Henk becquaert 16 juni
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This document discusses cross-border pension funds and the supervision of them by the Belgian FSMA. It notes that there is diversity in occupational pension plans across countries with varying social and labor laws. The FSMA provides flexible oversight of cross-border pension funds, allowing for ring-fencing of assets and oversight of financial aspects like funding plans and investment policies. The FSMA also oversees adherence to the prudent person principle through requirements for openness, governance, and risk management. Currently there are 9 Belgian pension funds operating cross-border in countries like Luxembourg, Netherlands, and Ireland.
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Philip neyt version 16 jun
This document outlines an agenda for a conference on pan-European pension funds. It discusses the drivers for merging pension funds across Europe into single entities, including pressures on European pension systems from aging populations and funding challenges. Several speakers will address topics like the regulatory framework for pan-European pension vehicles in Belgium and case studies of companies that have adopted this approach. Presenters include representatives from Belgian pension funds, the Financial Services and Markets Authority of Belgium, and Aon Hewitt.
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Jean paul servais version 16 jun
The document discusses the supervisory and regulatory framework for pan-European pension funds. It notes that European pension funds are mainly regulated by the IORP directive which allows for minimum harmonization and diverse implementation among member states. The EIOPA is responsible for regulatory standards. The FSMA is the Belgian pensions supervisor and regulator that actively participates in EIOPA. It supervises pension funds in Belgium and those operating cross-border in multiple European countries using a multidisciplinary approach.
Philip neyt version 16 jun
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There are several key drivers for merging pension funds into a single Pan-European pension fund. This includes reducing operational risks through more centralized oversight and control, achieving efficiency gains from economies of scale, and lowering costs through a single European entity with a unified governance structure and lower regulatory burden. A single pension fund could also allow for funding flexibility, tax optimization, and cost transparency while easing multinational corporate transactions and workforce mobility across borders. Overall, a Pan-European approach has the potential to simplify administration and risk management for multinational companies while improving the sustainability of pension systems across the EU.
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Philip neyt convergence in european pension markets
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Investing in Dutch NPL
The document summarizes key considerations for investing in Dutch consumer finance non-performing loan portfolios. It notes that the Dutch economy and consumer confidence is growing. Collections are friendly with a strong legal creditor position and developed debt collection agency and bailiff markets. While the total non-performing loan stock is increasing, relatively small deals and forward flows are established. Investors should understand legal and compliance requirements and embed customer centric practices. The collections environment offers amicable and legal options with an increasing but still competitive bailiff and debt collection agency market.
Ia 2012 (sec-c)
International accounting practices are influenced by eight main factors:
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2. Legal systems - Code law countries have more complete accounting rules in national law, while common law develops case by case.
3. Taxation - Tax rules often set accounting standards because companies record revenue and expenses for tax purposes.
4. Politics and economics - These societal forces shape accounting.
5. Inflation - Distorts historical costs and impacts rules around revaluing assets.
6. Economic development - Determines important business transactions and priorities.
7. Education levels - Complex standards require competent
Understanding Social Impact Bonds- Antonella Noya/ Stellina Galitopoulou, OECD
This document defines social impact bonds and outlines their key components. Social impact bonds are an innovative financing mechanism where private investors provide upfront capital for social programs, and the government only pays if pre-defined outcomes are achieved. The document discusses the main stakeholders in social impact bonds (investors, intermediaries, service providers, evaluators), common structures (direct, intermediated, managed), geographic scope, opportunities and challenges. It concludes by emphasizing the need for further evidence on social impact bonds and recommending governments provide supportive frameworks and consider social impact bonds as a complement rather than replacement for traditional social services delivery.
The Questions That Stay With Us: Regulatory Issues to Consider Going Forward
Peter Holtzer discusses key issues for pension systems going forward. Auto-enrollment increases participation over voluntary systems by compelling employers to facilitate savings opt-out. Experience in countries like New Zealand and the UK show high participation rates and average fees of 60-80 basis points. Centralized administration with default investment options and wholesale fees for asset managers can reduce fees by 50-100 basis points annually compared to segmented markets with high marketing and switching costs. Going forward, auto-enrollment, default solutions, centralized administration and independent professional governance may be the best approach for pension systems.
Mf0008 II
Merchant bankers provide specialist financial services such as corporate finance, portfolio management, and other banking services. They advise clients on mergers, acquisitions, and ownership of commercial ventures. Personal factors that influence the marketing of financial products include age and life cycle stage, family life cycle, occupation, and economic circumstances. These personal characteristics affect consumers' needs, wants, and ability to purchase financial products and services.
Small change -_big_win_070503_hs-3
The 2003 tax change in Spain benefited investors by eliminating taxes on fund switches. Prior to 2003, investors faced an 18% tax on all financial products and taxes on fund switches. After 2003, there is no taxation on fund switches. This led to increased fund switches, rising from 20 billion euros in 2003 to over 61 billion euros in 2006. Spanish advisors note the tax change made funds a more dynamic product, increased transparency, and opened more investment opportunities for investors. It also led investors to become more active in their decisions and changed investor profiles from conservative to more moderate. Overall, the tax change had a very positive impact on the Spanish funds market.
FESE Capital Markets Academy - Retail investing
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European Money Fund Forum 2016
This document summarizes a presentation on money market fund taxation. It discusses various tax issues including investor taxation across different jurisdictions, fund taxation, and investment taxation. Specific topics covered include the EU financial transaction tax, automatic exchange of information programs like FATCA and CRS, and the OECD's base erosion and profit shifting project. The presentation notes the complex tax compliance obligations facing money market funds and the importance of minimizing taxation at the portfolio level.
MMF 29.06.16
This document summarizes a presentation on money market fund taxation. It discusses various tax issues including investor taxation across different jurisdictions, fund taxation, and investment taxation. Specific topics covered include the EU financial transaction tax, automatic exchange of information programs like FATCA and CRS, and the OECD's base erosion and profit shifting project. The presentation notes the complex tax compliance burden facing money market funds and the need for funds to minimize taxation at the portfolio level.
Note-it, high-yield liquidity
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- Three key factors are highlighted that the team believes will overcome short-term volatility caused by events in Greece: past market stress tests proving the resilience of high-yield bonds; liquidity issues already being priced in; and the significant carry available in the asset class outweighing attempts to time the market.
- The team takes a proactive approach to liquidity management, treating it as its own asset class and constantly evaluating allocations to more liquid assets. This approach has contributed to the fund's strong performance in various market conditions.
Intergenerational Justice in Austerity Times
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Pan european-pension-funds-09
The document discusses the European pension landscape, noting that systems vary widely by country due to different social histories but generally involve public and private pension schemes. It outlines the main activities of pension funds as administration, asset management, risk management, and communication. Finally, it categorizes pension schemes based on factors like public vs private and occupational vs personal.
Why and how to set up a fund in cyprus
We will discuss how to set up a regulated Investment Funds in Cyprus and why we believe Cyprus may be the next best place where to register a fund.
China's, Third Plenum of the 18th Party Congress key decisions
The Communist Party of China concluded the 3rd Plenum of the 18th Party Congress on November 12th, 2013, after four days. The Plenum set the agenda for the government in the next decade. The concluding document contains reform efforts targeting the following fourteen areas:
Vontobel: Valencia 16 de septiembre
This document provides information about Vontobel Asset Management. It discusses Vontobel's history and ownership structure, its global asset management business, investment strategies and geographic presence. It also outlines Vontobel's beliefs around active management, risk management, specialized investment strategies, and client focus.
Capital V #2 Akuo Investment Management a holistic view on business
Proprietary magazine of the Luxembourg Private Equity & Venture Capital Association
www.lpea.lu
Index
5. Editorial
Welcome to capitalV
6. Regulatory
AI FMD remuneration: Exceptions make the rule
8. Personal Story
A stable base for investing in a frantic world
10. Cover story
Akuo Investment Management [AI M],
A holistic view on business
14. Deal Story
SecureIT : How Luxembourg got on the data centre map
16. Interview
EI F Social Impact Accelerator Fund
18. Building Bright Futures Together
Setting the stage for niche-based biomedicine
20. Regulatory
Bringing Substance to Luxembourg
22. Life In Luxembourg
The expat education conundrum
24. Event Calendar
What, When, Where
Using luxembourg in international structures
This document discusses using Luxembourg in international structures. It notes Luxembourg's central location in Europe, status as a top financial center, multi-cultural workforce, and favorable tax environment. It then provides details on typical structures like holding companies, financing companies using hybrid instruments, and intra-group financing activity. Structures are shown to benefit from participation exemption, reduced withholding taxes, and interest deductions.
Taxatelier presentation Kiev Dec 2017 at Top Forum
Presentation. Are you the beneficial owner of the income? And is substance adequate? How much substance is need? Cyprus as a case study. Automatic Exchange of Information. Christos Theophilou - Taxatelier Ltd, Cyprus.
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when will pi network coin be available on crypto exchange.
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
Financial Assets: Debit vs Equity Securities.pptx
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
where can I find a legit pi merchant online
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
Role of Information Technology in Revenue - Prof Oyedokun.pptx
Role of Information Technology in Revenue - Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide on the Role of Information Technology in Revenue Generation and Collection
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic Data
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
how to sell pi coins effectively (from 50 - 100k pi)
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
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国外毕业证学位证成绩单办理流程：
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Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Henk becquaert 16 juni
- 1. Cross-border pension funds Time to jump Practical experiences of the Belgian FSMA Henk Becquaert FSMA NY 23-06-2011
- 3. Large to very small pension institutions
- 4. Social and labor laws vary greatly Appropriate supervision is essential 2
- 9. other ...
- 11. level of 'solidarity' is to be determined: from no solidarity to total solidarity
- 12. via a separate fund (total ring-fencing)
- 13. via a buffer fund
- 14. via ...
- 15. to be set down in governing documents (ring-fencing as long as no bankruptcy)3
- 17. Regular financing by the contributing enterprise
- 18. No changes year on year, unless justifiedStatement of investment policy principles Needs to be prudent, coherent and justified Restoration plan or recovery plan 4
- 19. Supervision of the “prudent person” principle Openness Responsibility and accountability Fit and Proper Good governance Internal supervision (internal control, internal audit, compliance officer and an actuary), the external auditor and ultimately the FSMA Knowing one's own risks 5
- 20. Very few Cross-border activities Fiscal disharmony Hidden protection mechanisms The financial crisis Lack of experience ==> first movers S & L law vs. prudential law Cultural difference Employees/retirees' councils to be convinced 6
- 22. For binding or non-binding opinions if needed
- 23. By pension plan, country or group
- 24. S&L law (information, participation, ...)7
- 26. Multi-employerNew markets, mobile workers, small pension funds, etc. *as at 15 June 2011 8
- 27. How does the FSMA operate ? 25 years of pension fund experience Circular letters, announcements, memoranda Individual replies by email, letter, etc. WWW.FSMA.BE pension@fsma.be (in English, German, French and Dutch) 9