The Government Draft Law (Draft Law 209/XIII) transposing into national law Directive 2016/2341 of the European Parliament and of the Council of December 14, 2016, - on the activities and supervision of institutions for occupational retirement provision - and approving the new legal framework for the setting-up and operation of pension funds and pension fund management entities (RJFP), was submitted to the Assembly of the Republic on July 11th.
As a result of the transposition of the directive, the draft law under consideration provides for the strengthening of the system of governance of pension fund management bodies, the establishment of the self-assessment of risk (similar to the risk self-assessment and solvency provided for under Solvency II), the densification of information requirements, as well as the development of matters relating to the reporting and public disclosure of information, supervision, exchange of information and professional secrecy, and cross-border transfers.
On the other hand, the solutions established in the legal regime applicable to pension funds and respective management entities, currently embodied in Decree-Law No. 12/2006, of January 20, are updated according to developments in the pension funds sector and the supervisory experience acquired, as well as towards increased alignment with the legal regime for the taking-up and pursuit of insurance and reinsurance, namely in matters of market conduct and with the legal regime for insurance and reinsurance distribution, approved by Law No. 7/2019, of January 16.
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