Non-bank financial institutions: assessment of their impact on the stability of the financial system


EMIR  Issues include: Posting of non-cash collateral with CCPs; Intra-group transactions; Level playing field  with IORPs.  AIFMD/UCITS



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EMIR 
Issues include: Posting of non-cash collateral with CCPs; Intra-group transactions; Level playing field 
with IORPs. 
AIFMD/UCITS 
See separate comments under regulation relevant to asset managers. 


4
 
│ 
Regulatory overview 
 
 
 
 
 
 
 
 
37 
 
IFRS 
Substantial issues include IAS 39/IFRS9 (hedge accounting) and accounting for insurance contracts. 
Liabilities - dealing with customers 
A major wave of consumer legislation is coming over the horizon and is likely to affect the type of 
products that are “sold” to consumers and thus what they buy. If consumers turn out to be risk 
averse, insurers will need to change their asset allocation to match the new characteristics of their 
liabilities. 
Insurance Mediation directive (IMD II) 
Commissioner Barnier on the revision of the Insurance Mediation Directive: “Despite the single 
passport for insurers and intermediaries, we face the challenge of a highly fragmented European 
insurance market. We must strengthen and harmonise the rules on consumer protection. The 
revision of the Insurance Mediation Directive, which we expect to submit in early 2012, should 
facilitate cross-border trade, enhance consumer confidence and improve the stability of the financial 
markets. 
The revision of this Directive will level the playing field between the various sellers of insurance 
products: not only insurance undertakings, but also banks, brokers, car hire firms and travel agents. 
The Directive will also give a European passport to those providing specific services linked to 
insurance, such as claims assessments. 
The new Directive will also bring significant improvements to consumer protection standards, 
particularly where sales of life assurance products combined with packaged retail investment 
products (PRIPs) are concerned." 

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