EIOPA is preparing its technical advice on measures specifying the criteria and factors to be taken into account in determining when there is a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets.
European Insurance and Ocupational Pensions Authority (EIOPA) has published a consultation Paper on product intervention powers under the regulation on key information documents for Packaged Retail and Insurance-Based Investment Products (PRIIPs)
EIOPA welcomes comments on the consultation paper on Product Intervention Powers under the Regulation on key information documents for packaged retail and insurance-based investment products (hereinafter the ‘PRIIPs Regulation’).
EIOPA invites comments on any aspect of this paper and in particular on the specific questions summarised in Annex II. Comments are most helpful if they:
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Respond to the question stated, where applicable
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Contain a clear rationale
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Describe any alternatives EIOPA should consider
With this Consultation Paper, EIOPA is preparing its technical advice, as requested by the Commission, on measures specifying the criteria and factors to be taken into account in determining when there is a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system of the Union or to the stability of the financial system within at least one Member State.
For the purposes of delivering its technical advice, EIOPA takes into account the specificities of insurance-based investment products and the work undertaken by
ESMA and EBA on product intervention powers in respect to financial instruments and structured deposits. As the policy making process on product intervention powers is not in the early stages and the policy options are limited because of Article 16(8) and 17(7) of the PRIIPs Regulation, EIOPA chose to consult on its draft policy proposal and not publish an initial discussion paper.
In addition to its draft policy proposal, EIOPA elaborates on possible costs and benefits of the proposed advice in the second section of the Consultation Paper. This may aid the Commission in preparing an impact assessment on the delegated act it shall adopt.
Please send your comments to EIOPA in the provided Template for Comments, by email CP-14-064@eiopa.europa.eu, by 27 February 2015. Contributions not provided in the provided template for comments, or sent to a different email address, or after the deadline will not be processed.
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