New HBS approach to increase transparency – Clifford Chance

first_imgHe said the industry group questioned “what had driven EIOPA to come up with new proposals”, lacking a formal request from the European Commission.Kloosterboer also noted that the period for the industry to comment on EIOPA’s recommendations, as well as the amount of time the supervisory authority would have to flesh out technical specifications, would be very short – particularly “given its intention to introduce new regulation in early 2015”.But Clifford Chance’s Van Meerten claimed the suggested frameworks were of “sloping strictness”, varying from a “Solvency II-ish” regime to an alternative in which the HBS could by deployed as a risk-management tool.“The introduction of the last and least strict model doesn’t even require new European legislation for capital requirements,” he said.“In the last model, the HBS is part of the governance and risk-management of pension funds.”Van Meerten acknowledged that EIOPA’s six frameworks were not appropriate for purely defined contribution schemes, including the Dutch pensions vehicle PPI, and said the advisory body would come up with additional proposals for this category.The legal expert also argued that the fact EIOPA wants assets and liabilities to be discounted against market rates, rather than just liabilities, is a positive.“Such a balanced approach seems much more logical,” he said.“As a result, Dutch funds might no longer be allowed to calculate their contributions against expected returns.”He also noted that the higher buffer requirements in the initial HBS proposals – previously criticised by the Dutch pensions sector – had now been forced on pension funds through national legislation, including the new financial assessment framework (FTK) in the Netherlands.He said the delegated competence for the European Commission to issue additional rules might have been removed from the revised IORP proposals, but he added that the debate over the issue was not over.“The important European Principal Treaties grant the EC the competence to issue detailed rules, which could also apply to prudence requirements for pension funds,” he said. EIOPA’s new principles-based approach to the proposed holistic balance sheet (HBS) is a positive development, as its central thrust is to increase “clarity” for pension funds’ participants, according to Hans van Meerten, an expert in European pensions at law firm Clifford Chance.He argued that all six of EIOPA’s suggested frameworks for the HBS focused on providing clarity on the composition of pension assets, when and how rights cuts are permitted, and how the principle of solidarity is shaped.The Dutch Pensions Federation, however, was sceptical.Its spokesman, Gert Kloosterboer, said: “We are not yet convinced of the benefit or the necessity of an HBS approach combined with quantitative rules.”last_img read more

Mirallas prefers Martinez to Moyes

first_img Press Association “For me it is better, although I was very happy playing under David Moyes because he is a good manager, but Roberto is different because the Spanish style of playing football is different. “It’s easier because I speak Spanish with him and I understand better. “The Spanish style of football is my type of football and with Roberto it is very different. “Every day I have spoken with him and it’s helped my confidence. “It’s better because under David Moyes I was not as free but now I am on the line (out wide) more under Roberto – it’s different but that’s what Roberto wants me to do. “I feel I am more consistent now. I play better and better. The first game I was not so good and felt tired but now my body is excellent and everything is okay.” Mirallas is keen to keep the first goal despite Gareth Barry wanting to claim it after appearing to get the slightest of touches despite being in an offside position. “I shot and for me it’s my goal. Gareth maybe touched it a little bit but I’ve seen the results on the television and it’s my name and my goal,” he added. The Belgium international can converse in the Toffees boss’ native tongue and believes that is helping him progress, although he says the Spaniard has also given him more freedom. “The major change for me is the language change because I speak Spanish,” said Mirallas, who scored his first goal of the season in the 2-1 win over Hull at Goodison Park. Everton forward Kevin Mirallas admits his communication is better with manager Roberto Martinez than predecessor David Moyes – but only because he is Spanish. “But it doesn’t matter if the goal is Gareth’s or mine – there is not a problem.” Mirallas felt it was important to beat Hull after losing to Manchester City before the international break and has ambitions to break into the top four this season. “I am happy because this was an important game for us,” he added. “The ambition for the club this season is to reach the Champions League. “It is a long campaign and it can be difficult to finish in the top four, but maybe it is possible for us to do it.” last_img read more