EIOPA has launched two consultations on Institutions for Occupational Retirement Provisions (IORPs):

  • on the supervision of risk assessment by IORPs providing defined contribution (DC) schemes

The draft Opinion provides guidance on the supervision of long-term risk assessment by DC IORPs, applying a risk-based and proportionate approach. It focuses on two aspects of DC risk management: – Firstly, the use of quantitative elements in operational risk management, supplementing the guidance in the existing Opinion on the supervision of the management of operational risks faced by IORPs. Secondly, the use of projections of future retirement income in assessing long-term risks from the perspective of members and beneficiaries, also in interaction with the establishment of their risk tolerance and the design of investment strategies.

  • on the supervisory reporting of costs and charges of IORPs.

The draft Opinion sets out expectations on the supervisory reporting of costs and charges of IORPs, using a proportional and risk-based approach. It provides a generic classification of all costs to be reported to national supervisors, including templates, both for supervisors to collect cost information from IORPs and to assist IORPs to collect cost information from investment managers. Moreover, principles are provided for the compilation of the cost information. Most notably the look-through principle, meaning that not only direct investment costs have to be reported but also indirect costs at the level of investment managers.

EIOPA invites stakeholders to provide feedback on both consultation papers by 22 July 2021.

Consob has ordered the blackout of 5 new websites that abusively offer financial services:

– “Italiano Invest” (website www.italianoinvest.net and related page secure.italianoinvest.net);

– EZ2GO Ltd (website www.capitalfx.co and related page client.capital.co);

– Ozava Partners LTD(website https://goldmanbanc.com);

– “Pro Star” (website www.ictrades.co);

– “New Traders Holdings” (website www.newtradersholdings-fx.com).

The number of websites blacked out since July 2019 has thus risen to 431.

Bank of Italy has released two new Working papers (nn. 1334-1335) and five new Occasional Papers (nn. 614-618) and the No. 62 of the Newsletter on the economic research in Bank of Italy.

Working papers: No. 1335 – Managerial talent and managerial practices: are they complements?; No. 1334 – What drives investors to chase returns?

Occasional Papers: No. 618 – COVID-19 and global value chains: the ongoing debate; No. 617 – Methodological issues in the estimation of current account imbalances; No. 616 – Firm characteristics and potential output: a growth accounting approach; No. 615 – Local public transport in Italy: past, present and future; No. 614 – Households’ energy demand and the effects of carbon pricing in Italy

(only in Italian)

IVASS e Covip con un comunicato congiunto del 23 aprile 20121 hanno invitato gli operatori nazionali  del settore a prendere parte alla rilevazione dell’EIOPA sul

Prodotto Pensionistico Individuale Paneuropeo (PEPP).