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

UWF Women’s Soccer Falls in Conference Championship Match 2-1 to Montevallo.

first_img Nov. 4, 2007 Box Score  PENSACOLA, Fla. – The University of Montevallo Women’s Soccer team denied West Florida’s bid for back to back Conference Championships. Last year, the Argos defeated Ouachita Baptist 1-0 to win the Gulf South Conference Championship. This season the Argonauts were undefeated in regular season conference matches, and the #1 seed in the tournament. West Florida had just beaten Montevallo last week in the final regular season match, but the Falcons got revenge today, to capture the Conference title. The Argos scored first, and Montevallo tied it before halftime, and then got the game winner from Kami Kapaku at the 85th minute to cap off an exciting second half.”When you have two very good teams, it is very tough for one team to win twice in a short span,” exclaimed West Florida Head Coach Joe Bartlinski. “We won last week and had our chances today, but Montevallo was facing elimination from the post-season, and it is tough to play a team with that mindset, especially when they are a quality team with a quality coach.” West Florida (15-3) most likely will get a bid to the national tournament next week; However, Montevallo (13-7) needed a win today to get in the post season tournament.The UWF Women’s Soccer team known for its’ defense started the Championship match with a flurry of offense in the early going. Only 4:52 into the match, the Argos were taking their second corner kick, and Brandi Adams kicked it nicely into the box, where Dernelle Mascall headed into the goal, for a quick 1-0 lead.Just a few minutes later, Mascall got a lead from Naila Owens, made a nifty move and drilled in what appeared to be her second goal in the first 18 minutes; however, the whistle blew just as she was getting off her shot, and it was offsides UWF. Montevallo would dodge two more great chances by UWF as Jodi Galucci and Brandi Adams had solid shots on the goal in the next several minutes, that just missed. As it turned out, that sequence was a hugh turning point in the match.Midway thru the first half, Montevallo had a great chance at a goal on a shot from Brittany Correia, which was blocked by UWF keeper Courtney Jones, and the rebound was almost kicked in by the Falcons Erin Duncan. However, Argo defender Marie Hastings was able to clear it out. That would be the only shot on goal for the Falcons in the first 35 minutes, while West Florida had four shots on goal in the early going. However, Montevallo garned some offensive momentum and put together back to back shots on the goal, in which one finally made it past Courtney Jones.Montevallo’s Angela Buonassisi scored at 36:25 into the first half, with her first goal of the season. Her shot came just after a shot by Natalie Martineau was blocked by Jones. The goal was the first allowed by Jones and the Argos in over 900 minutes of play. The first half would end with the scored tied 1-1.The second half was a hard fought intensely played 45 minutes. UWF had several corner kicks, but couldn’t take advantage. At the same time Sheka Codner, Anastasia Prescott and Linda Ganehed limited the opportunities for Montevallo with great defense and good footwork in getting the ball back out to the midfielders. In all, the Argos outshot the Falcons 18-10, but Montevallo ended up taking advantage of their few opportunities with the goal that mattered the most.Montevallo’s Kami Kapaku put a header in with five miutes remaining off a pass from Jo-Anne McCarthy, to beat the keeper from the right side. The Argos would get a shot attempt from Alison Riley with two minutes left that was blocked, and one last chance with a corner kick from Brandi Adams, that was deflected away. The Argos great run of shutouts ended, but hopefully the season is not over. West Florida should receive a bid to the national tournament which begins next week. Coach Bartlinski was disappointed with the loss, but knows he has a young team with a promising future, and some of the future could be real soon. “We have got to get refocused and move into the post-season, we still have some big fish to fry.” Bartlinski and his team will await word from the NCAA on the post-season bid. Print Friendly Version Share UWF Women’s Soccer Falls in Conference Championship Match 2-1 to Montevallo.last_img read more

Friendship All Stars, Agricola Red Triangle and Grove Hi Tech are latest winners

first_imgA HELMET-TRICK from Grove Hi Tech’s Rasheed Evans and a hat-trick from Romeo Bradford of Diamond United were the highlights of the latest round of play in the GFF/NAMILCO Thunderbolt Flour Power U-17 League played at the GFF Facility, Providence, EBD.Evans’ exploits led Grove Hi Tech to a comfortable 6-0 win over Swan FC; he found the back of the nets in the 12th, 19th, 39th and 47th minutes. Tucking in one apiece were Jomal Thom in the 23rd and Orwin Hunte in the 45th minute.Anthony Ifill (left) and Ryan Roberts of Agricola Red Triangle FCFriendship All Stars needled Soesdyke All Stars, thanks to Marlon Dey’s strike in the 34th minute. Goals from Anthony Ifill in the 8th minute and Ryan Roberts in the 38th minute were good enough to deliver full points for Agricola Red Triangle over Timehri Panthers Sports Club ‘B’, who got their consolation goal from Akel Grant-Stuart in the 56th minute.Samatta Point/Kaneville and Diamond United battled to a mouthwatering 4-4 draw. Samatta Point scored through Dasul Garraway who was on the score sheet twice (13th, 74th) with one each off the boots of Shawn Moseley (41) and Jadon Forte, one minute later.Romeo Bradford took on Samatta Point team almost single-handedly as he fired in three goals in the 22nd, 39th and 46th minutes with the other coming off the boot of Corwin Griffith in the 19th minute.Matches will continue this weekend at the same venue with double-headers tomorrow and Sunday. Timehri Panthers ‘A’ will open against Swan from 13:00hrs on tomorrow with the second match between Mocha Champs and Timehri Panthers ‘B’ from 15:00hrs.On Sunday at the same time, Soesdyke Falcons will come up against Grove Hi Tech, followed by a clash between Agricola Red Triangle and Samatta Point/Kaneville.last_img read more

2017 FIFA U-17 World Cup: England And Spain To Contest Final

first_imgFinal:England vs. Spain3rd/4th place:Brazil vs. MaliRelated England and Spain will contest the final of the ongoing FIFA U-17 World Cup in India on Saturday in what is an all European final after both countries won their respective last four games.Liverpool youngster Rhian Brewster netted a hattrick as he helped The junior Three Lions of England record an impressive 3-1 win over favourites Brazil. Wesley cancelled out Brewster’s match opener before the Reds striker added two goals to take his tournament tally to 7 goals while taking his team to the final.England will meet Spain in the final after the Spanish side saw off Mali in a 3-1 victory. Barcelona B striker Abel Ruiz netted a brace in addition to a Ferran Torres strike before Lassana Ndiaye scored what turned out to be mere consolation for the West African side.last_img read more