LegalizeCommission Implementing Regulation (EU) 2021/897 of 4 March 2021 laying down implementing technical standards for the application of Regulation (EU) 2019/1238 of the European Parliament and of the Council with regard to the format of supervisory reporting to the competent authorities and the cooperation and exchange of information between competent authorities and with the European Insurance and Occupational Pensions Authority (Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal Pension Product (PEPP) (1), and in particular Article 40(9), fourth subparagraph, and Article 66(5), third subparagraph, thereof,
Whereas:
(1) Regulation (EU) 2019/1238 lays down uniform rules on the registration, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation pan-European Personal Pension Products (PEPP).
(2) An appropriate level of detail of the information is crucial for the implementation of a risk-based supervisory review process and product-level supervision. Templates for reporting information pursuant to Commission Delegated Regulation (EU) 2021/896 (2) should provide for a visual representation of that information and reflect the level of detail of that information.
(3) In order to promote supervisory convergence, the information to be reported to competent authorities in accordance with Article 40 of Regulation (EU) 2019/1238 should be submitted using templates.
(4) The framework for cooperation and for exchange of information between competent authorities of the home and of the host Member States, with EIOPA, should facilitate the efficiency of the performance of their respective tasks and duties, and ensure consistent and efficient supervision. In particular, it is necessary to specify the methods, means, and other details of exchange of information, including the scope and treatment of information to be exchanged.
(5) In order to ensure effective and efficient supervision, the exchange of information and the cooperation between competent authorities should take into account the nature, scale and complexity of the product, the availability and type of information and the most recent and relevant data. In order to ensure efficient and timely cooperation and exchange of information, it is necessary to establish standardised procedures and templates.
(6) The competent authorities and EIOPA should use the standardised procedures and templates also when transmitting information on a voluntary basis when they consider the information in their possession may be of use to another competent authority or EIOPA, the European Securities and Markets Authority and the European Banking Authority.
(7) In order for competent authorities to effectively monitor PEPP providers and distributors, it is necessary for them to regularly exchange information on the marketed PEPPs, such as the corresponding key information documents, information on the cross-border activities, and information on sanctions and on relevant conduct specificities.
(8) In order to ensure the smooth and timely application of the notification requirements in the case of administrative sanctions and other measures, competent authorities should notify each other and EIOPA of any infringement or suspected infringement.
(9) The provisions in this Regulation regarding supervisory reporting and cooperation between competent authorities and with EIOPA are closely linked. They deal with requirements on the submission and sharing of relevant information for the supervision of PEPP. To ensure coherence between those provisions, which should enter into force at the same time, it is necessary to include all the implementing technical standards required by Articles 40(9) and 66(5) of Regulation (EU) 2019/1238 in a single Implementing Regulation.
(10) This Regulation is based on the draft implementing technical standards submitted to the Commission by EIOPA.
(11) EIOPA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits with regard to the chapters on supervisory reporting to the competent authorities, and requested the advice of the Insurance and Reinsurance Stakeholder Group and Occupational Pension Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council (3). With regard to the chapters on cooperation and exchange of information, EIOPA did not analyse the potential costs and benefits, as this would have been disproportionate in relation to the scope and impact of the draft implementing technical standards, taking into account that their addressees are only competent authorities and EIOPA and not financial market participants,
HAS ADOPTED THIS REGULATION:
CHAPTER I
QUANTITATIVE SUPERVISORY REPORTING
Article 1
Formats of supervisory reporting
Pan-European Personal Pension Product (PEPP) providers shall submit the information referred to in Article 40(1) to (5) of Regulation (EU) 2019/1238 in accordance with the following specifications:
(a) data points with the data type ‘monetary’ shall be expressed in units with no decimals with the exception of templates PP.06.02 and PP.08.03 as set out in Annexes I and II which shall be expressed in units with two decimals;
(b) data points with the data type ‘percentage’ shall be expressed as per unit with four decimals;
(c) data points with the data type ‘integer’ shall be expressed in units with no decimals;
Article 2
Reporting currency
For the purposes of this Regulation ‘reporting currency’ shall be the currency used for the preparation of the PEPP provider’s financial statements, unless otherwise required by the competent authority.
Data points and figures with the type ‘monetary’ shall be reported in the reporting currency, which requires the conversion of any other currency into the reporting currency, unless otherwise provided in this Regulation.
When expressing the value of any asset or liability denominated in a currency other than the reporting currency, the value shall be converted into the reporting currency as if the conversion had taken place at the closing rate on the last day for which the appropriate rate is available in the reporting period to which the asset or liability relates.
When expressing the value of any income or expense, the value shall be converted into the reporting currency applying the basis of conversion used for accounting purposes.
The conversion into the reporting currency shall be calculated by applying the exchange rate from the same source used for the PEPP provider’s financial statements, unless otherwise required by the competent authority.
Article 3
Templates for annual quantitative reporting
PEPP providers shall submit annually the information referred to in Article 1 of Delegated Regulation (EU) 2021/896 using the following templates:
(a) template PP.01.01 of Annex I, specifying the content of the submission, following the instructions set out in section PP.01.01 of Annex II;
(b) template PP.01.02 of Annex I, specifying basic information on the PEPP and of the reporting, following the instructions set out in section PP.01.02 of Annex II;
(c) template PP.52.01 of Annex I, specifying PEPP and PEPP saver information, following the instructions set out in section PP.52.01 of Annex II;
(d) template PP.06.02 of Annex I, specifying an item-by-item list of assets following the instructions set out in section PP.06.02 of Annex II and using the complementary identification code (CIC) as set out in Annex III and defined in Annex IV;
(e) template PP.06.03 of Annex I, providing information on the look-through of all collective investments held by the PEPP provider following the instructions set out in section PP.06.03 of Annex II;
(f) template PP.08.03 of Annex I, providing aggregate information on open positions of derivatives, following the instructions set out in section PP.08.03 of Annex II and using the CIC as set out in Annex III and defined in Annex IV.
Article 4
Appropriateness of the information submitted
For the purposes of Article 40(6) of Regulation (EU) 2019/1238, PEPP providers shall use the relevant templates set out in Annex I to this Regulation to ensure the ongoing appropriateness of the information submitted.
CHAPTER II
GENERAL PROVISIONS ON COOPERATION AND EXCHANGE OF INFORMATION
Article 5
General principles
The European Insurance and Occupational Pensions Authority (EIOPA) shall facilitate the regular exchange of information between the competent authorities of home and host Member States and shall, if the information is relevant for EIOPA’s duties, be kept informed of any bilateral exchange of information.
Article 6
Single contact points
The competent authorities shall provide the details of the single contact points to EIOPA and shall inform EIOPA of any changes to those details. EIOPA shall maintain an up-to-date list of the single contact points and shall make the list available to the competent authorities.
Article 7
Means of exchange of information
The competent authorities and EIOPA shall transmit information and documentation relating to the cooperation and exchange of information referred to in Chapter I in a secure manner by electronic means. Competent authorities shall transmit electronic confirmation following receipt of that information and documentation.
Article 8
Currency
The competent authorities and EIOPA shall express amounts in euro in exchanges of information between them. However, the competent authorities may agree to use other currency for bilateral exchanges of information.
CHAPTER III
COOPERATION AND EXCHANGE OF INFORMATION IN THE REGISTRATION AND DEREGISTRATION PROCESS
Article 9
Registration of a PEPP
The competent authorities shall communicate to EIOPA the information referred to in Article 6(2)(a), (b), (d), (f) and (g) of Regulation (EU) 2019/1238 by means of the template set out in Annex V to this Regulation.
The competent authorities shall communicate to EIOPA any modifications to the information and documents provided in the application by compiling only those parts of the template set out in Annex V that are affected by the modifications.
EIOPA shall promptly inform the competent authorities if the modifications affect activities of the PEPP provider in the respective Member States, by means of the templates set out in Annex VI or Annex VIII.
After the product has been registered in the central public register, EIOPA shall notify the relevant competent authorities thereof by means of the template set out in Annex VI.
Article 10
Opening a new sub-account
In the case of opening a new sub-account, the competent authority of the home Member State shall notify the competent authority of the host Member State and EIOPA by means of the template set out in Annex IX.
The competent authority of the host Member State shall acknowledge the receipt of the information and documents by means of the template set out in Annex X. The competent authority of the home Member State shall communicate any modifications to the sub-account to the competent authority of the host Member State and EIOPA, by compiling only those parts of the template set out in Annex IX that are affected by the modifications.
Article 11
Information on national provisions
By means of the template set out in Annex XIV to this Regulation, the competent authorities shall provide EIOPA with a link to all the following:
(a) the text of the national laws, regulations and administrative provisions governing the conditions related to the accumulation phase referred to in Article 47 of Regulation (EU) 2019/1238;
(b) the conditions related to the decumulation phase referred to in Article 57 of Regulation (EU) 2019/1238;
(c) where applicable, information about additional procedures for applying for advantages and incentives set at national level.
Article 12
Deregistration of a PEPP
The competent authority shall notify EIOPA of its decision for deregistration of a PEPP by means of the template set out in Annex VII.
EIOPA shall deregister the PEPP from its central public register and shall notify the relevant competent authorities accordingly by means of the template set out in Annex VIII.
CHAPTER IV
ONGOING COOPERATION AND REGULAR EXCHANGE OF INFORMATION
Article 13
Cooperation between competent authorities and with EIOPA
The cooperation between the competent authorities and with EIOPA shall cover at least the following areas:
(a) supervision;
(b) inspections and investigations;
(c) identification and remediation of infringements of Regulation (EU) 2019/1238;
(d) information on complaints;
(e) planned supervisory actions against the PEPP provider or distributor where relevant for the PEPP product;
(f) planned supervisory actions to mitigate PEPP savers’ detriment including the intended exercise of product intervention powers referred to in Article 63 of Regulation (EU) 2019/1238.
EIOPA shall annually provide the concerned competent authority of the host Member State with the supervisory information related to the PEPP provided in that Member State, as provided in Article 14.
Upon a request made pursuant to Article 16, competent authorities and EIOPA shall exchange, to the extent available to them, any information related to the PEPP, which is relevant for carrying out their duties and not provided for in Article 15.
Where appropriate, the competent authority of the home Member State shall promptly inform the competent authority of the host Member State about any findings from its supervisory review processes, which relate to risks arising from or affecting the cross-border sales or sub-accounts of the PEPP. The competent authority of the home Member State shall provide that information in cases where the competent authority of the host Member State has already raised concerns.
The competent authority of the host Member State shall promptly inform the competent authority of the home Member State if it has reasons to consider that the activities of a PEPP provider might affect the financial soundness of that PEPP provider or the protection of consumers in other Member States.
The competent authority of the home Member State shall cooperate with the competent authority of the host Member State to assess whether the PEPP provider has a clear understanding of the target market and the risks that the products face or may face in the host Member State, and which specific related risk management tools and internal controls are in place, having regard to the proportionality principle and the risk-based approach.
Cooperation shall particularly focus on the following risk areas:
(a) profile of the PEPP savers;
(b) local PEPP partnerships and distribution partners;
(c) complaints handling;
(d) compliance;
(e) consumer protection and any other aspects relating to the conduct of the PEPP provider and the PEPP distributor, including product oversight and governance requirements.
Article 14
Regular exchange of information
EIOPA shall extract and derive the following information about each PEPP provided in a host Member State:
(a) number of the PEPP savers in the concerned Member State;
(b) Member States for which the PEPP provider offers sub-accounts;
(c) number of requests for switching and actual transfers if a specific sub-account is not offered in the concerned Member State;
EIOPA shall make available the information referred to in the first subparagraph for each PEPP to each concerned host competent authority on an annual basis.
Paragraph 1 shall not preclude competent authorities from exchanging more granular data on a more regular basis or upon request.
CHAPTER V
AD HOC COOPERATION AND EXCHANGE OF INFORMATION
Article 15
Submission of a request for cooperation or exchange of information
A competent authority shall submit the request to the requested competent authority by means of the template set out in Annex XI. The requesting competent authority may attach to the request any supporting material it deems relevant. In case the information request is relevant for EIOPA’s duties, the requesting competent authority shall forward the request also to EIOPA.
The requesting competent authority shall specify the urgency of the request. Where the request for cooperation involves a request for information, the requesting competent authority shall:
(a) specify, to the extent possible, the details of the information sought, including the reasons why that information is considered relevant for carrying out its duties under Regulation (EU) 2019/1238;
(b) identify, where appropriate, any issue relating to the confidentiality of the information sought, including any special precaution for the collection of that information.
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