Dutch pension fund defeats central bank, wins right to invest in gold

``he great advantage of this final ruling (no further appeal is possible) is that pension funds again are free in their investment policy without the need to anticipate improper intervention by DNB. The ruling clearly indicates that DNB needs to substantiate its decisions carefully and that lax directives without valid arguments will no longer be tolerated. This is truly a revolution: DNB is a supervisor, not an investment adviser. A supervisor should limit its directives to cases of clear malpractice or destructive financial policy. In other words, as the judges also indicated, supervision needs to keep its distance.''