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

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TOTAL operational appropriations Commitments Payments (4) (5) 0,302 0,302 0,271 0,271 0,271 0,271 0,844 0,844 TOTAL appropriations of an administrative nature financed from the envelope for specific programmes (6) TOTAL appropriations under HEADING 1A of the multiannual financial framework Comments: Commitments =4+ 6 0,302 0,271 0,271 0,844 Payments =5+ 6 0,302 0,271 0,271 0,844 After the initial 3 years period (2014-2016), during which EIOPA will have more one-off tasks, the situation will have to be reassessed in order to set the appropriate level of human resources actually needed to fulfil the tasks covered by this Directive and examine possible redeployment. The operational appropriations above are related to the specific tasks allocated to EIOPA according to the proposal: 1) Tasks related to establishing, publishing and keeping up to date a single electronic database EIOPA should establish, publish and keep up to date a single electronic database containing a record of each insurance and reinsurance intermediary which has notified an intention to exercise its freedom of establishment or to provide services. Member States shall provide relevant information to EIOPA to enable it to manage such a register. This register should also show a hyperlink to each Member State's competent authority. 2) Tasks related to harmonisation and coordination of rules of the IMD 2 by drafting standards (5 delegated acts and permanent tasks) EIOPA should work together to achieve as much consistency as possible in the conduct of business standards for retail investment products that are subject to either MiFID II Directive or to IMD2 Directive. EIOPA will have to draft five delegated acts regarding EN 82 EN
1) the content of adequate professional knowledge and ability of the intermediary; 2) conflicts of interests linked to the sale of insurance investment products, 3) general principles and information to customers in relation to the sale of insurance investment products; 4) detailed suitability and appropriateness test for the sale of insurance investment products, 5) how the remuneration- including contingent commission - is disclosed to the customer. Permanent task EIOPA will also have a number of other permanent tasks, e.g. intervening in case of disagreements between home and host supervisory authorities, particularly in situations when an insurance or reinsurance intermediary is not meeting its obligations when transacting business in the Host Member State. 3) Tasks related to consistent application of national regulatory powers by issuing guidelines and by drafting implementing technical standards (1 implementing standard, 2 guidelines, permanent tasks) EIOPA will have to draft implementing technical standards concerning the procedures and forms for submitting information in relation to administrative measures and sanctions imposed by Member States. EIOPA will also have to issue guidelines regarding supervision of cross-selling (tying) practices. It will have to issue guidelines on the types of administrative measures, sanctions and the level of administrative pecuniary sanctions. 4) Tasks related to gathering and publishing information (repository and permanent tasks) EIOPA will have to present a standardised information sheet for general good rules to be completed by the competent authorities in each Member State. It will also have some permanent tasks: EN 83 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
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the conduct standards applicable to
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developments in other areas of Unio
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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
Page 67 and 68: new References to the repealed Dire
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 and 76: 1.4.3. Expected result(s) and impac
Page 77 and 78: 1.6 Duration and financial impact
Page 79 and 80: Fraud Office (OLAF) and shall immed
Page 81: 3.2. Estimated impact on expenditur
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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