EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

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.
4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to
the European Parliament and to the Council.
5. A delegated act adopted pursuant to Articles 8, 17, 23, 24 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.
Article 35
Review and evaluation
1. Five years after the entry into force of this Directive, the Commission shall review
this Directive. The review shall include a general survey of the practical application
of rules laid down in this Directive taking due account of developments in the retail
investment products markets as well as experiences acquired in practical application
of this Directive and Regulation on key information documents for investment
products and [MIFID II]. The review shall reflect on a possible application of the
provisions of this Directive to products falling under the scope of Directive
2003/41/EC. This review shall also include a specific analysis of the impact of
Article 17(2), taking into account the situation of competition on the market of
intermediation services for contracts other than contracts in any of the classes
specified in Annex I of Directive 2002/83/EC and the impact of the obligations
referred to in Article 17(2) on insurance intermediaries which are small and medium
sized enterprises.
2. After consulting the Joint Committee of European Supervisory Authorities, the
Commission shall submit a first report to the European Parliament and the Council.
3. By X X 20XX [four years after the entry into force of the Directive], and at least on a
two-year basis thereafter, EIOPA shall prepare a second report on the application of
this Directive. EIOPA shall consult ESMA before making public its report.
4. In a third report to be prepared by X X 20XX [two years after the entry into force of
the Directive], EIOPA shall undertake an evaluation of the structure of insurance
intermediaries' markets.
5. A report to be prepared by EIOPA by X X 20XX [four years after the entry into force
of the Directive] as referred to in paragraph 3 shall examine whether the competent
authorities referred to in Article 10(1) are sufficiently empowered and have adequate
resources to carry out their tasks.
6. The report referred to in paragraph 3 shall examine at least the following issues:
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