News News Flash - Directive on access to and exercise of insurance and reinsurance activity 03/02/2020

Directive (EU) 2019/2177 of the European Parliament and of the Council, published on 18 December 2019, introduced amendments to Directive 2009/138 / EC on access to the insurance and reinsurance business and its exercise (Solvency II), Directive (EU) 2014/65 on markets in financial instruments (MiFID II) and Directive (EU) 2015/849 on preventing the use of the financial system for the purposes of money laundering or terrorist financing.

The changes introduced in the Solvency II Directive provide, among others, for the possibility, in certain circumstances, that insurance and reinsurance groups use internal models for calculating capital requirements as an alternative to the formula provided for in that Directive.

With regard to MiFID II, data communication service providers are now subject to authorization and supervision by national supervisory authorities with the aim of allowing supervisory authorities to have access to data that enable greater monitoring and control of the functioning of the data. financial markets.

As for the fourth Money Laundering Directive (AML IV), Directive (EU) 2015/849 now provides for the existence of a report prepared by the European Commission that will be made available to Member States and obliged entities in order to identify, better understand , manage and mitigate the risks of money laundering and terrorist financing.

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