EUROPE – CEIOPS, the European pension supervisory committee, has amended a draft protocol on supervisory cooperation following criticism from the European Federation for Retirement Provision in particular.
The new draft will be discussed at a meeting on October 27, said Bernd Fletzberger of the Austrian Financial Market Authority, who is the country’s representative on the Committee of European Insurance and Occupational Pensions Supervisors.
The EFRP had criticised the original draft, published in February, saying it could undermine the new occupational pensions directive. The EFRP today welcomed the revisions. “We appreciate very much the changes that have been made,” said EFRP vice chairman Peter Lindblad.
Fletzberger, speaking at a conference in London today, said the EFRP’s intervention has led to a “substantive revision” of the document, which aims to provide a framework for supervisory oversight of European pension funds.
The changes to the draft include an open approach, meaning non-CEIOPS members can become involved via a special joining agreement. And only authorised IORPs may operate cross-border.
CEIOPS’ occupational pensions committee, headed by Hungary’s Mihaly Erdos, had “very long and deep discussions” on this matter, Fletzberger added.
The protocol, originally set to be finalised this month, will likely be approved next year. It was better to get a workable, usable document that gave certainty, Fletzberger said.
Fletzberger also provided more detail on the number of member states have notified the Commission about the implementation of the pension directive. He said nine member states have so far made the notification.
“So 16 member states are late with the implementation of the IORP directive.” He backed internal markets commissioner Charlie McCreevy’s view that 20 member states will have implemented the directive by the end of the year.