Common Communications on CP9 and CP10 published
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ESMA advises the European Commission on inducements and costs and charges disclosures
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes its advice to the European Commission (EC) on inducements and costs and charges disclosures under MiFID II.
In the advice, ESMA encourages the EC to conduct further analysis on the topic of inducements, which is key for the protection of investors, and proposes some changes to the regime mainly aimed at improving the clients’ understanding of inducements.
In relation to costs and charges disclosure, ESMA has found that the MiFID II disclosure regime generally works well and that it helps investors make informed investment decisions. However, ESMA advises that some disclosure obligations vis-à-vis eligible counterparties and professional investors are scaled back.
Other elements of the report relate to trading by telephone, the provision of information to clients in a durable medium and to the possibility to create new categories of clients
EIOPA urges insurers and intermediaries to continue to take actions to mitigate the impact of Coronavirus/COVID-19 on consumers
- Access to and continuity of insurance services should be considered essential in the context of the outbreak.
- Insurers and intermediaries are asked to:
- Provide clear and timely information to consumers on contractual rights;
- Treat consumers fairly and be explicit in all communications;
- Inform consumers about contingency measures taken;
- Continue applying product oversight and governance requirements and, where necessary, carry out a product review; and
- Consider the interests of consumers and exercise flexibility in how they are treated, where reasonable and practicable.
The European Insurance and Occupational Pensions Authority (EIOPA) has issued today a statement to insurers and intermediaries, urging them to take steps to mitigate the impact of Coronavirus/COVID-19 on consumers.
While the unprecedented disruption caused by the outbreak has focused insurers’ attention on ensuring business continuity, it is important that consumers continue to be treated fairly. Consumers still rely on insurance during this difficult time and it is essential that insurers continue to provide access to and continuity of service.
EIOPA welcomes initiatives already taken by insurers and intermediaries in recognition of the particular circumstances that consumers find themselves and which may prevent consumers from fulfilling contractual obligations.
Nevertheless, unfair treatment of consumers as a result of disruption to the market is a risk to the entire sector.
With this statement, EIOPA specifically asks insurers and intermediaries to consider a number of different actions, taking into account developments relating to the Coronavirus/COVID-19 outbreak. These include:
- Providing clear and timely information to consumers;
- Keeping consumers informed about contingency measures that have been put in place;
- Continuing to apply product oversight and governance requirements; and
- Exercising flexibility in the treatment of consumers where reasonable and practical.
Whilst highlighting the need for flexibility in the interest of consumers and for their continued fair treatment, EIOPA also highlights that imposing retroactive coverage of claims not envisaged within contracts could create material solvency risks and ultimately threaten policyholder protection.
EIOPA and national supervisory authorities (NSAs) are working collectively to ensure financial stability, market integrity and consumer protection during this time of disruption.
This call to action follows the publication of a statement on actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector; and Recommendations on supervisory flexibility regarding deadlines of supervisory reporting and public disclosure by insurers.
Press release – COVID-19: MEPs to quiz Commissioner Breton on the EU’s response to the outbreak
The way EU countries are implementing the green lane border crossings to ensure that essential goods, such as medical gear and food, reach those who need them the most, the joint purchase of medical supplies and the production of these goods by European companies will be among the issues addressed in the debate with Internal Market Commissioner, Thierry Breton, who will participate remotely in the meeting.
MEPs will also discuss measures to tackle in a coordinated manner malpractices in e-commerce, for instance when products in high demand are being falsified or sold at unreasonably high prices, as well as the use of telecom data in the fight against coronavirus.
Debate: EU response to the COVID-19 outbreak
When: Thursday, 2 April 2020, 10.30 – 11.30
Where: European Parliament, Antall building, room 4Q2, Brussels
Internal Market Committee MEPs will be able to participate remotely. They will have the possibility to view and listen to the proceedings, ask for the floor and intervene in the meeting. The Chair of the Internal Market Committee, Petra De Sutter (Greens/EFA, BE), as well as a few other MEPs, on behalf of the political groups, will be present in the meeting room.
The meeting will also be web-streamed here (Parliament’s Multimedia Centre) and here (Europe by Satellite, EbS+).
Committee Chair Petra De Sutter will hold a press point at 12.30 outside the meeting room under strict social distancing guidelines. She will also record a video statement on the outcome of the meeting, which will be available here.
Information to the media
Journalists are advised not to come in person unless absolutely necessary. If you do, you are requested to respect the standard recommended guidelines on social distancing and hygiene. Please refrain from coming to EP premises if you present any symptoms of a respiratory infection, if you have knowingly been in contact with an infected person in the last 14 days or if you have been to regions with very high transmission rates.
DesignEuropa Awards jury announced
April 01, 2020 About the EUIPO
DesignEuropa Awards jury announced
The members of the prestigious DesignEuropa Awards 2020 jury have been announced.
The DesignEuropa Awards are now in their third edition. The Awards celebrate excellence in design and design management among Registered Community Design (RCD) holders.
The jury is chaired by Päivi Tahkokallio, the president of the Bureau of European Design Associations (BEDA), which represents 47 member associations in 25 European countries. The other 11 jury members are European and international experts in business, design and intellectual property.
Held every two years, the DesignEuropa Awards are already a fixture on the international design award calendar. The Awards have two categories open for nominations and applications – the Industry Award and the Small and Emerging Companies Award.
The third category, the nomination-only Lifetime Achievement Award, is for designers who have had a significant impact on the design profession over the course of a career. This honour was previously won by legendary automotive designer Giorgetto Giugiaro (in 2016) and by the visionary creator of Apple’s first design language, Hartmut Esslinger (in 2018).
The application and nomination period for DesignEuropa 2020 closes on 20 April. Application and nomination is free and can be done easily through the DesignEuropa Awards website (www.designeuropaawards.eu).