Regulatory Alerts2020-12-30 | Minimum Requirements under Supervisory Law on the Own Risk Assessment of Institutions for Occupational Retirement Provision - Circular 09/2020 (VA)Circular 09/2020 (VA) on Minimum Requirements for Own Risk Assessment of IORPs
BaFin issued Circular 09/2020 (VA) to establish binding minimum requirements for the own risk assessment of German institutions for occupational retirement provision. The guidance mandates that management boards implement proportionate, regularly documented risk assessments every three years or upon significant profile changes, supported by clear internal guidelines and six-year record retention. IORPs must submit completed assessment reports to the regulator within fourteen days, with phased compliance deadlines set for late 2021 and 2022 depending on asset size.
Share