EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

2) A lack of action at EU level will likely result in an increase in the number of cases
of mis-selling of insurance products.
1.5.3. Lessons learned from similar experiences in the past
Sale practices of pure investment products are already regulated by the Market in
Financial Instruments Directive (MiFID), while those substitutable investment-based
insurances will also be regulated in a similar manner at EU level once the IMD 2
proposal is approved. MiFID has resulted in more competition between financial
instruments, more choice for investors and better consumer protection rules.
1.5.4. Coherence and possible synergy with other relevant instruments
The proposed review of the IMD follows the reform programme proposed by the
European Commission in its Communication Driving European Recovery, the
'Europe 2020 Strategy' for smart, sustainable and inclusive growth. It is also coherent
and consistent with the PRIPs initiative, MiFID II proposal and Solvency II.
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