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.
Effective Date: January 13, 2019
Keywords: Europe, EU, Insurance, IORP II, Directive, IORPs, Cross Border Activities, Budapest Protocol, EIOPA
Previous ArticleEC on Rules to Come into Effect in 2019 Under Capital Markets Union
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to ten questions.
ESMA updated the set of questions and answers (Q&A), along with the reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements, under the Securitization Regulation.
EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.