[ParlTrack]

Proposal for a regulation
Article 8 – paragraph 1 – introductory part

1. The ~~title ‘Key Information D~~content of the key investor disclosure document’ shall ~~appear prominently at the top of the first page of the key information document. An explanatory statement shall appear directly underneath the title. It shall read:~~be presented in the order as set out in the following paragraphs.

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2

2. The ~~key information document shall contain the following information: (a) under a section at the beginning of the docume~~title "Key investor disclosure" shall appear prominently at the top of the first page of the document. (a) An explanatory statement shall appear directly underneath the title. It shall read: 'This document provides you with Key investor disclosure about this product. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this product. You are advised to read it so you can make an informed decision about whether to invest'. (b) The identification of the product, including where relevant, the name of the investment product and identity of the investment product manufacturer; (b) under a section titled "What is this investment?", the nature and main features of the investment product, including share class or investment compartment thereof, shall be stated prominently. The complete denomination of the product be prominently presented. Where a code number identifying the product exists it shall be part of the denomination (c) The name of the asset manager responsible for the management of the product shall be stated. (d) In addition, in cases where the management company forms part of a group of companies for legal, administrative or marketing purposes, the name of that group may be stated. Corporate branding may be included provided it does not hinder an investor in understanding the key elements of the investment or diminish his ability to compare investment products. (e) A section of the Key investor disclosure document shall contain a description of 'Objectives and investment policy' at a minimum the information shall cover where relevant: (i) the type of the investment product; (ii) its objectives and the means for achieving them; (iii) an indication of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achieved; (iv) where the investment product offers insurance benefits, details of these insurance benefits; (v) the term of the investment product, if known; (vi) performance scenarios, if this is relevant having regard to the nature of the product; (cf) ~~under a~~A section ~~titled "Could I lose money?", a brief indication of wh~~of the Key investor disclosure document shall contain 'Risk and reward profile' the content of which shall be dether loss of capital is possible, including (i) any guarantees or capital protection provided, as well as any limitations to these; (ii) whether the investment product is covered by a compensation or guarantee scheme; (d) under a section titled "What is it for?" an indication of the recommended minimum holding period and the expected liquidity profile of the product including the possibility and conditions for any disinvestments before maturity, having regard to the risk and reward profile of the investment product and the market evolution it targets; (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; (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; (g) under a section titled "How has it done in the past?", the past performance of the investment product, if this is relevant having regard to the nature of the product and the length of its track record; (h) for pension products, under a section titled "What might I get when I retire?", projections of possible future outcomes.mined by ESMA in a regulatory technical standard. This section shall where relevant address the following items: (i) any guarantees or capital protection provided, as well as any limitations to these; (ii) whether the investment product is covered by a compensation or guarantee scheme; (g) A section of the Key investor disclosure document shall discloses 'Charges' where fees, commission to paid are disclosed to the client, ESMA shall develop regulatory technical standards whereas the content and design of the relevant information. (h) A section of the Key investor disclosure document shall disclose 'Past performance' of the products where it is created for at least 12 months, ESMA shall develop regulatory technical standards whereas the content, required minimum historical performance and design. (i) A section of the Key investor disclosure document shall discloses 'Practical information' ESMA shall develop regulatory technical standards whereas the content and scope of the required information. (j) Authorisation details shall consist of the following statement: 'This product is authorised in [name of Member State] and regulated by [identity of competent authority]' where it applies. (k) Information on publication shall consist of the following statement: 'This Key investor disclosure is accurate as at [the date of publication]

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point a

~~(a) under a section at the beginning of the document, the name of the investment product and identity of the investment product manufacturer;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b

(b) under a section titled ‘What is this investment?’, the nature and main features of the investment product, including (i) the type of the investment product; (ii) its objectives and the means for achieving them; (iii) an indication of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achieved; (iv) where the investment product offers insurance benefits, details of these insurance benefits; (v) the term of the investment product, if known; (vi) performance scenarios, if this is relevant having regard to the nature of the product;deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point i

~~i) the type of the investment product;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point ii

~~(ii) its objectives and the means for achieving them;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii

(iii) an indication of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achieved;deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv

~~(iv) where the investment product offers insurance benefits, details of these insurance benefits;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point v

~~(v) the term of the investment product, if known;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi

~~(vi) performance scenarios, if this is relevant having regard to the nature of the product;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point c

(c) under a section titled ‘Could I lose money?’, a brief indication of whether loss of capital is possible, including (i) any guarantees or capital protection provided, as well as any limitations to these; (ii) whether the investment product is covered by a compensation or guarantee scheme;deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point c – point i

~~(i) any guarantees or capital protection provided, as well as any limitations to these;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii

~~(ii) whether the investment product is covered by a compensation or guarantee scheme;~~deleted

2013/02/20
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point d

(d) under a section titled ‘What is it for?’ an indication of the recommended minimum holding period and the expected liquidity profile of the product including the possibility and conditions for any disinvestments before maturity, having regard to the risk and reward profile of the investment product and the market evolution it targets;deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
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;deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
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;deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 2 – point g

(g) under a section titled ‘How has it done in the past?’, the past performance of the investment product, if this is relevant having regard to the nature of the product and the length of its track record;deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 3

~~3. The investment product manufacturer may only include other information where it is necessary for the retail investor to take an informed investment decision about a specific investment product.~~deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 4

4. The information referred to in paragraph 2 shall be presented in a common format including the common headings and following the standardised order set out in paragraph 2, so as to allow for comparison with the key information document for any other investment product. The key information document shall prominently display a common symbol to distinguish the document from other documents.deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 5

~~5. The Commission shall be empowered to adopt~~ delegated acts in accordance with Article 23 specifying the details of the presentation and the content of each of the elements of information referred to in paragraph 2, the presentation and details of the other information the product manufacturer may include within the key information document as referred to in paragraph 3, and the details of the common format and the common symbol referred to in paragraph 4. The Commission shall take into account the differences between investment products and the capabilities of retail investors as well as the features of investment products that allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future.

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6

6. The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft regulatory standards to determine: (a) the methodology underpinning the presentation of risk and reward as referred to in point (e) of paragraph 2 of this Article and (b) the calculation of costs as referred to in point (f) of paragraph 2 of this Article. The draft regulatory technical standards shall take into account the different types of investment products. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by […]. Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1

The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft regulatory standards to determine: (a) the methodology underpinning the presentation of risk and reward as referred to in point (e) of paragraph 2 of this Article and (b) the calculation of costs as referred to in point (f) of paragraph 2 of this Article.deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1 – point a

~~(a) the methodology underpinning the presentation of risk and reward as referred to in point (e) of paragraph 2 of this Article an~~deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1 – point b

~~(b) the calculation of costs as referred to in point (f) of paragraph 2 of this Article.~~deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2

The draft regulatory technical standards shall take into account the different types of investment products. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by […].deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 3

Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2013/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 13 a (new)

Article 13 a Investment product manufacturers and persons selling investment products shall communicate the key information document of the investment product to the competent authority of the Member States where the investment product is marketed, distributed or sold. The competent authority shall ensure that investment firms establish the necessary procedural steps to ensure compliance of the content laid down in the key information document with the provisions of the chapter II of this Regulation prior to the marketing distribution or sale of the investment product.

2013/02/15
Committee: ECON

27 Amendments of Astrid LULLING related to 2012/0169(COD)

ParlTrack - 2011-2024