2 Amendments of Verónica LOPE FONTAGNÉ related to 2017/0143(COD)
Amendment 83 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different supervision on national level. In particular, prudential supervision of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities. In order not to jeopardise financial stability and to take into account the different organisational structure and supervision, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised and adequately supervised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring- fenced, managed and organised separately from the other activities of occupational retirement provision business, without any possibility of transfer.
Amendment 234 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 ; which, pursuant to national law, are authorised and adequately supervised to provide personal pension products which do not provide a coverage against biometric risks and do not guarantee an investment performance or a given level of benefits. In that case, all assets and liabilities corresponding to PEPP provision business shall be ring- fenced, managed and organised separately from the other activities of occupational retirement provision business, without any possibility of transfer; __________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).