BETA

67 Amendments of Igor ŠOLTES related to 2017/0143(COD)

Proposal for a regulation
Recital 1 a (new)

(1a) Member States should have financially sustainable and adequate pensions schemes. Priority must therefore be given to further developing; strengthening and reforming of the public and occupational pensions schemes. Pan- European Personal Pension product may provide additional retirement income to some citizens but cannot be a replacement for sufficient public and occupational pension schemes in place.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 11

(11) A 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, it may help in addressing the demographical challenge and providing a powerful new source of private capital for long-term sustainable investment. This framework will not replace or harmonise existing national personal pension schemes.

2018/05/03
Committee: IMCO

Proposal for a regulation
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 after the entry 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 consumers. When no compartment is available in the Member States where the PEPP saver is moving, switching should be allowed free of charge.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 24

(24) In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be ~~responsi~~liable for the accuracy of the PEPP key information document. The PEPP key information document should replace and adapt the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 of the European Parliament and of the Council33 which would not have to be provided for PEPPs. _________________ 33 Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), OJ L 352, 9.12.2014, p. 1.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 31

(31) During the phase when retirement benefits are paid, PEPP beneficiaries should continue to receive information on their benefits and corresponding pay-out options. This is particularly important when a significant level of investment risk is borne by PEPP beneficiaries in the pay- out phase. PEPP beneficiaries should also be informed of any reduction in the level of benefits due, prior to the application of any such reduction, after a decision which will result in a reduction has been taken. ~~As a matter of best practice,~~ PEPP providers are recommended to consult PEPP beneficiaries in advance of any such decision.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 35

(35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers ~~are encouraged to~~may allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long- term economic benefits, in particular to zero-carbon and climate-resilient infrastructure projects and corporates.

2018/05/03
Committee: IMCO

Proposal for a regulation
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~~systematically consider such factors in investment decisions and to take into account how they form part of their risk management system.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 36 a (new)

(36a) PEPP providers should adopt an investment exclusion policy in order to ensure that savings are not invested in controversial and harmful products such as coal-based energy, nuclear weapons, cluster munitions, production of tobacco or harmful conducts such as serious human rights violations, severe environmental, climate damage, corruption and tax avoidance.

2018/05/03
Committee: IMCO

Proposal for a regulation
Recital 39

(39) The default investment option should allow the PEPP saver to recoup the invested capital before the deduction of fees. The PEPP providers cshould in addition include an inflation indexation mechanism to at least partly cover inflation.

2018/05/03
Committee: IMCO

Proposal for a regulation
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. Switching shall be provided free of charge under exceptional circumstances such as limited portability, withdrawal of an authorisation of the PEPP provider or upon request of the PEPP savers when it occurs less than every five years.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point a

(a) is based on a contract between an individual saver and an entity on a voluntary and complementary basis;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 2 – paragraph 1 – point 27

(27) “advice” means the provision of a personal recommendation to a PEPP saver including on the tax regime applicable, either upon his request or at the initiative of the PEPP provider or distributor, in respect of one or more contracts for subscribing PEPP;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)

(28a) “Partnership” means cooperation between PEPP providers to offer compartments in all Member States in view of the portability service as referred in Chapter III, section II;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 2 – paragraph 1 – point 28 b (new)

(28b) “Environmental, social and governance factors (ESG)” comprise the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights and the UNPRI definitions in which environmental factors include climate change, greenhouse gas (GHG) emissions, resource depletion (including water waste and pollution) and deforestation; social factors include Human Rights, working conditions (including slavery and child labour), local communities (including indigenous communities), conflict, health and safety, employee relations and diversity; and governance factors include executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 1 – point c

(c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45; _________________ 45Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 1 – point d

~~(d) investment firms authorised in accordance with Directive 2014/65/EU, engaged in portfolio management or investment advice;~~deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 1 – point e

(e) investment companies or management companies authorised in accordance with Directive 2009/65/EC of the European Parliament and of the Council46; _________________ 46 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (OJ L 302, 17.11.2009, p. 32).deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 1 – point f

(f) alternative investment fund (“AIF”) managers authorised in accordance with Directive 2011/61/EU of the European Parliament and of the Council47. _________________ 47Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 2 – point d

(d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP; including the integration of environmental, social and governance factors and risks;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 2 – point e

(e) information about the investment strategies, the risk profile and other characteristics of the PEPP including the integration of environmental, social and governance factors and in particular how the investment strategy is aligned with the Union’s climate and sustainability objectives as set out in the Paris Agreement, the Sustainable Development Goals and United Nations Guiding Principles on business and Human Rights;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 2 – point f a (new)

(fa) information on any partnerships between PEPP providers to offer compartments in different Member States;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 5 – paragraph 4

4. EIOPA ~~may~~shall inform the competent authority of an application for PEPP authorisation who may object to it. EIOPA may also ask the competent authority of the financial undertaking applying for the authorisation for clarification and information as regards the documentation referred to in paragraph 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.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)

(ba) the applicant has adopted and published a credible investment exclusion policy related to severe environmental damage, serious violations of human rights and production of weapons;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(da) the proposed PEPP effectively integrates environmental, social and governance factors into its investment strategy and risk management and ensures that its portfolio management is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable development Goals, and the United Nations Guiding Principles on Business and Human Rights.

2018/05/03
Committee: IMCO

Proposal for a regulation
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. In case of withdrawal of authorisation, PEPP savers shall be immediately informed of the consequences by the national competent authorities and are entitled to switch the PEPP provider free of charge irrespective of the switching frequency as referred in Article 48.

2018/05/03
Committee: IMCO

Proposal for a regulation
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 request addressed to the PEPP provider. PEPP savers shall have the right to switch PEPP provider free of charge, irrespective of the frequency stipulated in Article 48, when they change residence to a Member State where no compartment for their PEPP is offered.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 (new)

Compartments may be offered under partnerships between PEPP providers as defined in Article 2(28a).

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 15 – paragraph 1

1. Without prejudice to the deadline under Article 13(3), immediately 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 free of charge a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 17 – paragraph 2 – introductory part

2. The information under paragraph 1 shall be filed electronically in a central database held ~~with the national supervisory authority withi~~by the EIOPA within one month of opening the new compartment. The database shall be accessible to the national competent authorities, who shall automatically receive information con~~e month of opening the new compartment and~~cerning the local compartments in the case of any changes as well as the details of any existing or new partnership arrangements between providers. The database shall contain at least:

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 21 – paragraph 1

All documents and information under this Chapter shall be provided to PEPP customers electronically, provided that the PEPP customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored. Upon request, PEPP providers and distributors shall provide free of charge those documents and information also on another durable mediumin writing or on another durable and accessible medium chosen by the PEPP customers free of charge.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 – paragraph 2

2. ~~PEPP providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014~~The key information document shall constitute pre-contractual information. It shall be accurate, fair, easy-to-understand and not misleading. It shall provide key information and shall be consistent with any binding contractual documents, with the relevant parts of the offer documents and with the terms and conditions of the PEPP. It shall be provided free of charge to PEPP savers a sufficient time before the conclusion of a PEPP contract.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 – paragraph 2 a (new)

2a. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross- references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 – paragraph 3

3. In addition to the information set out in Article 8(3)(c) of Regulation (EU) No 1286/2014, the section titled “What is this product?” shall contain the following information: (i) benefits and the extent to which they are guaranteed; (ii) for belonging to the PEPP scheme; (iii) (iv) portability service, including information on the compartments; (v) switching service, and a reference to the specific information about the switching service available under Article 50; (vi) the performance of the investment policy in terms of environmental, social and governance factors; (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.deleted a description of the retirement any minimum or maximum period the retirement age; general information on the general information on the available information related to

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 – paragraph 3 a (new)

3a. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of three sides of A4-sized paper when printed, which promotes comparability. This information document shall: (a) be presented and laid out in a way that is easy to read, using characters of readable size; (b) focus on the key information that PEPP savers need; (c) be clearly expressed and written in jargon-free language, that is, clear, succinct and comprehensible, to facilitate the understanding of the information.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 – paragraph 5

5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering a minimum of five years, or, where the scheme has been operating for fewer than five years, covering all the years that the scheme has been operating, as well as with information on the structure of costs borne by PEPP savers and PEPPthe years the PEPP or personal pension product with that same investment option offered by the same provider has been~~eficiaries~~ operating.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 a (new)

Article 23a Information to be provided by the Key Information Document 1. The title 'PEPP key information document' shall appear prominently at the top of the first page of the PEPP key information document. The PEPP key information document shall be presented in the sequence laid down in paragraphs 2 and 3. 2. An explanatory statement shall appear directly underneath the title of the PEPP key information document. It shall read: ‘This document provides you with key information about this pension product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. 3. The PEPP key information document shall contain the following information: (a) at the beginning of the document, the name of the PEPP and whether it is a basic PEPP, the identity and contact details of the PEPP provider, information about the competent authority of the PEPP provider and the date of the document; (b) under a section titled ‘What is this product and what happens when I retire?’, the nature and main features of the PEPP, including: i. any minimum or maximum period for belonging to the PEPP scheme; ii. the legal information about the retirement age of the Member State which law is applicable; iii. the Member States in which the provider offers a PEPP; iv. the investment options, including the default option; v. information on the portability service; vi. information related the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights; vii. information on the investment exclusion policy related to severe environmental damage, serious violations of human rights and the production of weapons; viii. description of the retirement benefits and the extent to which they are guaranteed and the way of out-payments , including a description of the decumulation options and a statement that it may be prudent to consider advice on options before retirement; ix. information on any impact the timing of retirement may have on the risks and retirement benefits for the PEPP; x. a description of decumulation options and a statement that it may be prudent to consider advice on options before retirement; xi. the objective of retirement and the means for achieving an optimal result for the PEPP saver, in particular whether the objective is achieved by means of direct or indirect exposure to the underlying investment assets, including a description of the underlying instruments or reference values, a specification of the markets the PEPP invests in and, where applicable, specific environmental or social objectives targeted by the product, as well as how the return is determined; xii. a description of the type of pension saver to whom the PEPP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizon; xiii. where the PEPP offers insurance benefits, details of those insurance benefits, including the circumstances that would trigger them; xiv. the term of the PEPP, if known. (c) under a section titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward profile comprising the following elements: i. a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PEPP and which are not adequately captured by the summary risk indicator; ii. the possible maximum loss of invested capital, including, information on: – whether the PEPP saver can lose all invested capital, or – whether the PEPP saver bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PEPP, and – where applicable, whether the PEPP includes capital protection against market risk, and the details of its cover and limitations, in particular with respect to the timing of when it applies; iii. appropriate performance and forward-looking scenarios, and the assumptions made to produce them; iv. the integration of environmental, social and governance factors into the PEPP investment strategy and risk mitigation technique; v. where applicable, information on conditions for returns to PEPP savers or built-in performance caps; vi. a statement that the tax legislation of the PEPP saver’s home Member State may have an impact on the actual pay- out; (d) under a section titled ‘What happens if [the name of the PEPP provider] is unable to pay out?’, a brief description of whether the related loss is covered by an investor compensation or guarantee scheme and if so, which scheme it is, the name of the guarantor and which risks are covered by the scheme and which are not; (e) under a section titled ‘What are the costs?’, the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. The PEPP key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PEPP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the PEPP savers to understand the cumulative effect that these aggregate costs have on the return of the investment; (f) under a section titled ‘How long should I hold it and can I take money out early?’: i. where applicable, whether there is a cooling off period or cancellation period for the PEPP; ii. an indication of the recommended and, where applicable, required minimum holding period; iii. the ability to make, and the conditions for, any disinvestments before maturity, including all applicable fees and penalties, having regard to the risk and reward profile of the PEPP and the market evolution it targets; iv. information about the potential consequences of cashing in before the end of the term or recommended holding period, such as the loss of capital protection or additional contingent fees; (g) under a section titled ‘How can I complain?’, information about how and to whom a PEPP saver can make a complaint about the product or the conduct of the PEPP provider or a person advising on, or selling, the product; (h) under a section titled ‘Other relevant information’, a brief indication of any additional information documents to be provided to the PEPP saver at the pre-contractual and/or the post- contractual stage, excluding any marketing material. 4. Layering of the information required under paragraph 3 shall be permitted, whereby detailed parts of the information can be presented through pop-ups or through links to accompanying layers, so as to ensure the PEPP key information document is able to fulfil the obligation regarding its length set out in Article 23(5). 5. In order to ensure consistent application of this Article, the ESAs shall, through the Joint Committee of the ESAs, develop draft regulatory technical standards: (a) specifying the details of the presentation and the content of each of the elements of information referred to in Article 23 together with the requirements needed to present that information in a standardised format allowing for comparison; (b) specifying the calculation methodologies necessary for the information under paragraph 3.d.(i), 3.d.(iii), 3.d.(iv) and 3.f;(c)specifying, where layering of information is permitted, which of the information should be in the core presentation, and which information is provided in the additional layers of detail. When developing the draft regulatory technical standards the ESAs shall take into account the various types of PEPPs, the differences between them and the capabilities of PEPP savers as well as the features of the PEPPs 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. The ESAs shall submit those draft regulatory technical standards to the Commission by ... [xxx after the date of entry into force of this Regulation]Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation(EU)No 1095/2010.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 23 b (new)

Article 23b Civil liability 1. The PEPP manufacturer shall incur civil liability on the basis of the key information document, including any translation thereof, where it is misleading, inaccurate or inconsistent with the relevant parts of legally binding pre- contractual and contractual documents or with the requirements laid down in Article 19. 2. A PEPP saver can claim damages from the PEPP manufacturer in accordance with national law in case of loss resulting from reliance on a key information document under the circumstances referred to in paragraph 1, when making an investment into the PEPP for which that key information document was produced. The PEPP manufacturer shall not incur civil liability when demonstrating that either the information was not misleading, not inaccurate neither inconsistent nor that the loss of the PEPP saver is not resulting from relying on a key information document. 3. Elements such as ‘loss’ or ‘damages’ as referred to in paragraph 2 of this Article which are not defined shall be interpreted and applied in accordance with the applicable national law as determined by the relevant rules of private international law. 4. This Article does not exclude further civil liability claims in accordance with national law. 5. The obligations under this Article shall not be limited or waived by contractual clauses.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 26

~~[...]~~deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – introductory part

1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers to be provided annually:

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a

(a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d), (e), (f) and (h) of Directive 2016/2341/EU shall be applied, where the "member" means the PEPP saver, the "IORP" means the PEPP provider, the "pension scheme" means the PEPP scheme and "the sponsoring undertaking" means any third party for the purposes of this Regulation;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a a (new)

(aa) a clear indication of the statutory retirement age of the PEPP saver, the retirement age laid down in the pension scheme or estimated by the PEPP provider, or the retirement age set by the PEPP saver, as applicable;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a b (new)

(ab) the name of the PEPP provider and its contact address and identification of the PEPP scheme of the PEPP saver;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a c (new)

(ac) information on pension benefit projections based on the retirement age as specified in point (b), and a disclaimer that those projections may differ from the final value of the benefits received. These shall be illustrated on the basis of economic scenarios, including a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a d (new)

(ad) information on the accrued pension entitlements or accumulated pension capital taking into consideration the specific nature of the PEPP scheme;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a e (new)

(ae) information on the contributions paid by any third party and the PEPP saver into the PEPP scheme, at least over the last 12 months, taking into consideration the specific nature of the PEPP scheme;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a f (new)

(af) information on the past performance of the PEPP scheme as a whole or, where relevant, of the PEPP saver's investment option presented in a chart covering performance for any years available;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a g (new)

(ag) a breakdown of the costs deducted by the PEPP provider at least over the last 12months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a h (new)

(ah) information on the funding level of the PEPP scheme as a whole;

2018/05/03
Committee: IMCO

(ai) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, the Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point a j (new)

(aj) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights and the production of weapons.

2018/05/03
Committee: IMCO

Proposal for a regulation
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;~~deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point c

~~(c) where applicable, information on full or partial guarantees under the PEPP scheme and if relevant, the nature of the guarantee and mechanisms protecting accrued individual entitlements;~~deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point d

(d) information on the past performance of the PEPP scheme as a whole or, where relevant, of the PEPP saver's investment option presented in a chart covering performance for any years available and up to the last ten years;deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 1 – point e

(e) a breakdown of the costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits.deleted

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 28 – paragraph 2

2. The Commission shall, in consultation with the European Central Bank, EIOPA and the national supervisors, adopt delegated acts in accordance with Article 62 setting out rules to determine the assumptions on pension benefit projections referred to in point (a) of paragraph 1. Those rules shall be applied by PEPP providers to determine, where relevant, the annual rate of nominal investment returns, the annual rate of inflation and the trend of future wages.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 32 – paragraph 1 – point a

(a) to assess the system of governance applied by the PEPP providers, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, including the integration of ESG related risks, and their capital structure, needs and management;

2018/05/03
Committee: IMCO

Proposal for a regulation
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 level~~shall not exceed 20% of the total assets;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 33 – paragraph 1 – point f a (new)

(fa) the PEPP provider formulates, publishes and regularly reviews a policy to exclude the investment od assets in certain products related to severe environmental damages, serious violations of Human Rights and the production of weapons;

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 34 – paragraph 2

2. ~~The investment option~~PEPP providers shall ~~include~~offer a default investment option and may ~~include~~offer alternative investment options.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 37 – paragraph 1

1. The default investment option shall be cost-effective and ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 37 – paragraph 2

2. Capital protection shall allow the PEPP saver to recoup the capital invested including fees, costs and inflation.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 38 – paragraph 1

1. If PEPP providers offer alternative investment options, a~~t least one~~ll of them shall offer a cost-effective investment option to PEPP savers.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 44 – paragraph 1

1. Adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between PEPP customers 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 Council49 , using existing competent bodies where appropriate. 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. Participation in ADR mechanism shall be mandatory for PEPP providers. _________________ 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.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 45 – paragraph 2

2. The PEPP saver ~~may~~has the right to switch PEPP providers ~~no more frequently than once every five years after conclusion of the PEPP contract~~at any time during the accumulation and decumulation phases.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 48 – paragraph 3

3. TSwitching PEPP provider no more frequently than once every five years shall be free of charge for the retail investor. In case of more frequent switching, the total fees and charges applied by the transferring PEPP provider to the PEPP saver for the closure of the PEPP account held with it shall be limited to no more than 10,5 % of the positive balance to be transferred to the receiving PEPP provider.

2018/05/03
Committee: IMCO

Proposal for a regulation
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 than those referred to in paragraphs 1, 2 and 3 of this Article, shall be reasonable and in line withThe receiving PEPP provider may only charge the actual costs of th~~at PEPP provider~~e switching service.

2018/05/03
Committee: IMCO

Proposal for a regulation
Article 52 – paragraph 2

2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once in every five years period thereafter during the accumulation phase, on a yearly basis in the five years prior to the official retirement age, and also upon starting decumulation, if applicable.

2018/05/03
Committee: IMCO