As these Directives generally have the capacity

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Alegislative framework compared to the national one. This aspect will provide more clarity and certainty to stakeholders. The organizational provisions of IORP II including the introduction of new requirements to maintain a stable remuneration policy or own risk assessment separation of key risk management functions internal audit which must be independent the requirement that persons who perform these functions no longer have the same role in an affiliated enterprise they will have a large impact on Cypriot regulations.

Finally the introduction of new features some even Country Email List sophisticated as well as the expansion of the scope of supervision by competent authorities under IORP II is likely to be a challenge for Cypriot regulation which will need to be sustained with additional staff with experts thus requiring modification of the current structure in order to be able to effectively meet the requirements of IORP II. Greece An important objective of IORP II is that where appropriate it must consider a fair distribution of risks and benefits between generations.




This alone will raise a number of interesting questions about Greece and will be a particularly important factor for the Greek legislator in reviewing pension schemes. to administer collective schemes for employers providing retirement benefits for their employees IORP II is expected to strengthen this role. Moreover as the Greek legislator has adopted legislation that is in the spirit and letter of IORP I the new Pensions Directive is expected to promote occupational insurance and strengthen its role compared to publicprivate insurance. Finally each Pensions Directive requires the creation of an efficient system of governance which also pursues the prudent management of activities in the field. In applying the Directive for example written policies on risk management internal audit actuarial and outsourced activities will have to be implemented plus the possibility of an evaluation once every three years. Ireland So far there has been no official reaction to IORP II and no mention.