1. New York, 23 June 2011 Pan European Pension Funds, Now A Reality Belgian Economic Mission

2. 2 The Supervisory and Regulatory Framework for Pan-European Pension Funds Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA)

3. The FSMA  Financial Services and Markets Authority  Single supervisor of pension funds and occupational retirement provision 3

4. European Directive  European pension funds (IORP) Directive of June 2003  2 main regulatory goals high degree of security for future pensioners: prudent person principle internal market: European passport => pan-European pension fund 4

5. Purpose of the passport 5 country A IORP A country B IORP B country C IORP C country D IORP D country E IORP E Country Etc... IORP Etc... Belgian IORP country A country B country C Country D Country E Country etc... one gateway, one European passport, even if no Belgian pension plan included

6. European pension funds Directive  Minimum harmonisation  Very diverse implementation by Member States  Does not touch upon social and labor law 6

7. Belgian implementation of the Directive Clear framework Flexible governance structure adaptable to sponsor's governance model Principle-based (prudent person principle) No quantitative investment rules - qualitative approach Flexible funding/solvency requirements 7

8. In the field  FSMA in Belgium  Home supervisor of 9 pan-European pension funds active in numerous European countries  Multidisciplinary supervision teams  FSMA in Europe  Proactive participant in the European supervisory network, EIOPA  Active in setting regulatory standards at EU level  Broad knowledge of European pensions market Let's make it work together 8