Featured Product

    EC Adopted Proposal to Implement PEPP in the European Union

    June 29, 2017

    EC released a legislative proposal to implement a Pan European Personal Pension Product (PEPP) in the EU, along with a recommendation on the tax treatment of personal pension products, including the PEPP. EIOPA welcomed this legislative proposal, which follows EIOPA’s Advice to create an attractive PEPP in the form of a second regime. The EC Vice President Valdis Dombrovskis said that PEPP is “an important milestone toward completing the Capital Markets Union” and “will also foster long-term investment in capital markets."

    PEPPs will have the same standard features wherever they are sold in the EU and can be offered by a broad range of providers, such as insurance companies, banks, occupational pension funds, investment firms, and asset managers. They will complement existing state-based, occupational and national personal pensions, but not replace or harmonize national personal pension regimes. EC is also recommending that member states grant the same tax treatment to this product as to similar existing national products to ensure that the PEPP gets off to a flying start. The new products will also ultimately bolster the EC’s plan for a Capital Markets Union by helping to channel more savings to long-term investments in the EU.

     

    This proposed regulation builds on almost 600 contributions to the EC's public consultation on personal pensions in October 2016. Many respondents said the current supply of personal pension products in the EU was insufficient. The proposal also took into account two reports from EIOPA in 2014 and 2016 and an external study by an external contractor. The PEPP proposal will now be discussed by the European Parliament and the Council. Once adopted, the regulation will enter into force 20 days after its publication in the Official Journal of the European Union.

     

    Related Links

    EC Press Release                       

    EIOPA Press Release

    EC Vice President on PEPP Proposal

    EC Recommendation on Tax Treatment (PDF)

    PEPP Consultation and Related Documents

    Keywords: Europe, EC, EIOPA, PEPP, Insurance, Banking, Securities, Capital Markets Union, Pensions

    Related Articles
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    ISDA Paper Examines Legal Aspects of Smart Contracts Using Blockchain

    ISDA published a paper that discusses legal aspects of smart derivatives contracts that use the distributed ledger technology (DLT), which is also commonly known as the blockchain technology.

    January 13, 2020 WebPage Regulatory News
    News

    FDIC Letter on Submission of Call Reports by End of January 2020

    FDIC, in a letter to financial institutions, announced that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2019 report date must be submitted to the Central Data Repository of the relevant US agencies by January 30, 2020.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4495