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Other Regulation Affecting the Advice Process (EU Directives (General…
Other Regulation Affecting the Advice Process
Data Protection Act 1998
Terminology
Date Subject
Individual
Personal data
Identification
Sensitive personal data
Processing
Data controller
Organisation/employer
Data processor
Data Protection Principles
Data fairly and lawfully processed with consent
Lawfully obtained data
Relevant data processed
Accurate and up to date data
Data kept for no longer than necessary
Rights of data subjects
Data must remain secure
Not transferred outside EEA unless complies rules
Information Commissioner
Powers to enforce
Serve information notices
Issue undertakings
Serve enforcement notices
Conduct consensual assessments
Serve assessment notices
Issue monetary notices
Prosecute
Report to parliment
The General Data Protection Regulation
Right to be forgotten
Easier access to personal data
Transfer data
Confirm hacked data
Implement data protection early
4% global annual turnover fine
The Pensions Regulator (TPR)
Products Covered
Direct pay arrangement personal pensions
Employer pay pension provider
Work-based pensions schemes
Powers
Investigating schemes
Putting things right
Acting against aviodance
Pension Protection Fund (PPF)
Private sector defined benefit scheme
Insolvent firm
Compensation levels evaluated
EU Directives
Electronic Money Regulations 2011
Prudential standards for electronic money issuers
Investment Services Directive (ISD)
Investment firms operate in different EU states
Markets in Financial Instruments Directive (MiFID)
Scope
Shares
Bonds
Collective investment units
Derivatives
Objectives
Competition/consumer protection
Conduct of business
Organisation
Market transparency
Activities
Non-core activities
Do not hold client money
Not MiFD applicable
No cross-border business on single home state authorisation
Core activities
Single home state authorisation
Operate throughout EEA
MiFD II
Reforms
Conduct of business rules
Transparency
Development in market structures
Organisational requirements
Commodity derivatives
High-frequency trading
Trade reporting
Transaction reporting
UCITS legislation
Collective Investments
Free circulation in EU
Consolidated Life Directive 2002
Regulation of life assurance in EU
General Insurance
Second Non-life Council Directive
Supply insurance in another state
Without branch in other state.
Third Non-life Council Directive
Head office in member state
Establish branches in state
Directive on Insurance Mediation (IMD)
Sales standards of insurance brokers/intermediaries in EU
Insurance Distribution Directive
Extension of the scope of IMD
Enhanced professionalism requirements
Conduct of business rules
Mandatory disclosures
Requirements for a standardised 'insurance product information doc.
Stricter requirements
Additional information requirements
Simplified cross-border entry to EU insurance makets
Oversight Groups
Auditors
External auditors
Internal auditors
Trustees
Compliance officers