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

Clijsters loses in Mexico in latest comeback

first_img Read Also: Tennis: Federer, Nadal play to record crowd in Cape Town Clijsters went on to win a fourth major at the 2011 Australian Open before a second retirement announcement came after the 2012 US Open. Konta acknowledged she had been star-struck. “As a young player, I never thought I’d get to play Kim Clijsters in my career,” she said. “I feel truly privileged and honored to share the court with such a champion. It’s nice to have her back.” FacebookTwitterWhatsAppEmail分享 Returning four-time major winner Kim Clijsters lost in the first round of the WTA tournament in Monterrey, Mexico, just her second match of an ambitious comeback after her 2012 retirement. Kim Clijsters of Belgium loses in the first round in Monterrey The 36-year-old Belgian mother of three played her first match in over seven years in Dubai last month where she was defeated by Garbine Muguruza. In the first round in Mexico, a still unranked Clijsters was drawn to face second seed Johanna Konta, the British number one, and went down 6-3, 7-5. “I felt some things were better,” Clijsters said in comments carried by wtatennis.com. “Some things still need a lot of improvement. That’s why it’s good to play matches. In Dubai, I didn’t start well because I was overwhelmed, but today I started and served much better than I did there. “Those are a few of the positive things, and the points that have to be better, I’ll work very hard to improve them for other matches.” Clijsters added: “I’ve been through different generations and played many players throughout my whole career. “I’m still at a stage where I want to focus on what I’m doing and how I’m feeling, and also start reading my opponents. “It’s a process that I have to trust and keep working hard to improve in every match I play. I’d like to take big steps but I have to focus on small step and improving day by day.” Clijsters turned pro in 1997 and first reached number one in 2003, winning her first major at the 2005 US Open, a feat she repeated – after a first retirement – as an unranked wildcard in 2009 and then in 2010.center_img Loading…last_img read more