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Directive 2016/2341/EU - IORP II DirectiveRecitalsTitle I General Provisions (arts. 1-12)Article 1 Subject matterArticle 2 ScopeArticle 3 Application to IORPs operating social security schemesArticle 4 Optional application to institutions covered by Directive 2009/138/ECArticle 5 Small IORPs and statutory schemesArticle 6 DefinitionsArticle 7 Activities of an IORPArticle 8 Legal separation between sponsoring undertakings and IORPsArticle 9 Registration or authorisationArticle 10 Operating requirements Article 11 Cross-border activities and proceduresArticle 12 Cross-border transfersTitle II Quantitative Requirements (arts. 13-19)Article 13 Technical provisionsArticle 14 Funding of technical provisionsArticle 15 Regulatory own fundsArticle 16 Available solvency marginArticle 17 Required solvency marginArticle 18 Required solvency margin for the purpose of Article 17(3)Article 19 Investment rulesTitle III Conditions governing activities (arts. 20-35)Chapter 1 System of governance (arts. 20-30)Section 1 General provisions (arts. 20-23)Article 20 Responsibility of the management or supervisory bodyArticle 21 General governance requirementsArticle 22 Requirements for fit and proper managementArticle 23 Remuneration policySection 2 Key functions (arts. 24-27)Article 24 General provisionsArticle 25 Risk-managementArticle 26 Internal audit functionArticle 27 Actuarial functionSection 3 Documents concerning governance (arts. 28-30) Article 28 Own-risk assessmentArticle 29 Annual accounts and annual reportsArticle 30 Statement of investment policy principlesChapter 2 Outsourcing and investment management (arts. 31-32) Article 31 OutsourcingArticle 32 Investment managementChapter 3 Depositary (arts. 33-35) Article 33 Appointment of a depositaryArticle 34 Safekeeping of assets and depositary liabilityArticle 35 Oversight dutiesTitle IV Information to be given to prospective members, members and beneficiaries (arts. 36-44) Chapter 1 General provisions (arts. 36-37) Article 36 PrinciplesArticle 37 General information on the pension schemeChapter 2 Pension Benefit Statement and supplementary information  (arts. 38-40)Article 38 General provisionsArticle 39 Pension Benefit StatementArticle 40 Supplementary informationChapter 3 Other information and documents to be provided (arts. 41-44) Article 41 Information to be given to prospective membersArticle 42 Information to be given to members during the pre-retirement phaseArticle 43 Information to be given to beneficiaries during the pay-out phaseArticle 44 Additional information to be given on request to members and beneficiariesTitle V Prudential supervision (arts. 45-59)Chapter 1 General rules on prudential supervision (arts. 45-51)Article 45 Main objective of prudential supervisionArticle 46 Scope of prudential supervisionArticle 47 General principles of prudential supervisionArticle 48 Powers of intervention and duties of the competent authoritiesArticle 49 Supervisory review processArticle 50 Information to be provided to the competent authoritiesArticle 51 Transparency and accountabilityChapter 2 Professional secrecy and exchange of information (arts. 52-59)Article 52 Professional secrecyArticle 53 Use of confidential informationArticle 54 European Parliament right of inquiryArticle 55 Exchange of information between authoritiesArticle 56 Transmission of information to central banks, monetary authorities, European Supervisory Authorities and the European Systemic Risk BoardArticle 57 Disclosure of information to government administrations responsible for financial legislationArticle 58 Conditions for the exchange of informationArticle 59 National provisions of a prudential natureTitle VI Final provisions (arts. 60-67)Article 60 Cooperation between Member States, the Commission and EIOPAArticle 61 Processing of personal dataArticle 62 Evaluation and reviewArticle 63 Amendment of Directive 2009/138/ECArticle 63a Accessibility of information on the European single access pointArticle 64 TranspositionArticle 65 RepealArticle 66 Entry into forceArticle 67 AddresseesAnnex IPart A Repealed Directive with list of its successive amendmentsPart B List of time-limits for transposition into national law and applicationAnnex II Correlation TableDone at
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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 12 January 2017 - onwards
Version 2 of 2

Article 32 Investment management

Member States shall not restrict IORPs from appointing, for the management of the investment portfolio, investment managers established in another Member State and duly authorised for this activity, in accordance with Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU and 2014/65/EU, as well as the authorised entities referred to in Article 2(1) of this Directive.

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