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104 Amendments of Valentino GRANT related to 2023/0167(COD)

Amendment 107 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 3
(3) Third party payments, such as fees, commissions or any monetary or non-monetary benefits paid to or received by investment firms and insurance undertakings and intermediaries by or from persons other than the client or customer, also termed as ‘inducements’, play a significant role in the distribution of retail investment products in the Union. The existing rules designed to manage conflicts of interests in Directives (EU) 2014/65 and (EU) 2016/97, including restrictions on and transparency around the payments of inducements, have not proven sufficiently effective in mitigating consumer detriment and have led to different levels of retail investor protection across product segments and distribution channels. It is therefore necessary to further strengthen the investor protection framework to ensure that retail clients’ best interests are protected uniformly across the Union. In light of the potential disruptive impact caused by the introduction of a full prohibition of inducements, it is appropriate to have a staged approach and first strengthen the requirements around the payment and receipt of inducements to address the potential conflicts of interest and ensure better protection of retail investors and, at a second stage, to review the effectiveness of the framework, and propose alternative measures in line with Better Regulation rules, including a potential ban on inducements, if appropriate.deleted
2023/11/09
Committee: ECON
Amendment 113 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 4
(4) In order to remove any consumer detriment as a consequence of the payment and receipt of inducements for non-advised sales, it is appropriate to prohibit the payment and receipt of such inducements. In the case of Directive (EU) 2014/65, such prohibition would cover the execution or reception and transmission of orders and in the case of Directive (EU) 2016/97, non-advised sales. To avoid restricting issuers’ ability to raise funding, that prohibition should not apply to payments in relation to underwriting and placement services provided to an issuer, where the investment firm also provides an execution of order or reception and transmission of order service to an end- investor. Furthermore, investment advice is often combined with the provision of an execution or reception and transmission of order service. In such cases, the main service being investment advice, the prohibition should not apply to the execution or reception and transmission of order service relating to one or more transactions of that client covered by that advice. Minor non-monetary benefits which do not exceed 100 euros or are of a scale and nature that they could not be judged to impair compliance with the duty to act in the best interest of the retail investor should be allowed, to the extent that they are clearly disclosed.deleted
2023/11/09
Committee: ECON
Amendment 120 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 6
(6) The existing safeguards conditioning the payment or receipt of inducements, which under Directive (EU) 2014/65/EU require that the inducement is designed to enhance the quality of the service to the client, or under Directive (EU) 2016/97 should not have a detrimental effect on the quality of the service to the customer, have not been sufficiently effective in mitigating conflicts of interest. It is therefore appropriateosed to remove those criteria and introduce a new, common test, both in Directive (EU) 2014/65/EU and Directive (EU) 2016/97, that further clarifies how financial advisors should apply the principle of acting in the best interest of the client. Financial advisors should base their advice on an appropriate range of financial products. After having identified suitable instruments for their clients, they should recommend the most cost-efficient of similar products to their clients. Furthermore, financial advisors should also systematically recommend at least one product without features that may not be necessary for the achievement of the client’s investment objective, so that retail investors are presented also with alternative and possibly cheaper options to consider. Such features may include, as an example, funds with an investment strategy which implies higher costs, a capital guarantee and structured products with hedging elements. If advisors choose to also recommend a product that carries additional features which carry extra costs to the client or customer, they should explicitly provide the reason for such a recommendation and disclose the extra costs incurred. In the case of insurance-based investment products, advisors should also ensure that the insurance cover included in the product is consistent with the customer’s insurance demands and needs.
2023/11/09
Committee: ECON
Amendment 131 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 9
(9) In order to assess the effectiveness of these measures, threeseven years after the date of entry into forceend of the transposition period of this Directive and after having consulted the European Securities and Markets Authority (‘ESMA’) and the European Insurance and Occupational Pensions Authority (‘EIOPA’), the Commission should prepare a report on the effects of third-party payments on retail investments which, where necessary, should be accompanied by proposals to further strengthen the framework.
2023/11/09
Committee: ECON
Amendment 141 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 13
(13) To make the pricing process more objective and to equip manufacturers, distributors and competent authorities with a tool allowing for an efficient comparison of costs among investment products from the same product type, both ESMA and EIOPA should develop benchmarks, based on data related to the cost and performance of investment products, which should be taken into consideration by manufacturers and distributors in their pricing processes. If the result of the comparison with a relevant benchmark indicates that the costs and performance for investors are not aligned to the benchmark, the product should not be marketed to retail investors, unless additional testing and further assessments have established that the product nevertheless offers Value for Money to the target market, for example in the case of a product containing additional special features that would be considered relevant for a particular group of investors with identified specific needs and objectives, but which are not reflected in the description of the group of investment products for which the benchmark was developed.deleted
2023/11/09
Committee: ECON
Amendment 146 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 15
(15) To enable ESMA and EIOPA to develop reliable benchmarks, based on reliable data, manufacturers and distributors of investment products should be required to report necessary data to competent authorities, for onward transmission to ESMA and EIOPA. To limit, to the greatest extent possible, costs related to the new reporting obligations and to avoid unnecessary duplication, data sets should as far as possible be based on disclosure and reporting obligations stemming from EU law. ESMA and EIOPA should develop regulatory technical standards to determine the data sets, data standards and methods and formats for the information to be reported.deleted
2023/11/09
Committee: ECON
Amendment 152 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 17
(17) In view of the extent of diversity of retail investment product offerings, the development of benchmarks by ESMA and EIOPA should be an evolutionary process, beginning with the investment products most commonly purchased by retail investors and progressively building on the experience gathered over time in order to broaden coverage and refine their quality.deleted
2023/11/09
Committee: ECON
Amendment 160 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 20
(20) The pricing process under Directives 2009/65/EC and 2011/61/EU should ensure that costs borne by retail investors are justified and proportionate to the characteristics of the product, and in particular to the investment objective and strategy, level of risk and expected returns of the funds, so that UCITS and AIFs deliver Value for Money to investors. UCITS and AIFs management companies should remain responsible for the quality of their pricing process. In particular, they should ensure that costs are comparable to market standards, including by comparing the costs of funds with similar investment strategies and characteristics available on publicly available databases. However, to make the pricing process more objective and to equip UCITS and AIFs management companies, and competent authorities with a tool allowing for an efficient comparison of costs among investment products from the same product type, ESMA should develop benchmarks, based on data related to the cost and performance of investment products that ESMA receives as part of the supervisory reporting, against which an assessment of Value for Money can be carried out, in addition to the other criteria included in the pricing process of UCITS and AIFs management companies. Considering the Commission’s priority to avoid unnecessary administrative burdens and to simplify reporting requirements, those benchmarks should build on existing data from public disclosures and supervisory reporting, unless additional data are exceptionally necessary. Investment funds offering poor Value for Money or deviating from ESMA's benchmarks should not be marketed to retail investors unless further assessment has established that the product nevertheless offers Value for Money. The assessment and the measures taken should be documented and provided to competent authorities upon their request.
2023/11/09
Committee: ECON
Amendment 178 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 34
(34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required to consider the needs of such diversification for their clients or customers, as part of the suitability assessments, including on the basis of information provided by those clients or customers on their existing portfolio of financial and non-financial assets.
2023/11/09
Committee: ECON
Amendment 187 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Recital 37 a (new)
(37a) Financial literacy is of key importance in addressing the current deficiencies in the Capital Markets Union. Trust in Union financial markets is linked intrinsically to the level of retail participation in them. Education and knowledge are tools to empower each citizen to make informed investment decisions. This Directive should lay the ground for increasing the level of financial education in each Member State. In view of the limited competences conferred upon the Union in that area, it is the responsibility of each Member State to ensure that proper adjustments are made, particularly in their education systems, to comply with this Directive. Member States should take ambitious steps to fulfil the obligations laid down in this Directive.
2023/11/09
Committee: ECON
Amendment 191 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 3
Directive 2014/65/EU
Article 4 – paragraph 1 – point 48 a (new)
(48a) ‘existing financial assets’ means financial instruments, structured deposits, insurance based investment products, portfolio management;
2023/11/09
Committee: ECON
Amendment 235 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
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 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 and the quality and level of the service provided to the client by distributors (‘pricing process’).
2023/11/09
Committee: ECON
Amendment 241 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 3
The pricing process referred to in point (e) shall include a comparison with the relevant benchmark, where available, on costs and performance published by ESMA in accordance with paragraph 9.deleted
2023/11/09
Committee: ECON
Amendment 257 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 4
When a financial instrument deviates from the relevant benchmark referred to in paragraph 9, the investment firm shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the financial instrument shall not be approved by the investment firm.deleted
2023/11/09
Committee: ECON
Amendment 287 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
(a) identify and quantify the costs of distribution and any further costs and charges related to the distribution not already taken into account by the manufacturer;
2023/11/09
Committee: ECON
Amendment 294 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
(b) assess whether the total costs and charges referred to the point (a) are justified and proportionate, having regard to the target market’s objectives and needs and to the quality and level of the service provided to the client (pricing process).
2023/11/09
Committee: ECON
Amendment 299 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 3
The pricing process, as referred to in points (a) and (b), shall include a comparison with the relevant benchmark, when available, on costs and performance published by ESMA in accordance with paragraph 9.deleted
2023/11/09
Committee: ECON
Amendment 306 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 4
When a financial instrument, together with costs of services incurred by the client in order to purchase that instrument, deviates from the relevant benchmark referred to in paragraph 9, the investment firm which offers or recommends a financial instrument shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the financial instrument shall not be offered or recommended by the investment firm.deleted
2023/11/09
Committee: ECON
Amendment 317 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 5 – subparagraph 1
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 details of the costs of distribution, including any costs related to the provision of advice or any connected third-party payments.
2023/11/09
Committee: ECON
Amendment 322 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 6
6. 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, manufactured by a manufacturer that is not subject to the reporting obligation laid down in paragraph 2 or any other equivalent reporting obligation, shall report to their home competent authorities the following: (a) financial instrument destined for retail investors, including any distribution costs that are incorporated into costs of financial instrument, including third- party payments; (b) financial instruments, in particular its performance and the level of risk. The competent authorities shall transmit such data without undue delay to ESMA.deleted details of costs and charges of any data on the characteristics of the
2023/11/09
Committee: ECON
Amendment 338 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – point a
(a) where relevant, the results of the comparison of the financial instrument to the relevant benchmark;deleted
2023/11/09
Committee: ECON
Amendment 343 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – point b
(b) where applicable, the reasons justifying a deviation from the benchmark;deleted
2023/11/09
Committee: ECON
Amendment 346 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – point c
(c) related to the justification and demonstration of the proportionality of costs and charges of the financial instrument and of the costs of distribution.
2023/11/09
Committee: ECON
Amendment 350 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 9
9. After having consulted EIOPA and the competent authorities, ESMA shall, where appropriate, develop and make publicly available common benchmarks for financial instruments that present similar levels of performance, risk, strategy, objectives, or other characteristics, to help investment firms to perform the comparative assessment of the cost and performance of financial instruments, falling under the definition of packaged retail investment products, both at the manufacturing and distribution stages. The benchmarks shall display a range of costs and performance, in order to facilitate identification of financial instruments whose costs and performance depart significantly from the average. The costs used for the development of benchmarks for investment firms manufacturing financial instruments shall, in addition to the total product cost, allow comparison to individual cost components. The costs used for the development of benchmarks for distributors shall, in addition to the total cost of the product, refer to the distribution cost. ESMA shall regularly update the benchmarks.deleted
2023/11/09
Committee: ECON
Amendment 365 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 11
11. The Commission is empowered to supplement this Directive by adopting delegated acts in accordance with Article 89 to specify the following: (a) the methodology used by ESMA to develop benchmarks referred to in paragraph 9; (b) the criteria to determine whether costs and charges are justified and proportionate.
2023/11/09
Committee: ECON
Amendment 380 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – introductory part
ESMA, after having consulted EIOPA and the competent authorities and taking into consideration the methodology referred to in paragraph 11, point (a), shall develop draft regulatory technical standards specifying the following:
2023/11/09
Committee: ECON
Amendment 382 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – point a
(a) the content and type of data and details of costs and charges to be reported to the competent authorities in accordance with paragraph 2, 5 and 65, based on disclosure and reporting obligations, unless additional data is exceptionally necessary;
2023/11/09
Committee: ECON
Amendment 388 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – point b
(b) the data standards and formats, methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2, 5 and 65.
2023/11/09
Committee: ECON
Amendment 393 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after adoption of the delegated act referred to in paragraph 11the date of entry into force of this Directive].
2023/11/09
Committee: ECON
Amendment 405 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a
1a. Member States shall ensure that, in order to act in the best interest of the client, when providing investment advice to retail clients, investment firms are under the obligation of the following: (a) to provide advice on the basis of an assessment of an appropriate range of financial instruments; (b) efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features; (c) financial instruments identified as suitable to the client pursuant to Article 25(2), a product or products without additional features that are not necessary to the achievement of the client’s investment objectives and that give rise to extra costs.;deleted to recommend the most cost- to recommend, among the range of
2023/11/09
Committee: ECON
Amendment 432 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a a (new)
1aa. The cost efficiency referred to in the first subparagraph, point (b), shall be determined on the basis of the investment firm’s assessment of the instrument’s net return expectations taking into account all implicit and explicit costs and charges.
2023/11/09
Committee: ECON
Amendment 475 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 1
1. Member States shall ensure that investment firms, when providing portfolio management, do not pay or receive anyaccept and retain fee ors, commission, or provide or are provided with any non-monetary benefit, in connection with the provision of such service, tos or any monetary or non-monetary benefits paid or provided by any third party or a person acting orn by any party except the client or a person on behalf of theehalf of a third party in relation to the provision of the service to clients.
2023/11/09
Committee: ECON
Amendment 482 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 2
2. Member States shall ensure that investment firms, when providing reception and transmission of orders or execution of orders to or on behalf of retail clients, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit in connection with the provision of such services, to or from any third-party responsible for the creation, development, issuance or design of any financial instrument on which the firm provides such execution or reception and transmission services, or any person acting on behalf of that third-party.deleted
2023/11/09
Committee: ECON
Amendment 497 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 3
3. Paragraph 2 shall not apply to investment firms, when providing investment advice on a non-independent basis relating to one or more transactions of that client covered by that advice.deleted
2023/11/09
Committee: ECON
Amendment 501 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 4
4. Paragraph 2 shall not apply to fees or any other remuneration received from or paid to an issuer by an investment firm performing for that issuer one of the services referred to in Annex I, Section A, points 6 and 7, where the investment firm also provides to retail clients any of the investment services referred to in paragraph 2 and relating to the financial instruments subject to the placing or underwriting services. This paragraph shall not apply to financial instruments that are packaged retail investment products as referred to Article 4, point (1), of Regulation (EU) No 1286/2014.deleted
2023/11/09
Committee: ECON
Amendment 517 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 5
5. Paragraphs 1 and 2 shall not apply to the minor non-monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client, provided that they have been clearly disclosed to the client.
2023/11/09
Committee: ECON
Amendment 528 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 8
8. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on it. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.deleted
2023/11/09
Committee: ECON
Amendment 563 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 1 – subparagraph 6
Investment firms providing investment services to professional clients shall have the right to agree to a limited application of the detailed requirements set out in this paragraph, with such clients. Investment firms shall not be allowed to agree such limitations when the services of investment advice or portfolio managemThe requirements set out in this paragraph shall not apply to services provided to professional clients are provided or when, irrespective of thend eligible counterparties except for investment seradvice provided, the financial instruments concerned embed a derivativeand portfolio management.
2023/11/09
Committee: ECON
Amendment 567 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 1 – subparagraph 7
Investment firms providing investment services to eligible counterparties shall have the right to agree to a limited application of the detailed requirements set out in this paragraph, except when, irrespective of the investment service provided, the financial instruments concerned embed a derivative and the eligible counterparty intends to offer them to its clients.deleted
2023/11/09
Committee: ECON
Amendment 577 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 1 – introductory part
Without prejudice to other requirements associated to portfolio management services, when providing any investment service to a retail client together with a service of safekeeping and administration of financial instruments for the account of the retail client, the investment firm shall, in connection with those instruments, provide its retail client with an annual statement withInvestment firms shall provide retail clients with an annual statement reporting all costs, associated charges and third- party payments related to financial instruments, investment services and ancillary services. The annual statement related to portfolio management shall be done separately. The annual statement shall disclose to retail clients the following information expressed in monetary terms and percentages:
2023/11/09
Committee: ECON
Amendment 578 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 1 – point b
(b) the total amount of dividends, interest and other payments received annually by the retail client for the total portfolio;deleted
2023/11/09
Committee: ECON
Amendment 581 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 1 – point c
(c) the total taxes, including any stamp duty, and transactions tax, withholding tax and any other taxes where levied by the investment firm, borne by the retail client for the total portfolio;
2023/11/09
Committee: ECON
Amendment 582 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 1 – point d
(d) the annual market value, or estimated value, when the market value is not available, of each financial instrument included in the retail client’s portfolio;deleted
2023/11/09
Committee: ECON
Amendment 584 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
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.
2023/11/09
Committee: ECON
Amendment 586 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 2
Where providing an investment service without a service of safekeeping and administration of financial instruments for the account of the retail client, the investment firm shall provide an annual statement including applicable information on point (a).deleted
2023/11/09
Committee: ECON
Amendment 587 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 3
Where providing exclusively a service of safekeeping and administration of financial instruments for the account of the retail client, the investment firm shall provide an annual statement including applicable information on point (a), (b), (c) and (d).deleted
2023/11/09
Committee: ECON
Amendment 589 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24b – paragraph 4 – subparagraph 4
Upon its request, the retail client shall be entitled to receive each year a detailed breakdown of the information referred to under point (a) to (c) above per financial instrument owned during the relevant period as well as for each tax borne by the retail clientand (b) above.
2023/11/09
Committee: ECON
Amendment 598 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 2 – subparagraph 1
Member States shall ensure that marketing communications are developed, designed and provided in a manner that is fair, clear, not misleading, balanced in terms of presentation of benefits and risks, and appropriate in terms of content and distribution channels for the target audience and where related to a specific financial instrument to the target market identified pursuant to Article 24(2).
2023/11/09
Committee: ECON
Amendment 603 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 2 – subparagraph 2
AllTaking into account the nature and characteristics of the media used marketing communications shall present in a prominent and concise way, the essential characteristics of the financial instruments or the investment services and related ancillary services to which they refer.
2023/11/09
Committee: ECON
Amendment 605 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 2 – subparagraph 3
Taking into account the nature and characteristics of the media used, the presentation of the essential characteristics of the financial instruments and services included in the marketing communications provided or made accessible to retail or potential retail clients, shall ensure that they can easily understand the key features of the financial instruments or services as well as the main risks associated with them.
2023/11/09
Committee: ECON
Amendment 613 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 4 – subparagraph 2
Where an investment firm that offers or recommends financial instruments which it does not manufacture, organises its own marketing communication, it shall be fully responsible for its appropriate content, update and use, in line with the identified target market and in particular in line with the identified client categorisation.
2023/11/09
Committee: ECON
Amendment 614 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 5
5. Member States shall ensure, investment firms make annual reports to the firm’s management body on the use of marketing communications and strategies aimed at marketing practices, the compliance with relevant obligations on marketing communications and practices under this Directive and on any signalled irregularities and proposed solutions.deleted
2023/11/09
Committee: ECON
Amendment 623 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24c – paragraph 8 – point a
(a) the essential characteristics of financial instrument(s) or investment and ancillary service(s) to be disclosed in all marketing communications targeting retail clients or potential retail clients and any other relevant criteria to ensure that taking into account the nature and characteristics of the media used those essential characteristics appear in a prominent way and are easily accessible by an average retail client, regardless of the means of communication;
2023/11/09
Committee: ECON
Amendment 639 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
Article 25 – paragraph 2 – subparagraph 1
Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios,existing financial assets belonging to the same portfolio for which the investment firm performs the suitability assessment according to the related agreement with the client, and its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses and need for portfolio diversification.
2023/11/09
Committee: ECON
Amendment 647 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
Article 25 – paragraph 2 – subparagraph 2
When providing independent investment advice and portfolio management to retail clients restricted to well- diversified, and non- complex, and cost- efficient financial instruments, the independvestment firm shall be under no obligation to obtain information on the retail client or potential retail client’s knowledge and experience about the considered financial instruments or investment services or on the retail client’s existing portfolio composition.
2023/11/09
Committee: ECON
Amendment 651 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
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 theirits 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.
2023/11/09
Committee: ECON
Amendment 670 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 1 – paragraph 1 – point 16
Directive 2014/65/EU
Article 35 a – paragraph 1 – subparagraph 1– introductory part
Member States shall require that investment firms and credit institutions providing investment services or activities report the following information annually to the competent authority of its home Member State when they provide investment services to more than 150 retail clients on a cross-border basis:
2023/11/09
Committee: ECON
Amendment 739 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
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 and proportionate, having regard to the characteristics, objectives, strategy and, performance of the product and the quality and level of the service provided to the client by distributors, as well as the guarantees and insurance coverage of biometric and other risks (pricing process) as well as any other related service (pricing process);
2023/11/09
Committee: ECON
Amendment 750 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 3
The pricing process referred to in point (f) shall contain a comparison with the relevant benchmark, where available, on costs and performance published by EIOPA in accordance with paragraph 8.deleted
2023/11/09
Committee: ECON
Amendment 762 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 2
2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the insurance- based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance-based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.deleted
2023/11/09
Committee: ECON
Amendment 777 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 5 – subparagraph 2 – point b
(b) identify and quantify any further costs and charges, in particular distribution costs, that are related to the distribution not already taken into account in the calculation of total costs and charges by the manufacturer;
2023/11/09
Committee: ECON
Amendment 781 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 5 – subparagraph 2 – point c
(c) assess whether the total costs and charges are justified and proportionate, having regard to the target market’s objectives and needs and to the quality and level of the service provided to the client (pricing process).
2023/11/09
Committee: ECON
Amendment 787 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 5 – subparagraph 3
The pricing process referred to in point (c) shall include, where available, a comparison with the relevant benchmark on costs and performance published by EIOPA in accordance with paragraph 8.deleted
2023/11/09
Committee: ECON
Amendment 793 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 6
6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance-based investment product to retail customers. Where no relevant benchmark exists for an insurance-based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.deleted
2023/11/09
Committee: ECON
Amendment 805 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 7 – point a
(a) where relevant, the results of the comparison of the insurance-based investment product to the relevant benchmarks,deleted
2023/11/09
Committee: ECON
Amendment 806 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 7 – point b
(b) where applicable, the reasons justifying a deviation from the benchmarkdeleted
2023/11/09
Committee: ECON
Amendment 808 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 7 – point c
(c) related to the justification and demonstration of the proportionality of costs and charges of the insurance-based investment product and of the costs of distribution.
2023/11/09
Committee: ECON
Amendment 811 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8
8. EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common benchmarks for insurance-based investment products that present similar levels of performance, risk, strategy, objectives, or other characteristics to help insurance undertakings and insurance intermediaries manufacturing or distributing insurance-based investment products to perform the comparative assessment of the cost and performance of insurance-based investment products. The benchmarks shall display a range of costs and performance, in order to facilitate the identification of insurance- based investment products whose costs and performance depart significantly from the average. The costs used for the development of benchmarks shall, in addition to the total product cost, also include all costs of distribution, inclusive inducements. They shall allow comparison with individual cost components. EIOPA shall regularly update those benchmarks.deleted
2023/11/09
Committee: ECON
Amendment 832 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 9
9. The Commission shall be empowered to supplement this Directive by adopting delegated acts in accordance with Article 38 to further specify the principles set out in this Article, including, with regard to insurance-based investment products, (a) EIOPA to develop the benchmarks referred to in paragraph 8; (b) costs and charges are justified and proportionate; Those delegated acts shall take into account in a proportionate way the activities performed, the nature of the insurance products sold and the nature of the distributor.deleted the methodology to be used by the criteria to determine whether
2023/11/09
Committee: ECON
Amendment 836 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 9 – subparagraph 1 – point a
(a) the methodology to be used by EIOPA to develop the benchmarks referred to in paragraph 8;deleted
2023/11/09
Committee: ECON
Amendment 842 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 10 – subparagraph 1 – introductory part
EIOPA, after having consulted ESMA and the competent authorities and after industry testing, and taking into consideration the methodology referred to in paragraph 9, point (a), shall develop draft regulatory technical standards to determine the following:
2023/11/09
Committee: ECON
Amendment 845 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 10 – subparagraph 2
EIOPA shall submit those draft regulatory technical standards to the Commission by ... [9 months after the adoption of the delegated act referred to in paragraph 2date of entry into force of this Directive].
2023/11/09
Committee: ECON
Amendment 852 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 2 – subparagraph 1
Member States shall ensure that marketing communications of insurance-based investment products are developed, designed and provided in a manner that is fair, clear, not misleading, balanced in terms of presentation of benefits and risks, and appropriate in terms of content and distribution channels for the target audience and where related to a specific insurance-based investment product to the target market identified pursuant to Article 25(1).
2023/11/09
Committee: ECON
Amendment 859 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 4 – subparagraph 1
Where a manufacturer of an insurance- based investment product prepares and provides a marketing communication to be used by a distributor, the manufacturer shall be responsible for the content of such marketing communication and its update. The distributor shall be responsible for the use of this marketing communication and shall ensure that it is used for the identified target market only and in line with the distribution strategy identified for that target market.
2023/11/09
Committee: ECON
Amendment 861 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 5
5. Member States shall ensure that insurance undertakings and insurance intermediaries make annual reports to their management body on the, each to the extent of their competences, assess the correct use of marketing communications and strategies aimed at marketing practices, as well as the compliance with relevant obligations on marketing communications and practices under this Directive and on any signalled irregularities and proposed solutionsadopt suitable measures to overcome.
2023/11/09
Committee: ECON
Amendment 866 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 7 – subparagraph 2
Such records shall be kept for a period of five years and, where requested by the competent authority, for amaximum period of up to sefiven years. Those records shall be retrievable by the insurance undertaking or insurance distributor upon request by the competent authority.
2023/11/09
Committee: ECON
Amendment 873 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 1 – introductory part
Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information in personalised form about the insurance-based investment products proposed to those customers. That information shall contain all of the following:
2023/11/09
Committee: ECON
Amendment 883 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – point a – subpoint v
(v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio, in case the customer provided the relative information;
2023/11/09
Committee: ECON
Amendment 898 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 –subparagraph 3
Member States shall ensure that insurance intermediaries and insurance undertakings present the information on all costs, charges and third-party payments referred to in the first subparagraph, point (d) in aggregated form to enable the customer to understand the overall cost and the cumulative effect on the return of the investment. The overall cost shall be expressed in monetary terms andor percentages calculated over the termcontractual or recommended holding period of the insurance-based investment product or, if it is not possible, the method to establish them. Where the customer so requests, insurance intermediaries and insurance undertakings shall provide an itemised breakdown of that information, if available.
2023/11/09
Committee: ECON
Amendment 903 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 4
The third-party payments paid or received by the insurance intermediary or insurance undertaking in connection with the provision or distribution of the insurance- based investment product shall be itemised separately. The insurance intermediary or insurance undertaking shall disclose the cumulative impact of such third-party payments, including any recurring third- party payments, on the net return over the term of the insurance-based investment product. The purpose of the third-party payments and their impact on the net return shall be explained in a standardised way and in a comprehensible language for an average retail customer, if available.
2023/11/09
Committee: ECON
Amendment 920 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 3 – point f
(f) adjusted individual projections of the expected outcome at the end of the contractual or recommended holding period, based on the current value of the investment and its performance development so far and linked to the pre- contractual performance scenarios in the key information document provided for in Regulation No 1286/2014, and a disclaimer that those projections may differ from the actual final value of the investment;deleted
2023/11/09
Committee: ECON
Amendment 939 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 1
1. Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer. The prohibition contained in the first sub- paragraph shall not apply to minor non- monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that those benefits do not impair compliance with the insurance intermediary’s or insurance undertaking’s duty to act in the best interests of their customer provided those benefits have been clearly disclosed to the customer. Any payment or benefit which enables or is necessary for the provision of services, including regulatory levies or legal fees, and which by its nature cannot give rise to conflicts with the insurance intermediary’s or insurance undertaking’s duty to act honestly, fairly and professionally in accordance with the best interests of their customers, shall not be subject to the requirements set out in the first subparagraph.deleted
2023/11/09
Committee: ECON
Amendment 958 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 4 – subparagraph 1
Member States may impose stricter requirements on insurance intermediaries and insurance undertakings in respect of the matters covered by this Article. In particular, Member States may additionally prohibit or further restrict the offer or acceptance of fees, commissions or non- monetary benefits from third parties in relation to the provision of insurance advice.
2023/11/09
Committee: ECON
Amendment 969 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 6
6. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on retail investors. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.deleted
2023/11/09
Committee: ECON
Amendment 979 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1
1. Member States shall ensure that in order to act in the best interest of the customer in accordance with Article 17(1), when providing advice to customers on insurance-based investment products, insurance undertakings and insurance intermediaries are under the obligation: (a) to provide such advice on the basis of an assessment of an appropriate range of insurance-based investment products and, where applicable, underlying investment assets; (b) efficient insurance-based investment product and, where applicable, underlying investment assets among the insurance- based investment products identified as suitable for the customer pursuant to Article 30(1) and offering similar features; (c) insurance-based investment products identified as suitable for the customer pursuant to Article 30(1), one or several insurance-based investment products and, where applicable, underlying investment assets, a product or products, without additional features that are not necessary to the achievement of the customer’s objectives and that give rise to extra costs; (d) investment products which insurance cover is consistent with the customer’s insurance demands and needs.deleted to recommend the most cost- to recommend, among the range of to recommend an insurance-based
2023/11/09
Committee: ECON
Amendment 1013 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 2
2. The Commission shall be empowered to supplement this Directive by adopting delegated acts in accordance with Article 38 to further specify how insurance intermediaries and insurance undertakings are to comply with the principles set out in this Article. Those delegated acts shall take into account the nature of the services offered or provided to the customer, the nature of the products being offered or considered, including different types of insurance- based investment products.;
2023/11/09
Committee: ECON
Amendment 1021 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
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, if provided for by the customer, the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability preferences, and risk tolerance, so as to enable the insurance intermediary or the insurance undertaking to recommend to the customer the insurance-based investment products that are suitable for that person and that, in particular, are in accordance with its risk tolerance, ability to bear losses and, if the customer provides the relevant information, need for portfolio diversification.
2023/11/09
Committee: ECON
Amendment 1033 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 2
When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and cost- efficient insurance-based investment products, the insurance intermediary or insurance undertaking shall be under no obligation to obtain information on the customer’s knowledge and experience about the considered insurance-based investment products or on the customer’s portfolio composition.
2023/11/09
Committee: ECON
Amendment 1035 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 3
When providing advice that involves switching between underlying investment assetoptions, insurance intermediaries and insurance undertakings shall obtain the necessary information on the customer’s existing underlying investment assetoptions and the recommended new investment assetoptions and shall analyse the expected costs and benefits of the switch, so that they are reasonably able to demonstrate that the benefits of switching are expected to be greater than the costs.
2023/11/09
Committee: ECON
Amendment 1039 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 2 – subparagraph 1
Without prejudice to Article 20(1), Member States shall ensure that, where no advice is given in relation to insurance- based investment products, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded and the person’s capacity to bear full or partial losses and risk tolerance so as to enable the insurance intermediary or the insurance undertaking to assess whether the insurance-based investment product or products envisaged are appropriate for the customer.
2023/11/09
Committee: ECON
Amendment 1065 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 b – point b
(b) The costs are necessary for the UCITS to opeborne by retail investors are justified and proportionate, having regard to the characte in line with its investment strategy and objective or to fulfil regulatory requirementristics of the UCITS, including its investment objective, strategy, expected returns, level of risks, other relevant characteristics and the quality and level of the service provided to the client by distributors;
2023/11/09
Committee: ECON
Amendment 1078 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 e – subparagraph 1
Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process and include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.
2023/11/09
Committee: ECON
Amendment 1082 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 e – subparagraph 2
When a UCITS or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the management company shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated or if the UCITS or its share classes do not comply with other criteria set out by the management company in the pricing process that UCITS or its share classes shall not be marketed to retail investors by the management company.deleted
2023/11/09
Committee: ECON
Amendment 1085 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f
1f. After consulting EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of UCITS, or their share classes where they have different cost structures, to be used for the assessment set out in paragraph 1e. Common benchmarks shall be developed, where it is feasible to do so, for UCITS, or their share classes where they have different cost structures, marketed to retail investors that present similar levels of performance, risk, strategy, objectives, or other characteristics. These benchmarks shall display a range of costs and performance, especially cases where costs and performance depart significantly from the average. These benchmarks shall be updated on a regular basis.;deleted
2023/11/09
Committee: ECON
Amendment 1098 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point b – point iii
Directive 2009/65/EC
Article 14 – paragraph 2 – point e
(e) provide for criteria to determine whether costs are justified and proportionate in accordance with paragraph 1b, point (b), and for taking corrective measures mentioned in paragraph 1e and specify the methodology used by ESMA to develop its benchmarks.;deleted
2023/11/09
Committee: ECON
Amendment 1113 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
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, strategy, expected returns, level of risks and, other relevant characteristics and the quality and level of the service provided to the client by distributors.
2023/11/09
Committee: ECON
Amendment 1119 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 e – subparagraph 1
Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process and, for AIFs marketed to retail investors, include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.deleted
2023/11/09
Committee: ECON
Amendment 1124 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 e – subparagraph 2
When an AIF or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the AIFM shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, or if the AIF or its share classes do not comply with other criteria set out by the AIFM in the pricing process, that AIF or its share class shall not be marketed to retail investors by the AIFM.deleted
2023/11/09
Committee: ECON
Amendment 1127 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f
1f. After having consulted EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of AIFs, or their share classes where they have different cost structures, to be used for the assessment set out in paragraph 1e. Common benchmarks shall be developed, where it is feasible to do so, for AIFs, or their share classes where they have different cost structures, marketed to retail investors that present similar levels of performance, risk, strategy, objectives, or other characteristics. These benchmarks shall display a range of costs and performance, especially cases where costs and performance depart significantly from the average. The benchmarks shall be updated on a regular basis.;deleted
2023/11/09
Committee: ECON
Amendment 1138 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point b
(b) provide for criteria to determine whether costs are justified and proportionate in accordance with paragraph 1b, point (b) and for taking corrective measures mentioned in paragraph 1e and specify the methodology used by ESMA to develop its benchmarks.;deleted
2023/11/09
Committee: ECON
Amendment 1150 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
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 Articles [•], [•].. and [•]].
2023/11/09
Committee: ECON
Amendment 1163 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Annex I – paragraph 1 – point 2 – subpoint 1
Directive 2014/65/EU
Annex II – Section II.1 – subparagraph 5 – second indent
- the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 250 000 on average during the last 3 years,’;
2023/11/09
Committee: ECON
Amendment 1168 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Annex I – paragraph 1 – point 2 – subpoint 1 a (new)
Directive 2014/65/EU
Annex II – Section II.1 – subparagraph 5 – second indent (new)
- the client holds diversified portfolio on financial instruments including complex financial instruments;
2023/11/09
Committee: ECON
Amendment 1170 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a directive
Annex I – paragraph 1 – point 2 – subpoint 3
Directive 2014/65/EU
Annex II – Section II.1 – subparagraph 7
Where the client is a legal entity the investment firm shall assess the above requirements or alternatively, as a minimum, two of the following criteria shall be met:
2023/11/09
Committee: ECON
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