Commission Delegated Regulation (EU) 2021/895 of 24 February 2021 supplementing Regulation (EU) 2019/1238 of the European Parliament and of the Council with regard to product intervention (Text with EEA relevance)
Commission Delegated Regulation (EU) 2021/895of 24 February 2021supplementing Regulation (EU) 2019/1238 of the European Parliament and of the Council with regard to product intervention(Text with EEA relevance)THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP)OJ L 198, 25.7.2019, p. 1. and in particular Article 65(9) thereof,Whereas:(1)It is necessary that EIOPA be able to apply clear criteria and factors in determining the existence of a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union. This Regulation further specifies those criteria and factors, including those listed in points (a), (b), (c) and (d) of the second subparagraph of Article 65(9) of Regulation (EU) 2019/1238.(2)It is essential to ensure a consistent approach within the Union whilst permitting appropriate action to be taken by the European Insurance and Occupational Pensions Authority (EIOPA) when unforeseen adverse events or developments occur that are consistent with Article 65(9) of Regulation (EU) 2019/1238. The Commission invited EIOPA to provide technical advice in the field of the pan-European personal pension product (PEPP).(3)The existence of a "threat", which is one of the prerequisites for the intervention by EIOPA in the perspective of the orderly functioning and integrity of financial or commodity markets or stability of the financial system, requires a higher threshold of assessment than the existence of a "significant concern", which is the prerequisite for the intervention by EIOPA so as to ensure investor protection. EIOPA should be able to intervene where at least one of the factors or criteria in this Regulation leads to such a concern or threat.(4)It is also necessary to take into account the specific situation and circumstances of the PEPP provider or PEPP distributor in relation to their potential contribution to concerns or threats of the type envisaged by Article 65(9) of Regulation (EU) 2019/1238,HAS ADOPTED THIS REGULATION: