The European Insurance and Occupational
Pensions Authority (EIOPA)
from the Solvency ii
Association, the larger association of Solvency ii professionals in
the world
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL establishing a European Insurance and Occupational
Pensions Authority - Brussels, 23.9.2009
CHAPTER III
ORGANISATION
SECTION 1
BOARD OF SUPERVISORS
Article 25
Composition
1. The Board of
Supervisors shall be composed of:
(a) the Chairperson,
who shall be non-voting;
(b) the Head of the relevant
national supervisory authority competent for the supervision of
financial institutions in each Member State. If there is more
than one competent authority in a Member State, the authorities
shall agree on one of the Heads to be the representative on the
Board of Supervisors;
(c) one representative of the
Commission who shall be non-voting;
(d) one
representative of the ESRB who shall be non-voting;
(f)
one representative of each of the other two European Supervisory
Authorities who shall be non-voting.
2. Each national
supervisory authority, and if there is more than one relevant
national supervisory authority, those authorities together,
shall be responsible for nominating a high-level alternate from
its authority or authorities, who may replace the member of the
Board of Supervisors referred to in paragraph 1(b), in case this
person is prevented from attending.
3. The Board of
Supervisors may decide to admit observers.
The Executive
Director may participate in meetings of the Board of Supervisors
without the right to vote.
Article 26
Internal committees and
Panels
1. The Board of Supervisors may establish
internal committees or panels for specific tasks attributed to
the Board of Supervisors, and may provide for the delegation of
certain clearly defined tasks and decisions to internal
committees or panels, to the Management Board or to the
Chairperson.
2. For the purposes of Article 11, the Board
of Supervisors shall convoke a panel to facilitate the
settlement of the disagreement, consisting of the Chairperson
and two of its members, who are not representatives of the
national supervisory authorities which are parties to the
disagreement.
A Decision pursuant to Article 11 shall be
adopted by the Board of Supervisors on proposal from the panel.
Article 27
Independence
When carrying out the tasks conferred
upon it by this Regulation, the Chairperson and the voting
members of the Board of Supervisors shall act independently and
objectively in the Community interest and shall neither seek nor
take instructions from Community institutions or bodies, from a
Government of a Member State or from any other public or private
body.
Article 28
Tasks
1. The Board of Supervisors shall give
guidance to the work of the Authority and shall be in charge of
taking the decisions referred to in Chapter II.
2. The
Board of Supervisors shall adopt the opinions, recommendations,
and decisions, and issue the advice referred to in Chapter II.
3. The Board of Supervisors shall appoint the Chairperson.
4. The Board of Supervisors shall adopt, before 30 September
each year, on the basis of a proposal by the Management Board,
the work programme of the Authority for the coming year, and
shall transmit it for information to the European Parliament,
the Council and the Commission.
The work programme shall
be adopted without prejudice to the annual budgetary procedure
and shall be made public.
5. The Board of Supervisors
shall adopt the multi-annual work programme of the Authority,
and shall transmit it for information to the European
Parliament, the Council and the Commission.
The
multi-annual work programme shall be adopted without prejudice
to the annual budgetary procedure and shall be made public.
6. The Board of Supervisors shall approve the draft budget
in accordance with Article 49.
7. The Board of
Supervisors shall exercise disciplinary authority over the
Chairperson and the Executive Director and may remove them from
office in accordance with Article 33(5) or Article 36(5)
respectively.
Article 29
Decision making
1. The Board of
Supervisors shall act on the basis of qualified majority of its
members, as defined in Article 205 of the Treaty, for acts
specified in Articles 7, 8 and all measures and decisions
adopted under Chapter VI.
All other decisions of the
Board of Supervisors shall be taken by simple majority of
members.
2. Meetings of the Board of Supervisors shall be
convened by the Chairperson at his or her own initiative or at
the request of one third of its members, and shall be chaired by
the Chairperson.
3. The Board of Supervisors shall adopt
and make public its rules of procedure.
4. The rules of
procedure shall set out in detail the arrangements governing
voting, including, where appropriate, the rules governing
quorums.
The non-voting members and the observers, with
the exception of the Chairperson and the Executive Director,
shall not attend any discussions within the Board of Supervisors
relating to individual financial institutions, unless otherwise
provided for in Article 61 or in the legislation referred to in
Article 1(2).
SECTION 2
MANAGEMENT BOARD
Article 30
Composition
1. The Management Board shall be composed of the
Chairperson, a representative of the Commission, and four
members elected by the Board of Supervisors from among its
members.
Each member other than the Chairperson shall
have an alternate, who may replace the member of the Management
Board if that person is prevented from attending.
The
term of office of the members elected by the Board of
Supervisors shall be two and a half years.
It may be
extended once.
2. Decisions by the Management Board shall
be adopted on the basis of a majority of the members present.
Each member shall have one vote.
The Executive
Director shall participate in meetings of the Management Board
without the right to vote.
The Management Board shall
adopt and make public its rules of procedure.
3. Meetings
of the Management Board shall be convened by the Chairperson on
its own initiative or at the request of at least a third of its
members, and chaired by the Chairperson.
It shall meet at
least bi-annually in ordinary session.
4. The members of
the Management Board may, subject to the rules of procedure, be
assisted by advisers or experts.
Article 31
Independence
The members of the Management Board shall act independently and
objectively in the Community interest, without seeking or taking
any instructions from Community institutions or bodies, from any
government of a Member State or from any other public or private
body.
Article 32
Tasks
1. The Management Board shall ensure that
the Authority carries out its mission and performs the tasks
assigned to it in accordance with this Regulation.
2. The
Management Board shall propose, for adoption by the Board of
Supervisors, an annual and multi-annual work programme.
3. The Management Board shall exercise its budgetary powers in
accordance with Articles 49 and 50.
4. The Management
Board shall adopt the Authority's staff policy plan and,
pursuant to Article 54(2), the necessary implementing measures
of the Staff Regulations of Officials of the European
Communities (hereinafter ‘the Staff Regulations').
5. The
Management Board shall adopt the special provisions on right of
access to the documents of the Authority, in accordance with
Article 58.
6. The Management Board shall, after
consulting the Board of Supervisors, adopt the annual report on
the activities of the Authority on the basis of the draft report
referred to in Article 38(7) and shall transmit that report to
the European Parliament, the Council, the Commission, the Court
of Auditors, the European Economic and Social Committee by 15
June. The report shall be made public.
7. The Management
Board shall adopt and make public its rules of procedure.
8. The Management Board shall appoint and remove the members
of the Board of Appeal in accordance with Article 44(3) and
44(5).
SECTION 3
CHAIRPERSON
Article 33
Appointment and tasks
1. The Authority shall be represented by a Chairperson, who
shall be a full-time independent professional.
The
Chairperson shall be responsible for preparing the work of the
Board of Supervisors and shall chair the meetings of the Board
of Supervisors and the Management Board.
2. The
Chairperson shall be appointed by the Board of Supervisors on
the basis of merit, skills, knowledge of financial institutions
and markets, and experience relevant to financial supervision
and regulation, following an open selection procedure.
Before appointment, the candidate selected by the Board of
Supervisors shall be subject to confirmation by the European
Parliament.
The Board of Supervisors shall also elect
from among its members an alternate who shall carry out the
functions of the Chairperson in his absence.
3. The
Chairperson's term of office shall be five years and may be
extended once.
4. In the course of the nine months
preceding the end of the five-year term of office of the
Chairperson, the Board of Supervisors shall evaluate:
(a)
the results achieved in the first term of Office and the way
they were achieved;
(b) the Authority’s duties and
requirement in the coming years.
The Board of Supervisors
taking into account the evaluation may extend the term of office
of the Chairperson once subject to confirmation by the European
Parliament.
5. The Chairperson may be removed from office
only upon Decision of the Board of Supervisors subject to
confirmation by the European Parliament.
The Chairperson
may not prevent the Board of Supervisors from discussing matters
relating to the Chairman, in particular the need for his or her
removal and shall not be involved in deliberations concerning
such a matter.
Article 34
Independence
Without prejudice to
the role of the Board of Supervisors in relation to the tasks of
the Chairperson, the Chairperson shall neither seek nor take
instructions from Community institutions or bodies, from any
government of a Member State or from any other public or private
body.
Article 35
Report
1. The European Parliament may invite the
Chairperson or his or her alternate, while fully respecting his
independence, to make a statement regularly before its competent
committee and answer questions put by members of that committee.
2. The European Parliament may also call upon the
Chairperson to submit a report on the performance of his duties.
SECTION 4
EXECUTIVE
DIRECTOR
Article 36
Appointment
1. The
Authority shall be managed by the Executive Director, who shall
be a full-time independent professional.
2. The Executive
Director shall be appointed by the Board of Supervisors on the
basis of merit, skills, knowledge of financial institutions and
markets, and experience relevant to financial supervision and
regulation and managerial experience, following an open
selection procedure.
3. The Executive Director's term of
office shall be five years and may be extended once.
4.
In the course of the nine months preceding the end of the
five-year term of office of the Executive Director, the Board of
Supervisors shall undertake an evaluation.
In that
evaluation, the Board of Supervisors shall assess in particular:
(a) the results achieved in the first term of Office and the
way they were achieved;
(b) the Authority’s duties and
requirement in the coming years.
The Board of Supervisors
taking into account the evaluation may extend the term of office
of the Executive Director once.
5. The Executive Director
may be removed from office only upon Decision of the Board of
Supervisors.
Article 37
Independence
Without prejudice to
the respective roles of the Management Board and the Board of
Supervisors in relation to the tasks of the Executive Director,
the Executive Director shall neither seek nor take instructions
from any government, authority, organisation or person outside
the Authority.
Article 38
Tasks
1. The Executive Director
shall be in charge of the management of the Authority and shall
prepare the work of the Management Board.
2. The
Executive Director shall be responsible for implementing the
annual work programme of the Authority under the guidance of the
Board of Supervisors and under the control of the Management
Board.
3. The Executive Director shall take the necessary
measures, notably the adoption of internal administrative
instructions and the publication of notices, to ensure the
functioning of the Authority, in accordance with this
Regulation.
4. The Executive Director shall prepare a
multi-annual work programme, as referred to in Article 32(2).
5. Each year by 30 June, the Executive Director shall
prepare a work programme for the following year, as referred to
in Article 32(2).
6. The Executive Director shall draw up
a preliminary draft budget of the Authority pursuant to Article
49 and shall implement the budget of the Authority pursuant to
Article 50.
7. Each year the Executive Director shall
prepare a draft annual report with a section on the regulatory
and supervisory activities of the Authority and a section on
financial and administrative matters.
8. The Executive
Director shall exercise in respect to the Authority's staff the
powers laid down in Article 54 and manage staff matters.
CHAPTER IV
EUROPEAN
SYSTEM OF FINANCIAL SUPERVISORS
SECTION 1
GENERAL
PROVISIONS
Article 39
Composition
1. The
Authority shall form part of the ESFS, which shall function as a
network of supervisors.
2. The ESFS shall comprise the
following:
(a) the authorities in the Member States as
specified in Article 1(2) of this Regulation, Article 1(2) of
Regulation (EC) No …/… [EBA] and Article 1(2) of Regulation (EC)
No …/… [ESMA ];
(b) the Authority;
(c) the
European Banking Authority set up under Article 1 of Regulation
(EC) No …/…[EBA];
(d) the European Securities and Markets
Authority set up under Article 1 of Regulation (EC) No …/… [
ESMA];
(e) the Joint Committee of European Supervisory
Authorities provided for in Article 40;
(f) the
Commission for the purposes of carrying out the tasks referred
to in Articles 7, 9 and 10.
3. The Authority shall
cooperate regularly and closely, ensure cross-sectoral
consistency of work and arrive at joint positions in the area of
supervision of financial conglomerates and on other
cross-sectoral issues with the European
Banking Authority and
the European Securities and Markets Authority through the Joint
Committee of European Supervisory Authorities set up in Article
40.
SECTION 2
JOINT COMMITTEE OF EUROPEAN SUPERVISORY AUTHORITIES
Article 40
Establishment
1. A Joint Committee
of the European Supervisory Authorities is hereby established.
2. The Joint Committee shall serve as a forum in which the
Authority shall cooperate regularly and closely and ensure
cross-sectoral consistency with the European Banking Authority
and the European Securities and Markets Authority.
3. The
Authority shall contribute adequate resources to the
administrative support of the Joint Committee of European
Supervisory Authorities.
This includes staff,
administrative, infrastructure, and operational expenses.
Article 41
Composition
1. The Joint Committee shall be
composed of the Chairperson and the Chairpersons of the European
Banking Authority and the European Securities and Markets
Authority, and, where applicable, the Chairperson of a
Sub-Committee established under Article 43.
2. The
Executive Director, the Commission and the ESRB shall be invited
to the meetings of the Joint Committee of European Supervisory
Authorities as well as the Sub-Committees mentioned in Article
43 as observers.
3. The chair of the Joint Committee of
European Supervisory Authorities shall be appointed on an annual
rotational basis from among the Chairpersons of the European
Banking Authority, the European Insurance and Occupational
Pensions Authority and the European Securities and Markets
Authority.
4. The Joint Committee of European Supervisory
Authorities shall adopt and publish its own rules of procedure.
The rules may specify further participants of the
meetings of the Joint Committee.
The Joint Committee of
European Supervisory Authorities shall meet at least once every
two months.
Article
42
Joint positions and common acts
Within the
scope of its tasks in Chapter II, and notably with respect to
the implementation of Directive 2002/87/EC, where relevant, the
Authority shall reach joint positions with the European Banking
Authority, and with the European Securities and Markets
Authority as appropriate.
Acts under Articles 7, 9, 10,
or 11 of this Regulation in relation to the application of
Directive 2002/87/EC and of any other legislation referred to in
Article 1(2) that also falls within the area of competence of
the European Banking Authority or the European Securities and
Markets Authority shall be adopted by the Authority, the
European Banking Authority, and the European Securities and
Markets Authority, as appropriate, in parallel.
Article 43
Sub-committees
For the purposes of Article 42, a
Sub-Committee on Financial Conglomerates to the Joint Committee
of European Supervisory Authorities shall be established.
That Sub-Committee shall be composed of the individuals
mentioned in Article 41(1), and one high-level representative
from the current staff of the relevant national supervisory
authority from each Member State.
The Sub-Committee shall
elect a Chairperson from amongst its members, who shall also be
a member of the Joint Committee of European Supervisory
Authorities.
The Joint Committee may establish further
Sub Committees.
SECTION 3
BOARD OF APPEAL
Article 44
Composition
1. The Board of Appeal shall be a joint body of the European
Banking Authority, the European Insurance and Occupational
Pensions Authority, and the European Securities and Markets
Authority.
2. The Board of Appeal shall be composed of
six members and six alternates, who shall be individuals with
relevant knowledge and experience, excluding current staff of
the national supervisory authorities or other national or
Community institutions involved in the activities of the
Authority.
The Board of Appeal designates its President.
The decisions of the Board of Appeal shall be adopted on the
basis of a majority of at least four of its six members.
The Board of Appeal shall be convened by its President when
necessary.
3. Two members of the Board of Appeal and two
alternates shall be appointed by the Management Board of the
Authority from a short-list proposed by the Commission,
following a public call for expression of interest published in
the Official Journal of the European Union, and after
consultation of the Board of Supervisors.
The other
Members shall be appointed in accordance with Regulation (EC) No
…/…[EBA] and Regulation (EC) No …/… [ESMA].
4. The term
of office of the members of the Board of Appeal shall be five
years. This term may be extended once.
5. A member of the
Board of Appeal, who was appointed by the Management Board of
the Authority, may not be removed during his term of office,
unless he has been found guilty of serious misconduct, and the
Management Board takes a decision to that effect after
consulting the Board of Supervisors.
6. The Authority,
the European Banking Authority and the European Securities and
Markets Authority shall ensure adequate operational and
secretarial support for the Board of Appeal.
Article 45
Independence and impartiality
1. The members of
the Board of Appeal shall be independent in making their
decisions.
They shall not be bound by any instructions.
They may not perform any other duties in the Authority,
in its Management Board or in its Board of Supervisors.
2. Members of the Board of Appeal may not take part in any
appeal proceedings if they have any personal interest therein,
or if they have previously been involved as representatives of
one of the parties to the proceedings, or if they have
participated in the decision under appeal.
3. If, for one
of the reasons referred to in paragraph 1 and 2 or for any other
reason, a member of a Board of Appeal considers that a fellow
member should not take part in any appeal proceedings, the
member shall inform the Board of Appeal accordingly.
4.
Any party to the appeal proceedings may object to the
participation of a member of the Board of Appeal on any of the
grounds referred to in paragraph 1 and 2, or if suspected of
bias.
An objection may not be based on the nationality of
members nor shall it be admissible if, while being aware of a
reason for objecting, the party to the appeal proceedings has
nonetheless taken a procedural step other than objecting to the
composition of the Board of Appeal.
5. The Board of
Appeal shall decide on the action to be taken in the cases
specified in paragraphs 1 and 2 without the participation of the
member concerned.
For the purpose of taking that
decision, the member concerned shall be replaced on the Board of
Appeal by his alternate, unless the alternate finds himself in a
similar situation. Should this be the case, the Chairperson
shall designate a replacement from among the available
alternates.
6. The members of the Board of Appeal shall
undertake to act independently and in the public interest.
For that purpose, they shall make a declaration of
commitments and a declaration of interests indicating either the
absence of any interest which may be considered prejudicial to
their independence or any direct or indirect interest which
might be considered prejudicial to their independence.
Those declarations shall be made public, annually and in
writing.
CHAPTER V
REMEDIES
Article 46
Appeals
1. Any
natural or legal person, including national supervisory
authorities, may appeal against a decision of the Authority
referred to in Articles 9, 10 and 11 and any other decision
taken by the Authority according to legislation as referred to
in Article 1(2) which is addressed to that person, or against a
decision which, although in the form of a decision addressed to
another person, is of direct and individual concern to that
person.
2. The appeal, together with the statement of
grounds thereof, shall be filed in writing at the Authority
within two months of the day of notification of the decision to
the person concerned, or, in the absence thereof, of the day on
which the Authority has published its decision.
The Board
of Appeal shall decide upon the appeal within two months after
the appeal has been lodged.
3. An appeal lodged pursuant
to paragraph 1 shall not have suspensive effect.
The
Board of Appeal may, however, if it considers that circumstances
so require, suspend the application of the contested decision.
4. If the appeal is admissible, the Board of Appeal shall
examine whether it is wellfounded.
It shall as often as
necessary invite the parties to the appeal proceedings to file
observations on notifications issued by itself or on
communications from the other parties to the appeal proceedings,
within specified time limits.
Parties to the appeal
proceedings shall be entitled to make an oral presentation.
5. The Board of Appeal may, within the provisions of this
Article, exercise any power which lies within the competence of
the Authority, or it may remit the case to the competent body of
the Authority.
That body shall be bound by the decision
of the Board of Appeal.
6. The Board of Appeal shall
adopt and make public its rules of procedure.
7. The
decisions taken by the Board of Appeal shall be reasoned and
made public by the Authority.
Article 47
Actions before the Court of
First Instance and the Court of Justice
1. An
action may be brought before the Court of First Instance or the
Court of Justice, in accordance with Article 230 of the Treaty,
contesting a decision taken by the Board of Appeal or, in cases
where there is no right of appeal before the Board of Appeal, by
the Authority.
2. In the event that the Authority has an
obligation to act and fails to take a decision, proceedings for
failure to act may be brought before the Court of First Instance
or the Court of Justice in accordance with Article 232 of the
Treaty.
3. The Authority shall be required to take the
necessary measures to comply with the judgment of the Court of
First Instance or the Court of Justice.
CHAPTER VI
FINANCIAL PROVISIONS
Article 48
Budget of the Authority
1. The
revenues of the Authority shall consist, in particular, of:
(a) obligatory contributions from the national public
authorities competent for the supervision of financial
institutions;
(b) a subsidy from the Community, entered
in the General Budget of the European Union (Commission
Section);
(c) any fees paid to the Authority in the cases
specified in the relevant instruments of Community law.
2. The expenditure of the Authority shall include, at least,
staff, remuneration, administrative, infrastructure and
operational expenses.
3. Revenue and expenditure shall be
in balance.
4. Estimates of all Authority revenue and
expenditure shall be prepared for each financial year,
corresponding to the calendar year, and shall be presented in
the budget of the Authority.
Article 49
Establishment of the budget
1. By 15 February each year, the Executive Director shall
draw up a draft statement of estimates of revenue and
expenditure for the following financial year, and shall forward
this preliminary draft budget to the Management Board, together
with the establishment plan.
Each year, the Management
Board shall, on the basis of the preliminary draft drawn up by
the Executive Director, produce a statement of estimates of
revenue and expenditure of the Authority for the following
financial year.
That statement of estimates, including a
draft establishment plan, shall be transmitted by the Management
Board to the Commission by 31 March. Prior to adoption of the
statement of estimates, the draft prepared by the Executive
Director shall be approved by the Board of Supervisors.
2. The statement of estimates shall be transmitted by the
Commission to the European Parliament and to the Council
(hereinafter referred to as the 'budgetary authority'), together
with the preliminary draft General Budget of the European Union.
3. On the basis of the statement of estimates, the
Commission shall enter in the preliminary draft General Budget
of the European Union the estimates it deems necessary in
respect of the establishment plan and the amount of the subsidy
to be charged to the general budget of the European Union in
accordance with Article 272 of the Treaty.
4. The
budgetary authority shall adopt the establishment plan for the
Authority.
The budgetary authority shall authorise the
appropriations for the subsidy to the Authority.
5. The
budget of the Authority shall be adopted by the Management
Board.
It shall become final after the final adoption of
the general budget of the European Union.
Where
necessary, it shall be adjusted accordingly.
6. The
Management Board shall, without delay, notify the budgetary
authority of its intention to implement any project which may
have significant financial implications for the funding of its
budget, in particular any project relating to property such as
the rental or purchase of buildings.
It shall inform the
Commission thereof.
If either branch of the budget
authority intends to issue an opinion, it shall, within two
weeks of receipt of the information on the project, notify the
Authority of its intention to issue such an opinion.
In
the absence of a reply, the Authority may proceed with the
planned operation.
Article 50
Implementation and control of the budget
1. The Executive Director shall act as authorising officer
and shall implement the Authority's budget.
2. By 1 March
following the completion of each financial year, the Authority
accounting officer shall forward to the Commission's accounting
officer and to the Court of Auditors the provisional accounts,
accompanied by the report on budgetary and financial management
during the financial year.
The Authority accounting
officer shall also send the report on budgetary and financial
management to the members of the Board of Supervisors, the
European Parliament and the Council by 31 March of the following
year.
The Commission's accounting officer shall then
consolidate the provisional accounts of the institutions and
decentralised bodies in accordance with Article 128 of Council
Regulation (EC, Euratom) No 1605/200240, (hereinafter referred
to as the 'Financial Regulation').
3. After receiving the
observations of the Court of Auditors on the provisional
accounts of the Authority in accordance with the provisions of
Article 129 of the Financial Regulation, the Executive Director,
acting on his own responsibility, shall draw up the final
accounts of the Authority and transmit them, for opinion, to the
Management Board.
4. The Management Board shall deliver
an opinion on the final accounts of the Authority.
5. The
Executive Director shall transmit those final accounts,
accompanied by the opinion of the Management Board, by 1 July
following the completion of the financial year, to the Members
of the Board of Supervisors, the European Parliament, the
Council, the Commission and the Court of Auditors.
6. The
final accounts shall be published.
7. The Executive
Director shall send the Court of Auditors a reply to the
latter's observations by 30 September. He or she shall also send
a copy of this reply to the Management Board and the Commission.
8. The Executive Director shall submit to the European
Parliament, at the latter's request and as provided for in
Article 146(3) of the Financial Regulation, any information
necessary for the smooth application of the discharge procedure
for the financial year in question.
9. The European
Parliament, following a recommendation from the Council acting
by qualified majority, shall, before 15 May of the year N + 2,
grant a discharge to the Authority for the implementation of the
budget for the financial year N.
Article 51
Financial rules
The financial rules applicable to the Authority shall be
adopted by the Management Board after the Commission has been
consulted. Those rules may not depart from Commission Regulation
(EC, Euratom) No 2343/200241 unless the specific operational
needs for the functioning of the Authority so require and only
with the prior agreement of the Commission.
Article 52
Anti-fraud measures
1. For the purposes of
combating fraud, corruption and any other illegal activity, the
provisions of Regulation (EC) No 1073/1999 shall apply to the
Authority without any restriction.
2. The Authority shall
accede to the Interinstitutional Agreement of 25 May 1999
between the European Parliament, the Council of the European
Union and the Commission of the European Communities concerning
internal investigations by the European Anti-Fraud Office (OLAF)
and shall immediately adopt appropriate provisions for all staff
of the Authority.
3. The funding decisions and the
agreements and the implementing instruments resulting from them
shall explicitly stipulate that the Court of Auditors and OLAF
may, if need be, carry out on-the-spot checks on the
beneficiaries of monies disbursed by the Authority as well as on
the staff responsible for allocating these monies.
CHAPTER VII
GENERAL
PROVISIONS
Article 53
Privileges and immunities
The Protocol on Privileges and Immunities of the European
Communities shall apply to the Authority and its staff.
Article 54
Staff
1. The Staff Regulations, the Conditions of
employment of other servants and the rules adopted jointly by
the European Community institutions for the purpose of applying
these shall apply to the staff of the Authority, including its
Executive Director.
2. The Management Board, in agreement
with the Commission, shall adopt the necessary implementing
measures, in accordance with the arrangements provided for in
Article 110 of the Staff Regulations.
3. In respect of
its staff, the Authority shall exercise the powers conferred on
the appointing authority by the Staff Regulations and on the
authority entitled to conclude contracts by the Conditions of
employment of other servants.
4. The Management Board
shall adopt provisions to allow national experts from Member
States to be seconded to the Authority.
Article 55
Liability of the Authority
1. In the case of non-contractual liability, the Authority
shall, in accordance with the general principles common to the
laws of the Member States, make good any damage caused by it or
by its staff in the performance of their duties.
The
Court of Justice shall have jurisdiction in any dispute over the
remedying of such damage.
2. The personal financial
liability and disciplinary liability of Authority staff towards
the Authority shall be governed by the relevant provisions
applying to the staff of the Authority.
Article 56
Obligation of Professional
Secrecy
1. Members of the Board of Supervisors and
the Management Board, the Executive Director, and members of the
staff of the Authority including officials seconded by Member
States on a temporary basis shall be subject to the requirements
of professional secrecy pursuant to Article 287 of the Treaty
and the relevant provisions in the relevant community
legislation, even after their duties have ceased.
2.
Without prejudice to cases covered by criminal law, any
confidential information received by persons referred to in
paragraph 1 whilst performing their duties may not be divulged
to any person or authority whatsoever, except in summary or
aggregate form, such that individual financial institutions
cannot be identified.
Moreover, the obligation under
paragraphs 1 and the first subparagraph of this paragraph shall
not prevent the Authority and the national supervisory
authorities from using the information for the enforcement of
the legislation referred to in
Article 1(2), and in
particular for legal proceedings for the adoption of decisions.
3. Paragraphs 1 and 2 shall not prevent the Authority from
exchanging information with national supervisory authorities in
accordance with this Regulation and other community legislation
applicable to financial institutions.
That information
shall be subject to the conditions of professional secrecy
indicated in paragraphs 1 and 2.The Authority shall lay down in
its internal rules of procedure the practical arrangements for
implementing the confidentiality rules referred to in paragraphs
1 and 2.
4. The Authority shall apply Commission Decision
2001/844/EC, ECSC, Euratom.
Article 57
Data protection
This regulation shall be without prejudice to the
obligations of Member States relating to their processing of
personal data under Directive 95/46/EC or the obligations of the
Authority relating to its processing of personal data under
Regulation (EC) No 45/2001 when fulfilling its responsibilities.
Article 58
Access
to documents
1. Regulation (EC) No 1049/2001 shall
apply to documents held by the Authority.
2. The
Management Board shall adopt practical measures for applying
Regulation (EC) No 1049/2001 by 31 May 2011.
3. Decisions
taken by the Authority pursuant to Article 8 of Regulation (EC)
No 1049/2001 may be the subject of a complaint to the Ombudsman
or of proceedings before the Court of Justice, following appeal
to the Board of Appeal, as appropriate, in accordance with the
conditions laid down in Articles 195 and 230 of the Treaty
respectively.
Article 59
Language arrangements
1. The
provisions of Council Regulation No 144 shall apply to the
Authority.
2. The Management Board shall decide on the
internal language arrangements for the Authority.
3. The
translation services required for the functioning of the
Authority shall be provided by the Translation Centre for the
Bodies of the European Union.
Article 60
Headquarters Agreement
The necessary arrangements concerning the accommodation to
be provided for the Authority in the Member State where its seat
is located and the facilities to be made available by that
Member State, as well as the specific rules applicable in that
Member State to the Executive Director, the members of the
Management Board, staff of the Authority and members of their
families shall be laid down in a Headquarters Agreement between
the Authority and that Member State concluded after obtaining
the approval of the Management Board.
That Member State
shall provide the best possible conditions to ensure proper
functioning of the Authority, including multilingual,
European-oriented schooling and appropriate transport
connections.
Article 61
Participation of third countries
Participation in the work of the Authority shall be open to
countries which are not members of the European Union and which
have concluded agreements with the Community whereby they have
adopted and are applying Community law in the area of competence
of the Authority as referred to in Article 1(2).
Under
the relevant provisions of these agreements, arrangements shall
be made specifying, in particular, the nature, scope and
procedural aspects of the involvement of these countries in the
work of the Authority, including provisions relating to
financial contributions and to staff.
They may provide
for representation, as an observer, on the Board of Supervisors,
but shall ensure that these countries do not attend any
discussions relating to individual financial institutions,
except where there is a direct interest.
CHAPTER VIII
TRANSITIONAL AND FINAL
PROVISIONS
Article 62
Preparatory actions
1. The Commission shall be responsible for the
administrative establishment and initial administrative
operation of the Authority until the Authority has the
operational capacity to implement its own budget.
For
that purpose, until such time as the Executive Director takes up
his duties following his appointment by the Board of Supervisors
in accordance with Article 36, the Commission may assign one
official on an interim basis in order to fulfil the functions of
the Executive Directors.
2. The interim Executive
Director may authorise all payments covered by credits provided
in the budget of the Authority, once approved by the Management
Board and may conclude contracts, including staff contracts
following the adoption of the Authority’s establishment plan.
3. Paragraphs 1 and 2 are without prejudice to the powers of
the Board of Supervisors and the Management Board.
Article 63
Transitional Staff provisions
1. By way of
derogation from Article 54, all employment contracts concluded
by the Committee of European Insurance and Occupational Pensions
Supervisors or its Secretariat and in force on the date of
application of this Regulation shall be honoured until their
expiry date.
They may not be extended.
2. All
members of staff under contracts referred to in paragraph 1
shall be offered the possibility of concluding temporary agent
contracts under Article 2(a) of the Conditions of Employment of
Other Servants at the various grades as set out in the
Authority’s establishment plan.
An internal selection
limited to staff who have contracts with the Committee of
European Insurance and Occupational Pensions Supervisors or its
Secretariat shall be carried out after the entry into force of
this Regulation by the authority authorised to conclude
contracts in order to check the ability, efficiency and
integrity of those to be engaged.
3 Depending on the type
and level of functions to be performed, successful applicants
shall be offered temporary agents’ contracts of a duration
corresponding at least to the time remaining under the prior
contract.
4. The relevant national law relating to labour
contracts and other relevant instruments shall continue to apply
to staff members with prior contracts who choose not to apply
for temporary agent's contracts or who are not offered temporary
agents contracts in accordance with paragraph 2.
Article 64
Amendments
Council and Parliament Decision n° … of
… establishing a Community programme to support specific
activities in the field of financial services, financial
reporting and auditing, is hereby amended insofar as the
Committee of European Insurance and Occupational Pension
Supervisors is removed from the list of beneficiaries set out in
Section B of the Annex to that Decision.
Article 65
Repeal
Commission Decision 2009/79/EC, establishing the Committee of
European Insurance and Occupational Pensions Supervisors, is
hereby repealed.
Article 66
Evaluation
1. Within three years
from the date set out in the second paragraph of Article 67 and
every three years thereafter, the Commission shall publish a
general report on the experience acquired as a result of the
operation of the Authority and the procedures laid down in this
Regulation.
That report shall also evaluate progress
achieved towards regulatory and supervisory convergence in the
fields of crisis management and resolution in the Community.
The evaluation shall be based on extensive consultation,
including with the Insurance, Reinsurance and Occupational
Pension Funds Stakeholder Group.
2. The report and any
accompanying proposals, as appropriate, shall be forwarded to
the European Parliament and to the Council.
Article 67
Entry
into force
This Regulation shall enter into force
on the day following that of its publication in the Official
Journal of the European Union.
It shall apply from
1 January 2011.
This
Regulation shall be binding in its entirety and directly
applicable in all Member States.
Done at Brussels,
For
the European Parliament
For the Council
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL
establishing a European Insurance and Occupational
Pensions Authority - Part A
Part B
Part C
Part D
Solvency ii Training and Certification Programs
The Solvency ii Association develops and maintains a
compendium of Solvency ii related risk and compliance topics.
Subject matter experts review and update this body of knowledge.
The Solvency ii Association offers two Solvency ii
certification programs:
A. Certified Solvency ii Professional
(CSiiP) for professionals working in the EEA countries
B.
Certified Solvency ii Equivalence Professional (CSiiEP) for
professionals working in non-EEA countries
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