The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a letter sent to the Chair of the Council of the EU’s Permanent Representatives Committee (as Coreper II) regarding the legislative proposal to postpone the application date of the Insurance Distribution Directive ((EU) 2016/97) (IDD).
The letter states that ECON supports the postponement of the implementation of the IDD as it is necessary to ‘enhance legal certainty concerning the provisions applicable and to allow for the necessary organisational and technical changes needed to comply with the Delegated Regulations’. They state that they are ready to cooperate concerning the postponement of the transposition date of the IDD by a few months, suggesting 1 July 2018 (although the proposed amending Directive delays the IDD until 1 October), and that they intend to launch a procedure to adopt a recommendation not to object to the adoption of the proposed amending Directive to speed up its entry into force.
View: ECON publishes letter in support of IDD postponement proposal