The European Insurance and Occupational Pensions Authority (“EIOPA”) has launched a consultation process on a Draft Response to Call for Advice on the scope of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (“the IORP Directive”).

[A] Background

In April 2011 the European Commission asked EIOPA for advice by mid December 2011 on the EU-wide legislative framework for IORPs. Advice is sought on the scope of the IORP directive, on certain cross-border aspects, and on three other areas namely: [i] the quantitative requirements that should apply to IORPs and how should these be measured; [ii] the qualitative requirements, particularly in respect of the governance of IORPs; and [iii] the information that should be provided in respect of IORPs to members and beneficiaries, and to supervisory authorities.

[B] Consultation Process

EIOPA compiled a “Draft Response to Call for Advice” and is inviting market participants and occupational pensions stakeholders to provide their comments. This is the first consultation process initiated by EIOPA. This consultation is limited to a number of areas where advice is sought namely: [i] the scope of the IORP Directive; [ii] the definition of cross border activity; [iii] the scope of prudential regulation; and [iv] on aspects of the governance of IORPs. Further details on the consultation process can be found at: https://eiopa.europa.eu/activities/occupational-pensions/index.html.

The consultation process ends on Monday 15 August 2011. Comments are to submitted to EIOPA by e-mail ([email protected]), indicating the reference "EIOPA-CP-11/001". EIOPA will make all comments available on its website, except where respondents specifically request that their comments remain confidential.

It is appreciated if any feedback provided to EIOPA is copied to the Malta Financial Services Authority – Insurance and Pensions Supervision Unit by e-mail: [email protected].

MFSA Ref: 32-2011