On Wednesday November 9 the Council issued a negotiating mandate for the revision of the Directive on Institutions for Occupational Retirement Provision (IORP II). Focusing on four objectives, this mandate unifies the position of all 28 Member States and gives a green light to negotiations with the parliament.
The four objectives of the negotiating mandate in question are:
(1) removing remaining prudential barriers for cross-border IORPs;
(2) ensuring good governance and risk management;
(3) providing clear and relevant information to members and beneficiaries;
(4) ensuring that supervisors have the necessary tools to effectively supervise IORPs.
However, the negotiating mandate cannot prevent the Commission from withdrawing the proposal from its 2015 work programme, as suggested in a letter from Jonathan Hill to Frans Timmermans.
Read more here.