Review of the IORP II Directive

EIOPA submitted its technical advice on the 28th September 2023 on the review of the IORP II directive following the call of advice from the European Commission.

EIOPA's technical advice proposes changes to keep the regulatory framework for IORPs relevant., recognizes the need for existing Direct Benefits (‘DB’) IORPs to be properly regulated and supervised and proposes ways to enhance the proportionality measures of the existing regulation and to reflect it in new standards. 

This advice builds on previous decisions, opinions, and reports, and considers the results of a comprehensive survey among national supervisors as well as of the feedback received during the public consultation.

MFSA issued circular on Financial Reporting for Pension Service providers who submit their financial returns

On the 7th of September 2023, the MFSA published ciricular on ‘Financial Reporting of Service Providers, Retirement Schemes and Retirement Funds’. As per the MFSA’s circular of the 29th of November 2017, the financial returns were to be submitted through the LH Portal. In this respect and with effect from the next submission, Pension Service Providers are to submit the financial returns with a different naming conversion, and if not adhered to, the file will be rejected and will not be uploaded.