EIOPA Decision on Cross-Border Activities Under the IORP II Directive
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.
Related Links
Effective Date: January 13, 2019
Keywords: Europe, EU, Insurance, IORP II, Directive, IORPs, Cross Border Activities, Budapest Protocol, EIOPA
Related Articles
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
