The MFSA's Insurance and Pensions Supervision has published a notice that EIOPA has issued a Consultation Paper on the supervisory statement on the use of governance arrangements in third countries, including the UK.
The supervisory statement is aimed at both undertakings and intermediaries. Its purpose is:
- To address, in a convergent manner, the expected level of corporate substance and appropriate presence that EU/EEA undertakings/intermediaries should have, even by those that are planning to launch operations; and
- To build a common Union supervisory culture and consistent supervisory practices, as well as ensuring uniform procedures and consistent approaches throughout the Union.
The statement also extends to cover supervision of outsourced functions in third countries and the expected oversight to be carried out by undertakings and intermediaries.
The MFSA urges the stakeholders to read the consultation and take the opportunity to assess the requirements noted in the statement, highlighting to the MFSA any foreseen material issues that may impact their operations.
The same authority has requested that any feedback provided to EIOPA is copied to the Malta Financial Services Authority Insurance and Pensions Supervision function's e-mail address firstname.lastname@example.org. Any feedback is to be provided by 31/10/2022.
The consultation paper can be found through this link.
This article was first communicated by the MFSA on the 11th of August 2022.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.