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Supervisory and Regulatory framework for Pan-European Pension Funds<br />1<br />
In Europe<br />European pension funds (IORP) directive<br />mainly prudential<br />minimum harmonisation<br />very diverse...
FSMA in Europe<br />active member of EIOPA and of its Occupational Pensions Committee<br />active drafter of numerous EIOP...
in Belgium<br />one prudential law for pension funds<br />clear framework<br />principle based (prudent person principle)<...
FSMA in Belgium<br />FSMA is the sole pensions supervisor<br />compliance with the prudential law <br />of IORPs establish...
The purpose<br />one gateway,<br />European passport<br />even without Belgian plan<br />
On the field<br />FSMA is home supervisor of 9 cross-border IORPs<br />active in numerous European Member States (BE, LU, ...
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Jean paul servais version 16 jun

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  • EIOPA: forum of EEA national supervisorsestablishes cooperation mechanisms between national supervisorsdevelops binding and non-binding standards and guidelines
  • member of EIOPA: since 2004, start of predecessor CEIOPS
  • prudential law: only for IORPs established in Belgium, regulates the IORP as a financial institutionSLL: regulates the rights to obtain and the level of the pension promiseno interference of social and labour law: separate law for the pensions promise &lt;-- &gt; many EU countries only one pensions law (both prudential and SLL)Only qualitative regulation (investments, organisation, structure, etc.) and only the IORP directive minimum quantitative provision (self-investment limit)Take advantage of diversity in Europe: greater freedom
  • as regulator: FSMA issues binding regulation and non-binding guidelines: to help IORPs to interprete the legislation, the main circulars are available in English
  • many supervisors with each different reporting, different rules --&gt; one supervisor
  • if we exclude UK and Ireland which use other definition of cross-border (e definition which will probably not be retained in next Directive)then BE is first
  • Transcript of "Jean paul servais version 16 jun"

    1. 1. Supervisory and Regulatory framework for Pan-European Pension Funds<br />1<br />
    2. 2. In Europe<br />European pension funds (IORP) directive<br />mainly prudential<br />minimum harmonisation<br />very diverse implementation by Member States<br />currently under review by the EU Commission<br />no EU social and labour directive (subsidiarity)<br />EIOPA is the European Insurance and Occupational Pensions Authority in charge of regulatory standards<br />
    3. 3. FSMA in Europe<br />active member of EIOPA and of its Occupational Pensions Committee<br />active drafter of numerous EIOPA cooperation protocols and research papers<br />preparation EIOPA's advice to the European Commission for review IORP directive<br />FSMA <br />is a proactive supervisor in Europe<br />has strong, both formal and informal, network of European supervisors<br />has broad knowledge of European pensions market place<br />
    4. 4. in Belgium<br />one prudential law for pension funds<br />clear framework<br />principle based (prudent person principle)<br />flexible governance structure adaptable to governance model of the sponsor<br />flexible funding/solvency requirements<br />no quantitative investment rules<br />no interference of social and labor law<br />
    5. 5. FSMA in Belgium<br />FSMA is the sole pensions supervisor<br />compliance with the prudential law <br />of IORPs established in Belgium<br />compliance with the social and labour law <br />of IORPs (local and foreign) operating in Belgium, <br />of insurance companies (local and foreign) operating in Belgium<br />and the pensions regulator<br />issues binding regulation and non-binding guidelines<br />
    6. 6. The purpose<br />one gateway,<br />European passport<br />even without Belgian plan<br />
    7. 7. On the field<br />FSMA is home supervisor of 9 cross-border IORPs<br />active in numerous European Member States (BE, LU, NL, IE, IT, MT, LT, CY)<br />several others in the pipeline<br />Multidisciplinary supervision teams<br />Let's make it work together<br />
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