137 Amendments of Joëlle MÉLIN related to 2017/0143(COD)
Amendment 25 #
Proposal for a regulation
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The Committee on Employment and Social Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to propose rejection of the Commission proposal.
Amendment 26 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATIONDIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on a pan-European Pminimum requirements for personal Ppension Pproduct (PEPP)s (Text with EEA relevance) (This amendment applies throughout the text.)
Amendment 28 #
Proposal for a regulation
Recital 1
Recital 1
(1) EU households are amongst the highest savers in the world, but the bulk of these savings are held in bank accounts with short maturities. More investment into capital markets can help meet the challenges posed by population ageing and low interest rates.
Amendment 40 #
Proposal for a regulation
Recital 2
Recital 2
Amendment 43 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Personal pension products are not intended to replace the statutory pension schemes set up by each Member State.
Amendment 44 #
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Personal pension products should be intended to enable pensioners to increase their purchasing power.
Amendment 46 #
Proposal for a regulation
Recital 3
Recital 3
(3) Currently, the functioning of the internal market for personal pensions is impeded by the high degree of fragmentation between national markets and the limited degree of portability of personal pension products. This can result in difficulties for individuals to make use of their basic freedoms. For instance, they may be plimited degree of portability of personal pension products can cause difficulties as regards personal retirevmented from taking up a job or retiring in another Member State. In addition, the possibility for providers to use the freedom of establishment and the freedom to provide services is hampered by the lack of standardisation of existing personal pension products provision for a worker who moves to another Member State and takes up residence there.
Amendment 50 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The reduction in the purchasing power of the working classes is likely to reduce the possibility for many citizens to save, and particularly to save with a view to retirement.
Amendment 51 #
Proposal for a regulation
Recital 3 b (new)
Recital 3 b (new)
(3b) Member States should be encouraged to facilitate access to these products for low-income sections of the population in order to limit the fall in their purchasing power when they retire.
Amendment 53 #
Proposal for a regulation
Recital 4
Recital 4
Amendment 54 #
Proposal for a regulation
Recital 4
Recital 4
(4) The Capital Markets Union (CMU)PEPP will help mobilise capital in Europe and channel it to all companies, includingfor small and medium enterprises, and channel it to the infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMUPEPP is to increase investment and choices for retail investors by putting European savings to better use.
Amendment 67 #
Proposal for a regulation
Recital 10
Recital 10
(10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP providers. It wThis Directive should in no way be considered an incentive to weaken first and second pillar provide households with better options to meet their retirement goalssion.
Amendment 74 #
Proposal for a regulation
Recital 11
Recital 11
(11) AThis legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings, addressing the demographical challenge and providing a powerful new source of private capital for long-term does not replace existing national personal pension schemes with a supranational scheme falling within the exclusive competence of the Union. Full jurisdiction continvuestment. This framework will not replace or harmonise existing national personal pension schem to lie with Member States.
Amendment 80 #
Proposal for a regulation
Recital 13
Recital 13
(13) Article 114 TFEU allows the adoption of acts both in the shape of Regulations or Directives. The adoption of a Regulation has been preferred as it would become directly applicable in all Member States. Therefore, a Regulation would allow a quicker uptake of the PEPP and contribute more rapidly to address the need for more pension savings and investments in the CMU context. Since this Regulation is harmonising the core features of the PEPPs, they do not have to be subject to specific national rules, so a Regulation appears better suited than a Directive in this casIt has been thought preferable to adopt a Directive laying down common minimum requirements for personal pension products, including portability and cross- border transferability in particular, in order to ensure that workers moving to, and taking up residence in, another Member State will not forfeit personal pension entitlements acquired in the Member State of origin or last residence. On the contrary, the features which are out of the scope of the RegulationDirective (e.g. accumulation phase conditions) are subject to national rules.
Amendment 138 #
Proposal for a regulation
Recital 43
Recital 43
(43) In order to fulfil the objectives set out in this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Unionensure uniform conditions for the implementation of this Directive, implementing powers should be delegatconferred ton the Commission in respect of specifying the conditions for the exercise of intervention powers by EIOPA and the competent authorities. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission’s exercise of implementing powers.
Amendment 157 #
Proposal for a regulation
Recital 67
Recital 67
Amendment 159 #
Proposal for a regulation
Recital 68
Recital 68
Amendment 162 #
Proposal for a regulation
Recital 69
Recital 69
Amendment 168 #
Proposal for a regulation
Recital 71
Recital 71
(71) This RegulationDirective respects fundamental rights and observes the principles recognised in particular by the Charter of the Fundamental Rights of the European Union, in particular the entitlement to social security and social assistance, the right to the protection of personal data, the right to property, the freedom to conduct a business, the principle of equality between men and women and the principle of a high level of consumer protection.
Amendment 169 #
Proposal for a regulation
Recital 72
Recital 72
(72) Since the objectives of this RegulationDirective, namely to enhance PEPP saverthe protection and improve PEPP saver confidence in PEPPs, including where those products are distributed cross- borderof personal pension product savers who move to, and take up residence in, another Member State, cannot be sufficiently achieved by the Member States but can rather, by reason of its effects, be better achieved at Union level the Union may adopt measures, in accordance with principle of subsidiarity as set out in Article 5 of the Treaty of then European Union. In accordance with the principle of proportionality, as set out in that Article, this RegulationDirective does not go beyond what is necessary in order to achieve thoseat objectives.,
Amendment 170 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This RegulationDirective lays down uniform rules onminimum requirements for the authorisation, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation “pan- European Personal Pension product” or “PEPP”Member States.
Amendment 171 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – introductory part
Article 2 – paragraph 1 – point 1 – introductory part
(1) “personal pension product” means a product which:long-term savings personal pension product which is provided under an agreed pension scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and which: (The definitions in points 1 and 2 are combined in a single definition. This amendment applies throughout the text.)
Amendment 175 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Amendment 178 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – introductory part
Article 2 – paragraph 1 – point 3 – introductory part
(3) “PEPP saver” means:personal pension product saver” (hereinafter “saver”) means: (This amendment applies throughout the text.)
Amendment 182 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) “PEPPpension scheme” means a contract, an agreement, a trust deed or rules stipulating which retirement benefits are granted and under which conditions on the basis of an individual retirement savings plan agreed with a PEPP provider; of personal pension products; (This amendment applies throughout the text.)
Amendment 183 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) “PEPPpersonal pension account” means a personal pension account held in the name of a PEPP saver or a PEPPpersonal pension product saver or a personal pension beneficiary which is used for the execution of transactions allowing the PEPPpersonal pension product saver to contribute periodically sums towards his retirement and the PEPPpersonal pension beneficiary to receive his retirement benefits; (This amendment applies throughout the text.)
Amendment 184 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) “PEPPpersonal pension product provision” means the manufacturing and distribution of a PEPP;personal pension products; (This amendment applies throughout the text.)
Amendment 185 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) “PEPP beneficiary”personal pension beneficiary” (hereinafter “beneficiary”) means a person receiving PEPPthe retirement benefits; of a personal pension product; (This amendment applies throughout the text.)
Amendment 186 #
Proposal for a regulation
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
(8) “PEPPpersonal pension product distribution” means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts for providing a PEPPpersonal pension products, of concluding such contracts, or of assisting in the administration and performance of such contracts, including the provision of information concerning one or more pension contracts in accordance with criteria selected by PEPP customsavers through a website or other media and the compilation of a pension product ranking list, including price and product comparison, or a discount on the price of a pension contract, when the PEPP customsaver is able to directly or indirectly conclude a pension contract using a website or other media; (This amendment applies throughout the text.)
Amendment 189 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
(10) “accumulation phase” means the period during which assets (in-payments) are accumulated in a PEPPpersonal pension account and normally runs until the age of retirement of the PEPP beneficiary; (This amendment applies throughout the text.)
Amendment 190 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
(11) “decumulation phase” means the period during which assets accumulated in a PEPPpersonal pension account are drawn upon to fund retirement or other income requirements; (This amendment applies throughout the text.)
Amendment 191 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) "annuity" means a sum payable at specific intervals over a period, such as the PEPP beneficiary's life or a certain number of years, in return for an investment;
Amendment 193 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
(13) "drawdown payments" means the possibility for the PEPP beneficiaries to draw discretionary amounts, up to a certain limit on a periodic basis;
Amendment 194 #
Proposal for a regulation
Article 2 – paragraph 1 – point 14
Article 2 – paragraph 1 – point 14
(14) "provider of a PEPP" or "PEPP individual pension products” (‘provider"') means a financial undertaking authorised to manufacture a PEPP and distributing it; e personal pension products; (This amendment applies throughout the text.)
Amendment 195 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
(15) "distributor of a PEPP" or "PEPP personal pension products” (‘distributor"') means a financial undertaking authorised to distribute PEPPpersonal pension products not manufactured by it, as well as an insurance, reinsurance or ancillary insurance intermediary; (This amendment applies throughout the text.)
Amendment 196 #
Proposal for a regulation
Article 2 – paragraph 1 – point 16 – point a
Article 2 – paragraph 1 – point 16 – point a
(a) enables a PEPP customsaver to store information addressed personally to that customer in a way accessible for future reference and for a period of time adequate for the purposes of the information; and
Amendment 197 #
Proposal for a regulation
Article 2 – paragraph 1 – point 17
Article 2 – paragraph 1 – point 17
(17) "competent authorities" of the PEPP providers means the national authorities designated by each Member State to authorise the distribution of personal pension products and supervise PEPP providers; (This amendment applies throughout the text.)
Amendment 198 #
Proposal for a regulation
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) "home Member State of the PEPP provider" means the Member State in which the PEPP provider has its registered office; (This amendment applies throughout the text.)
Amendment 199 #
Proposal for a regulation
Article 2 – paragraph 1 – point 19
Article 2 – paragraph 1 – point 19
(19) “host Member State of the PEPP provider" means a Member State, other than the home Member State, in which a PEPP provider manufactures or distributes PEPPs;personal pension products; (This amendment applies throughout the text.)
Amendment 202 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Amendment 206 #
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
(24) "default investment option" means an investment strategy applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPPpersonal pension account;
Amendment 208 #
Proposal for a regulation
Article 2 – paragraph 1 – point 26
Article 2 – paragraph 1 – point 26
(26) "switching providers" means, upon a PEPP customsaver’s request, transferring from one PEPP provider to another any positive balance from one PEPPpersonal pension account to the other, with or without closing the former PEPPpersonal pension account;
Amendment 209 #
Proposal for a regulation
Article 2 – paragraph 1 – point 27
Article 2 – paragraph 1 – point 27
(27) "advice" means the provision of a personal recommendation to a PEPP saver, either upon his request or at the initiative of the PEPP provider or distributor, in respect of one or more contracts for subscribing PEPPto a personal pension product;
Amendment 210 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28
Article 2 – paragraph 1 – point 28
Amendment 219 #
Proposal for a regulation
Article 3 – paragraph 1 – point c – point ii
Article 3 – paragraph 1 – point c – point ii
(ii) the provisions of Member States' laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State in which the manufacturer has its registered office, not including those concerning the tax system, the determination of which falls within the exclusive competence of the Member States. .
Amendment 220 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may onlyMember States shall take measures to ensure that a personal pension product can be manufactured and distributed within the Union whereir territory only if it has been authorised by EIOPAtheir competent authority in accordance with this Regulationdirective.
Amendment 221 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the UnionMember States where it has been authorised by EIOPA and by the corresponding national institution(s) in accordance with this Regulation.
Amendment 223 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Authorisation of a PEPPas referred to in paragraph 1 shall be valid in allonly in the Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by EIOPA which has issued it, without prejudice to any agreements on mutual recognition of such authorisations concluded between two or more Member States.
Amendment 225 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. In the case of the cross-border marketing of a PEPP, the national authorities of the host State must be able to exercise control of legality in order to check the conformity of the product with the applicable national law.
Amendment 226 #
Proposal for a regulation
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. In order to guarantee respect for the principle of the right to effective legal remedy, given the diversity and inconsistency of the applicable regimes, the court in the country where the consumer resides should have competence.
Amendment 227 #
Proposal for a regulation
Article 4 – paragraph 2 c (new)
Article 4 – paragraph 2 c (new)
2c. Where the national institution vested with the equivalent authority to that of EIOPA does not authorise a PEPP, it cannot be manufactured or distributed in the Member State.
Amendment 228 #
Proposal for a regulation
Article 5 – title
Article 5 – title
Application for authorisation of a PEPP
Amendment 229 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. OMember States shall take measures to ensure that only the following financial undertakings may apply for authorisation of a PEPPpersonal pension product:
Amendment 241 #
Proposal for a regulation
Article 5 – paragraph 1 – point f a (new)
Article 5 – paragraph 1 – point f a (new)
(fa) all undertakings, including insurance undertakings, authorised by the Member States to distribute pension products.
Amendment 242 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakings listed in paragraph 1 shall submit their applications for authorisation of a PEPP to EIOPApersonal pension product to the competent authority of the Member State where they intend to market the personal pension product. The application shall include the following:
Amendment 249 #
Proposal for a regulation
Article 5 – paragraph 2 – point f
Article 5 – paragraph 2 – point f
Amendment 252 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPA and the corresponding national institutions may request clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 253 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPAThe competent authority may request clarification and additional information as regards the documentation and information provided under paragraphs 1 and 2.
Amendment 254 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 255 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. EIOPA may ask the competent authority of the financial undertaking applying for the authorisation referred to in paragraph 2for clarification and information as regards the documentation referred to in paragraphs 1 and 2. The competent authority shall reply to the request within 10 working days from the date on which it has received the request submitted by EIOPA.
Amendment 256 #
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to EIOPAthe competent authority referred to in paragraph 2.
Amendment 257 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPA shall grant authorisation of the PEPP only where EIOPA isMember States shall take measures concerning the setting of the time limit within which the respective competent authorities must complete their consideration of the application for authorisation once it has been submitted in full. Member States shall ensure that their respective competent authorities can grant authorisation of the personal pension product only once they are fully satisfied that the following conditions are met:
Amendment 258 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within twohree months from the date of submission of a complete application, EIOPA shall grant authorisation of the PEPP only where EIOPA isand the corresponding national institutions shall publish their decision. They shall only authorise the PEPP if they are fully satisfied that the following conditions are met:
Amendment 259 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the applicant complies with this Regulatione national provisions transposing this directive;
Amendment 261 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) the proposed PEPPpersonal pension product meets all the requirements of this Regulatione national provisions transposing this directive;
Amendment 264 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the PEPP complies with the national rules in force in the Member States which will be directly affected by the manufacture and distribution of the PEPP.
Amendment 265 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application,Member States shall take measures to enable EIOPA shallto consult the appropriate competent authority of the applicantwithin the time limit set as referred to in paragraph 1.
Amendment 268 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPA shallMember States shall ensure that the competent authority communicates to the applicant the reasons for any refusal to grant authorisation of a PEPPpersonal pension product.
Amendment 271 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shallMember States shall lay down the procedures by means of which the competent authority withdraws the authorisation of a PEPPpersonal pension product in the event that the conditions for granting this authorisation are no longer fulfilled.
Amendment 273 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPA shallMember States shall ensure that, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1)inform the EIOPA of decisions to grant, refuse or withdraw authorisations pursuant to this Regulatione national provisions transposing this Directive.
Amendment 274 #
Proposal for a regulation
Article 7
Article 7
Amendment 275 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. FMember States shall ensure that financial undertakings referred to in Article 5(1) may distribute PEPPpersonal pension products which they have not manufactured upon receiving authorisation for distribution by the competent authorities of their home Member State. in which they are to be marketed.
Amendment 276 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. IMember States shall ensure that insurance intermediaries registered in accordance with Directive 2016/97/EU of the European Parliament and of the Council48 are entitled to distribute PEPPpersonal pension products which they have not manufactured. __________________ 48 Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (OJ L 26, 2.2.2016, p. 19).
Amendment 277 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Amendment 279 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
CROSS-BORDER PROVISION AND PORTABILITY OF PEPP
Amendment 280 #
Proposal for a regulation
Chapter 3 – section 1
Chapter 3 – section 1
Amendment 281 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
PEPP providers may provide and PEPP distributors may distribute PEPPs within the territory of a host Member State under the freedom to provide services or the freedom of establishment, provided they do so in compliance with the relevant rules and procedures established by or under the Union legislative acts applicable to them as referred to in Article 5(1) or 8(2). The competent authorities of each Member State shall be authorised to assess compliance with the relevant rules and procedures laid down by EU law and, where appropriate, to deliver a reasoned opinion to EIOPA calling for the suspension or cessation of the distribution of a PEPP.
Amendment 282 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The portability service allows PEPP savers to continue contributing to the PEPPpersonal pension product which they have already contracted with its provider, while changing their domicile by moving to another Member State and taking up residence there.
Amendment 287 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. PEPP providers shallMember States shall take steps to ensure that providers are required to provide the portability service to PEPP savers holding a PEPPpersonal pension account with them and requesting this service.
Amendment 289 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
Amendment 292 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 296 #
Proposal for a regulation
Article 14
Article 14
Amendment 301 #
Proposal for a regulation
Article 15
Article 15
Amendment 304 #
Proposal for a regulation
Article 16
Article 16
Amendment 309 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. AMember States shall lay down the procedures by means of which all contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over it. That notification shall contain at least information identifying the personal pension product (name of the saver; national legislation applicable; date on which the personal pension product was purchased).
Amendment 312 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 316 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 317 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
Amendment 320 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1
Article 22 – paragraph 1 – subparagraph 1
Amendment 321 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Before a PEPPMember States shall ensure that, before a personal pension product is proposed to PEPP savers, the PEPP provider shall draws up for that product a PEPP key information document in accordance with the requirements of this Chapter and shall publish the document on its website.
Amendment 330 #
Proposal for a regulation
Article 23 – paragraph 3 – point iv
Article 23 – paragraph 3 – point iv
(iv) general information on the portability service, including information on the compartments;
Amendment 331 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii
Article 23 – paragraph 3 – point vii
(vii) the law applicable to the PEPP contract where the parties do not have a free choice of law or, where the parties are free to choose the applicable law, the law that the PEPP provider proposes to choose.
Amendment 364 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 1
Article 23 – paragraph 6 – subparagraph 1
In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop draft implementing technical standards guidelines specifying the details of the presentation and the content of each of the elements of information referred to in paragraphs 3 and 4, together with the requirements needed to present that information in a standardised format allowing for comparison.
Amendment 365 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 2
Article 23 – paragraph 6 – subparagraph 2
When developing the draft implementing technical standardguidelines the ESAs shall take into account the various types of PEPPpersonal pension products, the differences between them and the capabilities of PEPP savers as well as the features of the PEPPpersonal pension products so as to allow the PEPP saver 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.
Amendment 366 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 3
Article 23 – paragraph 6 – subparagraph 3
Amendment 367 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 4
Article 23 – paragraph 6 – subparagraph 4
Amendment 371 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. IMember States shall, in good time before the conclusion of a PEPP-related contract, PEPPcontract related to a personal pension product, require providers or distributors referred to in Article 19(c) of this Regulation shallto provide PEPP savers or potential PEPP savers, in accordance with the minimum requirements laid down in this Article, with at least the information in relation to the PEPP contract and themselves set out in Article 19 and in points (a) and (c) of the first subparagraph of Article 29(1) of Directive (EU) 2016/97 in relation to insurance contracts and insurance intermediaries.
Amendment 372 #
Proposal for a regulation
Article 24 – paragraph 3
Article 24 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts adopt implementin g accordance with Article 62ts in order to specify the criteria on which the standardised format referred to in paragraph 2 shall be based. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 62(2).
Amendment 374 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1
Article 25 – paragraph 1 – subparagraph 1
Amendment 382 #
Proposal for a regulation
Article 26
Article 26
Amendment 386 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1
Article 26 – paragraph 1 – subparagraph 1
Without prejudice to Article 25(1), the PEPP saver mayMember States shall ensure that the saver may, in accordance with this Article, waive his right to receive advice in relation to concluding a contract for the default investment option.
Amendment 390 #
Proposal for a regulation
Article 26 – paragraph 3 – introductory part
Article 26 – paragraph 3 – introductory part
3. The Commission shall be empowered to adopt delegated acts adopt implementing accordance with Article 62ts to further specify how PEPP providers or distributors referred to in Article 19(c) of this Regulation are to comply with the principles set out in this Article when carrying out PEPP distribution activities, including with regard to the information to be obtained when assessing the appropriateness of PEPPpersonal pension products for their customers and the criteria to assess non- complex PEPP-related contracontracts related to personal pension products for the purposes of point (ii) of paragraph 2(a) of this Article. Those delegated actsacts shall be adopted in accordance with the examination procedure referred to in Article 62(2) and shall take into account:
Amendment 391 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. PEPP providers shallMember States shall require providers, in accordance with the minimum requirements laid down in this Section, to draw up a concise personalised document containing key information for each PEPP saver, taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (“PEPPRetirement Benefit Statement”). The title of the document shall contain the words “PEPPRetirement Benefit Statement”. (This amendment applies throughout the text.)
Amendment 403 #
Proposal for a regulation
Article 28 – paragraph 1 – point b
Article 28 – paragraph 1 – point b
(b) the Member State in which the PEPP provider is authorised or registered and the name of the competent authority;
Amendment 410 #
Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 1
Article 29 – paragraph 3 – subparagraph 1
EIOPA, after consulting national authorities and after consumsaver testing, shall develop draft implementing technical standardguidelines specifying the details of the presentation of the information referred to in Article 28 and in this Article.
Amendment 411 #
Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 2
Article 29 – paragraph 3 – subparagraph 2
Amendment 412 #
Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 3
Article 29 – paragraph 3 – subparagraph 3
Amendment 418 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. PEPP providers shallMember States shall require providers, in accordance with the requirements laid down in this Section, to submit to the competent authorities the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 419 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. PEPP providers shall submit to the competent authorities of each Member State, in its official language(s), the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 421 #
Proposal for a regulation
Article 32 – paragraph 2 – introductory part
Article 32 – paragraph 2 – introductory part
2. The competent authorities shall have the following powerMember States shall assign at least the following powers to the competent authorities:
Amendment 423 #
Proposal for a regulation
Article 32 – paragraph 2 – point c a (new)
Article 32 – paragraph 2 – point c a (new)
(ca) to issue reasoned opinions to request that distribution of a PEPP be suspended or halted.
Amendment 424 #
Proposal for a regulation
Article 32 – paragraph 7 – subparagraph 1
Article 32 – paragraph 7 – subparagraph 1
The Commission shall adopt delegated acts implementing accordance with Article 62ts specifying the information referred to in paragraphs 1 to 4, with a view to ensuring to the appropriate extent convergence of supervisory reporting. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 62(2).
Amendment 425 #
Proposal for a regulation
Article 32 – paragraph 7 – subparagraph 2
Article 32 – paragraph 7 – subparagraph 2
EIOPA, after consulting national authorities and after consumsaver testing, shall develop draft implementing technical standardguidelines regarding the format of supervisory reporting.
Amendment 426 #
Proposal for a regulation
Article 32 – paragraph 7 – subparagraph 3
Article 32 – paragraph 7 – subparagraph 3
Amendment 427 #
Proposal for a regulation
Article 32 – paragraph 7 – subparagraph 4
Article 32 – paragraph 7 – subparagraph 4
Amendment 428 #
Proposal for a regulation
Article 33 – paragraph 1 – introductory part
Article 33 – paragraph 1 – introductory part
1. PEPPMember States shall ensure that providers shall invest in accordance with the "prudent person" rule and in particular in accordance with the following rules:
Amendment 433 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up toMember States shall ensure that providers offer savers, in accordance with the requirements laid down in this section, no more than five investment options to PEPP savers.
Amendment 449 #
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
1. If PEPP providers offer alternative investment options, at least one of them shall offer a more cost-effective investment option to PEPP savers, though all PEPPs must be cost-effective for consumers.
Amendment 450 #
Proposal for a regulation
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
The Commission shall be empowered to adopt a delegated act in accordance with Article 62Member States shall take measures to specifying:
Amendment 454 #
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. PEPPThe Member States shall ensure that providers and distributors shall put in place and apply, in accordance with the minimum requirements laid down in this Article, adequate and effective complaint resolution procedures for the settlement of complaints lodged by PEPP customsavers concerning their rights and obligations under this Regulation. Directive.
Amendment 455 #
Proposal for a regulation
Article 43 – paragraph 2
Article 43 – paragraph 2
Amendment 457 #
Proposal for a regulation
Article 44 – paragraph 1
Article 44 – paragraph 1
1. AMember States shall establish, in accordance with Directive 2013/11/EU of the European Parliament and the Council and using existing competent bodies where appropriate, adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between PEPP customsavers and PEPP providers or distributors concerning the rights and obligations arising under this Regulation shall be established in accordance with Directive 2013/11/EU of the European Parliament and the Council, using existing competent bodies where appropriate national provisions transposing this Directive. Such ADR procedures shall be applicable, and the relevant ADR body’s competence shall effectively extend, to PEPP providers or distributors against whom the procedures are initiated. __________________ 49 Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC, OJ L 165, 18.6.2013, p. 63.
Amendment 458 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 1
Article 45 – paragraph 1 – subparagraph 1
Amendment 460 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2
Article 45 – paragraph 1 – subparagraph 2
The switching service mayshall be provided by PEPP providers establishedoth in the same Member State (domestic switching) orand in differentthe Member States to which the saver moves and establishes his residence (cross-border switching).
Amendment 486 #
Proposal for a regulation
Article 52 – paragraph 1 – introductory part
Article 52 – paragraph 1 – introductory part
1. PEPPThe Member States shall permit providers mayto make available to PEPP savers one or more of the following forms of out- payments:
Amendment 488 #
Proposal for a regulation
Article 52 – paragraph 1 a (new)
Article 52 – paragraph 1 a (new)
1a. Member States may stipulate the withdrawal terms they wish to adopt at national level and may choose a withdrawal arrangement or arrangements from among those proposed by this Regulation.
Amendment 495 #
Proposal for a regulation
Article 53 – paragraph 1
Article 53 – paragraph 1
1. TMember States shall ensure that the competent authority of the PEPP provider shall supervises compliance with this RegulationDirective on an ongoing basis. ItThey shall also bensure it is responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the PEPP provider, and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a PEPPpersonal pension schemes.
Amendment 496 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
Amendment 498 #
Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 1
Article 55 – paragraph 5 – subparagraph 1
In order to ensure consistent application of this Article, EIOPA, in cooperation with the national authorities, shall develop draft implementing technical standardguidelines specifying the details of the mechanism for cooperation and exchange of information, together with the requirements needed to present the information above in a standardised format allowing for comparison.
Amendment 499 #
Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 2
Article 55 – paragraph 5 – subparagraph 2
Amendment 500 #
Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 3
Article 55 – paragraph 5 – subparagraph 3
Amendment 501 #
Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 3 a (new)
Article 55 – paragraph 5 – subparagraph 3 a (new)
Where competent authorities issue a reasoned opinion requesting that the distribution of a PEPP be suspended or halted, EIOPA and the competent authorities shall jointly assess the situation and decide on the action to be taken.
Amendment 502 #
Proposal for a regulation
Article 56
Article 56
Amendment 504 #
Proposal for a regulation
Article 62
Article 62
Amendment 509 #
Proposal for a regulation
Article 63 a (new)
Article 63 a (new)
Article 63a Transposition 1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [OJ please insert date: three years after the entry into force of the Directive]. They shall immediately communicate the text of those provisions to the Commission. When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made. 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Amendment 510 #
Proposal for a regulation
Article 64 – paragraph 2
Article 64 – paragraph 2
Amendment 511 #
Proposal for a regulation
Article 64 a (new)
Article 64 a (new)
Article 64a Addressees This Directive is addressed to the Member States.