8 Amendments of Paul TANG related to 2018/0179(COD)
Amendment 50 #
Proposal for a regulation
Recital 2
Recital 2
(2) A common objective of Directive 2009/65/EC of the European Parliament and of the Council32 , Directive 2009/138/EC of the European Parliament and of the Council33 , Directive 2011/61/EU of the European Parliament and of the Council34 , Directive 2014/65/EU of the European Parliament and of the Council35 , Directive (EU) 2016/97 of the European Parliament and of the Council36 , Directive (EU) 2016/2341 of the European Parliament and of the Council37 , Regulation (EU) No 345/2013 of the European Parliament and of the Council38 and, Regulation (EU) No 346/2013 and Regulation (EU) 575/2013 of the European Parliament and of the Council39 is to facilitate the taking- up and pursuit of the activities of undertakings for collective investment in transferable securities (UCITS), alternative investment fund managers (AIFMs), insurance undertakings, investment firms, insurance intermediaries, institutions for occupational retirement provision (IORPs), managers of qualifying venture capital funds (EuVECA managers), and managers of qualifying social entrepreneurship funds (EuSEF managers). Those Directives and Regulations ensure more uniform protection of end-investors and make it easier for them to benefit from a wide range of financial products and services, and at the same time provide for rules that enable investors to make informed investment decisions. While those objectives have been largely achieved, disclosures to end-investors on the integration of sustainability risks and sustainable investment targets in investment decision-making by UCITS management companies, AIFMs, insurance undertakings, investment firms which provide portfolio management, IORPs, pension providers, EuVECA managers and EuSEF managers (financial market participants) and disclosures to end- investors on the integration of sustainability risks in advisory processes by insurance intermediaries which provide insurance advice with regard to insurance- based investment products (IBIPs) and investment firms which provide investment advice (financial advisors) are insufficiently developed because such disclosures are not yet subject to harmonised requirements. _________________ 32 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) (OJ L 302, 17.11.2009, p. 32). 33 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). 34 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (OJ L 174, 1.7.2011, p. 1). 35 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). 36 Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (OJ L 26, 2.2.2016, p. 19). 37 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). 38 Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ L 115, 25.4.2013, p. 1). 39 Regulation (EU) No 346/2013 of the Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ L 115, 25.4.2013, p. 18).
Amendment 95 #
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 followingproducts associated with strategies that aim at achieving environmental, social and governance-related impact including any combination of the following, to the extent that the objectives of any one category are in accordance with, and do not significantly harm any of the objectives of the other categories below:
Amendment 113 #
Proposal for a regulation
Article 2 – paragraph 1 – point s a (new)
Article 2 – paragraph 1 – point s a (new)
(sa) ´Sustainability risk´ as defined in Article 2(1)(s a) may refer to the financial risk to the product or investment, including long term risks, linked to exposure to environmental, social and governance factors, as well as the risk of negative impacts of the product or investment on the environment, society and the governance of investee entities, including but not limited to when linked to financial risk referred to in Article 2(1)(s a), and, including, but not limited to the environmental objectives as defined under Regulation (EU) 0178/2018.
Amendment 162 #
Proposal for a regulation
Article 4 – paragraph 1 – point c a (new)
Article 4 – paragraph 1 – point c a (new)
(ca) shareholder voting with regards to sustainable investments and the mitigation of sustainability risks, the voting instructions and voting rationales behind votes against management, abstentions and contentious votes;
Amendment 163 #
Proposal for a regulation
Article 4 – paragraph 1 – point c b (new)
Article 4 – paragraph 1 – point c b (new)
(cb) engagement with companies with regards to sustainable investments and the mitigation of sustainability risks, the total number of engagements with companies, the topics of engagement, and the results of that engagement;
Amendment 177 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. TReferences to the disclosures referred to in paragraph 1 and paragraph 2 shall be madeintroduced in the following manner:
Amendment 181 #
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Integration of sustainability risks in remuneration policies 1. Financial market participants shall, regarding the remuneration policy and practices of their executive directors, set out sustainable investment targets of minimum 50 per cent of the total amount when establishing performance measurement criteria in view of determining variable remuneration. 2. The remaining variable remuneration targets shall not work to the detriment of any of the sustainability risks defined in Article 2 of this Regulation
Amendment 240 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
By [PO: Please insert date 360 months after the date of entry into force], the Commission shall conduct an evaluation of the application of this Regulation.