The main opinion of the European Parliament (EP) is to be put forward by the Legal Affairs Committee, with MEP Enrico Ferri acting as rapporteur.

Ferri expects that there will be a resolution forthcoming from the Parliament, which he hopes will be in May, but it could be June. It may call for a directive in the area," he says.

The European Federation for Retirement Provision (EFRP) says that it has found a constructive attitude to the green paper from EP members. It has welcomed the re-port of the economic affairs committee, but has "strong reservations about the very idea of imposing on pension funds a solvency insurance".

On the draft report of the social affairs committee, the EFRP is pleased that it is in favour of pensions as a financing vehicle. But it finds questionable this report's approach to seeing pension funds and insurers in competition. "Pension funds

should be considered to be acting as the clients of the insurance industry," says the EFRP

A delegation from the federation also met the CEA, the European body representing insurers. "This exchange of views was mainly on the level playing field the insurance in-dustry wants to see on the European scene for the pension financing business. Our view that within the second pillar provision, pension funds are in principle and in practice different from insurance undertakings.""

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