The Legal Regime and the Relevant Standards

Noussia, Kyriaki; Siri, Michele

doi:10.1007/978-3-030-11668-2_2

Kyriaki Noussia³ &
Michele Siri⁴

391 Accesses
3 Citations

Abstract

This chapter aims to analyze the historical perspective of the substantial rules on the regulation of Insurance-Based Investment Products (IBIPs), the IDD in relation to all insurance products as well as in relation to all additional rules on IBIPs. In doing so, it aims to offer a critical reasoning and analysis of the rationale behind the special topics in relation to IBIPs i.e. conduct, remuneration and conflicts of interest. In relation to the above it also analyses the evolution occurred to date in the financial services. Further on, it discusses the new regulations from the financial services perspective and attempts an analysis of their impact after the latest evolutions at European Commission level II delegated regulation.

Both authors have elaborated the paper. Nevertheless, Sects. 1 and 2 can be attributed to Kyriaki Noussia and Sects. 3 to 7 to Michele Siri, while Sect. 8 was jointly drafted.

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Notes

1.
For a selective literature review on the history of the evolution of the financial services sector, see representative bibliography as follows: Dalhuisen (2013), Welch and Parker (2014), Andoura and Timmerman (2008), De Grauwe and Gros (2009), Lannoo (2008), Backer (2008), Avgouleas (2009), Avgouleas (2012), Rix (2014), Alford (2006), p. 389; Chatzimanoli (2008), European Commission (2015) European Commission Green Paper on retail financial services, COM (2015) 630 final; European Commission (2016), Commission Delegated Regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents (C(2016)3999 final); Lord Turner (2009), pp. 100–102; www.fsa.gov.uk/pubs/other/turner_review.pdf; Moloney (2013), pp. 955–965; Papaconstantinou (2016)p. 367; Snowdon/Lovegrove, MiFID Review, C.O.B. 2012, 94(Mar), 1–27, 20.
2.
Treaty establishing the European Coal and Steel Community (1951); Treaty establishing the European Atomic Energy Committee (1957); Treaty establishing the European Economic Community (1957); Treaty on European Union (1992); OJ C 191 29.7.1992.
3.
Dalhuisen (2013), p. 659.
4.
First Council Directive 1979/267 1979 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance Official Journal L 063, 13/03/1979 P. 0001-0018.
5.
Directive 2002/83 on life insurance, OJ L 345, 19.12.2002, pp. 1–51.
6.
Directive 2009/138 (Solvency II), OJ L 335, 17.12.2009.
7.
Directive 85/611/EC on undertakings for collective investment in transferable securities [1987] OJ 1975/10.
8.
Directive 2001/107/EC on management companies and simplified prospectuses [2002]OJ L41/20, Directive 2001/108/EC on Investments of UCITS [2002]OJ L41/35.
9.
Welch and Parker (2014), pp. 115–119.
10.
COM (93) 37 final [1993] OJ C59.
11.
Dalhuisen (2013), pp. 669–671. Can you also make reference to other authors who described the evolution of the regulation on financial services in the EU? There are dozens of works. Otherwise, it seems that you have just summarized what he wrote in his book.
12.
COM (2012)350.
13.
COM (2012)350.
14.
Welch and Parker (2014), pp. 115–119.
15.
COM (85), 310 Final.
16.
Case 120/78 Rewe-Zentral AG vs. Bundesmonopolverwaltung für Branntwein, ECR 1979 p. 00649, http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=en&numdoc=61978J0120.
17.
COM (85), 310 Final.
18.
Dalhuisen (2013), pp. 669–674.
19.
White Paper on Financial Services Policy (2005–2010) COM (2005).
20.
Dalhuisen (2013), pp. 678–683.
21.
OJ L 345, 31.12.2003.
22.
OJ L 173, 12.6.2014, pp. 179–189.
23.
2013/50/EU OJ L 294, 6.11.2013, pp. 13–27.
24.
White Paper on Financial Services Policy (2005–2010) COM (2005).
25.
Dalhuisen (2013), pp. 678–683.
26.
EU Directives 200I/107/EC and 2001/108/EC, both of 21 January 2002, of the European Parliament and of the Council [2002] OJ L41/20 and 41/35.
27.
EU Directive 2009/65/EC of the European Parliament and of the Council 12009] OJ L302/32.
28.
OJ L 174, 1.7.2011, pp. 1–73.
29.
Dalhuisen (2013), pp. 685–704.
30.
For the first 5 years, subsequently to be reviewed.
31.
Dalhuisen (2013), pp. 724–728.
32.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
33.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
34.
The High-Level Group on Financial Supervision in the EU (chaired by J. de Larosière), Report, 25.2.2009; see Lannoo, K., The road ahead after de Larosière, CEPS Policy Brief No. 195, August 7, 2009.
35.
EBA Regulation (EU) No 1093/2010; EIOPA Regulation (EU) 1094/2010; ESMA Regulation (EU) 1095/2010, together referred to as the ‘ESA Regulations’, as well as ESRB Regulation (EU) 1092/2010 and Specific ECB Tasks Regulation Council Regulation (EU) 1096/2010.
36.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
37.
For more information on comitology and comitology committees see http://europa.eu/legislation_summaries/glossary/comitology_en.htm.
38.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
39.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
40.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
41.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
42.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
43.
European Parliament, DG for Internal Policies: Review of the New European System of Financial Supervision (ESFS) Part 1: The work of the European Supervisory Authorities (EBA, EIOPA AND ESMA)—The ESFS’s Micro Prudential Pillar, http://www.europarl.europa.eu/RegData/etudes/etudes/join/2013/507446/IPOL-ECON_ET(2013)507446_EN.pdf.
44.
Colaert (2015), pp. 1579–1584.
45.
As part of the European System of Financial Supervision, three European Supervisory Authorities (ESAs) have been established, i.e. the EBA, EIOPA and ESMA; Colaert (2015), pp. 1579–1599.
46.
Colaert (2015), pp. 1579–1599.
47.
Recital (6) of the PRIIPs Regulation.
48.
FCA, PRIIPs disclosure: Key Information Documents, 12/5/2017, https://www.fca.org.uk/firms/priips-disclosure-key-information-documents.
49.
FCA, PRIIPs disclosure: Key Information Documents, 12/5/2017, https://www.fca.org.uk/firms/priips-disclosure-key-information-documents.
50.
Pinsent Masons, “Are the KIDs alright?”, 2016 https://www.pinsentmasons.com/en/media/legal-updates/are-the-kids-alright/.
51.
Snowdon-Lovegrove, MiFID Review, C.O.B. 2012, 94(Mar), 1–27, 20.
52.
Moloney (2013), pp. 955–965.
53.
Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1).
54.
Commission Delegated Regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents (C(2016)3999) http://ec.europa.eu/finance/docs/level-2-measures/priips-delegated-regulation-2017-1473_en.pdf.
55.
Position of the European Parliament of 1 December 2016 and Decision of the Council of 8 December 2016; http://ec.europa.eu/finance/docs/level-2-measures/priips-delegated-regulation-2017-1473_en.pdf.
56.
Colaert (2017), pp. 229–244; and Kern, A. (2018), Marketing, Sale and Distribution. Mis-selling of Financial Product. A study requested by the ECON Committee, 31.
57.
Recital 3 of the IDD.
58.
EIOPA 17/048, Technical Advice on Insurance Distribution Directive (1 February 2017).
59.
Respectively, Commission Delegated Regulation (EU) 2017/2359 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; and Commission Delegated Regulation (EU) 2017/2358 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors.
60.
Art 1(17) IDD.
61.
Id.
62.
‘Insurance distribution’ is defined as the “activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts”. See Article 1(1) IDD.
63.
‘Reinsurance distribution’ is defined as the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of reinsurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including when carried out by a reinsurance undertaking without the intervention of a reinsurance intermediary. See Article 1(2) IDD.
64.
Recital 2 IDD.
65.
Recital 5 IDD. For a deeper analysis of the scope of the IDD, see also Maesschalck (2017), pp. 63–65.
66.
Recital 6 IDD.
67.
See Commission Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359.
68.
Article 12–13 IMD.
69.
Article 17(1) IDD and Article 24(1) MiFID II.
70.
Article 17(2) IDD and Article 24(3) MiFID II.
71.
Article 18 IDD.
72.
Article 18 (a) IDD.
73.
Article 19 (1) (a–b) IDD.
74.
Article 19(1)(c) IDD.
75.
Article 29(1) IDD.
76.
Art 20 (1) IDD.
77.
Article 20(3) IDD.
78.
However, in these cases it was still necessary to modify some of the MiFID II requirements to appropriately reflect the insurance sector. In particular, regarding the provision in point (d) of the technical advice, given that exit penalties have been a feature of long term insurance based investment products that are considered to have led to consumer detriment, this is intended to exclude products with unreasonable exit charges, including fiscal penalties.
79.
EIOPA (2017a) Technical Advice on possible delegated acts concerning the Insurance Distribution Directive, 1/2/2017, EIOPA-17/048, https://eiopa.europa.eu/Publications/Consultations/EIOPA%20Technical%20Advice%20on%20the%20IDD.pdf.
80.
Articles 3–7 of the Commission Delegated Regulation (EU) 2017/2359.
81.
Commission Delegated Regulation (EU) 2017/565. See also the Explanatory Memorandum, Commission Delegated Regulation (EU) 2017/2359, p. 3.
82.
Article 3 of the Commission Delegated Regulation (EU) 2017/2359.
83.
Article 4 of the Commission Delegated Regulation (EU) 2017/2359.
84.
Article 3(2) of the Commission Delegated Regulation (EU) 2017/2359.
85.
Article 3(2) of the Commission Delegated Regulation (EU) 2017/2359.
86.
Article 4(2) of the Commission Delegated Regulation (EU) 2017/2359.
87.
Article 7(1) and Recital 5 of the Commission Delegated Regulation (EU) 2017/2359.
88.
EIOPA Q and A on Regulation (2018), No. 1622.
89.
Article 6(1) and Recital 5 of the Commission Delegated Regulation (EU) 2017/2359.
90.
Article 28(3) IDD.
91.
Article 6(2) and Recital 5 of the Commission Delegated Regulation (EU) 2017/2359.
92.
Article 7(2) and Recital 5 of the Commission Delegated Regulation (EU) 2017/2359.
93.
EIOPA Q and A on Regulation (2018), No. 1625. See also No. 1627 as regard to the application of proportionality in relation to the measures set out in the IDD for managing conflicts of interest.
94.
Article 19(1)(e) IDD.
95.
Article 29(2) IDD.
96.
Art 24(7) and (9) of MiFID II.
97.
EIOPA Q and A on Regulation (2018), No. 1630.
98.
EIOPA (2017b).
99.
See P. Marano, “The Product Oversight and Governance: Standards and Liabilities”, in this volume.
100.
Article 29(4) IDD.
101.
Article 8 Commission Delegated Regulation (EU) 2017/2359.
102.
Article 8(1) Commission Delegated Regulation (EU) 2017/2359.
103.
Article 8(2) Commission Delegated Regulation (EU) 2017/2359.
104.
EIOPA Q and A on Regulation (2018), No. 1623.
105.
EIOPA Q and A on Regulation (2018), No. 1631.
106.
EIOPA (2017b).
107.
EIOPA Q and A on Regulation (2018), No. 1635.
108.
EIOPA Q and A on Regulation (2018), No. 1638.
109.
Article 30 of IDD.
110.
Articles 9–19 of the Commission Delegated Regulation (EU) 2017/2359.
111.
Commission Delegated Regulation (EU) 2017/565.
112.
Article 30(1) of IDD and Article 9 of the Commission Delegated Regulation (EU) 2017/2359.
113.
Article 9(2) of the Commission Delegated Regulation (EU) 2017/2359.
114.
EIOPA Q and A on Regulation (2018), No. 1639.
115.
Article 10 and 11 of the Commission Delegated Regulation (EU) 2017/2359.
116.
Article 14(1) of the Commission Delegated Regulation (EU) 2017/2359.
117.
Article 30(2) of IDD and Article 14 of the Commission Delegated Regulation (EU) 2017/2359.
118.
EIOPA Q and A on Regulation (2018), No. 1636.
119.
Article 30(3) IDD and 25(4)(a) MiFID II.
120.
Article 16(a) of the Commission Delegated Regulation (EU) 2017/2359.
121.
Articles 30(4) and (5) IDD.
122.
EIOPA Q and A on Regulation (2018), No. 1645.

Abbreviations

AIFMD:: Alternative Investment Fund Managers Directive
CEBS:: Committee of European Banking Supervisors
CEIOPS:: Committee of European Insurance and Occupational Pensions Supervisors (now EIOPA)
CESR:: Committee of European Securities Regulators
COBS:: Conduct of Business Rules
DG:: Directorate-General
EBA:: European Banking Authority
EC:: European Commission
EIOPA:: European Insurance and Occupational Pensions Authority
ESAs:: European Supervisory Authorities
ESFS:: European System of Financial Supervision
ESMA:: European Securities and Markets Authority
ESRB:: European Systemic Risk Board
FCA:: Financial Conduct Authority
IBIP:: Insurance-Based Investment Products
IDD:: Insurance Distribution Directive
IMD:: Insurance Mediation Directive
ISD:: Investment Services Directive
ITS:: Implementing Technical Standards
KID:: Key Information Document
MiFID:: Markets in Financial Instruments Directive
NCA:: National Competent Authorities
PRIIPs:: Packaged Retail and Insurance Based Investment Products
PRIPs:: Packaged Retail Investment Products
RTS:: Regulatory Technical Standards
TFEU:: Treaty of the Functioning of the European Union
UCITS:: Undertakings for the Collective Investment of Transferable Securities

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Further Readinngs

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Authors and Affiliations

School of Law, University of Exeter, Exeter, UK
Kyriaki Noussia
Jean Monnet Professor of European Union Financial and Insurance Markets Regulation, Law Department, University of Genoa, Genova, Italy
Michele Siri

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Kyriaki Noussia
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Michele Siri
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Correspondence to Kyriaki Noussia .

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Law Department, Catholic University of the Sacred Heart, Milan, Milano, Italy
Pierpaolo Marano
Department of Business Administration, (em.) Athens University of Economics and Business, Athens, Attiki, Greece
Ioannis Rokas

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Noussia, K., Siri, M. (2019). The Legal Regime and the Relevant Standards. In: Marano, P., Rokas, I. (eds) Distribution of Insurance-Based Investment Products. Springer, Cham. https://doi.org/10.1007/978-3-030-11668-2_2

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DOI: https://doi.org/10.1007/978-3-030-11668-2_2
Published: 28 March 2019
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-11667-5
Online ISBN: 978-3-030-11668-2
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