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
The FSMA
Financial Services and Markets Authority
Single supervisor of pension funds and
occupational retirement provision
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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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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
European pension funds Directive
Minimum harmonisation
Very diverse implementation by Member States
Does not touch upon social and labor law
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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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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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