On 29 October, Commission Delegated Regulation (EU) 2016/1904 supplementing Regulation (EU) No 1286/2014 with regard to packaged retail and insurance-based investment products (PRIIPs) intervention was published in the Official Journal of the European Union.
This Delegated Regulation will enter into effect on 31 December 2016.
Both EIOPA and competent authorities, such as the Central Bank, have intervention powers when a significant investor protection concern exists or there is a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system of least one Member State for competent authorities or of the European Union for EIOPA. The Delegated Regulation sets out the criteria and factors to be considered when assessing the existence of a significant investor protection concern or such a threat. It should be noted that the need to access all criteria that could be present in a specific situation will not prevent temporary intervention powers being used where only one of the factors gives rise to a concern.
A link to the publication in the Official Journal is here.