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This Decision replaces the former Budapest Protocol which had to be revised as a result of the new IORP II Directive, the latter due to be transposed into national law by the European Union Member States by 13 January 2019.
The overall objective of the Decision is to strengthen the cross-border collaboration between National Competent Authorities (NCAs) on cross-border activities described by the IORP II Directive, such Institutions of Occupational Retirement Provisions (IORPs) should be able to transfer pension schemes to other IORPs across the border within the European Union.
It promotes greater transparency towards IORPs to be duly informed by the NCAs about their expectations, such as the justification and decision linked with the provision information to the NCAs.
For further clarity of the procedures to be followed for the cross-border activities the appendices to the Decision include useful information material, such as templates, flow charts and examples of cross-border activities.
Furthermore, the Decision describes different situations and possibilities for NCAs to exchange information about cross-border activities in relation to the "fit and proper" assessment and the outsourcing of key functions, both new provisions of the IORP II Directive.