Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
amending Directive 2014/65/EU on markets in financial instruments and Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and
Reinsurance (Solvency II)
2017/0231 (COD)
Document dated: 18 February 2019
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1.
Proposal for a
Proposal for a
Proposal for a
DIRECTIVE OF THE EUROPEAN
DIRECTIVE OF THE EUROPEAN
DIRECTIVE OF THE EUROPEAN
PARLIAMENT AND OF THE
PARLIAMENT AND OF THE
PARLIAMENT AND OF THE
COUNCIL
COUNCIL
COUNCIL
2.
amending Directive 2014/65/EU on amending Directive 2014/65/EU on amending Directive 2014/65/EU on
markets in financial instruments and markets in financial instruments and markets in financial instruments and
Directive 2009/138/EC on the taking-
Directive 2009/138/EC on the taking-
Directive 2009/138/EC on the taking-
up and pursuit of the business of up and pursuit of the business of up and pursuit of the business of
Insurance and Reinsurance (Solvency Insurance and Reinsurance (Solvency Insurance and Reinsurance (Solvency
II)
II)
II)
3.
(Text with EEA relevance)
(Text with EEA relevance)
(Text with EEA relevance)
4.
THE EUROPEAN PARLIAMENT THE EUROPEAN PARLIAMENT THE EUROPEAN PARLIAMENT
AND THE COUNCIL OF THE AND THE COUNCIL OF THE AND THE COUNCIL OF THE
EUROPEAN UNION,
EUROPEAN UNION,
EUROPEAN UNION,
5.
Cit. 1
Having regard to the Treaty on the Having regard to the Treaty on the Having regard to the Treaty on the
Functioning of the European Union, Functioning of the European Union, Functioning of the European Union,
and in particular Article 53(1) and 62 and in particular Article 53(1) and 62 and in particular Article 53(1) and 62
thereof,
thereof,
thereof,
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6.
Cit. 2
Having regard to the proposal from Having regard to the proposal from Having regard to the proposal from
the European Commission,
the European Commission,
the European Commission,
7.
Cit. 3
After transmission of the draft After transmission of the draft After transmission of the draft
legislative
act
to
the
national legislative
act
to
the
national legislative
act
to
the
national
parliaments,
parliaments,
parliaments,
8.
Cit. 4
Having regard to the opinion of the Having regard to the opinion of the Having regard to the opinion of the
European Central Bank,1
European Central Bank,2
European Central Bank,3
9.
Cit. 5
Having regard to the opinion of the Having regard to the opinion of the Having regard to the opinion of the
European Economic and Social European Economic and Social European Economic and Social
Committee4,
Committee5,
Committee6,
10.
Cit. 6
Acting in accordance with the Acting in accordance with the Acting in accordance with the
ordinary legislative procedure,
ordinary legislative procedure,
ordinary legislative procedure,
11.
Whereas:
Whereas:
Whereas:
12.
Rec. 1
(1) Directive 2014/65/EU creates a (1) Directive 2014/65/EU creates a (1) Directive 2014/65/EU creates a
regulatory
framework
for
data regulatory
framework
for
data regulatory
framework
for
data
reporting services providers and reporting services
providers. and reporting services providers and
requires post-trade data reporting requires post-trade data reporting requires post-trade data reporting
services to be authorised as approved services to be authorised as approved services to be authorised as approved
publication arrangements (APAs). In publication arrangements (APAs). In publication arrangements (APAs). In
addition, consolidated tape providers addition, consolidated
Consolidated addition, consolidated tape providers
(CTP)
are
required
to
offer tape providers (CTP) are
required to (CTP)
are
required
to
offer
1
OJ C , , p. .
2
OJ C , , p. .
3
OJ C , , p. .
4
OJ C , , p. .
5
OJ C , , p. .
6
OJ C , , p. .
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consolidated trading data covering all offer
consolidated
trading
data consolidated trading data covering all
trades in both equity and non-equity covering all trades in both equity and trades in both equity and non-equity
instruments throughout the Union, in non-
equity instruments throughout instruments throughout the Union, in
accordance
with
Directive the Union, in accordance with accordance
with
Directive
2014/65/EU. Directive 2014/65/EU Directive
2014/65/EU.
Directive 2014/65/EU. Directive 2014/65/EU
also formalises transaction reporting 2014/65/EU
also
formalises also formalises transaction reporting
channels to the competent authorities transaction reporting channels to the channels to the competent authorities
by requiring third parties that report competent authorities by requiring by requiring third parties that report
on behalf of firms to be authorised as third parties that report on behalf of on behalf of firms to be authorised as
approved
reporting
mechanisms firms to be authorised as approved approved
reporting
mechanisms
(ARMs).
reporting mechanisms (ARMs).
(ARMs).
13.
Rec. 2
(2) The quality of trading data and of (2) The quality of trading data and of (2) The quality of trading data and of
the processing and provision of those the processing and provision of those the processing and provision of those
data, including cross-border data data, including cross-border data data, including cross-border data
processing and provision, is of processing and provision, is of processing and provision, is of
paramount importance for achieving paramount importance for achieving paramount importance for achieving
the main objective of Regulation the main objective of Regulation the main objective of Regulation
(EU) No 600/2014 of the European (EU) No 600/2014 of the European (EU) No 600/2014 of the European
Parliament and of the Council, which Parliament and of the Council, which Parliament and of the Council, which
is to strengthen the transparency of is to strengthen the transparency of is to strengthen the transparency of
financial markets. Accurate data financial markets. Accurate
post-
financial markets. Accurate data
provide users with an overview of
trade data provide users with an provide users with an overview of
trading
activity
across
Union overview of trading activity across trading
activity
across
Union
financial markets and competent Union
financial
markets
and financial markets and competent
authorities
with
accurate
and competent authorities with accurate authorities
with
accurate
and
comprehensive
information
on and comprehensive information on comprehensive
information
on
relevant transactions. Given the relevant transactions.
. Given the relevant transactions. Given the
cross-border
dimension
of
data cross-border
dimension
of
data cross-border
dimension
of
data
handling, the benefits of pooling handling, the benefits of pooling handling, the benefits of pooling
data-related competences including data-related competences including data-related competences including
potential economies of scale - and the potential economies of scale - and the potential economies of scale - and the
adverse
impact
of
potential adverse
impact
of
potential adverse
impact
of
potential
divergences in supervisory practices divergences in supervisory practices divergences in supervisory practices
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on both the quality of trading data on both the quality of trading data on both the quality of trading data
and on the tasks of data reporting and on the tasks of data reporting and on the tasks of data reporting
service providers, it is therefore service
consolidated tape providers, service providers, it is therefore
appropriate
to
transfer
the it is therefore
appropriate to appropriate
to
transfer
the
authorisation of, and the supervision transfer the authorisation of, and authorisation of, and the supervision
of data reporting service providers, as the supervision of data reporting of data reporting service providers, as
well as data gathering powers, from service providers, as well as data well as data gathering powers, from
competent authorities to ESMA
gathering
powers,
CTP
from competent authorities to ESMA
.
competent authorities to ESMA
.
14.
Rec. 3
(3) To achieve a consistent transfer (3) To achieve a consistent transfer of (3) To achieve a consistent transfer
of such powers it is appropriate to such powers it is appropriate to delete of such powers it is appropriate to
delete
respective
provisions respective provisions pertaining to delete
respective
provisions
pertaining
to
the
operational the operational requirements for pertaining
to
the
operational
requirements
for
DRSPs
and DRSPs
CTP and competences of requirements
for
DRSPs
and
competences of competent authorities competent authorities with respect competences of competent authorities
with respect to data reporting service to
data
reporting with respect to data reporting service
providers set out in Directive service
consolidated tape providers providers set out in Directive
2014/65/EU, and to introduce the set out in Directive 2014/65/EU, 2014/65/EU, and to introduce the
respective provisions in Regulation and to introduce the respective respective provisions in Regulation
(EU) No 600/2014 of the European provisions in Regulation (EU) No (EU) No 600/2014 of the European
Parliament and of the Council7.
600/2014 of the European Parliament Parliament and of the Council9.
and of the Council8.
15.
Rec. 4
(4) The transfer of the authorisation
Deleted
(4) The transfer of the authorisation
and supervision of data reporting
and supervision of data reporting
7
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No
648/2012 (OJ L 173, 12.6.2014, p. 84).
8
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU)
No 648/2012 (OJ L 173, 12.6.2014, p. 84).
9
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No
648/2012 (OJ L 173, 12.6.2014, p. 84).
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service providers to ESMA is
service providers to ESMA is
congruent with ESMA's tasks. More
congruent with ESMA's tasks. More
specifically, the conferral of data
specifically, the conferral of data
gathering powers, authorisation and
gathering powers, authorisation and
oversight from competent authorities
oversight from competent authorities
to ESMA is instrumental to other
to ESMA is instrumental to other
tasks ESMA is performing under
tasks ESMA is performing under
Regulation (EU) No 600/2014, such
Regulation (EU) No 600/2014, such
as
market
monitoring,
ESMA
as
market
monitoring,
ESMA
temporary intervention powers and
temporary intervention powers and
position management powers, as well
position management powers, as well
as ensuring consistent compliance
as ensuring consistent compliance
with
pre-trade
and
post-trade
with
pre-trade
and
post-trade
transparency requirements. Directive
transparency requirements. Directive
2014/65/EU should therefore be
2014/65/EU should therefore be
amended accordingly,
amended accordingly
.
16.
Rec. 5
(5) Directive 2009/138/EC of the
(5) In view of increased cross-
(5) Directive 2009/138/EC of the
European Parliament and of the
border activities it is necessary to European Parliament and of the
Council10 (Solvency II) provides that
enhance the convergent application Council11 (Solvency II) provides that
in accordance with the risk-oriented
of Union law in cases of cross-
in accordance with the risk-oriented
approach to the Solvency Capital
border activity, especially at an approach to the Solvency Capital
Requirement, it is possible, in
early stage. For this purpose, Requirement, it is possible, in
specific circumstances, for insurance
information
exchange
and specific circumstances, for insurance
and reinsurance undertakings and
cooperation between supervisory and reinsurance undertakings and
groups to use internal models for the
authorities and EIOPA should be groups to use internal models for the
calculation of that requirement,
strengthened.
In
particular, calculation of that requirement,
instead of using the standard formula.
notification requirements in case of instead of using the standard formula.
significant cross-border activity or
10
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and
Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p.1).
11
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and
Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p.1).
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a crisis situation as well as
conditions
for
setting
up
cooperation platforms should be
laid down. Cooperation platforms
are an effective tool to achieve
stronger and timely cooperation
between supervisory authorities
and therefore to enhance consumer
protection.
However,
authorisation,
supervision
and
enforcement decisions are and
remain within the competence of
the supervisory authority of the
home Member State.
17.
Rec. 6
(6) In order to provide policy holders
Deleted
▐
and beneficiaries with an equivalent
level of protection, such internal
models should be subject to prior
supervisory approval on the basis of
harmonised processes and standards.
18.
Rec. 7
(7) In order to ensure a high degree
Deleted
(7) In order to ensure a high degree
of convergence in the area of
of convergence in the area of
supervision and approval of internal
supervision and approval of internal
models, EIOPA should be able to
models, EIOPA should be able to
issue Opinions on issues relating to
issue
advice on issues relating to such
such internal models.
internal models.
19.
Rec. 8
(8) With a view to promoting
Deleted
(8) With a view to promoting
supervisory convergence, EIOPA
supervisory convergence, EIOPA
should be able, either on its own
should be able, ▌at the request of
initiative or at the request of
supervisory authorities, to assist them
supervisory authorities, to assist them
in reaching an agreement. In specific
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in reaching an agreement. In specific
circumstances, where supervisory
circumstances, where supervisory
authorities fail to reach an agreement
authorities fail to reach a,n agreement
on the approval of a group internal
on the approval of a group internal
model,
and
before
the
group
model,
and
before
the
group
supervisor adopts its final decision,
supervisor adopts its final decision,
an undertaking should be able to
an undertaking should be able to
request EIOPA to mediate and assist
request EIOPA to mediate and assist
the supervisory authorities in finding
the supervisory authorities in finding
an agreement.▐
an agreement. Supervisory authorities
should cooperate and exchange all
relevant information with EIOPA to
ensure that EIOPA can participate
fully in the approval process of group
internal models.
20.
Rec. 9
(9) In order to take account of the
Deleted
(9) In order to take account of the
new
set-up
of
panels
under
new
set-up
of
panels
under
Regulation (EU) No 1094/2010,
Regulation (EU) No 1094/2010,
relevant provisions in Solvency II
relevant provisions in Solvency II
referring
to
panels
should
be
referring
to
panels
should
be
amended to align them with the new
amended to align them with the new
procedure for binding mediation
procedure for binding mediation
under that Regulation.
under that Regulation.
21.
Rec. 10
(10) To take account of the
Deleted
(10) To take account of the
replacement of the Committee of
replacement of the Committee of
European
Insurance
and
European
Insurance
and
Occupational Pensions Supervisors
Occupational Pensions Supervisors
(CEIOPS) by EIOPA, references in
(CEIOPS) by EIOPA, references in
Solvency II to CEIOPS should be
Solvency II to CEIOPS should be
deleted.
deleted.
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22.
Rec. 11
(11) Directive 2009/138/EC should (11) Directive 2009/138/EC12 should (11) Directive 2009/138/EC should
therefore be amended accordingly,
therefore be amended accordingly,
therefore be amended accordingly,
23.
HAVE
ADOPTED
THIS HAVE
ADOPTED
THIS HAVE
ADOPTED
THIS
DIRECTIVE:
DIRECTIVE:
DIRECTIVE:
24.
Article 1 -
Article 1
Article 1
Article 1
title
Amendments to Directive
Amendments to Directive
Amendments to Directive
2014/65/EU
2014/65/EU
2014/65/EU
25.
Article 1 - Directive 2014/65/EU is amended as Directive 2014/65/EU is amended as Directive 2014/65/EU is amended as
para.
1
- follows:
follows:
follows:
introd. part
26.
Article 1 - (1) Article 1 is amended as follows:
(1) Article 1 is amended as follows:
(1) Article 1 is amended as follows:
para. 1 - point
1 - intro
27.
Article 1 - (a) paragraph 1 is replaced by the (a) paragraph 1 is replaced by the (a) paragraph 1 is replaced by the
para. 1 - point following:
following:
following:
1 - point a -
intro
28.
Article 1 - '1. This Directive shall apply to '1. This Directive shall apply to '1. This Directive shall apply to
para. 1 - point investment firms, market operators investment firms, market operators
, investment firms, market operators
1 - point a
and third-country firms providing
approved
publication and third-country firms providing
investment services or performing
arrangements, approved reporting investment services or performing
Article 1 - investment activities through the
mechanisms
and
third-country investment activities through the
para. 1
establishment of a branch in the firms
providing
investment establishment of a branch in the
Union.';
services or performing investment Union.';
activities through the establishment
12 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and
Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p.1).
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of a branch in the Union.';
29.
Article 1 - (b) in paragraph 2, point (d) is (b) in paragraph 2, point (d) is (b) in paragraph 2, point (d) is
para. 1 - point deleted;
deleted;
replaced by the following:
deleted;
1 - point b
Article 1 -
para.
2
-
point d
30.
Article 1 -
'authorisation and operation of
para. 1 - point
approved
publication
1 - point b
arrangements, approved reporting
Article 1 -
mechanisms; and';
para.
2
-
point d
31.
Article 1 - (2) in Article 4, paragraph 1 is (2) in Article 4, paragraph 1 is (2) in Article 4, paragraph 1 is
para. 1 - point amended as follows:
amended as follows:
amended as follows:
2 - intro
32.
Article 1 - (a) points (36) and (37) are replaced (a) points (36) and (37) are replaced (a) points (36) and (37) are replaced
para. 1 - point by the following:
by the following:
by the following:
2 - point a -
intro
33.
Article 1 - '(36) ‘management body’ means the '(36) ‘management body’ means the '(36) ‘management body’ means the
para. 1 - point body or bodies of an investment firm body or bodies of an investment firm body or bodies of an investment firm
2 - point a
or market operator which are or
, market operator
, approved or market operator which are
appointed
in
accordance
with
publication
arrangements
or appointed
in
accordance
with
Article 4 - national law, which are empowered
approved reporting mechanisms national law, which are empowered
para.
4
- to set the entity’s strategy, objectives which are appointed in accordance to set the entity’s strategy, objectives
point 36
- and overall direction, and which with
national
law,
which
are and overall direction, and which
subpara. 1
oversee and monitor management empowered
to set the entity’s oversee and monitor management
decision-making and include persons strategy,
objectives
and
overall decision-making and include persons
who effectively direct the business of direction, and which oversee and
who effectively direct the business of
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the entity.
monitor
management
decision-
the entity.
making and include persons who
effectively direct the
business of the
entity.
34.
Article 1 - Where this Directive refers to the Where this Directive refers to the Where this Directive refers to the
para. 1 - point management body and, pursuant to management body and, pursuant to management body and, pursuant to
2 - point a
national law, the managerial and national law, the managerial and national law, the managerial and
supervisory
functions
of
the supervisory
functions
of
the supervisory
functions
of
the
Article 4 - management body are assigned to management body are assigned to management body are assigned to
para.
4
- different bodies or different members different bodies or different members different bodies or different members
point 36
- within one body, the Member State within one body, the Member State within one body, the Member State
subpara. 2
shall identify the bodies or members shall identify the bodies or members shall identify the bodies or members
of the management body responsible of the management body responsible of the management body responsible
in accordance with its national law, in accordance with its national law, in accordance with its national law,
unless otherwise specified by this unless otherwise specified by this unless otherwise specified by this
Directive;
Directive;
Directive;
35.
Article 1 - (37) ‘senior management’ means (37)
‘senior management’ means (37) ‘senior management’ means
para. 1 - point natural
persons
who
exercise natural
persons
who
exercise natural
persons
who
exercise
2 - point a
executive
functions
within
an executive functions within
an executive
functions
within
an
investment firm or a market operator, investment
firm or
,
a
market investment firm or a market operator,
Article 4 - and
who
are
responsible
and operator,
an approved publication and who are responsible and
para.
4
- accountable to the management body
arrangement
or
an
approved accountable to the management body
point 37
for the day-to-day management of the
reporting mechanism and who for the day-to-day management of the
entity,
including
for
the are responsible and accountable to entity,
including
for
the
implementation
of
the
policies the management body for the day- implementation of the policies
concerning
the
distribution
of to-day management of the entity, concerning
the
distribution
of
services and products to clients by including for the implementation of services and products to clients by
the firm and its personnel;';
the
policies
concerning
the the firm and its personnel;';
distribution of services and products
to clients by the firm and its
personnel;';
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36.
Article 1 - (c) points (52), (53), (54) and (55)(c) (c) points (52),
point(53), (54) and
) (c) points (52), (53), (54) and (55)(c)
para. 1 - point are deleted;
is deleted;
are deleted;
2 - point c
Article 4 -
para.
4
-
points 52, 53,
54, 55(c)
37.
Article 1 -
(d) point (55)(c) is amended as
para. 1 - point
follows:
2 - point d
(new)
Article 4 -
para.
4
-
point 55c
38.
Article 1 -
in the case of an APA or an ARM:
para. 1 - point
2 - point d
(new)
Article 4 -
para.
4
-
point 55c -
introd.
part
(new)
39.
Article 1 -
(i) if the APA or ARM is a natural
para. 1 - point
person, the Member State in which
2 - point d
its head office is situated;
(new)
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Article 4 -
para.
4
-
point 55c -
point i (new)
40.
Article 1 -
(ii) if the APA or ARM is a legal
para. 1 - point
person, the Member State in which
2 - point d
its registered office is situated;
(new)
Article 4 -
para.
4
-
point 55c -
point ii (new)
41.
Article 1 -
(iii) if the APA or ARM has, under
para. 1 - point
its national law, no registered
2 - point d
office, the Member State in which
(new)
its head office is situated;
Article 4 -
para.
4
-
point 55c -
point iii (new)
42.
Article 1 - (3) Title V is deleted;
(3) Title V is deleted;
(3) Title V is deleted;
para. 1 - point
3
Title V
43.
Article 1 -
Article 59-63: all references to
para. 1 - point
'data
reporting
services'
are
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replaced by 'approved publication
arrangements
or
approved
reporting mechanisms';
Title
V
-
articles 59-63
44.
Article 1 -
Article 65 is deleted;
para. 1 - point
3
Title V - art.
65
45.
Article 1 - (4) Article 70 is amended as follows:
(4) Article 70 is amended as follows:
(4) Article 70 is amended as follows:
para. 1 - point
4 - intro
46.
Article 1 - (a) in point (a) of paragraph 3, sub (a) in point (a) of paragraph 3, sub (a) in point (a) of paragraph 3, sub
para. 1 - point points (xxxvii) to (xxxx) are deleted;
points (xxxvii) to (xxxx) are
point points (xxxvii) to (xxxx) are deleted;
4 - point a
xxxix is deleted;
Article 70 -
para.
3
-
point
a
-
subpoints
(xxxvii)
to
(xxxx)
47.
Article 1 - (b) in paragraph 4, point (a) is
Deleted
(b) in paragraph 4, point (a) is
para. 1 - point replaced by the following:
replaced by the following:
4 - point b -
intro
48.
Article 1 - '(a) Article 5 or Article 6(2) or
Deleted
'(a) Article 5 or Article 6(2) or
para. 1 - point Articles 34, 35, 39 or 44 of this
Articles 34, 35, 39 or 44 of this
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4 - point b
Directive; or';
Directive; or';
Article 70 -
para.
4
-
point a
49.
Article 1 - (c) in paragraph 6, point (c) is (c) in paragraph 6, point (c) is (c) in paragraph 6, point (c) is
para. 1 - point replaced by the following:
replaced by the following:
replaced by the following:
4 - point c -
intro
50.
Article 1 - '(c) in the case of an investment firm, '(c) in the case of an investment firm, '(c) in the case of an investment firm,
para. 1 - point a market operator authorised to a market operator authorised to a market operator authorised to
4 - point c
operate an MTF or OTF, or a operate an MTF or OTF, or a operate an MTF or OTF, or a
regulated market, withdrawal or regulated
market
, an approved regulated market, withdrawal or
Article 70 - suspension of the authorisation of the
publication arrangement or an suspension of the authorisation of the
para.
6
- institution in accordance with Article
approved reporting mechanism, institution in accordance with Article
point c
8, and Article 43;';
withdrawal or suspension of the 8, and Article 43;';
authorisation of the institution in
accordance with Article 8, and
Article 43;';
51.
Article 1 - (5) in Article 71, paragraph 6 is (5) in Article 71, paragraph 6 is (5) in Article 71, paragraph 6 is
para. 1 - point replaced by the following:
replaced by the following:
replaced by the following:
5 - intro
52.
Article 1 - '6. Where a published criminal or '6. Where a published criminal or '6. Where a published criminal or
para. 1 - point administrative sanction relates to an administrative sanction relates to an administrative sanction relates to an
5
investment firm, market operator, investment firm,
market operator, investment firm, market operator,
credit institution in relation to
approved
publication credit institution in relation to
Article 71 - investment services and activities or
arrangements, approved reporting investment services and activities or
para. 6
ancillary services, or a branch of
mechanisms, credit institution in ancillary services, or a branch of
third-country firms authorised in relation to investment services and third-country firms authorised in
accordance
with
this
Directive, activities or ancillary
services, or a accordance
with
this
Directive,
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ESMA shall add a reference to the branch
of
third-country
firms ESMA shall add a reference to the
published sanction in the relevant authorised in accordance with this published sanction in the relevant
register.';
Directive,
ESMA shall add a register.';
reference to the published sanction in
the relevant register.';
53.
Article 1 - (6) in Article 77, in the first (6) in Article 77, in the first (6) in Article 77, in the first
para. 1 - point subparagraph of paragraph 1, the subparagraph of paragraph 1, the subparagraph of paragraph 1, the
6 - intro
introductory sentence is replaced by introductory sentence is replaced by introductory sentence is replaced by
the following:
the following:
the following:
‘Member
54.
Article 1 - ‘Member States shall provide, at
States shall provide, at ‘Member States shall provide, at
para. 1 - point least, that any person authorised least, that any person authorised least, that any person authorised
6
within the meaning of Directive within the meaning of
Directive within the meaning of Directive
2006/43/EC
of
the
European
2006/43/EC
of
the
European
2006/43/EC
of
the
European
Parliament and of the Council*,
Article 77 - Parliament and of the Council*,
Parliament and of the Council*,
performing in an
investment firm
,
para.
1
- performing in an investment firm or a
performing in an investment firm or a
an
approved
publication
subpara. 1 - regulated market the task described
regulated market the task described
arrangement,
an
approved
introd. part
in
Article
34
of
Directive
in
Article
34
of
Directive
2013/34/EU
or
Article
73
of
reporting
mechanism
or
a 2013/34/EU or Article 73 of
Directive 2009/65/EC or any other regulated
market
the
task Directive 2009/65/EC or any other
task prescribed by law, shall have a described
in
Article
34
of task prescribed by law, shall have a
duty to report promptly to the Directive
2013/34/EU or Article 73 duty to report promptly to the
competent authorities any fact or of Directive 2009/65/EC or any other competent authorities any fact or
decision concerning that undertaking task prescribed by law, shall
have a decision concerning that undertaking
of which that person has become duty to report promptly to the of which that person has become
aware while carrying out that task competent authorities any fact or aware while carrying out that task
and which is liable to:
decision
concerning
that and which is liable to:
undertaking of which that person
has become aware while carrying
out that task and
which is liable to:
55.
Article 1 - * Directive 2006/43/EC of the * Directive 2006/43/EC of the * Directive 2006/43/EC of the
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para. 1 - point European Parliament and of the European Parliament and of the European Parliament and of the
6
Council of 17 May 2006 on statutory Council of 17 May 2006 on statutory Council of 17 May 2006 on statutory
audits of annual accounts and audits of annual accounts and audits of annual accounts and
consolidated
accounts,
amending consolidated
accounts,
amending consolidated
accounts,
amending
Article 77 -
para.
1
- Council Directives 78/660/EEC and Council Directives 78/660/EEC and Council Directives 78/660/EEC and
subpara. 1 - 83/349/EEC and repealing Council 83/349/EEC and repealing Council 83/349/EEC and repealing Council
introd. part - Directive 84/253/EEC (OJ L 157, Directive 84/253/EEC (OJ L 157, Directive 84/253/EEC (OJ L 157,
footnote
9.6.2006, p. 87).';
9.6.2006, p. 87).';
9.6.2006, p. 87).';
56.
Article 1 - (7) Article 89 is amended as follows:
(7) Article 89 is amended as follows:
(7) Article 89 is amended as follows:
para. 1 - point
7 - intro
57.
Article 1 - (a) paragraph 2 is replaced by the (a) paragraph 2 is replaced by the (a) paragraph 2 is replaced by the
para. 1 - point following:
following:
following:
7 - point a
Article 89 -
para. 2
58.
Article 1 - '2. The delegation of power referred '2. The delegation of power referred '2. The delegation of power referred
para. 1 - point to
in
Article
2(3),
second to
in
Article
2(3),
second to
in
Article
2(3),
second
7 - point a
subparagraph of Article 4(1)(2), subparagraph of Article 4(1)(2), subparagraph of Article 4(1)(2),
Article 4(2), Article 13(1), Article Article 4(2), Article 13(1), Article Article 4(2), Article 13(1), Article
Article 89 - 16(12), Article 23(4), Article 24(13), 16(12), Article 23(4), Article 24(13), 16(12), Article 23(4), Article 24(13),
para. 2
Article 25(8), Article 27(9), Article Article 25(8), Article 27(9), Article Article 25(8), Article 27(9), Article
28(3), Article 30(5), Article 31(4), 28(3), Article 30(5), Article 31(4), 28(3), Article 30(5), Article 31(4),
Article 32(4), Article 33(8), Article Article 32(4), Article 33(8), Article Article 32(4), Article 33(8), Article
52(4), Article 54(4), Article 58(6), 52(4), Article 54(4), Article 58(6), 52(4), Article 54(4), Article 58(6),
and Article 79(8) shall be conferred and Article 79(8) shall be conferred and Article 79(8) shall be conferred
on
the
Commission
for
an on
the
Commission
for
an on
the
Commission
for
an
indeterminate period of time from 2 indeterminate period of time from 2 indeterminate period of time from 2
July 2014.';
July 2014.';
July 2014.';
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59.
Article 1 - (b) paragraph 3 is replaced by the (b) paragraph 3 is replaced by the (b) paragraph 3 is replaced by the
para. 1 - point following:
following:
following:
7 - point b -
intro
60.
Article 1 - '3. The delegation of powers referred '3.
The
delegation
of
powers '3. The delegation of powers referred
para. 1 - point to
in
Article
2(3),
second referred to in Article 2(3), second to
in
Article
2(3),
second
7 - point b
subparagraph of Article 4(1)(2), subparagraph of
Article 4(1)(2), subparagraph of Article 4(1)(2),
Article 4(2), Article 13(1), Article Article 4(2), Article 13(1), Article Article 4(2), Article 13(1), Article
Article 89 - 16(12), Article 23(4), Article 24(13), 16(12),
Article
23(4),
Article 16(12), Article 23(4), Article 24(13),
para. 3
Article 25(8), Article 27(9), Article 24(13), Article 25(8), Article 27(9), Article 25(8), Article 27(9), Article
28(3), Article 30(5), Article 31(4), Article 28(3), Article 30(5), Article 28(3), Article 30(5), Article 31(4),
Article 32(4), Article 33(8), Article 31(4), Article 32(4), Article 33(8), Article 32(4), Article 33(8), Article
52(4) Article 54(4), Article 58(6), Article 52(4) Article 54(4), Article 52(4) Article 54(4), Article 58(6),
and Article 79(8) may be revoked at 58(6),
Article 64(7) and Article 79(8) and Article 79(8) may be revoked at
any time by the European Parliament may
be revoked at any time by the any time by the European Parliament
or by the Council. A decision to European Parliament or by the or by the Council. A decision to
revoke shall put an end to the Council. A decision to
revoke shall revoke shall put an end to the
delegation of the power specified in put an end to the delegation of the delegation of the power specified in
that decision. It shall take effect the power specified in that decision. It
that decision. It shall take effect the
day following the publication of the shall take effect the day following day following the publication of the
decision in the Official Journal of the the publication of the decision in decision in the Official Journal of the
European Union or at a later date the Official
Journal of the European European Union or at a later date
specified therein. It shall not affect Union or at a later date specified specified therein. It shall not affect
the validity of any delegated acts therein. It shall not affect the
validity the validity of any delegated acts
already in force.';
of any delegated acts already in already in force.';
force.';
61.
Article 1 - (c) paragraph 5 is replaced by the (c) paragraph 5 is replaced by the (c) paragraph 5 is replaced by the
para. 1 - point following:
following:
following:
7 - point c -
intro
62.
Article 1 - '5. A delegated act adopted pursuant '5. A delegated act adopted pursuant '5. A delegated act adopted pursuant
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para. 1 - point to Article 2(3), second subparagraph to Article 2(3), second subparagraph to Article 2(3), second subparagraph
7 - point c
of Article 4(1)(2), Article 4(2), of Article 4(1)(2), Article 4(2), of Article 4(1)(2), Article 4(2),
Article 13(1), Article 16(12), Article Article
13(1),
Article
16(12), Article 13(1), Article 16(12), Article
23(4), Article 24(13), Article 25(8), Article
23(4),
Article
24(13), 23(4), Article 24(13), Article 25(8),
Article 89 -
para 5
Article 27(9), Article 28(3), Article Article 25(8), Article 27(9), Article Article 27(9), Article 28(3), Article
30(5), Article 31(4), Article 32(4), 28(3), Article 30(5), Article 31(4), 30(5), Article 31(4), Article 32(4),
Article 33(8), Article 52(4), Article Article 32(4), Article 33(8), Article Article 33(8), Article 52(4), Article
54(4), Article 58(6) and Article 79(8) 52(4), Article 54(4), Article 58(6)
, 54(4), Article 58(6) and Article 79(8)
shall enter into force only if no
Article 64(7) and Article 79(8) shall shall enter into force only if no
objection has been expressed either enter
into force only if no objection objection has been expressed either
by the European Parliament or the has been expressed either by the by the European Parliament or the
Council within a period of three European Parliament
or the Council Council within a period of three
months of notification of that act to within a period of three months of months of notification of that act to
the European Parliament and the notification of that act to the
the European Parliament and the
Council or if, before the expiry of European
Parliament
and
the Council or if, before the expiry of
that period, the European Parliament Council or if, before the expiry of that period, the European Parliament
and the Council have both informed that
period,
the
European and the Council have both informed
the Commission that they will not Parliament and the Council have the Commission that they will not
object. That period shall be extended both informed the Commission that object. That period shall be extended
by three months at the initiative of they will not object. That period shall by three months at the initiative of
the European Parliament or the be extended by three months at the the European Parliament or the
Council.';
initiative of the European Parliament Council.';
or the Council.';
63.
Article 1 - (8) in Article 90, paragraphs 2 and 3 (8) in Article 90, paragraphs 2 and 3 (8) in Article 90, paragraphs 2 and 3
para. 1 - point are deleted;
are
deleted;
replaced
by
the are deleted;
8
following:
Article 90 -
para. 2 and 3
64.
Article 1 -
2. The Commission shall, after
para. 1 - point
consulting ESMA, present reports
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to the European Parliament and
the Council on the functioning of
the consolidated tape established in
Article 90 -
accordance with Regulation (EU)
para.
2
-
subpara. 1
No 600/2014 Title IVa. The report
relating to Regulation (EU) No
600/2014 Article 27g(1) shall be
presented by 3 September 2019.
The report relating to Regulation
(EU) No 600/2014 Article 27g(2)
shall be presented by 3 September
2021.
65.
Article 1 -
The reports referred to in the first
para. 1 - point
subparagraph shall assess the
8
functioning of the consolidated
tape against the following criteria:
Article 90 -
para. 2 -
subpara. 2 -
introd. part
66.
Article 1 -
(a) the availability and timeliness
para. 1 - point
of post trade information in a
8
consolidated format capturing all
transactions
irrespective
of
Article 90 -
whether they are carried out on
para. 2 -
trading venues or not;
subpara. 2 -
point a
67.
Article 1 -
(b) the availability and timeliness
para. 1 - point
of full and partial post trade
8
information that is of a high
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quality, in formats that are easily
Article 90 -
accessible and usable for market
para. 2 -
participants and available on a
subpara. 2 -
reasonable commercial basis.
point b
68.
Article 1 -
Where the Commission concludes
para. 1 - point
that the CTPs have failed to
8
provide information in a way that
meets the criteria set out in the
Article 90 -
second
subparagraph,
the
para. 2 -
Commission shall accompany its
subpara. 3
report by a request to ESMA to
launch a negotiated procedure for
the appointment though a public
procurement
process
run
by
ESMA of a commercial entity
operating a consolidated tape.
ESMA shall launch the procedure
after receiving the request from the
Commission on the conditions
specified in the Commission’s
request and in accordance with
Regulation (EU, Euratom) No
966/2012
of
the
European
Parliament and of the Council (1).
69.
Article 1 -
3. The Commission shall, where the
para. 1 - point
procedure outlined in paragraph 2
8
is initiated, be empowered to adopt
delegated acts in accordance with
Article 90 -
Article 89 amending Articles 59 to
para. 3 -
64 and Section D of Annex I of this
Directive, and point (19) of Article
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introd. part
2(1) and articles 27a to 27e and 27g
of Regulation (EU) No 600/2014, by
specifying measures in order to:
70.
Article 1 -
(a) provide for the contract
para. 1 - point
duration of the commercial entity
8
operating a consolidated tape and
the process and conditions for
Article 90 -
renewing the contract and the
para. 3 -
launching
of
new
public
point a
procurement;
71.
Article 1 -
(b) provide that the commercial
para. 1 - point
entity operating a consolidated
8
tape shall do so on an exclusive
basis and that no other entity shall
Article 90 -
be authorised as a CTP in
para. 3 -
accordance with Article 27a of
point b
Regulation (EU) No 600/2014;
72.
Article 1 -
(c) empower ESMA to ensure
para. 1 - point
adherence with tender conditions
8
by the commercial entity operating
a consolidated tape appointed
Article 90 -
through a public procurement;
para. 3 -
point c
73.
Article 1 -
(d) ensure that the post-trade
para. 1 - point
information
provided
by
the
8
commercial entity operating a
consolidated tape is of a high
Article 90 -
quality, in formats that are easily
para. 3 -
accessible and usable for market
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point d
participants and in a consolidated
format
capturing
the
entire
market;
74.
Article 1 -
(e) ensure that the post trade
para. 1 - point
information is provided on a
8
reasonable commercial basis, on
both
a
consolidated
and
Article 90 -
unconsolidated basis, and meets
para. 3 -
the needs of the users of that
point e
information across the Union;
75.
Article 1 -
(f) ensure that trading venues and
para. 1 - point
APAs shall make their trade data
8
available to the commercial entity
operating a consolidated tape
Article 90 -
appointed
through
a
public
para. 3 -
procurement
process
run
by
point f
ESMA at a reasonable cost;
76.
Article 1 -
(g)
specify
arrangements
para. 1 - point
applicable where the commercial
8
entity operating a consolidated
tape appointed through a public
Article 90 -
procurement fails to fulfil the
para. 3 -
tender conditions;
point g
77.
Article 1 -
(h) specify arrangements under
para. 1 - point
which CTPs authorised under
8
Article 27a of Regulation (EU) No
600/2014 may continue to operate a
Article 90 -
consolidated
tape
where
the
para. 3 -
empowerment provided for in
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point h
point (b) of this paragraph is not
used or, where no entity is
appointed
through the
public
procurement, until such time as a
new
public
procurement
is
completed and a commercial entity
is
appointed
to
operate
a
consolidated tape.;
78.
Article 1 - (9) in paragraph 1 of Article 93, the (9) in paragraph 1 of Article 93, the (9) in paragraph 1 of Article 93, the
para. 1 - point second subparagraph is replaced by second subparagraph is replaced by second subparagraph is replaced by
9 - intro
the following:
the following:
the following:
79.
Article 1 - 'Member States shall apply those 'Member States shall apply those 'Member States shall apply those
para. 1 - point measures from 3 January 2018.';
measures from 3 January 2018.';
measures from
[x].';
9
Article 93 -
para.
1
-
subpara. 2
80.
Article 1 - (10) in Annex I, Section D is deleted.
(10) in Annex I, Section D
point (2) (10) in Annex I, Section D is deleted.
para. 1 - point
is deleted.
10
Annex
I
-
section D
81.
Article 2 -
Article 2
Article 2
Article 2
title
Amendments to Directive
Amendments to Directive
Amendments to Directive
2009/138/EC
2009/138/EC
2009/138/EC
82.
Article 2 - Directive 2009/138/EC is amended as Directive 2009/138/EC is amended as Directive 2009/138/EC is amended as
para.
1
- follows:
follows:
follows:
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introd, part
83.
Article 2 -
(-1) in paragraph 4 of Article 36, the
para. 1 - point
first subparagraph is replaced by the
-1 (new) -
following:
intro
84.
Article 2 -
Present text
“4. The supervisory authorities shall
para. 1 - point 4. The supervisory authorities shall
assess the adequacy of the methods
1a (new)
assess the adequacy of the methods
and practices of the insurance and
and practices of the insurance and
reinsurance undertakings designed to
Article 36 - reinsurance undertakings designed to
identify possible events or future
para.
4
- identify possible events or future
changes in economic conditions that
subpara. 1
changes in economic conditions that
could have adverse effects on the
could have adverse effects on the
overall financial standing of the
overall financial standing of the
undertaking concerned,
taking into
undertaking concerned.
account sustainable business models
and
the
integration
of
environmental,
social
and
governance related factors.”
85.
Article 2 - (1) In Article 112(4), the following
Deleted
(1) In Article 112(4), the following
para. 1 - point sub-paragraphs are added:
sub-paragraphs are added:
1 - intro
86.
Article 2 - 'Once the application is deemed
Deleted
'Once the application is deemed
para. 1 - point complete
by
the
supervisory
complete
by
the
supervisory
1
authorities, they shall inform EIOPA
authorities, they shall inform EIOPA
of the application.
of the application.
Article 112 -
para.
4
-
subpara. 2
87.
Article 2 - Upon
request
by
EIOPA,
the
Deleted
Upon
request
by
EIOPA,
the
para. 1 - point supervisory authorities shall provide
supervisory authorities shall provide
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EIOPA with all the documentation
EIOPA with all the documentation
submitted by the undertaking in its
submitted by the undertaking in its
application.
application.
Article 112 -
para.
4
-
subpara. 3
88.
Article 2 - EIOPA may issue an Opinion to the
Deleted
EIOPA may issue an
advice to the
para. 1 - point supervisory authorities concerned in
supervisory authorities concerned in
1
accordance with Article 21a(1)(a)
accordance with Article 21a(1)(a)
and 29(1)(a) of Regulation (EU) No
and 29(1)(a) of Regulation (EU) No
Article 112 - 1094/2010 within 4 months of receipt
1094/2010 within 4 months of receipt
para.
4
- by the supervisory authority of the
by the supervisory authority of the
subpara. 4
complete application.
complete application.
89.
Article 2 - Where such an Opinion is issued, the
Deleted
Where such an
advice is issued, the
para. 1 - point supervisory authority shall take its
supervisory authority shall take its
1
decision as referred to in the first
decision as referred to in the first
subparagraph in conformity with that
subparagraph
following that
advice,
Article 112 - Opinion, or provide reasons in
or provide reasons in writing to
para.
4
- writing to EIOPA and to the
EIOPA and to the applicant where
subpara. 5
applicant where the decision was not
the decision was not taken
following
taken in conformity with that
that
advice.';
Opinion.';
90.
The following Section 2a of Title I,
Chapter VIII is inserted:
91.
“Section
2a
Notification
and
collaboration
platforms”
92.
Article 2 -
the following sub-paragraphs
Article (1a) the following Article is inserted:
para. 1 - point
152a is inserted:
1a (new) -
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intro
“Article 152a
93.
Article 2 -
“Article 152a
para. 1 - point
Notification
Notification and collaboration
1b (new)
platforms
Article 152a
new - title
94.
Article 2 -
(1)
Where
he
supervisory 1. The supervisory authority of the
para. 1 - point
authority of the home Member home Member State shall notify
1b (new)
State intends to authorise an both
the
Authority
and
the
insurance
or
reinsurance supervisory authorities of the host
Article 152a
undertaking whose scheme of Member States where it intends to
(new) - para.
operations
indicates
that
a carry out an authorisation related to
1 - subpara. 1
significant part of its activities will an
insurance
or
reinsurance
be based on the freedom to provide undertaking which is under its
services
or
the
freedom
of supervision in accordance with the
establishment in another Member acts referred to in Article 1(2) of
State and where the scheme of Regulation (EU) No 1094/2010
operations also indicates that these whose business plan entails that part
activities are added:
likely to be of of its activities will be done on the
relevance with respect to the host basis of the freedom to provide
Member State’s market , the services
or
the
freedom
of
supervisory authority of the Home establishment.
Member State shall notify EIOPA
and the supervisory Authority of
the relevant Host Member State .
95.
Article 2 -
(2)
The supervisory authority The supervisory authority of the
para. 1 - point
of the home Member State shall home Member State shall also notify
1b (new)
also
notify
EIOPA
and
the without delay the Authority and the
supervisory
authority
of
the supervisory authorities of the host
relevant host Member State where Member States where it identifies
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Article 152a
it identifies deteriorating financial deteriorating financing conditions
(new) - para.
conditions or other emerging risks or other emerging risks posed by an
1 - subpara. 2
posed
by
an
insurance
or insurance
or
reinsurance
reinsurance undertaking carrying undertaking
in
the
ongoing
out activities based on the freedom business, in particular when the
to provide services or the freedom business
is
conducted,
for
a
of establishment that may have a significant part of its activity, on the
cross-border
effect.
The basis of the freedom to provide
supervisory authority of the host services
or
the
freedom
of
Member State may also notify the establishment that may have a
supervisory
authority
of
the significant cross-border effect.
relevant
home
Member
State
where it has serious and reasoned
concerns with regard to consumer
protection.
The
supervisory
authorities may refer the matter to
EIOPA and request its assistance
in case no bilateral solution could
be found.
96.
Article 2 -
(3)
These notifications shall be Those notifications to the Authority
para. 1 - point
sufficiently detailed to allow for a and to the supervisory authorities of
1b (new)
proper assessment.
the host Member States shall be
sufficiently detailed to allow for a
Article 152a
proper assessment.
(new) - para.
1 - subpara. 3
97.
Article 2 -
(4)
The notifications pursuant 2. In the cases mentioned in the first
para. 1 - point
to paragraphs 1 and 2 are without and
second
subparagraphs
of
1b (new)
prejudice
to
the
supervisory paragraph 1 of this Article, the
mandate attributed to the national Authority may, upon a request of
Article 152a
competent authorities of the home one or more of the relevant
and
host
Member
States
in competent authorities or on its own
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(new) - para.
Directive 2009/138/EC.
initiative, set up and coordinate a
2 - subpara. 1
collaborative platform as referred to
in point (e) of paragraph 1 of Article
31
of
Regulation
(EU)
No
1094/2010 in order to foster the
exchange
of
information
and
enhance collaboration among the
relevant competent authorities and,
where relevant, to reach a common
view on the cases referred to in
subparagraph 2 of paragraph 1.
98.
Article 2 -
Where the Authority ascertains, on
para. 1 - point
the basis of the information referred
1b (new)
to in point (f) of t paragraph 1 of
Article 31 of Regulation (EU) No
Article 152a
1094/2010,
that
a
financial
(new) - para.
institution carries out its activity
2 - subpara. 2
mainly or entirely in another
Member State, it shall inform the
concerned authorities and may set
up,
on
its
own
initiative,
coordinating
with
the
relevant
competent
authorities
a
collaborative platform in order to
facilitate
the
exchange
of
information
between
those
authorities.
99.
Article 2 -
Without prejudice to Article 35 of
para. 1 - point
Regulation (EU) No 1094/2010, the
1b (new)
relevant competent authorities shall
provide, at the request of the
Authority,
all
the
necessary
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Article 152a
information to allow a proper
(new) - para.
functioning of the collaborative
2 - subpara. 3
platform.
100. Article 2 -
3. In case the concerned competent
para. 1 - point
authorities fail to reach a common
1b (new)
view through the collaborative
platform, the Authority may issue a
Article 152a
recommendation to the competent
(new) - para.
authority concerned, including a
3
deadline until which the competent
authority should implement the
recommended changes. Where the
competent authority does not follow
the
recommendation
by
the
Authority it shall state its reasons.
In the event that the Authority
deems that these reasons are not
appropriate, it shall make public its
recommendation together with the
above mentioned reasons.”
101.
The following Article 152b is
inserted:
“Article 152b
102.
Collaboration platforms
103.
(1)
Where an insurance or
reinsurance undertaking carries
out or intends to carry out
activities which are based on the
freedom to provide services or the
freedom of establishment and
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which are
104.
(i)
of relevance with respect to
the market of a host Member State
, or
105.
(ii)
where a notification by the
home Member State has been
made
under
Art
152a(2)
of
deteriorating financial conditions
on other emerging risks, or
106.
(iii)
where the matter has been
referred to EIOPA under Art
152a(2),
107.
the Authority may, in case of
justified concerns about negative
effects on policyholders, on its own
initiative or at the request of one or
more of the relevant supervisory
authorities, set up and coordinate a
collaboration
platform
to
strengthen
the
exchange
of
information and an enhanced
collaboration between the relevant
supervisory authorities.
108.
(2)
The
requirement
of
paragraph 1 does not prejudice
the
right
of
the
relevant
supervisory authorities to set up a
collaboration platform where they
all agree on its establishment.
109.
(3)
The establishment of a
collaboration
platform
under
paragraphs 1 and 2 is without
prejudice
to
the
supervisory
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mandate attributed to the national
competent authorities of the home
and
host
Member
States
in
Directive 2009/138/EC
110.
(4)
Without
prejudice
to
Article 35 of Regulation (EU) No.
1094/2010, at the request of the
Authority the relevant supervisory
authorities shall provide all the
necessary information in a timely
manner to allow for a proper
functioning of the collaboration
platform.”
111. Article 2 - (2) Article 231 is amended as follows (2) Article 231 is amended as follows (2) Article 231 is amended as
para. 1 - point
follows
:
2 - intro
112. Article 2 - (a) paragraph 1 is amended as
Deleted
(a) paragraph 1 is amended as
para. 1 - point follows:
follows:
2 - point a -
intro
113. Article 2 - (i) the first sub-paragraph is replaced
Deleted
(i) the first sub-paragraph is replaced
para. 1 - point by the following:
by the following:
2 - point a -
point i
Article 231 -
para.
1
-
subpara. 1
114. Article 2 - '1. In the case of an application for
Deleted
'1. In the case of an application for
para. 1 - point permission
to
calculate
the
permission
to
calculate
the
2 - point a - consolidated group Solvency Capital
consolidated group Solvency Capital
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point i
Requirement, as well as the Solvency
Requirement, as well as the Solvency
Capital Requirement of insurance and
Capital Requirement of insurance and
reinsurance undertakings in the
reinsurance undertakings in the
Article 231 - group, on the basis of an internal
group, on the basis of an internal
para.
1
-
subpara. 1
model, submitted by an insurance or
model, submitted by an insurance or
reinsurance undertaking and its
reinsurance undertaking and its
related undertakings, or jointly by the
related undertakings, or jointly by the
related undertakings of an insurance
related undertakings of an insurance
holding company, the supervisory
holding company, the supervisory
authorities concerned shall cooperate
authorities concerned shall cooperate
with each other and with EIOPA, to
with each other and with EIOPA, to
decide whether or not to grant that
decide whether or not to grant that
permission and to determine the
permission and to determine the
terms and conditions, if any, to which
terms and conditions, if any, to which
such permission is subject.';
such permission is subject.';
115. Article 2 - (ii) the third sub-paragraph is
Deleted
(ii) the third sub-paragraph is
para. 1 - point replaced by the following:
replaced by the following:
2 - point a -
point ii - intro
116. Article 2 - 'The group supervisor shall inform
Deleted
'The group supervisor shall inform
para. 1 - point the other members of the college of
the other members of the college of
2 - point a - supervisors of the receipt of the
supervisors of the receipt of the
point ii
application and forward the complete
application and forward the complete
application,
including
the
application,
including
the
Article 231 - documentation submitted by the
documentation submitted by the
para.
1
- undertaking, to college members,
undertaking, to college members,
subpara. 3
including EIOPA, without delay.';
including EIOPA, without delay.';
117. Article 2 - (b) A new paragraph 2b is added as
Deleted
(b)
a new paragraph 2b is added as
para. 1 - point follows
follows:
2 - point b -
intro
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118. Article 2 - '2b. Where EIOPA considers that an
Deleted
'2b. Where EIOPA considers that an
para. 1 - point application as referred to in the first
application as referred to in the first
2 - point b
paragraph presents particular issues
paragraph presents particular issues
with respect to consistency in internal
with respect to consistency in internal
Article 231 - model application approvals across
model application approvals across
para. 2b - the Union, EIOPA may issue an
the Union, EIOPA may issue an
subpara. 1
Opinion to the supervisory authorities
Opinion to the supervisory authorities
concerned in accordance with Article
concerned in accordance with Article
21a(1)(a) and 29(1)(a) of Regulation
21a(1)(a) and 29(1)(a) of Regulation
(EU) No 1094/2010 within 4 months
(EU) No 1094/2010 within 4 months
of receipt by the group supervisor of
of receipt by the group supervisor of
the complete application.
the complete application.
119. Article 2 - Where such an Opinion is issued, the
Deleted
Where such an Opinion is issued, the
para. 1 - point supervisory authorities shall take
supervisory authorities shall take
2 - point b
their joint decision as referred to in
their joint decision as referred to in
the second paragraph in conformity
the second paragraph in conformity
Article 231 - with that Opinion, or provide reasons
with that Opinion, or provide reasons
para. 2b - in writing to EIOPA and the
in writing to EIOPA and the
subpara. 2
applicant where the joint decision
applicant where the joint decision
was not taken in conformity with that
was not taken in conformity with that
Opinion.';
Opinion.';
120. Article 2 - (c) paragraph 3 is amended as
a)
paragraph 3 is amended as (c) paragraph 3 is amended as
para. 1 - point follows:
follows:
follows:
2 - point c -
itnro
121. Article 2 - (i) the first subparagraph is replaced
Deleted
(i) the first subparagraph is replaced
para. 1 - point by the following:
by the following:
2 - point c -
point i - intro
122. Article 2 - 'If, within the six-month period
Deleted
'If, within the six-month period
para. 1 - point
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2 - point c - referred to in paragraph 2, any of the
referred to in paragraph 2, any of the
point i
supervisory authorities concerned has
supervisory authorities concerned has
referred the matter to EIOPA in
referred the matter to EIOPA in
accordance with Article 19 of
accordance with Article 19 of
Article 231 -
para.
3
- Regulation (EU) No 1094/2010 or
Regulation (EU) No 1094/2010 or
subpara. 1
EIOPA is assisting the supervisory
EIOPA is assisting the supervisory
authorities on its own initiative in
authorities on its own initiative in
accordance with Article 19(1)(b) of
accordance with Article 19(1)(b) of
that Regulation, the group supervisor
that Regulation, the group supervisor
shall defer its decision until EIOPA
shall defer its decision until EIOPA
adopts a decision in accordance with
adopts a decision in accordance with
Article 19(3) of that Regulation, and
Article 19(3) of that Regulation, and
shall take its decision in conformity
shall take its decision in conformity
with EIOPA's adopted decision. The
with EIOPA's adopted decision. The
group supervisor's decision shall be
group supervisor's decision shall be
recognised as determinative and shall
recognised as determinative and shall
be applied by the supervisory
be applied by the supervisory
authorities concerned.
authorities concerned.
123. Article 2 - (ii) the first sentence of the third (ii) the first sentence of the third (ii) the first sentence of the third
para. 1 - point subparagraph is replaced by the subparagraph is replaced by the subparagraph is replaced by the
2 - point c - following:
following:
following:
point ii - intro
124. Article 2 - 'Where EIOPA does not adopt a 'Where EIOPA does not adopt a 'Where EIOPA does not adopt a
para. 1 - point decision as referred to in the second decision as referred to in the second decision as referred to in the second
2 - point c - subparagraph in accordance with subparagraph in accordance with subparagraph in accordance with
point ii
Article 19(3) of Regulation (EU) No Article 19(3) of Regulation (EU) No Article 19(3) of Regulation (EU) No
1094/2010, the group supervisor shall 1094/2010, the group supervisor shall 1094/2010, the group supervisor shall
Article 231 - take a final decision.';
take a final decision.';
take a final decision.';
para.
3
-
subpara. 3 -
first sentence
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125. Article 2 - (d) In paragraph 6, the second sub-
Deleted
(d) In paragraph 6, the second sub-
para. 1 - point paragraph is replaced by the
paragraph
is
replaced
by
the
2 - point d - following:
following:
intro
126. Article 2 - 'The group supervisor shall duly take
Deleted
'The group supervisor shall duly take
para. 1 - point into
account
any
views
and
into
account
any
views
and
2 - point d
reservations of the other supervisory
reservations of the other supervisory
authorities concerned and of EIOPA
authorities concerned and of EIOPA
Article 231 - expressed during that six-month
expressed during that six-month
para.
6
- period.';
period.';
subpara. 2
127. Article 2 - (e) In paragraph 6, the third sub-
Deleted
(e) In paragraph 6, the third sub-
para. 1 - point paragraph is replaced by the
paragraph
is
replaced
by
the
2 - point e - following:
following:
intro
128. Article 2 - 'The group supervisor shall provide
Deleted
'The group supervisor shall provide
para. 1 - point the applicant, the other supervisory
the applicant, the other supervisory
2 - point e
authorities concerned and EIOPA
authorities concerned and EIOPA
with a document setting out its fully
with a document setting out its fully
Article 231 - reasoned decision.';
reasoned decision.';
para.
6
-
subpara. 3
129. Article 2 - (f) A new paragraph 6a is added:
Deleted
(f) A new paragraph 6a is added:
para. 1 - point
2 - point f -
intro
130. Article 2 - '6a. After the six month period
Deleted
'6a. After the six month period
para. 1 - point referred to in paragraph 2 and before
referred to in paragraph 2 and before
2 - point f
the group supervisor takes a decision
the group supervisor takes a decision
as referred to in paragraph 6, the
as referred to in paragraph 6, the
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undertaking which submitted the
undertaking which submitted the
Article 231 - application
in
accordance
with
application
in
accordance
with
para. 6a - paragraph 1 may request that EIOPA
paragraph 1 may request that EIOPA
subpara. 1
assist the supervisory authorities in
assist the supervisory authorities in
reaching an agreement, in accordance
reaching an agreement, in accordance
with Article 19 of Regulation (EU)
with Article 19 of Regulation (EU)
No 1094/2010.
No 1094/2010.
131. Article 2 - The group supervisor shall defer its
Deleted
The group supervisor shall defer its
para. 1 - point decision until EIOPA adopts a
decision until EIOPA adopts a
2 - point f
decision in accordance with Article
decision in accordance with Article
19(3) of Regulation (EU) No
19(3) of Regulation (EU) No
Article 231 - 1094/2010 and shall take its decision
1094/2010 and shall take its decision
para. 6a - in conformity with EIOPA's adopted
in conformity with EIOPA's adopted
subpara. 2
decision. The group supervisor's
decision. The group supervisor's
decision shall be recognised as
decision shall be recognised as
determinative and shall be applied by
determinative and shall be applied by
the
supervisory
authorities
the
supervisory
authorities
concerned.
concerned.
132. Article 2 - EIOPA shall adopt its decision within
Deleted
EIOPA shall adopt its decision within
para. 1 - point 1 month from the end of the
1 month from the end of the
2 - point f
conciliation period referred to in
conciliation period referred to in
Article 19(2) of Regulation (EU) No
Article 19(2) of Regulation (EU) No
Article 231 - 1094/2010.
1094/2010.
para. 6a -
subpara. 3
133. Article 2 - Where EIOPA does not adopt a
Deleted
Where EIOPA does not adopt a
para. 1 - point decision as referred to in the third
decision as referred to in the third
2 - point f
subparagraph in accordance with
subparagraph in accordance with
Article 19(3) of Regulation (EU)
Article 19(3) of Regulation (EU)
Article 231 - 1094/2010 of that Regulation, the
1094/2010 of that Regulation, the
para. 6a - group supervisor shall take a final
group supervisor shall take a final
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subpara. 4
decision. The group supervisor's
decision. The group supervisor's
decision shall be recognised as
decision shall be recognised as
determinative and shall be applied by
determinative and shall be applied by
the
supervisory
authorities
the
supervisory
authorities
concerned.';
concerned.';
134. Article 2 - (3) New Articles 231a and 231b are
Deleted
(3) New Articles 231a and 231b are
para. 1 - point inserted as follows:
inserted as follows:
3 - intro
135. Article 2 -
'Article 231a
Deleted
'Article 231a
para. 1 - point
Supervisory approval regarding
Supervisory approval regarding
3
internal models
internal models
Article 231a -
title
136. Article 2 - 1. EIOPA may, at its own initiative
Deleted
1. Without prejudice to Article 112
para. 1 - point or at the request of supervisory
of this Directive, and
upon request
3
authorities
or
insurance
or
from one or more supervisory
reinsurance undertakings, issue an
authorities
or
insurance
or
Article 231a - Opinion to the supervisory authorities
reinsurance undertakings, EIOPA
para.
1
- in accordance with Article 21a(1)(a)
shall issue
advice to the supervisory
subpara. 1
and 29(1)(a) of Regulation (EU) No
authorities
concerned in accordance
1094/2010, on internal models and
with
Article
21a(1)(a)
▌of
approvals
of
internal
model
Regulation (EU) No 1094/2010. ▌
applications as set out in Articles 112
to 127, Article 230, Article 231 and
Article 233, with a view to foster
supervisory convergence.
137. Article 2 - Where EIOPA issues an Opinion as
Deleted
Where EIOPA issues
advice as
para. 1 - point referred to in the first subparagraph,
referred to in the first subparagraph,
3
the supervisory authorities concerned
the supervisory authorities concerned
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shall take their decision or joint
shall take their decision or joint
Article 231a - decision, as applicable in conformity
decision ▌or provide reasons in
para.
1
- with that Opinion, or provide reasons
writing to EIOPA and the applicant
subpara. 2
in writing to EIOPA and the
where the decision or joint decision is
applicant where the decision or joint
not
following the advice.
decision is not taken in conformity
with that Opinion.
138. Article 2 - 2. Where supervisory authorities
Deleted
2. Where supervisory authorities
para. 1 - point carry out joint on-site inspections, in
carry out joint on-site inspections, in
3
which EIOPA staff participate in
which EIOPA staff participate in
accordance with Article 21 of
accordance with Article 21 of
Article 231a - Regulation (EU) No 1094/2010, of
Regulation (EU) No 1094/2010, of
para. 2
undertakings or groups applying a
undertakings or groups applying a
full or partial internal model pursuant
full or partial internal model pursuant
to Articles 112 to 127, 230, 231 or
to Articles 112 to 127, 230, 231 or
233, EIOPA staff shall produce a
233, EIOPA staff shall produce a
specific report on the internal model.
specific report on the internal model.
That report shall be submitted to the
That report shall be submitted to the
EIOPA Executive Board.
EIOPA Executive Board.
139. Article 2 -
Article 231b
Deleted
Article 231b
para. 1 - point
Review
Review
3
Article 231b
- title
140. Article 2 - 1. EIOPA shall, on an annual basis,
Deleted
1. EIOPA shall, on an annual basis,
para. 1 - point report to the European Parliament,
report to the European Parliament,
3
the Council and the Commission on
the Council and the Commission on
general issues supervisory authorities
general issues supervisory authorities
Article 231b - have dealt with in the process of
have dealt with in the process of
approving internal models or changes
approving internal models or changes
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para.
1
- thereto pursuant to Article 112 to
thereto pursuant to Article 112 to
subpara. 1
127, 230, 231 and 233.
127, 230, 231 and 233.
141. Article 2 - Supervisory authorities shall provide
Deleted
Supervisory authorities shall provide
para. 1 - point EIOPA with the information EIOPA
EIOPA with the information EIOPA
3
considers relevant to produce such a
considers relevant to produce such a
report.
report.
Article 231b -
para.
1
-
subpara. 2
142. Article 2 - 2. EIOPA shall submit to the
Deleted
2. EIOPA shall submit to the
para. 1 - point Commission, by 1 January 2020 and
Commission, by 1 January 2020 and
3
after
conducting
a
public
after
conducting
a
public
consultation, an Opinion on the
consultation, an Opinion on the
Article 231b - application of Articles 112 to 127,
application of Articles 112 to 127,
para. 2
Article 230, Article 231 and Article
Article 230, Article 231 and Article
233
by
supervisory
authorities,
233
by
supervisory
authorities,
including
delegated
acts
and
including
delegated
acts
and
implementing technical standards
implementing technical standards
adopted
pursuant
thereto.
That
adopted
pursuant
thereto.
That
Opinion shall also assess any
Opinion shall also assess any
divergences in internal models within
divergences in internal models within
the Union.
the Union.
143. Article 2 - 3. Based on the opinion submitted by
Deleted
3. Based on the opinion submitted by
para. 1 - point EIOPA in accordance with paragraph
EIOPA in accordance with paragraph
3
2, the Commission shall submit a
2, the Commission shall submit a
report to the European Parliament
report to the European Parliament
Article 231b - and the Council on the application of
and the Council on the application of
para. 3
Articles 112 to 127, Article 230,
Articles 112 to 127, Article 230,
Article 231 and Article 233 by
Article 231 and Article 233 by
supervisory authorities, including
supervisory authorities, including
delegated acts and implementing
delegated acts and implementing
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technical standards adopted pursuant
technical standards adopted pursuant
thereto, by 1 January 2021.';
thereto, by 1 January 2021.';
144. Article 2 - (4) In Article 237, paragraph 3, the
Deleted
(4) In Article 237, paragraph 3, the
para. 1 - point first
sentence
of
the
third
first
sentence
of
the
third
4 - intro
subparagraph is replaced by the
subparagraph is replaced by the
following:
following:
145. Article 2 - 'If EIOPA does not adopt a decision
Deleted
'If EIOPA does not adopt a decision
para. 1 - point as referred to in the second
as referred to in the second
4
subparagraph under Article 19(3) of
subparagraph under Article 19(3) of
Regulation (EU) No 1094/2010, the
Regulation (EU) No 1094/2010, the
Article 237 - group supervisor shall take a final
group supervisor shall take a final
para.
3
- decision.'; and
decision.'; and
subpara. 3 -
first sentence
146. Article 2 - (5) In Article 248, the third
Deleted
(5) In Article 248, the third
para. 1 - point subparagraph of paragraph 4 is
subparagraph of paragraph 4 is
5
deleted.
deleted.
Article 248 -
para.
4
-
subpara. 3
146a Article 2a -
Article 9bis
Article 9bis
Article 9bis
TM 18/2 - AMLD moved from
title (new)
Amendments to Directive (EU)
Amendments to Directive (EU)
Amendments to Directive (EU)
Regulation 2017/0230 (COD)
2015/849
2015/849
2015/849
Article
2a
Amendments to Directive (EU)
2015/849
146
Art. 9a - para Directive (EU) 2015/849 is amended Directive (EU) 2015/849 is amended Directive (EU) 2015/849 is amended Directive (EU) 2015/849 is amended
b
1 - intro
as follows:
as follows:
as follows:
as follows:
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146c Art. 9a - para (1) Article 6 is amended as follows:
(13) Article 6 is amended as follows:
(1) Article 6 is amended as follows:
(1) Article 6 is amended as follows:
1 - point 1 -
intro
146
Art. 9a - para (a) paragraph 3 is replaced by the (a) paragraph 3 is replaced by the (a) paragraph 3 is replaced by the (a) paragraph 3 is replaced by the
d
1 - point a - following:
following:
following:
following:
intro
146e Art. 9a - para 3. The Commission shall make the 3. The Commission shall make the 3. The Commission shall make the 3. The Commission shall make the
1 - point 1 - report referred to in paragraph 1 report referred to in paragraph 1 report referred to in paragraph 1 report referred to in paragraph 1
point a
available to Member States and available to Member States and available to Member States and available to Member States and
obliged entities in order to assist obliged entities in order to assist obliged entities in order to assist obliged entities in order to assist
them to identify, understand, manage them to identify, understand, manage them to identify, understand, manage them to identify, understand, manage
Art. 6 - para 3 and mitigate the risk of money- and mitigate the risk of money- and mitigate the risk of money- and mitigate the risk of money-
laundering and terrorist financing, laundering and terrorist financing, laundering and terrorist financing, laundering and terrorist financing,
and to allow other stakeholders, and to allow other stakeholders, and to allow other stakeholders, and to allow other stakeholders,
including national legislators, the including national legislators, the including national legislators, the including national legislators, the
European Parliament, the European European Parliament, the European European Parliament, the European European Parliament, the European
Banking Authority ('EBA'), and Banking Authority ('EBA'), and Banking Authority ('EBA'), and Banking Authority ('EBA'), and
representatives
from
Financial representatives
from
Financial representatives
from
Financial representatives
from
Financial
Intelligence
Units,
to
better Intelligence
Units,
to
better Intelligence
Units,
to
better Intelligence
Units,
to
better
understand the risks. Reports shall be understand the risks. Reports shall be understand the risks. Reports shall be understand the risks. Reports shall be
made public at the latest six months made public at the latest six months made public at the latest six months made public at the latest six months
after having been made available to after having been made available to after having been made available to after having been made available to
Member States, except for the Member States, except for the Member States, except for the Member States, except for the
elements of the reports which contain elements of the reports which contain elements of the reports which contain elements of the reports which contain
classified information.
classified information.
classified information.
classified information.
146f
Art. 9a - para (b) in paragraph 5 the second (b) in paragraph 5 the second (b) in paragraph 5 the second (b) in paragraph 5 the second
1 - point 1 - sentence is replaced by the following: sentence is replaced by the following: sentence is replaced by the following: sentence is replaced by the following:
point b - intro
146
Art. 9a - para Thereafter, EBA shall issue an Thereafter, EBA shall issue an Thereafter, EBA shall issue an Thereafter, EBA shall issue an
g
1 - point 1 - opinion every two years.
opinion every two years.
opinion every two years.
opinion every two years.
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Art. 6 - para 5
146
Art. 9a - para (2) Article 7 is amended as follows:
(14) Article 7 is amended as follows:
(2) Article 7 is amended as follows:
(2) Article 7 is amended as follows:
h
1 - point 2 -
intro
146i
Art. 9a - para (a) in paragraph 2 the second (a) in paragraph 2 the second (a) in paragraph 2 the second (a) in paragraph 2 the second
1 - point 2 - sentence is replaced by the following: sentence is replaced by the following: sentence is replaced by the following: sentence is replaced by the following:
point a - intro
146j
Art. 9a - para The identity of that authority or the The identity of that authority or the The identity of that authority or the The identity of that authority or the
1 - point 2 - description of the mechanism shall be description of the mechanism shall be description of the mechanism shall be description of the mechanism shall be
point a
notified to the Commission, EBA, notified to the Commission, EBA, notified to the Commission, EBA, notified to the Commission, EBA,
Art. 7 - para 2 and other Member States.
and other Member States.
and other Member States.
and other Member States.
-
2nd
sentence
146
Art. 9a - para (b) paragraph 5 the first sentence is (b) paragraph 5 the first sentence is (b) paragraph 5 the first sentence is (b) paragraph 5 the first sentence is
k
1 - point 2 - replaced by the following:
replaced by the following:
replaced by the following:
replaced by the following:
point b - intro
146l
Art. 9a - para 5. Member States shall make the 5. Member States shall make the 5. Member States shall make the 5. Member States shall make the
1 - point 2 - results of their risk assessments, results of their risk assessments, results of their risk assessments, results of their risk assessments,
point b
including their updates, available to including their updates, available to including their updates, available to including their updates, available to
Art. 7 - para 5 the Commission, EBA and the other the Commission, EBA and the other the Commission, EBA and the other the Commission, EBA and the other
- 1st sentence
Member States.
Member States.
Member States.
Member States.
146
Art. 9a - para (3) in Article 17 the first sentence is
(15) in Article 17 the first sentence is (3) in Article 17 the first sentence is (3) in Article 17 the first sentence is
m
1 - point 3 - replaced by the following:
replaced by the following:
replaced by the following:
replaced by the following:
intro
146
Art. 9a - para By 26 June 2017, the ESAs, and By 26 June 2017, the ESAs, and By 26 June 2017, the ESAs, and By 26 June 2017, the ESAs, and
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1 - point 3
thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines
Art. 17 - para addressed to competent authorities addressed to competent authorities addressed to competent authorities addressed to competent authorities
1
-
1st and
the credit institutions and and the credit institutions and and the credit institutions and and the credit institutions and
sentence
financial institutions in accordance financial institutions in accordance financial institutions in accordance financial institutions in accordance
with Article 16 of Regulation (EU) with Article 16 of Regulation (EU) with Article 16 of Regulation (EU) with Article 16 of Regulation (EU)
No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to
be taken into consideration and the be taken into consideration and the be taken into consideration and the be taken into consideration and the
measures to be taken in situations measures to be taken in situations measures to be taken in situations measures to be taken in situations
where
simplified
customer
due where
simplified
customer
due where
simplified
customer
due where
simplified
customer
due
diligence measures are appropriate.
diligence measures are appropriate.
diligence measures are appropriate.
diligence measures are appropriate.
146
Art. 9a - para (4) in paragraph 4 of Article 18, the
(16) in paragraph 4 of Article 18, the (4) in paragraph 4 of Article 18, the (4) in paragraph 4 of Article 18, the
o
1 - point 4 - first sentence is replaced by the first sentence is replaced by the first sentence is replaced by the first sentence is replaced by the
intro
following:
following:
following:
following:
146
Art. 9a - para 4. By 26 June 2017, the ESAs, and 4. By 26 June 2017, the ESAs, and 4. By 26 June 2017, the ESAs, and 4. By 26 June 2017, the ESAs, and
p
1 - point 4
thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines
Art. 18 - para addressed to competent authorities addressed to competent authorities addressed to competent authorities addressed to competent authorities
4
-
1st and
the credit institutions and and the credit institutions and and the credit institutions and and the credit institutions and
sentence
financial institutions, in accordance financial institutions, in accordance financial institutions, in accordance financial institutions, in accordance
with Article 16 of Regulation (EU) with Article 16 of Regulation (EU) with Article 16 of Regulation (EU) with Article 16 of Regulation (EU)
No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to No 1093/2010 on the risk factors to
be taken into consideration and the be taken into consideration and the be taken into consideration and the be taken into consideration and the
measures to be taken in situations measures to be taken in situations measures to be taken in situations measures to be taken in situations
where
enhanced
customer
due where
enhanced
customer
due where
enhanced
customer
due where
enhanced
customer
due
diligence measures are appropriate.
diligence measures are appropriate.
diligence measures are appropriate.
diligence measures are appropriate.
146
Art. 9a - para (5) in Article 41, paragraph 1 is
(17) in Article 41, paragraph 1 is (5) in Article 41, paragraph 1 is (5) in Article 41, paragraph 1 is
q
1 - point 5 - replaced by the following:
replaced by the following:
replaced by the following:
replaced by the following:
intro
146r
Art. 9a - para 1. The processing of personal data 1. The processing of personal data 1. The processing of personal data 1. The processing of personal data
1 - point 5
under this Directive is subject to under this Directive is subject to under this Directive is subject to under this Directive is subject to
Art. 41 - para Directive 95/46/EC, as transposed Directive 95/46/EC, as transposed Directive 95/46/EC, as transposed Directive 95/46/EC, as transposed
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into national law. Personal data that into national law. Personal data that into national law. Personal data that into national law. Personal data that
is
processed
pursuant
to
this is
processed
pursuant
to
this is
processed
pursuant
to
this is
processed
pursuant
to
this
Directive by the Commission or by Directive by the Commission or by Directive by the Commission or by Directive by the Commission or by
EBA is subject to Regulation (EC) EBA is subject to Regulation (EC) EBA is subject to Regulation (EC) EBA is subject to Regulation (EC)
No 45/2001.
No 45/2001.
No 45/2001.
No 45/2001.
146s
Art. 9a - para (6) Article 45 is amended as follows:
(18) Article 45 is amended as (6) Article 45 is amended as follows:
(6) Article 45 is amended as follows:
1 - point 6 -
follows:
intro
146t
Art. 9a - para (a) paragraph 4 is replaced by the (a) paragraph 4 is replaced by the (a) paragraph 4 is replaced by the (a) paragraph 4 is replaced by the
1 - point 6 - following:
following:
following:
following:
point a
146
Art. 9a - para 4. The Member States and EBA shall 4. The Member States and EBA shall 4. The Member States and EBA shall 4. The Member States and EBA shall
u
1 - point 6 - inform each other of instances in inform each other of instances in inform each other of instances in inform each other of instances in
point a
which the law of a third country does which the law of a third country does which the law of a third country does which the law of a third country does
not permit the implementation of the not permit the implementation of the not permit the implementation of the not permit the implementation of the
policies and procedures required policies and procedures required policies and procedures required policies and procedures required
Art. 45 - para under paragraph 1. In such cases, under paragraph 1. In such cases, under paragraph 1. In such cases, under paragraph 1. In such cases,
4
coordinated actions may be taken to coordinated actions may be taken to coordinated actions may be taken to coordinated actions may be taken to
pursue a solution. In the assessing pursue a solution. In the assessing pursue a solution. In the assessing pursue a solution. In the assessing
which third countries do not permit which third countries do not permit which third countries do not permit which third countries do not permit
the implementation of the policies the implementation of the policies the implementation of the policies the implementation of the policies
and
procedures
required
under and
procedures
required
under and
procedures
required
under and
procedures
required
under
paragraph 1, Member States and paragraph 1, Member States and paragraph 1, Member States and paragraph 1, Member States and
EBA shall take into account any legal EBA shall take into account any legal EBA shall take into account any legal EBA shall take into account any legal
constraints that may hinder proper constraints that may hinder proper constraints that may hinder proper constraints that may hinder proper
implementation of those policies and implementation of those policies and implementation of those policies and implementation of those policies and
procedures, including secrecy, data procedures, including secrecy, data procedures, including secrecy, data procedures, including secrecy, data
protection and other constraints protection and other constraints protection and other constraints protection and other constraints
limiting the exchange of information limiting the exchange of information limiting the exchange of information limiting the exchange of information
that may be relevant for that purpose.
that may be relevant for that purpose.
that may be relevant for that purpose.
that may be relevant for that purpose.
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146
Art. 9a - para (b) paragraph 6 is replaced by the (b) paragraph 6 is replaced by the (b) paragraph 6 is replaced by the (b) paragraph 6 is replaced by the
v
1 - point 6 - following:
following:
following:
following:
point b - intro
146
Art. 9a - para 6. EBA shall develop draft regulatory 6. EBA shall develop draft regulatory 6. EBA shall develop draft regulatory 6. EBA shall develop draft regulatory
w
1 - point 6 - technical standards specifying the technical standards specifying the technical standards specifying the technical standards specifying the
point b
type of additional measures referred type of additional measures referred type of additional measures referred type of additional measures referred
to in paragraph 5 and the minimum to in paragraph 5 and the minimum to in paragraph 5 and the minimum to in paragraph 5 and the minimum
action to be taken by credit action to be taken by credit action to be taken by credit action to be taken by credit
Art. 45 - para institutions and financial institutions institutions and financial institutions institutions and financial institutions institutions and financial institutions
6 - subpara 1
where a third country's law does not where a third country's law does not where a third country's law does not where a third country's law does not
permit the implementation of the permit the implementation of the permit the implementation of the permit the implementation of the
measures required under paragraphs measures required under paragraphs measures required under paragraphs measures required under paragraphs
1 and 3.
1 and 3.
1 and 3.
1 and 3.
146
Art. 9a - para EBA shall submit the draft regulatory EBA shall submit the draft regulatory EBA shall submit the draft regulatory EBA shall submit the draft regulatory
x
1 - point 6 - technical standards referred to in the technical standards referred to in the technical standards referred to in the technical standards referred to in the
point b
first subparagraph to the Commission first subparagraph to the Commission first subparagraph to the Commission first subparagraph to the Commission
Art. 45 - para by 26 December 2016.
by 26 December 2016.
by 26 December 2016.
by 26 December 2016.
6 - subpara 2
146
Art. 9a - para (c) paragraph 10 is replaced by the (c) paragraph 10 is replaced by the (c) paragraph 10 is replaced by the (c) paragraph 10 is replaced by the
y
1 - point 6 - following:
following:
following:
following:
point c - intro
146z Art. 9a - para 10.
EBA
shall
develop
draft 10.
EBA
shall
develop
draft 10.
EBA
shall
develop
draft 10.
EBA
shall
develop
draft
1 - point 6 - regulatory technical standards on the regulatory technical standards on the regulatory technical standards on the regulatory technical standards on the
point c
criteria
for
determining
the criteria
for
determining
the criteria
for
determining
the criteria
for
determining
the
Art. 45 - para circumstances
in
which
the circumstances
in
which
the circumstances
in
which
the circumstances
in
which
the
10 - subpara appointment of a central contact appointment of a central contact point appointment of a central contact appointment of a central contact point
1
point pursuant to paragraph 9 is pursuant
to
paragraph
9
is point pursuant to paragraph 9 is pursuant
to
paragraph
9
is
appropriate, and what the functions appropriate, and what the functions appropriate, and what the functions appropriate, and what the functions
of the central contact points should of the central contact points should of the central contact points should of the central contact points should
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be.
be.
be.
be.
146a
Art. 9a - para EBA shall submit the draft regulatory EBA shall submit the draft regulatory EBA shall submit the draft regulatory EBA shall submit the draft regulatory
a
1 - point 6 - technical standards referred to in the technical standards referred to in the technical standards referred to in the technical standards referred to in the
point c
first subparagraph to the Commission first subparagraph to the Commission first subparagraph to the Commission first subparagraph to the Commission
Art. 45 - para by 26 June 2017.
by 26 June 2017.
by 26 June 2017.
by 26 June 2017.
10 - subpara
2
146a
Art. 9a - para (7) Article 48 is amended as follows:
(19) Article 48 is amended as (7) Article 48 is amended as follows:
(7) Article 48 is amended as follows:
b
1 - point 7 -
follows:
intro
146a
Art. 9a - para (a) in the second subparagraph of (a) in the second subparagraph of (a) in the second subparagraph of (a) in the second subparagraph of
c
1 - point 7 - paragraph 1a the final sentence is paragraph 1a the final sentence is paragraph 1a the final sentence is paragraph 1a the final sentence is
point a - intro
replaced by the following:
replaced by the following:
replaced by the following:
replaced by the following:
146a
Art. 9a - para Financial supervisory authorities of Financial supervisory authorities of Financial supervisory authorities of Financial supervisory authorities of
d
1 - point 7
the Member States shall also serve as the Member States shall also serve as the Member States shall also serve as the Member States shall also serve as
Art. 48 - para a contact point for EBA.
a contact point for EBA.
a contact point for EBA.
a contact point for EBA.
1a - subpara 2
-
final
sentence
146a
Art. 9a - para (b) in paragraph 10 the first sentence (b) in paragraph 10 the first sentence (b) in paragraph 10 the first sentence (b) in paragraph 10 the first sentence
e
1 - point 7 - is replaced by the following:
is replaced by the following:
is replaced by the following:
is replaced by the following:
point b - intro
146a
Art. 9a - para 10. By 26 June 2017, the ESAs and 10. By 26 June 2017, the ESAs and 10. By 26 June 2017, the ESAs and 10. By 26 June 2017, the ESAs and
f
1 - point 7 - thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines thereafter EBA shall issue guidelines
point b
addressed to competent authorities in addressed to competent authorities in addressed to competent authorities in addressed to competent authorities in
accordance with Article 16 of accordance with Article 16 of accordance with Article 16 of accordance with Article 16 of
Regulation (EU) No 1093/2010, on Regulation (EU) No 1093/2010, on Regulation (EU) No 1093/2010, on Regulation (EU) No 1093/2010, on
Art. 48 - para the characteristics of a risk- based the characteristics of a risk- based the characteristics of a risk- based the characteristics of a risk- based
10
-
1st approach to supervision and the steps approach to supervision and the steps approach to supervision and the steps approach to supervision and the steps
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sentence
to
be
taken
when
conducting to
be
taken
when
conducting to
be
taken
when
conducting to
be
taken
when
conducting
supervision on a risk-based basis.
supervision on a risk-based basis.
supervision on a risk-based basis.
supervision on a risk-based basis.
146a
Art. 9a - para (8) in Section 3 the title of
(20) in Section 3 the title of (8) in Section 3 the title of (8) in Section 3 the title of
g
1 - point 8 - Subsection II is replaced by the Subsection II is replaced by the Subsection II is replaced by the Subsection II is replaced by the
intro
following:
following:
following:
following:
146a
Art. 9a - para “Cooperation with EBA”;
“Cooperation with EBA”;
“Cooperation with EBA”;
“Cooperation with EBA”;
h
1 - point 8
Sectrion III -
subsection II
- title
146a
Art. 9a - para (9) Article 50 is replaced by the
(21) Article 50 is replaced by the (9) Article 50 is replaced by the (9) Article 50 is replaced by the
i
1 - point 9 - following:
following:
following:
following:
intro
146a
Art. 9a - para The
competent authorities shall The competent authorities shall The competent authorities shall The competent authorities shall
j
1 - point 9
provide EBA with all the information provide EBA with all the information provide EBA with all the information provide EBA with all the information
Art. 50 - para necessary to allow it to carry out its necessary to allow it to carry out its necessary to allow it to carry out its necessary to allow it to carry out its
1
duties under this Directive.
duties under this Directive.
duties under this Directive.
duties under this Directive.
146a
Art. 9a - para (10) Article 62 is amended as
(22) Article 62 is amended as (10) Article 62 is amended as (10) Article 62 is amended as
k
1 - point 10 - follows:
follows:
follows:
follows:
intro
146a
Art. 9a - para (a) paragraph 1 is replaced by the (a) paragraph 1 is replaced by the (a) paragraph 1 is replaced by the (a) paragraph 1 is replaced by the
l
1 - point 10 - following:
following:
following:
following:
point a - intro
146a
Art. 9a - para 1. Member States shall ensure that 1. Member States shall ensure that 1. Member States shall ensure that 1. Member States shall ensure that
m
1 - point 10 - their competent authorities inform their competent authorities inform their competent authorities inform their competent authorities inform
point a
EBA of all administrative sanctions EBA of all administrative sanctions EBA of all administrative sanctions EBA of all administrative sanctions
Art. 62 - para and measures imposed in accordance and measures imposed in accordance and measures imposed in accordance and measures imposed in accordance
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with Articles 58 and 59 on credit with Articles 58 and 59 on credit with Articles 58 and 59 on credit with Articles 58 and 59 on credit
institutions and financial institutions, institutions and financial institutions, institutions and financial institutions, institutions and financial institutions,
including of any appeal in relation including of any appeal in relation including of any appeal in relation including of any appeal in relation
thereto and the outcome thereof.
thereto and the outcome thereof.
thereto and the outcome thereof.
thereto and the outcome thereof.
146a
Art. 9a - para (b) paragraph 3 is replaced by the (b) paragraph 3 is replaced by the (b) paragraph 3 is replaced by the (b) paragraph 3 is replaced by the
n
1 - point 10 - following:
following:
following:
following:
point b - intro
146a
Art. 9a - para 3. EBA shall maintain a website with 3. EBA shall maintain a website with 3. EBA shall maintain a website with 3. EBA shall maintain a website with
o
1 - point 10 - links to each competent authority's links to each competent authority's links to each competent authority's links to each competent authority's
point b
publication
of
administrative publication
of
administrative publication
of
administrative publication
of
administrative
Art. 62 - para sanctions and measures imposed in sanctions and measures imposed in sanctions and measures imposed in sanctions and measures imposed in
3
accordance with Article 60 on credit accordance with Article 60 on credit accordance with Article 60 on credit accordance with Article 60 on credit
institutions and financial institutions, institutions and financial institutions, institutions and financial institutions, institutions and financial institutions,
and shall show the time period for and shall show the time period for and shall show the time period for and shall show the time period for
which each Member State publishes which each Member State publishes which each Member State publishes which each Member State publishes
administrative
sanctions
and administrative
sanctions
and administrative
sanctions
and administrative
sanctions
and
measures.
measures.
measures.
measures.
147. Article 3 -
Article 3
Article 3
Article 3
TM 18/2
title
Transposition
Transposition
Transposition
Article 3
Transposition
148. Article 3 - 1. Member States shall adopt and 1. Member States shall adopt and 1. Member States shall adopt and
TM 18/2
para. 1
publish, by [12/18 months as of entry publish, by [12/18 months as of entry publish, by [12/18 months as of entry 1. Member States shall adopt and
into force], the laws, regulations and into force],
, the laws, regulations into force], the laws, regulations and publish, by [12/18 months as of entry
administrative provisions necessary and
administrative
provisions administrative provisions necessary into force], the laws, regulations and
to comply with this Directive. They necessary to comply with this to comply with this Directive. They administrative provisions necessary
shall forthwith communicate to the Directive.
They
shall
forthwith shall forthwith communicate to the to comply with this Directive. They
Commission the main provisions of communicate to the Commission the Commission the main provisions of shall forthwith communicate to the
national law which they adopt in the main provisions of national law national law which they adopt in the Commission the main provisions of
field covered by this Directive.
which they adopt in the field covered field covered by this Directive.
national law which they adopt in the
by this Directive.
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field covered by this Directive.
149. Article 3 - 2. Member States shall apply the 2. Member States shall apply the 2. Member States shall apply the
TM 18/2
para. 2
measures with respect to Article 1 measures with respect to Article 1 measures with respect to Article 1 2. Member States shall apply the
from [36 months as of entry into from [36 months as of entry into from [36 months as of entry into measures with respect to Article 1
force] and with respect to Article 2 force] and with respect to Article 2 force] and with respect to Article 2 from [36 months as of entry into
from [the date of application of from [the date of application of from [the date of application of force]
, with respect to Article 2 from
amendment
to
the
EIOPA amendment
to
the
EIOPA amendment
to
the
EIOPA [the date of application of
Regulation].
Regulation].
Regulation].
amendment
to
the
EIOPA
Regulation]
and with respect to
Article 2a from [the date of
application of amendment to the
EBA Regulation].
150. Article 4 -
Article 4
Article 4
Article 4
title
Entry into force
Entry into force
Entry into force
151. Article 4 - This Directive shall enter into force This Directive shall enter into force This Directive shall enter into force
para. 1
on the twentieth day following that of on the twentieth day following that of on the twentieth day following that of
its publication in the
Official Journal its publication in the
Official Journal its publication in the
Official Journal
of the European Union.
of the European Union.
of the European Union.
152. Article 5 -
Article 5
Article 5
Article 5
title
Addressees
Addressees
Addressees
153. Article 5 - This Directive is addressed to the This Directive is addressed to the This Directive is addressed to the
para. 1
Member States.
Member States.
Member States.
154.
Done at Brussels,
Done at Brussels,
Done at Brussels,
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