The European Insurance and Occupational Pensions Authority (“EIOPA”) has launched a consultation process on the Draft Implementing Technical Standards (“ITS”) for Occupational Pensions on reporting procedures, formats and templates that will be used by competent authorities when submitting relevant information to EIOPA.
Background
During the public consultations on the review of Directive 2003/41/EC (“the IORP Directive”) carried out in 2011 and 2012, a number of stakeholders identified a lack of clarity on prudential legislation and its interaction with social and labour law as significant obstacles to cross border activity of IORPs. The draft implementing technical standards seek to provide a uniform way of reporting on prudential provisions by competent authorities to EIOPA. In addition, EIOPA will make this information available on its website. This will result in having a centralised source of information at EU level on national provisions of prudential nature, which may in turn improve the transparency and comparability of prudential frameworks.
Consultation Process
EIOPA invites all interested parties to provide their feedback on any aspect of draft implementing technical standards, reporting procedures, formats and templates that will be used by competent authorities when submitting relevant information to EIOPA. This information comprises the national provisions of prudential nature which are relevant to the field of occupational pension schemes and are not covered by the reference to national social and labour law in Article 20(1) of the same IORP Directive.
This consultation process ends on the 10th March 2013. Comments are to be submitted to EIOPA by email to [email protected]. EIOPA has advised that comments submitted after the deadline or not submitted on a provided template will not be processed. EIOPA will make all comments available on its website, except where respondents specifically request that their comments remain confidential. EIOPA will consider the feedback received and expects to publish a final report of the consultation by the 30th June 2013.
The Consultation Paper and the template for comments can be viewed on the EIOPA website.
It is appreciated if any feedback provided to EIOPA is copied to the Malta Financial Services Authority – Insurance and Pensions Supervision Unit via email to [email protected].
MFSA Ref: 67-2012
