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55 Amendments of Erik POULSEN related to 2023/0167(COD)

Amendment 133 #
Erik POULSEN
Proposal for a directive
Recital 10
(10) The level of costs and charges, as well as other more qualitative elements, such as environmental, social and governance (ESG) factors, participating in the real economy, and financial guarantees, that are associated with investment and insurance- based investment products can have a significant impact on investment returns, something that may not always be evident for retail investors. To ensure that products offer Value for Money for retail investors, Member States should ensure that firms authorised under Directive (EU) 2014/65 or Directive (EU) 2016/97 to manufacture or distribute investment products have clear pricing processes that enable a clear identification and quantification of all costs charged to retail investors and are designed to ensure that the costs and charges that are included in investment products or that are linked to their distribution are justified and proportionate in respect of the characteristics, objectives, strategy and expected performance of the product.
2023/11/09
Committee: ECON
Amendment 140 #
Erik POULSEN
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 143 #
Erik POULSEN
Proposal for a directive
Recital 13 a (new)
(13a) Embedded in the product governance process, the Value for Money concept could be a consideration of reasonable benefit(s) expected to be provided by the investment, when considering the risk/reward profile and the total costs to the customers as defined in MIFID Delegated Regulation 565/2017, article 50 and annex 2. The benefit(s) should be reasonable, relevant and of a qualitative and/or quantitative nature, meaning that a benefit is not necessarily a return expectation after costs but could also be services.
2023/11/09
Committee: ECON
Amendment 148 #
Erik POULSEN
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 153 #
Erik POULSEN
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 182 #
Erik POULSEN
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 194 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 3
Directive 2014/65/EU
Article 4 – paragraph 1 – point 66 a (new)
(66a) ‘Offers’ means actively marketing and providing services and financial instruments without giving a personal recommendation to an investor. However, it is a financial instrument is always offered, if the financial instrument (i) is produced by the investment firm, or (ii) is produced by any enterprise having a close relationship with the investment firm, and (iii) entails that the investment firm receives and retains any benefit, monetary or non-monetary, in relation to the financial instrument. It is a prerequisite for an investment firm willing to provide execution services in financial instruments, which it does not “offer” or “recommend” that the investment firm as part of its product governance arrangements for its investment services has defined which types of financial instruments it is willing to provide execution services in without having defined a target market. However, the investment firm must still ensure that the financial instrument is not sold to the negative target market.
2023/11/09
Committee: ECON
Amendment 213 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 7 a (new)
Directive 2014/65/EU
Article 9 – paragraph 3 – subparagraph 1 and 2
"3. Member States shall ensure that the management body of an investment firm defines, oversees and is accountable for the implementation of the governance arrangements that ensure effective and prudent management of the investment firm including the segregation of duties in the investment firm and the prevention of conflicts of interest, and in a manner that promotes the integrity of the market and the interest of clients. Without prejudice to the requirements established in Article 88(1) of Directive 2013/36/EU, those arrangements shall also ensure that the management body define, approve and oversee: (a) the organisation of the firm for the provision of investment services and activities and ancillary services, including the skills, knowledge and expertise required by personnel, the resources, the procedures and the arrangements for the provision of services and activities, taking into account the nature, scale and complexity of its business and all the requirements the firm has to comply with; (b) a policy as to services, activities, products and operations offered or provided, in accordance with the risk tolerance of the firm and the characteristics and needs of the clients of the firm to whom they will be offered or provided, including carrying out appropriate stress testing, where appropriate. The policy must ensure that the intended benefits to the clients are taken into consideration; (c) a remuneration policy of persons involved in the provision of services to clients aiming to encourage responsible business conduct, fair treatment of clients as well as avoiding conflict of interest in the relationships with clients. "
2023/11/09
Committee: ECON
Amendment 228 #
Erik POULSEN
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 (‘pricing process’).deleted
2023/11/09
Committee: ECON
Amendment 238 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – point e a (new)
(ea) a clear description and assessment of any benefits related to the financial instruments ensuring that they are reasonable and relevant for the intended target market under due consideration to the identified target market’s needs, characteristics and objectives.
2023/11/09
Committee: ECON
Amendment 244 #
Erik POULSEN, Ondřej KOVAŘÍK
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 250 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 3 a (new)
Further, the product approval process shall ensure that the investment firm takes the clients best interest into consideration in the manufacturing of the financial instruments and takes into account the benefits to the customer – both monetary and non-monetary – that the financial instruments intent to create.
2023/11/09
Committee: ECON
Amendment 252 #
Erik POULSEN, Ondřej KOVAŘÍK
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 260 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 4 (new)
Member States shall require investment firms to ensure that the management body has effective control over the firm's product approval process. Investment firms shall ensure that the compliance reports to the management body systematically include information about the financial instruments manufactured by the firm, including information on the distribution strategy and the intended benefits to the clients related to the financial instruments. Investment firms shall make the reports available to their competent authority on request.
2023/11/09
Committee: ECON
Amendment 262 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 5
An investment firm which manufactures financial instruments shall make available to distributors all information on the financial instrument and the product approval process that is needed to fully understand that instrument and the elements taken into consideration during the product approval process, including complete and accurate details on any costs and charges of the financial instrument.deleted
2023/11/09
Committee: ECON
Amendment 266 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 5 (new)
Member States shall require investment firms, when deciding the range of financial instrument and services that they offer or recommend and the respective target markets, to maintain procedures and measures to ensure compliance with all applicable requirements under this directive including those relating to disclosure, assessment of suitability or appropriateness, inducements and proper management of conflicts of interest. The management of conflicts of interest includes assessing whether the intended benefit(s) are reasonable, relevant and of a sufficient qualitative and/or quantitative nature taking into account both monetary and non-monetary benefits when compared to the costs and charges incurred by the client.
2023/11/09
Committee: ECON
Amendment 267 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
2. An investment firm which manufactures 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) financial instrument, including any distribution costs that are incorporated into costs of financial instrument, including third-party payments; (b) data on the characteristics of the financial instrument, in particular its performance and the level of risk. The competent authorities shall transmit data referred to in point (a) and (b) to ESMA without undue delay.deleted details of costs and charges of the
2023/11/09
Committee: ECON
Amendment 275 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 2a (new)
2a. Member States shall require investment firms as part of the product approval process to undertake a scenario analysis of their 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, which shall assess the risks of poor outcomes for end clients posed by the product and in which circumstances these outcomes may occur. The scenario analysis shall take all costs and charges into consideration including estimated reasonable cost linked to distribution of the financial instruments.
2023/11/09
Committee: ECON
Amendment 276 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
Article 16–a – paragraph 3
3. An investment firm that offers or recommends financial instruments which it does not manufacture, shall have in place adequate arrangements to obtain the information referred to in paragraph 1 and to understand the characteristics and identified target market of each financial instrument.deleted
2023/11/09
Committee: ECON
Amendment 279 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 3 a (new)
3a. Member States shall require investment firms to determine whether the financial instrument's risk/reward profile is consistent with the target market and whether the financial instrument design is driven by features that benefit the client
2023/11/09
Committee: ECON
Amendment 280 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
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 needs of the identified target market and whether the benefits are still relevant for the identified target market and reasonable compared to the costs and charges. The firm must also consider whether the intended distribution strategy remains appropriate.
2023/11/09
Committee: ECON
Amendment 282 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 (new)
Member States shall ensure that investment firms consider the charging structure proposed for the financial instrument, including by examining the following: (a) financial instrument's costs and charges are compatible with the needs, objectives and characteristics of the target market; (b) charges do not undermine the financial instrument's return expectations, such as where the costs or charges equal, exceed or remove almost all the expected tax advantages linked to a financial instrument; (c) the charging structure of the financial instrument is appropriately transparent for the target market, such as that it does not disguise charges or is too complex to understand, and (d) an assessment of the expected return of the financial instruments after all costs and charges including estimated reasonable cost linked to distribution.
2023/11/09
Committee: ECON
Amendment 283 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 2
An investment firm which offers or recommends financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014, shall ensure the following: (a) distribution and any furdeleted identify and quantify ther costs and charges not already taken into account by the manufacturer; (b) charges are justified and proportionate, having regard to the target market’s objectives and needs (pricing process).of assess whether the total costs and
2023/11/09
Committee: ECON
Amendment 297 #
Erik POULSEN, Ondřej KOVAŘÍK
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 303 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
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 312 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
Article 16–a – paragraph 5 – subparagraph 1
5. 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. The competent authorities shall transmit such details of costs of distribution to ESMA without undue delay.deleted
2023/11/09
Committee: ECON
Amendment 320 #
Erik POULSEN
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) data on the characteristics of the 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
2023/11/09
Committee: ECON
Amendment 330 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 6 a (new)
6a. An investment firm that offers or recommends financial instruments which it does not manufacture, shall have in place adequate arrangements to obtain the information referred to in paragraph 1 and to understand the characteristics and identified target market of each financial instrument including the benefits assessed to be reasonable and relevant for the identified target market.
2023/11/09
Committee: ECON
Amendment 334 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – introductory part
7. An investment firm shall document all assessments made and shall, upon request, provide such assessments to a relevant competent authority, including the following:which offers or recommends financial instruments it does not manufacture shall have in place adequate product governance arrangements that ensures that the investment firm take into account the best interest of the target market and assesses the benefits to the identified target market of the financial instruments as well as the investment services the investment firm offers to clients. When assessing whether the products offered or recommended are compatible with the needs, characteristics and objectives of the identified target market, the investment firm should, when taking into account the product costs as well as service costs, and the benefit(s) provided to the client, make an assessment of whether the products and services cumulatively provide benefits to the client, also taking into consideration the expected investment horizon of the client.
2023/11/09
Committee: ECON
Amendment 339 #
Erik POULSEN, Ondřej KOVAŘÍK
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
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 342 #
Erik POULSEN, Ondřej KOVAŘÍK
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
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 348 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 8
8. An investment firm which manufactures and offers or recommends the financial instrument may establish one pricing process relating to both manufacturing and distribution stagthat provides investment advice shall define a range of financial instruments for which it provides investment advice. The range of financial instruments shall be defined taking into consideration the best interests of the target market. When deciding the range of financial instruments to include when providing investment advice, the investment firm should include complexity, risk and the need for diversification, and the investment firm may decide a range for different groups of clients within the same client category based on client-relationship and interaction and client needs and preferences.
2023/11/09
Committee: ECON
Amendment 352 #
Erik POULSEN, Ondřej KOVAŘÍK
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 368 #
Erik POULSEN, Ondřej KOVAŘÍK
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) develop benchmarks referred to in paragraph 9; (b) the criteria to determine whether costs and charges are justified and proportionate.the methodology used by ESMA to
2023/11/09
Committee: ECON
Amendment 376 #
Erik POULSEN, Ondřej KOVAŘÍK
Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65
Article 16–a – paragraph 12 – subparagraph 1
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: (a) details of costs and charges to be reported to the competent authorities in accordance with paragraph 2, 5 and 6, based on disclosure and reporting obligations, unless additional data is exceptionally necessary; (b) methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2, 5 and 6.deleted the content and type of data and the data standards and formats,
2023/11/09
Committee: ECON
Amendment 391 #
Erik POULSEN, Ondřej KOVAŘÍK
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 11.deleted
2023/11/09
Committee: ECON
Amendment 404 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point a
Directive 2014/65/EU
Article 24 – paragraph 1
1. Member States shall require that, when providing investment services or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the principles set out in this Article and Articles 24a to Article 25.;
2023/11/09
Committee: ECON
Amendment 407 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – introductory part
1a. Member States shall ensure that, in order to act in the best interest of the client, when providing investment advice to retail clients for which inducements are received and retained, investment firms are under the obligation of the following:
2023/11/09
Committee: ECON
Amendment 410 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point a
(a) to provide advice on the basis of an assessment of an appropriate range of financial instruments; clearly inform the client before the suitability assessment is initiated and before any investment advice is provided: (1) whether the investment advice is provided taking into account a broad range of investment products, including from manufactures not having any close ties with the investment firm, or (2) whether the investment advice is based on a narrow range of financial instruments, including: (i) whether investment advice is only or predominately provided in connection with investment products manufactured by the investment firm, (ii) whether it only includes products manufactured by manufactures with a close relationship to the investment firm, and (iii) whether the investment advice is only or predominately done for investment products providing the investment firm with inducements unless these are of a minor non-monetary character.
2023/11/09
Committee: ECON
Amendment 415 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point b
(b) to recommend the most cost- efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;deleted
2023/11/09
Committee: ECON
Amendment 421 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65
Article 24 – paragraph 1 a – point b a (new)
(ba) if the investment firm assesses that more than one of the financial instruments that are included in its range of financial instruments for which the investment firm provides investment advice as decided in accordance with Article 16-a(8), is suitable for the client, the investment firm shall initially recommend the most cost-efficient financial instrument. However, the investment firm may present the client with all relevant financial instruments and clearly disclose the relevant differences in characteristics of these financial instruments. The disclosure must include any differences in costs and charges pursuant to Article 24(5), hereunder costs and charges for/from investment services necessary to conduct the transaction and, where relevant, safekeeping the financial instrument. Based on the client’s preferences related to these differences the investment firm can recommend one or more financial instruments different from the most cost-efficient one.
2023/11/09
Committee: ECON
Amendment 425 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point c
(c) to recommend, among the range of 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
2023/11/09
Committee: ECON
Amendment 429 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point c a (new)
(ca) if the client asks to have assessed whether a specific financial instrument is suitable, the investment firm shall still inform the client of one or more other relevant financial instruments in accordance with subparagraph b.
2023/11/09
Committee: ECON
Amendment 434 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b – point i (new)
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 after all costs and charges performed under Article 16-a(4), point d with due consideration to the assessment performed according to Article 16-a(7) of the benefits provided to the client.
2023/11/09
Committee: ECON
Amendment 435 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point c
Directive 2014/65/EU
Article 24 – paragraph 2 – introductory part
Member States shall ensure that investment firms which manufacture financial instruments for sale to clients: Investment firms which manufacture financial instruments for sale to clients shall ensure that those financial instruments are designed to meet the needs of an identified target market of end clients within the relevant category of clients, their strategy for distribution of the financial instruments is compatible with the identified target market, and the investment firm takes reasonable steps to ensure that the financial instruments are distributed to the identified target market. An investment firm shall understand the financial instruments they offer or recommend, assess the compatibility of the financial instruments with the needs of the clients to whom it provides investment services, also taking account of the identified target market of end clients as referred to in Article 16(3), and ensure that financial instruments are offered or recommended only when this is in the interest of the client. If providing investment advice, the investment firm shall decide one or more range of financial instruments for which it offers investment advice taking into consideration the identified target market of end clients.
2023/11/09
Committee: ECON
Amendment 436 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point c
Directive 2014/65/EU
Article 24 – paragraph 2 – subparagraph 1 – point a
(a) design those financial instruments to meet the needs of an identified target market of end clients within the relevant category of clients;deleted
2023/11/09
Committee: ECON
Amendment 437 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point c
Directive 2014/65/EU
Article 24 – paragraph 2 – subparagraph 1 – point b
(b) design their strategy for the distribution of the financial instruments, including in terms of marketing communication and marketing practices, in a way that is compatible with the identified target market;deleted
2023/11/09
Committee: ECON
Amendment 438 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point c
Directive 2014/65/EU
Article 24 – paragraph 2 – subparagraph 1 – point c
(c) take reasonable steps to ensure that the financial instruments are distributed to the identified target market.;deleted
2023/11/09
Committee: ECON
Amendment 486 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24 – 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 494 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24 – 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 507 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 4 – subparagraph 1
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.deleted
2023/11/09
Committee: ECON
Amendment 511 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 4 – subparagraph 2
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 645 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65
Article 25 – paragraph 2 – subparagraph 1
Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses and need for portfolio diversification.
2023/11/09
Committee: ECON
Amendment 649 #
Erik POULSEN
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65
Article 25 – paragraph 2 – subparagraph 2
When providing independent investment advice to retail clients restricted to well- diversified, 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 652 #
Erik POULSEN, Ondřej KOVAŘÍK
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
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.
2023/11/09
Committee: ECON
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