Where the assets of an IORP relating to a pension scheme consist of other assets than those referred to in paragraph 1, the depositary shall verify that the IORP is the owner of the assets and shall maintain a record of those assets. 5. 5. 1. The Commission and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (5) should have regard to the various traditions of Member States in their activities and should act without prejudice to national social and labour law in determining the organisation of IORPs. This Directive is not intended to call this prerogative of Member States into question, but rather encourage them to build up adequate, safe and sustainable occupational retirement provision and facilitate cross-border activity. Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a Union scale. The exercise of the right of an IORP established in one Member State to manage an occupational pension scheme contracted in another Member State should fully respect the provisions of the social and labour law in force in the host Member State insofar as it is relevant to occupational pension schemes, for example the definition and payment of retirement benefits and the conditions for transferability of pension rights. However, rules regarding annual benefit statements have yet to be implemented, with other domestic pension work overtaking it. 3. The Commission and the competent authorities of the Member States shall collaborate closely with a view to facilitating supervision of the operations of IORPs. Articles 52 and 53 shall be without prejudice to the right of inquiry conferred on the European Parliament by Article 226 of the Treaty on the Functioning of the European Union. contribute to the effective implementation of the risk management system. That refusal, or a failure to act by the competent authority of the home Member State of the receiving IORP shall be subject to a right of appeal to the courts in the home Member State of the receiving IORP. The competent authorities of the home Member State shall be responsible for the prudential supervision of IORPs. 5. 2. Norway’s predominantly insurance-based pension system is largely unaffected by IORP II. 4. The scope of prudential rules should be clarified in order to ensure legal certainty for the cross-border activities of IORPs. Retirement schemes in Europe are generally both very complex and varied. Member States may provide that the available solvency margin may also comprise: cumulative preferential share capital and subordinated loan capital up to 50 % of the lesser of the available solvency margin and the required solvency margin, no more than 25 % of which shall consist of subordinated loans with a fixed maturity, or fixed-term cumulative preferential share capital, provided that binding agreements exist under which, in the event of the bankruptcy or liquidation of the IORP, the subordinated loan capital or preferential share capital ranks after the claims of all other creditors and is not to be repaid until all other debts outstanding at the time have been settled; securities with no specified maturity date and other instruments, including cumulative preferential shares other than those referred to in point (a), to a maximum of 50 % of the available solvency margin, or the required solvency margin, whichever the lesser, for the total of such securities, and the subordinated loan capital referred to in point (a), provided they fulfil the following conditions: they must not be repaid on the initiative of the bearer or without the prior consent of the competent authority; the contract of issue must enable the IORP to defer the payment of interest on the loan; the lender's claims on the IORP must rank entirely after those of all non-subordinated creditors; the documents governing the issue of the securities must provide for the loss-absorption capacity of the debt and unpaid interest, while enabling the IORP to continue its business; and. For the purposes of this Directive, this does not include agreements for operational type services for example, for security or maintenance personnel. 1. The reasoned decision referred to in the first subparagraph shall be issued within three months of receiving all the information referred to in paragraph 3. They must be valued on a prudent basis, taking into account the underlying asset, and included in the valuation of an IORP's assets.
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