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

Another Palm Beach County Food Service Worker Tests Positive for Hepatitis A

first_imgThe Florida Department of Health has confirmed another positive case of hepatitis A in a Palm Beach County food service worker.This time the worker was employed at at Cooper’s Hawk Winery & Restaurant on PGA Boulevard in Palm Beach Gardens.The employee may have exposed patrons between May 1 and May 12.There are now 18 confirmed cases of hepatitis A in Palm Beach County.Health officials are recommending that anyone who ate or drank at this restaurant between May 9 and May 12 get the hep A vaccine after speaking with their health care provider.  But if you consumed  food or beverages at the restaurant between May 1 and May 8 should instead look for signs of the infection.Symptoms include sudden onset of abdominal discomfort, dark urine, fever, diarrhea, pale white stools and jaundice.  If you see any of these symptoms, health officials say you should seek medical attention.The vaccine may protect against the disease if given within two weeks of exposure.Concerned customers can call DOH-Palm Beach at 561-840-4568 or 561-671-4184.last_img read more

Former Syracuse linebacker Zaire Franklin picked by the Indianapolis Colts with 235th pick of 2018 NFL Draft

first_imgFormer Syracuse linebacker Zaire Franklin has been drafted by the Indianapolis Colts with the 235th overall pick in the 2018 NFL Draft. The seventh-round selection is the first SU player off the board.Franklin, the second three-time captain in Syracuse history and first in more than 100 years, appeared in all 12 games this year, totaling 85 tackles, 5.5 tackles for loss and 1.5 sacks. He started in every game over the past three years and started the last three his freshman season. Throughout his 48-game career, Franklin tallied 311 career tackles, 31.5 tackles for loss and 8.5 sacks.The 6-foot, 236-pound linebacker became a leader for the Orange early and was known for his drive to both improve and help his teammates. Franklin hosted a once-regular YouTube show, called “Z60,” where he asked teammates what motivates them. Comments Published on April 28, 2018 at 6:39 pm Contact Charlie: | @charliedisturco Facebook Twitter Google+last_img read more