Introduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II).

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Introduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II)."

Transcription

1 Baker & McKenzie Belgium Client Alert 10 March 2014 For more information, please contact Pierre Berger Partner Laura Anckaert Associate Isabelle Van Biesen Associate Baker & McKenzie CVBA/SCRL Meir Antwerpen Tel.: MiFID for the insurance industry as from 30 April 2014 Introduction to the legal framework MiFID in Europe MiFID introduced harmonized conduct of business rules across the European Economic Area for investment service providers. Such conduct of business rules include the overarching principle to act honestly, fairly and professionally and the obligation to be fair, clear and not misleading. Furthermore, MiFID contains several specific conduct of business rules dealing with, among others, management of conflicts of interest, inducements, information requirements regarding customers and a best execution rule. To date, MiFID does not apply to insurance undertakings and their intermediaries at a European level. However, various initiatives, which aim at enhancing transparency and fair competition for insurance product providers and investors, are being discussed at the European level. These initiatives include: the recast of the Market in Financial Instruments Directive (MiFID) 1, strengthening the existing conduct of business rules for investment service providers; the Packaged Retail Investment Products (PRIPs) initiative, which led to the Proposal for a Regulation on key information documents for investment products 2 (both financial instruments and insurances), addressing market imbalances between economically similar products to avoid consumer detriment; and the recast of Insurance Mediation Directive (IMD II) 3, which aims to create a more stringent operational framework for insurance distributors, together with the introduction of MiFID conduct of business rules for insurance providers. 1 Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast), , COM(2011) 656 final (hereinafter MiFID II). 2 Proposal for a Regulation of the European Parliament and of the Council on key information documents for investment products, , COM(2012) 352 final (hereinafter, PRIPs Regulation). 3 Proposal for a Directive of the European Parliament and of the Council on insurance mediation (recast), COM(2012) 360/2 (hereinafter IMD II).

2 The EU intends to use MiFID II as a benchmark for both the PRIPs Regulation and IMD II. The introduction of equivalent rules for insurance products as for investment services in relation to financial instruments will ensure that consistent conduct of business, inducements and conflict of interest rules are applied. By regulating the sale of insurance investment products in a similar way as financial instruments the insurance policyholders' protection will definitively be strengthened and a level-playing field will be created. Local implementation of MiFID II and IMD II is tentatively scheduled only for the end of Belgium: One step ahead - Insurance MiFID Rules as from 30 April 2014 Acknowledging the importance of a level-playing field between the insurance industry and the investment services industry resulting from the similarity between certain financial instruments and insurances, new Belgian legislation 4 (granting power to the King to expand the scope of the existing MiFID rules to insurance undertakings and insurance intermediaries) has been adopted. Under MiFID, insurance undertakings and insurance intermediaries will be subject to detailed organisational requirements relating, for example, to matters such as the management of conflicts of interest and the structuring of compliance, internal audit and risk management functions. In addition to this, MiFID will introduce detailed conduct of business rules for insurance undertakings and insurance intermediaries covering aspects of the sales process, including provisions covering marketing communications, suitability and appropriateness requirements. Detailed level 1 Insurance MiFID rules 5 and level 2 Insurance MiFID rules 6 clarifying and adapting existing MiFID rules for the insurance industry as well as amendments to the existing insurance mediation legislation 7 were issued in three new Royal Decrees. All MiFID rules that apply to the insurance industry will hereinafter be called Insurance MiFID Rules. The level 1 Insurance MiFID Rules clarify and define the scope of the conduct of business rules with respect to investment services set forth in articles 27, 4 The Belgian Act of 2 July 2010 amending the Act of 2 August 2002 on the supervision of the financial sector and the financial services and the Act of 22 February 1998 concerning the establishment of the organic statute of the National Bank of Belgium, and regarding the miscellaneous provision and the Act of 30 July 2013 to strengthen the protection of customers of financial products and services as well as the powers of the Financial Services and Markets Authority and concerning several provisions. 5 Royal Decree dated 21 February 2014 regarding rules concerning the application on the insurance industry of articles 27 till 28bis of the Act of 2 August 2002 on the supervision of the financial sector and on financial services (hereinafter Royal Decree regarding rules of conduct level 1). 6 Royal Decree dated 21 February 2014 regarding the rules of conduct and conflict management requirements as established by law concerning the insurance industry (hereinafter Royal Decree regarding rules of conduct level 2). 2 MiFID for the insurance industry as from 30 April March Royal Decree dated 21 February 2014] regarding the alternation of the Act of 27 March 1995 on insurance and reinsurance mediation and the distribution of insurances.

3 28 and 28bis of the Law of 2 August for the insurance industry. The level 2 Insurance MiFID Rules apply the conduct of business rules with respect to investment services set forth in the Royal Decree of 3 June in a more detailed way to the insurance industry. New definitions are introduced in order to apply MiFID to insurances, and such new definitions will be further analyzed throughout this article to the extent they are relevant to understand the scope of the Insurance MiFID Rules. The Insurance MiFID Rules, which were published in the Belgian Official Gazette on 7 March 2014, will come into force on 30 April 2014 and will be applicable to all transactions that take place or are executed in Belgium as of 30 April Further, insurance intermediaries who are already registered as "insurance intermediary" with the FSMA on 30 April 2014, shall maintain their registration only if they show the required knowledge and experience in relation to the Insurance MiFID Rules by 1 May 2015 at the latest. The FSMA will publish a Circular regarding the interpretation of the Insurance MiFID rules in the coming month. Scope of the Insurance MiFID Rules Personal scope of the Insurance MiFID Rules (a) General The Insurance MiFID Rules apply to service providers. New definition: "Service providers" means: (i) insurance undertakings, including their tied agents and the insurance subagents acting under the responsibility of these tied insurance agents (together defined as "insurance undertakings sensu lato"); and (ii) all the insurance intermediaries other than tied insurance agents. (b) Insurance undertakings, including their tied agents and the insurance subagents falling under the responsibility of these tied insurance agents Insurance undertakings, as well as their tied insurance agents, and the insurance subagents who act under the responsibility of those tied insurance agents, are subject to the Insurance MiFID Rules. New definition: "Tied insurance agent" means "the insurance agent: who may only exercise insurance mediation activities in the name and for the account of: o one single insurance undertaking; or 8 Law of 2 August 2002 on the supervision of the financial sector and on financial services, BS 7 August 2002 (hereinafter Law of 2 August 2002). 9 Royal Decree of 3 June 2007 concerning specific rules to implement the Market in Financial Instruments. 3 MiFID for the insurance industry as from 30 April March 2014

4 o several insurance undertakings to the extent that the insurance agreements of these undertakings are not mutually competing agreements; by means of one or more agreements or mandates; and who act under the full responsibility of (these) insurance undertaking(s) regarding the relevant insurance agreement(s). Tied agents will have to inform the FSMA of their statute as "tied agent", as well as of the identity of the insurance undertaking in whose name and for whose account they act and the group(s) of activities and the insurance branches concerned. The insurance undertakings concerned, on the other hand, must inform the FSMA of the name(s) and address(es) of their tied agent(s), as well as the group of activities and insurance branches concerned. The FSMA must also be informed of any changes to this information. New definition: "Mutually competing insurance agreements" are each of the following: The insurance agreements, which form part of the group of activities "life," and qualify as investment insurance products or insured savings 10 ; The insurance agreements, which form part of the group of activities "life," and do not qualify as investment insurance products or insured savings; The insurance agreements, which form part of the group of activities "non-life," belonging to the same branch of activity 11. Tied insurance agents and insurance subagents will be put on a par with, respectively, the insurance undertaking or insurance intermediary in whose name and for whose account they act. They will have to comply with the procedures and policies regarding the 10 The insurance agreements which form part of the group of activities life as defined in Annex I of the Royal Decree of 22 February 1991 regarding the general rules regarding the supervision of insurance undertakings, as well as the insurance agreements making part of the life-insurance branch as defined in Annex I of the Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance or in Annex II of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, which categorise as investment insurance products or insured savings. 11 As defined in the Royal Decree of 22 February 1991 on the general regulation concerning the insurance undertakings, in Annex, section A of Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance, with the exception of the insurance agreement industry, and the execution thereof, or of Annex I, section A of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, which categorise as investment insurance products or insured savings. 4 MiFID for the insurance industry as from 30 April March 2014

5 Insurance MiFID Rules established by the insurance undertaking or intermediary for whose account they act and they will have to use the documentation published by these insurance undertakings and insurance intermediaries. (c) Insurance intermediaries other than tied insurance agents Insurance intermediaries, other than tied insurance agents, are subject to the Insurance MiFID Rules. New definition: "Insurance intermediary, other than tied insurance agent" means: the insurance intermediary, who, by means of multiple agreements or mandates, may exercise insurance mediation activities in the name and for the account of several insurance undertakings without being tied to such insurance undertakings, and the insurance subagents acting under such insurance intermediary's responsibility; and the insurance broker and the insurance subagents acting under such insurance broker's responsibility. (d) Specific liability regime for insurance (sub)agents Where a tied insurance agent is appointed, insurance undertakings must remain "fully and unconditionally" responsible for any action or omission in relation to the Insurance MiFID Rules on the part of their tied insurance agent when acting on behalf of the insurance undertaking, notwithstanding possible liability of the tied insurance agent in case of an obvious shortcoming. Where a sub-agent is appointed, insurance agents and brokers must remain "fully and unconditionally" responsible for any action or omission on the part of their subagent when acting on behalf of the insurance agent or broker. This liability regime will require the responsible service providers to establish internal measures to ensure compliance with the Insurance MiFID Rules. (e) Reinsurance undertakings and reinsurance intermediaries are exempted. Reinsurance undertakings and reinsurance intermediaries are not subject to the Insurance MiFID Rules. Territorial scope of the Insurance MiFID Rules The Insurance MiFID Rules will generally be applicable to insurance undertakings and insurance intermediaries delivering insurances or offering insurances in Belgium. Insurance undertakings and insurance intermediaries incorporated in Belgium or incorporated outside of Belgium (but having a branch in Belgium or providing insurances through the free provision of services in Belgium) will, as a consequence, also be subject to the Insurance MiFID Rules. 5 MiFID for the insurance industry as from 30 April March 2014

6 6 MiFID for the insurance industry as from 30 April March 2014 This means that non-belgian service providers will need to comply with the Insurance MiFID Rules of Belgium, as host state into which they are conducting business. The Belgian supervisory authorities have ruled that non-eea insurance undertakings are conducting business in Belgium (and - except for certain well-defined exceptions - need to obtain a license) as from the moment they are soliciting Belgian customers or, even in case of passive servicing, insuring risks located in Belgium. In this respect, the Belgian supervisory authorities also took the view that whether or not insurance undertakings solicit Belgian residents for insurances directly or through intermediaries is irrelevant for the assessment of their licensing obligation. Material scope of the Insurance MiFID Rules The Insurance MiFID Rules are applicable to the offering and sale of insurances, but there are some exceptions: (a) Pensions First and second pillar pension products are excluded from the Insurance MiFID Rules. (b) Intra-group insurances Insurance MiFID Rules do not apply to service providers if they only exercise their activities in order to insure or reinsure the risks of their own undertaking or the group of undertakings of which they form part. (c) Non-complex non-life insurances Insurance MiFID Rules do not apply to service providers if the insurance or reinsurance mediation concerns insurance or reinsurance contracts with regard to which all of the following conditions are met: (i) The insurance contract only requires knowledge of the insurance cover that is provided. (ii) The insurance contract is not a life insurance contract. (iii) The insurance contract does not cover any civil liability risks. (iv) The principal professional activity of the person offering the insurance is other than insurance mediation. (v) The insurance is complementary to the product or service supplied by any provider, and such insurance covers: (A) the risk of breakdown, loss of or damage to goods supplied by that provider; or (B) the risk of damage to or loss of luggage and other risks linked to a travel booked with that provider, even if the insurance additionally covers life insurance or civil liability risks, to the extent that such additional cover is ancillary to the main cover for the risks linked to a travel. (vi) The amount of the annual premium does not exceed EUR500 and the total duration of the insurance contract, including any renewals, does not exceed five years.

7 (d) Large-risk insurances Certain Insurance MiFID Rules in relation to the information duty are not applicable to service providers if they offer "large-risk" insurance mediation services, as defined in the Royal Decrees regarding rules of conduct level 1 and 2. The Insurance MiFID Rules The overarching principle In general, service providers will have to ensure that they act honestly, fairly and professionally with regard to their customer's interests in case they offer or close insurance agreements or insurance mediation services. Furthermore, service providers will have to ensure that the information provided to the customer is fair, clear and not misleading. Specification of demands and needs Prior to the conclusion of a specific insurance agreement, the insurance intermediary shall at least specify the demands and needs of the customer on the basis of the information provided by the customer, and ensures that the insurance agreement offered to the customer meets these demands and needs. Further, the insurance intermediary should give the underlying reasons for any advice given to the customer on a given insurance agreement taking into account the complexity of the insurance agreement being proposed. Information duty (a) General The Insurance MiFID Rules also impose service providers to provide customers with accurate information in a comprehensible way in order to enable them to understand the nature of the insurance mediation service and the insurance agreement offered, as well as the nature of the investment insurance products and insured savings, and the risks linked to these insurances, so that they can make an informed decision whether or not to enter into an insurance agreement. The information requirements can be divided in three groups: (i) those that are applicable to all insurance agreements; (ii) those that are applicable to insurance agreements other than investment insurance products and insured savings; and (iii) provisions that are only applicable to investment insurances and insured savings. For the sake of completeness, it should be noted that marketing should also comply with some of the information requirements set forth below. (b) Information duty applicable to all insurance agreements Service providers are subject to several information requirements with respect to the following topics, irrespective of the kind of insurance agreement concerned: (i) General information Information concerning the identification of the regulated company. 7 MiFID for the insurance industry as from 30 April March 2014

8 Information concerning the languages applicable to the relationship between the customer and the service provider. Information concerning the means of communication between the customer and the service provider. A statement by the regulated undertaking containing information regarding its license or registration, as well as information regarding the supervisory authorities. Information regarding the reports that the service provider has to provide to its customer. (ii) Conflicts of interest The service provider should provide a general description of the conflict of interests management policy. The customer is entitled to ask for more information regarding this policy. (iii) Costs and obligations The service provider should provide the customer prior to the performance of an insurance mediation service or each expiry date of the insurance agreement with information regarding the costs and ancillary obligations. The FSMA will, in consultation with the insurance industry, clarify this obligation in a regulation. In case of inducements, the benefits must be disclosed to the customer before rendering the service (please refer to section 3.4 below). The service provider may disclose the essential conditions of the inducements to the customer in a summary form only if it undertakes to provide the customer upon request with more information. (iv) Reports The type, frequency and timing of the sound reports (regarding the insurance mediation services or insurances offered) that the service provider should provide to the customer in accordance with the Insurance MiFID Rules. (c) Information duty applicable to insurance agreements other than investment insurance products and insured savings The Insurance MiFID Rules contain several information requirements that are only applicable to insurance agreements other than investment insurance products and insured savings. These information requirements supplement the general information requirements stated under (b) above, and are, among others, the following: Timely information regarding the conditions of the insurance agreement. The information and marketing provided to the customer regarding insurance mediation services and insurances is accurate, and shall not emphasize the possible benefits hereof without indicating in a correct and clear way the risks related to such activities. 8 MiFID for the insurance industry as from 30 April March 2014

9 Important elements, statements or warnings may not be concealed, hidden or toned down. If insurance mediation activities, insurance agreements or persons performing insurance mediation activities are mutually compared, the information provided to the customer should meet the following conditions: o o o The comparison should be appropriate and should be presented in a proper and balanced way. The information sources used for the comparison should be mentioned. The principal facts and hypothesis used for the comparison should be mentioned. Information about the tax treatment should be qualified by a reference to the required individual circumstances and possible future changes. (d) Information duty applicable to investment insurances and insured savings The MiFID Insurance Rules contain several information requirements which are only applicable to investment insurance products and insured savings. These rules supplement the general information requirements stated under (b) above. Timely information regarding the conditions of the insurance agreement. The information and marketing provided to the customer regarding insurance mediation services, investment insurance products and insured savings are accurate, and shall not emphasize the possible benefits hereof without indicating in a correct and clear way the risks related to such activities. If insurance mediation activities, investment insurance products or insured savings, or persons performing insurance mediation activities are mutually compared, the information provided to the customer should meet the following conditions: o o o The comparison should be appropriate and should be presented in a proper and balanced way. The information sources used for the comparison should be mentioned. The principal facts and hypothesis used for the comparison should be mentioned. The service providers shall provide the (potential) customer with a general description of the nature and risks of investment insurances and insured savings. The information should be sufficiently detailed (as set forth in the Insurance MiFID Rules and a possible future regulation of the supervisory authorities) to enable the customer to take informed decisions regarding the investment insurance or insured savings offered by the insurance undertaking. 9 MiFID for the insurance industry as from 30 April March 2014

10 If the investment insurance or insured savings contain a guarantee provided by a third party, the information regarding the guarantee should contain sufficient details regarding this third party and the guarantee itself. The service providers should comply with detailed legal requirements if the information they provide to the customer refers to past results and simulations about future results. Information about the tax treatment should be qualified by a reference to the required individual circumstances and possible future changes. Inducements 10 MiFID for the insurance industry as from 30 April March 2014 The MiFID rules concerning inducements are applicable to all insurance agreements, including investment insurance products and insured savings. With regard to the rules concerning inducements, tied insurance agents of an insurance undertaking are not considered as individual entities, separated from the insurance undertaking. The relation between the insurance undertaking and its tied agents is therefore mainly covered by the conflict of interest rules and not subject to the rules on inducements. "Inducements" (i.e., fees, commissions and non-monetary benefits received or paid by the service provider in relation to the provision of an insurance mediation service to a customer) are only allowed if: (a) the inducements are paid or provided to or by customer or a person acting on behalf of the customer (e.g., insurance premiums); (b) the inducements meet the following cumulative conditions (e.g., brokers' fees): (i) the benefit must be disclosed to the customer before rendering the services; (ii) the benefit must be designed to enhance the quality of the relevant service to the customer; and (iii) the benefit may not impair the service provider's duty to act in the best interest of the customer (c) the inducements are appropriate to enable or required to provide insurance mediation services, such as taxes, legal fees (e.g., for tax advice) and reinsurance premiums, which do not conflict with the overarching principle to act honestly, fairly and professionally. Client file and record keeping Service providers should keep a client file containing the documents describing the rights and obligations of both parties, and the terms and conditions of the provision of services to the customer. Content requirements for such agreement can be imposed through future implementing decrees. Insurance intermediaries have the obligation to register each activity of insurance mediation in order to allow supervisory authorities to supervise the compliance with the Insurance MiFID Rules. The scope of this registration duty will be further elaborated by FSMA. Conflict of interest rules

11 The rules regarding the management of conflict of interest are to a large degree based on the existing MiFID conflict of interest rules for the banking industry. The "identify, manage or disclose" approach is extended to the insurance industry taking into account the type of activity, size, product range and complexity of the service provider. Policies and measures as well as a follow-up of conflicts of interest thereof should be developed. Records of conflicts of interest should be kept. The conflict of interest rules are applicable irrespective of the kind of insurance mediation service the insurance undertaking provides, and irrespective of the kind of insurance agreement at stake. Advice - a new act of insurance mediation The Insurance MiFID Rules impose a mandatory licensing requirement (as an insurance intermediary) for persons providing advice in relation to the conclusion of insurance agreements. This service constitutes an act of insurance mediation. This is justified on the basis that due to the increasing dependence of investors on personal recommendations, it is appropriate to include the provision of advice as an act of insurance mediation requiring authorization. New definition: "Advice" means the provision of personal recommendations to a customer, either upon its request or at the initiative of the insurance undertaking or insurance intermediary, other than the tied insurance agent in respect of one or more insurance agreements. New definition: "Personal recommendation" means a personal recommendation presented as suitable for a person, or based on a consideration of the circumstances of that person. A recommendation is not a personal recommendation if it is made exclusively through distribution channels or to the public. Generic advice, for example, on asset classes or geographic markets will not constitute advice for the purposes of the Insurance MiFID Rules, as the activity covered by the Insurance MiFID Rules relates to advice on specific insurance agreements. Although generic advice does not fall within the definition of "advice" under the Insurance MiFID Rules, if generic advice is presented to a customer on the basis that it is "suitable" for the customer and it is not so suitable, a breach of the information duty is likely to occur. Suitability and appropriateness requirements (a) General As opposed to the MiFID for the banking industry taking a three-tier approach, the Insurance MiFID Rules take a two-tier approach, as follows: (i) Suitability requirements will apply where the service provider is providing advice in relation to investment insurance products or insured savings. New definition: "Insured savings" means an insurance agreement: 11 MiFID for the insurance industry as from 30 April March 2014

12 (a) of branch 21, 22 or 26 of the group of activities 'life' (as defined in the Royal Decree of 22 February 1991 on the general regulation concerning the insurance undertakings), which contains a savings component, as well as insurance agreements as mentioned in sections I, II or VI of Annex I of Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance or of Annex II of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance, which categorise as investment insurance products or insured savings, which contain a saving component; or (b) being a combination of several of the agreements referred to under a). New definition: "Investment insurance product" means insurance agreements that are: (a) of branch 23 of the group of activities 'life' (as defined in the Royal Decree of 22 February 1991 on the general regulation concerning the insurance undertakings), as well as insurance agreements as mentioned in sections III of Annex I of Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance or of Annex II of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance, which categorise as investment insurance products or insured savings, which contain a saving component; or (b) a combination of one or more insured savings and one or more insurance agreements referred to under section a) of the definition of "insured savings"; or (c) a combination of several of the agreements referred to under a). (ii) An appropriateness requirement applies where the service provider is providing other mediation services (than advice) in relation to investment insurance products or insured savings. (iii) There is no execution-only regime, under which suitability and appropriateness requirements do not apply. Generally, the service provider is entitled to rely on the information provided by the customer, unless it knows or should know that the information is clearly obsolete, inaccurate and incomplete. (b) Suitability requirement Where a service provider is providing advice, the service provider must carry out a suitability assessment. This requires the service provider to obtain the necessary information regarding the customer's knowledge and experience in the investment field relevant to the specific type of product or service, the customer's financial situation and the customer's investment objectives so as to enable the service provider to recommend to the customer or potential customer the investment insurance products and insured savings that are suitable for the customer. 12 MiFID for the insurance industry as from 30 April March 2014

13 13 MiFID for the insurance industry as from 30 April March 2014 The level 2 Insurance MiFID Rules expand on this requirement and provide that service providers must obtain from customers or potential customers such information as is necessary for the service provider to understand the essential facts about the customer and to have a reasonable basis for believing, giving due consideration to the nature and extent of the advice provided that the specific transaction to be recommended satisfies the following criteria: (i) The investment insurance products and insured savings meet the savings and investment objectives of the customer in question. (ii) The transaction is such that the customer is able financially to bear any related investment risks consistent with his savings and investment objectives. (iii) The transaction is such that the customer has the necessary experience and knowledge in order to understand the risks involved in the transaction. The suitability requirement is mandatory so that if the customer does not provide the required information, the service provider will not be able to provide the advisory services. (c) Appropriateness requirement Where the services being provided do not comprise the provision of advice, the service provider must comply with an appropriateness test. Under the test, the service provider is required to ask the customer to provide information regarding the customer's knowledge and experience in the savings and investment field relevant to the specific type of investment insurance product or insured savings ordered or demanded so as to enable the service provider to assess whether the insurance mediation service, investment insurance product or insured savings envisaged is appropriate. Where the insurance mediation service, investment insurance product or insured savings envisaged is not appropriate for the customer or potential customer, the service provider must warn the customer hereof. Such warning can be done in a standardized form. The service provider is not under a requirement to obtain information from the customer for the purpose of the appropriateness assessment, although it is under an obligation to request this information. It should be noted that the service provider must not discourage a customer from providing information required for the purpose of the appropriateness assessment. Where the customer elects not to provide the information required for the purpose of the appropriateness assessment, the service provider must warn the customer that this will not allow the service provider to determine whether the insurance mediation service, investment insurance product or insured savings is appropriate. Such warning can be done in a standardized form. Outside the scope of the Insurance MiFID Rules The MiFID rules, which are not explicitly made applicable to the insurance industry, will not be applicable to the insurance industry. Insurance undertakings and insurance intermediaries are therefore amongst others not subject to the conduct of business rules provided for by some paragraphs of Article 27, Article 28 ("the execution of orders") and Article 28bis ("the obligation to act honestly, fairly and professionally and in a way

14 that is beneficial to the integrity of the market, as well as an obligation regarding the transactions in replaceable financial instruments") of the Act of 2 August Liability Civil liability (new causality rule) Insurance undertakings and insurance intermediaries will be subject to the new causality rules in relation to civil liability set forth in Article 30ter of the Act of 2 August as of 30 April Irrespective of common law and notwithstanding any provision to the contrary to the detriment of the customer, if an insurance undertaking or insurance intermediary does not comply with the listed Insurance MiFID Rules (such as the conduct of business rules, information requirements, appropriateness and suitability requirements and conflict of interest rules) when engaging in financial transactions (e.g., offering or selling insurances) and a customer suffers losses as a consequence of such financial transactions, such losses will be deemed resulting from such non-compliance in the absence of evidence to the contrary. Registration duty and administrative sanctions Without entering into a detailed description of the sanction regime, it is important to note in this respect that breaches of the Insurance MiFID Rules can be sanctioned by the supervisory authorities with administrative fines up to EUR 2,500, As amended by the Act of 30 July 2013 to strengthen the protection of customers of financial products and services as well as the powers of the Financial Services and Markets Authority and concerning several provisions. 14 MiFID for the insurance industry as from 30 April March 2014

Client Alert 11 June 2014

Client Alert 11 June 2014 Baker & McKenzie Belgium Client Alert 11 June 2014 For more information, please contact Pierre Berger Partner pierre.berger@bakermckenzie.com Isabelle Van Biesen Associate isabelle.vanbiesen@bakermckenzie.com

More information

Consultation document on the Review of the Insurance Mediation Directive (IMD) Commission Staff Working Paper

Consultation document on the Review of the Insurance Mediation Directive (IMD) Commission Staff Working Paper Consultation document on the Review of the Insurance Mediation Directive (IMD) Commission Staff Working Paper This document is a working document of the Internal Market and Services Directorate General

More information

MiFID II Key aspects. I. Introduction

MiFID II Key aspects. I. Introduction MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist

More information

Communication for undertakings that distribute nonmainstream financial products (such as CFD s, binary options, etc.) online

Communication for undertakings that distribute nonmainstream financial products (such as CFD s, binary options, etc.) online Communication FSMA_2014_05 of 25/07/2014 Communication for undertakings that distribute nonmainstream financial products (such as CFD s, binary options, etc.) online Scope: This Communication is addressed

More information

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 The general good provisions have been listed in compliance with the conditions envisaged by the

More information

Insurance and reinsurance news

Insurance and reinsurance news Insurance and reinsurance news Insurance Mediation Directive 2 what it means for you Summary On 3 July 2012 the European Commission adopted a proposal to revise the Insurance Mediation Directive (IMD2)

More information

Consolidated Insurance Mediation Act 1

Consolidated Insurance Mediation Act 1 Consolidated Insurance Mediation Act 1 Act no. 930 of 18 September 2008 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 401 of 25 April 2007, as amended by section

More information

Client Alert February 16, 2015

Client Alert February 16, 2015 Client Alert February 16, 2015 For more information, please contact Pierre Berger Partner pierre.berger@bakermckenzie.com Isabelle Van Biesen Associate isabelle.vanbiesen@bakermckenzie.com Olivier Van

More information

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 30 June 2015

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 30 June 2015 Council of the European Union Brussels, 16 July 2015 (OR. en) Interinstitutional File: 2012/0175 (COD) 10747/15 NOTE From: ECOFIN 598 CODEC 1034 SURE 21 EF 142 Presidency/General Secretariat of the Council

More information

THE INSURANCE MEDIATION DIRECTIVE 2002/92/EC OF 9 DECEMBER 2002

THE INSURANCE MEDIATION DIRECTIVE 2002/92/EC OF 9 DECEMBER 2002 THE INSURANCE MEDIATION DIRECTIVE 2002/92/EC OF 9 DECEMBER 2002 Manuel ALTEMIR Insurance and Pensions Funds Unit Screening process Screening meeting with Croatia and Turkey 29 March 2006 Slide 1 Why a

More information

(Translation) hereinafter referred to individually as the 'Authority' and collectively as the 'Authorities',

(Translation) hereinafter referred to individually as the 'Authority' and collectively as the 'Authorities', (Translation) General Memorandum of Understanding for collaboration between the National Bank of Belgium and the Financial Services and Markets Authority to ensure the coordination of the supervision of

More information

Act on Insurance Mediation and Reinsurance Mediation

Act on Insurance Mediation and Reinsurance Mediation Act on Insurance Mediation and Reinsurance Mediation The full wording of Act No. 340/2005 Coll. dated 23 June 2005 on insurance mediation and resinsurance mediation and on amendments to certain laws, as

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12 July 2014 Handbook of Prudential Requirements for Investment Intermediaries Page 0 of 12 Page 0 of 12 Handbook of Prudential Requirements for Investment Intermediaries Contents Table of Contents Introduction

More information

Response from the Danish FSA regarding the consultation on the Review of the Insurance Mediation Directive (IMD)

Response from the Danish FSA regarding the consultation on the Review of the Insurance Mediation Directive (IMD) European Commission DG Internal Market and Services B- 1049 Brussels 2 March 2011 Response from the Danish FSA regarding the consultation on the Review of the Insurance Mediation Directive (IMD) The Danish

More information

Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies

Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies Summary of how MiFID II will apply to EU managers regulated under AIFMD and the UCITS Directive In the context of

More information

Guidelines on operational functioning of colleges

Guidelines on operational functioning of colleges EIOPA-BoS-14/146 EN Guidelines on operational functioning of colleges EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC

More information

Insurance Europe response to Joint Committee consultation on guidelines for cross-selling practices

Insurance Europe response to Joint Committee consultation on guidelines for cross-selling practices Insurance Europe response to Joint Committee consultation on guidelines for cross-selling practices Our reference: COB-DIS-15-038 Date: 20 March 2015 Contact person: Arthur Hilliard, Policy Advisor, Conduct

More information

Consultation Paper. on the proposal for. Guidelines. product oversight & governance arrangements by. insurance undertakings

Consultation Paper. on the proposal for. Guidelines. product oversight & governance arrangements by. insurance undertakings EIOPA-BoS-14/150 27 October 2014 Consultation Paper on the proposal for Guidelines on product oversight & governance arrangements by insurance undertakings EIOPA Westhafen Tower, Westhafenplatz 1-60327

More information

Insurance/Reinsurance - Sweden

Insurance/Reinsurance - Sweden Page 1 of 7 Newsletters Law Directory Deals News Conferences Appointments My ILO Home Insurance/Reinsurance - Sweden Overview (March 2006) Contributed by Advokatfirman Vinge March 14 2006 Introduction

More information

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products Luxembourg News on MiFID II and its implementation Regulation on key information documents for investment products Final adoption of the UCITS V directive by the EU parliament Newsletter Q2/Q3 2014 Avocats

More information

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT 2300 Pursuant to its authority from Article 59 of the Rules of Procedure of the Croatian Parliament, the Legislation Committee determined the revised text

More information

SCOPE OF APPLICATION AND DEFINITIONS

SCOPE OF APPLICATION AND DEFINITIONS Unofficial translation No. 398/1995 Act on Foreign Insurance Companies Issued in Helsinki on 17 March 1995 PART I SCOPE OF APPLICATION AND DEFINITIONS Chapter 1. General Provisions Section 1. Scope of

More information

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/ / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation

More information

Act no 41 on Insurance Mediation (2005-06-10)

Act no 41 on Insurance Mediation (2005-06-10) Translation Translated January 2006 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act no 41 on Insurance

More information

According to section 53 of the Insurance Act the insurance intermediary is only empowered with respect to the transaction in which it takes part to:

According to section 53 of the Insurance Act the insurance intermediary is only empowered with respect to the transaction in which it takes part to: Argentina MANZANO, LÓPEZ SAAVEDRA & RAMIREZ CALVO Martin Manzano and Ignacio Shaw mmanzano@mlsrc.com.ar; ishaw@mlsrc.com.ar 1. Insurance intermediation activities 1.1 Is the distribution of insurance products

More information

EuroFinuse Response to Sven Giegold MEP Call for Input on UCITS, PRIPs and IMD Legislation

EuroFinuse Response to Sven Giegold MEP Call for Input on UCITS, PRIPs and IMD Legislation EuroFinuse Response to Sven Giegold MEP Call for Input on UCITS, PRIPs and IMD Legislation The European Federation of Financial Services Users (EuroFinuse) is deeply involved in the discussions on the

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

.ainsurance. Luxembourg Law

.ainsurance. Luxembourg Law .ainsurance Luxembourg Law May 2009 Table of contents 1. The insurance business in Luxembourg: the statutory framework...3 2. The Luxembourg Insurance Supervisory Authority (Commissariat aux Assurances)...3

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

(Legislative acts) DIRECTIVES

(Legislative acts) DIRECTIVES 1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund

More information

Recitals... 3. Recital 44... 3 Recital 46... 4 Recital 47... 5 Recital 48 a (new)... 6 TITLE I DEFINITIONS AND SCOPE... 6

Recitals... 3. Recital 44... 3 Recital 46... 4 Recital 47... 5 Recital 48 a (new)... 6 TITLE I DEFINITIONS AND SCOPE... 6 EFAMA Position Paper on the European for a Directive of the European Parliament and of the Council on markets in Financial Instruments Repealing Directive 2004/39/EC of the European Parliament and of the

More information

Circular FSMA_2012_12 of 20/06/2012

Circular FSMA_2012_12 of 20/06/2012 %3:-=5+: Circular FSMA_2012_12 of 20/06/2012 &*($ =3./537/; 87 ;?;

More information

Protection for Insurance Customer Under Turkish Laws

Protection for Insurance Customer Under Turkish Laws Protection for Insurance Customer Under Turkish Laws Presentation to the AIDA_Turkish Insurance Law Association Ahmet Karayazgan, Karayazgan Law Firm Istanbul, May 3, 2012 1 Part 1 Definition of Insurance

More information

Eurofinas reply to the Joint Committee of the European Supervisory Authorities (ESAs) Consultation Paper on guidelines for cross-selling practices

Eurofinas reply to the Joint Committee of the European Supervisory Authorities (ESAs) Consultation Paper on guidelines for cross-selling practices Eurofinas reply to the Joint Committee of the European Supervisory Authorities (ESAs) Consultation Paper on guidelines for cross-selling practices 20 March 2015 Eurofinas is entered into the European Transparency

More information

EBF preliminary position on the European Commission proposal for an insurance mediation directive (Recast)

EBF preliminary position on the European Commission proposal for an insurance mediation directive (Recast) EBF Ref.: D2142F 10.01.13 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association countries. The EBF represents

More information

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA-CP-14/044 27 November 2014 Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt

More information

Israel LEVITAN, SHARON & CO. Peggy Sharon and Dror Zamir office@levitansharon.co.il. 1. Insurance intermediation activities

Israel LEVITAN, SHARON & CO. Peggy Sharon and Dror Zamir office@levitansharon.co.il. 1. Insurance intermediation activities Israel LEVITAN, SHARON & CO. Peggy Sharon and Dror Zamir office@levitansharon.co.il 1. Insurance intermediation activities 1.1 Is the distribution of insurance products (hereinafter referred to as insurance

More information

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 575 FINANCIAL SERVICES AND MARKETS The Solvency 2 Regulations 2015 Made - - - - 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in

More information

Portfolio Management in Luxembourg

Portfolio Management in Luxembourg Portfolio Management in Luxembourg November 2009 Table of contents 1. Definition of portfolio management... 2 2. Contractual and statutory basis for portfolio management... 3 3. Categorisation of clients...

More information

Corporate Governance Developments in Greece

Corporate Governance Developments in Greece Corporate Governance Developments in Greece, Managing Partner, Tsibanoulis & Partners 1. Background The following presentation examines the Corporate Governance rules for listed companies according to

More information

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared

More information

Key Rules for General Insurance Brokers

Key Rules for General Insurance Brokers Key Rules for General Insurance Brokers Contents 1. Introduction 3 2. Principles for businesses 6 3. Conduct of business rules 7 Financial promotion 7 Initial disclosure 9 Arranging and suitable advice

More information

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Before printing this document, please be aware of its size! Regarding the provisions quoted in the response below, as far as possible, hyperlinks to these

More information

INSURANCE BROKERS CODE OF PRACTICE

INSURANCE BROKERS CODE OF PRACTICE INSURANCE BROKERS CODE OF PRACTICE BUILDING PROFESSIONAL COMPETENCE AND CONSUMER CONFIDENCE The insurance broking profession is about helping you to navigate the unavoidable complexities of insurance products

More information

On approval of Regulation 3/01. Licensing of Insurance Activities and Insurance Intermediary Activities;

On approval of Regulation 3/01. Licensing of Insurance Activities and Insurance Intermediary Activities; THE CENTRAL BANK OF ARMENIA BOARD RESOLUTION No. 344-N, 30.10.2007 On approval of Regulation 3/01 Licensing of Insurance Activities and Insurance Intermediary Activities; Obtaining the Preliminary Consent

More information

FINANCIAL SERVICES AND MARKETS AUTHORITY

FINANCIAL SERVICES AND MARKETS AUTHORITY FINANCIAL SERVICES AND MARKETS AUTHORITY PREFACE I would like to introduce the Financial Services and Markets Authority (FSMA) to you. The FSMA, along with the National Bank of Belgium (NBB), is entrusted

More information

INTERNAL REGULATIONS

INTERNAL REGULATIONS COUNCIL OF BUREAUX CONSEIL DES BUREAUX INTERNAL REGULATIONS Preamble (1) Whereas in 1949 the Working Party on Road Transport of the Inland Transport Committee of the Economic Commission for Europe of the

More information

Guidelines for competent authorities and UCITS management companies

Guidelines for competent authorities and UCITS management companies Guidelines for competent authorities and UCITS management companies Guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS 2012 ESMA/2012/197 Date:

More information

PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE

PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE Ref. Ares(2010)892960-02/12/2010 PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE ON POSSIBLE LEVEL 2 MEASURES CONCERNING THE FUTURE DIRECTIVE ON ALTERNATIVE INVESTMENT FUND MANAGERS Table of Contents

More information

Guidelines. Complaints-Handling by Insurance Undertakings

Guidelines. Complaints-Handling by Insurance Undertakings EIOPA-BoS-12/069 14 June 2012 Guidelines on Complaints-Handling by Insurance Undertakings 1/6 1. Guidelines Introduction 1. According to Article 16 of the EIOPA Regulation 1 and taking into account Recital

More information

NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE

NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE STAATSKOERANT, 19 DESEMBER 2014 No. 38357 3 BOARD NOTICE NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE LONG-TERM INSURANCE ACT, 1998 (ACT NO. 52

More information

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive)

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Passporting Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Full name of firm (SUP 13 Annex 1R Notification

More information

Transparency, disclosure and conflicts of interest in the commercial insurance market

Transparency, disclosure and conflicts of interest in the commercial insurance market Transparency, disclosure and conflicts of interest in the commercial insurance market SECTION 1 INTRODUCTION 1.1 The Financial Services Authority s (FSA) increased emphasis on disclosure, transparency

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3)

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Governance, Risk Management, and Internal Controls INTERIM REQUIREMENTS CONTENTS 1. INTRODUCTION

More information

Mapping of outsourcing requirements

Mapping of outsourcing requirements Mapping of outsourcing requirements Following comments received during the first round of consultation, CEBS and the Committee of European Securities Regulators (CESR) have worked closely together to ensure

More information

MiFID II Academy: Product Governance. Floortje Nagelkerke 12 April 2016

MiFID II Academy: Product Governance. Floortje Nagelkerke 12 April 2016 MiFID II Academy: Product Governance Floortje Nagelkerke 12 April 2016 Introduction Timing: MiFID II / MiFIR 2 July MiFID II and MiFIR entered into force 19 December Level 2 Consultation on technical standards

More information

PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail Investment Products interaction with RDR and MiFID II

PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail Investment Products interaction with RDR and MiFID II gulation on pre-sale disclosures for PRIPS European Commission publishes proposed Regulation on pre-sale disclosures for Packaged R PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail

More information

Real Estate Investment Funds Regulations

Real Estate Investment Funds Regulations Real Estate Investment Funds Regulations Contents Part 1 : Preliminary Provisions Article 1 : Preliminary... 5 Article 2 : Definitions... 5 Part 2 : Authorization Article 3 : Authorization Requirements...

More information

The new Insurance Act. Hugo Keulers & Sandra Lodewijckx

The new Insurance Act. Hugo Keulers & Sandra Lodewijckx The new Insurance Act Hugo Keulers & Sandra Lodewijckx Overview 1. Context 2. Scope of application 3. New provisions 4. Entry into force 2 1. Context New bipolar model National Bank (NBB) / Financial Services

More information

INSURANCE BROKERS CODE OF PRACTICE

INSURANCE BROKERS CODE OF PRACTICE INSURANCE BROKERS CODE OF PRACTICE INSURANCE BROKERS CODE OF PRACTICE OVERVIEW 4-5 IMPORTANT BACKGROUND INFORMATION What does the Code do for you? (Code Objectives) How to navigate the Code How up to date

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides

More information

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive

More information

Insurance Europe Position Paper on the proposal for the fourth AML Directive. Our reference: LIF-AML-13-032 Date: 14 May 2013

Insurance Europe Position Paper on the proposal for the fourth AML Directive. Our reference: LIF-AML-13-032 Date: 14 May 2013 Position Paper Insurance Europe Position Paper on the proposal for the fourth AML Directive Our reference: LIF-AML-13-032 Date: 14 May 2013 Referring to: COM(2013) 45 final - 2013/0025 (COD) Related documents:

More information

Conflicts of Interest Policy

Conflicts of Interest Policy Conflicts of Interest Policy March 2015 Table of Contents 1. INTRODUCTION... 2 2. SCOPE OF THE POLICY... 3 3. IDENTIFICATION OF CONFLICTS OF INTEREST... 3 4. MANAGING CONFLICTS OF INTEREST... 4 5. DISCLOSURE...

More information

ACT. of 22 May 2003. on insurance mediation 1. Chapter 1. General Provisions

ACT. of 22 May 2003. on insurance mediation 1. Chapter 1. General Provisions Kancelaria Sejmu Page 1 of 29 ACT of 22 May 2003 on insurance mediation 1 Chapter 1 General Provisions Article 1. This Act lays down rules for pursuing insurance mediation in the field of life and non

More information

Regarding the need to establish a branch for the provision of financial services in the Czech Republic

Regarding the need to establish a branch for the provision of financial services in the Czech Republic Regarding the need to establish a branch for the provision of financial services in the Czech Republic Regulation Act No. 21/1992 Coll., on banks, as amended (the AoB ) Act No. 256/2004 Coll., on capital

More information

Authorisation Requirements and Standards for Debt Management Firms

Authorisation Requirements and Standards for Debt Management Firms 2013 Authorisation Requirements and Standards for Debt Management Firms 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements

More information

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on EIOPA-BoS-14/120 24 November 2014 Opinion of the European Insurance and Occupational Pensions Authority of 24 November 2014 on Sound principles for Crisis Prevention, Management and Resolution preparedness

More information

RS Official Gazette, No 38/2015

RS Official Gazette, No 38/2015 RS Official Gazette, No 38/2015 Pursuant to Article 92, paragraphs 4 and 5, and Article 105, paragraphs 4 and 5 of the Law on Insurance (RS Official Gazette, No 139/2014) and Article 15, paragraph 1 of

More information

Financial Services (Investment and Fiduciary Services) 1989-47

Financial Services (Investment and Fiduciary Services) 1989-47 FINANCIAL SERVICES (INVESTMENT AND FIDUCIARY SERVICES) ACT * Principal Act Act. No. 1989-47 Commencement LN. 1991/009 17.1.1991 Assent 28.12.1989 Amending enactments Relevant current provisions Commencement

More information

GUIDELINE ON THE APPLICATION OF THE INVESTMENT RESEARCH REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID IN THE UK

GUIDELINE ON THE APPLICATION OF THE INVESTMENT RESEARCH REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID IN THE UK GUIDELINE ON THE APPLICATION OF THE INVESTMENT RESEARCH REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive

More information

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Position Paper Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Our reference: SMC-DAT-12-064 Date: 3 September 2012 Related documents: Proposal for

More information

The basic regulations concerning insurance contract are formulated in the following acts:

The basic regulations concerning insurance contract are formulated in the following acts: Warsaw, 15 th May 2016 INFORMATION ON THE RULES OF THE GENERAL GOOD Introduction: This information intended for insurance companies from the EU Member States, as well as from the EFTA Member States the

More information

STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010

STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010 STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010 (Prn. A10/0843) 2 [281] S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS)

More information

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003 THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written

More information

Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information

Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information 1. Objective This "Internal Code of Conduct on Matters Relating to the Stock Market and Policy

More information

FUND MANAGER CODE OF CONDUCT

FUND MANAGER CODE OF CONDUCT FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION

More information

CP ON TECHNICAL ADVICE ON CRITERIA AND FACTORS FOR INTERVENTION POWERS CONCERNING STRUCTURED DEPOSITS. Contents

CP ON TECHNICAL ADVICE ON CRITERIA AND FACTORS FOR INTERVENTION POWERS CONCERNING STRUCTURED DEPOSITS. Contents EBA/CP/2014/20 5 August 2014 Consultation Paper Draft Technical advice on possible delegated acts on criteria and factors for intervention powers concerning structured deposits under Article 41 and Article

More information

REPUBLIC OF SOUTH AFRICA DRAFT INSURANCE BILL --------------------------------

REPUBLIC OF SOUTH AFRICA DRAFT INSURANCE BILL -------------------------------- REPUBLIC OF SOUTH AFRICA DRAFT INSURANCE BILL -------------------------------- (As introduced in the National Assembly (proposed section 75); explanatory summary of Bill published in Government Gazette

More information

The regulation applies to direct insurance only.

The regulation applies to direct insurance only. KREDITTILSYNET Norway Translation revised June 2006 This translation is for information purposes only. Legal authenticity remains with the original Norwegian version as published in Norsk Lovtidend. 22

More information

Council of the European Union Brussels, 28 July 2015 (OR. en)

Council of the European Union Brussels, 28 July 2015 (OR. en) Conseil UE Council of the European Union Brussels, 28 July 2015 (OR. en) PUBLIC 11243/15 LIMITE DRS 50 CODEC 1084 NOTE From: To: Subject: General Secretariat of the Council Delegations Proposal for a DIRECTIVE

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 17.2.2005 C 40/9 EUROPEAN CTRAL BANK OPINION OF THE EUROPEAN CTRAL BANK of 4 February 2005 at the request of the Council of the European Union on a proposal for a directive of the European Parliament and

More information

System of Governance

System of Governance CEIOPS-DOC-29/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: System of Governance (former Consultation Paper 33) October 2009 CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel.

More information

Insurance Europe response to the Commission Staff Working Document on Consumer Protection in third-pillar retirement products.

Insurance Europe response to the Commission Staff Working Document on Consumer Protection in third-pillar retirement products. Position Paper Insurance Europe response to the Commission Staff Working Document on Consumer Protection in third-pillar retirement products. Our reference: LIF-PEN-13-052 Date: 19 July 2013 Referring

More information

INSURANCE LAWS AMENDMENT BILL

INSURANCE LAWS AMENDMENT BILL REPUBLIC OF SOUTH AFRICA INSURANCE LAWS AMENDMENT BILL -------------------------------- (As introduced in the National Assembly (proposed section 75); explanatory summary of Bill published in Government

More information

Amendment between Transamerica and Broker

Amendment between Transamerica and Broker Amendment between Transamerica and Broker Name Complete Business Address City Province Postal Code Business Telephone Number Fax Telephone Number To be completed by Head Office MGA Code Agency Code Effective

More information

A Guide to Non-Life Insurance Regulation in Ireland

A Guide to Non-Life Insurance Regulation in Ireland A Guide to Non-Life Insurance Regulation in Ireland Contents A Guide to Non-Life Insurance Regulation in Ireland Introduction Page 2 Regulatory Regime Page 4 Authorisation Page 6 Organisation and Supervision

More information

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013 Draft Regulations laid before Parliament under paragraphs 2 and 2A(3)(a) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament. DRAFT STATUTORY INSTRUMENTS

More information

Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers

Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers Hong Kong April 2006 Table of Contents Page Part A Executive Summary... 3 Part B Overview of the

More information

TR CMS 101:2011. Standard for Compliance Management Systems (CMS)

TR CMS 101:2011. Standard for Compliance Management Systems (CMS) TR CMS 101:2011 Standard for Compliance Management Systems (CMS) of TÜV Rheinland, Cologne Total scope: 22 pages Contents Foreword....- 3-0 Introduction... - 5-1 Field of application... - 5-2 Aims of the

More information

INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES FOR THE CONDUCT OF INSURANCE BUSINESS

INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES FOR THE CONDUCT OF INSURANCE BUSINESS Principles No. 3 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES FOR THE CONDUCT OF INSURANCE BUSINESS December 1999 Table of Contents Definitions... 1 I. Background... 2 II.... 3 Principle

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution

More information

Ordinance on Collective Investment Schemes

Ordinance on Collective Investment Schemes English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Ordinance on Collective Investment Schemes (Collective

More information

A Guide to MiFID Investment Services in Ireland

A Guide to MiFID Investment Services in Ireland A Guide to MiFID Investment Services in Ireland Contents A Guide to MiFID Investment Services in Ireland MiFID Background Page 3 Application of MiFID in Ireland Page 5 Does your Business come within the

More information

Instruction regarding Inducements for SEB Fund Services S.A.

Instruction regarding Inducements for SEB Fund Services S.A. = = Instruction regarding Inducements for SEB Fund Services S.A. Adopted by the Board of Directors of SEB Fund Services S.A. on September 20, 2011 (updated and re-adopted on December 9, 2013) This instruction

More information

Number 6 of 2010 CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) ACT 2010 ARRANGEMENT OF SECTIONS. PART 1 Preliminary

Number 6 of 2010 CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) ACT 2010 ARRANGEMENT OF SECTIONS. PART 1 Preliminary Number 6 of 2010 CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) ACT 2010 ARRANGEMENT OF SECTIONS PART 1 Preliminary Section 1. Short title and commencement. 2. Interpretation. 3. Regulations.

More information