ECON’s call to the Commission to delay the application of the Insurance Distribution Directive (IDD) has been welcomed by Michaela Koller, director general of Insurance Europe. The EU Parliament’s ECON committee recommended the delays to the European Commission, and Insurance Europe hopes a delay would give insurers sufficient time to implement IDD with legal certainty (which, by extension, […]
Further to the July 2017 versions, HM Treasury has published updated October 2017 versions of The Risk Transformation Regulations 2017 and The Risk Transformation (Tax) Regulations 2017, which will provide a new regulatory, supervisory and tax framework in relation to insurance linked securities in the UK.
Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]
The Commission’s consultation on cross border distribution of investment funds closed on 9 October, and the Commission has now published the 62 responses it received.
The Commission has published its formal request to the ESAs to report to it on the cost and past performance of the main categories of retail investment, insurance and pension products. It notes the reporting should be based on what is required under key EU legislation, and appreciates the amount of work is such that […]
The European Commission has invited feedback on whether supervisory reporting requirements in financial services legislation are fit for purpose. It has published a roadmap on which it asks for views by 14 November. The roadmap looks at the work the Commission has done to date and comments it has received, but it says does not prejudge […]
Following the controversy of FCA’s refusal to publish the skilled persons’ report into the treatment of customers in the RBS Global Restructuring Group and its correspondence with the Treasury Committee on the issue, Andrew Bailey has now agreed to the Treasury Committee’s proposal to scrutinise the report. Under the proposal, the Treasury Committee will appoint a […]
ESMA has announced the launch of the second phase of its Financial Instrument Reference Database (FIRDS). It provides access to reference data that will eventually allow market participants to identify instruments subject to the MAR and MiFID 2/MiFIR reference data reporting requirements.
Steven Maijoor has spoken on the state of European financial markets. He spoke not only about Brexit, focussing on the need for a strong supervisory culture, but also on the importance of building the CMU and improving understanding of trends, risks and vulnerabilities in the financial markets. He spoke about the continuing lack of trust […]
The second commencement order for the Criminal Finances Act 2017 brings into force several new provisions, including those on the potential extension of the moratorium period following a SAR and the new procedure for allowing regulated sector entities to share information on suspicions. These parts of the Act take effect from 31 October 2017.