The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the implementation of technical standards for supervisory reporting and cooperation for the pan-European personal pension product (PEPP).
The consultation sets out EIOPA’s proposals for the annual supervisory reporting requirements on PEPP and formalise the notifications required by the PEPP regulation to facilitate efficient processes in the cooperation between competent authorities and EIOPA.
“The regular, annual submission of information on the PEPP business and efficient communication channels between competent authorities are key building blocks of the supervisory framework for the PEPP,” the authority said.
“In developing its proposals, EIOPA sought input from the supervisory community of the insurance and pension sectors, the other European Supervisory Authorities, and conducted an active dialogue with EIOPA's stakeholder groups.”
The consultation is open until 20 May 2020, with EIOPA inviting stakeholders to give feedback on its proposals. It says such feedback is “necessary” to ensure that the requirements enforce strong product supervision for PEPP and effective cooperation between PEPP competent authorities and EIOPA.
Following the closure of the consultation, EIOPA said it will consider the feedback and it expects to publish a final report on the consultation and to submit the consultation paper for adoption by the board of supervisors.
The consultation can be viewed here.
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