National and EU policymakers should address regulatory constraints and risks, such as subsidy changes, that are deterring or preventing pension funds from investing in alternative assets such as infrastructure and venture capital, according to PensionsEurope. The European pension fund association bemoaned the lack of infrastructure investment opportunities and said political and regulatory risks could be major barriers to pension funds’ investing in infrastructure over the long term.It called on policymakers at the national and EU level to “ensure a stable regulatory and fiscal framework” for infrastructure investment, although it added that pension funds themselves could take matters into their hands.It cited as an example the creation of the Pensions Infrastructure Platform (PiP) in the UK, which pools investment from a number of pension funds. The PiP received its UK regulatory authorisation in mid-January, having by then mobilised commitments to invest £1bn (€1.3bn), half of its £2bn target size.PensionsEurope noted that infrastructure investments were often made in the context of public assets, in some cases incorporating state subsidies.Such investments require a “stable” public and legal environment over the long term.“Variability in those areas may significantly reduce investor confidence and willingness to invest,” it said.“Reducing subsidies during the life-time of a project could significantly curtail the advantages of these types of investments.”The illiquid and long-term nature of infrastructure investments underscores the importance of stability, it said.PensionsEurope cited “the many shifts” of tariffs for solar energy projects in the EU as an example of political and regulatory risks that could reduce the appeal of infrastructure investments.It cited the UK government’s current consideration of reducing feed-in tariffs for small installations, changes in Spain in 2012-13 to the policy on a guaranteed price for renewable electricity, and plans in Norway to “drastically” reduce transmission fees for gas pipelines.PensionsEurope also called for a better definition of infrastructure investments “to help to support industry-wide best practices or standards for contractual documentation for long-term project financing”.The association also addressed other non-traditional asset classes in its response to the European Commission’s call for evidence on the EU financial services regulatory framework.It said “unnecessary regulatory constraints on financing” were also affecting pension fund investment in venture capital and European Long-Term Investment Funds (ELTIFs).European venture capital funds (EuVECA) have existed since 2013, but there are too few, and the ones that do exist fail to meet pension funds’ basic diversification requirements, said Pensions Europe.The local implementation and promotion of EuVECA should be corrected to allow pension funds to use the vehicles, the association said.The EU ELTIF regulation, meanwhile, has not been fully transposed into local legislation and/or regulation for pension funds, it said, which creates problems.It gave as an example that, in German local pension fund regulation, an ELTIF would be considered an equity vehicle, even if it carried only debt investments.
Last Updated: 13th December, 2019 13:52 IST New York Jets Vs Baltimore Ravens Highlights: Lamar Jackson Steals The Show In 42-21 Win If the New York Jets were pining for a warm welcome at the M&T Bank Stadium during Thursday Night Football (TNF), the Ravens game provided a rude awakening Written By NFL: New York Jets vs Baltimore Ravens highlightsThe Baltimore Ravens haven’t allowed more than 20 points at home this season, aside from the minor blip in the 40-25 loss to the Cleveland Browns in Week 4. They almost continued that pattern against the New York Jets on Thursday, allowing the Jets to score just 21 points in the game. Ravens quarterback Lamar Jackson has been running wild in his last couple of outings. However, Jackson was nursing a quad injury prior to the Jets vs Ravens game. If the extent of the injury he was (is?) nursing is serious, that didn’t show during the Thursday Night Football (TNF) game. Also Read | Has Eli Manning Played His Last Game For The Giants? NFL Retirement Hinted By The StarThe Baltimore Ravens have now notched up their 10th straight win in the NFL. Ravens quarterback Lamar Jackson had a major say in the proceedings as he broke the single-season rushing record by a quarterback (1,106), a record set by Michael Vick back in 2006. The MVP frontrunner led the dismantling of the New York Jets on the night. The Jets entered the game with the NFL’s second-best run league defence. Against the Baltimore Ravens, however, they allowed 210 yards on 31 carries. Also Read | NFL Week 15 Predictions: Patriots, Cowboys Struggle To Continue?Lamar Jackson dominates the New York JetsIt’s safe to say that Baltimore Ravens quarterback Lamar Jackson now has a firm hold over the NFL MVP award. Jackson leads the league with 33 passing touchdowns after the game against the New York Jets. In the TNF game, Jackson completed 15 of 23 passes for 212 yards, scored a total of five touchdowns and had eight carries for 86 yards. To put it quite simply, the quarterback ran the rule of the New York Jets on the night. Also Read | Former Green Bay Packers Coach Mike McCarthy Eyes NFL Return In 2020 COMMENT LIVE TV First Published: 13th December, 2019 11:41 IST SUBSCRIBE TO US WATCH US LIVE FOLLOW US The Baltimore Ravens welcomed the New York Jets at the M&T Bank Stadium on Thursday night. The Jets won’t be too pleased with the welcome they were afforded, however, considering the fact that they haven’t made the playoffs since 2010. With the 42-21 win, the Baltimore Ravens have now secured their second consecutive AFC North championship. But that’s not all. The Ravens have also put themselves in a strong position to secure home-field advantage throughout the playoffs.Also Read | NFL Playoffs: Saints, Patriots In Trouble While Ravens, Chiefs Are Cruising After Week 14 Colin DCunha