BETA

2 Amendments of Alfred SANT related to 2021/0384(COD)

Amendment 23 #
Proposal for a directive
Recital 6 a (new)
(6 a) Delegated Regulation (EU) 2017/565 mandates investment firms to take into account clients' sustainability preferences, which can be expressed in terms of sustainable investment as defined by Regulation 2020/852 (the Taxonomy Regulation) or Regulation 2019/2088 (the Sustainable Finance Disclosure Regulation). However, a lack of training of investment firms means they struggle taking these preferences on board. Therefore, there should be sufficient training on sustainability topics by investment firms, as is already mandated for insurance providers in Directive (EU) 2016/97. In addition, for clients with a sustainability preference, at least three funds shall be offered that have sustainable investment as its objective in accordance with the Sustainable Finance Disclosure Regulation. Lastly, when asking for a minimum proportion of alignment with sustainable investments as defined in Article 2, point (17) of Regulation 2019/2088, the lack of clear underlying definition of sustainable investment means that every fund calculates this differently. Comparing such products may benefit those using a more lenient definition of sustainable investments. As such, the Delegated Regulation should take this into account to ensure that clients do not attempt to compare products that are fundamentally incomparable.
2022/10/20
Committee: ECON
Amendment 38 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 25
3 a. Article 25 is amended as follows: (a) paragraph 1 is replaced by the following: ‘ 1. Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and this Article. To that end, Member States shall publish the criteria to be used for assessing such knowledge and competence. have in place and publish mechanisms to control effectively and assess the professional knowledge and competence of the employees of investment firms, based on at least 35 hours of professional training or development per year, taking into account the nature of the products sold, the type of distributor, the role they perform, and the activity carried out within the investment firm. To ensure that natural persons can adequately identify a client’s individual sustainability preferences and give adequate advice about the sustainability risks of financial instruments, at least 10 hours of this professional training should be dedicated to sustainability issues. . ' (b) the following paragraph 3a is inserted 3a. When providing investment advice to a client that has indicated that they have sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565, the products proposed by the investment firm shall include at least three products that have sustainable investment as its objective as stipulated in Article 9(1) of Regulation (EU) 2019/2088.’ (c) in paragraph 8, the following point (ca) is added (ca) the limited comparability of multidimensional non-financial metrics across different products.
2022/10/20
Committee: ECON