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 Provide more effective information to members and beneficiaries Facilitate cross-border activity and transfers Recast, 81 articles, 3 delegated acts (under discussion)

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

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?

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

Personal pensions

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 Internal market/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

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

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

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

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

Lord Hill was approved as Commissioner for Financial stability, financial services and capital markets union Vice-Presidents Valdis Dombrovskis - The euro and social dialogue and Jyrki Katainen - Jobs, growth, investment and competitiveness

Thank you for your attention.