EP votes through CSMAD: EP has approved CSMAD by a large majority vote. It commented that, among other things, a number of offences relating to insider dealing, market abuse and benchmark manipulation would be punishable with at least four years' imprisonment. Council now needs to adopt CSMAD and then Member States will have two years to implement it. (Source: EP Votes Through CSMAD)

ECON publishes IMD 2 report: The Economic and Monetary Affairs Committee (ECON) in EP has published its report on IMD 2. Its suggested amendments to the Commission's proposal include:

  • emphasis that the same rules must apply to all insurance intermediaries, whether or not they are tied to an insurer;
  • aligning rules on insurance with the rules for investment products in MiFID;
  • indicating that an insurance intermediary will need a passport to provide mediation services if it provides services to a policyholder in another Member State in relation to a risk in another Member State;
  • requiring Member States to set appropriate levels of competence for intermediaries;
  • adding further requirements on the provision of information on services and costs;
  • requiring laws to ensure remuneration policies do not impair impartiality or the client's best interests;
  • encouraging whistleblowing by ensuring appropriate protection for whistleblowers; and
  • applying proportionality so requirements are not too burdensome for small and medium-sized undertakings.

(Source: ECON Publishes IMD2 Report)