German pension association fears EIOPA ‘back door’ IORP II move

first_imgGermany’s occupational pensions association, aba, has called on EIOPA and ”other institutions” to respect the timeline for a review of the new IORP II Directive, stating that a recent proposal from the former shows that the “Damocles sword” of solvency requirements still hangs over the industry.In an analysis of the revised EU Directive for Institutions for Occupational Retirement Provision (IORPs), the final proposal for which was agreed in June, the association said the Directive will lead to higher standards in the areas of governance, risk management, and information.However, it will not trigger large growth in the number of IORPs in Germany or spur a boom in cross-border activity, according to aba.It noted that IORP II did not introduce new solvency requirements for workplace pension providers, which it said would have made occupational pension provision considerably more costly, and unnecessarily so. However, it considers that the “Damocles sword” of such requirements still hangs over the industry, citing an April 2016 recommendation from the European Insurance and Occupational Pensions Authority (EIOPA) for a common framework for risk assessment and transparency for IORPs.The proposal met with criticism by some in the industry when it was first released, and aba has also come out against the proposal, seeing it as equivalent to EIOPA’s Holistic Balance Sheet approach, and therefore “old wine in new bottles”.An important aspect from aba’s perspective is that under EIOPA’s proposal, national supervisory authorities should be able to take regulatory action against individual IORPs based on the results of the proposed risk assessment framework.The association fears that EIOPA would try to implement its common framework recommendation through Article 29 of the IORP II Directive, which sets out the requirement for own risk assessments by IORPs. In its analysis of the final proposal for the new IORP Directive, aba noted that it is down to Member States to require and ensure IORPs fulfil the own risk assessment requirements, and that neither the European Commission nor EIOPA are given any role to play in this regard.The final draft also stripped the Commission of the ability to pass delegated acts once the final draft had been agreed by the European Parliament, making it near impossible for EIOPA to impose new technical standards at a later date.“We hope that the implementation details will be specified by the individual Member States and that Article 29 of IORP II will not leave open the back door for EIOPA to introduce the common framework,” said the association.Aba said that such a move would be “decidedly against European lawmakers’ intention”, with use of the Holistic Balance Sheet precisely not provided for by the IORP II Directive.The preamble to the finalised IORP II Directive includes a strong statement against “further development at Union level of solvency models”, and the final proposal for the new legislation also omits quantitative requirements – seen as potentially amounting to solvency requirements – from the scope of the post-implementation review of the IORP II Directive.The proposal for the new Directive foresees the review taking place six years after its entry into force, and aba said “this provision from European lawmakers should be respected by all institutions, and accordingly therefore also by EIOPA”.last_img read more

Miami-Dade mayor arlos Gimenez to close restaurant dining rooms, fitness centers, gyms & more

first_imgMiami-Dade Mayor Carlos Gimenez announced he will be signing an emergency order that will issue the closures of restaurant dining rooms, ballrooms, banquet facilities, party venues, gyms and fitness centers, and short-term rentals.Restaurants will still be allowed to operate for takeout and delivery services.The closures will go into effect  July 8th.“At this time, I plan to keep open various outdoor activities, including condominium and hotel pools with strict social distancing and masks rules, as well as summer camps and child daycare centers with strict capacity limits, requiring masks and social distancing of at least 6 feet,” he said in a statement.For more information, click here.last_img

Late Comeback Gives Hope for Top Four in EPL

first_imgChelsea staged a remarkable late revival to snatch a controversial victory at relegation-threatened Cardiff City and ease the intensifying pressure on boss Maurizio Sarri.Ponderous and painfully slow, Chelsea controlled possession but did little with it as they were comfortably shackled by a disciplined Cardiff side during a goalless first half.The hosts took the lead less than a minute into the second period thanks to Victor Camarasa’s delicate curling volley, prompting cries of “we want Sarri out” from Chelsea’s travelling fans. With five minutes left, Cezar Azpilicueta nodded in an equaliser from a clearly offside position and then, in added time, substitute Ruben Loftus-Cheek headed the winner to break Cardiff hearts.The result is a major blow to Cardiff’s bid for Premier League survival, leaving them five points adrift of safety with seven games remaining.For Chelsea, however, it is a major reprieve for their hopes of securing Champions League football next season, keeping them within a point of Manchester United in fourth place.And nobody will be feeling more relieved than Sarri after he faced repeated calls to be sacked from the travelling supporters.The Italian was already under pressure before this match, with a run of four defeats from five away matches and fans growing frustrated with the patient, arguably overly pragmatic style of football known as ‘Sarriball’.They vented their anger on several occasions at Cardiff City Stadium, and justifiably so given their side’s largely toothless display.Sarri had decided to rest two of his most important players, Eden Hazard and N’Golo Kante, who both joined Callum Hudson-Odoi on the bench despite the clamour to hand the 18-year-old winger his first Premier League start following his impressive recent debut for England.Hazard’s creativity and Hudson-Odoi’s dynamism would have been useful for Chelsea in a sterile start to the game, as they dominated possession but at a walking pace.Once again, Gonzalo Higuain cut a forlorn figure up front, dropping deep in search of the ball and often outnumbered by Cardiff’s swarming defence.Added to that, there was no penetration from a midfield three of Mateo Kovacic, Ross Barkley and Jorginho, whose second-half substitution was met with ironic cheers from the travelling supporters.But it was Sarri for whom they reserved their most stinging vitriol, mocking ‘Sarriball’ and demanding the Italian’s sacking in a string of furious chants.Chelsea’s players pressed forward in search of an equaliser as the second half wore on, but there was little conviction or genuine threat against a Cardiff side who had conceded 57 goals in their previous 30 matches.That was until the 84th minute when Marcos Alonso flicked on a cross to Azpilicueta, who was a foot offside but allowed to head in from close range, much to the rage of the Cardiff crowd.A draw would still not have been much use to Chelsea’s hopes of a top-four finish, and they got their full reprieve when Willian swung an injury-time cross to the back post, where substitute Loftus-Cheek headed in powerfully to spark celebrations in the away end – and a huge sigh of relief from Sarri.While Sarri reflected on his lucky escape, his counterpart Neil Warnock exploded with indignation.This was a result which could have huge ramifications for Cardiff’s bid for Premier League survival, and referee Craig Pawson’s controversial late decisions were fuel to the flames of Warnock’s fury.His side were playing catch-up before a ball had been kicked, as Burnley and Southampton’s wins on Saturday had left the Bluebirds five points adrift of safety.But before the late drama here, Cardiff were on the cusp of a fourth win from seven Premier League matches which would have done wonders for their aim of avoiding relegation.This would have been their most notable scalp of the season and, although it was against a Chelsea side playing well short of their potential, Cardiff deserved credit for the way in which they negated their opponents with a diligent and well-drilled display.They were content to allow Chelsea the ball for long periods, while carrying a threat on the break with Josh Murphy a livewire on the right wing.And although Cardiff are not renowned for aesthetically pleasing football, their goal was a thing of beauty, Camarasa barely breaking stride as he swept in a curling volley just inside the Chelsea penalty area.It was to prove in vain, with Azpilicueta’s goal from an offside position incurring the wrath of the home crowd.The mood darkened further still when Pawson showed Antonio Rudiger a yellow card for bringing down Kenneth Zohore as he bore down on goal, with the home fans believing the offence warranted a sending off.And then the final blow came in added time as Loftus-Cheek headed in the winner, leaving Cardiff’s dumbstruck players and fans wondering how they had been denied a precious victory, and cursing the controversial calls which contributed to the late turnaround.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Kane says Spurs must be ‘braver’ as he admits there are no positives from Reds loss

first_imgThe Moroccan international, 26, scored the opener in Sunday’s 4-0 home win over Feyenoord.Speaking on that day’s Studio Voetbal show in the Netherlands, TV pundit Van der Vaart said: “I sent a message today to Daniel Levy. I said, ‘Get Ziyech after this season’.“I am convinced he would become a sensation in London.”Pochettino assesses his team’s performance after 2-1 loss to Liverpool HARRY KANE failed to take any positives from Tottenham’s 2-1 defeat at Liverpool.The Spurs skipper accused his team-mates of not being brave enough to keep the ball.4 Tottenham striker Harry Kane has been left bitterly disappointed by the defeat against LiverpoolEngland striker Kane headed Mauricio Pochettino’s men into the lead after just 47 seconds on Sunday.And the 26-year-old said: “Whenever you lose, you can never be encouraged.“We battled but you expect that at this level in every game.“It’s disappointing being 1-0 up at half-time, being ahead and not being able to see it through.“When you lose a game, it’s not a step forward — it showed we’ve got to work hard.4 Kane put Spurs into an early lead at Anfield inside the opening minuteCredit: EPA“It’s disappointing, so we’ll assess it and see where we can improve.“Then, hopefully, we can take it into Everton on Sunday.“We could have been a bit braver.“When we went 2-1 down, we started to do it better, create two or three chances towards the end but it was too late.”Meanwhile, ex-Spurs star Rafael van der Vaart has told chairman Daniel Levy to sign Ajax midfielder Hakim Ziyech. 44LATEST TOTTENHAM NEWSHARRY ALL FOUR ITKane admits Spurs must win EIGHT games to rise into Champions League spotGossipALL GONE PETE TONGVertonghen wanted by host of Italian clubs as long Spurs spell nears endBELOW PARRSpurs suffer blow with Parrott to miss Prem restart after appendix operationPicturedSHIRT STORMNew Spurs 2020/21 home top leaked but angry fans slam silver design as ‘awful”STEP BY STEP’Jose fears for players’ welfare during restart as stars begin ‘pre-season’KAN’T HAVE THATVictor Osimhen keen on Spurs move but only if they sell Kane this summerlast_img read more