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EIOPA OPSG meeting 15 October 2014
EC update
Anna Kadar Insurance and Pensions UnitDG Internal Market and Services – European Commission
Proposal to revise 2003 Directive
• The proposal has 3 goals• Professionalise governance and risk management• Provide more effective information to members and
beneficiaries• Facilitate cross-border activity and transfers
Recast, 81 articles, 3 delegated acts (under discussion)
Recent milestones
• 2014 – Council Working Groups
• Italian Presidency: 1st compromise issued on 17 September 2014
• Indicating which areas might be subject to change
• Next meeting: 29 October 2014
• European Parliament: to date, no rapporteur appointed
Topics under discussion in the Council
• Governance: • Remuneration
• Formalised risk assessment for IORPS
• Cross-border issues • authorisation procedure
• Pension Benefit Statement (PBS)• format, layout, structure and sequencing of the PBS
• Layered approach
• Delegated acts, EIOPA guidelines?
Next steps on IORP II
• Work in Council continues
• European Parliament: designation of rapporteurs
• Some shadow rapporteurs already known
• New Commission mandate
• New Commissioner as of 1/11/2014
Personal pensions
Call for Advice to EIOPA on the "development of an EU single market for personal pension products (PPP)"
• Multi-pillar diversification and the need to check whether consumer protection is adequate for all pension products, including PPPs
• Internal market/cross-border objective: reduce obstacles to cross-border mobility and enable more cross-border activity by improving transparency and comparability of PPPs across borders
• The scope of the Advice should be broad: including an analysis of life insurances, group pensions and 1st pillar bis schemes.
• To be delivered by 1 February 2016
Way forward
• Based on the EIOPA Advice, the Commission will analyse whether legislating PPPs specifically is necessary.
• Careful analysis of next steps: Commission takes into account existing financial services legislation that applies or could apply to PPPs
• Not necessarily resulting in EU level regulation
• Work continues on consumer protection • development of level 2 measures in financial services• work with EIOPA• new Commission as of 1 November 2014
New Directorate-Generals in the EC
• Current DG MARKT will be split into two
• DG for internal market, industry, entrepreneurship and SMEs (Commissioner: Elzbieta Bienkowska)
• DG for Financial Stability, financial services and capital markets union (Commissioner: Jonathan Hill)
• Staff issues
Lord Hill: EP hearing(s)
First hearing (1 October 2014)
Five priorities for the mandate:
•Implementing secondary legislation
•Taking forward the current major proposals (benchmarking, money market funds, banking structural reform)
•Delivering on growth through the Capital Markets Union
•International: G20 standard setting and equivalence
•Delivering more for consumers: help create more transparent retail financial products for consumers
Lord Hill: EP hearing(s)
Second hearing (7 October 2014)
"The big picture for 2019"
•Well-regulated and integrated Capital Markets Union
•Bring investment back to the economy (securitisation; Solvency II delegated acts)
•Further development and diversification of capital markets?
•Single market for European financial instruments to help foster funding for SMEs and other long-term projects
• Lord Hill was approved as Commissioner for Financial stability, financial services and capital markets union
• Vice-Presidents
• Valdis Dombrovskis - The euro and social dialogue and
• Jyrki Katainen - Jobs, growth, investment and competitiveness
Thank you for your attention.