The Committee of European Insurance and Occupational Pensions Supervisors released its 'Budapest Protocol'. The Protocol lays down detailed provisions for the cooperation and communication between supervisory authorities regarding Institutions for Occupational Retirement Provision (IORPs) operating cross-border.
Part 1 covers general considerations and sets out:
the origins and general aims;
the general principles for cooperation between the Competent Authorities and aspirations for furthering effective supervision; and
the power to amend the Protocol.
Part 2 covers the authorisation of IORPs and the notification process. It includes:
reference to the requirement that only authorised IORPs can operate crossborder;
the exchanges of information required in the notification process between the home Member State Competent Authority and the IORP, and between the home and host Member State Competent Authorities.
Part 3 covers the ongoing supervision and the exchange of additional information after the notification process between the Competent Authorities for ongoing supervision of IORPs including the following:
the respective roles of the home Member State Competent Authority and the host Member State Competent Authority;
changes to the information previously provided in the notification process;
changes to a host Member State’s requirements in respect of social and labour law, investment restrictions and the provision of information; and
non-compliance.
Budapest Protocol
Appendix 1 (Terms Used)
Appendix 2 (Main Characteristics)
Appendix 3 (Legal Form of IORP)
Appendix 4 (Flow Chart)
Appendix 7 (Joinder Agreement)
Appendix 5 and 6 (Home and Host Member State Competent Authorities for the purposes of the Directive) are under preparation
© CEIOPS
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