EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
EY Malta is delighted to share another quarterly Pensions Regulatory and Compliance Newsletters. In this newsletter, we will be providing a snapshot of publications, updates to legislation and consultations issued in the second quarter of 2023 around the insurance regulatory compliance framework.
What’s inside this newsletter
- The European Supervisory Authorities launch public consultation on the first batch of Digital Operational Resilience Act policy products
- A common understanding of greenwashing and warning on risks
- Insurance Europe responds to EIOPA’s consultation on IORP II review
- MFSA’s amendments to the Pension Rules for Occupational Retirement Schemes
The European Supervisory Authorities launch public consultation on the first batch of Digital Operational Resilience Act policy products
On the 19th of June, the European Supervisory Authorities (‘ESA’) launched a public consultation on the first batch on policy products under the Digital Operational Resilience Act (‘DORA’), which includes four draft regulatory technical standards and one set of draft implementing technical standards. The consultation will run until 11th September 2023 and comments on the public consultation can be sent through the consultation page.
A common understanding of greenwashing and warning on risks
The ESA published their progress reports on greenwashing in the financial sector on the 1st June 2023.
In these reports, a common high-level understanding of greenwashing applicable to market participants across their respective remits have been put forward. The final greenwashing reports will be published in May 2024 and will consider final recommendations, including on possible changes to the EU regulatory framework.
Insurance Europe responds to EIOPA’s consultation on IORP II Review
Following the public consultation on the technical advice for the review of the IORP II Directive, on the 24th May 2023, Insurance Europe responded to EIOPA on such a consultation with the responses being made publicly available and can be viewed from here. In Insurance Europe’s opinion, the review should be based on a minimum harmonisation approach, respecting the particular features of the different pension systems in the EU member states.
MFSAs amendments to the Pension Rules for Occupational Retirement Schemes
On the 4th May 2023, the MFSA circulated the amendments to appendix 14 to the Pension Rules for Occupational Retirement Schemes as a result of the release of Taxonomy Version 2.7.0 in 2022 by EIOPA, which improved the taxonomies implementation with an updated xBRL Euro filing taxonomy architecture. In view of this release, the MFSA has updated their Annexes to Appendix 14 of the Pensions Rules for Occupational Retirements Schemes and introduced one new reporting template and changes that needed to be effected to existing reporting templates in order to improve the current taxonomies implementation with an updated xBRL Euro filing taxonomy architecture.
The amendments to the Appendix came into force on the same day the circular was published and can be accessed through here.
Contact us
Leanne Haber
EY Malta Financial Services Regulatory Compliance
Senior Consultant
leanne.haber@mt.ey.com
