24 Amendments of Astrid LULLING related to 2011/0298(COD)
Amendment 231 #
Proposal for a directive
Recital 13
Recital 13
(13) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out as a result of an execution of an order with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 450 #
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 2 a (new)
Article 3 – paragraph 1 – subparagraph 2 a (new)
The present requirement is not applicable to products that are already subject to investor protection requirements pursuant to a dedicated regime such as but not limited to UCITS.
Amendment 555 #
Proposal for a directive
Article 16 – paragraph 7 – subparagraph 1
Article 16 – paragraph 7 – subparagraph 1
Records shall include the recording of telephone conversations or electronic communications involving, at least, transactions concluded when dealing on own account and client orders when the services of reception and transmission of orders and execution of orders on behbetween eligible counterparties. Member States may choose to apply equivalent requirements with professionalf of clients are providedr retail clients.
Amendment 563 #
Proposal for a directive
Article 16 – paragraph 7 – subparagraph 2
Article 16 – paragraph 7 – subparagraph 2
Records of telephone conversation or electronic communications recorded in accordance with sub-paragraphs 1 shall be provided to the clients involved upon request and 2 shall be kept for a period of three years.
Amendment 603 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. An investment firm that provides direct electronic access to a trading venue shall have in place effective systems and controls which ensure a proper assessment and review of the suitability of persons using the service, that persons using the service are prevented from exceeding appropriate pre set trading and credit thresholds, that trading by persons using the service is properly monitored and that appropriate risk controls prevent trading that may create risks to the investment firm itself or that could create or contribute to a disorderly market or be contrary to Regulation (EU) No [MAR] or the rules of the trading venue and shall monitor the ratio of orders placed to orders executed. The investment firm shall ensure that there is a binding written agreement between the firm and the person regarding the essential rights and obligations arising from the provision of the service and that under the agreement the firm retains responsibility for ensuring trading using that service complies with the requirements of this Directive, the Regulation (EU) No [MAR] and the rules of the trading venue.
Amendment 683 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. Member States shall ensure that where investment firms design investment products or structured deposits for sale to retail clients those products are designed to meet the needs of an identified target market within the relevant category of clients and that the investment firm takes reasonable steps to ensure that the investment product is marketed and distributed to clients within the target group, unless the product is designed according to a specific client demand.
Amendment 689 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – introductory part
Article 24 – paragraph 3 – subparagraph 1 – introductory part
Appropriate information shall be provided in a comprehensible form to clients or potential clients at the most appropriate time, taking into account the specificities of the client, about:
Amendment 692 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 1
Article 24 – paragraph 3 – subparagraph 1 – indent 1
– the investment firm and its services; when investment advice is provid and where more detailed, information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the investment firm will provide the client with the on-going assessment of the suitability of the financial instruments recommended to clients,may be available and how to obtain it;
Amendment 700 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 1 a (new)
Article 24 – paragraph 3 – subparagraph 1 – indent 1 a (new)
– the typology of products it proposes and if they are managed by an entity of the same group, in such case it shall identify those products,
Amendment 704 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 2
Article 24 – paragraph 3 – subparagraph 1 – indent 2
– financial instruments and proposed investment strategies; this should include appropriate guidance on and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies, whether the service or product may be subject to third parties monetary or non-monetary payment,
Amendment 706 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 3
Article 24 – paragraph 3 – subparagraph 1 – indent 3
– major execution venues, and
Amendment 713 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 4
Article 24 – paragraph 3 – subparagraph 1 – indent 4
– costs and associated charges where relevant.
Amendment 719 #
Proposal for a directive
Article 24 – paragraph 5
Article 24 – paragraph 5
Amendment 767 #
Proposal for a directive
Article 24 – paragraph 6
Article 24 – paragraph 6
6. When providing portfolio management the investment firm shall not accept ordisclose on a specific or general manner when it may receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clifrom third parties and where and how clients can have detailed information about such payments.
Amendment 777 #
Proposal for a directive
Article 24 – paragraph 7
Article 24 – paragraph 7
Amendment 798 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – introductory part
Article 25 – paragraph 3 – subparagraph 1 – introductory part
Member States shall allow investment firms when providing investment services that only consist of execution or the reception and transmission of client orders with or without ancillary services , with the exclusion of the ancillary service specified in Section B (1) of Annex 1 , to provide those investment services to their clients without the need to obtain the information or make the determination provided for in paragraph 2 where all the following conditions are met:
Amendment 802 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Amendment 808 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Amendment 811 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Amendment 823 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Amendment 827 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Amendment 837 #
Proposal for a directive
Article 25 – paragraph 7
Article 25 – paragraph 7
7. ESMA shall develop by [18 months] at the latest, and update periodically, guidelinetechnical standards for the assessment of financial instruments referred to in paragraph 3 that embed derivatives or incorporatinge a structure whichthat makes it difficult for the clienthighly complex for a retail investor to understand, the risk involvedo determine which among those could fall under the scope of the regime referred to in that paragraph with the exception of UCITS. In its assessment, ESMA shall take into account whether complexity in eaccordance withh of these products reduces risk to investors, as compared to products in paragraph 3 (a). .
Amendment 879 #
Proposal for a directive
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Member States shall require that investment firms andor market operators operating an MTF or an OTF establish and maintain effective arrangements and procedures, relevant to the MTF or OTF, for the regular monitoring of the compliance by its users or clients with their rules. Investment firms and market operators operating an MTF or an OTF shall monitor the transactions undertakenorders placed and transactions executed and order cancelled by their users or clients under their systems in order to identify breaches of those rules, disorderly trading conditions or conduct that may involve market abuse.
Amendment 1295 #
Proposal for a directive
Annex 1 – Section A – point 9
Annex 1 – Section A – point 9
(9) Safekeeping and administration of financial instruments for the account of retail clients, including custodianship and related services such as cash/collateral management, when these services are offered as the principal service to clients;