Committee on Consumer Protection and Financial Innovation (CCPFI)
|
|
- Marjorie Davidson
- 5 years ago
- Views:
Transcription
1 EIOPA-BoS-16/ December 2016 Committee on Consumer Protection and Financial Innovation (CCPFI) Mandate I. Background The Committee on Consumer Protection and Financial Innovation (CCPFI) contributes to enhancing European convergence in legislation and supervision in the field of insurance and occupational pension schemes. The unusual aspect of the CCPFI is that there are a number of Members that are not Members of EIOPA but are nevertheless responsible for supervision of insurance intermediaries at the national level, and have adhered to the principles of the Luxembourg Protocol on Insurance Mediation. Article 9(4) of Regulation 1094/2010 establishing EIOPA ( the EIOPA Regulation ) 1 requires EIOPA to establish as an integral part of the Authority, a Committee on financial innovation, which brings together all relevant competent national supervisory authorities with a view to achieving a co-ordinated approach to the regulatory and supervisory treatment of new or innovative financial activities and providing advice for the Authority to present to the European Parliament, the Council and the Commission. II. Tasks of the CCPFI The EIOPA Regulation sets out ground-breaking new powers and tasks in the field of consumer protection for EIOPA. EIOPA s primary task in this area is to contribute to enhancing customer protection 2 and foster the protection of policyholders, pension scheme members and beneficiaries for which it will have the power to develop common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on consumer protection 3. More specifically, under Article 9 of the EIOPA Regulation, EIOPA is required to take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market by: Collecting, analysing and reporting on consumer trends; 1 Regulation (EU) No 1094/2010, O.J. L 331, , p.48 2 Article 1(f) of the EIOPA Regulation 3 See Articles 8(1)(h) and (2)(i) of the EIOPA Regulation. EIOPA Westhafen Tower, Westhafenplatz Frankfurt Germany Tel Fax , Website:
2 Reviewing and coordinating financial literacy and education initiatives by competent authorities; Developing industry training standards for the industry; and Contributing to development of common disclosure rules. In addition to this, EIOPA is required to: Monitor new and existing financial activities; Establish a Committee on financial innovation (under the terms described above). The CCPFI will play a leading role in EIOPA s work in these areas listed above. In addition, under Article 9 of the Regulation, EIOPA may: Adopt guidelines and recommendations to promote safety and soundness of markets and convergence of regulatory practice; Issue warnings in case a financial activity poses a serious threat to its core objectives; Within specific parameters, temporarily prohibit or restrict certain types of financial activities that threaten the orderly functioning of financial markets or the stability of the whole or part of the EU s financial system. The CCPFI will contribute to EIOPA s work in these areas from the perspective of consumer protection and financial innovation. Furthermore, the CCPFI will continue (or stand ready to contribute to) existing or future work instigated either on its own initiative or at the request of the European Commission in areas such as retail financial services and insurance, PRIIPs and Insurance Distribution Directive (IDD). In addition, the CCPFI s tasks include: Drafting technical standards, guidelines and recommendations, to analyse the potential related costs and benefits in accordance with Articles 10, 15 and 16 of the EIOPA Regulation respectively; Preparing and contributing to or executing impact studies necessary to assess the impact of standards or guidelines. EIOPA s strategy towards a comprehensive risk-based and preventive framework for conduct of business supervision EIOPA s strategy towards its comprehensive framework stems from its founding Regulation. The envisaged framework is an integral part of EIOPA s legal remit and strategic goals: Take a proactive role in intervening early to tackle risks of consumer detriment; Build a coordinated understanding of issues that go beyond one national market; and Foster convergence across the EU by promoting a high, effective and consistent level of regulation and supervision. The framework is based on two key principles: 2/7
3 Risk based identify depth and scale of risks and focusing on priorities and resources; and Preventive anticipate issues early to solve problems of the future. It is envisaged to use of the following tools to implement the framework: Consumer Trends Reports Deep and effective market monitoring Thematic Reviews Retail Risk Indicators The further implementation of the framework is to be gradual and proportionate, taking into account the fragmentation of conduct of business regulation and supervision and the different stages of development of consumer protection across the EU. The implementation of the framework, especially with regard to fostering convergence across the EU, also takes into account the national efforts to transpose the Insurance Distribution Directive (IDD). Relationship with the work of the other ESAs and in particular, the Joint Committee of the ESAs The consumer protection-related tasks in the EIOPA Regulation are mirrored in the Regulations establishing ESMA (European Securities and Markets Authority) and EBA (European Banking Authority). In this respect, Article 54 of the EIOPA Regulation provides for the establishment of a Joint Committee of ESAs, which will serve as a forum in which EIOPA will co-operate regularly and closely and ensure cross-sectoral consistency with ESMA and EBA in particular regarding [ ] retail investment products. Article 56 provides that within the scope of its tasks in Chapter II [i.e. including Consumer Protection], EIOPA will reach joint positions with EBA and ESMA as appropriate. The CCPFI acknowledges the importance of ensuring cross-sectoral consistency and reaching joint positions amongst the ESAs on matters relating to Consumer Protection. It will, in particular, be mindful of work undertaken by the Joint Committee s Subcommittee on Consumer Protection and Financial Innovation, set up in May III. Organisation of work The Committee will cooperate with other EIOPA Committees to ensure the consistency of the draft technical standards and guidelines and to ensure that adequate expertise is available for the delivering on the tasks identified above. Liaison with stakeholders in the frame of the stakeholder groups will be pursued and cooperation with other ESAs in areas of cross-sectoral relevance will be established where necessary. Through a combination of the membership of the CCPFI and internal staff resources, the aim is to ensure adequate expertise being available for delivering on the tasks identified above. 3/7
4 The Committee will organise itself along main work streams to be covered by smaller ad hoc drafting teams. These ad hoc drafting teams will report to the plenary meetings of the CCPFI and their work will be discussed and agreed within the CCPFI. Typically, five or six two-day meetings will be necessary to accommodate both the work on financial innovation and other consumer protection issues. Stakeholder input (from industry and consumer groups) will be sought, for example, via representation on EIOPA s stakeholder groups on insurance/reinsurance and occupational pensions, adhering to EIOPA s Consultation Practices. IV. Chairperson Ludwig Pfleger (FMA, AT) since March The Vice-Chair is Ursula Gerold (BaFin, DE) since May V. Review of the Mandate (including Chairmanship) To review at least every three years on policy matters and annually for detailed deliverables. Moreover, the mandate of the working group was reviewed during the second half of 2015 as part of a general review of the EIOPA working group structure. VI. Deliverables for 2017 (N.B. This section will be updated annually) The CCPFI s deliverables for 2017 are aligned with EIOPA s priorities for 2017 as laid down in the annual work programme. Especially relevant is the focus on: Whole product life cycle-focused consumer protection with greater emphasis on preventive, risk-based regulation and supervision; Constant quality cycle for regulation: remain clear on the underlying principles. Project Completion of draft Implementing Technical Standards on the standardised presentation format of a Insurance Product Information Document (IPID) for non-life insurance products Q1 January H 4/7
5 Project Other IDD deliverables: (i) initial preparatory work on market monitoring of ancillary insurance products; (ii) development of a single electronic register for passporting intermediaries (hyperlink to national registers); and (iii) revision of the Luxembourg Protocol Completion of Technical Advice to the Commission on Delegated Acts under IDD on: (i) POG (ii) conflicts of interest; (iii) inducements and (iv) assessment of suitability and appropriateness of insurance-based investment products EIOPA Instruments initiation of work Regulatory Technical Standards on the amounts for professional indemnity insurance (for completion in 2018) Ongoing Q4 Q4 November November Q1 January 2017 H Q4 (roll over to 2018) June 2017 (Approval public consultation paper) of M H Guidelines under Art 30(7) & 30(8) of the IDD on the assessment of IBIPs that incorporate a structure, which makes it difficult for the customer to understand the risks involved Annual Consumer Trends Report (consumer protection and financial innovation, including digitalisation, InsurTech, etc.) Q3 August 2017 H Q4 November H 5/7
6 Project Products on consumer protection (see separate Joint Committee precise work programme) will cover (i) PRIIPs KID follow up to Level 2 work including work on (a) a comprehension alert and (b) credit risk mitigation; (ii) Technical Advice to COM DA on PRIIPs with environmental and social objectives; (iii) finalisation of Report on Big Data; and (iv) work on crossborder supervision of financial services EC mandate: Net performance of common investment products including long term savings (consumer protection) Q1-Q4 To be decided M Q1-Q4 To be decided M Report Finalisation of thematic review on market conduct addressing monetary incentives in unit-linked policies. Opinions, warnings, temporary restrictions and prohibitions- As required Report on the level of reporting of complaints data under the Complaints handling Guidelines on cross-border basis and whether the EIOPA template is being used (in conjunction with Peer Review on the Complaints Handling Guidelines) Q1 Q4 March and November To be decided As required As required Q2 June M M 6/7
7 Project EC Action Plan on Retail Financial Services, e.g. certificate for professional indemnity insurance and/or a 29th regime for life insurance policies Retail risk indicators: annual report based on staggered approach to develop market and product monitoring by means of retail risk indicators Fifth Joint Consumer Protection Day, (in association with EBA and ESMA) Market monitoring generally and specifically under the PRIIPs Regulation with a view to potential product intervention on IBIPs Q4 As required M Q3 September H Q2 Continuous As required H Update of the CCPFI Mandate Q3 November H M The following key areas have been identified to date, where cooperation with other EIOPA Working Groups is required: 1. Occupational Pensions Committee (OPC): work on consumer protection related to pensions (where relevant). 2. IT and Data Committee (ITDC): refinement of data requirements for consumer protection and financial activities 3. Risk and Financial Stability Committee (RFSC): input from a financial stability perspective in relation to consumer trends, temporary prohibitions/restrictions of financial activities 4. Internal Monitoring Group (IMG): Development of suggestions for warnings and/or restrictions/prohibitions for financial activities, if needed. 7/7
EIOPA's Strategy towards a comprehensive risk-based and preventive framework for conduct of business supervision
EIOPA-16/015 11 January 2016 EIOPA's Strategy towards a comprehensive risk-based and preventive framework for conduct of business supervision EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany
More informationConsumer and Conduct requirements for insurers - IDD, POG, PRIIPS and beyond. 8 th December 2016
Consumer and Conduct requirements for insurers - IDD, POG, PRIIPS and beyond 8 th December 2016 Disclaimer The views expressed in this presentation are those of the presenter and not necessarily of the
More informationEuropean Securities Markets Challenges and opportunities ahead
European Securities Markets Challenges and opportunities ahead Outline ESMA s mission Key activities UK s withdrawal from the EU (Brexit) ESA review MIFID 2 implementation 2 ESMA the EU s financial market
More informationOccupational Pensions Committee. Mandate 2015
EIOPABoS14/219 11 February I. Background Occupational Pensions Committee andate The Occupational Pensions Committee (OPC) contributes to enhancing convergence, consistency and coordination of supervisory
More informationOpinion on monetary incentives and remuneration between providers of asset management services and insurance undertakings
EIOPA-BoS-17/295 11 December 2017 Opinion on monetary incentives and remuneration between providers of asset management services and insurance undertakings 1. Legal basis 1.1. The European Insurance and
More informationSolvency II Where do we stand? Consumer Protection Where do we go?
SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) Solvency II Where do we stand? Consumer Protection Where do we go? Conference organised by the German Federal
More informationECA-
Background paper European Insurance and Occupational Pensions Authority s (EIOPA) contribution to the supervision of and financial stability in the EU's insurance sector March 2018 1 The 2008 financial
More informationAnnual report in brief
Annual report 2016 in brief Neither EIOPA nor any person acting on behalf of the agency is responsible for the use that might be made of the following information. Luxembourg: Publications Office of the
More informationEIOPA s priorities on Consumer Protection and Financial Innovation
EIOPA s priorities on Consumer Protection and Financial Innovation David Cowan Principal Expert, Consumer Protection, EIOPA Tilmann Roth Principal Expert, Structured Products, EIOPA Insurance and Reinsurance
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4369 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council
More informationSTATEMENT AT THE HEARING OF THE EUROPEAN PARLIAMENT S ECONOMIC AND MONETARY AFFAIRS COMMITTEE
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) STATEMENT AT THE HEARING OF THE EUROPEAN PARLIAMENT S ECONOMIC AND MONETARY AFFAIRS COMMITTEE Brussels, 9 October
More informationIDD: EIOPA Technical Advice on possible delegated acts
IDD: EIOPA Technical Advice on possible delegated acts Product oversight and governance arrangements (POG) Highlights - POG requirements play a key role in customer protection. - Similar to MiFID II requirements.
More informationDelegations will find attached the Presidency compromise text on the above proposal.
Council of the European Union Brussels, 17 December 2018 (OR. en) Interinstitutional File: 2018/0179 (COD) 15584/18 ADD 1 EF 334 ECOFIN 1215 CODEC 2348 V 904 SUSTDEV 26 NOTE From: To: No. Cion doc.: Subject:
More informationFirst Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC)
CEIOPS-SEC-70/05 September 2005 First Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC) - 1 - Executive Summary Following
More informationTechnical Advice on possible delegated acts concerning the Insurance Distribution Directive
EIOPA17/048 1 February 2017 Technical Advice on possible delegated acts concerning the Insurance Distribution Directive 1/150 Table of Contents 1. UNDERLYING STRATEGIC OBJECTIVES OF EIOPA S POLICY PROPOSALS...
More informationKEY ACHIEVEMENTS. October 2017 September Hearing of the Economic and Monetary Affairs Committee at the European Parliament REPORT
REPORT KEY ACHIEVEMENTS October 2017 September 2018 Hearing of the Economic and Monetary Affairs Committee at the European Parliament Brussels, 8 October 2018 ABOUT EIOPA CONTENTS About EIOPA 2 Protecting
More informationMain Achievements October September 2017
Main Achievements October 2016 - September 2017 1. Introduction 2 EIOPA is an independent advisory body to the European Commission, the European Parliament, the Council of the European Union. EIOPA s tasks
More informationholistic and integrated assessment, which goes beyond the balance sheet to incorporate qualitative and conduct related information.
Interview with Manuela Zweimueller, EIOPA s Head of Policy and Katja Wuertz, EIOPA s Head of Consumer Protection for the German Association of the Insured (Bund der Versicherten) 1. What are the main criteria
More informationInsurance Supervision in Europe
Insurance Supervision in Europe The future of the insurance industry in Cyprus, IHM Nicosia, 9 March 2011 9 March 2011 1 Consequences of the financial and economic crisis Need to build a sound system Need
More informationDelegations will find below a Presidency compromise text on the above Commission proposal, to be discussed at the 28 February 2011 meeting.
COUNCIL OF THE EUROPEAN UNION Brussels, 21 February 2011 6460/11 Interinstitutional File: 2011/0006 (COD) NOTE from: to: Subject: EF 16 ECOFIN 69 SURE 4 CODEC 220 Presidency Delegations Proposal for a
More informationA COMMON SUPERVISORY CULTURE
A COMMON SUPERVISORY CULTURE Key characteristics of high-quality and effective supervision FOREWORD Building a common supervisory culture is a strategic goal of the European Insurance and Occupational
More informationNEWSLETTER UPCOMING EBA PUBLICATIONS (JUNE SEPTEMBER 2016)
STRENGTHENING THE EU BANKING SECTOR JUNE-2016 NEWSLETTER EBA PRESS UPCOMING EBA PUBLICATIONS (JUNE 2016 - SEPTEMBER 2016) Please note that all documents listed in the table below are subject to approval
More informationImproving European pensions statistics insights into EIOPA s initiative
Improving European pensions statistics insights into EIOPA s initiative Barthold Kuipers Pensioenseminar 2018, Pensioen: Outside in, University of Maastricht 29 January 2018 What is EIOPA? European Insurance
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EN EN EN EUROPEAN COMMISSION Brussels, 19.1.2011 COM(2011) 8 final 2011/0006 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directives 2003/71/EC and 2009/138/EC
More informationIDD: EIOPA Technical Advice on possible delegated acts Product oversight and governance arrangement (POG)
www.pwc.lu/insurance IDD: EIOPA Technical Advice on possible delegated acts Product oversight and governance arrangement (POG) 15 March 2017 Highlights In detail Recital 55 IDD: In order to ensure that
More informationDelegations will find below a Presidency compromise text on the above Commission proposal, as a result of the 17 June meeting.
COUNCIL OF THE EUROPEAN UNION Brussels, 21 June 2011 11858/11 Interinstitutional File: 2011/0006 (COD) NOTE from: to: Subject: EF 93 ECOFIN 445 SURE 15 CODEC 1057 Presidency Delegations Proposal for a
More informationJoint Technical Advice
JC 2017 43 28 July 2017 Joint Technical Advice on the procedures used to establish whether a PRIIP targets specific environmental or social objectives pursuant to Article 8 (4) of Regulation (EU) No 1286/2014
More informationEuropean Banking Authority
EBA/ED/2015/02 08 October 2015 Finance European Banking Authority Report of the Executive Director to the Discharge Authority on measures taken in the light of the Discharge Authority s observations of
More information14219/15 JDC/gj 1 DPG
Council of the European Union Brussels, 27 November 2015 (OR. en) Interinstitutional File: 2012/0175 (COD) 14219/15 INFORMATION NOTE From: To: Subject: General Secretariat of the Council CODEC 1536 ECOFIN
More informationMega Trends in the Global Insurance Industry: Recent Trends by Countries
1 Gesamtverband der Deutschen Versicherungswirtschaft e.v. Mega Trends in the Global Insurance Industry: Recent Trends by Countries The 5th Global Insurance Symposium Seoul, October 30th, 2012 2 Content
More informationInsurance Europe response to the IDD DA consultation
Insurance Europe response to the IDD DA consultation Delegated Regulation on product oversight and governance (POG) Sales outside of the target market: Insurance Europe welcomes the acknowledgement in
More informationESMA Risk Assessment Work Programme 2019
ESMA Risk Assessment Work Programme 2019 7 February 2019 ESMA50-157-1588 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationBriefing Note for BIPAR National Member Associations
Briefing Note for BIPAR National Member Associations IDD Delegated Regulations Product Oversight and Governance Requirements Version November 2017 Content Editorial 3 Introduction 4 Who is manufacturer
More informationFinancial Stability Committee
EIOPA-BoS-14/235 31 October 2014 Financial Stability Committee andate I. Background In accordance with its mandate [especially Articles 8 and 22, EIOPA Regulation (1094/2010)] EIOPA will perform market
More informationBrussels, ~352JS3c
EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union Director General Brussels, 24 07. 7018 ~352JS3c FISMA C4 SG/acg(2018)4365900 Gabriel Bernardino
More information2. The European insurance sector
2. The European insurance sector 2.1. Market Share and Growth The insurance sector substantially differs among European countries (Figure 2.1). The penetration rate indicates the level of development of
More informationRecommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union
EIOPA regular use EIOPA-BoS-19/040 19 February 2019 Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union Recommendations Introduction 1. In accordance
More informationDelegations will find below the fourth Presidency compromise on the abovementioned proposal.
Council of the European Union Brussels, 26 September 2014 (OR. en) Interinstitutional File: 2012/0175 (COD) 13635/14 ECOFIN 851 CODEC 1888 SURE 33 EF 241 NOTE From: To: Subject: Presidency Delegations
More information27/03/2018 EBA/CP/2018/02. Consultation Paper
27/03/2018 EBA/CP/2018/02 Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising the new institutions under MCD
More informationESMA Risk Assessment Work Programme 2017
ESMA Risk Assessment Work Programme 2017 ESMA50-1121423017-286 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring and
More informationPreparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the
Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive (Directive (EU) 2016/97)
More information14791/14 IL,SS/mmf 1 DGG 1B
Council of the European Union Brussels, 28 October 2014 (OR. en) Interinstitutional File: 2012/0175 (COD) 14791/14 ECOFIN 985 CODEC 2114 SURE 37 EF 283 NOTE From: To: Subject: Presidency Delegations Proposal
More informationSubject: Request to EIOPA for an opinion on sustainability within Solvency II
Ref. Ares(2018)4990467-28/09/2018 EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union Director General Brussels, 28, 08, 2018 FISMA/D4/MG/lh/Ares(2018)5470533
More informationFrom cradle to grave - EIOPA s dynamic approach to restoring consumer confidence in the sale of general insurance products.
SPEECH Manuela Zweimueller Director of Regulations From cradle to grave - EIOPA s dynamic approach to restoring consumer confidence in the sale of general insurance products. FCA General Insurance Sector
More informationReport on Good Supervisory Practices regarding knowledge and ability requirements for distributors of insurance products
EIOPABoS13/172 27 November 2013 Report on Good Supervisory Practices regarding knowledge and ability requirements for distributors of insurance products EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 5.4.2018 COM(2018) 169 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the application of Title III of Directive 2009/138/EC of the European
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 21.9.2017 C(2017) 6218 final COMMISSION DELEGATED REGULATION (EU) /... of 21.9.2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with
More informationESMA Risk Assessment Work Programme 2018
ESMA Risk Assessment Work Programme 2018 9 February 2018 ESMA20-95-839 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationEIOPA Final Report on Public Consultations No. 13/011 on the Proposal for Guidelines on the Pre!application for Internal Models
EIOPA/13/416 27 September 2013 EIOPA Final Report on Public Consultations No. 13/011 on the Proposal for Guidelines on the Pre!application for Internal Models EIOPA Westhafen Tower, Westhafenplatz 1 60327
More informationExploring new horizons for the benefit of the citizens in the European Union
KEYNOTE AND WELCOME SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) Exploring new horizons for the benefit of the citizens in the European Union EIOPA
More informationJC /05/2017. Final Report
JC 2017 08 30/05/2017 Final Report On Joint draft regulatory technical standards on the criteria for determining the circumstances in which the appointment of a central contact point pursuant to Article
More informationEIOPA-CP-13/ March Cover note for the Consultation on Guidelines on preparing for Solvency II
EIOPA-CP-13/015 27 March 2013 Cover note for the Consultation on Guidelines on preparing for Solvency II EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. +
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 12.3.2018 COM(2018) 110 final 2018/0045 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on facilitating cross-border distribution of collective
More informationESMA s 2019 Regulatory Work Programme
4 February 2019 ESMA20-95-1105 ESMA s 2019 Regulatory Work Programme The Regulatory Work Programme (RWP) provides an overview of ESMA s Single Rulebook work. It lists all the technical standards and technical
More informationStand out for the right reasons Financial Services Risk and Regulation. Hot topic. Insurance Distribution Directive Are you ready?
www.pwc.co.uk/fsrr August 2017 Stand out for the right reasons Financial Services Risk and Regulation Hot topic Insurance Distribution Directive Are you ready? Highlights IDD impacts both insurers and
More informationEIOPABoS17/ October 2017
EIOPABoS17/204 11 October 2017 Final Report on Guidelines under the Insurance Distribution Directive on Insurancebased investment products that incorporate a structure which makes it difficult for the
More informationFinal Report on Public Consultation No. 14/017 on Guidelines on system of governance
EIOPA-BoS-14/253 28 January 2015 Final Report on Public Consultation No. 14/017 on Guidelines on system of governance EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;
More informationEIOPA- CP-14/ November 2014
EIOPA- CP-14/055 27 November 2014 Consultation Paper on the proposal for draft Implementing Technical Standards on the procedures, formats and templates of the solvency and financial condition report EIOPA
More informationSubject: Enhancing consumer protection in insurance investment products
Gabriel Bernardino Chairman Mr Jonathan Faull Director General European Commission Directorate General Internal Market and Services SPA2 05/010 10 rue de la Loi B&1049 Brussels/Belgium 19 September 2013
More informationDiscussion Paper. Conflicts of Interest in. direct and intermediated sales of. insurance-based investment products (PRIIPs)
EIOPA-BoS-14/061 21 May 2014 Discussion Paper Conflicts of Interest in direct and intermediated sales of insurance-based investment products (PRIIPs) 1/45 Table of Contents 1. Responding to the Discussion
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 31.1.2019 C(2019) 646 final COMMISSION DELEGATED REGULATION (EU) /... of 31.1.2019 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with
More informationKEYNOTE SPEECH BUILDING A COMMON SUPERVISORY CULTURE. 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED INSURERS
KEYNOTE SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) BUILDING A COMMON SUPERVISORY CULTURE 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED
More informationPUBLIC HEARING ON THE CAPITAL MARKETS UNION (CMU) MID-TERM REVIEW
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) PUBLIC HEARING ON THE CAPITAL MARKETS UNION (CMU) MID-TERM REVIEW The European Commission Brussels, 11 April 2017
More informationEIOPA16/858 12/12/2016
EIOPA16/858 12/12/2016 Final Report on the proposal for Guidelines on facilitating an effective dialogue between competent authorities supervising insurance undertakings and statutory auditor(s) and the
More informationFinal report on public consultation No. 14/051 on the implementing. technical standards with regard to. procedures for the application of
EIOPA-Bos-15/123 30 October 2015 Final report on public consultation No. 14/051 on the implementing technical standards with regard to procedures for the application of the transitional measure for the
More informationConsultation Paper. the draft proposal for. Guidelines. on reporting for financial stability. purposes
EIOPA-CP-14/045 27 November 2014 Consultation Paper on the draft proposal for Guidelines on reporting for financial stability purposes EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany -
More informationContents Annex IX: Annual Accounts Analysis and Assessment of the Annual Activity Report 2015 by the Board of Supervisors Foreword by the Chair
Annual Report 2015 Table of contents Contents Analysis and Assessment of the Annual Activity Report 2015 by the Board of Supervisors 4 Foreword by the Chair 6 Foreword by the Executive Director 8 Executive
More informationThe EBA after one year: achievements and challenges ahead
The EBA after one year: achievements and challenges ahead Speech by Andrea Enria Chairman of the EBA, at the FIN-FSA Conference on EU Regulation and Supervision Helsinki, 25 January 2012 Outline Assessing
More informationAction 3: Fostering investment in sustainable projects reinforce advisory capacity developing sustainable infrastructure projects further measures
Action 1: Establishing an EU classification system for sustainable activities 1. Subject to the outcome of its impact assessment, the Commission will table a legislative proposal in Q2 2018 that will ensure
More informationEUROPEAN UNION. Brussels, 4 April 2014 (OR. en) 2011/0359 (COD) PE-CONS 5/14 DRS 2 CODEC 36
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 4 April 2014 (OR. en) 2011/0359 (COD) PE-CONS 5/14 DRS 2 CODEC 36 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: REGULATION OF THE EUROPEAN PARLIAMT
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on Short Selling and certain aspects of Credit Default Swaps
EN EN EN EUROPEAN COMMISSION Brussels, 15.9.2010 COM(2010) 482 final 2010/0251 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Short Selling and certain aspects of Credit
More informationOpinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union
EIOPA-BoS-18/201 18 May 2018 Opinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union 1. Legal basis 1.1. The
More informationEIOPA-CP-14/ November 2014
EIOPA-CP-14/061 27 November 2014 Consultation Paper on the proposal for draft Implementing Technical Standards on the procedures for the application of the transitional measure for the calculation of the
More information2 nd INDEPENDENT EXTERNAL EVALUATION of the EUROPEAN UNION AGENCY FOR FUNDAMENTAL RIGHTS (FRA)
2 nd INDEPENDENT EXTERNAL EVALUATION of the EUROPEAN UNION AGENCY FOR FUNDAMENTAL RIGHTS (FRA) TECHNICAL SPECIFICATIONS 15 July 2016 1 1) Title of the contract The title of the contract is 2nd External
More informationEBA FINAL draft regulatory technical standards
EBA/RTS/2013/08 13 December 2013 EBA FINAL draft regulatory technical standards on passport notifications under Articles 35, 36 and 39 of Directive 2013/36/EU EBA FINAL draft regulatory technical standards
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on insurance mediation. (recast) (Text with EEA relevance)
EUROPEAN COMMISSION Strasbourg, 3.7.2012 COM(2012) 360 final 2012/0175 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on insurance mediation (recast) (Text with EEA relevance)
More informationJC /07/2018. Final report
JC 2018 35 31/07/2018 Final report on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising the new institutions under PSD2 and/or the
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 20.12.2012 COM(2012) 785 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL The review of the Directive 2002/87/EC of the European Parliament and
More information1. On 29 June 2017, the Commission presented its proposal for a Regulation on a pan-european Personal Pension Product (PEPP) 1.
Council of the European Union Brussels, 15 June 2018 (OR. en) Interinstitutional File: 2017/0143 (COD) 9975/18 EF 164 ECOFIN 603 SURE 30 SOC 387 CODEC 1028 IA 195 NOTE From: To: Subject: Presidency Permanent
More informationMiFID Questions and Answers
MiFID Questions and Answers Investor Protection & Intermediaries 18 April 2011 ESMA/2011/119 Date: 18 April 2011 ESMA/2011/119 Contents Question 1: Client profile review 5 Question 2: Appropriateness 5
More informationPosition Paper on the recast of the Insurance Mediation Directive
Telephone: 020 7066 5268 Email: enquiries@fs-cp.org.uk 19 January 2015 The Financial Services Consumer Panel is an independent statutory body, set up to represent the interests of consumers in the development
More informationFinal report on public consultation No. 14/060 on the implementing. technical standards with regard to. standard deviations in relation to health risk
EIOPA-Bos-15/122 30 June 2015 Final report on public consultation No. 14/060 on the implementing technical standards with regard to standard deviations in relation to health risk equalisation systems EIOPA
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 28.7.2015 C(2015) 5067 final COMMISSION DELEGATED REGULATION (EU) /... of 28.7.2015 supplementing Directive 2002/87/EC of the European Parliament and of the Council with regard
More informationREPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT. on the feasibility of a network of smaller credit rating agencies
EUROPEAN COMMISSION Brussels, 5.5.2014 COM(2014) 248 final REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT on the feasibility of a network of smaller credit rating agencies {SWD(2014)
More informationOpinion On the European Commission s proposed amendments to SFTR reporting standards
Opinion On the European Commission s proposed amendments to SFTR reporting standards 4 September 2018 ESMA70-151-1651 4 September 2018 ESMA70-151-1651 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationDEUTSCHER DERIVATE VERBAND DDV. And EUROPEAN STRUCTURED INVESTMENT PRODUCTS ASSOCIATION EUSIPA. Joint Position Paper. on the
DEUTSCHER DERIVATE VERBAND DDV And EUROPEAN STRUCTURED INVESTMENT PRODUCTS ASSOCIATION EUSIPA Joint Position Paper on the Proposal for a Regulation of the European Parliament and of the Council on key
More informationL 145/30 Official Journal of the European Union
L 145/30 Official Journal of the European Union 31.5.2011 REGULATION (EU) No 513/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating
More informationFinal Report. Public Consultation No. 14/036 on. Guidelines on undertaking-specific. parameters
EIOPA-BoS-14/178 27 November 2014 Final Report on Public Consultation No. 14/036 on Guidelines on undertaking-specific parameters EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel.
More information18 June 2013 Conference Centre Albert Borshette, Brussels. DG Agri Expert Group. Catherine Sutcliffe, Senior Officer Secondary Markets
DG Agri Expert Group Catherine Sutcliffe, Senior Officer Secondary Markets Agenda Overview of ESMA EU policy making process EMIR MiFID II MAD/MAR 2 New EU Financial Supervision Framework Lessons from the
More informationSolvency II is a huge step forward for policyholder protection and the implementation of a true single market for insurers and reinsurers in the EU.
Interview with Manuela Zweimueller, Head of Policy Department of EIOPA European Insurance and Occupational Pensions Authority with Svijet Osiguranja by Natasa Gajski November 2016 1. The implementation
More informationFinal report Technical advice on third country regulatory equivalence under EMIR South Korea
Final report Technical advice on third country regulatory equivalence under EMIR South Korea 01 October 2013 ESMA/2013/1371 Date: 01 October 2013 ESMA/2013/1371 Table of Contents Table of contents 2 Section
More informationEIOPA Insurance Statistics Frequently Asked Questions
First published on 28/06-2017. Revised on 18/09-2017 EIOPA Insurance Statistics Frequently Asked Questions General questions about the statistics... 2 1. What are EIOPA insurance statistics all about?...
More informationInsurance Newsletter. Quarter kpmg.com.mt. KPMG Malta
Insurance Newsletter Quarter 3 2016 kpmg.com.mt KPMG Malta Introduction Welcome to the 2016 Q3 Insurance e-newsletter. In this newsletter, we are providing updates on issues facing the insurance industry
More informationEIOPA, Solvency II and the Loss Adjusting profession
SPEECH Gabriel Bernardino Chairman of EIOPA EIOPA, Solvency II and the Loss Adjusting profession General Assembly of the European Federation of Loss Adjusting Experts Porto, 11 May 2012 Page 2 of 11 Ladies
More informationEBA FINAL draft implementing technical standards
EBA/ITS/2013/05 13 December 2013 EBA FINAL draft implementing technical standards on passport notifications under Articles 35, 36 and 39 of Directive 2013/36/EU EBA FINAL draft implementing technical standards
More informationMinimum Competency Code 2017 and Minimum Competency Regulations 2017 Questions and Answers
Minimum Competency Code 2017 and Minimum Competency Regulations 2017 Questions and Answers Page 2 Minimum Competency Code 2017 and Minimum Competency Regulations 2017 Q&A Central Bank of Ireland EXECUTIVE
More informationTerms of Reference for the Solvency II Project of the Groupe Consultatif
Terms of Reference for the Solvency II Project of the Groupe Consultatif 1. Project Overview At its meetings of 2 October 2003 and 25 March 2004, the Insurance Committee of the Groupe Consultatif has established
More informationOpinion to EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs
EIOPABoS16/075 14 April 2016 Opinion to EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920;
More informationFinal report Technical advice on third country regulatory equivalence under EMIR Hong Kong
Final report Technical advice on third country regulatory equivalence under EMIR Hong Kong 1 September 2013 ESMA/2013/1160 Date:1 September 2013 ESMA/2013/BS/1160 Table of Contents Table of contents 2
More informationThe new architecture of the EU regulation
The new architecture of the EU regulation Patrick Starkman Service des affaires internationales Direction de la régulation et des affaires internationales (DRAI) June 2011 The new EU framework for the
More information