29 January 2020
Last December, the European Union concluded the ESA review with the publication of the ESA review legislation in the Official Journal. It consists of 3 legislative acts:
Regulation (EU) 2019/2175
which amended the EBA regulation, the ESMA regulation, the EIOPA regulation, MIFIR, the benchmark regulation and the funds transfer regulation. The amendments focused on giving new competences as well as on clarifying existing competences. Most new powers of the ESA started on 1 January 2020.
Regulation (EU) 2019/2176
which amended the ESRB regulation and which came into force on 30 December 2019; and
Directive (EU) 2019/2177
: this Directive changes among others a few articles in the SII directive. The transposition date is 30 June 2021. This means that the new provisions related to SII are applicable as of 30/6/2021 except the country specific volatility adjustment adaptation which is applicable as of 1/7/2020.
This publication closes a long review. The new powers of EIOPA include for example the possibility to set up cooperation platforms in case of insurers which are active cross-border via branches and where there is a justified concern to worry about policyholder protection. Continue reading…