GDV on MiFID II: Scattered regulation

The German Insurance Association (GDV) has criticized the decision of the European Union (EU) to update the rules for insurance mediation by way of the new Markets in Financial Instruments Directive, MiFID II. “With the revision of the Insurance Mediation Directive, IMD 1, there is already a comparable legislative project for the insurance market at EU level,” emphasized GDV Chief Managing Director Jörg von Fürstenwerth. “A more coordinated regulation would have been desirable”.

On 14th january, the trialogue parties (European Parliament, Council and European Commission) agreed on the key parameters for the new MiFID II, which regulates the distribution of investment funds, bonds and derivative instruments by banks and securities companies. At the same time, the trialogue parties also approved a change in the Insurance Mediation Directive, IMD I, which is thus also supposed to contain elements from MiFID II. IMD I is in turn to be replaced by IMD II, currently slated for 2016.

In the view of GDV, the bridging solution chosen will lead to an additional burden for businesses and intermediaries. “The procedure makes the implementation of the rules unnecessarily complex and expensive”, von Fürstenwerth stated.

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>> All articles tagged with “Europe” Karsten Röbisch
Phone: (+49) 30 – 2020 – 5187
Mail: k.roebisch@gdv.de