Reacting to EIOPA's publication of the draft technical specifications on the launch of the QIS yesterday, the NAPF argued that the authority was proceeding at a "completely different" pace from the European Commission. James Walsh, senior policy adviser at the NAPF, said: "In this document, EIOPA said they wanted to investigate many topics through further rounds of QIS exercises. If that happened, there would be no way that the EC could draft any Directive in the summer 2013 as they previously stated. This marks a real tension between EIOPA and the Commission."
Dave Roberts and Mark Dowsey, senior consultants at Towers Watson, echoed those thoughts and called on EIOPA and Brussels to conduct those additional studies before the text for a revised Directive is drafted. However, according to them, there is no guarantee that the techniques and specifications proposed for the QIS will make their way into any new regime.
In its feedback, EIOPA argued that further work would be needed to investigate fully the consequences a number of requirements under the revised IORP Directive would have on pension funds.
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