EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule
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
Related Links
Comment Due Date: May 20, 2020
Keywords: Europe, EU, Insurance, pensions, PEPP, Regulation 2019/1238, Reporting, Templates, Implementing Technical Standards, EIOPA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
EC Consults on Review of Non-Financial Reporting DirectiveRelated Articles
PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA Finalizes Standards on Methods of Prudential Consolidation
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA Updates List of Other Systemically Important Institutions in EU
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities Welcome FSB Review of their Remuneration Regime
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Proposes to Enhance Assurance Expectations for Basel Returns
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.
