In order to mitigate the problem recognised in point 2: definition” “Problem of the IA the following objectives have been identified: to implement the requirements of Article 20(11) of the IORP Directive; to create a centralised source of information at EU level on national provisions of prudential nature by providing uniform procedures, formats and templates to be used by competent authorities when transmitting and updating information to EIOPA. 4: Policy options, analysis of impacts and comparison Policy options with regard to the ITS reporting requirement The policy development process has considered two sets of policy options. Set 1: on templates and formats Option 1.1: in which the draft ITS would not clearly establish a uniform way of the ITS reporting requirement. Option 1.2: in which the draft ITS would clearly establish a uniform way of the ITS reporting requirement. Set 2: on procedures (frequency) of reporting Option 2.1 in which competent authorities would transmit to EIOPA – information on prudential rules every two years and report to EIOPA on any change” in the national provisions. “significant in which competent authorities would not transfer Option 2.2 – change” updates to EIOPA. Complete templates would be “significant sent annually instead of on two-year basis as stipulated by Article 20(11) of the IORP Directive. Analysis of impacts of policy options under Set 1 The cost and administrative burden for both options is expected to fall mostly on competent authorities (CAs) who will be responsible for reporting and providing regular updates. There will be a cost for EIOPA in relation to receiving reports from competent authorities, keeping information
In order to mitigate the problem recognised in point 2: “Problem definition” of the IA the following objectives have been identified: to implement the requirements of Article 20(11) of the IORP Directive; to create a centralised source of information at EU level on national provisions of prudential nature by providing uniform procedures, formats and templates to be used by competent authorities when transmitting and updating information to EIOPA. 4: Policy options, analysis of impacts and comparison Policy options with regard to the ITS reporting requirement The policy development process has considered two sets of policy options. Set 1: on templates and formats Option 1.1: in which the draft ITS would not clearly establish a uniform way of the ITS reporting requirement. Option 1.2: in which the draft ITS would clearly establish a uniform way of the ITS reporting requirement. Set 2: on procedures (frequency) of reporting Option 2.1 – in which competent authorities would transmit to EIOPA information on prudential rules every two years and report to EIOPA on any “significant change” in the national provisions. Option 2.2 – in which competent authorities would not transfer “significant change” updates to EIOPA. Complete templates would be sent annually instead of on two-year basis as stipulated by Article 20(11) of the IORP Directive. Analysis of impacts of policy options under Set 1 The cost and administrative burden for both options is expected to fall mostly on competent authorities (CAs) who will be responsible for reporting and providing regular updates. There will be a cost for EIOPA in relation to receiving reports from competent authorities, keeping information
EIOPA-BoS-13-185_draft_ITS_costs_and_benefits_analyses_impact_assessment.docx