2017/2855(DEA) | [ParlTrack]

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General Activities Documents Amendments (1) History

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

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier: ECON/8/11071
Legal Basis RoP 0105-p6

Subjects

Links

Activites

2017/11/10 Delegated act not objected by Council
2017/10/25 Decision by Parliament, 1st reading/single reading
- 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.
2017/10/04 Committee referral announced in Parliament, 1st reading/single reading
2017/09/21 Initial period for examining delegated act 3 month(s)
2017/09/21 Non-legislative basic document published
- C(2017)06229
2014/02/26 Matter referred back to the committee responsible

Documents

Non-legislative basic document published: C(2017)06229
Decision by Parliament, 1st reading/single reading: T8-0405/2017

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)

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

Activites

Documents

History

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