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

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2) A lack of action at EU level will likely result in an increase in the number of cases of mis-selling of insurance products. 1.5.3. Lessons learned from similar experiences in the past Sale practices of pure investment products are already regulated by the Market in Financial Instruments Directive (MiFID), while those substitutable investment-based insurances will also be regulated in a similar manner at EU level once the IMD 2 proposal is approved. MiFID has resulted in more competition between financial instruments, more choice for investors and better consumer protection rules. 1.5.4. Coherence and possible synergy with other relevant instruments The proposed review of the IMD follows the reform programme proposed by the European Commission in its Communication Driving European Recovery, the 'Europe 2020 Strategy' for smart, sustainable and inclusive growth. It is also coherent and consistent with the PRIPs initiative, MiFID II proposal and Solvency II. EN 76 EN
1.6 Duration and financial impact Proposal/initiative of limited duration 28 – Proposal/initiative in effect from [DD/MM]YYYY to [DD/MM]YYYY – X Financial impact from 2014 to 2016 Proposal/initiative of unlimited duration – Implementation with a start-up period from YYYY to YYYY, – followed by full-scale operation. 1.7. Management mode(s) envisaged 29 Comments - Centralised direct management by the Commission Centralised indirect management with the delegation of implementation tasks to: – executive agencies – bodies set up by the Communities 30 – national public-sector bodies/bodies with public-service mission – persons entrusted with the implementation of specific actions pursuant to Title V of the Treaty on European Union and identified in the relevant basic act within the meaning of Article 49 of the Financial Regulation Shared management with the Member States Decentralised management with third countries Joint management with international organisations (to be specified) If more than one management mode is indicated, please provide details in the "Comments" section. 28 The proposal is of unlimited duration but after the initial 3 years period (during which EIOPA has more one-off tasks) EIOPA's permanent new tasks should be ensured by means of redeployment. 29 Details of management modes and references to the Financial Regulation may be found on the BudgWeb site: http://www.cc.cec/budg/man/budgmanag/budgmanag_en.html 30 As referred to in Article 185 of the Financial Regulation. EN 77 EN
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EUROPEAN COMMISSION Proposal for a
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participants involved in the sellin
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Overall, the estimate of the admini
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Article 1 enlarges the scope of IMD
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intermediation activities on an anc
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Chapter VII - Additional customer p
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The proposal has implications for t
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Whereas: new (1) A number of amend
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einsurance intermediaries in the in
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2002/92/EC recital 16 (new) (17) Ap
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2002/92/EC recital 22 (adapted) ne
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intermediary or undertaking should
Page 25 and 26: the conduct standards applicable to
Page 27 and 28: developments in other areas of Unio
Page 29 and 30: 2002/92/EC new This Directive shal
Page 31 and 32: 2002/92/EC new 5. 'insurance inter
Page 33 and 34: (b) where the intermediary is a leg
Page 35 and 36: intermediary and who pursue the
Page 37 and 38: Member States shall ensure that the
Page 39 and 40: new (a) the name, address and any r
Page 41 and 42: 2. The competent authority of the h
Page 43 and 44: 2002/92/EC (adapted) new Home Memb
Page 45 and 46: years after the entry into force of
Page 47 and 48: 2. The authorities referred to in p
Page 49 and 50: (d) the procedure is free of charge
Page 51 and 52: (iii) the procedures referred to in
Page 53 and 54: eceived by any employee of theirs f
Page 55 and 56: (b) in a clear and accurate manner,
Page 57 and 58: CHAPTER VII ADDITIONAL CUSTOMER PRO
Page 59 and 60: (a) the nature of the service(s) of
Page 61 and 62: cause a disproportionate damage to
Page 63 and 64: Article 30 Reporting of breaches 1.
Page 65 and 66: shall put an end to the delegation
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Page 69 and 70: transactions. The entities mentione
Page 71 and 72: The new IMD would continue to have
Page 73 and 74: new LEGISLATIVE FINANCIAL STATEMENT
Page 75: 1.4.3. Expected result(s) and impac
Page 79 and 80: Fraud Office (OLAF) and shall immed
Page 81 and 82: 3.2. Estimated impact on expenditur
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Page 85 and 86: Heading of multiannual financial fr
Page 87 and 88: 3.2.3. Estimated impact on appropri
Page 89 and 90: 3.2.4. Compatibility with the curre
Page 91 and 92: Annex to the Legislative Financial
Page 93: new EN 93 EN
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EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

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