Q&A

Question

Third countries pension funds that are subject to comparable regulations to those applied in the union

Background of the question

Guidance on limits on exposures to shadow banking, there are exposures that could be considered as excluded undertakings. In the guideline, (j) institutions for Occupational retirement provision within the meaning of point (a) of Art 6 Of Directive 2003/41/EC29 or subject to prudential and supervisory requirements comparable to those applied to institutions within the meaning of point (a) of Art 6 of Directive 2003/41/EC in terms of robustness. For non-eu pension funds, the regulation delegates the monitoring of pension funds to EIOPA. While there are equivalence references within the webpage for insurer and reinsurer, it wasn't clear if there will be an equivalence pension fund regime under EIOPA's remit. Who decided which third countries pension funds apply supervisory and regulatory arrangement at least comparable to those applied in the Union.

EIOPA answer

Thank you for your question. Please note that Directive 2003/41/EC (known as IORP I) was replaced by Directive (EU) 2016/2341 (known as IORP II).

This question has been rejected as it does not relate to the consistent and effective application of the legal framework covered by this Q&A process. This is because the IORP II Directive does not contain provisions of occupational pensions from third countries.

Therefore, EIOPA does not conduct an assessment of the prudential regulation of non-EU pension funds.