11 Amendments of Jean-Paul GAUZÈS related to 2012/0169(COD)
Amendment 78 #
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 notproducts including assets that would be held directly, such as sovereign bonds or shares that are offered to the public ofr a direct kind achieved when buying or holding assets themselves. Instead thesedmitted to trading on a regulated market situated or operating within a Member State. Retail packaged structured products intercede between the investor and the markets through a process of ‘'packaging’', wrapping or bundling together assets so as to create different exposures, provide different product features, or achieve different cost structures as compared with a direct holding. Such ‘'packaging’' can allow retail investors to engage in investment strategies that would otherwise be inaccessible or impractical, but can also require additional information to be made available, in particular to enable comparisons between different ways of packaging investments.
Amendment 84 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) This Regulation should also apply to shares or units of special purpose vehicles and holding companies which an investment product manufacturer may devise with a view to circumventing this Regulation.
Amendment 86 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensure this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates should thereby be excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and should therefore be excluded. Since the focus of this Regulation is on improving the comparability and comprehensibility of information about investment products being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/EC should be excluded from the scope of this Regulation, provided that a financial contribution from the employer is required by national law and provided that the employee has no choice as to the pension product provider. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investor.
Amendment 133 #
Proposal for a regulation
Recital 17
Recital 17
(17) As retail investors in general do not have close insight as to the internal procedures of investment product manufacturers, a reversal of the burden of proof shcould be established. The product manufacturer would have to provenot rest solely with the investor. The retail investor must indicate in what respect he considers that the key information document was drawn up indoes not compliancey with this Regulation. However, it would be for the retail investor to demonstrate that his loss has occurred due to the use of the information in the key information document because this matter falls within the direct personal sphere of the retail investore requirements of this Regulation. It should then be incumbent upon the product manufacturer to respond to this claim.
Amendment 184 #
Proposal for a regulation
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
Amendment 212 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘investment product’ means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposed to fluctuations in reference values or in the performance of one or more assets which are not directly purchased by the investor;.
Amendment 219 #
Proposal for a regulation
Article 4 – paragraph 1 – point b – point ii a (new)
Article 4 – paragraph 1 – point b – point ii a (new)
(iia) when the investment product consists solely of a transferable security offered to the public or admitted to trading on a regulated market pursuant to the provisions of directive 2003/71/EC and directly held by the investors, the issuer of the security
Amendment 505 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use of theidentified information contained in the key information document, the investment product manufacturer has to prove that the keyis information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulation.
Amendment 634 #
Proposal for a regulation
Article 19 – paragraph 2 – point d a (new)
Article 19 – paragraph 2 – point d a (new)
(d a) financial penalties.
Amendment 648 #
Proposal for a regulation
Article 20 – paragraph 1 – point e a (new)
Article 20 – paragraph 1 – point e a (new)
(e a) all measures taken by the responsible person to prevent any repetition of the breach in the future.
Amendment 650 #
Proposal for a regulation
Article 20 – paragraph 1 – point e b (new)
Article 20 – paragraph 1 – point e b (new)
(e b) any compensation provided to retail investors by the responsible person following the breach.