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EIOPA reassures on persistent IORP solvency funding rule fears

first_imgAs a European institution, EIOPA needed a common metric to measure the risk of a pension fund, but there was “no appetite to apply Solvency II”, he added.He did not know how to assure the industry that fears of such a move were not grounded, he said.The new IORP II Directive, which is at various stages of implementation by member states across the European Union, has ruled out solvency capital requirements for pension funds. EIOPA last year said it would not be advising on harmonising capital or funding requirements.However, some in the industry are still concerned that EIOPA would try to introduce such requirements “through the back door”, pointing to the authority’s use of the common framework methodology for its stress tests on pension funds.Janwillem Bouma, chair of PensionsEurope, the European workplace pensions trade association, noted and welcomed the assurance that Parente had given.Parente said Solvency II and the revised IORP Directive were two very different legislative frameworks, one based on maximum harmonisation and the other on minimum standards. EIOPA’s role with respect to IORP II was to help ensure a more consistent application of those standards by national supervisors and to look out for best practices, he said.Parente said he knew there was a fear EIOPA would issue a large amount of guidelines as it did in preparation for the implementation of Solvency II, but that pensions were “a completely different story”, being a much more national market.He said that although EIOPA was looking to foster an internal market for pensions – for example via the pan-European personal pensions product (PEPP) and the idea of a pan-European occupational defined contribution (DC) framework – it was completely aware of the differences between the insurance and pension sectors.Parente also defended EIOPA against criticism that the authority had overstepped its remit on pensions with its own initiative work. He said EIOPA needed to be able to carry out work on its own initiative if it was to fulfil its role of advising the legislative powers.He also stressed that, when EIOPA issued guidelines, it had the backing of the heads of the national authorities who are EIOPA members.“I cannot share many of the criticisms,” he said.Manuela Zweimüller, head of the policy department at EIOPA, later made a similar point, saying own initiative work was within EIOPA’s mandate. She seemed to express exasperation at criticism about the authority’s own initiative work, suggesting she ought to propose abolishing the term. The European Insurance and Occupational Pensions Authority (EIOPA) is not intent on introducing solvency funding requirements for pension funds, the supervisory authority’s executive director has said.Speaking at a PensionsEurope conference in Brussels, Fausto Parente said EIOPA was working on fostering an internal market for pensions.He acknowledged fears among pension funds and national bodies that the authority could seek to introduce rules for defined benefit (DB) pension funds similar to the insurance sector’s Solvency II regime, but insisted there was no appetite for this at EIOPA.“It’s a debate that was there in the past,” Parente said.last_img read more

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SIS Product Director Paul Witten: Assessing the broadcast and betting scene within racing at #boscon2017

first_img SIS grows Latin American footprint through Betcris deal August 12, 2020 Share Submit Richard FitzGerald steps down as RMG CEO August 6, 2020 StumbleUpon Related Articles SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Share To mark the start of the Betting on Sports conference, SIS Product Director Paul Witten, part of the ‘After the off – Opportunities in live betting’ racing session at the event, spoke to SBC News about what he’s looking forward to at #boscon2017 and what sports partnership has stood out over the last 12 months.SBC: Why is it important for you to speak at Betting on Sports?PW: Betting on Sports is a fantastic opportunity for SIS to speak with leading industry figures about the current broadcast and betting scene within horseracing and greyhounds.Specifically, the panel ‘After the Off’ will go into depth about the current opportunities and challenges within in-play betting on horse racing. We believe in-play betting will revolutionise the market. It will be fascinating to see how the panel reacts and hear their opinions on the future of the industry.SBC: What are you looking forward to at Betting on Sports?PW: It’ll be great to hear how various leading industry figures see sports betting progressing, in the areas of product, regulation, and technology. SIS operates within various verticals and we’re always looking to offer operators an improved product.We hope to take away new opinions and ideas from the panel sessions and people that we meet, as well as share our long-standing knowledge of the sector and vision for the industry in the coming years.SBC: Where can betting work together more closely with sport?PW: I’d like to see operators, suppliers and sporting bodies come together more on scheduling to improve the round the clock service that punters increasingly desire, mainly by helping grow the number of fixtures at times that suit the casual bettor.SBC: What sports betting partnership has stood out in the past 12 months?PW: It seems this season has been the tipping point for foreign operators to involve themselves with major football shirt sponsorships in the Premier League. It’s great to see that these companies see the value of the UK and its sports offering.It’s also been interesting to see an increased interest in the likes of cricket and rugby union by betting firms. I expect to see this trend continue into the likes of horse racing and greyhounds as operators realise the benefits of incorporating high-quality content onto their platforms.SBC: Describe your perfect sporting eventPW: It would have to be seeing England beat New Zealand in a Rugby World Cup final at a roaring Twickenham. After our struggles a couple of years ago, it would also add to the occasion if we can get our own back on the likes of Australia and Wales on the road to the final.last_img read more

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