CEIOPS Conference 2007 Frankfurt, 20 November 2007
|
|
- Damon Patterson
- 5 years ago
- Views:
Transcription
1 CEIOPS Conference 2007 Frankfurt, 20 November 2007»The Supervisory Framework for Occupational Pensions Where Now and What Next?«The Implementation of the IORP in View of Fostering the Single Market in the Pension Funds Sector Elemér Terták Director Financial Institutions European Commission / DG MARKT Ladies and Gentlemen, Four years elapsed since the Directive on the activities and supervision of institutions for occupational retirement provision (the so called IORP Directive) had been adopted, and two years since the laws, regulations and administrative provisions necessary to comply with this Directive had brought into force. The Directive had been elaborated on the anticipation that the social security systems are coming under increasing pressure, and occupational retirement pensions will increasingly be relied on as a complement in future. In the coming decades Europe will experience rapid population aging. This demographic trend is expected to put significant pressure on public finances. The pressure from aging is not limited to any one country or region, but will occur in most of the Member States at broadly the same time, albeit with different magnitudes and starting fiscal positions. The European Commission s Aging Working Group (AWG) projects that age-related spending would increase by 8 percentage points of the GDP by 2050, with
2 2 most of the increase accounted for by a rise in pension expenditure. It was clear to policy-makers and experts alike that, in order to achieve an adequate level of retirement benefits, the public pillar had to be supplemented by a well developed private pillar. Occupational pensions should therefore be developed, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model. The development of the private / occupational pension pillar thus witnessed acceleration in recent years, which will continue in the forthcoming years. In the recitals it is rightly recognized that the Directive represents a first step on the way to an internal market for occupational retirement provision organised on a European scale. The Directive requires that four years after entering into force the Commission shall issue a report reviewing: (a) the application of the investment rules and the progress achieved in the adaptation of national supervisory systems, furthermore (b) the application of the rules related to custody, in particular the situation prevailing in Member States regarding the use of depositaries and the role played by them where appropriate. The review work shall begin in the next year to enable a thorough review in due time. Needless to say that this review will be part of the big puzzle Pensions and long term savings, a fairly complex and broad issue, in which four DGs are dealing with the different aspects of the pensions. State of implementation All Member States have notified their implementation measures of the Directive on the activities and supervision of institutions for occupational retirement provision (IORP Directive) by now. Likewise have the EEAcountries (Iceland, Norway and Liechtenstein) enacted their transposing
3 3 legislation. There are however three infringement procedures ongoing for incorrect implementation. Making the Directive work (better) The purpose of the IORP Directive is two-fold: first, to promote supervisory convergence between the Member States with regard to the prudential aspects of the IORP business, and secondly, to promote cross-border business of occupational pension funds. In respect of achieving the first objective to enhance supervisory cooperation the centre of gravity is with the CEIOPS. Substantial work has been done by the Occupational Pensions Committee: it worked tirelessly to develop a common understanding of the Directive and to carry out the preparatory work for dealing with issues related to pension funds. A true success was the adoption of the Multilateral Cooperation Protocol ( Budapest Protocol ) in It is more complex to assess the progress on the second objective. Launching cross-border business remains difficult because of divergent national social and labour law requirements. The differences across the Member States are deep-rooted in socio-economic trends, demographic structure, fiscal position, and the power of the trade unions. A convergence of these factors is a long gradual process. Furthermore, the time past since coming into effect is short to judge whether the Directive had delivered its full potential. Commission s services main task will be to review of the Directive in 2008/2009, based on: implementation report by Occupational Pensions Committee; findings and advice by Solvency Sub-Committee. In accordance with the requirements of the «Better Regulation Agenda» any
4 recommendation has to be subject of a thorough Impact Assessment. 4 Main Issues for the Review 1) Definition of «cross border activities» 2) Host law vs. Home law 3) IORP and Solvency II Let's see these issues more detailed: 1) Assessment of the development of «cross border activities», unfolding the practical obstacles in cross border activity and based on the findings review of the definition of «cross border activities» as set forth in Article 20. 2) Analysing where there are conflicts between the objectives of the directive and the national legislation. Home law is applicable to the IORP, Host (social + labour) law to the scheme but where is the dividing line? To allow workers to choose the funds and products best matching their needs, competition should be enhanced. In this respect however, the fact that employers contributions cannot be transferred out of occupational funds limits workers mobility and restrains competition in the asset management industry, with potentially significant adverse effects on workers welfare. Moreover, to improve governance and reduce agency problems between investors and fund managers, the separation between asset management, auxiliary services, and consulting services should be pursued. The traditional way of encouraging voluntary savings for retirement has been through tax incentives. However, these can be not only expensive (and there is strong evidence that they are inefficient), or
5 5 favouring without motive higher earners, but they constitute strong although unintended obstacle to cross-border business of IORPs, as it forces them to redesign their products if they wish to market their products in such jurisdictions. 3) IORP-Directive and Solvency II In the Member States the retirement landscape is changing as the number of the traditional occupational Defined Benefit plans is decreasing whilst there has been a corresponding increase in Defined Contribution plans. In spite of shifting considerable risks from sponsors to beneficiaries there remain several solvency issues to be addressed. Past years have highlighted the vulnerability of pension funds to adverse developments, such as a stock market crash or continuing low interest rates. The lesson to be drawn from the experience of recent years is that such risks need to be adequately priced. This is true of investment risk, but equally so of, for instance, inflation risk and the uncertainty surrounding longevity projections. The latter create problems both in DC systems (where individuals and households are left alone to bear longevity as well as market risks) and in DB systems (where entitlements guaranteed by the state and by corporate sponsors might prove unsustainable). Another major condition for continuity is an adequate level of pension contributions. Although pension funds and life insurance companies have in many respect similar peculiarities, there are also essential differences between them. The most relevant is that pension funds can exploit the potential of intergenerational risk-sharing, whereas insurance companies cannot. These differences were the primary reasons for carving out pension funds from the scope of Solvency II project, on condition that the issue of whether and how to extend the new
6 6 regulatory framework to pension funds will be examined in the context of the review of the Directive in Due attention has to be paid to pledge level playing field between concerned sectors of the industry as well as between certain Member States. Furthermore the extension of Solvency II to the pension funds will require careful impact analysis and calibration as it could force a sharp increase in capitalisation. This however could have serious consequences both for persons entitled to benefits under such pension funds and for the sponsors. In countries, where the provision of such benefits is provided by the employer on voluntary basis, the introduction of any requirement that discourages employers from providing private pensions would not be in the interests of workers. Following a fact-finding exercise CEIOPS «Solvency Sub-Committee» will receive Call for Advice in early Depending on advice received, and on results of further consultation under «Better Regulation Agenda», Commission has to decide if and how to proceed towards a solvency regime for IORPs. A legislative proposal might be envisaged, possibly including other issues too, but not before What other issues might be reviewed? a) Commission intends to launch a public consultation on Insurance Guarantee Schemes early next year. Considering on the one hand the similarities between the ISGs and the pension benefit protection schemes, on the other hand the call of OECD for reforming pension benefit protection schemes, it is likely to take a look at this matter as well. Furthermore issues as (i) appropriate funding levels to ensure that a fund s assets can meet its potential liabilities, (ii) reasonable maximum time-frame for reducing any funding gap and (iii) rules that
7 7 determine to what extent the employer is responsible for filling any funding gap if a pension plan closes, could be considered in this frame. b) Changes in the accounting field also affect the pension arrangements. The introduction of IAS 19 about employee benefits has an effect on companies which must apply the IFRS, because it relates to the financial consequences of the pension commitment. IAS 26 on pension plans is quite an old standard that some countries had not adopted when they converged with IFRSs. Furthermore in July 2006, the IASB added a project on post-employment benefits to its agenda. The project, to be conducted in two phases, would involve a fundamental review of all aspects of post-employment benefit accounting. The aim is to issue an interim standard that would significantly improve pension accounting by Thus issues connected to accounting principles deserve consideration if the fact-finding exercise confirms their relevance for the regulatory work. c) The increase in defined contribution plans in many countries raises important challenges, as responsibilities are shifted to individuals, who may not be well equipped to manage them. This requires an urgent improvement of financial literacy and awareness. Commission launches next year a project on financial education. One of the focal points will be the provision of adequate knowledge to people empowering them to choose the funds and products best matching their needs. I am confident, that the coming review as demanding it promises to be will contribute to the improvement of the existing regulatory framework and thus to more sustainable and stable occupational pension systems.
First Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC)
CEIOPS-SEC-70/05 September 2005 First Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC) - 1 - Executive Summary Following
More informationKEYNOTE ADDRESS EIOPA S INITIATIVES TO EMPOWER THE PENSIONS SECTOR
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) KEYNOTE ADDRESS EIOPA S INITIATIVES TO EMPOWER THE PENSIONS SECTOR 18 th Handelsblatt Annual Conference on Occupational
More informationPAN-EUROPEAN PENSIONS DESERVE A CHANCE
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) PAN-EUROPEAN PENSIONS DESERVE A CHANCE Launch Event of the Cross Border Benefits Alliance Europe Cross-border
More informationEFAMA CONFERENCE ON GREEN PAPER ON PENSIONS 4 OCTOBER 2010 PHILIPPE DE BUCK, DIRECTOR GENERAL
SPEECH 27 September 2010 EFAMA CONFERENCE ON GREEN PAPER ON PENSIONS 4 OCTOBER 2010 PHILIPPE DE BUCK, DIRECTOR GENERAL 1. General remarks The long-term sustainability of pension systems for governments
More informationEuropean supervision in a changing environment
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) European supervision in a changing environment Supervision and Regulation of the Financial Sector in the European
More information- The review of the IORP Directive from an insurance perspective
2011-06-22 Position paper - The review of the IORP Directive from an insurance perspective Box 24043, 104 50 Stockholm Karlavägen 108 Tel 08-522 785 00 www.svenskforsakring.se En del av Svensk Försäkring
More informationTowards a EU single market for personal pensions
SPEECH Gabriel Bernardino Chairman Towards a EU single market for personal pensions EIOPA Public event Personal Pensions Bratislava, 15 April 2014 Page 2 of 6 Ladies and Gentlemen, It is a great pleasure
More informationAllianz Global Investors
Consultation of the European Commission on the Harmonisation of Solvency Rules applicable to Institutions for Occupational Retirement Provision (IORPs) covered by Article 17 of the IORP Directive and IORPs
More informationProposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513)
MEMO/04/90 Brussels, 21 April 2004 Proposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513) What are the main objectives of the proposal? The proposed Directive
More informationPORTUGAL 1 MAIN CHARACTERISTICS OF THE PENSIONS SYSTEM
PORTUGAL 1 MAIN CHARACTERISTICS OF THE PENSIONS SYSTEM The statutory regime of the Portuguese pension system consists of a general scheme that is mandatory for all employed and self-employed workers in
More informationCross-border activity of IORPs Practical issues paper
CEIOPS-DOC-97-10 15 March 2010 Cross-border activity of IORPs Practical issues paper 1. Introduction and Executive Summary Under the IORP Directive 1, institutions for occupational retirement provision
More informationPRIVATE PENSION SAVINGS IN A LOW INTEREST RATE ENVIRONMENT FROM GUARANTEES TO PROTECTION
Video Address Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) PRIVATE PENSION SAVINGS IN A LOW INTEREST RATE ENVIRONMENT FROM GUARANTEES TO PROTECTION Finanstilsynet
More informationPOSITION PAPER ON IORP II DIRECTIVE PROPOSAL - DRAFT REPORT ECON COMMITTEE
11 April 2016 POSITION PAPER ON IORP II DIRECTIVE PROPOSAL - DRAFT REPORT ECON COMMITTEE INTRODUCTION The European regulatory regime for IORP's is based on the directive 2003/41/EC. The initial directive
More informationAnnual report in brief
Annual report 2016 in brief Neither EIOPA nor any person acting on behalf of the agency is responsible for the use that might be made of the following information. Luxembourg: Publications Office of the
More informationEuropean DC What's next? Manuela Zweimueller Head of Policy Department, EIOPA. Pierre Bollon Vice chair, PensionsEurope and Chief Executive, AFG
Verena Menne Policy Adviser, aba European DC What's next? Speakers Manuela Zweimueller Head of Policy Department, EIOPA Christian Lemaire Global Head of Retirement Solutions, Amundi Moderator Pierre Bollon
More informationThe Commission s Study on Company
HOME STATE TAXATION VS. COMMON BASE TAXATION jurisdictions by an automatic formula, and taxed at the national tax rates, which member states will continue to establish themselves. A comprehensive solution
More informationCEEP OPINION ON THE PROPOSAL FOR A DIRECTIVE ON THE ACTIVITIES AND SUPERVISION OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION (IORP II)
Brussels, 10 November 2014 Opinion.07 THE ACTIVITIES AND SUPERVISION OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION (IORP II) Executive summary In its initial press release published on 28 March
More informationECA-
Background paper European Insurance and Occupational Pensions Authority s (EIOPA) contribution to the supervision of and financial stability in the EU's insurance sector March 2018 1 The 2008 financial
More informationComparison of pension systems in five countries: Iceland Denmark The Netherlands Sweden United Kingdom
Comparison of pension systems in five countries: Iceland Denmark The Netherlands Sweden United Kingdom English summary of a report in Icelandic, based on data from OECD (Organisation for Economic Co-operation
More informationTHE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS)
THE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS) PROGRAMME OF WORK AND PROJECT PROPOSALS 2011 1 DRAFT PROGRAMME OF WORK 2011 I. On-going Projects 1. The Technical Committee previously agreed
More informationThe future of life insurance, Solvency II and investment strategies
KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA The future of life insurance, Solvency II and investment strategies 11 th Handelsblatt Annual Conference Solvency II Munich, 15 July 2014 Page 2 of 9
More informationI. PRELIMINARY COMMENTS
Answer of BVPI-ABIP Belgian Association of Pension Institutions to the Consultation on the Harmonisation of Solvency Rules Applicable to IORPs covered by article 17 of the IORP Directive and IORPs operating
More informationOPRISK USA. New York 25 March The view from Europe. Arnoud Vossen, Secretary General of CEBS
OPRISK USA New York 25 March 2009 The view from Europe Arnoud Vossen, Secretary General of CEBS Ladies and Gentlemen, I am honoured to present to you a European view on risk management and legislation
More informationThe Review of Solvency II. 01/02/2018 Hans De Cuyper, President of Assuralia
The Review of Solvency II 01/02/2018 Hans De Cuyper, President of Assuralia 1 Implementation of Solvency II Belgian insurance companies early adopters with first dry runs in 2014 2 From Solvency I to Solvency
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, xxx COM(2005) yyy final 2005/aaaa (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on improving the portability of supplementary
More informationGREEN PAPER. towards adequate, sustainable and safe European pension systems SEC(2010)830
EN EN EN EUROPEAN COMMISSION Brussels, 7.7.2010 COM(2010)365 final GREEN PAPER towards adequate, sustainable and safe European pension systems SEC(2010)830 EN EN GREEN PAPER towards adequate, sustainable
More informationBrussels, COM(2018) 767 final
EUROPEAN COMMISSION Brussels, 28.11.2018 COM(2018) 767 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE EUROPEAN ECONOMIC
More informationCircular CBFA_2010_03 of 12/01/2010
Circular _2010_03 of 12/01/2010 Notification by an institution for occupational retirement provision governed by Belgian law of a cross-border activity or of an activity in a State that is not a member
More informationPension funds and asset management: A European Perspective
SPEECH/05/539 Charlie McCREEVY European Commissioner for Internal Market and Services Pension funds and asset management: A European Perspective IAPF (Irish Association of Pension Funds) Annual Benefits
More informationEIOPA, Solvency II and the Loss Adjusting profession
SPEECH Gabriel Bernardino Chairman of EIOPA EIOPA, Solvency II and the Loss Adjusting profession General Assembly of the European Federation of Loss Adjusting Experts Porto, 11 May 2012 Page 2 of 11 Ladies
More informationSpeaking notes Capital Markets Union: Pan-European Personal Pension Product (PEPP)
Fausto Parente Executive Director European Insurance and Occupational Pensions Authority (EIOPA) Speaking notes Capital Markets Union: Pan-European Personal Pension Product (PEPP) Questions and Answers
More informationDIRECTIVES. (Text with EEA relevance)
23.12.2016 L 354/37 DIRECTIVES DIRECTIVE (EU) 2016/2341 OF THE EUROPEAN PARLIAMT AND OF THE COUNCIL of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision
More informationChristian Noyer: Presentation of the European Central Bank Annual Report
Christian Noyer: Presentation of the European Central Bank Annual Report Introductory statement by Mr Christian Noyer, Vice-President of the European Central Bank, to the Committee on Economic and Monetary
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Principles No. 3.4 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES ON GROUP-WIDE SUPERVISION OCTOBER 2008 This document has been prepared by the Financial Conglomerates Subcommittee (renamed
More informationGabriel Bernardino (CEIOPS Chair) Opening Speech. CEIOPS Conference Frankfurt am Main, 18 November 2009
Gabriel Bernardino (CEIOPS Chair) Opening Speech CEIOPS Conference Frankfurt am Main, 18 November 2009 Introduction Dear Mr President, Distinguished Guests, Ladies and Gentlemen, On behalf of the Committee
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL. A Roadmap towards a Banking Union
EUROPEAN COMMISSION Brussels, 12.9.2012 COM(2012) 510 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL A Roadmap towards a Banking Union EN EN COMMUNICATION FROM THE COMMISSION
More informationAGE Platform Europe contribution to the Draft Report on an Adequate, Safe and Sustainable pensions (2012/2234(INI)) Rapporteur: Ria OOMEN-RUIJTEN
18 December 2012 AGE Platform Europe contribution to the Draft Report on an Adequate, Safe and Sustainable pensions (2012/2234(INI)) Rapporteur: Ria OOMEN-RUIJTEN AGE Platform Europe, a European network
More informationIntroductory Speech. The Solvency II Review: What happens next? Conference on "The review of Solvency II organised by the National Bank of Belgium
Introductory Speech Gabriel Bernardino Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) The Solvency II Review: What happens next? Conference on "The review of Solvency II
More informationResponse of the European Financial Services Round Table to the consultation of the European Commission on the Green Paper on Financial Services
Response of the European Financial Services Round Table to the consultation of the European Commission on the Green Paper on Financial Services Policy (2005 2010) COM(2005) 177 29 July 2005 The 20 Members
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Case Id: 0c95dfcb-3c16-495c-8c22-c55dee04b949 Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International
More informationEPC-SPC Joint Report on Pensions
The Social Protection Committee SPC/2009/12/14/final Mandate for EPC-SPC Joint Report on Pensions Methodological note and work plan in I. Objective of the EPC-SPC cooperation EPC and SPC, in cooperation
More informationRING-FENCING IN STRESS SITUATIONS
CEIOPS-OP-08-09 Rev6 10 May 2010 RING-FENCING IN STRESS SITUATIONS Supplement to CEIOPS Conclusions of the Initial Review of Key Aspects of the Implementation of the IORP Directive 1/45 TABLE OF CONTENTS
More informationEnsuring the sustainability of EU pension systems
EUROPEAN COMMISSION László ANDOR European Commissioner responsible for Employment, Social Affairs and Inclusion Ensuring the sustainability of EU pension systems Conference on "Emerging Challenges in the
More informationShadow Banking. June Avocats à la Cour
Shadow Banking June 2013 Avocats à la Cour Index 1. Introduction 3 2. Definition of Shadow Banking 3 2.1 Entities 3 2.2 Activities 4 3. Benefits and risks 4 3.1 Benefits 4 3.2 Risks 4 4. Challenge for
More informationRECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
12.3.2016 EN Official Journal of the European Union C 97/9 RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity
More informationST. JOHN S. COLLOQUIUM Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts
ST. JOHN S COLLOQUIUM Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts Assia Billig, IAA Population Issues Working Group JUNE 27-29, 2016 IAA Population Issues Working
More informationInsurance companies and pension funds: assessing the
Insurance companies and pension funds: assessing the dynamics of their assets and liabilities Lima, Filipa Banco de Portugal, Statistics Department 1 Edifício Adamastor Av. D. João II, Lote 1.1.0 1990-
More informationCommittee on Consumer Protection and Financial Innovation (CCPFI)
EIOPA-BoS-16/323 15 December 2016 Committee on Consumer Protection and Financial Innovation (CCPFI) Mandate I. Background The Committee on Consumer Protection and Financial Innovation (CCPFI) contributes
More informationPension reform in Germany and key supervisory challenges
Check against delivery! Pension reform in Germany and key supervisory challenges Keynote Speech by Felix Hufeld President of the Federal Financial Supervisory Authority (BaFin) at the OECD/IOPS Global
More informationJean-Claude Trichet: European financial integration
Jean-Claude Trichet: European financial integration Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the 23. Internationales ZinsFORUM Zinsen 2009, Frankfurt am Main, 11 December
More informationINCEPTION IMPACT ASSESSMENT. A. Context, Subsidiarity Check and Objectives
INCEPTION IMPACT ASSESSMENT TITLE OF THE INITIATIVE LEAD DG RESPONSIBLE UNIT AP NUMBER LIKELY TYPE OF INITIATIVE Initiative on introducing effective disincentives for advisors, promoters and enablers of
More informationFirst EU Stress Test for Occupational Pensions. Frankfurt, 24 February 2016 Daniel Perez
First EU Stress Test for Occupational Pensions Frankfurt, 24 February 2016 Daniel Perez OBJECTIVES OF THE EXERCISE To produce a comprehensive picture of the heterogeneous European occupational pensions
More informationKEYNOTE SPEECH: What will the future hold? The European insurance industry in times of major disruption
Dr. Manuela Zweimüller Head of Policy Department European Insurance and Occupational Pensions Authority (EIOPA) KEYNOTE SPEECH: What will the future hold? The European insurance industry in times of major
More informationQuestions and Answers: Value Added Tax (VAT)
MEMO/11/874 Brussels, 6 December 2011 Questions and Answers: Value Added Tax (VAT) 1. General background What is VAT? VAT is a consumption tax, charged on most goods and services traded for use or consumption
More informationCommuniqué. Meeting of Finance Ministers and Central Bank Governors Moscow, February 2013
Communiqué Meeting of Finance Ministers and Central Bank Governors Moscow, 15-16 February 2013 1. We, the G20 Finance Ministers and Central Bank Governors, met to discuss the global economic challenges
More informationaba Assessment of the Proposal for a Directive on the activities and supervision of institutions for occupational retirement provision
aba Assessment of the Proposal for a Directive on the activities and supervision of institutions for occupational retirement provision Last updated: 09 February 2015 The aba - Arbeitsgemeinschaft für betriebliche
More informationResponse to the Consultative Document of the European Commission services
Response to the Consultative Document of the European Commission services Consultation on the harmonisation of solvency rules applicable to institutions for occupational retirement provision (IORPs) covered
More informationPensions and Long-Run Investment
Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development DIRECTION DES AFFAIRES FINANCIERES, FISCALES ET DES ENTREPRISES DIRECTORATE FOR FINANCIAL,
More information2014/0091 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 27.3.2014 COM(2014) 167 final 2014/0091 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the activities and supervision of institutions for
More informationTEXTS ADOPTED. Long-term shareholder engagement and corporate governance statement ***I
European Parliament 2014-2019 TEXTS ADOPTED P8_TA(2015)0257 Long-term shareholder engagement and corporate governance statement ***I Amendments adopted by the European Parliament on 8 July 2015 on the
More informationImpacts and concerns about IFRS9 implementation
Impacts and concerns about IFRS9 implementation Keynote speech by Mr Pedro Duarte Neves, Vice-Governor of the Banco de Portugal, at the meeting on Accounting for Derivatives and Financial Instruments organized
More informationCommuniqué of G-7 Finance Ministers and Central Bank Governors February 20, 1999 Petersberg, Bonn
Communiqué of G-7 Finance Ministers and Central Bank Governors February 20, 1999 Petersberg, Bonn 1. We, the Finance Ministers and Central Bank Governors of the G7- countries and Wim Duisenberg, President
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Case Id: 8c9481a0-7e98-4a6f-9420-564020e43697 Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International
More informationThe role of regional, national and EU budgets in the Economic and Monetary Union
SPEECH/06/620 Embargo: 16h00 Joaquín Almunia European Commissioner for Economic and Monetary Policy The role of regional, national and EU budgets in the Economic and Monetary Union 5 th Thematic Dialogue
More informationBrussels, COM(2016) 601 final
EUROPEAN COMMISSION Brussels, 14.9.2016 COM(2016) 601 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE
More informationRetirement Provision for an Ageing Population
GFIA-16-10 Retirement Provision for an Ageing Population GFIA opinion paper on ageing populations as a global risk Summary The world is experiencing an unprecedented demographic transformation brought
More informationMain Achievements October September 2017
Main Achievements October 2016 - September 2017 1. Introduction 2 EIOPA is an independent advisory body to the European Commission, the European Parliament, the Council of the European Union. EIOPA s tasks
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 26.01.2006 COM(2006) 22 final REPORT FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationJürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools?
Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Frankfurt
More informationProgress in the Implementation of the G20 Recommendations for Strengthening Financial Stability
Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability Report of the Financial Stability Board to G20 Finance Ministers and Central Bank Governors 10 April 2011
More informationPensionsEurope Position Paper on the Review of the European Supervisory Authorities
PensionsEurope Position Paper on the Review of the European Supervisory Authorities 12 March 2018 About PensionsEurope PensionsEurope represents national associations of pension funds and similar institutions
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Case Id: 3404a084-35a6-4727-b1e0-7d6933f60981 Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International
More informationSolvency II and the Work of CEIOPS
The Geneva Papers, 2008, 33, (60 65) r 2008 The International Association for the Study of Insurance Economics 1018-5895/08 $30.00 www.palgrave-journals.com/gpp Solvency II and the Work of CEIOPS Thomas
More informationOctober
PensionsEurope answer to the public consultation on EIOPA's regular information requests towards NCAs regarding provision of occupational October 2017 www.pensionseurope.eu About PensionsEurope PensionsEurope
More informationStatement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000
Statement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000 Let me start by thanking the staff on behalf of my Estonian authorities and myself for their dedication
More informationFinally arriving? Pension Reforms in Europe
Finally arriving? Pension Reforms in Europe Chris de Neubourg Tokyo 2010 Finally arriving? Pension Reforms in Europe Chris de Neubourg Innocenti Research Centre, Unicef, Florence October 2010 Drivers
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Recommendation for a COUNCIL OPINION
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 19 February 2008 SEC(2008) 217 final Recommendation for a COUNCIL OPINION in accordance with the third paragraph of Article 9 of Council Regulation
More informationLuncheon Speech State Secretary Ineichen-Fleisch
Federal Department of Economic Affairs, Education and Research EAER State Secretariat for Economic Affairs SECO Economic Cooperation and Development Macroeconomic Support Luncheon Speech State Secretary
More informationTHE EUROPEAN COMMISSION S GREEN PAPER ON PENSIONS
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L THE EUROPEAN COMMISSION S GREEN PAPER ON PENSIONS Sheenagh Gordon-Hart Industry and Client Research Executive J.P. Morgan Worldwide Securities
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 13.10.2008 COM(2008) 640 final 2008/0194 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on cross-border payments
More informationFeedback Statement of the EIOPA Occupational Pensions Stakeholder Groups (OPSG) on 2015 EIOPA Report on Occupational Pensions and Cross Border IORPs
EIOPA-OPSG-15-11 November 2015 Feedback Statement of the EIOPA Occupational Pensions Stakeholder Groups (OPSG) on 2015 EIOPA Report on Occupational Pensions and Cross Border IORPs Executive Summary The
More informationPUBLIC HEARING ON THE CAPITAL MARKETS UNION (CMU) MID-TERM REVIEW
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) PUBLIC HEARING ON THE CAPITAL MARKETS UNION (CMU) MID-TERM REVIEW The European Commission Brussels, 11 April 2017
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EN EN EN EUROPEAN COMMISSION Brussels, 19.1.2011 COM(2011) 8 final 2011/0006 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directives 2003/71/EC and 2009/138/EC
More informationPension Diagnostic Assessment Pensions Core Course April 27, Mark C. Dorfman Pensions Team SPL Global Practice The World Bank
Pension Diagnostic Assessment Pensions Core Course April 27, 2015 Mark C. Dorfman Pensions Team SPL Global Practice The World Bank Organization I. Pension Diagnostic Assessment A. Evaluation Process &
More information1. On 29 June 2017, the Commission presented its proposal for a Regulation on a pan-european Personal Pension Product (PEPP) 1.
Council of the European Union Brussels, 15 June 2018 (OR. en) Interinstitutional File: 2017/0143 (COD) 9975/18 EF 164 ECOFIN 603 SURE 30 SOC 387 CODEC 1028 IA 195 NOTE From: To: Subject: Presidency Permanent
More informationKarel VAN HULLE. Head of Unit, Insurance and Pensions, DG Markt, European Commission
Solvency II: State of Play Guernsey, 18th December 2009 Karel VAN HULLE Head of Unit, Insurance and Pensions, DG Markt, European Commission 1 Why do we need Solvency II? Lack of risk sensitivity in existing
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International Financial Reporting Standards (IFRS) in the
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Case Id: 7cbc6e8b-39f4-426d-b672-b89ae4ce4b1b Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International
More informationInternational Regulatory Developments
International Regulatory Developments An Introduction to Solvency II Simone Brathwaite, FSA, FCIA, CERA Principal Oliver Wyman December 2, 2010 Many bodies driving global regulatory change A simplification
More informationOpen-Ended Working Group on Ageing Guiding Questions
1 Open-Ended Working Group on Ageing Guiding Questions 1. Equality and Non-Discrimination 1.1. Does your country s constitution and/or legislation (a) guarantee equality explicitly for older persons or
More informationOECD/ IOPS Global Forum On Private Pensions. Reforming Private DB Plans. Istanbul, Nov 2006 Brigitte Miksa, Head of AGI International Pensions
OECD/ IOPS Global Forum On Private Pensions Reforming Private DB Plans Istanbul, Nov 2006 Brigitte Miksa, Head of AGI International Pensions Private pensions of key importance in pension reforms Copyright
More informationBasel III: towards a safer financial system
Basel III: towards a safer financial system Speech by Mr Jaime Caruana General Manager of the Bank for International Settlements at the 3rd Santander International Banking Conference Madrid, 15 September
More informationDEVELOPMENTS IN THE EU FRAMEWORK FOR FINANCIAL REGULATION, SUPERVISION AND STABILITY
DEVELOPMENTS IN THE EU FRAMEWORK FOR FINANCIAL REGULATION, SUPERVISION AND STABILITY The completion of the Financial Services Action Plan (FSAP) is expected to provide the realisation of the single market
More informationSolvency II. Yannis Pitaras IACPM Brussels, 15 May 2009
Solvency II Yannis Pitaras IACPM Brussels, 15 May 2009 CEA s Member Associations 33 national member associations: 27 EU Member States + 6 Non EU Markets Switzerland, Iceland, Norway, Turkey, Liechtenstein,
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on insurance mediation. (recast) (Text with EEA relevance)
EUROPEAN COMMISSION Strasbourg, 3.7.2012 COM(2012) 360 final 2012/0175 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on insurance mediation (recast) (Text with EEA relevance)
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Angel Gurría Secretary-General The Organisation for Economic Co-operation and Development (OECD) IMF
More informationInsurance and pensions: challenges and opportunities for deepening the Single Market
SPEECH/11/766 Michel BARNIER Member of the European Commission responsible for the Internal Market and Services Insurance and pensions: challenges and opportunities for deepening the Single Market EIOPA
More informationINVEST IN BELGIUM INCREASE YOUR PROFITS. Prime Location for Pan-European Pension Funds
INVEST IN BELGIUM INCREASE YOUR PROFITS Prime Location for Pan-European Pension Funds SMARTER TOGETHER FOR BETTER PENSIONS. BELGIUM LEADS THE WAY. 03 05 11 Legal framework Financial framework Tax regime
More informationINVESTMENT MANAGEMENT GUIDELINE
INVESTMENT MANAGEMENT GUIDELINE August 2010 Table of Contents Preamble... 3 Introduction... 4 Scope... 5 Coming into effect and updating... 6 1. Sound and prudent investment management... 7 2. General
More informationEUROPEAN ECONOMIC AREA
EUROPEAN ECONOMIC AREA JOINT PARLIAMENTARY COMMITTEE M/20/R/034 - PE 322.082 15 November 2002 Brussels REPORT ON FINANCIAL SERVICES IN THE EEA Co-rapporteurs: - Dr Johannes BLOKLAND (EDD, Netherlands)
More information