2017/2855(DEA) | [ParlTrack]

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2017/2855(DEA) Information requirements and conduct of business rules applicable to the distribution of insurance-based investment products

Progress: Procedure completed - delegated act enters into force

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier:

ECON/8/11071

Legal Basis:

RoP 0114-p6

Subjects

Events

2017/11/10

CSL - Delegated act not objected by Council

2017/10/31

EC - Document attached to the procedure

Documents

C(2017)7417

2017/10/25

EP - Decision by Parliament

Details

The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.

As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products.

IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors.

The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.)

Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes.

Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance.

Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.

Documents

T8-0405/2017

2017/10/20

EP - Recommendation for early non-objection of delegated act

Documents

B8-0575/2017

2017/10/12

EP - Amendments tabled in committee

Documents

PE612.175

2017/10/04

EP - Committee referral announced in Parliament

2017/09/21

EC - Non-legislative basic document

Documents

C(2017)06229

2017/09/21

EC - Non-legislative basic document published

Documents

C(2017)06229

2017/09/21

EP/CSL - Initial period for examining delegated act 3 month(s)

2014/02/26

EP - Matter referred back to the committee responsible

Documents

Document attached to the procedure: C(2017)7417
Decision by Parliament: T8-0405/2017
Recommendation for early non-objection of delegated act: B8-0575/2017
Amendments tabled in committee: PE612.175
Non-legislative basic document: C(2017)06229
Non-legislative basic document published: C(2017)06229
Non-legislative basic document: C(2017)06229
Amendments tabled in committee: PE612.175
Recommendation for early non-objection of delegated act: B8-0575/2017
Document attached to the procedure: C(2017)7417

Activities

Werner LANGEN
Institutional Motions (1)
- 2016/11/22 RECOMMENDATION FOR A DECISION to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products PDF (247 KB) DOC (48 KB)

Amendments	Dossier
1	2017/2855(DEA) 2017/10/12 ECON 1 amendments... Amendment 1 # Roberto GUALTIERI, Werner LANGEN Recital C C. whereas Parliament considers that the transposition deadline of Directive (EU)2016/97 should remain 23 February 2018, but asks the Commission to a~~ssess whether~~dopt a legislative proposal setting the application date ~~can be extended to~~at 1 October 2018; source: 612.175

History

(these mark the time of scraping, not the official date of the change)

2024-10-13Show (2) Changes | Timetravel

procedure/legal_basis/0	Rules of Procedure EP 0114-p6
procedure/legal_basis/0	Rules of Procedure EP 0111-p6

2024-10-12Show (2) Changes | Timetravel

procedure/legal_basis/0	Rules of Procedure EP 0114-p6
procedure/legal_basis/0	Rules of Procedure EP 0111-p6

2021-05-05Show (5) Changes | Timetravel

docs/1/docs/0/url	Old http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE612.175 New https://www.europarl.europa.eu/doceo/document/ECON-AM-612175_EN.html
docs/2/docs/0/url	Old http://www.europarl.europa.eu/doceo/document/B-8-2017-0575_EN.html New https://www.europarl.europa.eu/doceo/document/B-8-2017-0575_EN.html
events/3/type	Old Committee referral announced in Parliament, 1st reading/single reading New Committee referral announced in Parliament
events/4	date 2017-10-25T00:00:00 type Decision by Parliament body EP docs url: https://www.europarl.europa.eu/doceo/document/TA-8-2017-0405_EN.html title: T8-0405/2017 summary The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products. IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors. The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.) Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes. Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance. Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.
events/4	date 2017-10-25T00:00:00 type Decision by Parliament, 1st reading/single reading body EP docs url: http://www.europarl.europa.eu/doceo/document/TA-8-2017-0405_EN.html title: T8-0405/2017 summary The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products. IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors. The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.) Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes. Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance. Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.

2020-01-05Show (2) Changes | Timetravel

docs/2/docs/0/url	Old http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0575&language=EN New http://www.europarl.europa.eu/doceo/document/B-8-2017-0575_EN.html
events/4/docs/0/url	Old http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 New http://www.europarl.europa.eu/doceo/document/TA-8-2017-0405_EN.html

2019-08-07Show (1) Changes | Timetravel

committees/0/date

2019-07-06Show (12) Changes | Timetravel

activities	date: 2014-02-26T00:00:00 body: unknown type: Matter referred back to the committee responsible date: 2017-09-21T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s) date: 2017-09-21T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06229/COM_ADL(2017)06229_EN.pdf type: Non-legislative basic document published title: C(2017)06229 body: EC commission: type: Non-legislative basic document published date: 2017-10-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON date: 2017-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 type: Decision by Parliament, 1st reading/single reading title: T8-0405/2017 body: EP type: Decision by Parliament, 1st reading/single reading date: 2017-11-10T00:00:00 body: EP/CSL type: Delegated act not objected by Council
committees/0	type Responsible Committee body EP associated False committee_full Economic and Monetary Affairs committee ECON date
committees/0	body EP responsible True committee_full Economic and Monetary Affairs committee ECON
docs	date: 2017-09-21T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06229/COM_ADL(2017)06229_EN.pdf title: C(2017)06229 type: Non-legislative basic document body: EC date: 2017-10-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE612.175 title: PE612.175 type: Amendments tabled in committee body: EP date: 2017-10-20T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0575&language=EN title: B8-0575/2017 type: Recommendation for early non-objection of delegated act body: EP date: 2017-10-31T00:00:00 docs: title: C(2017)7417 type: Document attached to the procedure body: EC
events	date: 2014-02-26T00:00:00 type: Matter referred back to the committee responsible body: EP date: 2017-09-21T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06229/COM_ADL(2017)06229_EN.pdf title: C(2017)06229 date: 2017-09-21T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL date: 2017-10-04T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP date: 2017-10-25T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 title: T8-0405/2017 summary: The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products. IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors. The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.) Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes. Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance. Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018. date: 2017-11-10T00:00:00 type: Delegated act not objected by Council body: CSL
links
other
procedure/dossier_of_the_committee	Old ECON/8/11071 New ECON/8/11071
procedure/legal_basis/0	Rules of Procedure EP 0111-p6
procedure/legal_basis/0	Rules of Procedure EP 0105-p6
procedure/subject	Old 2.50.05 Insurance, pension funds 3.45.05 Business policy, e-commerce, after-sales service, commercial distribution New 2.50.05 Insurance, pension funds 3.45.05 Business policy, e-commerce, after-sales service, commercial distribution
procedure/summary	Supplementing

2018-09-12Show (4) Changes | Timetravel

activities/5	date 2017-11-10T00:00:00 body EP/CSL type Delegated act not objected by Council
procedure/legal_basis/0	Old Rules of Procedure of the European Parliament EP 010-p6 New Rules of Procedure EP 0105-p6
procedure/stage_reached	Old Awaiting Council decision on delegated act New Procedure completed - delegated act enters into force
procedure/subject/1	Old 3.45.05 Business policy, electronic commerce, after-sales service, commercial distribution New 3.45.05 Business policy, e-commerce, after-sales service, commercial distribution

2017-11-24Show (1) Changes | Timetravel

activities/4/docs/0/text

The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.

As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products.

IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors.

The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.)

Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes.

Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance.

Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.

2017-11-11Show (5) Changes

activities	date: 2014-02-26T00:00:00 body: unknown type: Matter referred back to the committee responsible date: 2017-09-21T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s) date: 2017-09-21T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06229/COM_ADL(2017)06229_EN.pdf type: Non-legislative basic document published title: C(2017)06229 body: EC type: Non-legislative basic document published commission: date: 2017-10-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON date: 2017-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 type: Decision by Parliament, 1st reading/single reading title: T8-0405/2017 body: EP type: Decision by Parliament, 1st reading/single reading
committees	body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
links
other
procedure	dossier_of_the_committee ECON/8/11071 reference 2017/2855(DEA) title Information requirements and conduct of business rules applicable to the distribution of insurance-based investment products legal_basis Rules of Procedure of the European Parliament EP 010-p6 stage_reached Awaiting Council decision on delegated act summary Supplementing subtype Examination of delegated act type DEA - Delegated acts procedure subject 2.50.05 Insurance, pension funds 3.45.05 Business policy, electronic commerce, after-sales service, commercial distribution

Progress: Procedure completed - delegated act enters into force

Lead committee dossier:

ECON/8/11071

Legal Basis:

Subjects

Links

Events

Documents

Activities

History

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