11 Amendments of Antolín SÁNCHEZ PRESEDO related to 2011/0298(COD)
Amendment 221 #
Proposal for a directive
Recital 8
Recital 8
(8) It is appropriate to include in the list of financial instruments certainall commodity derivatives and others which are constituted and traded in such a manner as to give rise to regulatory issues comparable to traditional financial instruments.
Amendment 251 #
Proposal for a directive
Recital 38
Recital 38
(38) It is necessary to strengthen the role of management bodies of investment firms in ensuring sound and prudent management of the firms, the promotion of the integrity of the market and the interest of investors. The management body of an investment firm should at all time commit sufficient time and possess adequate knowledge, skills and experience to be able to understand the business of the investment firm and its main risk. To avoid group thinking and facilitate critical challenge, management boards of investment firms should be sufficiently diverse as regards age, gender, provenance, education and professional background to present a variety of views and experiences. Gender balance is of a particular importance to ensure adequate representation of demographical reality. Furthermore, Member States should adopt adequate legislation allowing to hold accountable members of management bodies in case of severe mismanagement.
Amendment 359 #
Proposal for a directive
Recital 108
Recital 108
(108) Technical standards in financial services should ensure consistent harmonisation and adequate protection of depositors, investors and consumers across the Union. As a body with highly specialised expertise, it would be efficient and appropriate to entrust ESMA, with the elaboration of draft regulatory and implementing technical standards which do not involve policy choices, for submission to the Commission. To ensure consistent investor and consumer protection across financial services sectors, ESMA should carry out its tasks, to the extent possible, in close cooperation with the other two ESAs within the framework of the Joint Committee.
Amendment 503 #
Proposal for a directive
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Member States shall require that individuals providing investment advice, independent investment advice or, where appropriate, ancillary investment advice to clients, possess an appropriate level of knowledge and competences based on recognised qualifications.
Amendment 527 #
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall require investment firms to take into account diversity as one of the criteria for selection of members of the management body. In particular, taking into account the size of their management body, investment firms shall put in place a policy promoting gender, age, educational, professional and geographical diversity on the management body. Member States shall furthermore adopt adequate legislation allowing to hold accountable members of management bodies in case of severe mismanagement.
Amendment 542 #
Proposal for a directive
Article 9 – paragraph 6 – subparagraph 1 – point c a (new)
Article 9 – paragraph 6 – subparagraph 1 – point c a (new)
(ca) define, approve and oversee the firm's remuneration of sales staff which should be designed to encourage responsible business conduct, fair treatment of consumers and to avoid conflicts of interest. The remuneration structure should be disclosed to customers where appropriate, such as where potential conflicts of interest cannot be managed or avoided;
Amendment 738 #
Proposal for a directive
Article 24 – paragraph 5 – point i
Article 24 – paragraph 5 – point i
(i) shall assess a sufficiently large number of financial instruments available on the market and provide advice which is unbiased and unrestricted. The financial instruments should be diversified with regard to their type and issuers or product providers and should not be limited to financial instruments issued or provided by entities having close links with the investment firm,
Amendment 745 #
Proposal for a directive
Article 24 – paragraph 5 – point ii
Article 24 – paragraph 5 – point ii
(ii) shall not accept or receive fees, commissions or any monetary benefi, benefits or other inducements paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
Amendment 754 #
Proposal for a directive
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
5 a. Member States shall ensure that the manner in which an investment firm remunerates its staff, appointed representatives or other investment firms does not impede compliance with its obligation to act in the best interests of clients. Member States shall ensure that where staff advise on or sell financial instruments to retail clients, the remuneration structures of the staff involved do not prejudice their ability to provide an objective recommendation, where relevant, or to provide information in a manner that is fair, clear and not misleading, including by ensuring that remuneration is not solely dependent on targets for the sale or profitability of financial instruments and does not otherwise give rise to undue conflicts of interest.
Amendment 866 #
Proposal for a directive
Article 29 – paragraph 3 – subparagraph 2
Article 29 – paragraph 3 – subparagraph 2
Member States shall ensure that tied agents are only admitted to the public register if it has been established that they are of sufficiently good repute and that they possess appropriate general, commercial and professional knowledgelevel of knowledge and competences based on recognised qualifications so as to be able to communicate accurately all relevant information regarding the proposed service to the client or potential client.
Amendment 943 #
Proposal for a directive
Article 41 – paragraph 3 a (new)
Article 41 – paragraph 3 a (new)
3 a. The third country can be considered to give equivalent and reciprocal recognition if all of the following conditions are met: (a) the recognition refers to the whole EU framework and access is provided on an equal basis to all EU countries; (b) the rights and duties imposed on the firms are similar in the EU and in the third country.