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16 September 2013

EIOPA publishes response to IOPS consultation on pension supervisory authorities

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EIOPA submitted its response to the International Organisation of Pension Supervisors' consultation on draft good practices for the governance of pension supervisory authorities.

In CfA 9, EIOPA supports the inclusion in IORP II Directive of the general principles of supervision based on art 29 of the Solvency II Directive. Supervision should be based on a prospective and risk-based approach. It should include the verification on a continuous basis of the proper operation and compliance of the supervised entity. Any requirements on the supervised entities should be applied in a manner which is proportionate to the nature, scale and complexity of the risks inherent in the business. However, in view of the current diversity in pension supervisory systems, many of which are primarily rule-based, the move to a risk-based system that will be required under the new IORP II Directive should be gradual.

Similarly, EIOPA supports the inclusion of provisions on transparency and accountability based on art 31 of the Solvency II Directive, although EIOPA notes that the issue of very diverse supervisory systems is also relevant here. The disclosure rules currently differ from Member State to Member State and result in a great variety of quantitative and qualitative information that is available. The increased harmonisation of the formats and content envisaged under the revised IORP Directive may need to be spread over time.

Full EIOPA-response

Original consultation


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