BETA

57 Amendments of Othmar KARAS related to 2012/0175(COD)

Proposal for a directive
Recital 30

(30) Consumers should be provided in advance with clear information about the status of the persons who sell the insurance product ~~and about the remuneration which they receive~~. There is a need to introduce a mandatory status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer at the pre- contractual stage. Its role is to show the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure ~~and the content~~ of the intermediaries' remuneration.

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 31

(31) In order to mitigate conflicts of interest between the seller and the buyer of an insurance product, it is necessary to ensure sufficient disclosure of remuneration of insurance distributors. Accordingly, for life insurance products, the intermediary and the employee of the insurance intermediary or the insurance undertaking should be obliged to inform the customer about its remuneration, in advance of the sale. For other insurance products, subject to a transitional period of 5 years, the customer must be informed of the customer's right to request this information, which must be provided to the customer upon request.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 32

(32) In order to provide a customer with comparable information on the insurance mediation services provided regardless of whether the customer purchases through an intermediary, or directly from an insurance undertaking, and to avoid the distortion of competition by encouraging insurance undertakings to sell direct to customers rather than via intermediaries in order to avoid information requirements, insurance undertakings should also be required to provide information about remuneration to customers with whom they deal directly in the provision of insurance mediation services about the remuneration they receive for the sale of insurance products.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 41

(41) Cross-selling practices are a common strategy for retail financial service providers throughout the Union. They can provide benefits to consumers but can also represent practices where the interest of consumers is not adequately considered. For instance, certain forms of cross-selling practices or products, namely tying practices where two or more financial services are sold together in a package and at least one of those services or products is not available separately, can distort competition and negatively affect consumers' mobility and their ability to make informed choices. An example of tying practices can be the necessary opening of current accounts when an insurance service is provided to a consumer in order to pay the premiums or the necessary conclusion of a motor insurance contract when a consumer credit is provided to a consumer in order to insure the financed car. While practices of bundling, where two or more financial services or products are sold together in a package, but each of the services can also be purchased separately, may also distort competition and negatively affect customer mobility and customers' ability to make informed choices, they at least leave choice to the customer and may therefore present less risk to the compliance of insurance intermediaries with their obligations under this directive. The use of such practices should be carefully assessed in order to promote competition and consumer choice.

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 42

(42) Contracts of insurance that involve investments are often made available to customers as potential alternatives or substitutes to investment products subject to Directive [MiFID II]17 . To deliver consistent investor protection and avoid the risk of regulatory arbitrage, it is important that retail investment products (insurance investment products as defined in the Regulation on key information documents for investment products) are subject to the same conduct of business standards: these include provision of appropriate information, requirements for advice to be suitable and restrictions on inducements, as well as requirements to manage conflicts of interest, and in the case of independent advisers, restrictions on the form of remuneration. The European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) should work together to achieve as much consistency as possible in the conduct of business standards for retail investment products that are subject to either [MiFID II] or to this Directive through guidelines. For insurance investment products, the standards of this Directive which are applicable to all insurance contracts (Chapter VII of this Directive), and the enhanced standards for insurance investment products are cumulative. Accordingly, persons carrying out insurance mediation in relation to insurance investment products should comply with the conduct standards applicable to all insurance contracts as well as to the enhanced standards applicable to insurance investment products.

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 50

(50) In order to attain the objectives set out in this Directive, the power to adopt acts in accordance with Article 290 of the Treaty should be delegated to the Commission in respect of details concerning notions of adequate knowledge and competence of the intermediary, management of conflicts of interest, conduct of business obligations in relation to insurance packaged retail investment products and procedures and forms for submitting information in relation to sanctions. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Recital 52

~~(52) By means of~~ delegated acts pursuant to Articles 290 and 291 of the Treaty on the Functioning of the European Union and in accordance with Articles 10 to 15 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)19 , the Commission should adopt delegated acts as set out in Articles [8] regarding notions of adequate knowledge and ability of the intermediary, Article [17 and23] regarding management of conflicts of interest and Articles [24 and 25] regarding conduct of business obligations in relation to insurance packaged retail investment products as well as implementing technical standards as set out in Article [30] regarding procedures and forms for submitting information in relation to sanctions. These delegated acts and implementing technical standards should be developed in draft by EIOPA.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 1 – paragraph 2 – point e

(e) the insurance is complementary to goods and services supplied by any provider, where such insurance covers the risk of breakdown, loss of or damage to the goods supplied by that provider ; ; the impossibility to fulfil fully or in part any contractual obligation related to said goods and services in case of death, disability or unemployment; In that case the customer must be informed that his being sold complementary insurance is a non- regulated activity

2013/01/30
Committee: IMCO

Proposal for a directive
Article 1 – paragraph 2 – point f (new)

(f) the amount of the annual premium for the insurance contract, when pro-rated to produce an annual amount, does not exceed EUR 600 . EIOPA shall review the amount referred to in paragraph 2 (f) regularly in order to take account of changes in the European Index of Consumer Prices as published by Eurostat. The first review shall take place five years after the entry into force of this Directive and the successive reviews every five years after the previous review date. EIOPA shall develop draft regulatory standards which adapt the base amount in euro referred to in paragraph 2 (f) by the percentage change in that Index over the period between the entry into force of this Directive and the first review date or between the last review date and the new review date and rounded up to the nearest euro. EIOPA shall submit those draft regulatory technical standards to the Commission five years after the entry into force of this Directive and the successive reviews every five years after the previous review date. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 2 – paragraph 1 – point 8

(8). ‘tied insurance intermediary’ means any person who carries on the activity of insurance mediation for and on behalf of one or more insurance undertakings or insurance intermediaries, and who acts under the full responsibility of those insurance undertakings or insurance intermediaries~~, provided that the insurance intermediaries under whose responsibility the person acts do not themselves act under the responsibility of another insurance undertaking or intermediary~~;

2013/01/30
Committee: IMCO

Proposal for a directive
Article 2 – paragraph 1 – point 9

(9). ‘advice’ means the provision of a personal recommendation to a customer, either upon their request or at the initiative of the insurance undertaking or the insurance intermediary; , which is a separate activity from the mediation of insurance products or services;

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 2 – paragraph 1 – point 19

(19) ‘tying practice’ means the offering of one or more ancillary services with an insurance service or product in a package where this insurance service or product is not made available to the consumer separately. Tying practice does not imply the optional offer of one or more than one insurance product or service as a supplement to a financial or insurance product or service.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 2 – paragraph 1 – point 20 a (new)

(20 a) "product" means an insurance policy covering one or several risks.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 3 a (new)

Article 3 a Registered insurance and reinsurance intermediaries shall be allowed to take up and pursue the activity of insurance and reinsurance mediation in the Community by means of both freedom of establishment and freedom to provide services.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 4 – paragraph 1 – point c

(c) the insurance products concerned do not cover life assurance or liability risks, unless that cover is ~~incidental to the main cover~~a complement to the service or product offered by the insurance intermediary in their principal professional activity.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 4 a (new)

Article 4 a Registered intermediaries under IMD I do not need to register again under IMD II.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 8 – paragraph 1 – subparagraph 3

Member States ~~may~~shall adjust the required conditions with regard to knowledge and ability in line with the particular activity of insurance or reinsurance mediation and the products mediated, particularly if the principal professional activity of the intermediary is other than insurance mediation. In such cases, that intermediary may pursue an activity of insurance mediation only if an insurance intermediary fulfilling the conditions of this Article or an insurance undertaking assumes full responsibility for the intermediary's acThe training and monitoring requirements of this article should not directly apply to those intermediaries who provide insurance mediation on an ancillary basis, but to the insurance undertakings or other intermediaries under whose responsibility they act and who themselves fulfil these obligations. Member States may provide that in the cases referred to in the second subparagraph of Article 3(1), the insurance undertaking or intermediary shall verify that the knowledge and ability of the intermediaries are in conformity with the obligations set out in the first subparagraph of this paragraph and, if need be, shall provide such intermediaries with training which corresponds to the requirements concerning the products sold by the intermediaries.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 8 – paragraph 3

3. Insurance and reinsurance intermediaries shall hold professional indemnity insurance ~~covering the whole territory of the Union or some other comparable guarantee~~or provide some other equivalent suretyship relative to: - the amount of mediation they undertake; - whether or not insurance mediation is their main business activity; and - the complexity of the products they mediate. It shall cover the whole territory of the Union and provide suretyship against liability arising from professional negligence, for at least EUR 1,120,000 applying to each claim and in aggregate EUR 1,680,000 per year for all claims, unless such insurance or comparable ~~guarantee~~suretyship is already provided by an insurance undertaking, reinsurance undertaking or other undertaking on whose behalf the insurance or reinsurance intermediary is acting or for which the insurance or reinsurance intermediary is empowered to act or such undertaking has taken on full responsibility for the intermediary's actions.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 8 – paragraph 8

~~8. The Commission shall be empowered to adopt~~ delegated acts in accordance with Article 33. Those delegated acts shall specify: (a) the notion of adequate knowledge and ability of the intermediary when carrying on insurance mediation with its customers as referred to in paragraph 1 of this Article; (b) appropriate criteria for determining in particular the level of professional qualifications, experiences and skills required for carrying on insurance mediation; (c) the steps that insurance intermediaries and insurance undertakings might reasonably be expected to take to update their knowledge and ability through continuing professional development in order to maintain an adequate level of performance.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – introductory part

1. Member States shall ensure the setting- up of appropriate, effective, impartial and independent complaints and redress procedures for the out-of-court settlement of disputes between insurance intermediaries and customers, and between insurance undertakings and customers, using existing bodies where appropriate. Member States shall further ensure that all insurance undertakings and insurance intermediaries participate in the procedures for the out-of-court settlement of disputes where the following conditions are met:

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point a

~~(a) the procedure results in decisions which are not binding;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point b

~~(b) [the running of] the limitation period for bringing the dispute before a court is suspended for the duration of the procedure for alternative dispute resolution;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point c

~~(c) the period of prescription of the claim is suspended for the duration of the procedure;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point d

~~(d) the procedure is free of charge or at moderate costs;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point e

~~(e) electronic means are not the only means by which the parties can gain access to the procedure and;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 1 – point f

~~(f) interim measures are possible in exceptional cases where the urgency of the situation so requires.~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 13 – paragraph 2

2. ~~Member States shall ensure that these bodies cooperate in the resolution of cross-border disputes.~~ For business-to-customer transactions, these bodies shall comply with Directive XXX/XXXX/EU of the European Parliament and of the Council of the European Union on alternative dispute resolution for consumer disputes. For the purposes of the application of this Directive, Member States shall ensure that, in the resolution of cross-border disputes, these bodies and the competent authorities cooperate with each other and with the entities responsible for out-of- court complaint and redress procedures referred to above and to the extent permitted by EU Directives or regulations in force.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 17 – paragraph 1 – point d

~~(d) the nature of the remuneration received in relation to the insurance contract;~~deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 17 – paragraph 1 – point f

(f) if the intermediary will receive a fee or a commission of any kind, the full amount of the remuneration concerning the insurance products being offered or considered or, where the precise amount is not capable of being given, the basis of calculation of all the fee or commission or the combination of both;deleted

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 17 – paragraph 1 – point g

(g) if the amount of the commission is based on the achievement of agreed targets or thresholds relating to the business placed by the intermediary with an insurer, the targets or thresholds as well as the amounts payable on the achievement of them.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 17 – paragraph 2

2. By derogation from paragraph 1 (f) for five years from the date on which this Directive comes into force, the intermediary of insurance contracts other than contracts in any of the classes specified in Annex I of Directive 2002/83/EC, shall, prior to the conclusion of any such insurance contract, if the intermediary is to be remunerated by a fee or commission, (a) provide the customer with the amount or, where the precise amount is not capable of being given, the basis of calculation of the fee or commission or the combination of both, if the customer so requests. (b) inform the customer of his right to request the information referred to in point (a).deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 17 – paragraph 3

3. The insurance undertaking or insurance intermediary shall also inform the customer about the nature and the basis of the calculation of any variable remuneration received by any employee of theirs for distributing and managing the insurance product in question.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 17 – paragraph 4

4. If any payments are made by the customer under the insurance contract after its conclusion, the insurance undertaking or intermediary shall also make the disclosures in accordance with this Article for each such payment.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 17 – paragraph 5

~~5. The Commission shall be empowered to adopt~~ delegated acts in accordance with Article 33. Those delegated acts shall specify: (a) appropriate criteria for determining how the remuneration of the intermediary - including contingent commission – shall be disclosed to the customer as referred to in paragraph 1 (f ) and (g) and paragraph 2 of this Article; (b) appropriate criteria for determining in particular the basis of calculation of all the fee or commission or the combination of both; (c) the steps that insurance intermediaries and insurance undertakings might reasonably be expected to take to disclose their remuneration to the customer.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 18 a (new)

Article 18 a The provisions of this article shall not apply to persons carrying out insurance mediation when carried on in relation to the sale of insurance investment products by: (a) an insurance intermediary; (b) an insurance undertaking.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 21 – paragraph 1

1. Member States shall not allow bun~~dling practices but not tying practices~~fair commercial practices as defined in Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to- consumer commercial practices in the internal market.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 21 – paragraph 2

2. ~~When an insurance service or product is offered together with another service or product as a package~~In the case of bundling practices, the insurance undertaking or, where applicable, the insurance intermediary shall ~~offer and~~ inform the customer ~~that~~whether it is possible to buy the components of the package separately and, if yes, shall provide information of the costs and charges of each component of the package that may be bought through or from it separately, at the client's request.

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 21 – paragraph 3

3. EIOPA shall develop, by 31 December [20XX] at the latest, and update periodically, guidelines for the assessment and the supervision of cross-selling practices indicating, in particular, situations in which cross-selling practices are not compliant with obligations set out in Articles 16, 17 and 18 or paragraph 1 of this Article.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 22 – paragraph 1 a (new)

Article 23 (1) and (2) shall also apply to insurance intermediaries and insurance undertakings carrying out insurance mediation regarding all insurance products.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 22 – paragraph 1 b (new)

Member States may maintain or adopt stricter provisions regarding the customer protection requirements referred to in Articles 23, 24 and 25 provided that they comply with Union law.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 23 – paragraph 2

2. ~~Where steps taken by the~~An insurance intermediary or insurance undertaking in compliance with Articles 15, 16 and 17 are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of customers and potential customers arising from conflicts of interest will be prevented, the insurance intermediary or insurance undershall maintain and operate effective organisational and administrative arrangements with a view to taking shall ~~clearly disclose the general nature or sources of conflicts of interest to the customer before undertaking busin~~reasonable steps designed to prevent conflicts of interest from adversely affecting the interests o~~n the~~f its customer~~'s behalf~~s.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 1

1. Member States shall require that, when carrying out insurance mediation with or for customers, an insurance intermediary or insurance undertaking acts honestly, fairly and professionally in accordance with the best interests of its customers and complies, in particular, with the principles set out in this Article and in Article 25.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 2

2. All information, including marketing communications, addressed by the insurance intermediary or insurance undertaking to customers or potential customers shall be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 3 – point a

(a) the insurance intermediary or insurance undertaking and its services. When advice is provided, information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the ~~on-going assessment of~~latest information about the suitability of the insurance product recommended to the customer;

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 4

4. The information referred to in this Article should be provided in a comprehensible form in such a manner that the customers or potential customers are reasonably able to understand the nature and risks of the specific insurance product type that is being offered and, consequently, to take investment decisions on an informed basis. This information may be provided in a standardised format.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 5 – point a

(a) assess a ~~sufficiently large number~~range of insurance products available on the market. The insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; and

2013/01/30
Committee: IMCO

Othmar KARAS, Andreas SCHWAB

Proposal for a directive
Article 24 – paragraph 5 – point b

(b) not accept or receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to customers.deleted

2013/01/30
Committee: IMCO

Proposal for a directive
Article 24 – paragraph 6

~~6. The Commission shall be empowered to adopt~~ delegated acts in accordance with Article 33 concerning measures to ensure that insurance intermediaries and insurance undertakings comply with the principles set out in this Article when carrying on insurance mediation with their customers. Those delegated acts shall specify: (a) the nature of the service(s) offered or provided to the customer or potential customer, taking into account the type, object, size and frequency of the transactions; and (b) the nature of the products being offered or considered including different types of insurance products.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 25 – paragraph 2 – subparagraph 3 a (new)

Member States shall allow insurance intermediaries and insurance undertakings, when carrying out insurance mediation in relation to sales where no advice is given, to provide those services to their customers without the need to obtain the information or make the determination provided for in paragraph 2 where all the following conditions are met: a) the non-advised service refers to insurance-based investments which only provide investment exposure to underlying financial instruments deemed non-complex as set out under Article 25(3)(a) of Directive 2004/39/EC; or b) the product or service is provided at the express wish of the customer or potential customer, c) the customer or potential customer has been clearly informed that in the provision of this service the insurance intermediary or insurance undertaking is not required to assess the suitability or appropriateness of the product offered, and d) the insurance intermediary or insurance undertaking complies with its obligations under Article 23.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 25 – paragraph 2 – subparagraph 3 a (new)

Member States shall allow insurance intermediaries and insurance undertakings, when carrying out insurance mediation in relation to sales where no advice is given, to provide those services to their customers without the need to obtain the information or make the determination provided for in paragraph 2 where all the following conditions are met: a) the non-advised service refers to insurance-based investments which only provide investment exposure to underlying financial instruments deemed non-complex as set out under Article 25(3)(a) of Directive 2004/39/EC; or b) the product or service is provided at the express wish of the customer or potential customer, c) the customer or potential customer has been clearly informed that in the provision of this service the insurance intermediary or insurance undertaking is not required to assess the suitability or appropriateness of the product offered, and d) the insurance intermediary or insurance undertaking complies with its obligations under Article 23.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 26 – paragraph 1

1. Member States shall ensure that their administrative sanctions and measures are effective, proportionate ~~and~~, dissuasive corresponding to the complexity of the product or service.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 27 – paragraph 1

Member States shall provide that the competent authority ~~publishes~~informs the Commission of any sanction or measure that has been imposed for breaches of the provisions of the national provisions adopted in the implementation of this Directive without undue delay including information on the type and nature of the breach and the identity of persons responsible for it, unless such disclosure would seriously jeopardise insurance and reinsurance markets. Where the publication would cause a disproportionate damage to the parties involved, the competent authorities shall publish the sanctions on an anonymous basis.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 33 – paragraph 1

The Commission shall be empowered to adopt delegated acts in accordance with Article 34 concerning Articles ~~8, 17, 23, 24~~23 and 25.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 34 – paragraph 2

2. The power to adopt delegated acts referred to in Articles ~~8, 17, 23, 24~~23 and 25 shall be conferred on the Commission for an indeterminate period of time from the date of entry into force of this Directive.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 34 – paragraph 3

3. The delegation of powers referred to in Articles ~~8, 17, 23, 24~~23 and 25 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 34 – paragraph 5

5. A delegated act adopted pursuant to Articles ~~8, 17, 23, 24~~23 and 25 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months at the initiative of the European Parliament or the Council.

2013/01/30
Committee: IMCO

Proposal for a directive
Article 2 – paragraph 1 – point 5

5. ‘insurance intermediary’ means any natural or legal person, other than an insurance undertaking and its employees, who, for remuneration, takes up or pursues insurance mediation;

2013/02/14
Committee: ECON