EIOPA issues Guidelines on the use of the Legal Entity Identifier

The European Insurance and Occupational Pensions Authority (EIOPA) issued
today its Guidelines on the use of the Legal Entity Identifier (LEI) in
all the official languages of the EU. According to them, national
competent authorities (NCAs) should ensure that all institutions under
their supervisory remit obtain a LEI code. The use of LEI will apply to
all information collected by EIOPA including Solvency II reporting and
registers.

Within 2 months, the NCAs should confirm to EIOPA their compliance or
intention to comply with the Guidelines on the use of LEI that will become
applicable on 31 December 2014.

With these Guidelines, EIOPA supports the adoption of the LEI system
proposed by the Financial Stability Board (FSB) and endorsed by the G20,
aimed at achieving a unique, worldwide identification of parties to
financial transactions. EIOPA believes that the use of LEIs will enhance
supervisory convergence and overall efficiency of the supervisory system
while ensuring the high quality, reliability and comparability of data.

In addition EIOPA publishes the Final Report on the public consultation on
the draft Guidelines related to the use of LEI, which contains the impact
assessment of the Guidelines and EIOPA's Feedback Statement on the
public consultation. The language versions of the Guidelines and other
documentation can be viewed here (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-the-use-of-the-legal-entity-identifier/index.html
).


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The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on further work on sol

Today EIOPA published a consultation paper on further technical work on the
holistic balance sheet to gather input from stakeholders. The paper
constitutes a further step in EIOPA's work on a risk-based framework for
occupational pension funds. EIOPA is undertaking this work on its own
initiative, in its role as independent advisor to the European political
institutions.

The consultation paper proposes improved definitions and methodologies to
value the holistic balance sheet, covering areas such as the valuation of
sponsor support, the benefit reduction mechanisms and discretionary
decision-making processes and the definition of contract boundaries.

Most importantly, the paper consults on different possible uses of the
holistic balance sheet within a supervisory framework, ranging from an
instrument to establish funding requirements to a risk management and
transparency tool to assess the long-term sustainability of IORPs.

The further work on the holistic balance sheet has to be tested through a
quantitative assessment. EIOPA expects to publish draft technical
specifications for such an assessment by early 2015.

The consultation will end on 13 January 2015.

The relevant documentation and the template for comments can be viewed
here: https://eiopa.europa.eu/consultations/consultation-papers/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


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Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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password on the login page of the EIOPA Restricted Area.

The European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on conflicts of intere

The European Commission asked EIOPA to provide technical advice on
organisational requirements obliging insurance intermediaries and
insurance undertakings to take appropriate measures to address conflicts
of interest arising in the distribution of insurance based investment
products.

Conflicts of interests may lead to severe consumer detriment. Consumer
protection is one of EIOPA's key objectives.
You can read the consultation paper here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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Please login to the Restricted Area of the EIOPA website and change
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.

EIOPA published its Work Programme 2015 and Multi Annual Work Programme 2015-17

EIOPA's Multi-Annual Work Programme 2015-2017 (Link:
https://eiopa.europa.eu/about-eiopa/work-programme/multi-annual-work-programme-2015-2017/index.html
) establishes where the focus of the Authority's work lies. It links the
specific annual and multi-annual products and services of the Authority to
its overall strategic goals:
to ensure transparency, simplicity, accessibility and fairness across the
internal market for consumers; to lead the development of sound and
prudent regulations supporting the EU internal market; to improve the
quality, efficiency and consistency of the supervision of EU insurers and
occupational pensions;to identify, assess, mitigate and manage risks and
threats to the financial stability of the insurance and occupational
pensions sectors; and EIOPA to act as a modern, competent and professional
organisation, with effective governance arrangements, efficient processes
and a positive reputation.





This newsletter was sent to you by:

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Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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password on the login page of the EIOPA Restricted Area.

The Mayor of Frankfurt visits EIOPA

The Mayor of Frankfurt Peter Feldmann visited EIOPA today, 29 September
2014.

During his visit the Mayor was offered a tour around the newly opened floor
of the Authority and afterwards discussed with its officials the main
strategic goals and priorities of EIOPA.

Mr Feldmann indicated that currently 78 insurance companies and branch
offices are located in Frankfurt, offering 9,000 jobs in the insurance
sector of the city. He also noted that besides EIOPA the city has become a
seat for the European Central Bank, the Single Supervisory Mechanism and
the European Systemic Risk Board. "We are proud of Frankfurt's growing
role as a major centre for financial regulation, which gives to our city a
specific European importance", he said.

In its turn Carlos Montalvo, Executive Director of EIOPA, thanked the City
of Frankfurt for the long-term support and cooperation. "All of us
working at EIOPA enjoy being part of the city by having close links to the
Goethe University, cultural and social institutions and, above all, its
people", he emphasized. "At the same time, thanks to the excellent
infrastructure of Frankfurt, EIOPA will further enhance its role as the
European hub for insurance regulation and supervision".


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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EIOPA publishes the Statement by Gabriel Bernardino, Chairman of EIOPA, at the Hearing at the Economic and Monetary Affa

Click here (Link:
https://eiopa.europa.eu/press-room/speeches-presentations-and-interviews/index.html
)to read the statement


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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password on the login page of the EIOPA Restricted Area.

Statement by EC, EIOPA and the ASF about the assessment of the Romanian insurance sector

Statement by EC, EIOPA and the ASF about the assessment of the Romanian
insurance sector. Click here (Link:
https://eiopa.europa.eu/press-room/press-releases/index.html )to read the
press release


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.