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The Legal Regime and the Relevant Standards

  • Kyriaki NoussiaEmail author
  • Michele Siri
Chapter

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.

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

  1. EIOPA (2014a) Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment, JC/DP/2014/02Google Scholar
  2. EIOPA (2014b) EIOPA, EBA, ESMA, ESAs’ response to the intention of the European Commission to amend the draft Regulatory Technical Standards (RTS) jointly submitted by EBA, ESMA and EIOPA under Articles 8(5), 10(2) and 13(5) of Regulation (EU) No 1286/2014. https://esas-joint-committee.europa.eu/publications/letters/esas-2016-81%20joint%20letter%20on%20rts%20on%20priips.pdf
  3. EIOPA (2016) EIOPA, EBA, ESMA, ESAs’ response to the intention of the European Commission to amend the draft Regulatory Technical Standards (RTS) jointly submitted by EBA, ESMA and EIOPA under Articles 8(5), 10(2) and 13(5) of Regulation (EU) No 1286/2014. https://esas-joint-committee.europa.eu/publications/letters/esas-2016-81%20joint%20letter%20on%20rts%20on%20priips.pdf
  4. ESMA (2016) Final draft regulatory technical standards, JC 2016, 21 https://www.esma.europa.eu/sites/default/files/library/jc_2016_21_final_draft_rts_priips_kid_report.pdf
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  8. European Commission (2016) Intention of the Commission to amend the draft Regulatory Technical Standards jointly submitted by EBA, ESMA and EIOPA under Articles 8(5), 10(2) and 13(5) of Regulation (EU) No 1286/2014, Ares(2016)6353871 - 10/11/2016. https://esas-joint-committee.europa.eu/Publications/Letters/Ares%206353871_Letter%20to%20EBA%20ESMA%20and%20EIOPA%20-%20PRIIPs%20draft%20RTS.pdf
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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.School of Law, University of ExeterExeterUK
  2. 2.Jean Monnet Professor of European Union Financial and Insurance Markets Regulation, Law DepartmentUniversity of GenoaGenovaItaly

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