Is the activity of pension fund administrators included in the "Portfolio management and advice" and thus, pension fund administrators qualify as financial institutions?

The object of activity permitted by law to administrators of pension funds is exclusively the activity of management of pension funds and optionally the provision of private pensions. Against this background, should it be interpreted that administrators of pension funds also carry out the activity listed in Annex I of CCR5 "Portfolio management and advice" and thus can qualify as "financial institution" under CRR, Article 4 (1)(26)?

This question has been rejected because the question is not sufficiently clear or has not sufficiently identified a provision of a legal framework covered by this tool that creates uncertainty and for which an explanation is merited in terms or practical implementation or application.

The Single Rule Book Q&A tool has been established to provide explanations and non-binding interpretations on questions relating to the practical application or implementation of the provisions of legislative acts referred to in Article 1(2) of the EBA’s founding Regulation, as well as associated delegated and implementing acts, and guidelines and recommendations, adopted under these legislative acts.

For further information on the purpose of this tool and on how to submit questions, please see “Additional background and guidance for asking questions”.