The Joint Committee of ESAs launches a public consultation on the FICOD review

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and
ESMA) is launching today a three'month public consultation on the proposed
response to the call for technical advice from the European Commission on
the fundamental review of the Financial Conglomerates Directive ("the
FICOD").

This consultation covers three broad areas where advice is sought by the
European Commission: the scope of application, the group wide internal
governance requirements and sanctions and supervisory empowerments under
the FICOD.

In its proposed response, the Joint Committee issues a series of
recommendations for the review of the FICOD, including the widening of the
scope of supervision, addressing requirements and responsibilities to a
designated entity within the financial conglomerate and the framework of
supervisory powers provided by the FICOD.

Moreover, the Joint Committee will be providing later this year, a
supervisory contribution to the wider fundamental review of the FICOD,
which is being carried out by the European Commission.

Consultation process


The consultation paper is available on the websites of the three ESAs: EBA,
EIOPA and ESMA.

Please send your comments by 13 August 2012 cob to the EBA, EIOPA and ESMA,
using the template provided, by email to joint-committee@eba.europa.eu
(Link: joint-committee@eba.europa.eu ),
jointcommittee@eiopa.europa.eu (Link:
jointcommittee@eiopa.europa.eu ) and joint.committee@esma.europa.eu
(Link: joint.committee@esma.europa.eu ) by indicating the
reference "JC/CP/2012/01" on the subject field.

All contributions received will be published following the close of the
consultation, unless otherwise requested.


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DNB Nieuwsservice - 14 mei 2012 - Nieuwsbericht Solvency II

	DNB Nieuwsservice		14 mei 2012
	Geachte heer Ivan Kooiman,
	De Nederlandsche Bank heeft vandaag het volgende bericht op haar website gepubliceerd:
	Open Boek Toezicht – Solvency II (14 mei 2012)
	Deze editie van het Solvency II nieuwsbericht gaat in de ORSA rondetafelsessies, de start van de Parallel Run en de uitkomsten van de consultatie van de nationale staten.
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European Supervisory Authorities publish today a joint Discussion Paper (JC/DP/2012/01) on Draft Regulatory Technical St

EBA, EIOPA and ESMA invite market participants and all interested
stakeholders to provide their feedback on planned regulatory technical
standards covering risk mitigation techniques for OTC derivatives not
cleared by central counterparties.

The EMIR Regulation ("the Regulation") on OTC Derivatives, CCPs and
trade repositories EMIR) introduces provisions to improve transparency and
reduce the risks associated with the OTC derivatives market and
establishes common rules for central counterparties (CCPs) and for trade
repositories (TRs). The Regulation acknowledges that not all OTC
derivatives would meet the necessary requirements to be centrally cleared.
For this reason, it introduces provisions on risk mitigation techniques
for OTC derivatives not cleared by a CCP.

In this respect, the Regulation delegates powers to the European Commission
to adopt regulatory technical standards (RTS) on the level of capital and
collateral counterparties to derivatives transactions need to maintain,
type of collateral and segregation arrangements as well as on the
procedures to apply an intragroup exemption.

EBA, EIOPA and ESMA (the ESAs) are required to jointly develop draft
regulatory technical standards on these matters. This discussion paper
analyses possible options that the ESAs are currently considering for the
development of these draft technical standards.

In addition, following this discussion paper and on the basis of the
relevant input received, the ESAs will prepare draft technical standards
to be included in the consultation paper which will most likely be
published around summer 2012.

ESMA already published a discussion paper on 16 February on the draft RTS
and ITS which it is required to develop. The discussion paper is available
on ESMA website: http://www.esma.europa.eu/system/files/2012-95.pdf
(Link: http://www.esma.europa.eu/system/files/2012-95.pdf )

EBA is also publishing together with this joint discussion paper a
discussion paper on draft regulatory technical standards on capital
requirements for CCPs.

To facilitate an efficient processing of the information, it was agreed
between the three ESAs that ESMA will be centrally collecting the answers.

The consultation will end on Sunday 2 April, at 18.00 HRS CET.

All contributions should be submitted online at www.esma.europa.eu
(Link: http://esma.europa.eu ) under the heading
'Consultations'.

The Joint Discussion Paper can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).

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EIOPA publishes final advice to the European Commission on the review of the IORP Directive 2003/41/EC

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its final response to the European Commission's Call for
Advice (CfA) on the review of the IORP Directive2003/41/EC.

A key proposal of EIOPA is the "holistic balance sheet", as a way to
achieve the Commission's aim for harmonisation. It will enable IORPs to
take into account the various adjustment mechanisms (conditional
indexation, reduction of accrued rights) and security mechanisms
(regulatory own funds, sponsor support, pension protection funds) in an
explicit way. In other words, the approach proposed by EIOPA is to
acknowledge the existing diversity of occupational pension systems in the
EU Member States, while capturing all these systems into a single balance
sheet.

In its advice EIOPA underlines the importance of a quantitative impact
study (QIS) because it is crucial to further explore the possible impact
on the financial requirements for pension funds that the holistic balance
sheet and the various policy options within that approach might have.
EIOPA is currently preparing for a QIS exercise and aims to publish
results in the second half of 2012.

Besides the quantitative requirements, EIOPA's advice also contains
proposals to enhance qualitative requirements in such areas as governance
and risk-management. These have been modelled on Solvency II with the
necessary adjustments for IORPs. EIOPA advice calls for the strengthening
of fit and proper criteria and for a proportionate, i.e. adjusted for the
nature, size and complexity of IORPs, implementation of robust internal
and external controls and sound risk management frameworks.

In addition, the document addresses information provision and member
protection, particularly in defined contribution (DC) schemes. According
to EIOPA advice, information needs to be relevant, correct, understandable
and not misleading. EIOPA calls for the introduction of a Key Information
Document for all defined contribution schemes which would allow members to
have confidence in the scheme irrespective of where it is located in the
EU.

Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to make marked progress in the area of European regulation of DC
schemes. At the moment, 60 million people rely on DC schemes and I have no
doubt that this number will continue to grow in the coming decades.
However, this is not the end of the process of developing a European
framework for occupational pensions, but merely the beginning", he
added. "In particular, we have to ascertain ourselves via the QIS that
the proposed approach stimulates affordable yet secure occupational
pension provision in Europe".

Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
) to view EIOPA's Advice to the European Commission on the review of the
IORP Directive 2003/41/EC

To access EIOPA's Resolutions on comments received click here
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
).

To access Opinion of the EIOPA Occupational Pensions Stakeholder Group
regarding EIOPA Draft Advice to European Commission on the review of
Directive 2003/41/EC click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/sg-opinion-feedback/index.html
).

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EIOPA publishes its Action Plan 2012 for Colleges of Supervisors

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its Action Plan 2012 for Colleges of Supervisors. The two
key targets of the Action Plan 2012 are preparation for the implementation
of Solvency II and exchange of information within colleges.

The document foresees that colleges of supervisors will establish a work
plan related to the activities of the college for an insurance group's
internal model application. The colleges will also summarize the tasks
that should be performed in relation to group supervision under Solvency
II.

The Action Plan 2012 envisages that supervisors start implementing
EIOPA's guidelines on a regular exchange of quantitative and qualitative
information within colleges. They are also expected to set up a
coordination arrangement for their supervisory activities.

According to the document, colleges of supervisors should set up an
emergency plan of information exchange and crisis management in case of
financial turbulence that a group or a solo undertaking might face.

To access the Action Plan 2012 for Colleges of Supervisors click here
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/CollegesActionPlan2012.pdf
).

EIOPA also made publicly available the Report on the functioning of
colleges in 2011. The document inter alia states that despite the lack of
the final legal basis for the implementation of Solvency II, colleges are
making great efforts to prepare for the new regulatory regime.

Click here (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-02-02_Report_on_functioning_2011.pdf
) to see the text of the Report.

The above-mentioned documents as well as the updated list of participants
in the colleges can be viewed in a newly created section "Colleges of
Supervisors (Link:
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)" on EIOPA's website.

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EIOPA publishes initial Overview of Consumer Trends in the European insurance and occupational pensions sectors

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today an initial Overview of Consumer Trends across the EU in
the insurance and occupational pensions sectors (Link:
https://eiopa.europa.eu/publications/reports/index.html ).

Collecting, analysing and reporting on European consumer trends is one of
the key tools EIOPA is using to promote transparency, simplicity and
fairness for consumers. This overview provides a summary, from a European
perspective, of key consumer trends.

During the course of its analysis, EIOPA identified three key trends:

(i) Consumer protection issues relating to Payment Protection Insurance
(or PPI);
(ii) An increased focus on Unit-Linked Life insurance products; and
(iii) An increased use of Comparison Websites by consumers.

The key aspects of these trends are explained, together with an outline of
the supervisory issues arising from those trends.

EIOPA's Chairman, Gabriel Bernardino commented: "Taking a "leading
role" in the area of consumer protection is vital for EIOPA. By
reporting on key consumer trends from a European perspective, we want to
improve transparency for all stakeholders whether consumers, industry or
supervisors. This initial Overview marks just the beginning of our
on-going monitoring. Where appropriate, we will take action in order to
promote safety and soundness of markets and convergence of regulatory and
supervisory practices."

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Phone: +49 69 951119-20
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EIOPA publishes its call for expression of interest regarding one membership position in the EIOPA Insurance and Reinsur

EIOPA publishes its call for expression of interest regarding one
membership position in the EIOPA Insurance and Reinsurance Stakeholder
Group. The call is addressed to the academic community.

One of the main tasks of the Insurance and Reinsurance Stakeholder Group is
to advise EIOPA on the issues related to the tasks and objectives that are
assigned to EIOPA by the EU law. Members of the Insurance and Reinsurance
Stakeholder Group are bound by confidentiality requirements in relation to
all non-public information they are provided with while performing their
tasks.

The Insurance and Reinsurance Stakeholder Group meets at least 4 times a
year at EIOPA's premises in Frankfurt am Main, Germany.

Deadline for application is 30.03.2012.
For more information on the activities of the Insurance and Reinsurance
Stakeholder Group, the eligibility criteria of candidates and the
application procedure click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/call-for-candidates/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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