Presidency publishes IMD 2 compromise: The Presidency has published its second compromise text on the revised Insurance Mediation Directive (IMD 2). One stylistic change substitutes the word "distribution" for "mediation" and "intermediation" and introduces new definitions for distributors and intermediaries. Throughout the text it also caters for "ancillary insurance distributors". Among the other changes are a requirement on insurers and reinsurers to apply IMD 2 standards to their employees who are involved in distribution, and new sections on information requirements and product oversight and governance. (Source: Presidency Publishes IMD 2 Compromise)
Presidency publishes Member State views on MLD 4: The Presidency has published declarations by four Member States on the fourth Money Laundering Directive (MLD 4) and Fund Transfer Regulation:
- Estonia wants more flexibility for Member States to decide how to hold beneficial owner information;
- Malta does not approve of the exemptions that have gradually been introduced to take various gambling services outside the scope of MLD 4;
- the UK is also concerned about the impact of the requirements on cross-border online gambling. It also says there is a need to review whether agents and distributors constitute "establishments" and for consistency of certain provisions with other Directives, particularly the Electronic Money Directive and the proposed revised Payment Services Directive. It also says more attention should be given to data protection measures; and
- Austria wants mandatory central and public beneficial ownership registries and also says its current constitutional law does not allow it to impose administrative fines.
Council agrees general approach to ELTIFs: The Presidency has announced that Member States have now reached agreement over the latest compromise text to the European Long Term Investment Funds (ELTIFs) Regulation, which now becomes the Council's general approach for the forthcoming trialogue with EP and Commission. (Source: Council Agrees ELTIF Position)