What changed, Directive 2014/65/EU

+ By ►M3 3 July 2017** ◄ **, the Member States shall notify the laws, regulations and administrative provisions transposing paragraphs 1 and 2 to the Commission and ESMA. They shall notify the Commission and ESMA without undue delay of any subsequent amendment thereto.
− By ►M2 3 July 2017** ◄ **, the Member States shall notify the laws, regulations and administrative provisions transposing paragraphs 1 and 2 to the Commission and ESMA. They shall notify the Commission and ESMA without undue delay of any subsequent amendment thereto.
+ By ►M3 3 July 2017** ◄ ** Member States shall notify the laws, regulations and administrative provisions transposing this Article, including any relevant criminal law provisions, to the Commission and ESMA. Member States shall notify the Commission and ESMA without undue delay of any subsequent amen…
− By ►M2 3 July 2017** ◄ ** Member States shall notify the laws, regulations and administrative provisions transposing this Article, including any relevant criminal law provisions, to the Commission and ESMA. Member States shall notify the Commission and ESMA without undue delay of any subsequent amen…
+ 1. Before ►M3 3 March 2020** ◄ ** the Commission shall, after consulting ESMA, present a report to the European Parliament and the Council on:
− 1. Before ►M2 3 March 2020** ◄ ** the Commission shall, after consulting ESMA, present a report to the European Parliament and the Council on:
+ 2. The Commission shall, after consulting ESMA, present reports to the European Parliament and the Council on the functioning of the consolidated tape established in accordance with Title V. The report relating to Article 65(1) shall be presented by ►M3 3 September 2019** ◄ **. The report relating t…
− 2. The Commission shall, after consulting ESMA, present reports to the European Parliament and the Council on the functioning of the consolidated tape established in accordance with Title V. The report relating to Article 65(1) shall be presented by ►M2 3 September 2019** ◄ **. The report relating t…
+ 4. By ►M3 1 January 2019** ◄ ** the Commission shall prepare a report, after consulting ESMA and ACER, assessing the potential impact on energy prices and on the functioning of the energy market as well as the feasibility and the benefits in terms of reducing counterparty and systemic risks and the …
− 4. By ►M2 1 January 2019** ◄ ** the Commission shall prepare a report, after consulting ESMA and ACER, assessing the potential impact on energy prices and on the functioning of the energy market as well as the feasibility and the benefits in terms of reducing counterparty and systemic risks and the …
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− ### Article 91 — Amendments to Directive 2002/92/EC
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− Directive 2002/92/EC is hereby amended as follows:
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− (1) Article 2 is amended as follows:
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− (a) in point 3, the second paragraph is replaced by the following:
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− ‘With the exception of Chapter III A of this Directive, those activities, when undertaken by an insurance undertaking or an employee of an insurance undertaking who is acting under the responsibility of the insurance undertaking shall not be considered to be insurance mediation or insurance distribu…
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− (b) the following point is added:
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− ‘(13) For the purposes of Chapter IIIA, “insurance-based investment product” means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations and shall not include:
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− (a) non-life insurance products as listed in Annex I of Directive 2009/138/EC (Classes of Non-life Insurance);
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− (b) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
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− (c) pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitles the investor to certain benefits;
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− (d) officially recognised occupational pension schemes falling under the scope of Directive 2003/41/EC or Directive 2009/138/EC;
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− (e) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.’;
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− (2) the following chapter is inserted:
− ## ‘*CHAPTER IIIA* / ***Additional customer protection requirements in relation to insurance-Based investment products***
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+ 1. Member States shall adopt and publish, by ►M3 3 July 2017** ◄ **, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those measures.
− 1. Member States shall adopt and publish, by ►M2 3 July 2017** ◄ **, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those measures.
+ Members States shall apply those measures from ►M3 3 January 2018** ◄ ** except for the provisions transposing Article 65(2) which shall apply from ►M3 3 September 2019** ◄ **.
− Members States shall apply those measures from ►M2 3 January 2018** ◄ ** except for the provisions transposing Article 65(2) which shall apply from ►M2 3 September 2019** ◄ **.
+ Directive 2004/39/EC, as amended by the acts listed in Annex III, Part A of this Directive, is repealed with effect from ►M3 3 January 2018** ◄ **, without prejudice to the obligations of the Member States relating to the time-limits for transposition into national law of the Directives set out in A…
− Directive 2004/39/EC, as amended by the acts listed in Annex III, Part A of this Directive, is repealed with effect from ►M2 3 January 2018** ◄ **, without prejudice to the obligations of the Member States relating to the time-limits for transposition into national law of the Directives set out in A…
+ 1. Until ►M3 3 January 2021** ◄ **:
− 1. Until ►M2 3 January 2021** ◄ **:
+ (a) the clearing obligation set out in Article 4 of Regulation (EU) No 648/2012 and the risk mitigation techniques set out in Article 11(3) thereof shall not apply to C6 energy derivative contracts entered into by non-financial counterparties that meet the conditions in Article 10(1) of Regulation (…
− (a) the clearing obligation set out in Article 4 of Regulation (EU) No 648/2012 and the risk mitigation techniques set out in Article 11(3) thereof shall not apply to C6 energy derivative contracts entered into by non-financial counterparties that meet the conditions in Article 10(1) of Regulation (…