Public Hearing on the revision of the IORP
ECON committee will hold a public hearing on the Commission's proposed revision of the Institutions for Occupational Retirement Provision Directive (IORP II) on 26.05.15.
At the Hearing,representatives of the pension and academic community will provide their views on the Commission's proposal IORP II. Some 125,000 IORPs operate privately managed pension schemes in the EU and hold assets worth €2.5trillion. However, the financial and economic crisis has highlighted their vulnerability. The purpose of the hearing is to raise awareness and to hold a public debate in ECON on this important legislative file where the draft report will be submitted for consideration in committee by mid-July.
The Hearing will take place on Tuesday 26 May 2015 from 15.00 to 16.30 in room JAN 6Q2 (Brussels) and will be web-streamed.
ECON 26 May, 16:30 to 17:30: Scrutiny of delegated acts and implementing measures
The following topics in relation to the Solvency II Directive will be discussed at the scrutiny slot:
- delegated regulations on third country equivalence that are expected to be adopted soon. The first delegated regulation should cover full equivalence of Switzerland, and the second delegated regulation should cover provisional equivalence in the area of group solvency for Australia, Bermuda, Brazil, Canada, Mexico and the US.
- a planned delegated act with respect to European Long-Term investment Funds (ELTIF), which will amend the Commission Delegated Regulation on Solvency II regarding risk calibration of ELTIF.
- the implementing acts on the risk-free interest rate term structures including adjustments.
Economic Dialogue and exchange of views with Michel Sapin, French Minister of Finance
French Minister of Finance, Michel Sapin participated in an Economic Dialogue and exchange of views in ECON on 7 May. Minister Sapin presented his views on latest economic developments for France and the recent publication of the 2015 National Reform Programme (NRP) and Stability Programme (SP) to be examined by the Commission. He detailed the measures France plans to implement in order to comply with the EDP recommendation to put an end to the excessive deficit in 2017.
The meeting took place on 7 May 2015, 9.00 - 10.30 in Brussels and was webstreamed.
"Even though there is some truth in them, France is the victim of clichés", French Finance Minister Michel Sapin told Economic and Monetary Affairs Committee MEPs in an “economic dialogue” meeting at the European Parliament on Thursday morning. Despite what is often said and written, “France is reforming, but reforms require careful negotiation and have to be phased in gently so as to last and avoid social conflict", he added.
EU rules on payment services would be updated to improve security, widen consumer choice and keep pace with innovation under an informal deal struck by Economic and Monetary Affairs Committee MEPs and the Latvian Presidency of the Council on Tuesday. The updated rules aim to stimulate competition to provide payment services and foster innovative payment methods, especially for online payment services. They still need to be endorsed by Parliament as a whole and the Council.