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

Great strides made at London constitution talks, says Turks and Caicos party leader

first_img 11 Views   no discussions Tweet NewsRegional Great strides made at London constitution talks, says Turks and Caicos party leader by: – June 21, 2011 Share The Turks and Caicos Islands delegation in London with Minister Henry Bellingham (centre) (FCO photo)PROVIDENCIALES, Turks and Caicos Islands — The People’s Democratic Movement seven member team led by Doug Parnell claims to have achieved great strides at the London constitution talks, as the team was able to successfully argue against a change of fundamental provisions of the 2006 Turks and Caicos Islands Constitution.Parnell said the PDM team had a few disappointments but for the most part he was pleased with the outcome of the talks and now wants to focus on rebuilding the Turks and Caicos Islands.Asked about the outcome of the London talks, the PDM leader said, “Well, I’ll never be satisfied until we can achieve the type of self determination for our people that would provide every man and woman who call themselves a Turks and Caicos Islander full and complete satisfaction of what’s in our own constitution; however, I must say that given the point where we started from in the draft, and certainly coming out of the recent history where the constitution was suspended and the legislature disbanded, I must say I think we have made some great strides in these direct talks with UK Ministers.”Composition of House of Assembly and Voting SystemParnell explained what was achieved as it relates to the voting system.“The voting system remains what our people are accustomed to, which is first past the post, and I’m pleased about that, and it’s a complete first past the post system. I argued and all the other persons who felt like I did argued very strongly on retaining the first past the post system for our people and I do believe that was a great move away from that mixed member proportional system that would have taken a mathematician a while to figure out who was elected in the Turks and Caicos Islands; we’ve moved away from those confusing clauses that found their way into the draft. So it’s actually fifteen first past the post. The FCO is very clear on that, the minister is very clear on that. The constituencies will be decided by a first past the post basis, and the five at-large constituencies would be decided on a first past the post basis, which would basically mean that the first five with the highest votes would win and that is well understood by ministers here in the UK and I understand it to be the case, and they’ve now written that in an FCO statement.”Four Appointed Members“As far as the appointed membership is concerned, one of the concerns we have is that if it is simply left up to the Governor to make those appointments then it may affect the numerical strength of the government and perhaps the confidence of the government and we’re very concerned about that.”Responding to a statement made Minister Bellingham that there will four Appointed members of the House of Assembly, two by the Governor and the other two by leaders of the two main political parties, Parnell said he is awaiting the exact language of that amendment .“We have to see the exact wording of that. I’m very eager to make sure that those two appointments satisfy me that it would not affect the numerical strength, the stability and the confidence that a government would need to have in the Westminster system to run a government.”Two Party SystemParnell said the country has spoken loud and clear in favour of the two party system.“I don’t believe that the party system is still on trial (after these talks). We were very successful at taking the two party system off trial. I think most of the people got the message loud and clear. I think Minister Bellingham, himself, being a democrat understands this. That’s a matter for an elected government to decide and as a democrat I was proud that he left certain elements of talks up to an elected government to solve. You can’t stuff all these things in one big constitutional bag.”Powers of the Governor“We went a great deal in the position paper criticizing the statement of governance principles, powers that the draft constitution sought to give the Governor and in these talks we moved far away from what was in the draft. Again I’m waiting to see the draft of what that looks like and hopefully that would reflect that what we agreed in those talks would be suitable for us. I think it’s very clear we can’t have a Governor that’s above the law, and we got those provisions out, we can’t have a governor that turns down the advice of the Cabinet willy-nilly, that’s out and I think we got those provisions out. But it also gives the system in the Turks and Caicos an opportunity to function. And when I say that I mean it gives the Governor an opportunity to say no in very rare circumstances if he cannot get in touch with the Secretary of State, but cabinet must be kept very well informed of what he is thinking ahead of time. This makes for better functioning of government in the Turks and Caicos Islands and these are all things that weren’t there in the draft that we got done, and so I’m pleased about that, that we have moved a long way from where we were in the draft about the Governor’s powers.”Trial By Jury“I’m not pleased with the fact that the request that my party made to have the right to trial by jury reinserted in the constitution as a fundamental right, only to be denied in very exceptional circumstances, was not considered. I must say I was disappointed that I did not get the type of support that I was expecting to get from other delegates on that provision, so I’m very, very disappointed in that, that’s a very sad thing for me to report. After we come out of this period and we have an elected government we won’t be able to go back immediately to reinsert that right to trial by jury. We will have to live with something that was done by a body that’s not elected by the people and to me that’s unacceptable”Belongership“One provision that makes me proud is that we were able to strike out those long and lengthy provisions for the definition of belonger in the Constitution and we have also changed the name of belonger to Turks and Caicos Islander. Which will help with our own understanding of who we are, number one, and we have also made it clear that there are certain minimum pre-conditions which were in the draft but were in keeping in alignment with what was in the Blue Ribbon Commission, an immigration review that was conducted some time back, and I’m pleased about that and I think that all members seem to support that provision that I put forward.”Deputy GovernorUnder the new constitution, the Deputy Governor shall be appointed by the Governor and must be a Turks and Caicos Islander. Parnell would like to see consultation between the Governor and the political leaders before any appointment is made.“What I’m concerned about there is that person is appointed after consultation with the Premier and the leader of the opposition. To me this is extremely important, because the Deputy Governor would be head of the civil service and could be called upon to exercise some authority, some decision making authority as it relates to the civil service. And so what I wanted to make sure was that the process would be made after consultation. There was general agreement about that. The Deputy Governor could be somebody that transcends different governments and so I think it is important that the person is someone who reflects the type of person that the House of Assembly would like to seen in that position. And to me that is extremely important. I think that we were very clear even in the 2006 Constitution though it is not a political position at this point.”New Governor“It was good that the timing of it came about when we were able to be informed about the new Governor. I haven’t look at his bio yet but I’ll soon do that, but we’ll see what he’s made up of and what he’s like. I believe that we still have a while left with Mr Wetherell and we’ve weathered a lot of storms with him here in the Turks and Caicos Islands and we have to get through this period with him then look forward to a strong capable Governor who can represent the views of the United Kingdom Governmentproperly to the people of the Turks and Caicos Islands and the Government of the Turks and Caicos Islands, someone who respects the people of the TCI and takes into deep consideration our values, and I can’t assess that, I haven’t met him yet.”Achievement of Milestones and Date for Elections“What I can say is that at the public meetings, it was very clear that Floyd Seymour said we gave you our car to clean and you’re looking up in the transmission and so we need our car back. Mr Seymour is here with me in the talks and we have a date that we will get the car back on the road, and that date is coming closer and we have a date that will be announced soon and we expect that we will get that car back very, very soon.”Independence“The political parties in the UK have different views about the overseas territories. It is very clear that the Conservative Party who leads this coalition government in London feel very strongly about their territories and their links to the United Kingdom. That’s a matter for the people in the Turks and Caicos Islands. And we’ll have to assess coming out of this period when we are ready. In my mind I think there are certain periods of time that will be important to keep under review for when and if a question should be put. So that is where my thinking is at this point.”Youth Ambassador“I would like to pay a special compliment to the youth ambassador. I know there was a great deal of criticism of all the members leading up to these talks. I know I was very keen not to publicly in any way criticize any of the members… some of them with their own ideas however they came about acquiring those ideas about what they want to see in their constitution and I supported that, but Mr Farrington did a tremendous job as the youth ambassador and supported the views of my party and the other party which related to the voting system were in sync, he ought to be commended for that. As a young man coming to the United Kingdom he could have easily said no, this is not territorial waters for someone my age, but he stood up and sat up in the meeting and performed, and he was a man of his word to what was discussed at the Common Ground meeting.Putting God In The ConstitutionThe PDM leader said the PDM team was in full support of the preamble brought to the table by the TCI church and incorporating God into the constitution.“I can’t say I would say anything negative about any of the members. Pastor Handfield brought the preamble which we sought to add a word or two and I am looking forward to seeing the amendment on marriage between a man and a woman. We fully supported the church in those respects.”Two Term Limits of PremierParnell commented on whether he was bothered by the two term limit for the office of Premier.“We need to get back to democratically elected government. It’s not a big if, just do your work and leave the rest to God. No matter what comes my way I wouldn‘t say that’s a deal breaker at this juncture. The Secretary of State was very clear on what he wanted to see… the constitution of the Turks and Caicos Islands is in fact UK law until we are prepared to have that question put, we have to take some of it and move along so that we could rebuild our country developing our people and get back to the point of providing hope to the disillusioned and making sure that we can rebuild our economy which is badly suffering. One of the points we made was most people of the TCI if you had assets before the constitution was suspended if you have lost fifty percent of those assets. It is not a deal breaker; my views could be heard in a more substantive way for that provision.”Caribbean News Nowcenter_img Share Share Sharing is caring!last_img read more

NWS seeking interns

first_imgWilmington, OH—The National Weather Service in Wilmington, Ohio is now accepting applications for its Summer Volunteer Opportunity. This is an opportunity to become exposed to NWS operations and gain experience in working at a premier forecast office with forecast and warning responsibility for southwest and central Ohio, southeast Indiana, and northern Kentucky. Applications accepted through February 21st, 2020.For more information visit https://www.weather.gov/iln/ and click on the link for college interns.last_img read more

Update on the latest in sports:

first_imgThe proposal calls for a 76-game regular season, expanding the playoffs from 10 teams to as many as 16 and allowing players to earn about 75% of their prorated salaries.Players have refused cuts beyond what they agreed to in March shortly after the pandemic began, part of baseball’s again acrimonious labor relations. The arduous negotiations have jeopardized plans to hold opening day around the Fourth of July in ballparks without fans and provide entertainment to a public still emerging from months of quarantine.MLB says it can’t afford to play in ballparks without fans, and in May the owners proposed an 82-game schedule. The union countered with a 114-game schedule at prorated pay that would extend the regular season by a month through October.NFL-FACILITIES-RETURN PLANNFL sends plan to teams for return to facilities June 8, 2020 The recent deaths of George Floyd, Breonna Taylor and Ahmaud Arbery have sparked protests across the country. Floyd, a black man, died May 25 after a white Minneapolis police officer pressed his knee into Floyd’s neck while Floyd was handcuffed and saying that he couldn’t breathe.NHL AMERICA PROTESTS-HOCKEY ALLIANCECurrent, former NHL players form Hockey Diversity AllianceUNDATED (AP) — Seven current or former black NHL players have formed the Hockey Diversity Alliance to fight racism and intolerance in the sport.Akim Aliu and San Jose’s Evander Kane will lead the group, which also includes Trevor Daley, Matt Dumba, Wayne Simmonds, Chris Stewart and recently retired Joel Ward. The team’s strength coach, Chris Doyle, has been placed on administrative leave and coach Kirk Ferentz’s leadership was called into question.About two dozen current players took to social media to voice messages of unity. None complained directly about his treatment.SPORTS-VIRUS OUTBREAKBrighton to have cardboard cutouts of fansUNDATED (AP) — English soccer club Brighton is offering fans the chance to have cardboard cutouts of themselves in the stadium when the Premier League resumes. Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-BASEBALLNew MLB plan calls for 76-game seasonNEW YORK (AP) — Major League Baseball is making another try to start the coronavirus-delayed season in early July. Associated Press The alliance will be independent of the NHL but hopes to work in tandem with the league to promote diversity and inclusion.One goal of the group is to inspire future players to be able to “express their culture, identity, values and personality without fear of retribution.”NHL-COYOTES-GUTIERREZ HIREDGutierrez is NHL’s first Latino team presidentGLENDALE, Ariz. (AP) — The Arizona Coyotes have made Xavier Gutierrez the first Latino team president and CEO in NHL history. Games in the league will be closed to spectators for the remainder of the season because of the coronavirus pandemic.Five of Brighton’s nine remaining games are at home.The first is on June 20 against Arsenal. Fans need to send in a photo wearing a Brighton jersey and pay $25.In other coronavirus-related news— Brazil has withdrawn its bid to host the 2023 Women’s World Cup, arguing it cannot offer FIFA the financial assurances it needs because of the impact of the coronavirus pandemic. The Brazilian Football Confederation also says it will support Colombia’s bid against Japan and the joint candidacy of Australia and New Zealand. South America has never hosted the tournament. A final decision is expected on June 25. CHICAGO (AP) — The U.S. women’s national team wants the U.S. Soccer Federation to repeal the anthem policy it instituted after Megan Rapinoe started kneeling during “The Star-Spangled Banner.”The U.S. women’s team also wants the federation to state publicly that the policy was wrong and issue an apology to the team’s black players and supporters.Rapinoe took a knee during the anthem at a pair of national team matches in 2016. She said she wanted to express solidarity with San Francisco 49ers quarterback Colin Kaepernick, who silently took a knee during the national anthem before NFL games to raise awareness of police brutality and racial injustice.The U.S. Soccer Federation then approved a policy in February 2017 that stated players “shall stand respectfully” during national anthems. The policy remains in place, though the unions for the men’s and women’s teams believe it doesn’t apply to their players because of their collective bargaining agreements.MLB-CUBS DIVERSITY NCAA considering 6-week plan for football prepUNDATED (AP) — The NCAA is considering a six-week plan for football teams to prepare for the start of their seasons that includes two weeks when teams can hold walk-throughs before full practices start.A copy of the Football Oversight Committee’s plan, which still needs to be approved by the Division I Council, was obtained by The Associated Press. Sports Illustrated first reported on the one-page document.The oversight committee has been working on a six-week model to lead into the season for weeks. It calls for two weeks preceding the start of a typical preseason practice schedule during which time teams can do up 20 hours per week or weight training, conditioning, film study, meetings and walk-throughs with coaches. Players would not be permitted to wear helmets and pads during walk-throughs, but a ball could be used for instruction.NCAA rules state teams can begin preseason practice 29 days before the date of their first game. The walk-through period would begin 14 days before preseason practice, according to the proposal. UNDATED (AP) — The NFL and the players’ union have sent a planner to the 32 teams outlining procedures for the full reopening of their practice facilities.A memo written by Commissioner Roger Goodell and approved by the NFL Players Association describes protocols focusing on screening, testing, and infection prevention and treatment for COVID-19, including response for new infections.Also included are instructions on proper facility access, cleaning and disinfecting; physical distancing; hygiene, health education and medical services. There are instructions on food preparation; supplies; and team travel.No timetable has been set for the return of most players to team complexes. Only players rehabilitating injuries have been allowed to enter the buildings.COLLEGE FOOTBALL — Iowa announced that one person tested positive for COVID-19 out of 237 tests performed on athletes, coaches and athletic department staffers to prepare for the beginning of voluntary individual workouts. The school did not reveal who tested positive or whether it was a player. Iowa says the school began testing May 29. Football players were cleared to begin voluntary workouts on Monday, mostly weight training and conditioning, in team facilities.— Wisconsin is permitting the voluntary return of football and volleyball players for initial health assessments and COVID-19 testing this week to clear the way for them to begin voluntary strength and conditioning activities June 15. The men’s and women’s basketball teams will return later this month, followed by the men’s and women’s hockey teams.— The group that runs the U.S. Open tennis tournament is eliminating 110 national positions and reducing travel costs over the next few years to deal with the financial effects of the coronavirus pandemic. The U.S. Tennis Association also announced Monday that it will close its headquarters in White Plains, New York, and shift remaining staff to anNBA-SPURS-ALDRIDGEAldridge won’t return this season Epstein says Cubs planning to create diversity committeeCHICAGO (AP) — The Chicago Cubs are creating a diversity committee to help improve the organization’s standards and practices.President of Baseball Operations Theo Epstein says team owner Tom Ricketts and President of Business Operations Crane Kenney are leading the plans.On a conference call ahead of baseball’s amateur draft, Epstein said the team stands “in support of the Black Lives Matter movement and the protesters who are doing their best to make this a real inflection point in our history.”Epstein said the committee “set better standards” for the club and hold it accountable. Update on the latest in sports: SAN ANTONIO, Texas (AP) — LaMarcus Aldridge will miss the remainder of San Antonio’s season while he recovers from surgery on his right shoulder. It’s a blow to the Spurs’ hopes of extending their streak of playoff appearances.Aldridge had surgery on April 24, stemming from an injury the Spurs said the seven-time All-Star suffered in a game at Utah on Feb. 21. He played in two more games after getting hurt, including one in which he scored 24 points in San Antonio’s win over Dallas.The Spurs have been to the playoffs in 22 consecutive seasons, matching the longest streak in NBA history.SOCCER-US WOMEN’S NATIONAL TEAM-ANTHEM POLICYUSWNT wants soccer federation to repeal anthem policy The plan has not been finalized but could be approved within two weeks.COLLEGE FOOTBALL-IOWA STRENGTH COACHIowa players voice unity amid racism allegations in programUNDATED (AP) — Iowa football players returned to campus to prepare for voluntary workouts amid an uproar.Former players over the past several days alleged systemic racism and other mistreatment in the program. Gutierrez’s hiring was announced by Alex Meruelo (mayr-WAY’-loh), who became the NHL’s first Latino controlling owner when he bought a majority stake in the Coyotes last year.Gutierrez previously served as managing director at Clearlake Capital Group and was chief investment officer of Meruelo Group, which is owned by Alex Meruelo.last_img read more

No replica of Gold Cup uniform available for sale

first_imgSOME disappointing news for fans of Guyana’s senior men’s national team – no replica of the new kits will be sold for the Gold Cup. Sportswear manufacturer Capelli Sports was unveiled on May 14 as the Golden Jaguars’ kit supplier for the June 15 – July 7 CONCACAF Gold Cup and fans both local and overseas were eager to put their hands on the replica in order to show support for the team at their first outing at the Confederation’s marquee tournament.Speaking exclusively to Chronicle Sport yesterday, Wayne Forde, president of the Guyana Football Federation (GFF), explained that the uniforms that the team will wear at the Gold Cup were made specifically for that tournament, but after (the Gold Cup), Capelli Sports will reveal the kit which will be worn going forward.Forde said that fans can, however, purchase the ‘fan gear’ that the GFF had for sale during Guyana’s Nations League qualifier.The new kit design didn’t find favour with many fans, with some stating that the design was lazy and had zero reflection of Guyana.Meanwhile, Forde said the new kit deal will be made public by the end of next week, since the GFF is still tying up the legal end of the agreement.Upon the release of the new kit, Forde told reporters that he believes the GFF was “able to establish a remarkable working relationship with Capelli. At the heart of our discussion has been where we are as a federation and the support we need to grow the sport from the grassroots level, straight up to the senior team,” Forde said.Guyana will open their 2019 CONCACAF Gold Cup campaign against defending champions USA on June 18 at the Allianz Field in Minneapolis.Golden Jaguars were drawn in Group D of the 16-team tournament, with the defending champions (USA), Panama and Trinidad and Tobago.Following their June 18 opener, coach Michael Johnson and his squad will travel to Cleveland to take on Panama on June 22 at the FirstEnergy Stadium then play their final group game against regional rivals, Trinidad and Tobago, on June 26 at the Children’s Mercy Park in Kansas.last_img read more