EUROPE - European Federation for Retirement Provision (EFRP) vice chairman Jaap Maassen has refuted media reports that the EFRP is dissatisfied with the proposal for the European pension funds directive.
He added the ECOFIN political agreement of 4 June 2002 was an important milestone in that it:
- endorses the European passport concept for pension funds;- accepts the ‘prudent person rule’;- establishes the ‘home country control’ principle, and;- it is no initiative for social policy reform.
However, Maassen also expressed concern that Member States will be allowed to continue imposing investment restrictions.
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