November 27, 2018

EIOPA published Decision of the Board of Supervisors on the collaboration of the competent authorities of the member states of the European Economic Area with regard to the application of Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, or IORPs (IORP II Directive). This Decision replaces the former Budapest Protocol, which had to be revised as a result of the new IORP II Directive. The IORP Directive is due to be transposed into the national law of the EU member states by January 13, 2019.

The objective of the Decision is to strengthen the cross-border collaboration between national competent authorities on the cross-border activities described by the IORP II Directive; such IORPs should be able to transfer pension schemes to other IORPs across the border within the EU. It promotes greater transparency toward IORPs to be duly informed by the national competent authorities about their expectations, such as the justification and decision linked with the provision information to the national competent authorities. For further clarity of the procedures to be followed for the cross-border activities, the appendices to the Decision include useful material such as templates, flow charts, and examples of cross-border activities. Furthermore, the Decision describes different situations and possibilities for national competent authorities to exchange information about cross-border activities in relation to the "fit and proper" assessment and the outsourcing of key functions, both new provisions of the IORP II Directive.

The Budapest Protocol provided a framework for the cooperation of competent authorities in the implementation of Directive 2003/41/EC on the activities and supervision of IORPs in relation to the supervision of IORPs that operate cross-border activities. However, the IORP II Directive introduces new rules to improve the way occupational pension funds are governed, to enhance information transparency to pension savers, and to clarify the procedures for carrying out cross-border transfers and activities.

 

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Effective Date: January 13, 2019

Keywords: Europe, EU, Insurance, IORP II, Directive, IORPs, Cross Border Activities, Budapest Protocol, EIOPA

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