63 Amendments of Paul TANG related to 2014/0091(COD)
Amendment 268 #
Proposal for a directive
Recital 2
Recital 2
(2) The internal market should allow institutions to operate in other Member States and ensure a high levelA high level of protection for members and beneficiaries of occupational retirement schemes should be ensured. In the case of pcrotection for members and beneficiaries of occupationalss-border activity, this cannot be done only at Member State level. Cross-border activity retquirement schemes a set of cross-border provisions.
Amendment 279 #
Proposal for a directive
Recital 3
Recital 3
(3) Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a European scale. A genuine internal marketppropriate regulation at national and Union level for occupational retirement provision remains crucial for economic growth and job creation in the European Union and for tackling the challenge of an ageing European society. The Directive, dating from 2003, has not been substantially amended to introduce a modern risk-based governance system also for institutions for occupational retirement provision.
Amendment 280 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) The impact assessment was rejected twice by the Commission's impact assessment board, inter alia because its proposed measures failed to address the shared aim to tackle the European dimension of the problem. The latter, however, should be the core aim of this Directive.
Amendment 289 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such as occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future, for many citizens, the occupational pension is a valuable addition to what is provided through the first-pillar pension system. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee for all citizens a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 298 #
Proposal for a directive
Recital 5
Recital 5
(5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to property, the right of collective bargaining and action, the right to protection of personal data, the right to conduct a business and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border business of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and principles.
Amendment 305 #
Proposal for a directive
Recital 6
Recital 6
(6) Despite the entry into force of Directive 2003/41/EC important prudential barriers remain which make it more expensive for institutions to operate pension schemes across borders. Moreover, the current minimum level of protection for members and beneficiaries needs to be increased. This is all the more important as the number of Europeans relying on schemes that shift longevity and market risks from the institution or the undertaking offering the occupational scheme (‘sponsoring undertaking’) to the individual has increased significantly. In addition, the current minimum level of information provision to members and beneficiaries needs to be increased. Those developments warrant an amendment of the Directive.
Amendment 314 #
Proposal for a directive
Recital 9
Recital 9
(9) In accordance with the principle of subsidiarity, Member States should retain full responsibility for the organisation of their pension systems as well as for the decision on the role of each of the three ‘pillars’ of the retirement system in individual Member States. In the context of the second pillar, they should also retain full responsibility for the role and functions of the various institutions providing occupational retirement benefits, such as industry-wide pension funds, company pension funds and life-assurance companies. This Directive is not intended to call this prerogative into question, but rather aims to addressing the Union dimension of second pillar pensions.
Amendment 337 #
Proposal for a directive
Recital 20
Recital 20
(20) IMost institutions for occupational retirement provision are fundamentally different from financial service providers whichin the sense that they bear a heavy responsibility for the provision of occupational retirement benefits and therefore serve first and foremost a social purpose. In pursuing this purpose, they should meet certain minimum prudential standards with respect to their activities and conditions of operation.
Amendment 347 #
Proposal for a directive
Recital 21
Recital 21
(21) The huge number of institutions in certain Member States means a pragmatic solution is necessary as regards prior authorisation of institutions. However, if an institution wishesemployers, social partners and members find it relevant to manage a scheme in another Member State, a duty of care as well as prior authorisation granted by the competent authority of the home Member State should be required. A duty of care ensures that there is no regulatory arbitrage, the occurrence of which should be qualitatively determined by the competent authority, having regard to the fields mentioned in this Directive.
Amendment 380 #
Proposal for a directive
Recital 34 a (new)
Recital 34 a (new)
(34a) Unless an institution operates on a cross-border basis, its internal investment rules, remuneration policies and other governance provisions as set out in this Directive are primarily a matter for Member States. However, those governance provisions, could be applied by the state or, if not, serve as a guidance for Member States in regulating their national second pillar pension schemes.
Amendment 381 #
Proposal for a directive
Recital 35
Recital 35
(35) Institutions should be allowed to invest in other Member States in accordance with the rules of their home Member States in order to reduce the cost of cross-border activity. ThereforeHowever, the competent authority of the host Member States should not be allowed to impose additional investment requirements onble e to ask cross-border institutions to apply limits for investment, provided that such rules also apply to institutions located in other host Member States.
Amendment 385 #
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
(35a) Pension tracking services such as T- TYPE enable citizens who work in another Member State to have an overview of their accrued pension rights stemming from statutory and occupational pension schemes. The Commission should support the establishment of pension tracking services, whilst acknowledging their bottom-up character.
Amendment 391 #
Proposal for a directive
Recital 37
Recital 37
(37) Remuneration policies which encourage excessive risk-taking behaviour can undermine sound and effective risk management of institutions. Principles and disclosure requirements for remuneration policies applicable to other types of financial institutions in the Union should be made applicable also to institutions, bearing in mind, however, the particular governance structure of institutions in comparison to other types of financial institutions and the need to take account of the size, nature, scope and complexity of the activities of institutions. The provisions on remuneration should be without prejudice to the rights, where applicable, of the social partners to conclude and enforce collective agreements, in accordance with national law and customs.
Amendment 394 #
Proposal for a directive
Recital 39
Recital 39
(39) All pPersons that perform key functions should be fit and proper, while allowing Member States to warrant the diversity of the board. However, only the key function holders should be subject to notification requirements to the competent authority.
Amendment 400 #
Proposal for a directive
Recital 41
Recital 41
(41) It is essential that institutions improve their risk management so that potential vulnerabilities in relation to the sustainability of the pension scheme can be properly understood and discussed with the competent authorities. Institutions should, as part of their risk management system, produce a risk evaluation for their activities relating to pensions. That risk evaluation should also be made available to the competent authorities. In that evaluation institutions should provide among others a qualitative description of key elements determining their funding position in accordance with national law, the effectiveness of their risk-management system and the ability to comply with the requirements regarding technical provisions and, upon request, to the public. This risk evaluation should include new or emerging risks, such as, inter alia, risks related to climate change, resource use, social and governance risks or the environment.
Amendment 404 #
Proposal for a directive
Recital 42
Recital 42
(42) Each Member State should require that every institution located in its territory draw up annual accounts and annual reports taking into account each pension scheme operated by the institution and, where applicable, annual accounts and annual reports for each pension scheme. The annual accounts and annual reportfor its pension schemes, reflecting a true and fair view of the institution's assets, liabilities and financial position, taking into account each pension scheme operated by an institution, and duly approved by an authorised person, are. This is an essential source of information for members and beneficiaries of a scheme and the competent authorities. In particular, they enables the competent authorities to monitor the financial soundness of an institution and assess whether the institution is able to meet all its contractual obligations.
Amendment 406 #
Proposal for a directive
Recital 43 a (new)
Recital 43 a (new)
(43a) Institutions should make investment decisions that are sound and responsible from a social, environmental and societal point of view. Surveys have shown that a majority of members do expect from their institution that they take these factors into account. Moreover, a narrow focus on short term maximisation of profits may conflict with member's long-term interests.
Amendment 410 #
Proposal for a directive
Recital 46
Recital 46
(46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and 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 and guarantees, and costs should be given. Where members bear an investment risk, additional information on the investment profile, any available options and past performance are also crucialshould be provided. However, large volumes of information do not necessary contribute to the adequateness and relevance of information, which should be the leading principle.
Amendment 414 #
Proposal for a directive
Recital 47
Recital 47
(47) Before joining a scheme, prospective members should be given all the necessary information to make an informed choice such as possibilities to opt out, contributions, costs and investment options, where applicable. Where members are automatically enrolled in a pension scheme, the institution should provide them with the key relevant information about their membership within a short period of time after enrolment.
Amendment 420 #
Proposal for a directive
Recital 48
Recital 48
(48) For the institution's members that have not yet retired, institutions should draw up a standardised pension benefit statement containing key personal and generic information about the pension scheme. TA standard format for the pension benefit statement should have a standard format in order tocan facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 428 #
Proposal for a directive
Recital 57
Recital 57
(57) In order to ensure the smooth functioning of the internal market for occupational retirement provision organised on a European scale, the Commission should, after consulting EIOPA, review and report on the application of this Directive and should submit that report to the European Parliament and to the Council four years after the entry into force of this Directive. That review should assess in particular the application of the rules regardlaid down ing the calculation of the technical provisions, the funding of technical provisions, regulatory own funds, solvency margins, investment rules and any other aspect relating to the financial solvency situation of the insitutionDirective and the extent to which the European dimension needs to be further strengthened.
Amendment 435 #
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
The institution’s social function and the triangular relationship between the employee, the employer and the institution shall be fully taken into account, as a guiding principle, in accordance with this Directive;
Amendment 437 #
Proposal for a directive
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Article 20 and Articles 22 to 37 shall apply only to institutions that operate on a cross-border basis.
Amendment 438 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3a Duty of care Competent authorities of the home Member State shall exercise a duty of care to ensure that the relocation of institutions to another Member State does not constitute a form of regulatory arbitrage, which is for example the case when the reasons for relocation seem to relate to requirements with respect to funding, the governmental framework and investment rules.
Amendment 445 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
With the exception of Articles 34 to 37 , Member States may choose not to apply this Directive, in whole or in part, to any institution located in their territories which operates pension schemes which together have less than 100 members in total or that manage assets on management of a value less than EUR 20 million. Subject to Article 2(2), such institutions shall nevertheless be given the right to apply this Directive on a voluntary basis. Article 12 may be applied only if all the other provisions of this Directive apply.
Amendment 448 #
Proposal for a directive
Article 6 – paragraph 1 – point b a (new)
Article 6 – paragraph 1 – point b a (new)
(ba) ‘social pension scheme’ means a contract, an agreement, a trust deed or rules stipulating which retirement benefits are granted and the conditions applicable where: (i) the persons to whom the retirement benefit is to be paid do not fund it; (ii) a risk-spreading principle is used; and (iii) the pension participants do not bear the investment risk;
Amendment 453 #
Proposal for a directive
Article 6 – paragraph 1 – point q a (new)
Article 6 – paragraph 1 – point q a (new)
(qa) ‘Cross-border activity’ means operating a pension scheme governed by the social and labour law relevant to occupational pension schemes, in accordance with Regulation (EU) No 593/2008, of a Member State other than the home Member State.
Amendment 459 #
Proposal for a directive
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1a. The Commission shall be empowered to adopt delegated acts in accordance with Article 77 specifying the elements that constitute social pension schemes and justifies mandatory participation. The delegated acts shall not impose funding requirements that are additional to those provided for in this Directive.
Amendment 474 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Without prejudice to national social and labour law, Member States shall allow institutions authorised or registered in their territories to transfer all or a part of their pension schemes to receiving institutions authorised or registered in other Member States.
Amendment 477 #
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The transfer of all or part of a pension scheme between transferring and receiving institutions authorised or registered in different Member States shall be subject to a duty of care as referred to in Article 3 a and prior authorisation by the competent authority of the home Member State of the receiving institution. The application for authorisation of the transfer shall be submitted by the receiving institution.
Amendment 520 #
Proposal for a directive
Article 16 a (new)
Article 16 a (new)
Amendment 526 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point a
Article 20 – paragraph 1 – subparagraph 1 – point a
(a) the assets shall be invested in the best interests of present and future members and beneficiaries. In the case of a potential conflict of interest, the institution, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of members and beneficiaries;
Amendment 528 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point a a (new)
Article 20 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) In doing so, institutions may have regard to: - social, societal and environmental benefits - the impact of investment activities on the stability of the financial system - the long term consequences of investment decisions;
Amendment 534 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point d
Article 20 – paragraph 1 – subparagraph 1 – point d
(d) investment in derivative instruments shall be possible insofar amay be discouraged, unless they contribute to a reduction of investment risks or facilitate efficient portfolio management. They must be valued on a prudent basis, taking into account the underlying asset, and included in the valuation of the institution’s assets. The institution shall also avoid excessive risk exposure to a single counterparty and to other derivative operations;
Amendment 536 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point f
Article 20 – paragraph 1 – subparagraph 1 – point f
Amendment 543 #
Proposal for a directive
Article 20 – paragraph 6 – subparagraph 2 – point b a (new)
Article 20 – paragraph 6 – subparagraph 2 – point b a (new)
(ba) investing in instruments that are promoting long-term investment in the real economy in the European Union including the European Fund for Strategic Investments, European Long- term Investment Funds (ELTIFs) or European Social Entrepreneurship Funds (EuSEFs);
Amendment 547 #
Proposal for a directive
Article 21 – paragraph 1 a (new)
Article 21 – paragraph 1 a (new)
1a. Member States shall ask the competent authority to ensure that the costs of asset management and other functions of the pension scheme are public.
Amendment 554 #
Proposal for a directive
Article 23 – paragraph 1 – point a
Article 23 – paragraph 1 – point a
(a) their professional qualifications, knowledge and experience are collectively adequate to enable them to ensure a sound and prudent management of the institution and to properly carry out their key functions (requirement to be fit); and
Amendment 561 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Without prejudice to the role of social partners, Member States shall require institutions to have a sound remuneration policy for those persons who effectively run the institution or perform a key function in a manner that is appropriate to their size and internal organisation, as well as to the nature, scope and complexity of their activities.
Amendment 563 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. Directive 2013/36/EU shall apply to those persons who effectively run institutions for occupational retirement provision so as to ensure a sound remuneration policy.
Amendment 566 #
Proposal for a directive
Article 24 – paragraph 3 – introductory part
Article 24 – paragraph 3 – introductory part
3. The Commission shall be empowered to adopt a delegated act applicable to cross- border funds, in accordance with Article 77 specifying:
Amendment 568 #
Proposal for a directive
Article 24 – paragraph 3 – point a – indent 3
Article 24 – paragraph 3 – point a – indent 3
– the remuneration policy shall promote sound and effective risk management and shall not encourage risk-taking that exceeds the risk tolerance limits of the institutionalign risk-taking incentives with the interests of members and beneficiaries;
Amendment 578 #
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
Amendment 579 #
Proposal for a directive
Article 25 – paragraph 6
Article 25 – paragraph 6
Amendment 583 #
Proposal for a directive
Article 25 – paragraph 7
Article 25 – paragraph 7
7. The holder of a key function shall inform the competent authority on any finding that has an impact on the protection of members and beneficiaries. Member States shall ensure legal protection of persons informing the competent authority in accordance with paragraph 6.
Amendment 590 #
Proposal for a directive
Article 26 – paragraph 2 – point f a (new)
Article 26 – paragraph 2 – point f a (new)
(fa) environmental and social risks relating to the investment portfolio and the management thereof.
Amendment 603 #
Proposal for a directive
Article 29 – paragraph 2 – point h
Article 29 – paragraph 2 – point h
(h) a qualitative assessment of new or emerging risks relating to climate change, use of resources and, the environment and social and governance risks.
Amendment 610 #
Proposal for a directive
Article 30 – title
Article 30 – title
Delegated act for the risk evaluation for cross-border pensions
Amendment 612 #
Proposal for a directive
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
The Commission shall be empowered to adopt a delegated act applicable to cross- border funds in accordance with Article 77 specifying:
Amendment 615 #
Proposal for a directive
Article 31 – paragraph 1
Article 31 – paragraph 1
Member States shall require every institution located in their territories to draw up and make available to members annual accounts and annual reports taking into account each pension scheme operated by the institution and, where applicable, annual accounts and annual reports for each pension scheme. The annual accounts and the annual reports shall give a true and fair view of the institution’s assets, liabilities and financial position. The annual accounts and information in the reports shall be consistent, comprehensive, fairly presented and duly approved by authorised persons, in accordance with national law.
Amendment 618 #
Proposal for a directive
Article 32 – paragraph 1
Article 32 – paragraph 1
Member States shall ensure that every institution located in their territories prepares and, at least every three years, reviews a written statement of investment- policy principles. That statement is to be revised without delay after any significant change in the investment policy. Member States shall provide for this statement to contain, at least, such matters as the investment risk measurement methods, the risk-management processes implemented and the strategic asset allocation with respect to the nature and duration of pension liabilities. Member States shall ensure that this information is, upon request, made available to members.
Amendment 623 #
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
1. For each occupational pension scheme in which members and beneficiaries fully bear the investment risk, the home Member State shall require the institution to appoint a single depositary for safe-keeping of assets and oversight duties in accordance with Article 36 and 37. Without prejudice to Article 36(5) this requirement will not be applicable to those assets of an institution in as far as this institution has invested these assets directly in one or more entities on whose behalf a depositary for safekeeping of assets and oversight duties of the pension scheme is appointed in accordance with Directive 2011/61/EU or 2014/91/EU.
Amendment 625 #
Proposal for a directive
Article 35 – paragraph 2
Article 35 – paragraph 2
2. For occupational pension schemes in which the members and beneficiaries do not fully bear the investment risk, the home Member State may require the institution to appoint a depositary for safe-keeping of assets or for safe-keeping of assets and oversight duties in accordance with Articles 36 and 37. Without prejudice to Article 36(5) this requirement will not be applicable to those assets of an institution in as far as this institution has invested these assets directly in one or more entities on whose behalf a depositary for safekeeping of assets and oversight duties of the pension scheme is appointed in accordance with Directive 2011/61/EU or 2014/91/EU.
Amendment 626 #
Proposal for a directive
Article 35 – paragraph 8
Article 35 – paragraph 8
8. Where no depositary is appointed and when the institution has not invested all pension assets in the financial products covered by Directive 2011/61/EU or 2009/65/EU and no depositary has been appointed in accordance with these Directives, institutions shall make arrangements to prevent and resolve any conflict of interest in the course of tasks otherwise performed by a depositary and an asset manager.
Amendment 628 #
Proposal for a directive
Article 36 – paragraph 5 – introductory part
Article 36 – paragraph 5 – introductory part
5. Where no depositary is appointed for the safe-keeping of assets and when the institution has not invested all pension assets in the financial products covered by Directive 2011/61/EU or 2009/65/EU and no depositary has been appointed in accordance with these directives, institutions shall, at least be required to:
Amendment 629 #
Proposal for a directive
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Where no depositary is appointed for oversight duties and when the institution has not invested all pension assets in the financial products covered by Directive 2011/61/EU or 2009/65/EU and no depositary has been appointed in accordance with these directives, the institution shall implement procedures which ensure that the tasks, otherwise subject to oversight by depositaries, are being duly performed within the institution.
Amendment 630 #
Proposal for a directive
Article 38 – paragraph 1
Article 38 – paragraph 1
1. Depending on the nature of the pension scheme established, Member States shall ensure that every institution located in their territories provides prospective members, members and beneficiaries at least the information set out in Articles 39 to 53 and Articles 55 to 58. Additional or separate information requirements may be set out for social pension schemes as defined in article 6(qa) by means of an implementing act in accordance with Article 291 of TFEU.
Amendment 638 #
Proposal for a directive
Article 40 a (new)
Article 40 a (new)
Article 40a Pension Benefit Statement 1. Member States shall require institutions to draw up a document containing key relevant information for each member. The title of the document shall contain the words ‘Pension Benefit Statement’. 2. Member States shall require that the information contained in the pension benefit statement is accurate, fair, clear and updated and sent to each member, free of charge, at least annually. 3. When laying down rules for the pension benefit statement, Member States shall require that it contains the key relevant information for the members, taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law. 4. Within the framework of this Directive, key relevant information for members shall include: (a) personal details of the member, including a clear indication of the date of the statutory retirement or the date when retirement benefits are due; (b) identification of the institution and identification of the pension scheme of the member; (c) where applicable, any information on full or partial guarantees under the pension scheme. Where no guarantee is provided, this should be indicated. Where a guarantee is provided, the pension benefit statement shall briefly explain the nature of the guarantee and provide information on the current level of financing of the member’s accrued individual entitlements; (d) information on pension projections, taking into consideration the specific nature and organisation of the pension scheme; (e) information on the accumulated entitlements, contributions and costs of the pension scheme, taking into consideration the specific nature and organisation of the pension scheme; (f) information on the investment profile, including a clear indication of the risks borne by the member under best and worst scenarios, taking into consideration the specific nature of the pension scheme; (g) information on the past performance of the pension scheme, warning about the limited value as a guide to future performance, taking into account the specific nature of the pension scheme. 5. Member States shall exchange best practices with regard to the format and the content of the pension benefit statement.
Amendment 702 #
Proposal for a directive
Article 54
Article 54
Amendment 722 #
Proposal for a directive
Article 73 – paragraph 2 – subparagraph 2 a (new)
Article 73 – paragraph 2 – subparagraph 2 a (new)
2a. To further develop occupational pensions systems in the Member States, the Commission shall set up a High Level Group of experts to explore ways in which second pillar retirement savings in the Member States can be increased, including the promotion of the exchange of best practices between the Member States.
Amendment 731 #
Proposal for a directive
Article 77 – paragraph 2
Article 77 – paragraph 2
2. The delegation of powers referred to in Article 12, paragraph 1, Article 16a, Article 24(3), Article 30 and Article 54 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 732 #
Proposal for a directive
Article 77 – paragraph 4
Article 77 – paragraph 4
4. A delegated act adopted pursuant to Article 12, paragraph 1, Article 16a, Article 24(3), Article 30 and Article 54 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council.
Amendment 737 #
Proposal for a directive
Article 79 a (new)
Article 79 a (new)
Article 79a Review Four years after the entry into force of this directive, the Commission shall review the adequacy of this Directive from a prudential and governance point of view. In particular the review shall consider whether the European dimension needs to be further strengthened. The review shall also analyse the experience acquired in applying this Directive and its impact on the stability of the institutions. The results of the review shall be communicated to the European Parliament and the Council accompanied, where necessary, by appropriate proposals for amendments.