The European Insurance and Occupational Pensions Authority (EIOPA) has launched today a public consultation on draft technical advice for the review of the IORP II Directive.
The draft advice is given in response to a call for advice from the European Commission. EIOPA will provide its final advice in October 2023.
The consultation covers the following areas:
- Governance and prudential standards
- Cross-border activities and transfers
- Information to members and beneficiaries and other business conduct requirements
- Shift from defined benefit to defined contributions
- Sustainability
- Diversity and inclusion
The draft advice set out in the consultation paper aims to ensure that the regulatory framework is updated where necessary to embrace the future such as the shift from defined benefits to defined contributions and the challenges of climate change. At the same time the draft advice aims to protect the legacy, for example by addressing topics like risk assessment and liquidity risks.
Stakeholders are invited to provide feedback to this consultation paper by responding to the questions in the online survey by 25 May 2023.