Amendment to ECB enforcement regulation published in OJEU: A Council Regulation amending the regulation on ECB's powers to impose sanctions has been published in the OJEU. (Source: Council Regulation Amending the Regulation Concerning the Powers of the European Central Bank to Impose Sanctions)
EIOPA publishes equity capital charge adjustment standards: EIOPA has published the technical information necessary to help insurers calculate the symmetric adjustment of the equity capital charge for Solvency 2 purposes. It will update the information monthly from March 2015. (Source: EIOPA Publishes Equity Capital Charge Adjustment Standards)
EIOPA publishes internet sales opinion: EIOPA has published an opinion, addressed to national regulators, stressing they need to be proactive in supervising online sales of insurance and pension products. It says they must ensure online distributors comply with any relevant duty of advice when selling online. It also says regulators should ensure customers get the right information on the selling process so there are no unsolicited, or mistakenly concluded, contracts. EIOPA asks the regulators to provide feedback and details of any relevant enforcement actions or investigation, in six months' time. (Source: EIOPA Publishes Internet Sales Opinion)
EIOPA advises Commission on conflicts: EIOPA has published its advice to the Commission on conflicts of interest in the context of the distribution of insurance-based investment products. The key parts of its advice are:
- recommendations on identification, prevention, management and disclosure of conflicts;
- that distributors should have effective, written conflicts of interest policies; and
- there should be measures to ensure the proper management of conflicts of interest resulting from third party payments.
(Source: EIOPA Advises Commission on Conflicts)