Question ID: 73
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 35
Status: Final
Date of submission: 04 Jul 2014
Question
Classification of IORP/OFS entities. From the ‘Directive 2003/41/EC’, it is not fully clear whether we should classify an entity as a IORP or OFS entity. Could we get more guidelines regarding the classification? The following is not clear from the IORP directive: 1) The exclusion of the scope affects the entities within our group, 2) 3rd pillar pension funds are not considered as IORPs, 3) The distinction between the pillars is unclear.
EIOPA answer
In the draft DA (not publicly available yet) OFS entities include institutions for occupational retirement provision (IORPs) which fall under the scope of the Directive 2003/41/EC.