14 Amendments of Fulvio MARTUSCIELLO related to 2023/0167(COD)
Amendment 179 #
Proposal for a directive
Recital 34
Recital 34
(34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required to consider the needs of such diversification for their clients or customers, as part of the suitability assessments, including on the basis of information provided by those clients or customers on their existing portfolio of financial and non-financial assets.
Amendment 851 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 2 – subparagraph 1
Article 26 a – paragraph 2 – subparagraph 1
Member States shall ensure that marketing communications of insurance-based investment products are developed, designed and provided in a manner that is fair, clear, not misleading, balanced in terms of presentation of benefits and risks, and appropriate in terms of content and distribution channels for the target audience and where related to a specific insurance-based investment product to the target market identified pursuant to Article 25(1).
Amendment 858 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
Directive ( EU) 2016/97
Article 26 a – paragraph 4 – subparagraph 1
Article 26 a – paragraph 4 – subparagraph 1
Where a manufacturer of an insurance- based investment product prepares and provides a marketing communication to be used by a distributor, the manufacturer shall be responsible for the content of such marketing communication and its update. The distributor shall be responsible for the use of this marketing communication and shall ensure that it is used for the identified target market only and in line with the distribution strategy identified for that target market.
Amendment 865 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
Directive ( EU) 2016/97
Article 26 a – paragraph 7 – subparagraph 2
Article 26 a – paragraph 7 – subparagraph 2
Such records shall be kept for a period of five years and, where requested by the competent authority, for amaximum period of up to sefiven years. Those records shall be retrievable by the insurance undertaking or insurance distributor upon request by the competent authority.
Amendment 872 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 1 – introductory part
Article 29 – paragraph 1 – subparagraph 1 – introductory part
Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information in personalised form about the insurance-based investment products proposed to those customers. That information shall contain all of the following:
Amendment 885 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive ( EU) 2016/97
Article 29 – paragraph 1 – point a – subpoint v
Article 29 – paragraph 1 – point a – subpoint v
(v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio;, based on the information provided by the customers.
Amendment 917 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 3 – point f
Article 29 – paragraph 3 – point f
Amendment 973 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive ( EU) 2016/97
Article 29 a – paragraph 6
Article 29 a – paragraph 6
6. ThreFive years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, and shall evaluate the impact of the relevantoverall effects of the provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on retail investors. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.
Amendment 994 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point b
Article 29 b – paragraph 1 – point b
(b) to recommend the most cost- efficient insurance-based investment product and, where applicable,or underlying investment assetoptions among the insurance- based investment products identified as suitable formeeting the customer's demands and needs also with reference to the cuostomers and services offered; pursuant to Article 30(1) and offering similar features;
Amendment 998 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point c
Article 29 b – paragraph 1 – point c
Amendment 1023 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive ( EU ) 2016/97
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assetoptions, offered or demanded, that customer’s financial situation, including, if provided for by the customer, the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability preferences, and risk tolerance, so as to enable the insurance intermediary or the insurance undertaking to recommend to the customer the insurance-based investment products that are suitable for that person and that, in particular, are in accordance with its risk tolerance, ability to bear losses and , if the customer provides the relevant information, need for portfolio diversification.
Amendment 1031 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and cost- efficient insurance- based investment products, the insurance intermediary or insurance undertaking shall be under no obligation to obtain information on the customer’s knowledge and experience about the considered insurance-based investment products or on the customer’s portfolio composition.
Amendment 1034 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 3
Article 30 – paragraph 1 – subparagraph 3
When providing advice that involves switching between underlying investment assetoptions, insurance intermediaries and insurance undertakings shall obtain the necessary information on the customer’s existing underlying investment assetoptions and the recommended new investment assetoptions and shall analyse the expected costs and benefits of the switch, so that they are reasonably able to demonstrate that the benefits of switching are expected to be greater than the costs.
Amendment 1041 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive ( EU ) 2016/97
Article 30 – paragraph 2 – subparagraph 1
Article 30 – paragraph 2 – subparagraph 1
Without prejudice to Article 20(1), Member States shall ensure that, where no advice is given in relation to insurance- based investment products, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded and the person’s capacity to bear full or partial losses and risk tolerance so as to enable the insurance intermediary or the insurance undertaking to assess whether the insurance-based investment product or products envisaged are appropriate for the customer.