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

National championship rematch

first_imgANDREW SCHORR/Herald photoAfter an intense home series against No. 2 Minnesota, the top-ranked Wisconsin women’s hockey team is hosting yet another top ranked team, as No. 7 Minnesota-Duluth heads to Madison this weekend. Duluth beat Wisconsin in the National Championship last season, denying the Badgers’ aspirations for a third straight national championship.Minnesota-Duluth dropped a pair of games to the Gophers earlier this year. The Bulldogs are coming off a series sweep over Minnesota State Mankato. Duluth pocketed a pair of 5-1 victories over the Mavericks in Duluth last weekend. The wins over Mankato gave the Bulldogs their first WCHA wins of the season and a good deal of momentum heading into Madison for a visit with the top-ranked Badgers.The Bulldogs’ lineup against Mankato was rejuvenated with the emergence of freshman Elim Holmlov. Holmlov, a Sweden native who has only played in three of Duluth’s 11 games, notched four goals in the sweep.Pernilla Winberg, also a freshman Swede, was voted the WCHA preseason rookie of the year. Winberg has lived up to the reputation thus far, as she leads the Bulldogs with 10 points. With a healthy lineup and a WCHA sweep under their belts, the Badgers can expect a much-improved Duluth team this weekend.Forward Haley Irwin, a preseason first team all-WCHA member, and goalie Kim Martin, who along with Badgers Erica Lawler and Meghan Duggan received votes for WCHA preseason player of the year, round out a group with plenty of big game experience for the Bulldogs. Despite the experience, the Bulldogs are a relatively young team; they have 11 underclassmen and only five seniors.Duluth’s roster features 14 international players coming in from all over the globe to play for coach Shannon Miller. The roster includes eight Canadians from Quebec to New Brunswick. In addition, a strong European influence has been introduced to the Bulldogs’ style of play thanks largely to the Bulldogs’ four Swedish and two Finnish players.The Minnesota series was the first in which the Badgers found themselves facing an offense with as much explosiveness as their own. Wisconsin stepped up defensively, holding the Gophers to only two goals on 62 shots. Senior goalie Jessie Vetter earned the WCHA defensive player of the week for her performance; Holmlov of Duluth won the WCHA offensive player of the week.The Bulldogs will bring a more balanced and less offensive attack to the Kohl Center than the Gophers provided last week. Sophomore Kelly Nash likes the Badgers’ chances in the series against the Bulldogs.“It definitely is going to be an intense series; I think that our team is much more prepared than we were last season. We have been playing pretty well,” Nash said.Despite the Bulldogs’ talented roster and past success, it is Wisconsin that comes into the series as the favorites. The Badgers have cruised to 9-0-1 start and are coming off a big weekend against arch-rival Minnesota. The Badgers’ comeback victory on Saturday over a very talented Minnesota provides plenty of momentum for round two of the Badger’s difficult two-week home stretch.Assistant coach Tracey Cornell mentioned that the Wisconsin coaching staff has been keeping an eye on Duluth and many of the players are familiar with the Duluth players.“[Minnesota-Duluth] always is much-anticipated competition. We track them through video, and the players are familiar with Duluth’s players. It’s just another great WCHA series,” Cornell said.last_img read more

Four more COVID-19 cases in north-central Iowa — 349 positive cases, nine more deaths reported Monday

first_imgDES MOINES — 349 more cases of COVID-19 were identified in Monday’s report from the Iowa Department of Public Health to make a total number of cases now at 5868. 2021 of those cases statewide have been confirmed as recovered.Nine new deaths were reported — three in Polk County, two in Black Hawk County, and one each in Bremer, Dubuque, Poweshiek and Washington counties. That brings the death toll to 127.There were four new cases in our immediate listening area, all four from Butler County — one adult aged 18-40, and three middle-aged adults age 41-60. That brings the total number of cases in Butler County to eight, and the total number of confirmed cases in our immediate listening area to 35 — with the others being: 14 in Cerro Gordo; three in Hancock; two each in Franklin, Mitchell, Winnebago, and Wright counties; and one each in Kossuth and Worth. Of those 35 cases, 22 have fully recovered. 11 Cerro Gordo266 Kossuth1 Mitchell 11 21 0 Winnebago11 32 22 22 Franklin11 Area Total081710035022center_img Confirmed CasesChildAdult (18-40)Middle (40-60)Older (60-80)Elderly (81+)TotalDeathsRecovered 1412 80 Hancock 12 Floyd Wright11 21 1 Butler242 Worth 2last_img read more