How Long to Read Regulatory Controversies of Private Pension Funds

How Long Does it Take to Read Regulatory Controversies of Private Pension Funds?

It takes the average reader and 45 minutes to read Regulatory Controversies of Private Pension Funds by Dimitri Vittas

Assuming a reading speed of 250 words per minute. Learn more

Description

March 1998 Although controversial, investment and other draconian regulations for private pension funds are suitable for countries with weak capital markets and little tradition of private pension provision. But regulations should be relaxed as private pension funds gain in maturity. Like other financial institutions, private pension funds require a panoply of prudential and protective regulations to ensure their soundness and safeguard the interests of affiliated workers. These regulations include authorization criteria (such as minimum capital, fit and proper, and business plan requirements), asset segregation and external custody, professional asset management, external audits and actuarial reviews, extensive information disclosure, and effective supervision. These regulations resemble those applied to banks and insurance companies and are not particularly controversial. But private pension funds in developing countries are often subject to structural and operational controls that are more controversial. Such controls include special authorizations and market segmentation, one account per worker and one fund per company rules, nondiscrimination provisions, regulations on fees and commissions, investment limits, minimum profitability rules, and state guarantees. Vittas discusses the use of such regulations in developing countries that have implemented systemic pension reforms. He draws a distinction between this approach and the more relaxed regulatory regime that relies on the prudent person rule found in more advanced countries. He argues that the draconian regulatory approach can be justified on several grounds, but especially by the compulsory nature of the pension system, the absence of strong and transparent capital markets, and the lack of a long tradition of private pension funds. But the regulations should be progressively relaxed as private pension funds and their affiliated workers gain in experience, sophistication, and maturity. This paper-a product of the Development Research Group-is part of a larger effort in the group to study pension funds and institutional investors.

How long is Regulatory Controversies of Private Pension Funds?

Regulatory Controversies of Private Pension Funds by Dimitri Vittas is 45 pages long, and a total of 11,475 words.

This makes it 15% the length of the average book. It also has 14% more words than the average book.

How Long Does it Take to Read Regulatory Controversies of Private Pension Funds Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 2 minutes to read Regulatory Controversies of Private Pension Funds aloud.

What Reading Level is Regulatory Controversies of Private Pension Funds?

Regulatory Controversies of Private Pension Funds is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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