July 26, 2017

ECB is consulting on the draft regulation on statistical reporting requirements for pension funds. ECB also published a summary of merits and cost procedures, along with the frequently asked questions, for the draft regulation on pension funds statistics. The draft regulation of ECB is aimed at increasing transparency in this fast-growing sector of the financial industry and improving data comparability. The comment period on the proposed ECB regulation ends on September 29, 2017.

Pension funds play a dual role, helping individuals save for old age and allocating long-term capital efficiently across firms and sectors. The effects of the financial crisis, the low interest rate environment, and the aging population in Europe have all highlighted the need for better quality, more granular, and comparable data on this sector. It makes difficult to gain a comprehensive understanding of the role of the sector in the transmission mechanism of monetary policy, of the cash flows, and of the risks associated with pension obligations due to the gaps data availability and data comparability across countries. EIOPA and ECB have worked closely together in setting up their definitions and methodological framework, with a view to minimizing the reporting burden on the pensions industry. EIOPA has also launched a public consultation on the regular reporting of occupational pensions information from national supervisory authorities to EIOPA, the consultation period for which ends on October 27, 2016. This initiative seeks to streamline all quantitative reporting requirements on pensions into one comprehensive reporting package.

 

Related Links 

ECB Consultation

EIOPA Consultation (PDF)

Comment Due Date: September 29, 2017

Keywords: Europe, EU, Insurance, Pensions, Reporting, Statistics, EIOPA, ECB

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