7 Amendments of Corien WORTMANN-KOOL related to 2012/0169(COD)
Amendment 81 #
Proposal for a regulation
Recital 6
Recital 6
(6) This Regulation should apply to all products regardless of their form or construction that are manufactured by the financial services industry to provide investment opportunities to retail investors, where the return offered to the investor is exposed to the performance of one or more assets or reference values other than an interest rate. This should include such investment products as investment funds, life insurance policies with an investment element, and retail structured products. For these products, investments are not of a direct kind achieved when buying or holding assets themselves. Instead these products intercede between the investor and the markets through a process of ‘packaging’, wrapping or bundling together assets so as to create different exposures, provide different product features, or achieve different cost structures as compared with a direct holding. Such ‘packaging’ can allow retail investors to engage in investment strategies that would otherwise be inaccessible or impractical, but can also require additional information to be made available, in particular to enable comparisons between different ways of packaging investments. Assets that would be held directly, such as corporate shares or sovereign bonds are not packaged investment products, and should therefore be excluded from this Regulation.
Amendment 100 #
Proposal for a regulation
Recital 9
Recital 9
(9) Investment product manufacturers – such as fund managers, insurance undertakings, issuers of securities, credit institutions or investment firms – should draw up the key information document for the investment products they manufacture, as they are in the best position to know the product and are responsible for it. The document should be drawn up by the investment product manufacturer before the products can be sold to retail investors. However, wThe requirement to draw up the key information document should not apply to intermediaries marketing, distributing or selling the investment product to a retail investor. Where a product is not sold to retail investors, there is no necessity to draw up a key information document, and where it is impractical for the investment product manufacturer to draw up the key information document, this may be delegated to others. In order to ensure widespread dissemination and availability of key information documents, this Regulation should allow for publication by the investment product manufacturer by means of a website of their choice.
Amendment 110 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Investment product manufacturers should be able to provide the competent authority upon their request all relevant key information documents. The key information document should not require prior authorisation from the competent authority.
Amendment 167 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the format and content of the key information document to be drawn up by investment product manufacturers and uniform rules on the provision of this document to retail investors. The requirement to draw up the key information document shall not apply to intermediaries marketing, distributing or selling the investment product to a retail investor.
Amendment 172 #
Proposal for a regulation
Article 2 – paragraph 2 – point -a (new)
Article 2 – paragraph 2 – point -a (new)
(-a) Assets which are held directly and which are not packaged investment products, including corporate shares and sovereign bonds;
Amendment 245 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5a Product approval process 1. An investment product manufacturer shall have in place appropriate procedures and policies to ensure that balanced consideration has been given to the interests of retail investors, clients and the beneficiaries of such investment product during the development of the investment product, and that the financial product is demonstrably the result of this consideration of interests. 2. Before investment products and financial instruments are placed or distributed in the market, these products and instruments need approval according to the product development process. All the relevant risks shall be carefully assessed and products and instruments shall only be placed or distributed when this is in the interests of the targeted group of clients. 3. An investment product manufacturer shall conduct tests, which establish how the investment product performs as a whole and how the separate elements of the financial product perform under various scenarios. Such tests should ensure that the financial product, in view of the nature of the product, does not conflict with the interests of the targeted group of clients. 4. The product development process shall ensure that existing products are regularly reviewed in order to ensure that the product is continuing to meet the needs of the identified target market. The product development process shall be reviewed annually. An investment product manufacturer shall at all times be able to provide its competent authority an up to date and detailed description of the nature and details of its product development process. 5. In the event that a financial product harms the interests of targeted group of clients, the investment product manufacturer shall adjust the product as quickly as possible, or shall cease to offer or manufacture the financial product and shall cease to make the financial product available in the market.
Amendment 440 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The information referred to in paragraph 2 shall be presented in a commonstandardized format including the common headings and following the standardised order set out in paragraph 2, so as to allow for comparison with the key information document for any other investment product. The key information document shall prominently display a common symbol to distinguish the document from other documents.