The new IORP Act has been published

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Date:
23 Jan 2019

On 23 January 2019 the Act implementing (EU) Directive 2016/2341 of the European Parliament and the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (the “IORP Act”) was published in the Belgian State Gazette.

This Act enters into force on the date of its publication in the Belgian State Gazette.

Although the new IORP Act states that it would enter into force on 13 January 2019, it still first had to be published in the Belgian State Gazette. This was done today, on 23 January 2019.

The most important changes of the new IORP Act relate to:

  • the structure of IORPs;
  • the fit and proper requirement for members of operational bodies and key functions;
  • governance of IORPs;
  • cross-border activities and transfers;
  • investment policy and depository;
  • information requirements;
  • supervision by the FSMA.

In our Newsletter  of 11 January, we listed the main changes.

> Action point

IORPs need to evaluate their activities in light of the new regulations and take the necessary steps in order to implement the new requirements in a timely manner.