16 Amendments of Matt CARTHY related to 2018/0179(COD)
Amendment 53 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) As the largest source of external financing, banks are an essential component of the financial system. Lending and financing by this sector need to be fully aligned with the European Union’s sustainability objectives if those goals are to be achieved. Therefore they should be included in the scope of this Regulation. Banks should integrate sustainability risks when making financial products available, in its risk management and in its corporate loan origination process.
Amendment 79 #
Proposal for a regulation
Recital 16
Recital 16
(16) The disclosure rules contained in this Regulation should supplement, and should apply in addition to, the provisions of Directive 2009/65/EC, Directive 2009/138/EC, Directive 2011/61/EU, Directive (EU) 2016/2341 of the European Parliament and of the Council,44 Regulation (EU) No 345/2013, Regulation (EU) No 346/2013 and Regulation (EU) No 346575/2013. _________________ 44 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37).
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down harmonised rules on the transparency to be applied by financial market participants, insurance intermediaries which provide insurance advice with regard to IBIPs and investment firms which provide investment advice on the integration of sustainability risks in investment decision-making process or advisory process and the transparency of all financial products that have as their targets sustainable investments, including the reduction in carbon emissions.
Amendment 92 #
Proposal for a regulation
Article 2 – paragraph 1 – point j
Article 2 – paragraph 1 – point j
(j) ‘financial product’ means a portfolio managementn investment product, including listed securities, an AIF, an IBIP, a pension product, a pension scheme or a UCITS;
Amendment 97 #
Proposal for a regulation
Article 2 – paragraph 1 – point o – introductory part
Article 2 – paragraph 1 – point o – introductory part
(o) ‘sustainable investments’ mean any of the following or a combination of any of the following:
Amendment 98 #
Proposal for a regulation
Article 2 – paragraph 1 – point o – point i
Article 2 – paragraph 1 – point o – point i
(i) investments in an economic activity that contributes to an environmental objective, including an environmentally sustainable investment as defined in Article 2 of [PO: Please insert reference to Regulation on the establishment of a framework to facilitate sustainable investment], and which does not harm a social objective in accordance with Article 2 (o) (ii), and which is in accordance with good governance practices as referred to in Article 2 (o) (iii);
Amendment 102 #
Proposal for a regulation
Article 2 – paragraph 1 – point o – point ii
Article 2 – paragraph 1 – point o – point ii
(ii) investments in an economic activity that contributes to a social objective, and in particular an investment that contributes to tackling inequality, an investment fostering social cohesion, social integration and labour relations, or an investment in human capital or economically or socially disadvantaged communities; and which does not harm an environmental objective as defined in Article 2 of [PO: Please insert reference to Regulation on the establishment of a framework to facilitate sustainable investment], and which is in accordance with good governance practices as referred to in Article 2 (o) (iii);
Amendment 106 #
Proposal for a regulation
Article 2 – paragraph 1 – point o – point iii
Article 2 – paragraph 1 – point o – point iii
(iii) investments that meet the conditions of Article 2 (o) (i) or Article 2 (o) (ii) and are done in companies following good governance practices, and in particular companies with sound and transparent management structures, employee relations, transparent remuneration of relevant staffpolicies and tax compliance;
Amendment 110 #
Proposal for a regulation
Article 2 – paragraph 1 – point p a (new)
Article 2 – paragraph 1 – point p a (new)
(pa) ‘ESG preferences’ means a client’s or potential client’s preferences for environmental investment indicators, social investment indicators, and good governance indicators;
Amendment 112 #
Proposal for a regulation
Article 2 – paragraph 1 – point s a (new)
Article 2 – paragraph 1 – point s a (new)
(sa) ‘sustainability risks’, for the purposes of this Regulation, mean the potential positive or adverse financial or non-financial outcomes of the investment in the short term and the long term, measured by an assessment of at least the following environmental, social and governance indicators: (i) indicators that show the economic activity’s positive or negative contribution to an environmental objective, and in particular an environmentally sustainable investment objective, regarding the quality and functioning of the natural environment and natural eco-systems. At least, these indicators shall include, where applicable: Animals: animal testing, factory farming, fisheries, and fur and specialty leather; Environment: biodiversity, deforestation, energy efficiency, non-renewable energy, greenhouse gas emissions and energy that produces non-renewable waste, genetic engineering, hazardous substances and contamination, natural resources and mining, water, use of POPs and pesticides, deforestation, waste management (ii) indicators that show the economic activity’s positive or negative contribution to a social objective, the rights, well-being and interests of people and communities, and in particular to tackling inequality, fostering social cohesion, social integration and labour relations, and human capital or economically or socially disadvantaged communities. At least, these indicators shall include: Health and safety: alcohol, gambling, tobacco and weapons Labour rights, notably those identified in the International Labour Organisation’s declaration on Fundamental Rights and Principles at Work: forced labour, freedom of association, workers' right to organise, the right to collective bargaining, equal remuneration for men and women workers for work of equal value, non-discrimination in opportunity and treatment with respect to employment and occupation, the right not to be subjected to child labour; Human rights, notably those identified in the Universal Declaration of Human Rights, including: access to food, access to basic needs incl. medicine, conflict minerals (iii) indicators of good governance practices, in particular sound management structures, employee relations, remuneration of relevant staff and tax compliance; At least, these indicators shall include: Accounting and remuneration, corruption, tax-compliance and tax- evasion, codes and conventions, board structure, breach of privacy and data protection, bribery, cartels.
Amendment 123 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Financial market participants shall publish writtentheir policies on the integration of sustainability risks in the investment decision-makselection and monitoring process on their websites.
Amendment 150 #
Proposal for a regulation
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) the extent to which sustainability riskthe investments are expected to have a relevant impact on the returnsfinancial or non-financial performance of the financial products made available, using the ESG indicators as listed in Article 2 (sa) (new), where appropriate;
Amendment 169 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) the extent to which sustainability riskinvestments are expected to have a relevant impact on the returns of the financial products advised onfinancial or non-financial performance of the financial products advised on, using the ESG indicators as listed in Article 2 (sa) (new), where appropriate;
Amendment 193 #
Proposal for a regulation
Article 5 – paragraph 1 – point b a (new)
Article 5 – paragraph 1 – point b a (new)
(ba) an explanation of how ESG indicators as listed in Article 2 (sa) (new) are considered in the methodology of this index;
Amendment 194 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Where a financial product has as its target sustainable investments or investments with similar characteristics and no index has been designatedno index as a reference benchmark, the information referred to in Article 4(1) shall include an explanation on how that target is reachedf sustainability impact using the indicators listed in Article 2 (sa) (new).
Amendment 230 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Without prejudice to stricter sectoral legislation, in particular Directive 2009/65/EC, Directive 2014/65/EU, Directive (EU) 2016/97 of the European Parliament and of the Council and Regulation (EU) No 1286/2014, financial market participants, insurance intermediaries which provide insurance advice with regard to IBIPs and investment firms which provide investment advice shall ensure that their marketing communications shall be fair, clear and not misleading and do not contradict the information disclosed pursuant to this Regulation.