46 Amendments of Paul TANG related to 2023/0167(COD)
Amendment 202 #
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2014/65/EU
Article 4 – paragraph 1 – point 68 a (new)
Article 4 – paragraph 1 – point 68 a (new)
(68a) ‘Crypto Asset Services Provider’ means a crypto asset services provider as defined in Article 3, paragraph 1, point 15 of Regulation (EU) 2023/1114
Amendment 203 #
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2014/65/EU
Article 4 – paragraph 1 – point 68 b (new)
Article 4 – paragraph 1 – point 68 b (new)
(68b) ‘Crypto-asset service’ means crypto-asset service as defined in Article 3, point 16 of Regulation (EU) 2023/1114
Amendment 214 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point c
Article 1 – paragraph 1 – point 8 – point c
Directive 2014/65/EU
Article 16 – paragraph 3 a
Article 16 – paragraph 3 a
3a. An investment firm or crypto asset service provider shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to ensure that marketing communications and practices comply with the obligations set out in Article 24c.;
Amendment 259 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 4
Article 16–a – paragraph 1 – subparagraph 4
When a financial instrument deviates from the relevant benchmark referred to in paragraph 9, the investment firm shall inform the competent authority of the investment firm and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the competent authority of the investment firm, the financial instrument shall not be approved by the investment firm´.
Amendment 347 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 a (new)
Article 16–a – paragraph 7 a (new)
7a. The documentation resulting from the product approval process and any other assessment made by an investment firm in accordance with this Article should be made publicly available in an electronic format on the website of the investment firm.
Amendment 402 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Directive 2014/65/EU
Article 23 – paragraph 1
Article 23 – paragraph 1
Article 23 is amended as follows: Paragraph 1 is replaced by the following: ‘1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the receipt of inducements from third parties or by the investment firm’s own remuneration and other incentive structures.
Amendment 406 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a
Article 24 – paragraph 1 a
Amendment 448 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g
Article 1 – paragraph 1 – point 12 – point g
Directive 2014/65/EU
Article 24 – paragraph 5 c – subparagraph 1
Article 24 – paragraph 5 c – subparagraph 1
Member States shall ensure that investment firms display appropriate warnings in information materials, including marketing communications, provided to retail clients or potential retail clients, to alert on the specific risks of potential losses carried by particularly risky financial instruments. including losses related to their sustainability characteristics, such as having significant negative impact on Principal Adverse Impact indicators as indicated in Regulation (EU) 2019/2088 (Sustainable Finance Disclosure Regulation)
Amendment 457 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g
Article 1 – paragraph 1 – point 12 – point g
Directive 2014/65/EU
Article 24 – paragraph 5c – subparagraph 2
Article 24 – paragraph 5c – subparagraph 2
ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines on the concept of particularly risky financial instruments taking due account of the specificities of the different types of instruments and their sustainability characteristics.
Amendment 478 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 1
Article 24a – paragraph 1
1. Member States shall ensure that investment firms, when providing portfolio management or when providing investment advice, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit, in connection with the provision of such service, to or by any party except the client or a person on behalf of the client.
Amendment 496 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 3
Article 24a – paragraph 3
Amendment 521 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 7
Article 24a – paragraph 7
Amendment 529 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 8
Article 24a – paragraph 8
Amendment 536 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
8a. The European Commission shall adapt the requirements established in Article 16a regarding the pricing process, for investment firms located in a Member State that prohibits the offer or acceptance of fees, commissions or non- monetary benefits from third parties in relation to the provision of insurance advice, or for investment firms that can proof to the Member States' National Competent Authority they do not offer or accept fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice. These adapted requirements shall take into account the reduced risk of conflicts of interest and keep in mind the principle of proportionality
Amendment 542 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – point a
Article 24b – paragraph 1 – subparagraph 2 – point a
(a) all explicit and implicit, and associated charges, including all costs and charges relating to the distribution of the financial instrument, and the cost of advice, where relevant, charged by the investment firms or other parties where the client has been directed to such other parties, for the investment services and/or ancillary services provided to the client or potential client;
Amendment 547 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – point d a (new)
Article 24b – paragraph 1 – subparagraph 2 – point d a (new)
(da) The information referred to in the second subparagraph, point (a) to (c), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail client, on the impact of the costs, charges and any third-party payments on the expected return.
Amendment 592 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 4 – subparagraph 4 a (new)
Article 24b – paragraph 4 – subparagraph 4 a (new)
4a. The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. The annual statement shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns."
Amendment 596 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 1
Article 24c – paragraph 1
1. Member States shall ensure that marketing communications are clearly identifiable as such and clearly identify the investment firms or crypto-asset service provider responsible for their content and distribution, regardless of whether the communication is made directly or indirectly by the investment firm.
Amendment 604 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 2 – subparagraph 2
Article 24c – paragraph 2 – subparagraph 2
All marketing communications shall present in a prominent and concise way, the essential characteristics of the financial instruments, crypto asset service or the investment services and related ancillary services to which they refer.
Amendment 611 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 4 – subparagraph 1
Article 24c – paragraph 4 – subparagraph 1
Where a manufacturer of a financial instrument or a crypto-asset service provider prepares and provides a marketing communication to be used by the 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 the target market.
Amendment 612 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 4 – subparagraph 2
Article 24c – paragraph 4 – subparagraph 2
Where an investment firm or crypto-asset service provider offers or recommends financial instruments which it does not manufacture, organises its own marketing communication, it shall be fully responsible for its appropriate content, update and use, in line with the identified target market and in particular in line with the identified client categorisation.
Amendment 616 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 5
Article 24c – paragraph 5
5. Member States shall ensure, investment firms and crypto-asset service providers make annual reports to the firm’s management body on the use of marketing communications and strategies aimed at marketing practices, the compliance with relevant obligations on marketing communications and practices under this Directive and on any signalled irregularities and proposed solutions.
Amendment 618 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 7 –subparagraph 1
Article 24c – paragraph 7 –subparagraph 1
Amendment 621 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 7 – subparagraph 2
Article 24c – paragraph 7 – subparagraph 2
Such records shall be kept for a period of five years and, where requested by the competent authority, for a period of up to seven years. Those records shall be retrievable by the investment firm or crypto asset service provider upon request of the competent authority.
Amendment 625 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 8 – point a
Article 24c – paragraph 8 – point a
(a) the essential characteristics of crypto services, financial instrument(s) or investment and ancillary service(s) to be disclosed in all marketing communications targeting retail clients or potential retail clients and any other relevant criteria to ensure that those essential characteristics appear in a prominent way and are easily accessible by an average retail client, regardless of the means of communication;
Amendment 633 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24d – paragraph 2 – subparagraph 1
Article 24d – paragraph 2 – subparagraph 1
For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least 145 hours of professional training and development per year. Compliance with the criteria set out in Annex V as well as the yearly successful completion of the continuous professional training and development shall be proven by a certificate.
Amendment 643 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need for portfolio diversification.
Amendment 661 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
3a. When providing investment advice, the products proposed by the investment firm shall include at least one product that aims to make a positive contribution to environmental sustainability as defined in Regulation (EU) 2020/852 unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 663 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point d
Article 1 – paragraph 1 – point 14 – point d
Directive 2014/65/EU
Article 25 – paragraph 8 – point c a (new)
Article 25 – paragraph 8 – point c a (new)
(ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 708 #
Proposal for a directive
Article 2 – paragraph 1 – point 5 – point b – point i
Article 2 – paragraph 1 – point 5 – point b – point i
Directive (EU) 2016/97
– paragraph 2 – subparagraph 2
– paragraph 2 – subparagraph 2
For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least 145 hours of professional training or development per year, taking into account the nature of the products sold, the type of distributor, the role they perform, and the activity carried out within the insurance or reinsurance distributor.
Amendment 763 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 2
Article 25 – paragraph 2
2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the relevant competent authority, the insurance- based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance- based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 799 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive 2016/97
Article 25 – paragraph 6
Article 25 – paragraph 6
6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated to the relevant competent authority, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance- based investment product to retail customers. Where no relevant benchmark exists for an insurance- based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 809 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph – 7 a (new)
Article 25 – paragraph – 7 a (new)
7a. The documentation resulting from this product approval process and any other assessment in accordance with this article shall also be made publicly available in an electronic format on the website of the insurance undertaking or insurance intermediary.
Amendment 921 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 3 a (new)
Article 29 – paragraph 3 a (new)
3a. The annual statement shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an insurance-based investment product can significantly impact your investment returns.
Amendment 926 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 5 – subparagraph 1
Article 29 – paragraph 5 – subparagraph 1
Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products display appropriate warnings in information material, including marketing communications, provided to retail customers to alert them on the specific risks of potential losses carried by particularly risky insurance-based investment products and, where applicable, underlying investment assets. including losses related to their sustainability characteristics, such as having significant negative impact on Principal Adverse Impact indicators as indicated in Regulation (EU) 2019/2088 (Sustainable Finance Disclosure Regulation)
Amendment 930 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 5 – subparagraph 2
Article 29 – paragraph 5 – subparagraph 2
EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines on the concept of particularly risky insurance-based investment products, taking due account of the specificities of the different types of insurance-based investment products and their sustainability characteristics.
Amendment 946 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 1 – subparagraph 1
Article 29 a – paragraph 1 – subparagraph 1
Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(1), 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer.
Amendment 950 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 2
Article 29 a – paragraph 2
Amendment 977 #
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 a (new)
Article 29 a – paragraph 6 a (new)
6a. The European Commission shall adapt the requirements established in Article 25 regarding the pricing process, for insurance intermediaries or insurance undertakings located in a Member State that prohibits the offer or acceptance of fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice, and for insurance intermediaries or insurance undertakings that can proof to the Member States' National Competent Authority they do not offer or accept fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice. These adapted requirements shall take into account the reduced risk of conflicts of interest and keep in mind the principle of proportionality
Amendment 1016 #
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 assets, offered or demanded, that customer’s financial situation, including 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, its sustainability preferences and need for portfolio diversification. The products proposed by the insurance intermediary or insurance undertaking shall include at least one product that aims to make a positive contribution to environmental sustainability as defined in Regulation (EU) 2020/852 unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 1044 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Directive 2016/97
Article 30 – paragraph 5 a – subparagraph 1
Article 30 – paragraph 5 a – subparagraph 1
Member States may impose stricter requirements on distributors in respect of the matters covered by this Article. In particular, Member States may make the provision of advice referred to in Article 30 mandatory for the sales of any insurance-based investment products, or for certain types of themMember States shall ensure that their stricter requirements do not prevent the sales without advice as defined in Article 2(1a) of this Directive.
Amendment 1058 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point e
Article 2 – paragraph 1 – point 22 – point e
Directive (EU) 2016/97
Article 30 – paragraph 6 –subparagraph 1 – point c a (new)
Article 30 – paragraph 6 –subparagraph 1 – point c a (new)
(ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 1083 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65
Article 14 – paragraph 1 e – subparagraph 2
Article 14 – paragraph 1 e – subparagraph 2
When a UCITS or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the management company shall inform the competent authority of the management company and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the competent authority of the management company or if the UCITS or its share classes do not comply with other criteria set out by the management company in the pricing process that UCITS or its share classes shall not be marketed to retail investors by the management company.
Amendment 1090 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f a (new)
Article 14 – paragraph 1 f a (new)
Amendment 1132 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f a (new)
Article 12 – paragraph 1 f a (new)
Amendment 1133 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f b (new)
Article 12 – paragraph 1 f b (new)
(f b) ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.