07.07.2015    EIOPA PAPER ON EUROPE-WIDE PERSONALISED PENSION PRODUCT

The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation paper on the creation of a standardised pan-European personalised pension (PEPP) product.

The overall objective of the proposal is to encourage EU citizens to save for an adequate retirement income by creating a simple, transparent and cost-effective product. To this end, EIOPA proposes the creation of a harmonised legal framework for an internal EU PEPP market which would ensure a level playing field between all providers and remove existing barriers to cross-border business.

The following points are raised in the EIOPA paper:

  • Benefits could be expected both for providers of PEPPs (allowing providers to target wide sections of the EU working population with the same pension products, for example) and for individuals (the standardisation of PEPPs would increase availability of value-for-money products).
  • A stand-alone authorisation regime for PEPP providers should be introduced to ensure that providers not already regulated under an existing EU directive do not fall through the “authorisation gap”.
  • EIOPA recommends the introduction of a product passport to remove existing barriers to free cross-border marketing of PEPPs.
  • Supervisory bodies would need to be put in place to supervise providers, with close co-operation between national authorities.

The deadline for comments on the consultation paper is 5 October 2015.

21.07.2015    ESMA UPDATES Q&A ON APPLICATION OF AIFMD

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A paper on the application of the Alternative Investment Fund Managers Directive  (2011/61/EU)  (AIFMD)  (2015/ESMA/1137).

The paper includes new Q&As on reporting and the calculation of the total value of assets under management. The new Q&As are highlighted in yellow in the paper.

The intention of the Q&A is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures. Responses are provided to questions posed by the general public and competent authorities in relation to the practical application of the AIFMD. The answers are also intended to help AIFMs by providing clarity on the content of the AIFMD rules.

22.07.2015    ESMA DELAYS PUBLICATION OF OPINION ON AIFMD PASSPORTING

The European Securities and Markets Authority (ESMA) has published a notice confirming that it is still in the process of finalising its opinion and advice to the European Commission, Council and Parliament on Article 67 (1) of the Alternative Investment Fund Managers Directive (AIFMD) and intends to publish them during the week beginning 27 July rather than on 22 July as previously expected.

The opinion relates to the passporting of EU AIFMs and  national private placement regimes and the advice relates to the passporting of non-EU AIFMs and AIFs into the EU.