EU Finalizes Regulation on Pan-European Personal Pension Products
Regulation (EU) 2019/1238, of the European Parliament and of the Council, on the pan-European personal pension product (PEPP) has been published in the Official Journal of the European Union. This Regulation lays down uniform rules on the registration, manufacturing, distribution, and supervision of personal pension products that are distributed in the Union under the designation PEPP. The Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. The Regulation shall apply 12 months after the publication in the Official Journal of the European Union of the delegated acts referred to in Articles 28(5), 30(2), 33(3), 36(2), 37(2), 45(3) and 46(3).
By helping to channel more savings to long-term investments in EU, the PEPP Regulation represents a key achievement of the Capital Markets Union. The creation of PEPP will contribute to more competition between pension products and stronger consumer protection. The new rules lay down the foundations for a pan-European personal pension market, by ensuring standardization of the core product features such as transparency requirements, investment rules, switching rights, and type of investment options. PEPP providers will be able to sell the product anywhere in EU with one single registration.
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Effective Date: August 14, 2019
Keywords: Europe, EU, Insurance, Securities, Banking, Pensions, PEPP, Regulation 2019/1238, Capital Markets Union, European Parliament, European Council, EC
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