Topics

1. Regulatory Change & Compliance
2. Sustainability
3. Risk Culture & Governance
4. Financial Crime
5. Data

Regulatory Change & Compliance

Focus areas : Brexit - Consumer protection – PRIIPs – Regulatory Outlook

• EIOPA's Annual Report 2021
• The Commission publishes a delegated regulation that postpones the application date of certain PRIIPs-related disclosures
• EIOPA published a consultation paper, seeking input on supervisory statement on differential pricing practices
  
• Impact Assessment of supervisory statement on differential pricing practices
• New status of "subagent in training”
• Publication of sectoral reports on compliance with MiFID: The suitability assessment
  
• Publication of sectoral reports on compliance with MiFID: The appropriateness assessment
  
• Publication of sectoral reports on compliance with MiFID: Product governance
  
• Extension of the definition of PCP in the area of credit starting on 1 August 2022
  
• Supervisory statement on exclusions in insurance products related to risks arising from systemic events
  
• EIOPA's warning to address issues with high remuneration and conflicts of interest in relation to the sale of credit protection insurance
  

Sustainability

Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …

• ESA's clarifications on key areas of the RTS under SFDR
• Report on the extent of voluntary disclosure of principal adverse impact under the SFDR
• EIOPA's Application guidance on climate change materiality assessments and climate change scenarios in ORSA
• EIOPA's Feedback Statement following the Consultation Paper "Application guidance on running climate change materiality assessment and using climate change scenarios in the ORSA"
• Climate Risks in the Financial System: An Overview of Channels, Impact and Heterogeneity
• Consultation paper to propose guidance for (Re)insurance Undertakings on Climate Change Risk
  
• IOSCO discusses sustainability reporting standards
  
• Feedback statement - public consultation on draft Guidelines on integrating the customer sustainability preferences in the suitability assessment under the Insurance Distribution Directive (IDD)
  
• Guidance on the integration of sustainability preferences in the suitability assessment under the Insurance Distribution Directive (IDD)
  
• Assuralia and Febelfin's view on the new IDD and MiFID II sustainability rules that will come into force as of August 2, 2022

Risk Culture & Governance

Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II

• Solvency II: Council agrees its position on updated rules for Solvency II
• EIOPA issues staff papers related to the Insurance Recovery and Resolution Directive (IRRD) proposal
• EIOPA publishes peer review on outsourcing

Financial Crime

Focus areas: AML/CFT - Financial Crime - Fraud

• Joint ESAs Report on the withdrawal of authorisation for serious breaches of AML/CFT rules
• EBA's Guidelines on the role, tasks and responsibilities of AML/CFT compliance officers
  
• Update of the Communication on the annual activity report of the AMLCO
  
• Newsletter for the AML compliance officers
  
• IOMFSA Life Insurance Sector Report (AML/CFT) Preventing Financial Crime - Analysis of firms’ data (2018, 2019, 2020) / Life insurers
  

Data

Focus areas: Cyber – Data Privacy – Technology / Data / Innovation – Information and Communication Technology – Open insurance

• Feedback Statement following a discussion and consultation paper on Open Insurance: accessing and sharing insurance-related data

The Ensur Insurance Regulatory Watch is not intended to serve as legal advice and is provided for informational purposes only. It is not intended to form the basis of any decisions and you should not rely on its content for any purposes whatsoever.