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

Miss Zimbabwe’s crown in jeopardy over Nude photos

first_imgEmily Kachote Zimbabwe’s miss world Miss Zimbabwe Trust or organisers have threatened to take action on Miss Zimbabwe beauty queen 25 year old Emily Kachote if it turns out that she posed nude for pictures that were posted on the internet.The trust which manages Miss Zimbabwe, has said that it will not be taken advantage of anymore however it remained tight lipped on weather the beauty queen will be sued for miss-representation.It has been investigating the allegations against the beauty queen since last year after the nude pictures allegations emerged only two weeks into her reign as miss World Zimbabwe.The Herald reports that the organisers have remained tight lipped on their latest findings as they prepare to hold a press conference on their findings later on today.Organizers of the Miss Zimbabwe pageant said they are investigating 25-year-old Emily Kachote two weeks into her reign after photos that allegedly show her nude appeared on the internet.”Kachote, who would represent Zimbabwe at the Miss World finals later this year, will be dethroned if the photos are authentic,” pageant spokesperson Tendai Chirau is quoted by several news sources as saying.The contestants of the beauty pageant signed contracts declaring they had never posed nude before the pageant and that, in the event of winning the crown, they would not pose naked during the year long tenure as Miss Zimbabwe.Kachote told H Metro, a Zimbabwean tabloid newspaper, that she suspected “these pictures” would emerge but “it happened a long time ago.”last_img read more

Nash, Kidd among finalists for basketball Hall of Fame

first_imgKidd ranks second in NBA history with 12,091 assists, and Nash is third with 10,335 assists.Nash won back-to-back MVP awards in 2005 and 2006 with the Phoenix Suns. He made the All-NBA first team three times during his 18-year career with the Suns, Dallas Mavericks and Los Angeles Lakers and helped kickstart the development of the sport in Canada with his freewheeling style. Nash was also a two-time WCC player of the year in 1995-96 at Santa Clara and engineered a memorable upset of second-seeded Arizona in the NCAA Tournament.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkKidd was the 1994-95 NBA rookie of the year, setting the stage for a 19-year career in which he made the All-NBA first team five times and All-Defensive first team four times. Kidd won an NBA title with the Dallas Mavericks in 2011 and is second all-time with 2,684 steals. He also was named Pac-10 freshman of the year in 1993 and Pac-10 player of the year in 1994 during his two seasons at California, and won gold medals with the U.S. in Sydney Olympics in 2000 and Beijing Olympics in 2008.James Worthy, the standout Lakers forward who was inducted into the Hall of Fame in 2003, saw plenty of both Kidd and Nash as a television analyst. Worthy thinks it would be fitting for Kidd and Nash to be inducted in the same class. Sea turtle trapped in net freed in Legazpi City It’s too early to present Duterte’s ‘legacy’ – Lacson Driesell took four different schools to the NCAA Tournament and won two ACC Tournament titles at Maryland. Tomjanovich led the Houston Rockets to consecutive NBA titles in 1994-95. Mulkey won an NCAA title as a player at Louisiana Tech and two more as the coach of the Bears.The 1953-58 Wayland Baptist University teams that won 131 consecutive games and four AAU national championships is the lone team finalist.In addition to the finalists, Andy Bernstein and Doris Burke were named recipients of the 2018 Curt Gowdy media awardFinalists must receive 18 votes from the 24-member honors committee to be enshrined.The entire class will be unveiled during the NCAA Final Four in San Antonio.Sports Related Videospowered by AdSparcRead Next Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award MOST READ Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano LOS ANGELES, CA – DECEMBER 25: Jason Kidd #5 of the New York Knicks dribbles the ball upcourt on the fastbreak past Steve Nash #10 of the Los Angeles Lakers in the second half during the NBA game at Staples Center on December 25, 2012 in Los Angeles, California. The Lakers defeated the Knicks 100-94. Victor Decolongon/Getty Images/AFPLOS ANGELES — Point guards could run the show in the next Naismith Memorial Basketball Hall of Fame class, with Jason Kidd and two-time NBA MVP Steve Nash among the 13 finalists announced Saturday morning.Ray Allen, Grant Hill, Maurice Cheeks and Chris Webber also made the cut, but the two standout point guards are all but locks to headline the class, which will be unveiled during the NCAA Final Four in San Antonio.ADVERTISEMENT LeBron says he ‘will definitely not shut up and dribble’ “Enhancers of the game, and made everyone else better than they probably were,” Worthy said. “Jason Kidd had a flair that was like Magic Johnson, he just had angles. And Steve Nash was the same way.”There are other strong contenders outside of Kidd and Nash, with Hill’s college success and Allen’s prolific shooting marking the strongest arguments for each of their respective candidacies.Allen’s 2,973 three-pointers made are the most in NBA history. He won NBA titles with the Boston Celtics in 2008 and Miami Heat in 2013, memorably sending Game 6 to overtime on a tying 3-pointer with 5.2 seconds left in regulation.Hill was a two-time national champion and two-time All-American at Duke, but injuries kept him from reaching the same heights in the NBA during his 19-year career.Charles “Lefty” Driesell, Rudy Tomjanovich and Baylor’s Kim Mulkey made the final ballot as coaches. Katie Smith, Tina Thompson and longtime NBA official Hugh Evans are also finalists.ADVERTISEMENT Steam emission over Taal’s main crater ‘steady’ for past 24 hours Nueva Ecija warehouse making fake cigarettes raided, 29 Chinese workers nabbed LATEST STORIES UK plans Brexit celebrations but warns businesses may suffer Don’t miss out on the latest news and information. Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano GALLERY: Barangay Ginebra back as PBA Governors’ Cup kings View commentslast_img read more