CEIOPS, the European pension supervisory committee, has amended a draft protocol on supervisory cooperation following criticism from the European Federation for Retirement Provision.
The new draft was to be discussed by the end of last month, said Bernd Fletzberger of the Austrian Financial Market Authority, who is his country’s representative on CEIOPS – 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 welcomed the revisions.
Fletzberger, speaking in London, 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. Changes to the draft include an open approach, allowing non-CEIOPS members to become involved. And only authorised IORPs may operate cross-border.