External reviewers to assess Bulgaria’s pension fund assets

September 29, 2020 0 Comments

first_imgThe FSC has asked the reviewers to pay special attention to investments with ownerships connected to the funds and their managing companies, an issue of long-standing concern for Bulgarian legislators and the European Commission.The FSC is seeking opinions on pension fund governance, including internal control mechanisms and legal compliance.Risk evaluation forms a major part of the reviewers’ scope.The FSC wants the reviewers to assess the pension funds’ risks as defined by the current legal framework, identify risks not currently captured by legislation and highlight potential systemic risks to the rest of the financial sector and the real economy.The reviews, set to start this April and finish at the end of June, with 31 March as the reference date, will cover the country’s 18 universal and professional second-pillar funds, and the nine voluntary third-pillar funds.The funds themselves will pay for the exercise.Rodina, Bulgaria’s only voluntary occupational fund, has been excluded from the process.Bulgaria’s pensions sector has faced a turbulent period, with weakened 2015 returns and the parliament voting to convert the mandatory second pillar into a voluntary one in July 2015.The annual weighted average return for the universal pension funds fell from 6.13% in 2014 to 1.47%, and that of the professional funds from 5.89% to 1.78%, while the voluntary funds’ return declined from 6.64% to 1.68%. The Bulgaria Financial Services Commission (FSC), the pension regulator, is calling for independent external reviewers to assess the assets of the country’s second and third-pillar pension funds.The reviews will be overseen by a steering committee that includes representatives from the FSC, finance ministry, Bulgarian National Bank, European Commission and the European Insurance and Occupational Pensions Authority (EIOPA).According to the FSC, the main objectives of the reviews include verifying the presence of pension fund assets at custodian banks and performing a valuation of the assets in accordance with current Bulgarian legislation.The reviewers have also been asked to assess the appropriateness of the valuation principles, a contentious issue for the Bulgarian Association of Supplementary Pension Security Companies (BASPSC), which considers the FSC’s time-weighted return methodology simplistic.last_img read more

5-run penalty for saliva use to shine the ball: International Cricket Council

September 20, 2020 0 Comments

first_imgDUBAI: The International Cricket Council on Tuesday announced some interim changes to playing regulations of the game due to the COVID-19 pandemic.According to a statement released by the ICC, these changes include the ban on the use of saliva to shine the ball. Ban on applying saliva to the ball: Players will not be permitted to use saliva to shine the ball. If a player does apply saliva to the ball, the umpires will manage the situation with some leniency during an initial period of adjustment for the players, but subsequent instances will result in the team receiving a warning. A team can be issued up to two warnings per innings but repeated use of saliva on the ball will result in a 5-run penalty to the batting side. Whenever saliva is applied to the ball, the umpires will be instructed to clean the ball before play recommences. Agencies Also Watch: OIL Authorities Say Efforts on To Control the Firelast_img read more

and few specialists

February 28, 2019 0 Comments

and few specialists expect dramatic increases in cancers or other ailments.

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