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THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distributionnote, and in particular Article 25(2), Article 28(4), Article 29(4) and (5) and Article 30(6) thereof,Whereas:
(1)Directive (EU) 2016/97 harmonises national provisions on insurance and reinsurance distribution and empowers the Commission to adopt delegated acts to further specify criteria and practical details as regards conduct of business rules applicable to the distribution of the insurance-based investment products and as regards product oversight and governance requirements for insurance undertakings and insurance distributors. On 21 September 2017, the Commission adopted Delegated Regulation (EU) 2017/2358note and Delegated Regulation (EU) 2017/2359note on the basis of those empowerments.
(2)In order to enable competent authorities and insurance professionals to better adapt to the requirements laid down in the two Delegated Regulations referred to in the first recital, the date of application of those Delegated Regulations should be aligned with the date from which Member States are to apply the measures necessary to comply with Directive (EU) 2016/97, as laid down in Article 42(1) of that Directive,
HAS ADOPTED THIS REGULATION:
Article 1Amendment to Delegated Regulation (EU) 2017/2358#
In Article 13 of Delegated Regulation (EU) 2017/2358, the second paragraph is replaced by the following:‘It shall apply from the date from which Member States are to apply the measures referred to in the first subparagraph of Article 42(1) of Directive (EU) 2016/97.’.
Article 2Amendment to Delegated Regulation (EU) 2017/2359#
In Article 20 of Delegated Regulation (EU) 2017/2359, the second paragraph is replaced by the following:‘It shall apply from the date from which Member States are to apply the measures referred to in the first subparagraph of Article 42(1) of Directive (EU) 2016/97.’.
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