64 Amendments of Jonás FERNÁNDEZ related to 2014/0091(COD)
Amendment 285 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to furthershould be taken to develop complementary private retirement savings such as occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 311 #
Proposal for a directive
Recital 9
Recital 9
(9) In accordance with the principle of subsidiarity, Member States should retain full responsibility for the organisation of their pension systems as well as for the decision on the role of each of the three "pillars" of the retirement system in individual Member States. In the context of the second pillar, they should also retain full responsibility for the role and functions of the various institutions providing occupational retirement benefits, such as industry-wide pension funds, company pension funds and life-assurance companies. This Directive is not intended to call this prerogative into question.
Amendment 319 #
Proposal for a directive
Recital 10
Recital 10
(10) National rules concerning the participation of self-employed persons in institutions for occupational retirement provision differ. In some Member States, institutions for occupational retirement provision can operate on the basis of agreements with trade or trade groups whose members act in a self-employed capacity or directly with self-employed and employed persons. In some Member States a self-employed person can also become a member of an institution when the self- employed person acts as employer or provides professional services to an undertaking. In some Member States self- employed persons cannot join an institution for occupational retirement provision unless certain requirements, including those imposed by social and labour law, are met. In any event, membership of occupational pension schemes cannot be regarded as grounds for excluding or exempting self-employed persons from membership of social security systems intended for them.
Amendment 323 #
Proposal for a directive
Recital 12
Recital 12
(12) Financial institutions which already benefit from a Union legislative framework should not in general be excluded from the scope of this Directive. However, aAs these institutions may also in some cases offer occupational pension services, it is important to ensure that this Directive does not lead to distortions of competition. Such distortions may be avoided by applying the prudential requirements of this Directive to the occupational pension business of life- assurance companies. The Commission should also carefully monitor the situation in the occupational pensions market and assess the possibility of extending the optional application of this Directive to other regulated financial institutions.
Amendment 348 #
Proposal for a directive
Recital 21
Recital 21
(21) The huge number of institutions in certain Member States means a pragmatic solution is necessary as regards prior authorisation of institutions. However, if an institution wishes to manage a scheme in another Member State, a prior authorisation granted by the competent authority of the home Member State should be requirwhere it is established should be required. Such authorisation should not be necessary to seek members in Member States other than the one in which the institution is established.
Amendment 350 #
Proposal for a directive
Recital 22
Recital 22
(22) Without prejudice to national social and labour legislation on the organisation of pension systems, including compulsory membership and the outcomes of collective bargaining agreements, institutions should have the possibility of providing their services in other Member States upon receipt of the authorisation from the competent authority of the insitution's home Member State Member State in which they are established. Institutions should be allowed to accept sponsorship from undertakings located in any Member State and to operate pension schemes with members in more than one Member State. This would potentially lead to significant economies of scale for these institutions, improve the competitiveness of the Union industry and facilitate labour mobility.
Amendment 352 #
Proposal for a directive
Recital 23
Recital 23
(23) The exercise of the right of an institution established in one Member State to manage an occupational pension scheme contracted in another Member State should fully respect the provisions of the social and labour law in force in the hosat Member State insofar as it is relevant to occupational pensions, for example the definition and payment of retirement benefits and the conditions for transferability of pension rights. The scope of prudential rules should be clarified in order to ensure legal certainty for the cross- border activities of the institutions.
Amendment 354 #
Proposal for a directive
Recital 24
Recital 24
(24) Institutions should be able to transfer pension schemes to other institutions across borders within the Union in order to facilitate the organisation of occupational retirement provision on a Union scale, subject only to authorisation from the competent authority in the home Member State ofin which the institution is established, receiving the pension scheme (the "receiving institution"). Unless national social and labour law on pension systems provides otherwise, the transfer and its conditions should be subject to prior approval by members and beneficiaries concerned or, where applicable, their representatives.
Amendment 358 #
Proposal for a directive
Recital 26
Recital 26
(26) Risks covered by institutions vary significantly from one Member State to another. HomThe Member States in which the institutions for occupational pension funds are established should therefore have the possibility of making the calculation of technical provisions subject to additional and more detailed rules than those laid down in this Directive.
Amendment 367 #
Proposal for a directive
Recital 28
Recital 28
Amendment 372 #
Proposal for a directive
Recital 31
Recital 31
(31) By setting the "prudent person" rule as the underlying principle for capital investment and making it possible for institutions to operate across bordersin more than one Member State, the redirection of savings into the sector of occupational retirement provision is encouraged, thus contributing to economic and social progress.
Amendment 373 #
Proposal for a directive
Recital 32
Recital 32
(32) Supervisory methods and practices vary among Member States. Therefore, Member States should be given some discretion on the precise investment rules that they wish to impose on the institutions located in their territories. However, these rules should not restrict the free movement of capital, unless justified on prudential grounds.
Amendment 376 #
Proposal for a directive
Recital 33
Recital 33
(33) As very long-term investors with low liquidity risks, institutions for occupational retirement provision are in a position to invest in non-liquid assets such as shares as well as in instruments that have a long- term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities should therefore not be restricted except on prudential grounds, an exemption that should not apply to shares denominated in euros.
Amendment 382 #
Proposal for a directive
Recital 35
Recital 35
(35) Institutions should be allowed to invest in other Member States in accordance with the rules of their home Member States in order to reduce the cost of cross-border activitywhich they are established in order to reduce the cost of activity in more than one Member State. Therefore the host Member States should not be allowed to impose additional investment requirements on institutions located in other Member States.
Amendment 425 #
Proposal for a directive
Recital 52
Recital 52
(52) The scope of prudential supervision differs between Member States. This can cause problems where an institution needs to comply with the prudential regulation of its homthe Member State in which it is established whilst simultaneously comply with the social and labour law of its hostanother Member State. Clarifying which areas are considered to be part of prudential supervision for the purpose of this Directive reduces legal uncertainty and the associated transaction costs.
Amendment 426 #
Proposal for a directive
Recital 53
Recital 53
(53) An internal market for institutions requires mutual recognition of prudential standards. The institution's adherence to those standards should be supervised by the competent authorities of the institution’s home Member StateMember State in which it is established. Member States should attribute to competent authorities the necessary powers to use preventive or corrective measures if institutions breach any of the requirements of this Directive.
Amendment 439 #
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
Amendment 441 #
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
The home Member State in which entities subject to Directive 2009/138/EC are located shall ensure that either the competent authorities, or the authorities responsible for supervision of the life insurance undertakings covered by Directive 2009/138/EC, as part of their supervisory work,of those entities verify the strict separation of the relevant occupational retirement provision business.
Amendment 447 #
Proposal for a directive
Article 6 – paragraph 1 – point a – indent 2
Article 6 – paragraph 1 – point a – indent 2
– with self-employed persons, in compliance with the legislation of the home and host Member States,
Amendment 449 #
Proposal for a directive
Article 6 – paragraph 1 – point i
Article 6 – paragraph 1 – point i
(i) ‘home Member State in which the institution is located’ means the Member State in which the institution has been authorised or registered and in which its main administration is located. The place of main administration refers to a place where the main strategic decisions of the institution’s decision making body are made; (This amendment applies throughout the text.)
Amendment 451 #
Proposal for a directive
Article 6 – paragraph 1 – point j
Article 6 – paragraph 1 – point j
(j) ‘hostother Member State’ means the Member State whose social and labour law relevant to the field of occupational pension schemes is applicable to the relationship between the sponsoring undertaking and members or beneficiaries ; (This amendment applies throughout the text.)
Amendment 454 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
Member States shall require institutions located within their territories to limit their activities to retirement-benefit related operations and activities arising therefrom. Institutions may not refuse to offer their services to potential beneficiaries resident in Member States other than those in which the institutions are located.
Amendment 455 #
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
the institution is registered in a national register by the competent authority or authorised by it ; in the case of cross- border activitiesactivities in more than one Member State, referred to in Article 12, the register shall also indicate the Member States in which the institution is operating; that information shall be communicated to the European Insurance and Occupational Pensions Authority (hereinafter ‘EIOPA’), established by Regulation (EU) No 1094/201039 which shall publish it on its website. __________________ 39 OJ L 331, 15.12.2010, p. 48. OJ L 331, 15.12.2010, p. 48.
Amendment 458 #
Proposal for a directive
Article 12 – paragraph 1
Article 12 – paragraph 1
1. Without prejudice to national social and labour law on the organisation of pension systems, including compulsory membership and the outcomes of collective bargaining agreements, Member States shall allow undertakings located within their territories to sponsor institutions which propose to or carry out cross-border activity an activity in more than one Member State. They shall also allow institutions authorised in their territories to carry out cross-border activityan activity in more than one Member State by accepting sponsorship by undertakings located within the territories of any Member State.
Amendment 460 #
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. An institution proposing to carry out cross-border activityan activity in more than one Member State and to accept sponsorship from a sponsoring undertaking shall be subject to a prior authorisation by the competent authorities of its homthe Member State in which it is located. It shall notify its intention to accept sponsorship from a sponsoring undertaking to the competent authorities of the home Member State in which it is located. No prior authorisation shall be required for simple acceptance of applications from potential beneficiaries resident in a Member State other than the one in which the institution is located and not arising from a sponsorship activity.
Amendment 461 #
Proposal for a directive
Article 12 – paragraph 3 – point a
Article 12 – paragraph 3 – point a
(a) othe hostr Member State(s);
Amendment 462 #
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 1
Article 12 – paragraph 4 – subparagraph 1
Where a competent authority of the home Member State in which the institution is located is notified under paragraph 2, and unless it has issued a decision that the administrative structure or the financial situation of the institution or the good repute or professional qualifications or experience of the persons running the institution are not compatible with the proposed operations , it shall within three months of receiving all the information referred to in paragraph 3 communicate that information to the competent authorities of the hostother Member State(s) and inform the institution accordingly.
Amendment 463 #
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 3
Article 12 – paragraph 4 – subparagraph 3
Where the competent authority of the home Member State in which the institution is located refuses to communicate the information referred to in the first subparagraph to the competent authorities of the hostother Member State(s), it shall give the reasons for its refusal to the institution concerned within three months of receiving all the information referred to in paragraph 3. That refusal or a failure to act shall be subject to a right to apply to the courts in the home Member State. in which the institution is located.
Amendment 464 #
Proposal for a directive
Article 12 – paragraph 5
Article 12 – paragraph 5
5. Before the institution starts to carry out a cross-border activity n activity in more than one Member State, the competent authorities of the hostother Member State(s) shall, within one month of receiving the information referred to in paragraph 3, inform the competent authorities of the home Member State in which the institution is located, of the requirements of social and labour law relevant to the field of occupational pensions under which the pension scheme sponsored by an undertaking in the hostother Member State(s) must be operated . The competent authorities of the home Member State in which the institution is located shall communicate this information to the institution.
Amendment 465 #
Proposal for a directive
Article 12 – paragraph 6
Article 12 – paragraph 6
6. On receiving the communication referred to in paragraph 5, or if no communication is received from the competent authorities of the home Member State in which the institution is located on expiry of the period provided for in paragraph 5, the institution may start to carry out a cross-border activityn activity in more than one Member State in accordance with the host Member State’s requirements of social and labour law relevant to the field of occupational pensions.
Amendment 466 #
Proposal for a directive
Article 12 – paragraph 7
Article 12 – paragraph 7
7. The competent authorities of the hostother Member State(s) shall inform the competent authorities of the home Member State in which the institution is located of any significant change in the hostother Member State’s(s’) requirements of social and labour law relevant to the field of occupational pension schemes which may affect the characteristics of the pension scheme insofar as it concerns the cross-border activity activity in more than one Member State.
Amendment 467 #
Proposal for a directive
Article 12 – paragraph 8
Article 12 – paragraph 8
8. The institution shall be subject to on- going supervision by the competent authorities of the hostother Member State(s) as to the compliance of its activities with the host that/those Member State’s(s’) requirements of labour and social law relevant to the field of occupational pension schemes referred to in paragraph 5. Should this supervision bring irregularities to light, the competent authorities of the hostother Member State(s) shall inform the competent authorities of the home Member State in which the institution is located immediately. The competent authorities of the home Member State shall, in coordination with the competent authorities of the host Member State, take the necessary measures to ensure that the institution puts a stop to the detected breach of social and labour law.
Amendment 468 #
Proposal for a directive
Article 12 – paragraph 9
Article 12 – paragraph 9
9. If, despite the measures taken by the competent authorities of the home Member State in which the institution is located or because appropriate measures are lacking in the home Member State, the institution persists in breaching the applicable provisions of the hostother Member State’s(s’) requirements of social and labour law relevant to the field of occupational pension schemes, the competent authorities of the hosat Member State may, after informing the competent authorities of the home Member State in which the institution is located, take appropriate measures to prevent or penalise further irregularities, including, insofar as is strictly necessary, preventing the institution from operating in the hostother Member State(s) for the sponsoring undertaking.
Amendment 470 #
Proposal for a directive
Article 12 – paragraph 10
Article 12 – paragraph 10
10. Member States shall ensure that an institution carrying out cross-border activityactivity in more than one Member State shall not be subject to any requirements concerning information to members and beneficiaries imposed by the competent authorities of the hostother Member State(s) in respect of the members which that cross-border activityactivity in more than one Member State concerns.
Amendment 476 #
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The transfer of all or part of a pension scheme between transferring and receiving institutions authorised or registered in different Member States shall be subject to prior authorisation by the competent authority of the home Member State ofin which the receiving institution is located. The application for authorisation of the transfer shall be submitted by the receiving institution.
Amendment 482 #
Proposal for a directive
Article 13 – paragraph 4 – point d
Article 13 – paragraph 4 – point d
(d) the host Member State or the host Member States, if there are more than one other than the one in which the institution is located.
Amendment 483 #
Proposal for a directive
Article 13 – paragraph 5 – subparagraph 1
Article 13 – paragraph 5 – subparagraph 1
Where a competent authority of the home Member State ofin which the receiving institution is located receives the application referred to in paragraph 2, and it has not issued a decision stating that the administrative structure or the financial situation of the receiving institution, or the good repute or the professional qualifications or experience of the persons running the receiving institution are not compatible with the operations proposed in the home Member State ofin which the receiving institution is located, it shall within three months of receiving all the information referred to in paragraph 4 communicate its decision authorising the transfer to the receiving institution and to the competent authority of the home Member State ofin which the transferring institution is located. The competent authority of the home Member State ofin which the transferring institution is located shall inform the transferring institution of that decision.
Amendment 484 #
Proposal for a directive
Article 13 – paragraph 5 – subparagraph 2
Article 13 – paragraph 5 – subparagraph 2
The decisions referred to in the first subparagraph shall be reasoned. Where the competent authority of the home Member State ofin which the receiving institution is located refuses to communicate the information referred to in the first subparagraph to the competent authorities of the home Member State ofin which the transferring institution is located, it shall give reasons for its refusal to the institution concerned within three months of receiving all the information referred to in paragraph 4. That refusal or a failure to act shall be subject to a right of the receiving institution to apply to the courts in the home Member State ofin which the receiving institution is located.
Amendment 485 #
Proposal for a directive
Article 13 – paragraph 6
Article 13 – paragraph 6
6. The competent authority of the home Member State ofin which the transferring institution is located shall, within one month of receiving the information referred to in paragraph 5, inform the competent authority of the home Member State ofin which the receiving institution is located of the requirements of social and labour law relevant to the field of occupational pensions of the hostother Member State(s) under which the pension scheme must be operated. The competent authority of the home Member State ofin which the receiving institution is located shall communicate this information to the receiving institution.
Amendment 486 #
Proposal for a directive
Article 13 – paragraph 7
Article 13 – paragraph 7
7. Upon receiving the communication referred to in paragraph 6, or if no communication is received from the competent authority of the home Member State ofin which the receiving institution is located on expiry of the period laid down in paragraph 6, the receiving institution may start to operate the pension scheme in accordance with the requirements of social and labour law relevant to the field of occupational pensions of the hostother Member State(s).
Amendment 487 #
Proposal for a directive
Article 13 – paragraph 8
Article 13 – paragraph 8
8. Where the receiving institution carries out a cross-border activityn activity in more than one Member State, Article 12(8) and (9) shall apply.
Amendment 489 #
Proposal for a directive
Article 13 – paragraph 8 a (new)
Article 13 – paragraph 8 a (new)
8a. None of the provisions of this Directive may apply restrictively where the beneficiaries of an institution include beneficiaries from Member States other than the one in which the institution is located with no sponsorship in those Member States.
Amendment 490 #
Proposal for a directive
Article 13 – paragraph 8 b (new)
Article 13 – paragraph 8 b (new)
8b. Institutions may not require that beneficiaries hold a bank account with the IBAN code of the Member State in which they are located.
Amendment 491 #
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The home Member State in which the institution is located shall ensure that institutions operating occupational pension schemes establish at all times in respect of the total range of their pension schemes an adequate amount of liabilities corresponding to the financial commitments which arise out of their portfolio of existing pension contracts.
Amendment 492 #
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The home Member State in which the institution is located shall ensure that institutions operating occupational pension schemes, where they provide cover against biometric risks or guarantee either an investment performance or a given level of benefits, establish sufficient technical provisions in respect of the total range of these schemes.
Amendment 493 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The calculation of technical provisions shall take place every year. However, the home Member State in which the institution is located may allow a calculation once every three years if the institution provides members or the competent authorities with a certification or a report of adjustments for the intervening years. The certification or the report shall reflect the adjusted development of the technical provisions and changes in risks covered.
Amendment 494 #
Proposal for a directive
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
4. The calculation of the technical provisions shall be executed and certified by an actuary or by another specialist in this field, including an auditor, according to national legislation, on the basis of actuarial methods recognised by the competent authorities of the home Member State in which the institution is located, according to the following principles:
Amendment 495 #
Proposal for a directive
Article 14 – paragraph 4 – point b – introductory part
Article 14 – paragraph 4 – point b – introductory part
(b) the maximum rates of interest used shall be chosen prudently and determined in accordance with any relevant rules of the home Member State in which the institution is located. These prudent rates of interest shall be determined by taking into account:
Amendment 498 #
Proposal for a directive
Article 14 – paragraph 4 – point b – point ii
Article 14 – paragraph 4 – point b – point ii
(ii) the market yields of high-quality or government bonds, including ones issued by EU institutions and agencies;
Amendment 501 #
Proposal for a directive
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The home Member State in which the institution is located may make the calculation of technical provisions subject to additional and more detailed requirements, with a view to ensuring that the interests of members and beneficiaries are adequately protected.
Amendment 504 #
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The home Member State in which the institution is located shall require every institution to have at all times sufficient and appropriate assets to cover the technical provisions in respect of the total range of pension schemes operated.
Amendment 506 #
Proposal for a directive
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. The home Member State in which the institution is located may allow an institution, for a limited period of time, to have insufficient assets to cover the technical provisions. In this case the competent authorities shall require the institution to adopt a concrete and realisable recovery plan in order to ensure that the requirements of paragraph 1 are met again. The plan shall be subject to the following conditions:
Amendment 508 #
Proposal for a directive
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the institution shall set up a concrete and realisable plan to re-establish the required amount of assets to cover fully the technical provisions in due time. The plan shall be made available to members or, where applicable, to their representatives and/or shall be subject to approval by the competent authorities of the home Member State in which the institution is located;
Amendment 509 #
Proposal for a directive
Article 15 – paragraph 2 – point c
Article 15 – paragraph 2 – point c
(c) in the event of termination of a pension scheme during the period referred to in the first sentence of this paragraph, the institution shall inform the competent authorities of the home Member State in which the institution is located. The institution shall establish a procedure in order to transfer the assets and the corresponding liabilities to another financial institution or a similar body. This procedure shall be disclosed to the competent authorities of the home Member State in which the institution is located and a general outline of the procedure shall be made available to members or, where applicable, to their representatives in accordance with the principle of confidentiality.
Amendment 517 #
Proposal for a directive
Article 15 – paragraph 3
Article 15 – paragraph 3
3. In the event of cross-border activity as referred to in Article 12, the technical provisions shall at all times be fully funded in respect of the total range of pension schemes operated. If these conditions are not met, the competent authorities of the home Member State in which the institution is located shall intervene in accordance with Article 62. To comply with this requirement the home Member State in which the institution is located may require ring- fencing of the assets and liabilities.
Amendment 519 #
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The home Member State in which the institution is located shall ensure that institutions operating pension schemes, where the institution itself, and not the sponsoring undertaking, underwrites the liability to cover against biometric risk, or guarantees a given investment performance or a given level of benefits, hold on a permanent basis additional assets above the technical provisions to serve as a buffer. The amount thereof shall reflect the type of risk and asset base in respect of the total range of schemes operated. These assets shall be free of all foreseeable liabilities and serve as a safety capital to absorb discrepancies between the anticipated and the actual expenses and profits.
Amendment 522 #
Proposal for a directive
Article 17 – paragraph 4 – subparagraph 1 – introductory part
Article 17 – paragraph 4 – subparagraph 1 – introductory part
Upon application, with supporting evidence, by the institution to the competent authority of the home Member State in which the institution is located and with the agreement of that competent authority, the available solvency margin may also comprise:
Amendment 539 #
Proposal for a directive
Article 20 – paragraph 3
Article 20 – paragraph 3
3. The home Member State in which the institution is located shall prohibit the institution from borrowing or acting as a guarantor on behalf of third parties. However, Member States may authorise institutions to carry out some borrowing only for liquidity purposes and on a temporary basis.
Amendment 546 #
Proposal for a directive
Article 20 – paragraph 8
Article 20 – paragraph 8
8. The competent authorities of the host Member State ofin which an institution carrying out cross-border activityan activity in more than one Member State as referred to in Article 12 is located shall not lay down investment rules in addition to those set out in paragraphs 1 to 6 for the part of the assets which cover technical provisions for cross- border activity.
Amendment 559 #
Proposal for a directive
Article 23 – paragraph 3
Article 23 – paragraph 3
3. Where a Member State requires of its own nationals proof of good repute, proof of no previous bankruptcy, or both, that Member State shall accept as sufficient evidence in respect of nationals of other Member States the production of an extract from the judicial record of the other Member State or, in the absence of a judicial record in the other Member State, of an equivalent document issued by a competent judicial or administrative authority in the home Member State in which the institution is located or the Member State whose national the concerned person is showing that those requirements have been met.
Amendment 560 #
Proposal for a directive
Article 23 – paragraph 4 – subparagraph 1
Article 23 – paragraph 4 – subparagraph 1
Where the home Member State in which the institution is located or the Member State whose national the concerned person is does not issue an equivalent document as referred to in paragraph 3, the national of the other Member State shall be allowed to produce in its place a declaration on oath.
Amendment 717 #
Proposal for a directive
Article 61 – paragraph 1
Article 61 – paragraph 1
1. The competent authorities of the home Member State in which the institution is located shall be responsible for the prudential supervision of institutions for occupational retirement provision.
Amendment 718 #
Proposal for a directive
Article 62 – paragraph 5
Article 62 – paragraph 5
5. In order to safeguard the interests of members and beneficiaries, the competent authorities may transfer the powers which the persons running an institution located in their territories hold in accordance with the law of the home Member State in which the institution is located wholly or partly to a special representative who is fit to exercise these powers.
Amendment 728 #
Proposal for a directive
Article 76 – paragraph 1
Article 76 – paragraph 1
Directive 2009/138/EC
Article 306a – paragraph 2
Article 306a – paragraph 2
Where a home Member State in which the institution is located continues to apply those laws, regulations and administrative provisions, insurance undertakings in that home Member State shall calculate their solvency capital requirement as the sum of the following: