BETA


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

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 0111-p6

Events

2017/11/10
   CSL - Delegated act not objected by Council
2017/10/31
   EC - Document attached to the procedure
Documents
2017/10/25
   EP - Decision by Parliament, 1st reading/single reading
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
2017/10/20
   EP - Recommendation for early non-objection of delegated act
Documents
2017/10/12
   EP - Amendments tabled in committee
Documents
2017/10/04
   EP - Committee referral announced in Parliament, 1st reading/single reading
2017/09/21
   EC - Non-legislative basic document
Documents
2017/09/21
   EC - Non-legislative basic document published
Documents
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, 1st reading/single reading: 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
AmendmentsDossier
1 2017/2855(DEA)
2017/10/12 ECON 1 amendments...
source: 612.175

History

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

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
committees/0/date
    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
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    ECON
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    • 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
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      New
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      3.45.05 Business policy, electronic commerce, after-sales service, commercial distribution
      New
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      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.

      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
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        type
        DEA - Delegated acts procedure
        subject