Activities of Stéphanie YON-COURTIN related to 2023/0167(COD)
Plenary speeches (1)
Union retail investor protection rules (A9-0162/2024 - Stéphanie Yon-Courtin) (vote)
Reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules
Amendments (61)
Amendment 172 #
Proposal for a directive
Recital 26
Recital 26
(26) To foster supervisory convergence and facilitate cooperation between competent authorities, ESMA should be able to set up cooperation platforms on its own initiative, or at the initiative of one or more competent authorities, where justified concerns exist about investor detriment related to the provision of cross-border investment services, and where such activities are significant with respect to the market of the host Member State. EIOPA, which already has the power to set up collaboration platforms under Article 152b of Directive 2009/138/EC, should have the same power with regard to insurance distribution activities under Directive (EU) 2016/97 since similar cross border supervision issues may occur in insurance distribution. Where personal data is to be processed under the collaboration platforms, competent authorities, ESMA and EIOPA must comply with Regulation (EU) 2016/679. Where there are serious concerns about potential investor detriment and where the supervisory authorities involved in the collaboration platforms cannot reach an agreement on issues related to an investment firm or insurance distributor which is operating on a cross- border basis, ESMA and EIOPA may in accordance with Article 16 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council39 and Regulation (EU) No 1094/2010 of the European Parliament and of the Council40 , respectively, issue a recommendation to the competent authority of the home Member State to consider the concerns of the other relevant competent authorities, and to launch a joint on-site inspection together with other competent authorities concerned. __________________ 39 Regulation (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). 40 Regulation (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).
Amendment 217 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point d
Article 1 – paragraph 1 – point 8 – point d
Directive 2014/65/EU
Article 16 – paragraph 7 a – subparagraph 1
Article 16 – paragraph 7 a – subparagraph 1
Member States shall ensure that investment firms establish appropriate procedures and arrangements, including electronic communication channels, to ensure that client’s rights under this Directive can be exercised without restriction and that client’s complaints, as referred to in Article 75, are dealt with properly and expeditiously . Those procedures shall allow investors to register complaints in any language in which communication material or services were provided or in the language as agreed between. In addition to such language, the firm and its clients may also agree prior to entering into any transaction on the use of an additional language for the purpose of registering complaints.
Amendment 218 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point d
Article 1 – paragraph 1 – point 8 – point d
Directive 2014/65/EU
Article 16 – paragraph 7 a – subparagraph 2
Article 16 – paragraph 7 a – subparagraph 2
In all cases, complaints shall be registered and complainants shall receive replies within 40 working daysa delay proportionate to the subject matter of the complaint, and in any case no later than within 40 working days after a complaint is addressed. Replies shall be written in the language in which complaints were made.;
Amendment 220 #
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 – point a
Article 16–a – paragraph 1 – point a
(a) a specification of an identified target market of end-clients within the relevant category of clients for each financial instrument. Such target market shall at least contain information regarding the type of clients to whom the product is targeted, the knowledge and experience level needed to understand the product, the ability to bear losses, risk tolerance and the objectives and needs clients shall have to invest in the financial instrument;
Amendment 222 #
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 – point b
Article 16–a – paragraph 1 – point b
Amendment 231 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive (EU) 2014/65
Article 16 a – paragraph 1 – point e
Article 16 a – paragraph 1 – point e
(e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the distribution of financial instrument and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument, and its performance (‘pricing process’).
Amendment 237 #
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 – point e a (new)
Article 16–a – paragraph 1 – point e a (new)
(ea) An investment firm shall regularly review the financial instruments it manufactures taking into account any event or risk that could materially affect the identified target market, to assess whether the financial instrument remains consistent with the characteristics of the target market and if it is being distributed to the target market, or is reaching clients for whose needs, characteristics and objectives the financial instrument is not compatible.
Amendment 239 #
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 – point e b (new)
Article 16–a – paragraph 1 – point e b (new)
(eb) an assessment of whether the financial product is designed to contribute to improving the financial health of a consumer, meaning consumer's ability to manage short-term finances, build resilience to economic shocks, set and achieve long-term financial goals, and have confidence in their financial future .
Amendment 281 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 1
Article 16–a – paragraph 4 – subparagraph 1
An investment firm shall regularly review financial instruments it offers or recommends, taking into account any event or risk that could materially affect the identified target market, to assess whether the financial instrument remains consistent with the objectives and needcharacteristics of the identified target market and whether the intended distribution strategy remains appropriate.
Amendment 290 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive (EU) 2014/65
Article 16–a – paragraph 4 – subparagraph 2 – point b
Article 16–a – paragraph 4 – subparagraph 2 – point b
(b) assess whether the total costs and charges incurred for the distribution of the product, including those associated with the investment advice provided to the client, are justified and proportionate, having regard to the characteristics of the instrument target market’s objectives and needs (pricing process).
Amendment 313 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities the following: (a) details of the costs and charges of the financial instrument, including the costs of distribution, including any costs related to the provision of advice orand any connected third-party payments; (b) data on the characteristics of the financial instrument, in particular its performance and the level of risk.
Amendment 400 #
Proposal for a directive
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Directive 2014/65/EU
Article 16 a – paragraph 1
Article 16 a – paragraph 1
An investment firm shall be exempted from the requirements set out in the Article 16-a(1) and in Article 24(2), where the investment service it provides relates to bonds with no other embedded derivative than a make-whole clausefinancial instruments which are not packaged investment products or where the financial instruments are marketed or distributed exclusively to eligible counterparties. For the purpose of this Article, ‘packaged investment product’ means an investment where, regardless of the legal form, the amount repayable to the investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the investor.’;
Amendment 444 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point e – point i – indent 4
Article 1 – paragraph 1 – point 12 – point e – point i – indent 4
Directive 2014/65/EU
Article 24 – paragraph 4 – subparagraph 1 – point d – subpoint ii
Article 24 – paragraph 4 – subparagraph 1 – point d – subpoint ii
(ii) the relevant national competent authorityies of such investment firm or where relevant, of such branch.;
Amendment 451 #
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 2
Article 24 – paragraph 5 c – subparagraph 2
After consulting competent authorities, 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 instrumentspublish an opinion describing the characteristics of financial instruments which make them particularly risky and which shall therefore make them subject to the risk warnings referred to in the first subparagraph. ESMA shall periodically review and update that list.
Amendment 465 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point i a (new)
Article 1 – paragraph 1 – point 12 – point i a (new)
Directive 2014/65/EU
Article 24 – paragraph 12 – subparagraph 1
Article 24 – paragraph 12 – subparagraph 1
(ia) Article 24(12)(1) is amended as follows: "12. Member States may, in exceptional cases, impose additional requirements on investment firms in respect of the matters covered by this Article 24 and 24c of this Directive. Such requirements must be objectively justified and proportionate so as to address specific risks to investor protection or to market integrity which are of particular importance in the circumstances of the market structure of that Member State. " Or. en (02014R1286-20211221)
Amendment 548 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 1 – subparagraph 3
Article 24b – paragraph 1 – subparagraph 3
Member States shall ensure that investment firms aggregate the information on all costs and associated charges to enable the client to understand the overall cost, of the financial instruments and the cumulative effect on return of the investment. Member States shall ensure that investment firms express the overall cost in monetary terms and percentages calculated over the following periods: - for financial instruments which are packaged retail investment products, over the holding period recommended by the investment firm; - for other financial instruments, up to the maturity date of the financial instrument or; - for financial instruments without a maturity date, the holding period recommended by the investment firm, or in the absence thereof, holding periods of 1, 3 and 5 yearsand which are not packaged retail investment products, over a holding period of 1 year. Only the information about costs and charges which are not caused by the occurrence of underlying market risk shall be aggregated. Investment firms shall inform their clients of their right to request the provision of an itemised breakdown. Where the client so requests, investment firms shall provide an such itemised breakdown.
Amendment 557 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 1 – subparagraph 5
Article 24b – paragraph 1 – subparagraph 5
Where the amount of any costs, associated charges or third-party payments cannot be ascertained prior to the provision of the relevant investment or ancillary service, the method of calculating the amount shall be clearly disclosed to the client in a manner that is comprehensible, accurate and understandable for an average retail client. The firm shall also provide its clients with information of the exact amount of the third-party payments received or paid on an ex-post basis.
Amendment 570 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 2 – subparagraph 1 – point aa (new)
Article 24b – paragraph 2 – subparagraph 1 – point aa (new)
(aa) The calculation method to be applied by firms in order to calculate the percentage of overall costs referred to in the third subparagraph of Article 24b(1), including whether cost figures shall be computed based on costs accrued or effectively disbursed over the period considered, as well as whether and when cost figures should be annualized. These specifications shall also apply to the annual statement on costs referred to in paragraph 4.
Amendment 585 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 1 – point e
Article 24b – paragraph 4 – subparagraph 1 – point e
(e) the net annual performance of the portfolio of the retail client and the annual performance of each of the financial instruments included in this portfolio. Investment firms shall inform their clients of their right to request the provision of such detailed breakdowns.
Amendment 594 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 5
Article 24b – paragraph 4 – subparagraph 5
The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. It shall be communicated to the client no later than 31 March each year. Information on costs, associated charges and any third- party payments shall be presented using the terminology and explanations as describednd the calculation method specified in the regulatory technical standards referred to under paragraph 2 of this Article.
Amendment 610 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 3
Article 24c – paragraph 3
3. Member States shall ensure that marketing practices are developed and used in a manner that is fair and not misleading, and shall be appropriate for the target audience. Member States shall ensure that investment firms carrying out profiling of individuals for the purpose of this paragraph, fully comply with Regulation (EU) 2016/679.
Amendment 617 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 6
Article 24c – paragraph 6
6. Member States shall ensure that national competent authorities can take timely and effective action in relation to any marketing communication or marketing practicedisseminated in their territory or marketing practice taking place in their territory that do not comply with requirements under paragraphs 1 to 3.
Amendment 628 #
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 125 hours of professional training and development per year, during work hours. Seven hours of the professional training shall be allocated to understanding the concept of environmentally and socially sustainable investment and how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes. 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, or by any other document recognised by the Member State proving the successful completion of the training.
Amendment 655 #
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 – subparagraph 1
Article 25 – paragraph 3 – subparagraph 1
Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the client or potential client to provide information regarding their knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded, and for the retail client or potential retail client, the capacity to bear full or partial losses and risks tolerance so as to enable the investment firm to assess whether the investment service(s) or financial instrument(s) envisaged is appropriate for the client.
Amendment 679 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2014/65/EU
Article 88 a
Article 88 a
Member States shall promote measures that support the education of retail clients and prospective retail clientsdefine and implement information and educational actions in order to promote and increase consumers education and knowledge in relation to responsible investment when accessing investment services or ancillary services.
Amendment 682 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2014/65/EU
Article 88 a – paragraph 1a (new)
Article 88 a – paragraph 1a (new)
Amendment 687 #
Proposal for a directive
Article 2 – paragraph 1 - point -1 a (new)
Article 2 – paragraph 1 - point -1 a (new)
Directive (EU) 2016/97
Article 1 – paragraph 6 – subparagraph 2
Article 1 – paragraph 6 – subparagraph 2
Amendment 688 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – subpoint -a (new)
Article 2 – paragraph 1 – point 2 – subpoint -a (new)
Directive (EU) 2016/97
Article 3 – paragraph 4 – subparagraph 4
Article 3 – paragraph 4 – subparagraph 4
"Home Member States shall ensure that registration of insurance, reinsurance and ancillary insurance intermediaries is made subject to the fulfilment of the relevant requirements laid down in Article 10., including the requirement for an insurance or reinsurance intermediary to have an appropriate level of corporate substance with respect to an intra-group relationship with a branch of a registered insurance or reinsurance intermediary in a third country in accordance with Article 1(6). "
Amendment 704 #
Proposal for a directive
Article 2 – paragraph 1 – point 5 – point a
Article 2 – paragraph 1 – point 5 – point a
Directive (EU) 2016/97
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
In the context of an intra-group relationship with a branch of a registered insurance or reinsurance intermediary in a third country, the competent authority of the home Member State shall assess whether the registered insurance or reinsurance intermediary has an appropriate level of corporate substance in the home Member State in accordance with Article 1(6) by considering whether the insurance intermediary or reinsurance intermediary, including its employees where the insurance or reinsurance intermediary is a legal person, has appropriate knowledge and ability in order to complete their tasks and perform their duties adequately. "
Amendment 706 #
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
Article 10 – paragraph 2 – subparagraph 2
Article 10 – 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 125 hours of professional training or development per year, during work hours, 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. Seven hours of the professional training should be allocated to the minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 714 #
Proposal for a directive
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Directive (EU) 2016/97
Article 12 b – paragraph 1
Article 12 b – paragraph 1
1. EIOPA may, in the case of justified concerns about negative effects on policyholders, on its own initiative or at the request of one or more of the competent authorities, set up and coordinate a collaboration platform, to strengthen the exchange of information and to enhance collaboration between the relevant supervisory authorities where an insurance or reinsurance distributor carries out, or intends to carry out, insurance distribution activities which are based on the freedom to provide services or the freedom of establishment or when an insurance manufacturer distributes, or intends to distributes products in another Member State using insurance distributors registered in the host Member State and where such activities are of relevance with respect to the host Member State’s market. If a collaboration platform is set up at the request of a competent authority, that competent authority shall notify the competent authority of the home Member State of its justified concerns about negative effects on investors.
Amendment 717 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive (EU) 2016/97
Article 16 a
Article 16 a
Member States shall promote measures that support the education of customersdefine and implement information and educational actions in order to promote and increase customers education and knowledge in relation to the responsible purchase of insurance products when accessing insurance services or ancillary services.
Amendment 720 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive (EU) 2016/97
Article 16 a – paragraph 1 a (new)
Article 16 a – paragraph 1 a (new)
The following paragraph is added to Article 16a of Directive (EU) 2016/97: 1a. The Commission, in collaboration with the European Supervisory Authorities (ESAs), the European Investment Bank and the European Central Bank shall: (a) facilitate cooperation and exchange of best practices among Member States and stakeholders active in education and finance; (b) establish clear targets on financial literacy; (c) establish a Platform on Financial education and literacy, which shall be composed of representatives of: -each Member State in the education and finance sectors, designated by the national competent authorities; - the ESAs; - the European Central Bank; - the European Investment Bank; - European and national consumer associations. International organisations, and other public and private stakeholders may be invited on an ad hoc basis. The Platform shall be chaired by the Commission. Representatives shall be appointed for a two-year renewable mandate. Member States shall promote and take measures for the development of financial literacy skills. By [ PO please insert the date = 12 months after the entry into force of the Directive] and every three years thereafter, Member States shall report to the Commission on the implementation on the first paragraph. The Commission shall issue guidelines regarding the scope of such reports. By [ PO please insert the date = 12 months after the entry into force of the Directive] and every five years thereafter, the Commission shall submit a report to the European Parliament and the Council on the implementation of measures in relation to the first paragraph, outlining the best practices, the possible way forward as well as the observed evolution and results between each report. Member states are encouraged to: (a) coordinate and cooperate on matters related to financial education at European level, such as through the use of the open methods of coordination and joint exchanges on best practices between EU finance ministers and EU education ministers, as well as with other European institutions; (b) promote financial education and training, also through lifelong learning opportunities on national level ,as for example public-private partnerships, or through mentoring programmes. The Commission and Member States shall aim at strengthening the cooperation in the field of financial education within the European Education Area, as for example through the Erasmus+ Teacher’s academy’ initiative. Member States are encouraged to use the existing tools and EU funding programmes at Union and national level in order to promote, support and enable financial education and training, and ensure the mutual recognition of diplomas across the European Union.
Amendment 737 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 2 – point f
Article 25 – paragraph 1 – subparagraph 2 – point f
(f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified in relation to those actually incurred for the design, management and distribution of the product and proportionate, having regard to the characteristics, objectives, strategy and performance of the product, as well as the guarantees and insurance coverage of biometric and other risks (pricing process). When an insurance product offers a range of underlying investment options, these requirements must also be carried out at the level of each investment option;
Amendment 745 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 2 – point g a (new)
Article 25 – paragraph 1 – subparagraph 2 – point g a (new)
(ga) an assessment of whether the financial product is designed to contribute to improving the financial health of a consumer, meaning consumer's ability to manage short-term finances, build resilience to economic shocks, set and achieve long-term financial goals, and have confidence in their financial future .
Amendment 857 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 3
Article 26 a – paragraph 3
3. Member States shall ensure that marketing practices are developed and used in a manner that is fair and not misleading, and shall be appropriate for the target audience. Member States shall ensure that insurance undertakings and insurance intermediaries, carrying out profiling of individuals for the purpose of this paragraph, fully comply with Regulation (EU) 2016/679.
Amendment 878 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – point a – subpoint v
Article 29 – paragraph 1 – point a – subpoint v
Amendment 923 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 4 – subparagraph 1
Article 29 – paragraph 4 – subparagraph 1
The information described in paragraph 1 and the annual statement referred to in paragraphs 2 and 3 shall be provided to retail customers and policyholders by using a Union standardised terminology and format. Without prejudice to the manufacturer providing its retail policyholders with access to an online system in accordance with Article 29(2) sub-paragraph 5, layering of the information required under paragraphs 1, 2 and 3, whereby detailed parts of the information can be presented through pop-ups or through links to accompanying layers, shall be permitted where the annual statement is provided in an electronic format. In this case, it shall be possible to print the annual statement as one single document
Amendment 924 #
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 or complex insurance- based investment products and, where applicable, underlying investment assetoptions.
Amendment 933 #
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 6
Article 29 – paragraph 5 – subparagraph 6
Amendment 962 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 4 a (new)
Article 29 a – paragraph 4 a (new)
4 a. Member States shall require that, where an insurance intermediary or insurance undertaking distributing insurance-based investment products informs the customer that advice is given on an independent basis, the insurance intermediary or insurance undertaking: (a) assesses a sufficiently large number of insurance products available on the market which are sufficiently diversified with regard to their type and product providers to ensure that the customer’s objectives can be suitably met and shall not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; (b) not accept and retain fees, commissions or any monetary or non- monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to customers.
Amendment 1027 #
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 assetoptions, offered or demanded, that customer’s financial situation, including the composition of any existing portfoliospossession of insurance- based investment product, 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 and need for portfolio diversification.
Amendment 1028 #
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 2
Article 30 – paragraph 1 – subparagraph 2
Amendment 1046 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Directive (EU) 2016/97
Article 30 – paragraph 5 b
Article 30 – paragraph 5 b
Amendment 1054 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Directive (EU) 2016/97
Article 30 – paragraph 5 c
Article 30 – paragraph 5 c
Amendment 1064 #
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 a – point a
Article 14 – paragraph 1 a – point a
(a) The costs are in line withdo not exceed the maximum amount disclosuresed in the prospectus referred to in Article 69 and the key investor information referred to in Article 78;
Amendment 1066 #
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 a – point b
Article 14 – paragraph 1 a – point b
(b) The costs are necessary for the UCITS to operate in line with its investment strategy and, objective and policy or to fulfil regulatory requirements;
Amendment 1070 #
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 b – point b
Article 14 – paragraph 1 b – point b
(b) the costs borne by retail investors are justified and proportionate, having regard to the characteristics of the UCITS, including its investment objective, policy, strategy, expected returns, level of risks and other relevant characteristics.
Amendment 1074 #
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 d – subparagraph 2
Article 14 – paragraph 1 d – subparagraph 2
Member States shall require management companies to reimburse investors without undue delay, where undue costs have been charged to the UCITS or its unit-holders, or where costs have been miscalculated to the detriment of the UCITS or its unit- holders.
Amendment 1101 #
Proposal for a directive
Article 4 – paragraph 1 – point 5
Article 4 – paragraph 1 – point 5
Directive 2009/65/EC
Article 98 – paragraph 2 – point n
Article 98 – paragraph 2 – point n
(n) require compensation to investors where undue costs have been charged towithout prejudice to any reimbursement made pursuant to Article 14(1d), require compensation to investors where undue costs have been charged to UCITS or its unit-holders, or where costs have been miscalculated to the detriment of the UCITS or its unit-holders.;
Amendment 1103 #
Proposal for a directive
Article 4 – paragraph 1 – point 6
Article 4 – paragraph 1 – point 6
Directive 2009/65/EC
Article 99 – paragraph 6 – point h
Article 99 – paragraph 6 – point h
(h) without prejudice to any reimbursement made pursuant to Article 14(1d), a requirement to compensate investors where undue costs have been charged to UCITS or its unit-holders., or where costs have been miscalculated to the detriment of the UCITS or its unit- holders. ;
Amendment 1108 #
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 1a – point a
Article 12 – paragraph 1a – point a
(a) The costs are in line withdo not exceed the maximum amount disclosuresed in the prospectus referred to in Article 23(3), the fund rules or instruments of incorporation as referred to in Article 23(1) and the key information document referred to in Article 5(1) of Regulation (EU) No 1286/2014;
Amendment 1109 #
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 a – point b
Article 12 – paragraph 1 a – point b
(b) The costs are necessary for the AIF to operate in line with its investment strategy and, objective and policy or to fulfil regulatory requirements;
Amendment 1114 #
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 b – point b
Article 12 – paragraph 1 b – point b
(b) the costs borne by retail investors are justified and proportionate, having regard to the characteristics of the AIF, including its investment objective, policy, strategy, expected returns, level of risks and other relevant characteristics.
Amendment 1118 #
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 d – subparagraph 2
Article 12 – paragraph 1 d – subparagraph 2
Member States shall require AIFMs to reimburse investors without undue delay, where undue costs have been charged to the or its AIF unit- holders, or where costs have been miscalculated to the detriment of the AIF or its unit-holders .
Amendment 1144 #
Proposal for a directive
Article 5 – paragraph 1 – point 3
Article 5 – paragraph 1 – point 3
Directive 2011/61/EU
Article 46 – paragraph 2 – point n
Article 46 – paragraph 2 – point n
(n) without prejudice to any reimbursement made pursuant to Article 12(1d), require to compensateion to investors where undue costs have been charged to AIF or its unit-holders, or where costs have been miscalculated to the detriment of the AIF or its unit-holders..
Amendment 1149 #
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. They shall apply those provisions from … [OP please insert the date = 18 months after the date of entry into force of this Directivepublication in the Official Journal of the European Union of the delegated acts referred to in Article 89 of Directive 2014/65/EU, Article 38 of Directive (EU) 2026/97, Article 112a(2) of Directive 2009/65/EC and Article 56 of Directive 2011/61/EC].
Amendment 1173 #
Proposal for a directive
Annex II
Annex II
Directive 2014/65/EU
Annex V – point l
Annex V – point l
(l) understand the concept of environmentally and socially sustainable investment and how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1175 #
Proposal for a directive
Annex III – point 7 a (new)
Annex III – point 7 a (new)
Directive (EU) 2016/97
Annex I – Part I – point h a (new)
Annex I – Part I – point h a (new)
(7a) The following point (ha) is inserted in Part I of Annex I to Directive (EU) 2016/97: (ha) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1176 #
Proposal for a directive
Annex III – point 7 b (new)
Annex III – point 7 b (new)
Directive (EU) 2016/97
Annex I – Part II – point k a (new)
Annex I – Part II – point k a (new)
(7b) The following point (ka) is inserted in Part II of Annex I to Directive (EU) 2016/97: (ka) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1177 #
Proposal for a directive
Annex III – point 7 c (new)
Annex III – point 7 c (new)
Directive (EU) 2016/97
Annex I – Part III – point i a (new)
Annex I – Part III – point i a (new)
(7c) The following point (ia) is inserted in Part III of Annex I to Directive (EU) 2016/97: (ia) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.