1. 1 The Supervisory and Regulatory Framework for Pan-European Pension Funds Jean-Paul Servais, Chairman, Financial Services and Markets Authority (FSMA) Financial Services and Markets Authority (FSMA) - T : +32 2 220 52 11 - E : pensions@fsma.be - www.fsma.be

2. The FSMA Financial Services and Markets Authority Single supervisor of pension funds and occupational retirement provision 2

3. European Directive European pension funds (IORP) Directive of June 2003 2 main regulatory goals high degree of security for future pensioners: prudent person principle internal market: European passport => pan-European pension fund 3

4. Purpose of the passport 4 one gateway, one European passport, even if no Belgian pension plan included

5. European pension funds Directive Minimum harmonisation Very diverse implementation by Member States Does not touch upon social and labor law 5

6. Belgian implementation of the Directive Clear framework Flexible governance structure adaptable to sponsor's governance model Principle-based (prudent person principle) No quantitative investment rules - qualitative approach Flexible funding/solvency requirements 6

8. Home supervisor of 9 pan-European pension funds active in numerous European countries

9. Multidisciplinary supervision teams

10. FSMA in Europe

11. Proactive participant in the European supervisory network, EIOPA

12. Active in setting regulatory standards at EU level

13. Broad knowledge of European pensions marketLet's make it work together 7