11 Amendments of Markus FERBER related to 2012/0169(COD)
Amendment 79 #
Proposal for a regulation
Recital 6
Recital 6
(6) This Regulation should apply to all products regardless of their form or construction that are manufactured by the financial services industry to provide investment opportunities to retail investors, where the return offered to the investor is exposed to the performance of one or more assets or reference values other than an interest rate while not excluding structured deposits. This should include such investment products as investment funds, life insurance policies with an investment element, and retail structured products. For these products, investments are not of a direct kind achieved when buying or holding assets themselves. Instead these products intercede between the investor and the markets through a process of ‘packaging’, wrapping or bundling together assets so as to create different exposures, provide different product features, or achieve different cost structures as compared with a direct holding. Such ‘packaging’ can allow retail investors to engage in investment strategies that would otherwise be inaccessible or impractical, but can also require additional information to be made available, in particular to enable comparisons between different ways of packaging investments.
Amendment 88 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensure this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates, other than structured deposits, should thereby be excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and should therefore be excluded. Since the focus of this Regulation is on improving the comparability and comprehensibility of information about investment products being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/EC should be excluded from the scope of this Regulation, provided that a financial contribution from the employer is required by national law and provided that the employee has no choice as to the pension product provider. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investor.
Amendment 179 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) deposits with a rate of return that is determined in relation to an interest rate, other than structured deposits as defined in Article 4 of (MiFID);
Amendment 236 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The investment product manufacturer shall draw up a key information document in accordance with the requirements laid down in this Regulation for each investment product it produces and shall publish the key information document on aits website of its choice before the investment product can be sold to retail investors.
Amendment 446 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 specifying the details of the presentation and the content of each of the elements of information referred to in paragraph 2, the presentation and details of the other information the product manufacturer may include within the key information document as referred to in paragraph 3, and the details of the common format and the common symbol referred to in paragraph 4. The Commission shall take into account the differences between investment products and the capabilities of retail investors as well as the features of investment products that allow the retail investor 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. Before adopting delegated acts, the Commission shall conduct due retail investor testing in order to select the most appropriate measures for retail investors.
Amendment 470 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment product manufacturer shall review the information contained in the key information document regularly and, revise the document where the review indicates that material changes need to be made and make available promptly the revised version.
Amendment 476 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions under which information contained in the key information document must be revised, and under which it is obligatory or optional to republish the revised key information document;
Amendment 481 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
Amendment 527 #
Proposal for a regulation
Article 12 – paragraph 2 – introductory part
Article 12 – paragraph 2 – introductory part
2. By way of derogation from paragraph 1, a person selling an investment product may provide the retail investor with the key information document immediatelyas soon as possible after the conclusion of the transaction where:
Amendment 562 #
Proposal for a regulation
Article 13 – paragraph 5 – point d
Article 13 – paragraph 5 – point d
(d) where the key information document has been revised in accordance with Article 10 all revised, the most recent versions shall also be made available to the retail investor; on request of the investor, previous versions shall also be made available;
Amendment 569 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)