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The European Insurance and Occupational Pensions Authority (EIOPA) published today its technical advice to the European Commission on product intervention powers regarding insurance-based investment products. In its technical advice, EIOPA specifies the criteria and factors that should be taken into account in order to determine the situations in which supervisory intervention is required.
EIOPA's technical advice takes into account the work that has already been undertaken by ESMA and EBA on product intervention powers in respect to financial instruments and structured deposits respectively, under the Regulation on markets in financial instruments (MiFIR).
The Final Report contains the resolution of comments of stakeholders and, in particular, the Opinion of EIOPA's Insurance and Reinsurance Stakeholder Group. In addition, EIOPA elaborates on possible costs and benefits of the advice proposed.