This is an overview of the main legal instruments available to EIOPA under its founding regulation (EU) No 1094/2010.
EIOPA uses these instruments to promote a sound regulatory framework and consistent supervisory practices, as well as the safety and soundness of financial institutions. Ultimately, EIOPA’s objective is to protect the rights of policyholders, pension scheme members and beneficiaries and contribute to strengthening public confidence in the EU’s insurance and occupational pensions sectors. This includes improving the functioning of the internal market and enhancing supervisory convergence across the EU.
The list below of legal instruments does not constitute an exhaustive list of all the legal instruments available to EIOPA.
Abbreviations:
National Competent Authorities: NCAs
|
Legal instruments |
In which context is this instrument used? |
Potential addressees |
|---|---|---|
|
Warning Article 9(3) of the EIOPA Regulation |
Financial activity that poses a serious threat to EIOPA’s objectives to protect the public interest by contributing to the short-, medium- and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. |
NCAs, (individual) financial institutions, general public |
|
Product intervention (temporary prohibitions and restrictions) Article 9(5) of the EIOPA Regulation |
Products, instruments, or activities have the potential to cause significant financial damage to customers or threaten the orderly functioning and integrity of financial markets or stability of whole/part of Union’s financial system |
Financial institutions, NCAs |
|
Technical standards Articles 10 to 15 of the EIOPA Regulation |
EIOPA receives mandates in legislative acts to deliver Regulatory Technical Standard (RTS) and/or Implementing Technical Standards (ITS), which are to ensure consistent harmonisation in specifically set areas |
NCAs, financial institutions |
|
Guidelines Article 16 of the EIOPA Regulation |
Establishing consistent, efficient, and effective supervisory practices; and ensuring common, uniform, and consistent application of Union law |
NCAs, financial institutions |
|
Recommendations Article 16 of the EIOPA Regulation |
Establishing consistent, efficient, and effective supervisory practices; and ensuring common, uniform, and consistent application of Union law |
NCAs, financial institutions |
|
Opinions Article 16a of the EIOPA Regulation |
Share a view on a matter related to EIOPA’s areas of competence |
European Commission, European Parliament, Council of the EU |
|
Breach of Union law Article 17 of the EIOPA Regulation |
Non-application or misapplication of Union law by an NCA |
Individual NCAs, individual financial institution(s) |
|
Mediation Article 19 and Article 31(2)(c) of the EIOPA Regulation (covering binding mediation and non-binding mediation respectively) |
Disputes between NCAs in cross-border situations |
(individual) NCAs, (individual) financial institution(s) |
|
Inquiry Article 22(4) of the EIOPA Regulation |
Detailed assessment of a particular type of financial institution or type of product or type of conduct in view of potential threats to financial stability or consumer protection |
NCAs |
|
Opinions addressed to NCAs Article 29(1)(a) of the EIOPA Regulation |
To address a lack of convergence on supervisory practices which are due to different interpretations of the regulatory framework |
NCAs |
|
Supervisory statements addressed to NCAs Article 29(2) of the EIOPA Regulation |
To address divergent practices in areas where the rules are concretely defined, and divergences are mainly driven by different supervisory practices |
NCAs |
|
Peer reviews Article 30 of the EIOPA Regulation |
Objective assessment and comparison of NCAs activities to further strengthen consistency in supervisory assessments and outcomes, and improve the quality, efficiency, and independence of supervision |
NCAs |
|
Q&As Article 16(b) of the EIOPA Regulation |
Provide guidance on the application of sectoral regulation within EIOPA’s remit |
NCAs, financial institutions, general public |