1. Cross-border pension funds Time to jump Practical experiences of the Belgian FSMA Henk Becquaert FSMA NY 23-06-2011

3. Large to very small pension institutions

4. Social and labor laws vary greatly Appropriate supervision is essential 2

6. Flexible organization

7. general assembly

8. board of directors

9. other ...

10. Ring-fencing is possible

11. level of 'solidarity' is to be determined: from no solidarity to total solidarity

12. via a separate fund (total ring-fencing)

13. via a buffer fund

14. via ...

15. to be set down in governing documents (ring-fencing as long as no bankruptcy)3

17. Regular financing by the contributing enterprise

18. No changes year on year, unless justifiedStatement of investment policy principles  Needs to be prudent, coherent and justified Restoration plan or recovery plan 4

19. Supervision of the “prudent person” principle Openness Responsibility and accountability Fit and Proper Good governance Internal supervision (internal control, internal audit, compliance officer and an actuary), the external auditor and ultimately the FSMA Knowing one's own risks 5

20. Very few Cross-border activities Fiscal disharmony Hidden protection mechanisms The financial crisis Lack of experience ==> first movers S & L law vs. prudential law Cultural difference Employees/retirees' councils to be convinced 6

22. For binding or non-binding opinions if needed

23. By pension plan, country or group

24. S&L law (information, participation, ...)7

26. Multi-employerNew markets, mobile workers, small pension funds, etc. *as at 15 June 2011 8

27. How does the FSMA operate ? 25 years of pension fund experience Circular letters, announcements, memoranda Individual replies by email, letter, etc. WWW.FSMA.BE pension@fsma.be (in English, German, French and Dutch) 9