BETA

Activities of Jasenko SELIMOVIC related to 2017/0143(COD)

Plenary speeches (1)

2016/11/22
Dossiers: 2017/0143(COD)

Shadow opinions (1)

2016/11/22
Committee: IMCO
Dossiers: 2017/0143(COD)
Documents: PDF(902 KB) DOC(174 KB)

Amendments (127)

Jasenko SELIMOVIC

Proposal for a regulation
Recital 1 a (new)

(1a) Old age pensions constitute an essential part of a retiree’s income, and for many people an adequate pension provision makes the difference between a comfortable old age or poverty; it is a precondition for exercising fundamental rights laid down in the Charter of Fundamental Rights of the European Union, including in Article 25 on the rights of the elderly which states: “The Union recognises and respects the rights of the elderly to lead a life of dignity and independence and to participate in social and cultural life”; as well as the rights enshrined in the Recommendation of the Committee of Ministers to Member States on the promotion of human rights of older persons of the Council of Europe1a. _________________ 1aRecommendation CM/Rec(2014)2 of the Committee of Ministers to Member States on the promotion of human rights of older persons.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 1 b (new)

(1b) A substantial part of old age pensions is provided under public schemes, so that there is a direct connection between national pension systems and the sustainability of public finances. Notwithstanding the exclusive national competence regarding the organisation of pension systems as determined by the Treaties, income adequacy and financial sustainability of national pension systems are crucial to the stability of the Union as a whole. By channelling more of Europeans’ savings from cash and bank deposits to longer- term investment products, such as voluntary pension schemes, the impact would therefore be beneficial both for individuals (who would benefit from higher returns and improved pension adequacy) and for the broader economy.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 1 c (new)

(1c) The Union is facing several challenges, including demographic challenges because of the fact that Europe is an ageing continent. In addition, career patterns, the labour market and the distribution of wealth are undergoing radical changes, not least as a result of the digital revolution. At the same time, it is increasingly clear that national security systems are not adjusted to a globalised knowledge economy with open borders, labour mobility and migration. Too many people are not, or are inadequately covered by the traditional national pension systems, including, inter alia, women, young people, migrants, low-skilled workers, self-employed workers, workers with atypical contracts.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 1 d (new)

(1d) It is expected that the share of first pillar pay-as-you-go public pensions as part of the placement rate will decline. This could be partly compensated by accrued pension entitlements from second pillar-funded schemes. But a well- developed third pillar shall contribute substantially to improving the adequacy and sustainability of the existing national pension systems. The Pan-European Personal Pension Product (PEPP) shall therefore complement and strengthen the market for individual pension products across the Union.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 2 a (new)

(2a) Deepening the internal market for pension products, by addressing cross- border barriers, would increase competition, enabling consumers to benefit from an improved quality of products and lower prices, while producers could benefit from economies of scale. As such, even Member States where demographic trends are favourable and whose pension systems are well funded, would benefit from a more effective internal market for personal pension products.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 16

(16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and the host Member States, if the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory, it should inform the competent authority of the home Member State which should then be obliged to take the appropriate measures. Moreover, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 17

(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this Directive does not confer responsibility on the host Member State, a close cooperation demands that that authority informs the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 18 a (new)

(18a) The pan-European nature of the PEPP product should be expressed in pan-European consumer rights and consumer protection, including in the creation of mechanisms for cross border collective complaints and compensatory redress.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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 ~~thre~~five years after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information, in the contract, on which national compartments are immediately available, in order to avoid a possible misleading of consumers.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 21 a (new)

(21a) In order to fulfil the requirement for PEPP providers to open national compartments in all Member States, they should be able to enter partnerships with other PEPP providers.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 21 b (new)

(21b) Under the transitional period of five years after the entry into force of this Regulation, when the PEPP saver changes his domicile by moving to a Member State for which the PEPP provider is not able to offer a compartment, the PEPP saver shall be able to switch PEPP provider free of charge.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 24

(24) In order to ensure optimal product transparency, PEPP ~~manufactur~~providers 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 responsible 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. _________________ 33Regulation (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

Jasenko SELIMOVIC

Proposal for a regulation
Recital 26 a (new)

(26a) A Union pension tracker, enabling citizens to calculate their accumulated pension capital and accrued pension entitlements, so as to have a complete overview, should be developed as a matter of urgency, alongside the development of products like PEPP.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 27

(27) The details of the information to be included in the PEPP key information document in addition to elements already provided for in the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 and the presentation of this information should be further harmonised through regulatory technical standards that complement the regulatory technical standards laid down by Commission delegated Regulation of 8 March 201734, taking into account existing and ongoing research into consumer behaviour, including results from testing the effectiveness of different ways of presenting information with consumers. _________________ 34 Commission Delegated Regulation of 8 March 2017 supplementing 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) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 30

(30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options and such savers should, as a minimum, be reminded about their payout options one year prior to retirement. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 44

(44) The Commission should adopt draft implementing technical standards developed by the ESAs, through the Joint Committee, with regard to the presentation and the content of specific elements the PEPP key information document not covered by the [PRIIPs KID RTS] in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council35, of Regulation (EU) No 1094/2010 of the European Parliament and of the Council36 and of Regulation (EU) No 1095/2010 of the European Parliament and of the Council37. The Commission should complement the technical work of the ESAs by conducting consumer tests of the presentation of the key information document as proposed by the ESAs. _________________ 35Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 36Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). 37Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 46

(46) With a view to establishing an efficient and effective dispute resolution procedure, PEPP providers and distributors should put in place an effective complaints procedure that can be followed by their customers before the dispute is referred to be resolved in an ADR procedure or before a court. The complaints procedure should contain short and clearly defined timeframes within which the PEPP provider or distributor should reply to a complaint. ADR entities should have sufficient capacity to engage in an adequate and efficient way in cross-border cooperation with regard to disputes concerning rights and obligations pursuant to this Regulation.deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 56

(56) Although the ongoing supervision of PEPP providers is to be exercised by the respective competent national authorities, EIOPA should coordinate the supervision with regards to PEPPs, in order to guarantee the consistent application of a unified supervisory methodology, contributing in this way to the pane- European nature of the pension product.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 56 a (new)

(56a) In order to strengthen consumer rights and to facilitate access to a complaints procedure, PEPP savers should be able, either individually or collectively, to submit complaints through their own national competent authority, by way of “one stop shop”. The competent authority where the complaint was submitted should be responsible for the further steps in the complaints procedure.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 57

(57) EIOPA should cooperate with national competent authorities and facilitate cooperation and consistency between them. In this respect, EIOPA should play a role in the power of competent national authorities to apply supervisory measures by providing evidence about PEPP-related infringements. EIOPA should also provide binding mediation in the event of disagreement between competent authorities in cross-border situations.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 64 a (new)

(64a) Given the pan-European nature of PEPP and the provision of PEPP, cross- border mechanisms for collective compensatory redress for consumers should equally be available.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

(66) Any processing of personal data carried out within the framework of this Regulation, such as the exchange or transmission of personal data by the competent authorities ~~should be undertaken in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council39 and a~~, the storage of personal data in the central register held by EIOPA, the processing of personal data by PEPP providers or PEPP distributors should be undertaken in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council2a, Directive (EU)2016/680 of the European Parliament and of the Council2b and a Regulation on the respect for private life and the protection of personal data in electronic communications and repealing Directive 2002/58/EC (Regulation on Privacy and Electronic Communications). Any exchange or transmission of information by the ESAs should be undertaken in accordance with Regulation (EC) No 45/2001 of the European Parliament and of the Council402c. _________________ 392aRegulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1). 402bDirective (EU) 2016/680 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data, and repealing Council Framework Decision 2008/977/JHA (OJ L 119, 4.5.2016, p. 89). 2cRegulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p. 1).

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 66 a (new)

(66a) Given the sensitivity of personal financial data, strong data protection is of the utmost importance. Therefore it is recommended that data protection authorities are closely involved in the implementation and supervision of this Regulation.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Recital 70 a (new)

(70a) Given the possible long term implications of this Regulation, it is essential to closely monitor the developments during the initial phase of application. A panel of stakeholders and experts should be set up for the purpose of monitoring on an ongoing basis all relevant aspects of PEPP, and report to the European Parliament, the Council and the Commission any observations it might have.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a ~~regulated~~ financial undertaking as listed in Article 5, authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 2 – paragraph 1 – point 13 a (new)

(13a) “lump sum” means the full payment of the accumulated pension capital at the end of the accumulation phase;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(28a) ´compartment partnership´ means a collaboration between several PEPP providers in order to provide compartments in all Member States.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 6 – paragraph 2

2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant to verify if there are objections to granting the application.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 7 – paragraph 2

2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPA. In such cases, the consent of consumers shall be required.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 12 – paragraph 2

2. In case of using the portability service, PEPP savers are entitled to retain all advantages and incentives granted by the PEPP provider and connected with continuous investment in the same PEPP and shall have the right to simultaneously save in more than one compartment.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 12 – paragraph 2

2. In case of using the portability service, PEPP savers are entitled to retain all advantages and incentives granted by the PEPP provider and connected with continuous investment in ~~the same~~its PEPP.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 12 – paragraph 2 a (new)

2a. PEPP savers shall have the right to acquire or purchase PEPPs in another Member State than the Member State of their domicile.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 13 – paragraph 1 a (new)

1a. During the transitional period as referred to in paragraph 3, PEPP savers shall be able to switch PEPP provider free of charge, if they move to a Member State where there is not yet a compartment for their PEPP.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 13 – paragraph 2

2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are immediately available, either from the PEPP provider or from a registered partner.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 13 – paragraph 3

3. ~~Thre~~Five 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.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

PEPP providers may enter a compartment partnership with other PEPP providers in order to open compartments in all Member States.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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 a new compartment within the PEPP saver’s individual account and about the deadline within which suchPEPP providers shall ensure that within each individual PEPP account a new compartment could be opened, either by transferral or addition, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP of the Member State where the compartment ~~could~~shall be opened.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 15 – paragraph 2 – point a a (new)

(aa) whether the mobility concerns a transferral or an addition;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) the date from which the investments should be directed to the newly-opened compartment in case of transferral;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 17 – paragraph 1

1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to ~~the respective national authority exercising prudential supervision over it~~EIOPA.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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 within one month of ope~~EIOPA within one month of opening the new compartment. The database shall be accessible to the national competent authorities, who shall automatically receive information concerning the ~~new~~local compartment ~~and~~s in the case of any changes. The database shall contain at least:

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Chapter 4 – title

~~DISTRIBUTION AND INFORMATION REQUIREME~~CONSUMER RIGHTS AND COMPLAINTS

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 2

2. The PEPP ~~providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014~~key information document shall constitute pre-contractual information. It shall be accurate, fair, clear 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.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – introductory part

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~~The PEPP 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 PEPP key information: document.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point i

~~(i) a description of the retirement benefits and the extent to which they are guaranteed;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point ii

~~(ii) any minimum or maximum period for belonging to the PEPP scheme;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point iii

~~(iii) the retirement age;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point iv

~~(iv) general information on the portability service, including information on the compartments;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point v

~~(v) general information on the switching service, and a reference to the specific information about the switching service available under Article 50;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point vi

~~(vi) available information related to the performance of the investment policy in terms of environmental, social and governance factors;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 3 – point vii

(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

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 4

4. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to this informationNotwithstanding paragraph 3, where a PEPP offers the PEPP saver a range of options for investments, such that all information with regard to each underlying investment option cannot be provided within a single, concise stand- alone document, the PEPP key information document shall provide at least a generic description of the underlying investment options and state where and how more detailed pre- contractual information documentation relating to the investment products backing the underlying investment options can be found.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 5

5. ~~Potential PEPP savers shall also be provided~~The PEPP key information document shall be drawn up as a short document writ~~h information on the past performance of investments related to the PEPP scheme covering a minimum of five years, or, wh~~ten in a concise manner and shall consist of a maximum of three sides of A4-sized paper when printed, which promotes comparability, and, when delivered using a durable medium other than paper, may be layered to considere the ~~scheme has been operating for fewer than five years, covering all the years that the scheme has been operating, as well as~~practicality of the PEPP key information document. The information referred to in the first subparagraph 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 writ~~h information on the structure of costs borne by PEPP savers and PEPP beneficiaries~~ten in language and a style that communicate in a way that facilitates the understanding of the information, in particular, in language that is clear, succinct and comprehensible.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 5 a (new)

5a. Where colours are used in the PEPP key information document, they shall not diminish the comprehensibility of the information if the PEPP key information document is printed or photocopied in black and white.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 5 b (new)

5b. Where the corporate branding or logo of the PEPP provider or the group to which it belongs is used in the PEPP key information document, it shall not distract the PEPP saver from the information contained in the document or obscure the text.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 5 c (new)

5c. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with a summary of and references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to that information.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 1

In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) ("ESAs") shall, through the Joint Committee of the ESAs, develop draft ~~implementing~~regulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraphs 34, 5 and 4,5d together with the requirements needed to present that information in a standardised and accessible format allowing for easy comparison.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 2

When developing the draft ~~implementing~~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.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 3

The ESAs shall submit those draft ~~implementing~~regulatory technical standards to the Commission ~~by …~~ six months after publication.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 4

Power is conferred on the Commission to adopt ~~implementing~~regulatory technical standards referred to in the first subparagraph in accordance with Article 150 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 a (new)

Article 23a Language of the PEPP key information document 1. The PEPP key information document shall be written in the official languages, or in one of the official languages, used in the part of the Member State where the PEPP is distributed, or in another language accepted by the competent authorities of that Member State, or, where it has been written in a different language, it shall be translated into one of these languages. The translation shall faithfully and accurately reflect the content of the original PEPP key information document. 2. If a PEPP is promoted in a Member State through marketing documents written in one or more official languages of that Member State, the PEPP key information document shall be written in at least the corresponding official languages. 3. The PEPP key information document shall be made available upon request in an appropriate format to PEPP savers with a visual or hearing impairment as well as for low literate and illiterate PEPP savers.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 b (new)

Article 23b Information in the PEPP 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) where applicable, a comprehension alert which shall read: ‘You are about to purchase a product that is not simple and may be difficult to understand.’; (c) 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; – the legal information about the retirement age of the Member State which law is applicable; – the Member States in which the provider offers a PEPP; – the investment options, including the basic option; – information on the portability service; – information related to the performance of the investment policy of the PEPP in terms of environmental, social and governance factors; – description of the retirement benefits and the extent to which they are guaranteed and the way of out-payment, including a description of the decumulation options and a statement that it may be prudent to consider advice on options before retirement; – information on any impact the timing of retirement may have on the risks and retirement benefits for the PEPP. – and a description of decumulation options and a statement that it may be prudent to consider advice on options before retirement; (ii) 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; (iii) 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; (iv) where the PEPP offers insurance benefits, details of those insurance benefits, including the circumstances that would trigger them; (v) the term of the PEPP, if known; (d) 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 scenarios, and the assumptions made to produce them; (iv) where applicable, information on conditions for returns to PEPP savers or built-in performance caps; (v) a statement that the tax legislation of the PEPP saver’s home Member State may have an impact on the actual pay- out; (e) 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; (f) 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; (g) 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; (h) 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; (i) 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) 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 c (new)

Article 23c Marketing communication Marketing communications that contain specific information relating to the PEPP shall not include any statement that contradicts the information contained in the PEPP key information document or diminishes the significance of the PEPP key information document. Marketing communications shall indicate that a PEPP key information document is available and supply information on how and from where to obtain it, including the PEPP provider's website.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 d (new)

Article 23d PEPP key information document revision 1. The PEPP provider shall review the information contained in the PEPP key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly. 2. In order to ensure consistent application of this Article, the ESAs shall, through the Joint Committee, develop draft regulatory technical standards specifying: (a) the conditions for reviewing the information contained in the key information document; (b) the conditions under which the key information document must be revised; (c) the specific conditions under which information contained in the key information document must be reviewed or the key information document revised where a PEPP is made available to PEPP savers in a non-continuous manner; (d) the circumstances in which PEPP savers are to be informed about a revised key information document for a PEPP purchased by them, as well as the means by which the PEPP savers are to be informed. 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 e (new)

Article 23e Civil liability 1. The PEPP provider shall not incur civil liability solely on the basis of the PEPP key information document, including any translation thereof, unless 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 23. 2. A PEPP saver who demonstrates loss resulting from reliance on a PEPP key information document under the circumstances referred to in paragraph 1, when making an investment into the PEPP for which that PEPP key information document was produced, may claim damages from the PEPP provider for that loss in accordance with national law. 3. Elements such as ‘loss’ or ‘damages’ as referred to in paragraph 2 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 f (new)

Article 23f Insurance elements Where the PEPP key information document concerns an insurance contract, the insurance undertakings' obligations are only towards the policyholder of the insurance contract and not towards the beneficiary of the insurance contract.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 23 g (new)

Article 23g Disclosure of information to PEPP savers related to distribution 1. A sufficient time before the conclusion of a PEPP-related contract, PEPP providers, and PEPP distributors shall provide PEPP savers or potential PEPP savers with at least the following information: (a) whether it has a holding, direct or indirect, representing 10 % or more of the voting rights or of the capital in a given PEPP provider; (b) in relation to the contracts proposed or advised upon, whether: (i) a PEPP provider or parent undertaking of a PEPP provider has a holding, direct or indirect, representing 10 % or more of the voting rights or of the capital in the PEPP intermediary or distributor; (ii) it gives advice on the basis of a fair and personal analysis; (iii) it is under a contractual obligation to conduct distribution business exclusively with one or more PEPP providers, in which case it is to provide the names of those PEPP providers; or (iv) it is not under a contractual obligation to conduct distribution business exclusively with one or more PEPP providers and does not give advice on the basis of a fair and personal analysis, in which case it is to provide the names of the PEPP providers with which it may and does conduct business; (c) the nature of the remuneration received in relation to the contract; (d) whether in relation to the contract, it works: (i) on the basis of a fee, that is the remuneration paid directly by the PEPP saver; (ii) on the basis of a commission of any kind, that is the remuneration included in the costs and charges of the distribution of the PEPP; (iii) on the basis of any other type of remuneration, including an economic benefit of any kind offered or given in connection with the contract; or (iv) on the basis of a combination of any type of remuneration set out in points (i), (ii) and (iii). 2. Where the fee is payable directly by the PEPP saver, the PEPP distributor shall inform the PEPP saver of the amount of the fee or, where that is not possible, of the method for calculating the fee. 3. If any payments, other than the scheduled payments, are made by the PEPP saver under the contract after its conclusion, the PEPP distributor shall also make the disclosures in accordance with this Article for each such payment. 4. Member States shall ensure that in good time before the conclusion of a contract, a PEPP provider communicates to the PEPP saver the nature of the remuneration received by its employees in relation to the contract. 5. If any payments, other than the scheduled payments, are made by the PEPP saver under the contract after its conclusion, the PEPP provider shall also make the disclosures in accordance with this Article for each such payment. 6. Appropriate information shall be provided, a sufficient time prior to the conclusion of a contract, to PEPP savers or potential PEPP savers with regard to the distribution of the PEPP, and with regard to all costs and related charges. That information shall include at least the following: (a) when advice is provided, whether the PEPP intermediary or distributor will provide the PEPP savers with a periodic assessment of the suitability of the PEPP recommended to that PEPP savers ; (b) as regards the information on all costs and related charges to be disclosed, information relating to the distribution of the PEPP, including the cost of advice, where relevant, the cost of the PEPP recommended or marketed to the PEPP saver and how the PEPP saver may pay for it, also encompassing any third party payments in accordance with Article 32(1)(e)(ii). 7. The information referred to in paragraph 1 shall be provided in a standardised format allowing for comparison and in a comprehensible form in such a manner that PEPP savers are reasonably able to understand the nature and risks concerning the PEPP offered and, consequently, to take investment decisions on an informed basis. 8. The Commission shall adopt delegated acts in accordance with Article 62 in order to specify: (a) the conditions under which the information must comply in order to be fair, clear and not misleading, including the criteria on which the standardised format referred to in paragraph 7 shall be based (b) the details about content and format of information to PEPP savers in relation to PEPP providers, intermediaries and PEPP distributors and costs and charges.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 24

~~1. of a PEPP-related contract, PEPP providers or distributors referred to in Article 19(c) of this Regulation shall provide PEPP savers or potential PEPP savers with at least the~~Article 24 deleted Disclosure of information in relation to the PEPP contract and themselves set out in Article 19 and in points (a) and (c) of the first subparagraph of Article 29(1) of Directive (EU) 2016/97 in relation to insurance contracts and insurance intermediaries. 2. paragraph 1 shall be provided in a standardised format allowing for comparison and in a comprehensible form in such a manner that PEPP savers are reasonably able to understand the nature and risks concerning the PEPP offered and, consequently, to take investment decisions on an informed basis. 3. empowered to adopt delegated acts in accordance with Article 62 in order to specify the criteria on which the standardised format referred to in paragraph 2ed to distribution In good time before the conclusion The information referred to in this The Commission shall be ~~based.~~

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 24 a (new)

Article 24a Specification of demands and needs and assessment of suitability 1. Prior to the conclusion of a PEPP- related contract, the PEPP provider or PEPP distributor shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision. Any contract proposed shall be consistent with the PEPP saver’s retirement-related demands and needs. 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or PEPP distributor shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP saver’s demands and needs. 3. Where a PEPP provider or PEPP distributor informs the PEPP saver that it gives its advice on an independent basis, it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation, in accordance with professional criteria, regarding which the PEPP-related contract would be adequate to meet the PEPP saver’s needs and also contain factors that may pose a risk for the PEPP saver. 4. When providing advice at any stage during the contract, the PEPP provider shall obtain the necessary information regarding the PEPP saver’s knowledge and experience in the investment field relevant to the PEPP, that person’s financial situation including his or her ability to bear losses, and his or her investment objectives including his or her risk tolerance so as to enable the PEPP provider, intermediary or distributor to recommend to the PEPP saver or potential PEPP saver the PEPP that is suitable for him or her and, in particular, is in accordance with his or her risk tolerance and ability to bear losses. 5. PEPP providers and PEPP distributors shall ensure and demonstrate to competent authorities on request that natural persons giving advice on PEPPs possess the necessary knowledge and competence to fulfil their obligations under this Regulation. Member States shall publish the criteria to be used for assessing such knowledge and competence. 6. EIOPA shall issue by ... [xxx after the date of entry into force of this Regulation] guidelines specifying criteria for the assessment of knowledge and competence required under paragraph 5. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1094/2010.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1

Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor ~~referred to in Article 19(c) of this Regulation~~ shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision. Any contract proposed shall be consistent with the PEPP saver’s retirement-related demands and needs.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 2

2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or distributor ~~referred to in Article 19(c) of this Regulation~~ shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP savers’s demands and needs.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 3

3. Whe~~n providing advice on PEPPs, the~~re a PEPP provider or PEPP distributor ~~referred to in Art~~informs the PEPP saver that it gives its advicle 19(c) of this Regulation shall comply with the applicable national laws giving effect to the rules set out in Article 25(2) of Directive 2014/65/EU and with any directly applicable Union legislation adopted under Article 25(8) of that Directive relating to those ruleson an independent basis, it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation, in accordance with professional criteria, regarding which the PEPP-related contract would be adequate to meet the PEPP saver’s needs and also contain factors that may pose a risk for the PEPP saver.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 4

4. Whe~~re a PEPP provider or distributor referred to in Article 19(c) of this Regulation informs~~n providing advice at any stage during the contract, the PEPP ~~sav~~provider tshat it gives its advice on an independent basis, it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendll obtain the necessary information regarding the PEPP saver’s knowledge and experience in the investment field relevant to the PEPP, that person’s financial situation, in accordance with professional criteria, regarding which the PEPP-related contract would be adequate to meet the PEPP saver’s needs. Such advice must not be limited to PEPP-related contracts provided bycluding his or her ability to bear losses, and his or her investment objectives including his or her risk tolerance so as to enable the PEPP provider, intermediary or distributor itself, by entities having close links with the PEPP provider or distributor or by other entities with which the PEPP provider or distributor has close legal or economic relationships, including contractual relationships, as to pose a risk of impairing the independent basis of the advice providedto recommend to the PEPP saver or potential PEPP saver the PEPP that is suitable for him or her and, in particular, is in accordance with his or her risk tolerance and ability to bear losses.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 5

5. PEPP providers and distributors ~~referred to in Article 19(c) of this Regulation~~ shall ensure and demonstrate to competent authorities on request that natural persons giving advice on PEPPs possess the necessary knowledge and competence to fulfil their obligations under this ~~Chapter~~Regulation. Member States shall publish the criteria to be used for assessing such knowledge and competence.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 25 – paragraph 5 a (new)

5a. EIOPA shall issue by ... [xxx after the date of entry into force of this Regulation] guidelines specifying criteria for the assessment of knowledge and competence required under paragraph 5. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1094/2010.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

5b. The information contained in the PEPP Benefit Statement shall be accurate, updated and made available to each PEPP saver free of charge through electronic means, including on a durable medium or by means of a website, or on paper, at least annually. A paper copy shall be provided to PEPP savers on request in addition to any information through electronic means.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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 which shall be provided annually:

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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~~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, ofr the ~~competent authority~~retirement age set by the PEPP saver, as applicable;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(c) wthe~~re 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~~ name of the PEPP provider and its contact address and identification of the PEPP scheme of the PEPP saver;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(d) information on ~~the past performance~~pension benefit projections based ofn the ~~PEPP scheme as a w~~retirement age as specified in point (b), and a disclaimer that tholse ~~or, where relevant, of the PEPP saver's investment option present~~projections may differ from the final value of the benefits received. If the pension benefit projections are based ion ~~a c~~economic scenarios, thart ~~covering performance for any years available and up to the last ten years~~information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

(e) ~~a breakdow~~information ofn the ~~costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping~~accrued pension entitlements ofr a~~ssets, costs related to portfolio transactions and other costs, as well as an estim~~ccumulated pension capital taking into consideration of the ~~impact of the costs on the final benefits.~~specific nature of the PEPP scheme;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(ea) 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

Jasenko SELIMOVIC

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

(eb) 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

Jasenko SELIMOVIC

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

(ec) 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;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

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

(ed) information on the funding level of the PEPP scheme as a whole.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 28 – paragraph 2

2. The Commission shall 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 wagesPension Benefit Statement shall specify where and how to obtain supplementary information including: further practical information about the PEPP savers options provided under the PEPP scheme.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 28 – paragraph 3

3. ~~In accordance with Article 55, Member States shall exchange best practices with regard to the format and the content of the PEPP Benefit Statement.~~ The Commission shall, in consultation with the European Central Bank, EIOPA and national supervisors, adopt a delegated act in accordance with Article 62 setting out rules to determine the assumptions on pension benefit projections referred to in point (a), the presentation of past performance referred in point (eb) and the presentation of costs referred to in point (ec) 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 1 – point a

(a) further practical information a~~s set out in Article 40, paragraph 1(a) of Directive 2016/2341/EU~~bout the PEPP savers options provided under the PEPP;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 1 – point a a (new)

(aa) For PEPP schemes where PEPP savers bear investment risk and where an investment option is imposed on the PEPP saver by a specific rule specified in the PEPP scheme, the PEPP Benefit Statement shall indicate where additional information is available.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

2a. The information shall be made easily available through electronic means and free of charge.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 2 b (new)

2b. At the request of a PEPP saver or a PEPP beneficiary or their representatives, the PEPP provider shall provide the following additional information: (a) the annual accounts and the annual reports referred to in point (b) of Article 29(1)or, where a PEPP provider is responsible for more than one PEPP scheme, the accounts and reports relating to their particular PEPP scheme; (b) the statement of investment-policy principles, referred to in point (c) of Article 29(1); (c) any further information about the assumptions used to generate the projections referred to in point (d) of Article (1).

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 1

EIOPA, after consulting national authorities and ~~after~~ consumer ~~testing~~organisations, shall develop draft implementing technical standards specifying the details of the presentation of the information referred to in Article 28 and in this Article.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 1 a (new)

The information shall be made easily available through electronic means and free of charge.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 2

EIOPA shall submit those draft implementing technical standards to the Commission by … [within 9six months after the entry into force of the Regulation]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 30 – paragraph 1

1. PEPP savers shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU. Advice one year prior to the retirement phase shall be mandatory.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 31

Additional information to be given on request to PEPP savers and PEPP At the request of a PEPP saver or a PEPP beneficiary or their representatives, the PEPP provider shall provide the following additional information: (a) annual reports referred to in point (b) of Article 29(1) or, where a PEPP provider is responsible for more than one PEPP scheme, the accounts and reports relating to their particular PEPP scheme; (b) principles, referred to in point (c) of Article 29(1); (c) assumptions used to generate the projections referred to in point (a) of Article 28(1).rticle 31 deleted beneficiaries the annual accounts and the the statement of investment-policy any further information about the

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – introductory part

The ~~Commission shall be empower~~use of risk-mitigation techniques shall ensure that the investment strategy for the PEPP is designed tso a~~dopt a delegated act in accordance with Article 62 specifying~~s to build up a stable and adequate individual future retirement income from the PEPP and to ensure a fair treatment of all generations of PEPP savers. The applicable risk- mitigation techniques shall include provisions (ba) or (bb), or a combination thereof, and may be complemented by provisions set out in (bc):

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – point a

~~(a) the risk-mitigation technique to ensure capital protection under the default investment option;~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – point b

~~(b) the risk-mitigation techniques to be applied for the alternative investment options.~~deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – point b a (new)

(ba) provisions for gradually adapting the investment allocation to mitigate the financial risks of investments for cohorts corresponding to the remaining duration;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – point b b (new)

(bb) provisions establishing reserves from contributions or investment returns, which shall be allocated to PEPP savers in a fair and transparent manner, to mitigate investment losses;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 – point b c (new)

(bc) provisions for using appropriate financial guarantees to protect against investment losses.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 39 – paragraph 1 a (new)

In order to establish criteria for effective risk-mitigation techniques that can be applied in a consistent manner, EIOPA shall develop draft regulatory technical standards specifying the details of the provisions for the risk-mitigation techniques. EIOPA 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 1094/2010.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 40 – paragraph 1

1. ~~In accordance with Article 3(b), the PEPP~~Unless specified in this Regulation, the conditions related to the accumulation phase of the PEPP shall be determined by Member States ~~unless they are specified in this Regulation.~~, and shall be no less favourable than, applicable national rules;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 40 – paragraph 2

2. Such conditions may include in particular age limits for starting the accumulation phase, minimum duration of the accumulation phase, maximum and minimum amount of in-payments and their continuity, as well as conditions for redemption before retirement age in case of particular hardship.deleted

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 43 – paragraph 6 a (new)

6a. The competent authority of the main establishment or the single establishment of the provider or the distributor shall be competent to act as lead competent authority for cross-border provision of PEPPs.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 43 – paragraph 6 b (new)

6b. In cases that concern more than one Member State, the complainant may choose to lodge his complaint through the competent authority of his own Member State, regardless of where the infringement occurred. To this end, and notwithstanding paragraph 6a, each competent authority shall be competent to handle a complaint lodged with it or a possible infringement of this Regulation, if the subject matter relates to an establishment in its Member State, or if it substantially affects PEPP savers in its Member State. In these cases, the competent authority shall inform the lead competent authority without delay of that matter.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 43 – paragraph 6 c (new)

6c. In case there is no agreement between the competent authorities concerned, the dispute resolution procedure foreseen in Article 56 shall apply.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 44

1. 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. 2. paragraph 1 shall cooperate effectively for the resolution of cross-border disputes concerning rights and obligations arising under this Regulation. _________________ 49Directive 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.Article 44 deleted Out-of-court redress Adequate, independent, impartial, The bodies referred to in

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 48 – paragraph 3

3. 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

Jasenko SELIMOVIC

Proposal for a regulation
Article 48 – paragraph 4

4. ~~Fees and charges, if any, applied by the transferring or t~~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 with~~may only charge the actual costs of th~~at PEPP provider~~e switching service.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 49 – paragraph 5 a (new)

5a. Member States shall ensure that cross-border complaints and redress mechanisms are set up, allowing for individual as well as collective compensatory redress across borders.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 51 – paragraph 1

1. ~~In accordance with Article 3, the PEPP conditions related to the decumulation phase shall be determined by Member States unless they are specified in this Regulation~~Member States shall ensure that cross-border complaints and redress mechanisms are set up, allowing for individual as well as collective compensatory redress across borders.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 51 – paragraph 2 a (new)

2a. PEPP savers shall choose the form of out-payments for the decumulation phase upon conclusion of a PEPP contract.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 53 – paragraph 2

2. EIOPA shall ~~monitor pension schemes established or distributed in the territory of the Union to verify that they do not use the designation "PEPP" or suggest that they are a PEPP unless they are~~verify that the designation "PEPP" shall not be used unless authorised under, and in complyiance with, this Regulation.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 55 – title

Cooperation ~~between competent authorities and with EIOPA~~and consistency

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 55 – paragraph 1

1. E~~IOPA and the~~ach competent authority ~~of the PEPP provider shall cooperate with each other and exchange information f~~shall contribute to the consistent application of the Regulation throughout the Union. For theat purpose ~~of carrying out their duties under this Regulat~~, the competent authorities shall cooperate with each other and with the Commission.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 1

In order to ensure consistent application of this Article, EIOPA shall develop draft implementing technical standards specifying the details of the mechanism for consistency, cooperation and exchange of information, together with the requirements needed to present the information above in a standardised format allowing for comparison.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 2

EIOPA shall submit those draft implementing technical standards to the Commission by … [within 96 months after the entry into force of the Regulation].

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 61 – paragraph 1

With regard to the processing of personal data within the framework of this Regulation, PEPP providers and competent authorities shall carry out their tasks for the purpose of this Regulation in accordance with Regulation (EU) 2016/679, and a Regulation on the respect for private life and the protection of personal data in electronic communications and repealing Directive 2002/58/EC (Regulation on Privacy and Electronic Communications) . With regard to the processing of personal data by EIOPA within the framework of this Regulation, EIOPA shall comply with Regulation (EC) No 45/2001.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2

WThe re the evaluation identifies important problems with the functioning of the Regulation, the Report should outline how the Commission is intending to address the identified problems, including steps and timings of the potential revision.port shall cover all issues concerning the functioning of the Regulation, in particular the following:

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 – point a (new)

(a) development of the compartments and partnerships;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 – point b (new)

(b) portability;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 – point c (new)

(c) the switching mechanism;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 – point d (new)

(d) the complains procedure;

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 – point e (new)

(e) the application throughout the Union.

2018/05/03
Committee: IMCO

Jasenko SELIMOVIC

Proposal for a regulation
Article 63 – paragraph 2 a (new)

The Commission shall set up a panel with relevant stakeholders to continuously monitor the development and implementation of the PEPP. That panel shall include at least EIOPA, the national supervisors, industry and consumer representatives and independent experts. The secretariat of the panel shall be EIOPA.

2018/05/03
Committee: IMCO