EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238). The proposals specify the format of the annual supervisory reporting requirements on PEPPs and formalize the notifications required by the PEPP Regulation to facilitate efficient processes in the cooperation between the competent authorities and EIOPA. The consultation ends on May 20, 2020.
An appropriate level of detail of the information is crucial for the implementation of a risk-based supervisory review process and product-level supervision. The templates are a visual representation of the information to be reported and specify the level of detail of that information. The templates to be used when submitting information to the competent authorities constitute an essential instrument to promote supervisory convergence. For this reason, the information to be reported in accordance with Regulation (EU) 2019/1238 should be submitted as specified in the templates and following the instructions provided for by this proposed regulation. As per the proposed regulation (Article 5), PEPP providers shall annually submit the required information using the following templates:
- Template PP.01.01 of Annex I (to this proposed regulation), specifying the content of the submission, following the instructions set out in section PP.01.01 of Annex II
- Template PP.01.02. of Annex I, specifying basic information on the PEPP and of the reporting, following the instructions set out in section PP.01.02 of Annex II
- Template PP.52.01. of Annex I, specifying PEPP and PEPP saver information, following the instructions set out in section PP.52.01 of Annex II
- Template PP.06.02. of Annex I, specifying an item-by-item list of assets following the instructions set out in section PP.06.02 of Annex II and using the Complementary Identification Code, as set out in Annex III and defined in Annex IV
- Template PP.06.03. of Annex I, providing information on the look-through of all collective investments held by the PEPP providers following the instructions set out in section PP.06.03 of Annex II
- Template PP.08.03. of Annex I, providing aggregate information on open positions of derivatives, following the instructions set out in section PP.08.03 of Annex II and using the Complementary Identification Code, as set out in Annex III and defined in Annex IV
Comment Due Date: May 20, 2020
Keywords: Europe, EU, Insurance, pensions, PEPP, Regulation 2019/1238, Reporting, Templates, Implementing Technical Standards, EIOPA
Previous ArticleEC Consults on Review of Non-Financial Reporting Directive
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.
FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.
PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.
The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.
IAIS published an application paper on liquidity risk management for insurers.
EBA published its response to the EC consultation on a new Digital Finance Strategy for Europe.
EIOPA responded to the EC consultation on a new digital finance strategy for Europe.
ESMA published its response to the EC consultation on the new digital finance strategy for EU.
FSB published, for consultation, a report on evaluation of the too-big-to-fail (TBTF) reforms for systemically important banks.