|
|
Reacting to the long-awaited public consultation on how to foster long-term financing and improve financial intermediation in Europe, the federation said it agreed with the European Commission that it was necessary to evaluate the impact of prudential regulation and fair-value accounting on the investment behaviour of institutional investors such as pension funds.
However, the Dutch association stressed the need for a "careful process" – requiring additional QIS exercises – in drafting the revised IORP Directive. "Otherwise", it said, "the role played by pension funds in long-term financing projects might not materialise in the most effective manner".
The Dutch Pensions Federation also warned that pension funds were facing a number of other EU regulatory frameworks such as the European Market Infrastructure Regulation (EMIR), the financial transaction tax (FTT) and the revised Markets in Financial Instruments Directive (MiFID II).
Full article (IPE registration required)