BETA


2000/0260(COD) Institutions for occupational retirement, pension funds: laws, regulations and administrative provisions

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON KARAS Othmar (icon: PPE-DE PPE-DE)
Former Responsible Committee ECON KARAS Othmar (icon: PPE-DE PPE-DE)
Former Committee Opinion EMPL PRONK Bartho (icon: PPE-DE PPE-DE)
Former Committee Opinion FEMM LULLING Astrid (icon: PPE-DE PPE-DE)
Former Committee Opinion JURI
Lead committee dossier:
Legal Basis:
EC Treaty (after Amsterdam) EC 047-p2, EC Treaty (after Amsterdam) EC 055, EC Treaty (after Amsterdam) EC 095

Events

2009/04/30
   EC - Follow-up document
Details

The Commission presents its report on some key aspects concerning Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP Directive).

The IORP Directive had to be implemented by Member States by 23 September 2005.

As of 2007 all Member States had notified their implementation measures, although two infringement procedures for incorrect implementation are still open.

At the request of the Commission, the Occupational Pensions Committee (OPC) of CEIOPS engaged in an extensive fact-finding exercise concerning the actual implementation of the IORP Directive by Member States. CEIOPS submitted the OPC Report to the Commission on 2 April 2008.

With a view to fulfilling the Commission’s reporting requirements set out in the IORP Directive, this report sets out the Commission's position on the following key aspects: technical provisions, investment rules, adaptation of national supervisory systems and custodianship. The report is limited to the fulfilment of the Commission’s reporting requirement on the four aspects set out in the IORP Directive itself.

Technical provisions : the examination of the calculation of technical provisions underlines that IORPs in the different Member States use different methods and assumptions to determine their technical provisions. This results in significant variations in the size of technical provisions across countries for comparable defined benefit commitments. The Commission is considering whether or not to come forward with a proposal to further harmonise the rules for the calculation of technical provisions in the context of cross-border activities.

Investment rules : the examination identified a number of issues. These include a lack of common understanding of the scope of the single issuer rule, which aims at preventing excessive reliance on a particular asset, issuer or group; and a lack of common understanding of the term ‘risk capital markets’, which prohibits Member States from preventing IORPs located in their territory from investing in such markets. The findings of the OPC suggest that despite some differences in the application of investment rules, these do not seem to hinder the convergence process towards an internal market and cross-border activities of IORPs. The Commission supports this conclusion, and encourages CEIOPS to continue its analysis in relation to risk capital markets and the single issuer rule.

Adaptation of national supervisory systems : the Commission supports the ongoing work of supervisors not only under, but also on the Budapest Protocol, which is currently being reviewed by the OPC with a view to a public consultation by CEIOPS of a revised version in the first half of 2009.

Custodianship : the Commission encourages enhanced cooperation between IORP Supervisory Authorities and foreign custodian/depositary Supervisory Authorities and stands ready to put forward legislative proposals if needed.

Conclusion : as regards the 4 key aspects on which the IORP Directive requires the Commission to report, the Commission considers that there is no immediate need for legislative change. This report is, however, limited to the fulfilment of the Commission’s reporting requirements set out in the IORP Directive itself. The need for possible legislative changes arising from other issues affecting IORPs, in particular solvency rules is being examined by the Commission separately.

The Commission believes that the IORP Directive has already delivered first results in the establishment of an internal market for occupational retirement provision organised on a European scale. More time is needed for the full effects of the Directive to unfold. At the same time, the examination carried out by CEIOPS has indicated that there is a need to continue the monitoring of several aspects of the IORP Directive.

2003/09/23
   Final act published in Official Journal
2003/06/03
   CSL - Final act signed
2003/06/03
   EP - End of procedure in Parliament
2003/05/13
   CSL - Act approved by Council, 2nd reading
2003/05/13
   CSL - Council Meeting
2003/05/07
   EC - Commission opinion on Parliament's position at 2nd reading
2003/03/12
   EP - Text adopted by Parliament, 2nd reading
2003/03/12
   EP - Decision by Parliament, 2nd reading
Documents
2003/03/11
   EP - Debate in Parliament
2003/02/19
   EP - Committee recommendation tabled for plenary, 2nd reading
Documents
2003/02/19
   EP - Vote in committee, 2nd reading
2003/02/18
   EP - Committee recommendation tabled for plenary, 2nd reading
Documents
2002/11/20
   EP - Committee referral announced in Parliament, 2nd reading
2002/11/14
   EC - Commission communication on Council's position
2002/11/05
   CSL - Council position
2002/11/05
   CSL - Council statement on its position
Documents
2002/11/05
   CSL - Council Meeting
2002/11/04
   CSL - Council position published
Documents
2002/06/20
   CSL - Council Meeting
2002/06/04
   CSL - Council Meeting
2001/10/16
   CSL - Debate in Council
Documents
2001/10/16
   CSL - Council Meeting
2001/07/04
   EP - Text adopted by Parliament, 1st reading/single reading
2001/07/04
   EP - Decision by Parliament, 1st reading
Documents
2001/07/03
   EP - Debate in Parliament
2001/06/19
   EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2001/06/19
   EP - Vote in committee, 1st reading
2001/06/18
   EP - Committee report tabled for plenary, 1st reading
Documents
2001/05/07
   CSL - Resolution/conclusions adopted by Council
2001/05/07
   CSL - Council Meeting
2001/03/28
   ESC - Economic and Social Committee: opinion, report
2001/01/23
   EP - LULLING Astrid (PPE-DE) appointed as rapporteur in FEMM
2000/12/13
   EP - PRONK Bartho (PPE-DE) appointed as rapporteur in EMPL
2000/12/11
   EP - Committee referral announced in Parliament, 1st reading
2000/11/06
   EP - KARAS Othmar (PPE-DE) appointed as rapporteur in ECON
2000/11/06
   EP - KARAS Othmar (PPE-DE) appointed as rapporteur in ECON
2000/10/11
   EC - Legislative proposal
2000/10/10
   EC - Legislative proposal published

Documents

History

(these mark the time of scraping, not the official date of the change)

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2001-03-14T00:00:00
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activities
  • date: 2000-10-11T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2000&nu_doc=507 title: COM(2000)0507 type: Legislative proposal published celexid: CELEX:52000PC0507:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services type: Legislative proposal published
  • date: 2000-12-11T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2000-11-06T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KARAS Othmar body: EP responsible: False committee: EMPL date: 2000-12-13T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PPE-DE name: PRONK Bartho body: EP responsible: False committee: FEMM date: 2001-01-23T00:00:00 committee_full: Women's Rights and Equal Opportunities rapporteur: group: PPE-DE name: LULLING Astrid body: EP responsible: False committee_full: Legal Affairs and Internal Market committee: JURI
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  • date: 2001-03-14T00:00:00 docs: title: PE295.986/A type: Committee draft report body: EP
  • date: 2001-03-14T00:00:00 docs: title: PE295.986/B type: Committee draft report body: EP
  • date: 2001-03-28T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:0403)(documentyear:2001)(documentlanguage:EN) title: CES0403/2001 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:2001:155:SOM:EN:HTML title: OJ C 155 29.05.2001, p. 0026 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2001-04-26T00:00:00 docs: title: PE298.095/DEF committee: FEMM type: Committee opinion body: EP
  • date: 2001-05-08T00:00:00 docs: title: PE295.986/AM1 type: Amendments tabled in committee body: EP
  • date: 2001-05-08T00:00:00 docs: title: PE295.986/AM2 type: Amendments tabled in committee body: EP
  • date: 2001-05-31T00:00:00 docs: title: PE300.485/DEF committee: EMPL type: Committee opinion body: EP
  • date: 2001-06-19T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-220&language=EN title: A5-0220/2001 type: Committee report tabled for plenary, 1st reading/single reading body: EP
  • date: 2001-07-04T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-380 title: T5-0380/2001 title: OJ C 065 14.03.2002, p. 0058-0135 E summary: type: Text adopted by Parliament, 1st reading/single reading body: EP
  • date: 2002-11-05T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=11212%2F02&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 11212/4/2002 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:2002:299E:SOM:EN:HTML title: OJ C 299 03.12.2002, p. 0016 E summary: type: Council position body: CSL
  • date: 2002-11-05T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=12868%2F02&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 12868/2002 type: Council statement on its position body: CSL
  • date: 2002-11-14T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/sec/2002/1215/COM_SEC(2002)1215_EN.pdf title: SEC(2002)1215 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=SECfinal&an_doc=2002&nu_doc=1215 title: EUR-Lex summary: type: Commission communication on Council's position body: EC
  • date: 2003-01-09T00:00:00 docs: title: PE323.105 type: Committee draft report body: EP
  • date: 2003-02-04T00:00:00 docs: title: PE323.105/AM type: Amendments tabled in committee body: EP
  • date: 2003-02-19T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2003-42&language=EN title: A5-0042/2003 type: Committee recommendation tabled for plenary, 2nd reading body: EP
  • date: 2003-03-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2003-86 title: T5-0086/2003 title: OJ C 061 10.03.2004, p. 0151-0268 E summary: type: Text adopted by Parliament, 2nd reading body: EP
  • date: 2003-05-07T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2003/0254/COM_COM(2003)0254_EN.pdf title: COM(2003)0254 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2003&nu_doc=254 title: EUR-Lex summary: type: Commission opinion on Parliament's position at 2nd reading body: EC
  • date: 2009-04-30T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2009/0203/COM_COM(2009)0203_EN.pdf title: COM(2009)0203 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2009&nu_doc=203 title: EUR-Lex summary: The Commission presents its report on some key aspects concerning Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP Directive). The IORP Directive had to be implemented by Member States by 23 September 2005. As of 2007 all Member States had notified their implementation measures, although two infringement procedures for incorrect implementation are still open. At the request of the Commission, the Occupational Pensions Committee (OPC) of CEIOPS engaged in an extensive fact-finding exercise concerning the actual implementation of the IORP Directive by Member States. CEIOPS submitted the OPC Report to the Commission on 2 April 2008. With a view to fulfilling the Commission’s reporting requirements set out in the IORP Directive, this report sets out the Commission's position on the following key aspects: technical provisions, investment rules, adaptation of national supervisory systems and custodianship. The report is limited to the fulfilment of the Commission’s reporting requirement on the four aspects set out in the IORP Directive itself. Technical provisions : the examination of the calculation of technical provisions underlines that IORPs in the different Member States use different methods and assumptions to determine their technical provisions. This results in significant variations in the size of technical provisions across countries for comparable defined benefit commitments. The Commission is considering whether or not to come forward with a proposal to further harmonise the rules for the calculation of technical provisions in the context of cross-border activities. Investment rules : the examination identified a number of issues. These include a lack of common understanding of the scope of the single issuer rule, which aims at preventing excessive reliance on a particular asset, issuer or group; and a lack of common understanding of the term ‘risk capital markets’, which prohibits Member States from preventing IORPs located in their territory from investing in such markets. The findings of the OPC suggest that despite some differences in the application of investment rules, these do not seem to hinder the convergence process towards an internal market and cross-border activities of IORPs. The Commission supports this conclusion, and encourages CEIOPS to continue its analysis in relation to risk capital markets and the single issuer rule. Adaptation of national supervisory systems : the Commission supports the ongoing work of supervisors not only under, but also on the Budapest Protocol, which is currently being reviewed by the OPC with a view to a public consultation by CEIOPS of a revised version in the first half of 2009. Custodianship : the Commission encourages enhanced cooperation between IORP Supervisory Authorities and foreign custodian/depositary Supervisory Authorities and stands ready to put forward legislative proposals if needed. Conclusion : as regards the 4 key aspects on which the IORP Directive requires the Commission to report, the Commission considers that there is no immediate need for legislative change. This report is, however, limited to the fulfilment of the Commission’s reporting requirements set out in the IORP Directive itself. The need for possible legislative changes arising from other issues affecting IORPs, in particular solvency rules is being examined by the Commission separately. The Commission believes that the IORP Directive has already delivered first results in the establishment of an internal market for occupational retirement provision organised on a European scale. More time is needed for the full effects of the Directive to unfold. At the same time, the examination carried out by CEIOPS has indicated that there is a need to continue the monitoring of several aspects of the IORP Directive. type: Follow-up document body: EC
events
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  • date: 2001-05-07T00:00:00 type: Resolution/conclusions adopted by Council body: CSL summary:
  • date: 2001-06-19T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary:
  • date: 2001-06-19T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-220&language=EN title: A5-0220/2001
  • date: 2001-07-03T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20010703&type=CRE title: Debate in Parliament
  • date: 2001-07-04T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-380 title: T5-0380/2001 summary:
  • date: 2001-10-16T00:00:00 type: Debate in Council body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2375*&MEET_DATE=16/10/2001 title: 2375
  • date: 2002-11-05T00:00:00 type: Council position published body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=11212%2F02&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 11212/4/2002 summary:
  • date: 2002-11-20T00:00:00 type: Committee referral announced in Parliament, 2nd reading body: EP
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  • date: 2003-03-11T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20030311&type=CRE title: Debate in Parliament
  • date: 2003-03-12T00:00:00 type: Decision by Parliament, 2nd reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2003-86 title: T5-0086/2003 summary:
  • date: 2003-05-13T00:00:00 type: Act approved by Council, 2nd reading body: CSL
  • date: 2003-06-03T00:00:00 type: Final act signed body: CSL
  • date: 2003-06-03T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2003-09-23T00:00:00 type: Final act published in Official Journal docs: title: Directive 2003/41 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32003L0041 title: OJ L 235 23.09.2003, p. 0010-0021 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2003:235:SOM:EN:HTML
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
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Old
ECON/5/14950
New
  • ECON/5/14950
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32003L0041
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32003L0041
procedure/instrument
Old
Directive
New
  • Directive
  • Amended by 2009/0064(COD) Amended by 2009/0161(COD) Amended by 2011/0360(COD) Repealed by 2014/0091(COD)
procedure/subject
Old
  • 2.50.05 Insurance, pension funds
  • 4.10.11 Retirement, pensions
New
2.50.05
Insurance, pension funds
4.10.11
Retirement, pensions
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  • Amended by
  • Amended by
  • Amended by
  • Repealed by
links/European Commission/title
Old
PreLex
New
EUR-Lex
activities
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  • date: 2001-07-04T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-380 type: Decision by Parliament, 1st reading/single reading title: T5-0380/2001 body: EP type: Decision by Parliament, 1st reading/single reading
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  • date: 2002-06-04T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2432
  • date: 2002-06-20T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2442
  • body: CSL meeting_id: 2460 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=11212%2F02&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Council position published title: 11212/4/2002 council: Economic and Financial Affairs ECOFIN date: 2002-11-05T00:00:00 type: Council Meeting
  • date: 2002-11-20T00:00:00 body: EP type: Committee referral announced in Parliament, 2nd reading committees: body: EP responsible: True committee: ECON date: 2000-11-06T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KARAS Othmar
  • body: EP committees: body: EP responsible: True committee: ECON date: 2000-11-06T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KARAS Othmar docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2003-42&language=EN type: Committee recommendation tabled for plenary, 2nd reading title: A5-0042/2003 date: 2003-02-19T00:00:00 type: Vote in committee, 2nd reading
  • date: 2003-03-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20030311&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2003-03-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2003-86 type: Decision by Parliament, 2nd reading title: T5-0086/2003 body: EP type: Decision by Parliament, 2nd reading
  • date: 2003-05-13T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2506
  • date: 2003-06-03T00:00:00 body: CSL type: Final act signed
  • date: 2003-06-03T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2003-09-23T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32003L0041 title: Directive 2003/41 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2003:235:SOM:EN:HTML title: OJ L 235 23.09.2003, p. 0010-0021
committees
  • body: EP responsible: True committee: ECON date: 2000-11-06T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KARAS Othmar
  • body: EP responsible: False committee: EMPL date: 2000-12-13T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PPE-DE name: PRONK Bartho
  • body: EP responsible: False committee: FEMM date: 2001-01-23T00:00:00 committee_full: Women's Rights and Equal Opportunities rapporteur: group: PPE-DE name: LULLING Astrid
  • body: EP responsible: False committee_full: Legal Affairs and Internal Market committee: JURI
links
European Commission
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
procedure
dossier_of_the_committee
ECON/5/14950
reference
2000/0260(COD)
instrument
Directive
legal_basis
stage_reached
Procedure completed
summary
subtype
Legislation
title
Institutions for occupational retirement, pension funds: laws, regulations and administrative provisions
type
COD - Ordinary legislative procedure (ex-codecision procedure)
final
subject