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The report targets the four key aspects the Commission is required to report about, namely the calculation of technical provisions, the application of investment rules, and the progress achieved in the adaptation of national supervisory systems and cross-border custodianship. The report concludes that there is no immediate need for legislative change.
However, the need for possible legislative changes arising from other important issues affecting IORPs, in particular solvency rules, is being examined by the Commission separately from this report.
The Commission believes that the IORP Directive has already delivered first results in the establishment of an internal market for occupational retirement provision organised on a European scale. More time is needed for the full effects of the Directive to unfold.
At the same time, the examination carried out by CEIOPS has indicated that there is a need to continue the monitoring of several aspects of the IORP Directive. The possible further harmonisation of the rules on the calculation of technical provisions can be considered in the context of the Commission's ongoing work on solvency rules for IORPs.
In the area of investment rules, there is a need for further clarification of the definition of risk capital markets and the scope of the single issuer rule. The Commission and CEIOPS will also continue to monitor the operation of the investment rules also in the light of the financial crisis.
The Commission is supportive of enhanced co-operation between supervisors and welcomes the planned public consultation by CEIOPS on the Budapest Protocol. As regards custodianship, the Commission encourages enhanced co-operation between IORP Supervisory Authorities and foreign custodian/depositary Supervisory Authorities and stands ready to put forward legislative proposals if needed. The need for possible future changes will also depend on the outcome of the more general work relating to European supervisory arrangements.