This document is an excerpt from the EUR-Lex website
Document 52013XX0406(02)
Executive summary of the Opinion of the European Data Protection Supervisor on proposals for a directive on insurance mediation, a directive amending certain provisions of Directive 2009/65/EC on the coordination of laws, regulations and administrative sanctions relating to undertakings for collective investment in transferable securities and a regulation on key information documents for investment products
Executive summary of the Opinion of the European Data Protection Supervisor on proposals for a directive on insurance mediation, a directive amending certain provisions of Directive 2009/65/EC on the coordination of laws, regulations and administrative sanctions relating to undertakings for collective investment in transferable securities and a regulation on key information documents for investment products
Executive summary of the Opinion of the European Data Protection Supervisor on proposals for a directive on insurance mediation, a directive amending certain provisions of Directive 2009/65/EC on the coordination of laws, regulations and administrative sanctions relating to undertakings for collective investment in transferable securities and a regulation on key information documents for investment products
IO C 100, 6.4.2013, p. 12–13
(BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
6.4.2013 |
EN |
Official Journal of the European Union |
C 100/12 |
Executive summary of the Opinion of the European Data Protection Supervisor on proposals for a directive on insurance mediation, a directive amending certain provisions of Directive 2009/65/EC on the coordination of laws, regulations and administrative sanctions relating to undertakings for collective investment in transferable securities and a regulation on key information documents for investment products
(The full text of this Opinion can be found in English, French and German on the EDPS website: http://www.edps.europa.eu)
2013/C 100/05
1. Introduction
1.1. Consultation of the EDPS
1. |
On 3 July 2012, the Commission adopted a proposal for a directive on insurance mediation (hereafter ‘the IM directive’), a proposal for a directive amending certain provisions of Directive 2009/65/EC on the coordination of laws, regulations and administrative sanctions relating to undertakings for collective investment in transferable securities (hereafter ‘the UCITS directive’) and a proposal for a regulation on key information documents for investment products (hereafter ‘the KID regulation’). These proposals were sent to the EDPS for consultation on 5 July 2012. |
2. |
The EDPS welcomes the fact that he is consulted by the Commission and recommends that a reference to this Opinion is included in the preambles of the proposed legal instruments. |
3. |
Comparable provisions to the ones referred to in this Opinion are present in several pending and future proposals, such as those discussed in the EDPS Opinions on the legislative package on the revision of the banking legislation, credit rating agencies, markets in financial instruments (MIFID/MIFIR) and market abuse (1). Therefore, this Opinion should be read in close conjunction with the EDPS Opinions of 10 February 2012 on the abovementioned initiatives. |
4. |
The two proposed directives and the proposed regulation will affect the rights of individuals relating to the processing of their personal data in different ways as they deal with the investigatory powers of competent authorities including access to existing telephone records and traffic data, databases, publication of administrative sanctions including the identity of those responsible and the reporting of breaches (so-called ‘whistle blowing schemes’). |
5. |
As the issues discussed in this Opinion have been discussed in past EDPS Opinions in the financial area, the EDPS intends to publish guidelines on these and other issues concerned in order to give guidance on how do deal with data protection issues in future Commission proposals in this area. |
1.2. Objectives and scope of the proposals
6. |
The Commission states that strong, well-regulated retail markets that place the best interests of consumers at their heart are necessary for consumer confidence and economic growth in the medium and longer term. Specifically, according to the Commission, the abovementioned legislative proposals introduce new, consumer-friendly standards for information about investments, raise standards for advice, and tighten certain rules on investment funds to ensure their safety. |
3. Conclusions
34. |
The EDPS recommends:
|
Done at Brussels, 23 November 2012.
Giovanni BUTTARELLI
Assistant European Data Protection Supervisor
(1) EDPS Opinions of 10 February 2012, available at: http://www.edps.europa.eu/EDPSWEB/edps/Consultation/Opinions