Activities of Josef WEIDENHOLZER related to 2012/0169(COD)
Plenary speeches (1)
Key information documents for investment products (debate)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on key information documents for investment products
Amendments (27)
Amendment 13 #
Proposal for a regulation
Recital 1
Recital 1
(1) Retail investors are increasingly offered a wide variety of different types of investment products when they consider making an investment. These products oftenshould provide specific investment solutions, tailored to the needs of retail investors, but. However they are frequently complex and difficult to understandexcessively complex and incomprehensible. Existing disclosures to investors for such investment products are uncoordinated and often fail to aid retail investors compare between the different products, and in comprehending their features. As a consequence, retail investors havIn addition, retail investors are not informed of certain major risks. As a consequence of inadequate or inaccurate information, they have therefore often made investments with risks and costs that were not fully understood by those investorsthey could not have fully understood, and have thereby on occasion suffered unforeseen losses.
Amendment 14 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Banking and investment products should be presented in a clear, straightforward and comprehensible manner. Complexity is not a hallmark of quality and frequently serves to conceal risks or secondary effects. Retail investment products should therefore be made less complex.
Amendment 15 #
Proposal for a regulation
Recital 3
Recital 3
(3) Different rules that vary according to the industry that offers the investment products and national regulation in this area create an un-level playing field between different products and distribution channels, erecting additional barriers to a Single Market in financial services and products. Member States have already taken divergent and uncoordinated action to address shortcomings in investor protection measures and it is likely thatinadmissible for this development wouldto continue. Divergent approaches to investment product disclosures impede the development of a level playing field between different investment product manufacturers and those selling these products and thus distort competition. It would also create an uneven level of investor protection with the Union. Such divergences represent an obstacle to the establishment and smooth functioning of the Single Market. Consequently, the appropriate legal basis is Article 114 TFEU, as interpreted in accordance with the consistent case law of the Court of Justice of the European Union.
Amendment 16 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 18 #
Proposal for a regulation
Article 2 – subparagraph 1
Article 2 – subparagraph 1
This Regulation shall apply to the manufacturing and selling of all savings and investment products offered to retail investors.
Amendment 19 #
Proposal for a regulation
Article 2 – subparagraph 2 – point a
Article 2 – subparagraph 2 – point a
Amendment 20 #
Proposal for a regulation
Article 2 – subparagraph 2 – point b
Article 2 – subparagraph 2 – point b
Amendment 21 #
Proposal for a regulation
Article 2 – subparagraph 2 – point c
Article 2 – subparagraph 2 – point c
Amendment 22 #
Proposal for a regulation
Article 2 – subparagraph 2 – point d
Article 2 – subparagraph 2 – point d
Amendment 24 #
Proposal for a regulation
Article 5 – subparagraph 1
Article 5 – subparagraph 1
The investment product manufacturer shall draw up a key information document in accordance with the requirements laid down in this Regulation for each investment product it produces and shall publish the document on a website of its choicen accessible website with which retail investors are familiar before the investment product can be sold to retail investorsthem.
Amendment 26 #
Proposal for a regulation
Article 6 – paragraph 3 – point a a (new)
Article 6 – paragraph 3 – point a a (new)
(aa) informative in so far as it contains specific figures;
Amendment 27 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) in a section entitled “What’s in it for the intermediary?” clear information regarding intermediaries’ fees and commissions;
Amendment 28 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point v
Article 8 – paragraph 2 – point b – point v
v) the term and rescindability of the investment product, if known;
Amendment 30 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled "What are the risks and what might I get back?", the risk and reward profile of the investment product, including a summary indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicator; the risks shall be set out clearly and comprehensibly using layman’s terms;
Amendment 31 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled "What are the costs?", the costs associated with an investment in the investment product, comprising both direct and indirect costs to be borne by the investor, including summary indicators of these costs and how they affect returns;
Amendment 34 #
Proposal for a regulation
Article 9 – subparagraph 1
Article 9 – subparagraph 1
Marketing communications that contain specific information relating to the investment product shall not include any statement that contradicts the information contained in the key information document or diminishes the significance of the key information document. Marketing communications shall indicate that a key information document is available and supply information on how to obtain it. Marketing communications shall indicate the existence of risks relating to investment products.
Amendment 36 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A person selling an investment product to retail investors shall providgive them with the key information document in good time before the conclusion of a transaction relating to the investment productwhen investment advice is first provided. The key information document shall be placed in the hands of retail investors directly and unequivocally when the product is first presented.
Amendment 37 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 38 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The person selling an investment product shall provide the key information document to retail investors immediately and free of charge.
Amendment 39 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. However, where the key information document is provided using a durable medium other than paper or by means of a website, a paper copy shall be provided to retail investors upon request and free of charge.
Amendment 40 #
Proposal for a regulation
Article 13 – paragraph 5 – point a
Article 13 – paragraph 5 – point a
(a) the provision of the key information document by means of a website is appropriate in the context of the business conducted between the person selling an investment product and the retail investor; and
Amendment 41 #
Proposal for a regulation
Article 13 – paragraph 5 – point b
Article 13 – paragraph 5 – point b
(b) the retail investor has explicitly consented to the provision of the key information document by means of a website; and
Amendment 42 #
Proposal for a regulation
Article 13 – paragraph 5 – point c
Article 13 – paragraph 5 – point c
(c) the retail investor has been notified electronically of the address of the website, and the place on the website where the key information document can be accessed; and
Amendment 43 #
Proposal for a regulation
Article 13 – paragraph 5 – point d
Article 13 – paragraph 5 – point d
(d) where the key information document has been revised in accordance with Article 10 all revised versions shall also be made available to the retail investor; and
Amendment 44 #
Proposal for a regulation
Article 13 – paragraph 5 – point e
Article 13 – paragraph 5 – point e
(e) it is ensured that the key information document remains accessible on the retail investor’s website for any such period ofand at any point in time as the retail investor may reasonably need to consult it. The retail investor shall be informed immediately and in person of any modification affecting the accessibility of the key information document.
Amendment 45 #
Proposal for a regulation
Article 13 – paragraph 6
Article 13 – paragraph 6
6. For the purposes of paragraph 4 and 5, the provision of information using a durable medium other than paper or by means of a website shall be regarded as appropriate in the context of the business conducted between the person selling an investment product and the retail investor, if there is evidence that the retail investor has regular access to the Internet. The provision by the retail investor of an e- mail address for the purposes of that busexpress agreement of the retail invesstor shall be regarded as such evidence.
Amendment 48 #
Proposal for a regulation
Article 22 – subparagraph 1
Article 22 – subparagraph 1
Sanctions and measures imposed for the breaches referred to in Article 19(1) shall be disclosed to the public without undue delay including at least information on the type of breach of this Regulation and the identity of those responsible for it, unless such disclosure would seriously jeopardise the financial markets.