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The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has just published the revised texts of the Budapest Protocol. The revised Protocol came into force as of 30 October 2009, following a two-month public consultation.
Adopted in 2006, the Protocol provides a framework for cooperation between Member States’ Competent Authorities in respect of cross-border occupational pensions activity under the IORP Directive (2003/41/EC). At the time of initial signing, a two-year review clause was also agreed in order to reflect CEIOPS Members’ experience gained from the practical application of the Protocol.
Whilst the environment in which the review has been carried out has been one where the general level of cross-border activity across all Member States is still low in comparison to the number of domestic IORPs, there has, however, been sufficient activity to highlight some genuine challenges with which supervisors have had to contend. The primary difficulty is that Member States employ different definitions of what constitutes cross-border pensions activity.
Although these difficulties are not within the power of supervisors to resolve, there is a strong willingness on the part of supervisors to cooperate. The revised Protocol, in force as of 30 October 2009, contains amendments specifically designed to help supervisors in the process of cooperation.
Other modifications include two new sections on cooperation in the handling of cross-border complaints from members and beneficiaries, and in cases where there has been outsourcing of functions and further clarification of certain information requirements.
The publication of the revised Protocol follows a two-month public consultation which ended on 15 June 2009. CEIOPS responses to consultation comments are being published alongside the revised Protocol.