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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

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EIOPA OPSG meeting 15 October 2014 EC update

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  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.

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