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.
Effective Date: August 14, 2019
Keywords: Europe, EU, Insurance, Securities, Banking, Pensions, PEPP, Regulation 2019/1238, Capital Markets Union, European Parliament, European Council, EC
Next ArticleEBA Publishes Annual Report for 2018
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
MAS revised Notices 637 and 1111 on the risk-based capital adequacy requirements, along with Notice 656 on the exposures to single counterparty groups for banks incorporated in Singapore.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
MAS revised multiple notices that are applicable to banks and merchant banks in Singapore and have been issued pursuant to the Banking Act (Cap 19).
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.