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The PEPP Regulation (PEPPR): Pepper for the Capital Markets Union?
On June 20th, 2019, Regulation (EU) 2019/1238 of the European Parliament and of the Council on the subject of a pan-European Personal Pension Product was adopted (hereinafter referred to as “PEPPR”). The object of the PEPPR is to lay down uniform rules on the registration, manufacturing, distribution, and supervision of personal pension products distributed in the European Union under the header of PEPP.
This article will concentrate on how the PEPPR presents an added value for both PEPP savers and providers. Therefore, we explore the following: the legislative history and the reasons of the PEPPR, the definition of a PEPP, and its savers and providers. Furthermore, attention will be drawn to the investment options and the matter of consumer protection as well as the so-called “fee cap of 1 %”.
1. Introdcution
The PEPPR intends to establish a separate regulatory framework for personal pension products on an EU level. According to the European Commission, this will benefit consumers as the proposal envisages more choice for savers, greater market competition, consumer protection via stringent information requirements, distribution rules, and a simple default investment option. PEPP sav...