Handbook for IORPs on the implementation of the IORP II Directive

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The IORP II Directive requires supervisory authorities to base their supervision on a forward-looking, risk-based approach and to communicate transparently on this subject by publishing the text of laws, regulations and administrative provisions as well as their general supervisory guidelines. EIOPA itself has published a series of opinions on the subject.

In this context, the FSMA has published on its website a handbook on the implementation of the IORP II Directive and EIOPA's opinions on governance and risk management.

In this handbook, the FSMA sets out its expectations regarding the implementation of the governance rules. In addition, the FSMA presents a number of examples of good practice.

The text is partly based on the draft circular on governance, for which the FSMA organized an open consultation in 2019. In redrafting the text, the FSMA took into account what it considered to be relevant comments and suggestions from that consultation exercise.

The handbook pays particular attention to risk management. It lists the risks that an institution for occupational retirement provision (IORP) may face. In addition, the handbook gives examples of tools and methods that an IORP can use to assess and manage the identified risks and report on these. Finally, the ORA (own risk assessment) exercise that IORPs must perform at least every three years is discussed in detail.

Read more in the Handbook FSMA_2022_01 ...(available in French - Dutch only)