50 Amendments of Simona BONAFÈ related to 2017/0143(COD)
Amendment 211 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 215 #
Proposal for a regulation
Recital 4
Recital 4
(4) The Capital Markets Union (CMU) will help mobilise capital in Europe and channel it to all companies, including small and medium enterprises, infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMU is to increase investment and choices for retail investors by putting European savings to better use. For this purpose, a PEPP will represent a step forward for the enhancement of the capital markets integration due to its support to the long-term financing of the real economy.
Amendment 217 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 222 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Financial education can support the understanding and awareness of households’ saving choices in the area of voluntary personal pension schemes. Savers shall also have a fair chance to fully grasp the risks and the features related to a pan-European product.
Amendment 232 #
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”), on the basis of a single set of rules and in cooperation with national competent authorities.
Amendment 237 #
Proposal for a regulation
Recital 16
Recital 16
(16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and the host Member States, if the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory, it should inform both EIOPA and the competent authority of the home Member State which should then be obliged to take the appropriate measures. Moreover, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 239 #
Proposal for a regulation
Recital 17
Recital 17
(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this DirectiveRegulation does not confer responsibility on the host Member State, a close cooperation demands that that authority informs both EIOPA and the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 247 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply three years afterUpon launching a PEPP, the provider should provide information on which national compartments are immediately available in the econtry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersact, in order to avoid a possible misleading of consumers. PEPP savers willing to open a national compartment should be allowed to switch provider free of charge when this national compartment is not made available by the PEPP provider with whom the contract has been initially signed.
Amendment 256 #
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post- retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 257 #
Proposal for a regulation
Recital 23
Recital 23
(23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice through the provision of advice assessing their saving demands and needs.
Amendment 272 #
Proposal for a regulation
Recital 32
Recital 32
(32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities, including those having a long term horizon. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 274 #
Proposal for a regulation
Recital 33
Recital 33
(33) By setting the prudent person rule as the underlying principle for capital investment and making it possible for PEPP providers to operate across borders, the redirection of savings into the sector of personal retirement provision is encouraged, thereby contributing to economic and social progress. The prudent person rule should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 286 #
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to consider such factors in investment decisions and to take into account how they form part of their risk management system. This risk assessment should also be made available to EIOPA and to the competent authorities as well as to PEPP savers. Where relevant, it should also include risks related to climate change, use of resources, the environment, social risks, and risks related to the depreciation of assets due to regulatory change (‘stranded assets’).
Amendment 307 #
Proposal for a regulation
Recital 47
Recital 47
(47) In order to find better conditions for their investments, thus also stimulating the competition among PEPP providers, PEPP savers should have the right to switch providers during the accumulation and the decumulation phases, through a clear, quick, low cost and safe procedure.
Amendment 317 #
Proposal for a regulation
Recital 54
Recital 54
(54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and politically feasible, as it preserves enough flexibility for Member States to decide about which decumulation options they wish to encourage. A fixed amount of annuities should be mandatory for the basic PEPP. Furthermore, out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income not allowing him to have good life standards.
Amendment 323 #
Proposal for a regulation
Recital 67
Recital 67
(67) Tax incentives can take different forms and play an important decisive role in encouraging the take-up of personal pension products ((PPPs) in a number of Member States. In many Member States the contributions paid for PPPs qualify for some form of tax relief, be it explicit or implicit.
Amendment 365 #
Proposal for a regulation
Article 2 – paragraph 1 – point 17
Article 2 – paragraph 1 – point 17
(17) “competent authorities” of the PEPP providers meansy” means the national authority or the national authorities (if more than one) designated by each Member State tofor the supervise PEPP providersion in the framework of this Regulation;
Amendment 377 #
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 PEPP account and on how to benefit from the decumulation phase;
Amendment 426 #
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
(d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 430 #
Proposal for a regulation
Article 5 – paragraph 2 – point e
Article 5 – paragraph 2 – point e
(e) information about the investment strategies, the risk profile and other characteristics of the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 451 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP is based on an investment strategy that states to what extent environmental, social and governance factors are included in the proposed providers risk management system.
Amendment 455 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant by providing it with a copy of the application and all the relevant information needed for the consultation.
Amendment 463 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled. A competent authority may ask EIOPA to consider the withdrawal of a PEPP authorisation upon providing any relevant information motivating this request.
Amendment 464 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. When a PEPP authorisation is withdrawn, EIOPA shall coordinate the actions needed to safeguard the PEPP savers holding a contract with the PEPP provider of which the authorisation has been withdrawn.
Amendment 482 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP and, the competent authority of the PEPP provider, the date of authorisation of the PEPP and the number of the available national compartments. The register shall be made publicly available in electronic format and shall be promptly updated if changes occur.
Amendment 508 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon requese available compartments shall be listed in the contract between the PEPP saver and PEPP provider. The PEPP provider shall be obliged to offer at least the compartments listed in the contract. A PEPP saver willing to change domicile by moving to another Member State may exercise in any case his right of mobility by switching PEPP provider free of charge when the national compartment the saver is willing to open is not maddressed to the PEPP provider. e available neither by from the PEPP provider nor from a registered partner.
Amendment 519 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 525 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), iImmediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 633 #
Proposal for a regulation
Chapter 4 – section 3 – title
Chapter 4 – section 3 – title
Advice and standards for sales where no advice is given
Amendment 675 #
Proposal for a regulation
Article 27 – paragraph 3 – point d
Article 27 – paragraph 3 – point d
(d) information on how the investment policy takes into account environmental, social and governance factors, including the role they play in the investment process as well as the long term impact and the externalities of the investment decisions.
Amendment 692 #
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
(ea) a summary on the PEPP provider’s investment-policy principles that are further described in the supplementary information in accordance with Article 29, point (c) of the present Regulation.
Amendment 702 #
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
1a. One year prior to the retirement phase, a communication shall be sent to the PEPP saver in order to inform him about the upcoming start of the decumulation phase and the possible forms of out-payments.
Amendment 714 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 718 #
Proposal for a regulation
Article 33 – paragraph 1 – point c
Article 33 – paragraph 1 – point c
(c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levelshall not exceed 20% of the total assets;
Amendment 752 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The PEPP saver shall be able to opt for a different investment option once every five years of accumulafter the conclusion of the contract or previous modification inof the PEPPinvestment option.
Amendment 786 #
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. The prudential capital requirement that may back-up capital guarantees shall be equivalent to the one provided for in Directive 2009/138/EC (Solvency II).
Amendment 794 #
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 (new)
Article 38 – paragraph 2 – subparagraph 1 (new)
Risk mitigation techniques applied by the provider on alternative investment options should fulfil the following conditions: be consistent with the risk profile of the relevant investment option, be sound, robust and prudent and be consistent with the objective to preserve the capital invested.
Amendment 827 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 1
Article 45 – paragraph 1 – subparagraph 1
PEPP providers shall provide a switching service during the accumulation phase transferring, upon a request of the PEPP saver, any positive balance from a PEPP account held with the transferring provider to a new PEPP account opened with the receiving provider, with closing the former PEPP account.
Amendment 835 #
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver mayterms for switching PEPP providers no more frequently thanshall be listed in the PEPP contract. In any case, the PEPP saver shall be able to switch PEPP provider once every five years after conclusof accumulation ofin the PEPP contract.
Amendment 846 #
Proposal for a regulation
Article 48 – paragraph 4
Article 48 – paragraph 4
4. Fees and charges, if any, applied by the transferring or the receiving PEPP provider to the PEPP saver for any service provided under Article 46, other thanIn the context of the switching process, services given by those referred to in paragraphs 1, 2 and 3 of this Article,ceiving PEPP provider shall be freasonable and in line with the actual costse of tchat PEPP providerrge.
Amendment 873 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the formFor the basic PEPP a minimum of 50% of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicablein the form of annuities shall be mandatory.
Amendment 884 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. Out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income which is equal or below the most recent “at-risk-of-poverty threshold” of the Member State where the PEPP saver benefits from the decumulation phase.
Amendment 896 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. EIOPA and the competent authority of the PEPP provider shall cooperatentribute to the consistent application of this Regulation throughout the Union, by cooperating with each other and by exchangeing information for the purpose of carrying out their duties under thise present Regulation.
Amendment 906 #
Proposal for a regulation
Article 63 – paragraph 1
Article 63 – paragraph 1
Amendment 908 #
Proposal for a regulation
Article 63 – paragraph 2
Article 63 – paragraph 2
Amendment 909 #
Proposal for a regulation
Article 63 – paragraph 2 – point a (new)
Article 63 – paragraph 2 – point a (new)
(a) the contribution of the PEPP to the CMU, including sustainable finance;
Amendment 910 #
Proposal for a regulation
Article 63 – paragraph 2 – point b (new)
Article 63 – paragraph 2 – point b (new)
(b) the development of the PEPP market both throughout the Union and at national level;
Amendment 911 #
Proposal for a regulation
Article 63 – paragraph 2 – point c (new)
Article 63 – paragraph 2 – point c (new)
(c) the uptake of the functioning of the basic PEPP;
Amendment 912 #
Proposal for a regulation
Article 63 – paragraph 2 a (new)
Article 63 – paragraph 2 a (new)
Where the evaluation identifies important problems with the functioning of the Regulation, the Report should outline how the Commission is intending to address the identified problems, including steps and timings of the potential revision.
Amendment 914 #
Proposal for a regulation
Article 64 – paragraph 1 a (new)
Article 64 – paragraph 1 a (new)
This Regulation shall apply 12 months after the publication in the Official Journal of the European Union of the delegated acts envisaged by the Regulation.