June 08, 2017

The EC Vice President Valdis Dombrovskis spoke at the Pensions Europe 2017 Conference on June 06, 2017. He examined the need to connect savers with investors, reviewed the progress achieved toward completion of the Capital Markets Union, and discussed the upcoming EC proposal on Pan-European Personal Pension Products (PEPPs).

He highlighted that the EC received almost 600 contributions to its public consultation on personal pensions. Many respondents said the current supply of personal pension products in the EU was insufficient and it has been found that only 27% of Europeans between 25 and 59 years old have enrolled themselves in a pension product. The EC Vice President examined the need for occupational and personal pension schemes to complement the state-based pensions, as means to overcome the challenge of the increasing pensions gap and the resultant expected increase in the pressure on public finances. By the end of this month, the EC will propose legislation for a PEPP. The PEPP regime would create a framework for pension providers to offer personal pension products on a pan-European scale. PEPP would offer additional incentives for people to save for their pension, alongside the occupational and state-based pensions available today. It will complement pension funds currently on the market, offer a safer and more transparent option for personal pensions, and provide the economies of scale needed to reduce costs for savers and improve the flow of capital to long-term investments around Europe. The PEPP proposal is one of the most important measures for the Capital Markets Union mid-term review, as per Mr. Dombrovskis.

 

Related Link: Speech

Keywords: EC, Europe, PEPP, Insurance, Capital Makets Union

 


Related Articles
News

CFTC Proposes to Amend Derivatives Clearing Organization Regulations

CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.

May 16, 2019 WebPage Regulatory News
News

APRA Licenses Societe Generale As Foreign Deposit-Taking Institution

APRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.

May 16, 2019 WebPage Regulatory News
News

EBA Provides Updates on Its Work on Basel III Impact Assessment in EU

EBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.

May 16, 2019 WebPage Regulatory News
News

FED Publishes Report Summarizing Regulatory and Supervisory Activities

FED published a report that summarizes banking conditions and the supervisory and regulatory activities of FED, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.

May 15, 2019 WebPage Regulatory News
News

US Agencies Propose to Amend Regulatory Framework for Foreign Banks

US Agencies (OCC, FED, and FDIC) proposed a regulatory framework for foreign banks operating in the U.S. that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.

May 15, 2019 WebPage Regulatory News
News

ECB Consults on EONIA to €STR Legal Action Plan

ECB published a consultation, which was launched by the working group on euro risk-free rates, on recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA), as a result of the proposed transition from EONIA to the euro short-term rate (€STR).

May 15, 2019 WebPage Regulatory News
News

FASB Offers Targeted Transition Relief Under Credit Losses Standard

FASB issued an Accounting Standards Update 2019-05 (on Topic 326) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value.

May 15, 2019 WebPage Regulatory News
News

European Council Adopts Updated Rules on Clearing of OTC Derivatives

European Council adopted a regulation improving the existing regulatory framework applicable to the market for over-the-counter (OTC) derivatives.

May 14, 2019 WebPage Regulatory News
News

European Council Adopts Package on CRD 5, CRR 2, BRRD 2, and SRMR 2

European Council adopted a comprehensive legislative package that will reduce risks in the banking sector and further reinforce banks' ability to withstand potential shocks.

May 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for May 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

May 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3080