EUROPE – European pension supervisory committee CEIOPS is to publish a revised protocol on supervisory co-operation for a further round of public consultation.

The decision, taken at a CEIOPS members’ meeting in Frankfurt last week, is because the newly completed protocol, which took into account comments received during an initial public consultation process, differs substantially from the original version that was published in February, CEIOPS said in a statement.

The meeting approved the revised paper on the co-operation of authorities regarding institutions for occupational retirement provision operating cross-border

The protocol aims to provide a framework for supervisory oversight of European pension funds.

Last month CEIOPS amended a draft protocol on supervisory co-operation following criticism, notably from the European Federation for Retirement Provision (EFRP).

The EFRP said it could undermine the new EU occupational pensions directive.

The changes to the draft included an open approach, meaning that non-CEIOPS members could become involved via a special joining agreement. And only authorised IORPs may operate cross-border.

The member’s meeting also took “significant decisions” regarding organisational details, including CEIOPS’ joint co-operative working relations with other level 3 committees, said a CEIOPS statement.