US - The Securities and Exchange Commission (SEC) and the Department of Labor (DoL) have signed an agreement to share information as it relates to investments of retirement funds.
Christopher Cox, chairman of the SEC, said, "This enhanced coordination of the SEC's investor protection efforts and the Department of Labor's regulatory responsibility for pensions and 401(k)s will greatly benefit the millions of hardworking Americans who are saving and investing for their retirement as well as those who have already retired."
With some 117 million workers covered by private sector retirement plans, representing US$5.8trn of scheme assets, the two agencies said it was important to work closely together to safeguard members' interests.
The deal will also make it easier for investor, plan participants and administrators to access information in an easier to understand manner, which they said would allow the community to make better investment decisions.
The two agencies said their previous efforts had led to 800 criminal indictments and $11bn in monetary results since 2001.
The SEC also extended its restrictions on 'naked short selling' of 19 financial stocks until 12 August.
The restrictions were put in place following temporary emergency liquidity facilities extended by the Federal Reserve and were intended to protect legitimate short sellers but prevent the illegitimate form of 'naked short selling' which can manipulate the markets.
Cox said: "In addition to continuing the existing order against naked short selling, the Commission will continue exploring other remedies for the broader marketplace to further protect investors from 'distort and short' artists."
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.