AI Summary of Article 45 Main objective of prudential supervision
The core aim of prudential supervision is to safeguard the rights of members and beneficiaries while fostering the stability and soundness of Institutions for Occupational Retirement Provision (IORPs). To achieve this, Member States are mandated to equip competent authorities with essential resources, relevant expertise, and the necessary capacity to fulfil these supervisory objectives effectively.
Compliance frameworks must prioritise this protective mandate, ensuring that all regulatory measures align with the overarching goal of maintaining robust financial systems and protecting stakeholders' interests. This alignment is crucial for establishing trust and safeguarding the integrity of the retirement provision landscape.
Article 45 Main objective of prudential supervision
1. The main objective of prudential supervision is to protect the rights of members and beneficiaries and to ensure the stability and soundness of the IORPs.
2. Member States shall ensure that the competent authorities are provided with the necessary means, and have the relevant expertise, capacity, and mandate to achieve the main objective of supervision referred to in paragraph 1.