EU gets sustainable about finance: the new legislation explained

On 24 May 2018, the EU published its first batch of legislative proposals on sustainable finance, the first concrete steps of its bold action plan in this area, published earlier in May. With this action plan, the EU has shown its intent to become a world leader in sustainable finance. With all this recent activity, let’s examine the immediate impacts for t […]

How to assess suitability and appropriateness under the IDD

The Insurance Distribution Directive (IDD), which applies from 1 October 2018, introduces a regime for the selling of insurance-based investment products (IBIPs). Under the IDD, customers’ profiles, including their demands and needs, must be determined, and suitability or appropriateness must be assessed for every IBIP sale (much like what MiFID II requires in […]

The signs that fintech has reached adulthood in 2018

The newness of digital-age fintech seems to have worn off. There is less surprise at the concept of online-only banks, less indignation at robots giving investment advice, less confusion and scepticism over digital ledgers and cryptocurrencies. It’s like we all jumped into a chilly pool, went through a period of shock, and have now gotten used to the temperatu […]

The asset management delegation model: continuity of the entente cordiale?

If I were to come up with a mantra for ESMA it would, beyond the shadow of a doubt, include ‘foster consistency’ and ‘supervisory convergence’, phrases that are invariably mentioned in just about every document or speech made by the Paris-based European Securities and Markets Authority. With this mantra underpinning its actions, last summer ESMA issue […]

Inducements under the IDD (compared to MiFID)

The Insurance Distribution Directive (IDD) is to insurance what MiFID is to investments. It repeals the directive on insurance mediation and regulates specific insurance-based investments, including inducements. It must be transposed into national legislation by 23 February 2018, although the application of the transposition measures adopted by Member States has […]

Three VAT jingles not to miss before year-end

Have you heard this year’s year-end VAT jingles yet? ‘Tis the season of snow, glühwein, and tax rulings! In September we received the long-awaited decisions from the Court of Justice of the European Union (CJEU) on the VAT exemption related to independent groups of persons (IGPs).[1] This confirmed the fears of many following the Commission against Luxe […]