Including: ITALY/FINLAND - EC launches action over dividends; UK - Pensions Regulator publishes 2006-07 report; CANADA - Université du Québec appoints RBC Dexia; BRAZIL/CANADA - OTPP buys into mining company
ITALY/FINLAND – EC launches action over dividends
The European Commission has reportedly sent letters of formal notice to the Italian and Finnish governments over the higher tax rates charged on company dividends paid to foreign pension funds.
It is claimed the rules discourage foreign investors from investing in Italian and Finnish companies.
UK – Pensions Regulator publishes 2006-07 report
Some 52,745 enquiries were received by the Pensions Regulator’s (TPR) customer service support centre in its second full year of operation, show the 2006-07 report.
Also in 2006-07, TPR received 1,233 whistleblower breach of law reports, 640 notifiable events and 874 clearance enquiries.
CANADA – Université du Québec appoints RBC Dexia
The C$2.3bn Université du Québec Pension Fund has appointed RBC Dexia Investor Services as custodian and securities lending provider.
BRAZIL/CANADA – OTPP buys into mining company
The Ontario Teachers’ Pension Plan has agreed to buy a 15% stake in Rio de Janeiro-based mining company, MMX Mineracao e Metalicos SA.
The stake, worth US$185m, is for non-voting shares in MMX’s transportation unit.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.