Pan-European foundation statute inches towards final vote

first_imgThe tax provisions contained in the proposal for a European Foundation Statute (EFS) have been withdrawn, following a meeting of COREPER ­– the group of EU member states’ political representatives – on 8 November.The EFS proposal, currently going through the EU legislative process, establishes a constitution for a pan-European foundation (FE) operating across borders, removing the requirement for foundations operating in different jurisdictions to set up separate legal entities in each country.It is generally supported by the European foundation sector because it would provide a single set of rules for European foundations, helping to reduce the costs and uncertainty involved in cross-border activities.It could also stimulate cross-border donations, and provide a level of transparency and accountability to individual foundations set up under its framework. 

 It would not, however, replace existing national laws, but would be optional and complementary.The tax elements in the original proposal provided for automatic equivalency between FEs and national foundations, which would have included access to tax breaks where these are available to public benefit entities in individual countries.But they have been a major stumbling block in the path towards achieving directive status, with some experts warning that the provisions threaten to halt its progress at the final hurdle.http://www.ipe.com/european-foundation-statute-may-be-in-peril-expert-warns/53706.articleThe European Foundation Centre (EFC), which advocated the case for an EFS for several years, said the recent changes would lead to “a good compromise text”, taking on board views from the foundation sector to produce an accessible and trustworthy legal tool, and also taking a pragmatic approach on issues including proportionate audit rules, disbursement practices and economic activities.However, Emmanuelle Faure, European affairs senior officer at the EFC, said: “While the withdrawal of the tax provisions is viewed as a welcome compromise by the vast majority of the member states, it may lead a few others to question the value of the revised proposal.”She added: “There is certainly no doubt in the sector. The sector is sending a strong signal to the European Commission, the EU Presidency and national ministries that it wants no further delay on the statute and urges them to adopt it by the end of 2014.”Work on producing a text that is more likely to get unanimous approval had accelerated over the summer.The decision to drop the tax provisions followed the presentation of a compromise text by the Lithuanian EU presidency to member states’ technical experts in early September.Other changes included a more restrictive approach to the formation of FEs, especially in relation to mergers; the redrafting of annual disbursement provisions; and the clarification that normal asset management is not an economic activity (which could otherwise affect the non-profit making status of foundations under the directive).The EFC is now calling on foundations throughout Europe to ask their own national government and permanent representations in Brussels to back the statute, by 31 November.http://www.efc.be/news_events/Pages/European-Foundation-Statute-Members-States-take-unanimous-stance-on-tax-issues–.aspxThe Lithuanian EU presidency will redraft the EFS proposal for review by national experts on 6 December, with the focus on the non-tax-related provisions.The final step in the process to create a regulation will be a vote by all 28 member states, which must be unanimously in favour for the proposal to become law.last_img read more

Dutch coalition party blasts government-backed mortgage bonds

first_imgLiberal party and coalition partner VVD in the Netherlands has said it remains very critical of the National Mortgages Institution (NHI), which is to issue government-backed mortgage bonds to institutional investors. Speaking at the international IIR securitisation event in Amsterdam last week, Roald van de Linde, MP for the VVD, questioned investors’ motives for wanting the government to be involved in the NHI.“It’s either a matter of running less risk or gaining higher returns,” he said.The NHI – still under construction – is meant to relieve banks’ balance sheets, and is expected to attract €50bn of investment from institutional investors over the next five years. “[But] as we understand it,” Van de Linde said, “banks must keep the most risky mortgages, so this won’t solve their liquidity problem.”The liberal MP suggested that foreign investors failed to understand the concept of the National Mortgage Guarantee (NHG), the already existing guarantee scheme for mortgage lenders for properties worth up to €290,000.“Dutch pension funds probably don’t invest in local mortgages because NHG mortgages don’t return enough due to low interest rates,” Van de Linde said.“Mortgages with no or less government backing are more attractive, and yield approximately a 1% higher return.”In his opinion, the market must do without guaranteed mortgages portfolios and come up with its own hedging arrangements.Van de Linde further indicated that the VVD was very worried about the exposure of the Dutch state to the housing market.“We would also like to limit the NHG,” he said.However, the MP added that his party would approach the NHI proposals from the Cabinet with an open mind.Rob Koning, director of the Dutch Securitisation Association (DSA) and closely involved in designing the NHI, stressed that the vehicle was meant for bad times, when the markets were unavailable.“Moreover, we assume that it could take up to 10 years before the €50bn has been invested,” he said, adding that the amount could be raised to €80bn during a next crisis.Koning denied that the current NHI design would pose any risk to the Dutch government.However, he declined to provide further details about the scheme, which is in its final stage of preparation.The NHI will require political backing from not only the Dutch Parliament but also the European Commission.The other coalition partner, the labour party PvdA, said it did support the principle of government-backed mortgage bonds, but it emphasised that pension funds should also be prepared to invest in mortgages without a government guarantee.last_img read more

APG calls on governments to support green bond market

first_imgIn addition to APG, new signatories include BlackRock and Legal & General Investment Management, Europe’s two largest institutional managers, according to IPE’s Top 400 Asset Managers 2015.Several of the signatories – including AP4, APG and the California State Teachers’ Retirement System – recently participated in a $1bn green bond issuance by the Kreditanstalt für Wiederaufbau, Germany’s state-owned development bank.As of the end of 2014, APG’s green bond portfolio accounted for 0.5% of its corporate bond holdings, or €356m, comprising bonds issued by the European Investment Bank and GDF Suez, among others.Sean Kidney, chief executive of the Climate Bonds Initiative, said there was “enormous opportunity” to deploy green bond financing and cited financing needs arising from individual countries’ pledges to reduce carbon emissions.The organisation also launched a guide in conjunction with the UN Environment Programme (UNEP), detailing how the public sector could grow the green bond market.The guide, ‘Scaling up green bond markets for sustainable development’, urged governments to develop green project pipelines to allow investors to better plan for issuances, and for participation in the Green Infrastructure Investment Coalition – an association launched this year that aims to bring together investors, governments and development banks to discuss projects.Nick Robins, co-director of the UNEP Inquiry, added that the opportunities presented by green bonds had caught the attention of policymakers.“At COP21, many discussions have centred around climate finance and the level of investment needed to bring about low carbon outcomes,” he added.“Green bond market development is seen as a real option. This report can only assist governments, policymakers and ultimately institutional investors in developing sustainable climate finance outcomes.”According to the Climate Bonds Initiative, green bond issuances so far this year have exceeded $41bn.,WebsitesWe are not responsible for the content of external sitesLink to ‘Scaling up green bond markets for sustainable development’ guideLink to Paris Green Bond Statement APG has called on governments to encourage the growth of the green bond market, arguing that a clear regulatory framework would allow it to meet its obligations to beneficiaries.The €402bn Dutch pension manager joined 26 other investors worth a total of $11.2trn (€12.1trn) in signing the Paris Green Bonds Statement, which calls for a “large and robust market that makes a real contribution to climate change”.Coordinated by the Climate Bonds Initiative, the statement is identical to one backed by Sweden’s AP funds published last year.Released as the UN climate change conference in Paris (COP21) nears its end, the statement has attracted the support of 10 new institutions, resulting in a $9trn growth in signatory assets.last_img read more

Central African Republic’s underage deal with trauma

first_imgAfrican Union re-admits Central African Republic Hollande in Central African Republic In any conflict, children are the most vulnerable. Hundreds of thousands of children were affected by the conflict In the Central African Republic. Even though the violence has ceased, many are still grappling with the trauma. CCTV’s Peninah Karibe has this report Related Central African Republic Child Abuse Claimslast_img

Daniel E. Litmer

first_imgDaniel E. Litmer, age 87 of Enochsburg, died Tuesday, July 24, 2018 at the Waters of Batesville.  Born May 26, 1931 in Decatur County Indiana, he is the son of Cecelia (Nee: Volk) and Leo Litmer and served in the Army’s Calvary division during the Korean War.   He married Carol Fisher October 10, 1959 at St. John’s Church in Enochsburg.  He was a steelworker for Federal-Mogul 30 years as well as a member of the Batesville V.F.W. Post #3183, the Batesville Eagles Aerie #1130, the Batesville Knights of Columbus Council #1461 and St. Catherine of Sienna Church in Enochsburg.Although Dan worked in the factory, his family said farming was his true love.  He had a small acreage he took care of and also helped a neighbor with their ground.  He had several antique tractors, but an Oliver was his favorite.  He often attended or participated in tractor pulls, tractor shows, rode in parades and for many years was part of Greensburg’s Power of Past Show.  Another hobby he enjoyed was collecting antique clocks.  Dan loved animals and according to his family was a jokester who liked to tease people.He is survived by his wife Carol; sons Scott (Elena) and Chris (Kimberly) Litmer, all of Enochsburg and two grandchildren.  In addition to his parents, he is also preceded in death by his son William Litmer; sister Mary Meyer and brothers James, Andrew and Joseph Litmer.Visitation is Saturday, July 28th, from 9 – 11 a.m. at St. Catherine of Sienna Church in Enochsburg.  Funeral services follow at 11:30 a.m. with Rev. Bill Ehalt officiating.  Burial will be in the church cemetery with military rites conducted by the Batesville V.F.W. post #3183 and the Prell-Bland American Legion post #271.  The family requests memorials to the New Point Volunteer Fire Department.  Weigel Funeral Home (www.weigelfh.com) is in charge of arrangements.last_img read more

No Premier League games on free-to-air channels’ next season

first_imgPremier League matches ‘will not be televised live on free-to-air channels’ next season despite fans being locked out of stadiums for the first few weeks. And the unprecedented screening of every top-flight fixture in the UK as seen post-restart will also not continue in 2020-21. Since English football returned following the Covid-19 lockdown, all 92 Premier League matches have been broadcast live on either Sky Sports, BT Sport, Amazon Prime or the BBC. 33 of those 92 matches were shown free-to-air on either the BBC, Amazon or Sky’s Pick channel with games played behind closed doors without supporters. But, according to The Times, Premier League coverage will revert to normal at the beginning of next season with subscriptions needed to view the games.Advertisement Loading… Promoted ContentTop 10 Female Stars Everyone Had A Crush On In The 90sWho Is The Most Powerful Woman On Earth?2020 Tattoo Trends: Here’s What You’ll See This Year9 Facts You Should Know Before Getting A TattooThe Highest Paid Football Players In The WorldInsane 3D Spraying Skills Turn In Incredible Street ArtPortuguese Street Artist Creates Hyper-Realistic 3D Graffiti7 Reasons It’s Better To Be A Vegan7 Truly Incredible Facts About Black HolesBest & Worst Celebrity Endorsed Games Ever Made8 Superfoods For Growing Hair Back And Stimulating Its GrowthWhich Country Is The Most Romantic In The World?center_img That’s despite the likelihood that fans won’t be allowed inside stadiums for at least the first three weeks of a season due to start on September 12 – and only then in restricted numbers. read also:Eagles star sets new Premier League record Broadcast partners Sky, BT Sport and Amazon came under pressure from the government to ensure all matches were accessible following the league’s resumption in June. But with that pressure now gone, the broadcasters are keen to revert to the previous situation where only half of Premier League games are shown live. FacebookTwitterWhatsAppEmail分享 last_img read more

Van Gaal: Defence is strong enough

first_imgLouis van Gaal has baulked at suggestions Manchester United must bolster their defence in the January transfer window. Press Association Manager Van Gaal claimed United have “more than enough” defensive cover and quality, despite Chris Smalling’s groin problem further stretching resources. Robin van Persie’s brace sneaked United past Southampton 2-1 at St Mary’s on Monday, but the Old Trafford side struggled tactically and defensively. United are still missing Luke Shaw, Rafael, Phil Jones and Daley Blind, and that injured defensive quartet formed the foundation of Van Gaal’s justification of his squad depth. United host Liverpool at Old Trafford on Sunday, with former defender Gary Neville predicting the clash could descend into pub-league standard. England coach Neville claimed United “got away with murder” at St Mary’s, before tipping the Liverpool clash to resemble “The Dog and Duck versus The Red Lion”. The unimpressed Van Gaal warned Neville to “pay attention to his words”, asking reporters to interpret his comments however they saw fit. Neville later denied talk of a rift with Van Gaal when asked about a “feud” on social media. One Twitter user asked Neville following the match: “@r1fgm: @GNev2 the press mentioning a feud between yourself and Van Gaal. What feud?” And Neville replied: “One that will be created that doesn’t exist.” Van Gaal admitted he hopes Van Persie is now approaching top form after a post-World Cup lull, but waved away his side’s growing momentum as little more than whimsy. “I hope that he is improving, I have to say I was very pleased with his performance and also his goals,” said Van Gaal of Van Persie. “The second goal was not so easy, because the ball from Wayne Rooney was coming for his right foot and he took it with his left; so it’s a nice touch. “Momentum, things of this sort, these are rhetorical questions. “It’s fantastic to be third in the table, but I had hoped we would manage that with better performance.” Van Gaal shrugged off criticism of his defensive stocks after switching England midfielder Michael Carrick into a makeshift defensive role midway through Monday’s clash. “When you have injuries you cannot solve the problem otherwise,” said Van Gaal. “Do we have to buy players? No. We have more than enough.” Van Gaal’s terse defence of his squad depth did little to mask United’s continued rearguard shortcomings. Van Persie converted United’s only two chances on the south coast as Van Gaal’s men moved third in the Premier League with a fifth-straight win. Southampton pressed continually, pulling Van Gaal’s systems and structures apart almost at will, though too often failing to deliver the killer blow. Marouane Fellaini’s inept performance forced Van Gaal to haul youngster Paddy McNair off before half-time, in the hope Ander Herrera could add midfield bite. That led to Carrick’s rearguard shift, with fit-again Jonny Evans replacing Smalling after his groin injury. last_img read more

Hoey breaks course record

first_img The Northern Irishman notched eight birdies in a blemish-free round to sit one shot ahead of David Lipsky, Carlos Pigem and Hung Chien-yao. The five-time European Tour title winner was understandably delighted after setting a new benchmark at the Black Mountain Golf Club. “I’m very happy with that,” Hoey said. “I know the course is scoreable because there’s not a lot of rough, but the wind picks up and the last few holes were tricky today.” He added: “It has been a long time since I had a bogey-free card. I was talking to my coaches recently about throwing in double bogeys too often, so to be bogey-free and have no fives on the card and a course record is a nice start. “I putted well and it suits me that if you have a bit of length off the tee, you can cut a few corners and reach the par fives in two.” Lipsky, who will look back with regret on an eighth hole bogey, completed the trio behind Hoey on seven under by finding back-to-back birdies on the 17th and 18th holes. India’s Shiv Kapur is nicely poised just behind them on six under, while Englishman Matt Ford is one of eight in contention on five under after a round of 67. Kapur said: “You wake up in the morning hoping for a good day and I couldn’t have asked for a better result. It all comes down to holing a few putts and early on I managed to do that, which set the tone for the rest of the day.” Ryder Cup star Thomas Bjorn and t ournament ambassador Thongchai Jaidee are five shots behind Hoey but still in the mix if they can have a good weekend. Press Associationcenter_img Michael Hoey carded a course record 64 to lead the way at the True Thailand Classic after a low scoring opening day. last_img read more

Boynton Beach Man Pulls Gun on Girlfriend, Leads Police on 100MPH Chase

first_imgBoynton Beach Police say a man fled from officers by driving at 100mph, causing several crashes after pulling a gun on his girlfriend in the middle of an argument.Officers arrested 22-year-old Jacques Joseph this week on charges including aggravated assault with a deadly weapon, aggravated assault on an officer, fleeing or eluding police, and possession of a weapon by a convicted felon.The dispute allegedly started outside the woman’s home on Miner Road. Police say Joseph and the woman were arguing, when he suddenly pointed a gun at her.Police located Joseph in the driver’s seat of an SUV at a home on NE 1st Street. He sped away as an officer was trying to conduct a traffic stop.Courtesy: Palm Beach County Sheriff’s OfficeAccording to the arrest report, Joseph drove recklessly through city streets, onto to I-95, and to Delray Beach while going about 100 mph. At one point, he slammed on his brakes and swerved toward an officer, causing that officer to move to avoid a crash.The pursuit resulted in crashes involving civilian and law enforcement vehicles, according to police.Officers eventually were able to detain Joseph on Linton Blvd. in Delray Beach.Although they did not find the weapon he had used on the woman, a witness told officers that she heard the “racking” of a gun during the argument.Joseph was taken to the Palm Beach County Jail. He made his first court appearance Thursday morning, where a judge set a $5,000 bond.last_img read more

It’s important that Jaguars exploit the home advantage – coach Crandon

first_img… to stretch lead against Barbados PrideFRONTRUNNERS Guyana Jaguars will aim to stretch their lead when they play the visiting Barbados Pride in round four of the West Indies Cricket Board’s Professional Cricket League (PCL) Regional Four-Day Competition from Friday at the Guyana National Stadium, Providence.The game is a day/night encounter and starts at 15:00hrs daily.The Jaguars are leading the points table, despite a below par performance so far.They currently sit on 33.6 points, .2 more than second-place Barbados Pride. Leeward Islands Hurricanes have emerged as a strong force and are in third place with 29.4 points after hugging the bottom of the table for many years. Still, it is a very close race, with six points separating first to fifth.Jamaica Scorpions (28.6), Trinidad and Tobago Red Force (27), while Windward Islands Volcanoes are at the bottom with 17.6 points.Meanwhile, head coach Esaun Crandon in an exclusive interview yesterday underlined the importance of home advantage, adding that the team will have to come out and play good cricket in order to be victorious. Esaun CrandonEsaun Crandon“It is important that we press home any advantage we have. We know that Barbados are very fierce opponents over the years, but obviously we know the conditions better than they,” Crandon pointed out.The former Guyana fast bowler added, “We had the opportunity to play a day/night game in St Lucia, so we know what to expect during the day and what to expect during the night, but overall we need to play better cricket than Barbados.”The 34-year-old Crandon, who took 90 wickets from 38 First-Class games, also highlighted the importance of the fourth round encounter, adding that a win will further strengthen the Jaguars’ position.“Obviously the game is very important for us taking into consideration we are just .2 points ahead. So we need to play good cricket over those four days and once we execute well, we can comes out on top,” Crandon said.Unlike the previous two years, the back-to-back champions have not clicked as a unit so far this season, and Crandon is well aware that there are some concerns, which need to be addressed ahead of Friday’s encounter.“Our batting and fielding are the areas we need to improve on. We need our batsmen to start converting to three figures. Also our shot-selection is something we need to look at,” Crandon said.On the other hand, Barbados Pride have been significantly strengthened, with five West Indies players returning to the 13-man squad.Opener Kraigg Brathwaite, left-hander Jonathan Carter, wicketkeeper Shane Dowrich, batsman Shai Hope and off-spinning all-rounder Ashley Nurse, replaced the injured Kenroy Williams, wicketkeeper Mario Rampersaud, leg-spinner Nikolai Charles, batsman Aaron Jones and fast bowler Kevin McLean.All five players were members of the West Indies side who last week returned from the Tri-Nations Series in Zimbabwe.The Jaguars are yet to confirm their squad.last_img read more