The guidelines reflect international good practice regarding the powers which are needed by supervisory authorities in relation to intervening, applying sanctions and enforcing action and how these powers should be used.
Effective supervision of pension funds is becoming ever more important. The question of whether, when and how to intervene in the operation of pension funds is of crucial importance if the objectives of supervision are to be met.
The guidelines reflect international good practice regarding the powers which are needed by supervisory authorities in relation to intervening, applying sanctions and enforcing action in regards to the pension entities they oversee, and how these powers should be used in order to maximise benefits and minimise costs.
The guidelines build on the IOPS ‘Principles of Private Pension Supervision’, and draw on the OECD ‘Core Principles of Occupational Pension Regulation’, the IAIS ‘Insurance Core Principles and Methodology’ as well as IAIS guidance papers, and IOSCO’s ‘Objectives and Principles of Securities Regulation’.
Although these guidelines serve as a benchmark reference, the question of how to best apply them in practice should take into account country-specific conditions and circumstances.
Deadline for comments is 5 May 2009
Draft guidelines for supervisory intervention, enforcement and sanctions
© IOPS - International Organisation of Pension Supervisors
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