1<br />The Supervisory and Regulatory Framework for Pan-European Pension Funds<br />Jean-Paul Servais, Chairman, Financial...
The FSMA<br />Financial Services and Markets Authority<br />Single supervisor of pension funds and <br />	occupational ret...
European Directive  <br />European pension funds (IORP) Directive of June 2003<br />2 main regulatory goals<br />high degr...
Purpose of the passport<br />4<br />one gateway,<br />one European passport,<br />even if no Belgian <br />pension plan in...
European pension funds Directive<br />Minimum harmonisation<br />Very diverse implementation by Member States<br />Does no...
Belgian implementation of the Directive<br />Clear framework <br />Flexible governance structure adaptable to sponsor's go...
In the field<br /><ul><li>FSMA in Belgium
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Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

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Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

  1. 1. 1<br />The Supervisory and Regulatory Framework for Pan-European Pension Funds<br />Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA)<br />Financial Services and Markets Authority (FSMA) - T : +32 2 220 52 11 - E : pensions@fsma.be - www.fsma.be<br />
  2. 2. The FSMA<br />Financial Services and Markets Authority<br />Single supervisor of pension funds and <br /> occupational retirement provision<br />2<br />
  3. 3. European Directive <br />European pension funds (IORP) Directive of June 2003<br />2 main regulatory goals<br />high degree of security for future pensioners: <br /> prudent person principle<br />internal market: European passport <br />=> pan-European pension fund<br />3<br />
  4. 4. Purpose of the passport<br />4<br />one gateway,<br />one European passport,<br />even if no Belgian <br />pension plan included<br />
  5. 5. European pension funds Directive<br />Minimum harmonisation<br />Very diverse implementation by Member States<br />Does not touch upon social and labor law<br />5<br />
  6. 6. Belgian implementation of the Directive<br />Clear framework <br />Flexible governance structure adaptable to sponsor's governance model<br />Principle-based (prudent person principle)<br />No quantitative investment rules - qualitative approach<br />Flexible funding/solvency requirements <br />6<br />
  7. 7. In the field<br /><ul><li>FSMA in Belgium
  8. 8. Home supervisor of 9 pan-European pension funds active in numerous European countries
  9. 9. Multidisciplinary supervision teams
  10. 10. FSMA in Europe
  11. 11. Proactive participant in the European supervisory network, EIOPA
  12. 12. Active in setting regulatory standards at EU level
  13. 13. Broad knowledge of European pensions market</li></ul>Let's make it work together<br />7<br />

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