Featured Product

    EIOPA Amends Decision on Cross-Border Supervisory Cooperation in EU

    July 06, 2021

    EIOPA published a report that examines the key financial stability risks in the insurance and pensions sector in EU. The report includes two thematic articles on the impact of insurance stress tests on equity prices and systemic risk and on the potential mitigating role of insurance with respect to the risks of climate change. EIOPA also announced that it amended its Decision on the collaboration of the insurance supervisory authorities of the member states in the European Economic Area. The Decision became applicable from July 01, 2021.

    The amended Decision takes into account the requirements defined in the Solvency II Directive, the recommendations to EIOPA from the Peer Review on Collaboration, and EIOPA’s own experience in the implementation of the previous Decision. In December 2019, the Solvency II Directive had introduced new notifications requirements for national competent authorities in case of an undertaking carrying out cross-border activities in another member state (Article 152a) and defined the regulatory framework for the cooperation platforms (Article 152b) previously established on the basis of the Decision on collaboration. In this context, the amended Decision will further strengthen and enhance the cooperation between the national competent authorities in relation to cross-border activities through:

    • the introduction of three new notifications requirements for national competent authorities: notification in case of intention to authorize an undertaking with cross-border activities, in case an undertaking carrying out cross-border activity shows deteriorating financial conditions or other emerging risks that may have cross-border effects, and in case of serious and reasoned concerns with regard to consumer protection
    • a more active role of EIOPA in the information exchange to allow the identification of potential risks at the earliest possible stage as well as to foster proactive supervision and timely supervisory actions
    • the clarification of the role of national competent authorities and EIOPA in the process of setting up and running cooperation platforms

    The Decision states that supervisory authorities shall perform the notifications and information exchange set out in its Annex by e-mails, until EIOPA develops an appropriate IT tool for this purpose. EIOPA shall provide an e-mail address to the supervisory authorities to enable them to perform the notifications and information exchange. If certain supervisory tasks fall under the competence of other supervisory authorities that are not members of the Board of Supervisors, those supervisory authorities may, subject to approval by the Board of Supervisors, apply this Decision by signing a declaration of commitment, if this contributes to further strengthening cross-border cooperation. EIOPA will continue to monitor the implementation of the Decision and will use its supervisory convergence tools to ensure a consistent application across EU.

     

    Related Links

    Effective Date: July 01, 2021 (Decision)

    Keywords: Europe, EU, Insurance, Financial Stability Report, Stress Testing, Climate Change Risk, Solvency II, Cross Border Cooperation, Supervisory Convergence, EIOPA

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8187