IPE: EIOPA likely to submit QIS data before publishing recommendations

15 February 2013

EIOPA is likely to send preliminary data on the first quantitative impact study (QIS) for the revised IORP Directive to the European Commission before finalising its recommendations, an EIOPA spokeswoman has said.

The first QIS, which aimed to assess the financial impact of different options for the valuation of the holistic balance sheet (HBS) and the calculation of capital requirements, was conducted by countries where defined benefit plans are most prevalent, such as Belgium, France, Germany, Ireland, the Netherlands, Norway, Portugal, Sweden and the UK.

EIOPA's spokeswoman went on to say that the authority would send its preliminary results to the Commission in the spring, either in March or April, but could not give an exact date. She added that the final report, including EIOPA's recommendations on the results of the QIS exercise and the next steps to follow for the introduction of the revised IORP Directive, would most likely be published at a later date, possibly in June.

She acknowledged that the authority would "most probably" seek to publish its results as well as its recommendations at once, but would need to get the agreement of the Commission to do so. There is speculation in Brussels that the Commission might decide to postpone its work on the first pillar of the revised IORP Directive – the pillar focusing on capital requirements – and refocus on the second and third pillars, which deal with governance and transparency requirements.

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