European Commission publishes the IORP II Directive
On 27th March, the European Commission published the IORP II Directive - a legislative proposal for new rules on occupational pension funds (IORPs). The general objective of this proposal is to facilitate the development of occupational retirement savings.
The proposal aims at improving governance and transparency of these funds in Europe, promoting cross-border activity, and helping long-term investment.
The proposal has four specific objectives:
- removing remaining prudential barriers for cross-border IORPs, notably by requiring that the rules on investment and disclosure of information to members and beneficiaries are those of the home Member State, as well as by clarifying procedures for cross-border activities and clearly defining the scope of action of home and host Member State;
- ensuring good governance and risk management;
- providing clear and relevant information to members and beneficiaries; and
- ensuring that supervisors have the necessary tools to effectively supervise IORPs.
Full details are available here:
http://ec.europa.eu/internal_market/pensions/directive/index_en.htm