1 / 13

EIOPA OPSG meeting 15 October 2014 EC update

EIOPA OPSG meeting 15 October 2014 EC update. Anna Kadar Insurance and Pensions Unit DG Internal Market and Services – European Commission. Proposal to revise 2003 Directive. The proposal has 3 goals Professionalise governance and risk management

hsantos
Download Presentation

EIOPA OPSG meeting 15 October 2014 EC update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. EIOPA OPSG meeting 15 October 2014EC update Anna Kadar Insuranceand Pensions Unit DG InternalMarket and Services – European Commission

  2. Proposal to revise 2003 Directive • The proposal has 3 goals • Professionalise governance and risk management • Provide more effective information to members and beneficiaries • Facilitate cross-border activity and transfers Recast, 81 articles, 3 delegated acts (under discussion)

  3. Recent milestones • 2014 – Council Working Groups • Italian Presidency: 1st compromise issued on 17 September 2014 • Indicating which areas might be subject to change • Next meeting: 29 October 2014 • European Parliament: to date, no rapporteur appointed

  4. Topics under discussion in the Council • Governance: • Remuneration • Formalised risk assessment for IORPS • Cross-border issues • authorisation procedure • Pension Benefit Statement (PBS) • format, layout, structure and sequencing of the PBS • Layered approach • Delegated acts, EIOPA guidelines?

  5. Next steps on IORP II • Work in Council continues • European Parliament: designation of rapporteurs • Some shadow rapporteurs already known • New Commission mandate • New Commissioner as of 1/11/2014

  6. Personalpensions

  7. Call for Advice to EIOPA on the "development of an EU single market for personal pension products (PPP)" • Multi-pillar diversification and the need to check whether consumer protection is adequate for all pension products, including PPPs • Internalmarket/cross-border objective: reduce obstacles to cross-border mobility and enable more cross-border activity by improving transparency and comparability of PPPs across borders • The scope of the Advice should be broad: including an analysis of life insurances, group pensions and 1st pillar bis schemes. • To be delivered by 1 February 2016

  8. Way forward • Based on the EIOPA Advice, the Commission will analyse whether legislating PPPs specifically is necessary. • Careful analysis of next steps: Commission takes into account existing financial services legislation that applies or could apply to PPPs • Not necessarily resulting in EU level regulation • Work continues on consumer protection • development of level 2 measures in financial services • work with EIOPA • new Commission as of 1 November 2014

  9. New Directorate-Generals in the EC • Current DG MARKT will be split into two • DG for internal market, industry, entrepreneurship and SMEs (Commissioner: ElzbietaBienkowska) • DG for Financial Stability, financial services and capital markets union (Commissioner: Jonathan Hill) • Staff issues

  10. Lord Hill: EP hearing(s) First hearing (1 October 2014) Five priorities for the mandate: • Implementing secondary legislation • Taking forward the current major proposals (benchmarking, money market funds, banking structural reform) • Delivering on growth through the Capital Markets Union • International: G20 standard setting and equivalence • Delivering more for consumers: help create more transparent retail financial products for consumers

  11. Lord Hill: EP hearing(s) Second hearing (7 October 2014) "The big picture for 2019" • Well-regulated and integrated Capital Markets Union • Bring investment back to the economy (securitisation; Solvency II delegated acts) • Further development and diversification of capital markets? • Single market for European financial instruments to help foster funding for SMEs and other long-term projects

  12. Lord Hill was approved as Commissioner for Financial stability, financial services and capital markets union • Vice-Presidents • ValdisDombrovskis - The euro and social dialogue and • JyrkiKatainen- Jobs, growth, investment and competitiveness

  13. Thank you for your attention.

More Related