BETA

24 Amendments of Astrid LULLING related to 2011/0298(COD)

Amendment 231 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 450 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 555 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 563 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 603 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 683 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 689 #
Proposal for a directive
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:
2012/05/15
Committee: ECON
Amendment 692 #
Proposal for a directive
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;
2012/05/15
Committee: ECON
Amendment 700 #
Proposal for a directive
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,
2012/05/15
Committee: ECON
Amendment 704 #
Proposal for a directive
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,
2012/05/15
Committee: ECON
Amendment 706 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 3
major execution venues, and
2012/05/15
Committee: ECON
Amendment 713 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 4
– costs and associated charges where relevant.
2012/05/15
Committee: ECON
Amendment 719 #
Proposal for a directive
Article 24 – paragraph 5
5. When the investment firm informs the client that investment advice is provided on an independent basis, the firm: (i) shall assess a sufficiently large number of financial instruments available on the market. The financial instruments should be diversified with regard to their type and issuers or product providers and should not be limited to financial instruments issued or provided by entities having close links with the investment firm, (ii) shall not accept or 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 clients.deleted
2012/05/15
Committee: ECON
Amendment 767 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 777 #
Proposal for a directive
Article 24 – paragraph 7
7. When an investment service is offered together with another service or product as part of a package or as a condition for the same agreement or package, the investment firm shall inform the client whether it is possible to buy the different components separately and shall provide for a separate evidence of the costs and charges of each component. ESMA shall develop by [] at the latest, and update periodically, guidelines for the assessment and the supervision of cross- selling practices indicating, in particular, situations in which cross-selling practices are not compliant with obligations in paragraph 1.deleted
2012/05/15
Committee: ECON
Amendment 798 #
Proposal for a directive
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:
2012/05/15
Committee: ECON
Amendment 802 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
(i)1. shares admitted to trading on a regulated market or on an equivalent third- country market, or on a MTF, where these are shares in companies, and excluding shares in non-UCITS collective investment undertakings and shares that embed a derivative;
2012/05/15
Committee: ECON
Amendment 808 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
(ii)2. bonds or other forms of securitised debt, admitted to trading on a regulated market or on an equivalent third country market or on a MTF, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involvfor which a prospectus has been issued;
2012/05/15
Committee: ECON
Amendment 811 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
(iii)3. money market instruments, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved;
2012/05/15
Committee: ECON
Amendment 823 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv)4. shares or units in UCITS excluding structured UCITSor AIF as rdeferred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010ined in Directive 2011/61/EU where they are offered to retail investors;
2012/05/15
Committee: ECON
Amendment 827 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
(v)5. other non-complexsimilar financial instruments listed and traded on a regulated market or MTF for which a prospectus has been issued, for the purpose of this paragraph .
2012/05/15
Committee: ECON
Amendment 837 #
Proposal for a directive
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). .
2012/05/15
Committee: ECON
Amendment 879 #
Proposal for a directive
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.
2012/05/15
Committee: ECON
Amendment 1295 #
Proposal for a directive
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;
2012/05/15
Committee: ECON