​Swedish FSA pleads for transitional rules on IORP II due to COVID

first_img“It is therefore important that a legislative amendment comes into effect as soon as FI can decide on the cases before the turn of the year,” the authority wrote.In its initial assessment, FI said the applicants’ operations were basically sound, and in normal circumstances they would have good prospects in the long-term of meeting capital requirements.“However, due to the COVID-19 pandemic and the volatility prevailing in the markets as a result of the outbreak, FI sees a risk that one or some of the occupational pension funds may find it difficult to live up to set capital requirements at the time of FI’s decision about transformation,” it said.Overall, FI argued in the letter – signed by its chief counsel Eric Leijonram and senior lawyer Nanny Hiort, there were good reasons for introducing such transitional provision, because the regulation on occupational pension companies was well suited to the pension funds applying, and the funds were also deemed to be viable.“At the same time, the consequences that could arise if transitional provision is not introduced are significant since an occupational pension fund has to go into liquidation if an application for conversion from a subsidiary to an occupational pension company is refused,” FI wrote.The eight applicants for conversion to occupational pension companies are PP Pension, Pensionskassan SHB, Sparinstitutens Pensionskassa (SPK),  Försäkringsbranschens Pensionskassa (FPK), Svensk Handel, VFF Pension, Kåpan and Svenska Kyrkans Pensionskassa, FI confirmed.To read the digital edition of IPE’s latest magazine click here. Occupational pension funds in the process of converting to Sweden’s new IORP II regime could be liquidated unless certain transition rules are put in place, the regulator has warned, because the pandemic’s effects on markets might make them fail capital requirements.The Swedish FSA (Finanstilsynet, FI) has written to the Finance Ministry asking for transitional provisions to be added to legislation translating the EU’s IORP II directive into the domestic rulebook.The authority said it needs new legal wording added to allow it to approve the conversion of mutual benefit societies (understödsföreningar or pension funds) offering occupational pensions to occupational pensions companies (tjänstepensionsföretag) by the end of this year – even though some may not meet the capital requirements at that point.The watchdog was handling eight occupational pension funds’ applications for conversion to occupational pension companies in accordance with the IORP II Act (2019: 742), and all but one had asked for the conversion to take effect from 1 January 2021.last_img read more

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Dredging Today Conference 2017 Interviews

first_imgDTC: Rules of the Game Will Change Because of Climate ChangeTalking about dredging for hydropower, Jan Peters, Managing Director, Alia Instruments & Imotec, made some very interesting points about dam related solutions for sediment problem and restoring of reservoirs capacity by sustainable dredging. Dredging Today brings you an overview of the interviews from our first ever Dredging Today Conference, held in Amsterdam a couple of months ago. KNMI Expert at DTC: Physical Aspects of Climate ChangeThe Physical Aspects of Climate Change: Rising Sea Levels, was the topic of Mr Rob van Dorland’s presentation.The Senior Adviser Climate at the Royal Netherlands Meteorological Institute (Koninklijk Nederlands Meteorologisch Instituut – KNMI) stated that the increase of concentrations of CO2CH4 and N2O is primarily due to human activities. He also talked about observations and climate models.Dredging Today Conference: Middle East Perspective on Business Climate TrendsDuring our first Dredging Today Conference, we took an opportunity to talk with Mr John Mackenzie, Business Development Director at National Marine Dredging Company (NMDC) from Abu Dhabi.‘Middle East perspective on business climate trends’ was the main topic of Mr Mackenzie’s presentation. He said that the whole Gulf Region (UAE, Saudi Arabia, etc) is generating growth through port development. Dredging Today Conference: Dealing with Effects of Climate ChangeClimate change is real, so better be prepared. Everybody, personally and also as an industry, should make a contribution in fighting climate change. That was the final thought of our first Dredging Today Conference, beautifully put by Mr Mark van Zanten, Senior Project Manager Water, Royal HaskoningDHV. Expertise Hub VIDEO: Spotlight on Offshore Center RotterdamThe Port of Rotterdam’s Offshore Center (OCR) project, conducted by the PUMA consortium (Boskalis and Van Oord), is progressing rapidly as the contractor already completed the Phase 1 of this capital development program.“Land reclamation works on the site of the Offshore Center Rotterdam were started without any client commitment because we believe the center will be in demand with the offshore wind industry,” said Joost Eenhuizen, Business Manager, Maritime & Offshore Industry at the Port of Rotterdam.last_img read more

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