According to information from the ECB, it is planning to launch a public consultation on regulations sometime this summer, and to adopt the regulation towards the end of the year.
The harmonised statistical reporting required by the regulation would start in early 2019.
The pending regulation will be based on a proposal developed by a task force led by the Deutsche Bundesbank and including members from national central banks, the OECD, and the European Insurance and Occupational Pensions Authority (EIOPA), among other institutions.
According to the ECB, the idea behind the regulation was to help plug a “data gap” that makes it difficult to build “a comprehensive understanding of cash flows and the risks associated with pension obligations”.
It argued that more data would increase transparency about pension funds’ activities, making it easier “to check if they are fulfilling their promises to citizens”.
Other benefits, the ECB said, were that more public data could improve comparability and disclosure of pension funds’ obligations, and pave the way for new research on topics such as the impact of pension funds on the economy.
Information potentially of interest to the ECB includes data on pension funds’ “outstanding amounts” and transactions broken down by country, economic sector, maturity, the type of pension plan, and detailed security-by-security reporting.
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