CFA Institute responds to the European Commission's pan-European Pension Product (PEPP) proposal

 

Josina Kamerling, Head of Regulatory Outreach EMEA, CFA Institute, comments:

 CFA Institute welcomes the release of an EU personal pension package, which includes a regulatory proposal for a new pan-European Pension Product (PEPP) and the granting of preferential tax treatment for the product which should be comparable to the tax relief granted to national pension products. The lack of appropriate tax incentives, such as for the deductibility of contributions and/or for capital gains, have been a significant barrier to entry for pension providers and investors, therefore we welcome this recommendation on preferential tax treatment.

“The EU personal pensions package provides a pan-European product that will provide consumers with added choice in addition to existing national regimes. Eligible providers include banks, insurance companies, occupational pensions providers and asset managers.

 “EIOPA, the insurance and occupational pension authority in the EU, will authorise providers who are able to sell on a pan-European basis. This will ensure regulatory consistency, but EIOPA also needs to play a role in driving supervisory convergence among member states. This will ensure portability, a feature which CFA Institute highlighted in An Ideal Retirement System (2015) as one of ten key issues facing the pensions industry, alongside taxation support, flexibility and appropriate regulation.

 “In our response to the public consultation on a potential EU personal pension framework (2016), we suggested that the issues limiting the development of personal pensions across borders are differing tax and regulatory requirements, lack of portability of pensions, and a lack of standardization of pension products (and their associated cost structures). Low levels of financial literacy compound the problem.”

In its 2015 member survey on the EU Capital Markets Union, CFA Institute asked its EU-based members whether the introduction of a standardised European pension product would be necessary to strengthen the single market in pension providers. A majority of CFA Institute member respondents in Europe (59%) agreed that standardised European pension product is necessary to strengthen the single market in pension provision.

CFA Institute also welcomes the use of a Key Information Document (KID) to accompany the sale of these products to aid transparency and comparability for investors. Importantly, the PEPP KID will provide past performance information covering the past five years, or all the years the scheme has operating if less than five years. This is a significant development that will aid investment decision-making, and a notable improvement on the PRIIPS KID, which crucially lacks such information.”

 

 

 

Better Finance Press release June 9, 2017:

Better Finance Applauds EU Proposal for a Pan-European Personal Pension (PEPP) to Diffuse the Ticking Pensions Time Bomb

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Ethics and Trust in Finance - 6th Global Prize 2016-2017

Call for candidates

Open to young authors, the Ethics & Trust in Finance Prize promotes greater awareness of the importance of ethics in financial activities. The competition invites young professionals and academics under 35 years of age to submit unpublished papers:
• maximum of 5000 words
• analytical or practical topics
• rigourous argumentation
• innovativeapproach
• clear conclusions.

Closing date: July 31, 2017
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 GAFI: Les récents changements législatifs

 

Dans le cadre de la conférence mensuelle du TIGFI Monsieur François Biltgen Ministre de la Justice a présenté les récents changements législatifs mis en place dans le cadre de la lutte contre le blanchiment d’argent et contre le financement du terrorisme.

Le TIGFI (The Institute for Global Financial Integrity) est une asbl créée en 2009 dont le but est de promouvoir de façon indépendante et impartiale l'excellence professionnelle et les normes commerciales éthiques et pratiques au sein du secteur financier mondial.

Le TIGFI a accueilli lundi 12 septembre au Cercle Munster dans le cadre de sa conférence mensuelle Monsieur François Biltgen. A cette occasion le Ministre de la Justice a tenu à rappeler les avancées en matière de lutte non seulement contre le blanchiment d'argent mais aussi contre le financement du terrorisme faisant ainsi écho aux recommandations du Groupe d'Action financière (GAFI). Cet organisme intergouvernemental a souligné les efforts du Grand-Duché en matière de coopération internationale. 'Nous avons toujours coopéré dès qu'un juge nous a sollicités', explique François Biltgen.


Historique
Le Groupe d'Action financière (GAFI) est un organisme intergouvernemental visant à développer et à promouvoir les politiques nationales et internationales afin de lutter contre le blanchiment d'argent et le financement du terrorisme. Le GAFI a émis des recommandations à l’ensemble des trente-quatre Etats membres dont le Luxembourg
Outre le fait de mentionner et expliquer les réformes François Biltgen a évoqué les problèmes de perceptions et le manque de connaissance dont souffrait le Luxembourg. Pour sa part:« Il est difficile pour certains d'accepter que nous avons une grande place financière sans activité criminelle. » évoquant ainsi la jalousie de quelques-uns . Pourtant dans les faits le Luxembourg compte des professions financières réglementées et renforce le contrôle de celles qui ne font pas l'objet de réglementation.


Surveillance, amendes et pouvoirs accrus
Afin de renforcer les moyens de lutte contre le blanchiment d'argent et le financement du terrorisme une modification du Code Pénal a été adoptée par la loi horizontale du 27 octobre 2010. Elle étend d'une part le champ d'application de la confiscation et élargit la définition de groupe terroriste à un groupe de deux personnes. En outre, elle précise le contenu de la définition d'infraction du blanchiment et étend son champ d'application à de nouvelles infractions. La loi renforce également le cadre institutionnel des autorités de surveillance dont la CSSF (Commission de Surveillance du Secteur Financier). Ainsi le nouveau plafond de son amende est relevé de 12 500€ à 250 000€. A son tour, les moyens d’action du CAA (Commissariat Aux Assurances) sont étendus notamment en termes de sanctions. Pour sa part l'administration de l'enregistrement a dorénavant compétence pour contrôler le respect des obligations des professionnels qui ne sont pas soumis à une autorité de contrôle. L'administration des Douanes et Accises quant à elle voit son pouvoir étendu en matière de déclaration obligatoire de l'argent liquide. Enfin un cadre légal prévoit la mise en œuvre des décisions du Conseil de Sécurité de l'Organisation des Nations-Unies.

La responsabilité pénale des personnes morales et sensibilisation
Outre la loi horizontale, la loi du 3 mars 2010 sur la responsabilité pénale des personnes morales renforce également le dispositif de lutte contre le blanchiment et le financement du terrorisme. Cette loi introduit la responsabilité pénale des personnes morales en droit luxembourgeois.

Conclusion
Le Ministre de la Justice a rappelé les avancées du Grand-Duché dans un combat d'avant-garde quant à la lutte contre le blanchiment d'argent et contre le financement du terrorisme. Ces réformes rappellent les actions menées par la Communauté internationale et font en sorte que le Luxembourg reste sur la liste des pays ayant de bonnes pratiques en la matière.

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EU Commissioner says Europe’s economy must serve society
Monday, 04 October 2010 18:00

The Institute for Global Financial Integrity (TIGFI), a Luxembourg non profit-making organisation, dedicated to the strengthening of global financial integrity, welcomed the comments by the Vice-President of the European Commission, Mrs Viviane Reding, at its monthly lunch meeting, held in the Cercle Munster, Luxembourg on 30 September, 2010.


Mrs Reding, the Commissioner for Justice, Fundamental Rights and Citizenship stressed the importance of ensuring that economic and financial structures respond to the needs of Europe’s citizens. In her speech, which concentrated on the event’s theme of “Financial Integrity in the Context of International Judicial Cooperation”, Mrs Reding outlined how new European structures to strengthen judicial cooperation across borders are being created.


“Europe is not anymore solely about the economy, the economy is there for the society, for the citizens and that is also why we have to get rid of these centuries old systems of justice, which are very good per se, but on a given territory, not for cross border activity.”
“ That is why I have taken the responsibility, not to eliminate the justice systems in the European nations, but to build bridges in those justice systems so they can function together. So that there is credibility - that a judge in Paris who needs to use German law knows about German law and knows also what the European directives are about,” said Mrs Reding.


Mrs Reding also described the Commission’s latest legislative proposals to strengthen the Stability and Growth Pact which, together with the financial markets reforms, are intended to demonstrate Europe’s determination to reform its financial landscape.
Introducing Mrs Reding as guest speaker, the former European Commission President, Jacques Santer, said the Commissioner was now serving her third term in the Brussels-based executive, which he described as an “exceptional” achievement.
He pointed out the growing significance of Mrs Reding’s portfolio in the European Commission, as the executive had taken over greater responsibility for justice matters, which had previously been under the control of its member states.


During her question and answer session, Mrs Reding also answered diverse queries ranging from cross-border marriage and divorce law to inheritance rights. She also outlined the Commision’s plans for a new contract law regime, which would allow companies to select appropriate cross-border contracts.


To learn more about The Institute for Global Financial Integrity, please see www.TIGFI.org

For any media queries please contact This email address is being protected from spambots. You need JavaScript enabled to view it. .


The Luxembourg Institute for Global Financial Integrity (TIGFI) announces its second Luxembourg Monthly Finance Lunch on Tuesday 22nd of December 2009. Mr. Yves Mersch, Governor of the Luxembourg Central Bank, will be the Guest Speaker

The Luxembourg Institute for Global Financial Integrity (TIGFI), an independent non profit-making organisation of financial and related professionals, serves as a Centre of Excellence for empirical research and a Forum to all stakeholders of the global financial sector. Its purpose is to promote, from within the global financial sector and its national financial centres, ethical business standards and practices based on the principles of integrity, namely fairness, transparency, responsibility and accountability.

TIGFI announces its second Luxembourg Monthly Finance Lunch, set for Tuesday 22nd of December 2009. The lunch will be held at the usual venue of the Cercle Munster and start at 11:45 h and end at 14:00 h.

The Guest Speaker will be Mr. Yves Mersch, the Governor of the Luxembourg Central Bank. Mr. Mersch will speak on the theme “Ethical and socially responsible finance”.

The purpose of the lunch is twofold: (1) providing the opportunity of hearing a personality of authority and international recognition present his opinion and perspective on current issues affecting the global financial sector; and, (2) serving as a venue at which people concerned by matters affecting the global financial sector can meet and engage in dialogue. The lunch is open to all. TIGFI hopes to attract attendees from Luxembourg, its neighbouring countries and beyond.

The deadline for reservations is Friday 18th of December 2009. Seating is limited and will be filled on a first-come-first-serve basis, with priority for TIGFI members.

Luxembourg Institute for Global Financial Integrity announces first “Luxembourg Monthly Finance Lunch” with Luxembourg Finance Minister Luc Frieden as Speaker
Friday, 30 October 2009 17:00

The Luxembourg Institute for Global Financial Integrity (TIGFI), an independent non-profit association, announces its first Luxembourg Monthly Finance Lunch, set for Wednesday 25th of November 2009.

The first keynote speaker will be Luxembourg Finance Minister Luc Frieden who will start off the lunch cycle on the theme “A political view on ethics in business”.

The purpose of the lunch is twofold: (1) providing the opportunity of hearing a personality of authority and international recognition present his opinion on current issues affecting the global financial sector; and, (2) serving as a venue at which people can meet and engage in dialogue. The lunch is open to all. TIGFI hopes to attract participants from Luxembourg, its neighboring countries and beyond.

Seating is limited and will be filled on a first-come-first-serve basis, with priority to TIGFI members.

Event Details

The Luxembourg Monthly Finance Lunch is held at the Cercle Munster, 5-7, rue Munster, L‑2160 Luxembourg City. The event starts at 11:45 a.m. with drinks, followed by lunch at 12:15 p.m. The event is concluded by 2:00 p.m.

The lunch fee of 50 € is to be paid at the Cercle Munster prior to the lunch.

The deadline for registration to the lunch of Wednesday 25th of November 2009 is Friday 20th of November 2009.


About TIGFI

The Luxembourg Institute for Global Financial Integrity TIGFI is a non-profit association, an association sans but lucratif (a.s.b.l.), under Luxembourg law.

Founded by private citizens from Europe and The United States, under the auspices of Jacques Santer, former Prime Minister of Luxembourg and President of the European Commission, TIGFI’s mission is to address the ethics and integrity of the global financial sector and the social responsibility practiced by all of its stakeholders.

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 Luxembourg Institute for Global Financial Integrity calls for members

Tuesday, 20 October 2009 00:00

The Luxembourg Institute for Global Financial Integrity (TIGFI), an independent non-profit association, is now active and engaged in recruiting members and partners within and outside the global financial sector.

Created in May 2009, TIGFI aims to serve as a centre of excellence and a forum through empirical research and constructive and open dialogue with the purpose of encouraging widespread use of the principles of integrity of fairness, transparency, responsibility and accountability. The bottom line is to restore trust and confidence in the financial sector worldwide, especially among investors, shareholders and other stakeholders who are directly or indirectly affected by financial activity.

TIGFI calls for banks, other financial services and service providers to the financial sector to join the association and participate in activities to develop and promote business standards and practices based on professional excellence, ethics and integrity.

Members will be called upon to financially support the TIGFI association through membership dues and/or grants and to shape and actively participate in its research work addressing corporate financial governance and market integrity.

The Luxembourg Institute for Global Financial Integrity therefore invites all financial sector stakeholders to join as members or partners and to contribute to the challenging undertaking that TIGFI is committed to assume as a non-profit association and industry association.

In order to encourage a constructive and open dialogue, TIGFI has launched a blog on its website (www.TIGFI.org) and looks forward to communicating with all parties having diverse opinions and perspectives on the issues facing the financial sector worldwide, national financial centres and jurisdictions.



About TIGFI

The Luxembourg Institute for Global Financial Integrity TIGFI is a non-profit association, an association sans but lucratif (a.s.b.l.), under Luxembourg law.

Founded by private citizens from Europe and The United States, under the auspices of Jacques Santer, former Prime Minister of Luxembourg and President of the European Commission, TIGFI’s mission is to address the ethics and integrity of the global financial sector and the social responsibility practiced by all of its stakeholders.

For more information, please refer to the institute’s website at www.TIGFI.org

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