S.I. No. 86/2023 - European Union (Sustainability - Related Disclosures in the Financial Services Sector) (Occupational Pension Schemes) Regulations 2023
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 7th March, 2023. | ||
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving full effect to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 20191 , as amended by Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 20202 , hereby make the following regulations: | ||
1. These Regulations may be cited as the European Union (Sustainability-Related Disclosures in the Financial Services Sector) (Occupational Pension Schemes) Regulations 2023. | ||
2. The Pensions Act 1990 (No. 25 of 1990) is amended – | ||
(a) in section 2(1), by the insertion of the following definition: | ||
“ ‘SFD Regulation’ means Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 20191 on sustainability-related disclosures in the financial services sector as amended by Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 20202 ;”, | ||
(b) in section 3A(1A), in paragraph (a), by the insertion of “or (1F)” after “59(1)(ca)”, | ||
(c) in section 10(1), by the insertion of the following paragraph after paragraph (fc): | ||
“(fd) to monitor compliance by the trustees of schemes and trust RACs with the SFD Regulation,”, | ||
(d) in section 54, by the insertion of the following subsection after subsection (1): | ||
“(1A) The trustees of a scheme or trust RAC shall, further to a request made by the Pensions Authority, furnish it, by a date specified in the request, with such information as the Authority may require in relation to compliance with section 59(1F).”, and | ||
(e) in section 59, by the insertion of the following subsection after subsection (1E): | ||
“(1F) The trustees of a scheme or trust RAC shall comply with the following articles of the SFD Regulation: | ||
(a) article 3(1); | ||
(b) article 4(1), (2), (3), (4); | ||
(c) article 5; | ||
(d) article 6(1), (3); | ||
(e) article 7; | ||
(f) article 8(1), (2), (2a); | ||
(g) article 9(1), (2), (3), (4), (4a); | ||
(h) article 10(1); | ||
(i) article 11(1), (2); | ||
(j) article 12(1); | ||
(k) article 13(1); | ||
(l) article 15(1).”. | ||
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GIVEN under my Official Seal, | ||
23 February, 2023. | ||
HEATHER HUMPHREYS, | ||
Minister for Social Protection. | ||
EXPLANATORY NOTE | ||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||
These Regulations amend the Pensions Act 1990 to provide that the Pension Authority’s existing powers of supervision and enforcement are extended to the provisions of Regulation (EU) 2019/2088. | ||
