1. EIOPA OPSG meeting 15 October 2014 EC update
Anna Kadar
Insurance and Pensions Unit
DG Internal Market 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. Personal pensions

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
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

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: Elzbieta Bienkowska)
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
Valdis Dombrovskis - The euro and social dialogue and
Jyrki Katainen - Jobs, growth, investment and competitiveness

13. Thank you for your attention.