-border funds a ‘heritage nightmare’, says IORP rapporteur

first_imgHe advocated revisions in IORP II to encourage the take-up of cross-border operations and asked why European multi-national corporations, unlike their US counterparts, performed so poorly.During a later panel, a senior official from the European Commission was questioned over the current stipulation that cross-border funds should be fully funded at all times.Jung-Duk Lichtenberger of the Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) explained that, if there could be no harmonisation of solvency rules, absence of the full funding rules would result in a “race to the bottom”, likely due to a drive to re-locate to jurisdictions with more relaxed regulation.Lichtenberger questioned whether a minimum harmonisation of the 28 EU member states’ pension regulation was “too much of an administrative burden”. Hayes said the matter of solvency inevitably required not only his attention but the attention of questioners from the floor.He echoed a comment from a recent parliamentary hearing, noting: “Remember, we are dealing with other people’s money – money they are putting aside.”Answering a question later on, Hayes added: “We have to take the responsibility for getting more people to take up pensions, and I don’t see EIOPA’s [the European Insurance and Occupational Pensions Authority’s] involvement as some kind of negative issue.”Separately, he said EIOPA was “an important player, but, at the end of the day, it is the European Parliament and the Council [of the EU] that decides on legislation”.At another stage, he described the Directive as a “minimum act”.“We do not need to strangle member states on the matter of [excessive legislation].”More generally, he said that, “broadly speaking, we are working on a consensus position in the European Parliament”.Hayes also touched on the matter of professional qualifications, a contentious issue in the UK and other member states that allow lay trustees to oversee schemes, and said he was aware of the concerns.He said he expected to have completed his own report to ECON by the end of July, to be followed, by late November or early December, by a final report from the committee. The dearth of cross-border pension funds must be addressed by the revised IORP Directive, according to the MEP in charge of the legislation. Brian Hayes, rapporteur for the European Parliament’s Economic and Monetary Affairs committee (ECON), returned repeatedly to the issue of cross-border during a speech at the PensionsEurope conference in Brussels.The Irish MEP reasoned that the growing number of cross-border workers would warrant the growth of cross-border provision, but also that funds raised to back effective cross-border schemes could benefit the economy as a whole.Hayes said the current cross-border framework was “a heritage nightmare” and “a case of a regulatory framework that is bizarre”, arguing it was a “key issue” that needed to be resolved.last_img read more

Cavaliers coach John Beilein refers to players as ‘thugs’ in meeting, later says he misspoke

first_imgCavaliers coach John Beilein on Wednesday told his players they had until recently been playing like “thugs,” according to ESPN. Beilein, after receiving internal backlash for the film session remark, attempted to clarify later in the evening that he meant to refer to the team as “slugs.”Beilein, 66, reached out to players individually Wednesday night to try to explain his perspective. The term “thug” is widely viewed to carry racist undertones, particularly when coming from a senior white man to a group of younger, predominantly black players. “I didn’t realize that I had said the word ‘thugs,’ but my staff told me later I did and so I must have said it,” Beilein told ESPN. “I meant to say slugs, as in slow moving. We weren’t playing hard before, and now we were playing harder. I meant it as a compliment. That’s what I was trying to say. I’ve already talked to eight of my players tonight, and they are telling me that they understand.”MORE: Kevin Love sorry for on-court outburst Beilein is in his first season with the Cavaliers after a successful 12-year run coaching the University of Michigan. He signed a five-year contract over the summer.Cleveland has been plagued by dysfunction under his watch, with star Kevin Love outwardly angry about the state of the team, players sniping at one another anonymously and trade rumors hanging over another underwhelming start.The Cavaliers will face the Pistons in Detroit on Thursday night.last_img read more