jean paul servais - the supervisory and regulatory framework for pan-european pension funds

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1 The Supervisory and Regulatory Framework for Pan-European Pension Funds Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA) Financial Services and Markets Authority (FSMA) - T : +32 2 220 52 11 - E : [email protected] - www.fsma.be

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Page 1: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

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The Supervisory and Regulatory Framework for Pan-European Pension Funds

Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA)

Financial Services and Markets Authority (FSMA) - T : +32 2 220 52 11 - E : [email protected] - www.fsma.be

Page 2: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

The FSMA

Financial Services and Markets Authority

Single supervisor of pension funds and

occupational retirement provision

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Page 3: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

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

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Page 4: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

Purpose of the passport

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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

Page 5: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

European pension funds Directive

Minimum harmonisation

Very diverse implementation by Member States

Does not touch upon social and labor law

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Page 6: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

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

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Page 7: Jean paul servais - the supervisory and regulatory framework for pan-european pension funds

In the field

FSMA in BelgiumHome supervisor of 9 pan-European pension funds active in

numerous European countries

Multidisciplinary supervision teams

FSMA in EuropeProactive 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

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