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The exclusion of the term premium from the UFR

Pat McArdle made this access to documents request to European Insurance and Occupational Pensions Authority

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Dear European Insurance and Occupational Pensions Authority,

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

Article 47 of COMMISSION DELEGATED Regulation (EU) 2015/35 of 10 October 2014 provision “The ultimate forward rate shall not include a term premium to reflect the additional risk of holding long-term investments”.

Yours faithfully,

Pat McArdle (Mr)

EIOPA ATD, European Insurance and Occupational Pensions Authority

Dear Mr McArdle,

Thank you for your e-mail of 12 August 2021.

We hereby acknowledge receipt of your application for access to documents, which was registered under reference number 2021ATD11.

In accordance with Regulation (EC) No 1049/2001 regarding public access to European Parliament, Council and Commission documents, your application will be handled within 15 working days. The time limit will expire on 2 September 2021.

In case this time limit needs to be extended, you will be informed in due course.

Yours faithfully,

EIOPA Access to Documents

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EIOPA ATD, European Insurance and Occupational Pensions Authority

Dear Mr McArdle,

I refer to your email of 12 August, in which you requested “documents which contain the following information: Article 47 of COMMISSION DELEGATED Regulation (EU) 2015/35 of 10 October 2014 provision “The ultimate forward rate shall not include a term premium to reflect the additional risk of holding long-term investments”. {Access request registered at EIOPA under 2021ATD11}

Please find the documents that we identified including references to the above-mentioned article:

1)The reply to the consultation and the methodology to derive the ultimate forward rate and its implementation:

https://www.eiopa.europa.eu/sites/defaul...

-> There are 34 references to Article 47 – the most relevant one is on page 23.

2)In addition to this, all relevant publications for UFR, which use the agreed methodology and implementation are published on EIOPA’s website:

https://www.eiopa.europa.eu/tools-and-da...

-> Under the section Related sources / Background material:
In this area you may find all the publications of the UFR update for the last years.

We hope this is what you are looking for. Please do not hesitate to contact us if you have any further question.

Kind regards,

EIOPA Access to Documents

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Dear EIOPA ATD,
Thank you for the reply
It would be helpful if it could be expanded to indicate why this provision was inserted in the first instance and the rationale for it.

Yours sincerely,

Pat McArdle

EIOPA ATD, European Insurance and Occupational Pensions Authority

Dear Pat,
 
Thank you for your email in which you asked EIOPA to expand on why Article
47 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 was
inserted in the first instance and the rationale for it.
 
In essence, this is not an application for access to documents under
Regulation (EC) No 1049/2001 of the European Parliament and of the Council
but a request for information.
 
In this respect and considering your question, we would like to advise you
that the European Commission being the author of this legal act, is best
suited to indicate the reasons and the rationale underlying Article 47.
 
Therefore, we would encourage you to address your question directly to
Directorate-General Financial Stability, Financial Services and Capital
Markets Union of the European Commission.
 
Via the following link, you will find information on how to contact the
Commission -
[1]https://ec.europa.eu/info/departments/fi....
 
Kind regards,
 
EIOPA Access to Documents.
 

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