The Protocol provides specific assistance to supervisors on how to co-operate in cross-border cases. The information requirements to the host supervisor regarding each IORP/pension scheme intending to operate cross-border has also been clarified.
The Protocol provides a framework for co-operation between Member States' Competent Authorities in respect to cross-border pension activity.
CEIOPS has reviewed the Protocol to reflect the notification and supervisory experience gained from the application of the Protocol to practical and real life cross-border cases.
Recommended changes
The Protocol now provides specific assistance to supervisors on how to co-operate in cross-border cases. A new section provides a practical basis for supervisors to co-operate in dealing effectively with complaints arising in the course of cross-border pensions activity.
Also, a new paragraph has been added concerning co-operation in cases where there has been outsourcing of functions. The information that must be provided to the host supervisor regarding each IORP/pension scheme intending to operate cross-border has been clarified. Additions have been made clarifying the communication expected between supervisors regarding requests around ring-fencing.
Deadline for consultation is 15 June 2009.
Introductory note
Budapest Protocol
© CEIOPS
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