Activities of Syed KAMALL related to 2018/0045(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 PDF (623 KB) DOC (77 KB)
Amendments (36)
Amendment 74 #
Proposal for a regulation
Recital 5
Recital 5
(5) To ensure equality in treatment and facilitate decision-making of AIFMs and UCITS management companies whether to engage in cross border distribution of investment funds, it is important that fees and charges levied by competent authorities for the authorisation, registration and supervision referred to in Directives 2009/65/EC and 2011/61/EU are proportionate to the supervisory tasks carried out and publicly disclosed, and that in order to enhance transparency those fees and charges are published on their websites. For the same reason, the ESMA website should include an interactive tool enabling calculations of fees and charges levied by competent authorities.
Amendment 76 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7 a) According to Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof are exempt from the obligations under Regulation (EU) No 1286/2014 until 31 December 2019. That Regulation also provides that the Commission reviews Regulation (EU) No 1286/2014 by 31 December 2018, in order to assess, among others, whether this transitional exemption should be prolonged, or whether, following the identification of any necessary adjustments, the provisions on key investor information in Directive 2009/65/EC should be replaced by or considered equivalent to the key investor document under Regulation (EU) No 1286/2014. That Regulation also states that this review should include, on the basis of the information received by the European Supervisory Authorities, a general survey of the operation of the comprehension alert, taking into account any guidance developed by competent authorities in this respect. It should also include a survey of the practical application of the rules laid down in that Regulation, taking due account of developments in the market for retail investment products and the feasibility, costs and possible benefits of introducing a label for social and environmental investments. In addition, as part of its review, the Commission should undertake consumer testing and an examination of non-legislative options as well as the outcomes of the review of Regulation (EU) No 346/2013 regarding points (c), (e) and (g) of Article 27(1) thereof.
Amendment 77 #
Proposal for a regulation
Recital 7 b (new)
Recital 7 b (new)
(7 b) In order to allow the Commission to conduct the review of Regulation (EU) No 1286/2014 as originally foreseen by the European Parliament and the Council, the deadline for the review should be prolonged by 12 months. The Committee on Economic and Monetary Affairs of the European Parliament should support the Commission’s review process by organising a hearing on the topic with relevant stakeholders representing industry and consumer interests.
Amendment 78 #
Proposal for a regulation
Recital 7 c (new)
Recital 7 c (new)
(7 c) In order to avoid investors receiving two different pre-disclosure documents (a UCITS KIID and a PRIIPs KID) for the same investment fund while the legislative acts resulting from the review are being adopted and implemented, the transitional exemption from the obligations under Regulation (EU) No 1286/2014 for management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof, should be prolonged by 24 months.
Amendment 79 #
Proposal for a regulation
Recital 8
Recital 8
Amendment 81 #
Proposal for a regulation
Recital 9
Recital 9
(9) The Commission should be empowered to adopt implementing technical standards, developed by ESMA, with regard to the standard forms, templates and procedures for notifications by competent authorities of the laws, regulations and administrative provisions and their summaries on marketing requirements applicable in their territories, the levels of fees or charges for cross- border marketing activities levied by them, and, where applicable, relevant calculation methodologies. Furthermore, to improve the transmission of information to competent authorities and among competent authorities and ESMA, implementing technical standards should cover notifications, notification letters and written notices on cross-border activities that are required by Directives 2009/65/EC and 2011/61/EU. The Commission should adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 84 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) Given that MMFs are established as either UCITS or AIFs and given the importance of cross-border provision of MMFs, it is necessary to ensure that in the event of negative money market rates, public debt CNAV MMFs and LVNAV MMFs can use a reverse distribution mechanism in order to offer returns in line with those negative money market rates while maintaining a constant net asset value. The cancellation of shares in order to counteract the impact of market movements is not permissible in any circumstances.
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 1 – point d
Article 1 – paragraph 1 – point d
(d) ‘home Member State’ means the Member State in which the AIFM or the UCITS management company has its registered office; for non-EU AIFMs, all references to 'home Member State' in this Regulation shall be read as the 'Member State of reference', as provided for in Directive 2011/61/EU;
Amendment 89 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. UCITS management companies shall ensure that no marketing communication comprising an invitation to purchase units or shares of a UCITS that contains specific information about a UCITS contradicts the information, or diminishes itsthe significance, of the information contained in the prospectus referred to in Article 68 of Directive 2009/65/EC and the key investor information referred to in Article 78 of that Directive. UCITS management companies shall ensure that all marketing communications indicate that a prospectus exists and that the key investor information is available. The marketing communication shall specify where, how and in which language investors or potential investors can obtain the prospectus and the key investor information.
Amendment 93 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Competent authorities shall notify to ESMA the laws, regulations and administrative provisions, and the summaries thereof, referred to in paragraph 1 and the hyperlinks to the websites of competent authorities where thate information referred to in paragraph 1 is published.
Amendment 94 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
Competent authorities shall notify to ESMA any change in the information provided under the first subparagraph of this paragraph without undue delay.
Amendment 96 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. By [PO: Please insert date 48 months after the date of entry into force] ESMA shall examine in a report the marketing requirements referred to in paragraph 1 and inform the Commission, Council and European Parliament thereof. ESMA shall update that report every two years.
Amendment 98 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
By [PO: Please insert date 30 months after the date of entry into force], ESMA shall publish and maintain on its website a central database containing the national laws, regulations and administrative provisions concerning marketing requirements, and the summaries thereof, and the hyperlinks to the websites of competent authorities notified in accordance with Article 3(2).
Amendment 109 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
Amendment 111 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Competent authorities shall notify to ESMA any change in the information provided under the first subparagraph without undue delay.
Amendment 114 #
Proposal for a regulation
Article 8 – title
Article 8 – title
ESMA interactive database on fees and charges
Amendment 115 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
Amendment 116 #
Proposal for a regulation
Article 9
Article 9
Amendment 117 #
Proposal for a regulation
Article 10 – title
Article 10 – title
ESMA central database on AIFMs, UCITS management companies,cross-border marketing of AIFs and UCITS
Amendment 118 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
By [PO: Please insert date 30 months after the date of entry into force] ESMA shall publish and maintain on its website a central database for the cross-border marketing of AIFs and UCITS, publicly accessible in a language customary in the sphere of international finance, listing (a) all AIFMs, UCITS management companies, AIFs and UCITS which those AIFMs and UCITS management companies manage and market, as well as the Member States in which those funds are marketeds that are marketed in another Member State, their AIFMs, EUSEF manager or EUVECA manager, and a list of Member States in which they are marketed; and (b) all UCITS marketed in another Member State, their UCITS management company and a list of the Member States in which they are marketed. The database referred to in the first paragraph is without prejudice to the list referred to in the second subparagraph of Article 6(1) of Directive 2009/65/EC, the central public register referred to in the second subparagraph of Article 7(5) of Directive 2011/61/EU, the central database referred to in Article 17 of Regulation (EU) No 345/2013 and the central database referred to in Article 18 of Regulation (EU) No 346/2013.
Amendment 131 #
Proposal for a regulation
Article 12 – paragraph 1 – point 1
Article 12 – paragraph 1 – point 1
Regulation (EU) No 345/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying venture capital fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying venture capital fund which is not yet marketed in the Member State where the potential investors are domiciled;
Amendment 132 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – introductory part
Article 4a – paragraph 1 – introductory part
1. Managers of qualifying venture capital funds may engage in pre-marketing in the Union, excluding where the information presented to potential investors:.
Amendment 135 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 137 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 139 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point c
Article 4a – paragraph 1 – point c
Amendment 141 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point d
Article 4a – paragraph 1 – point d
Amendment 147 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 3
Article 4a – paragraph 3
3. Subscription by investors to units or shares of qualifying venture capital funds registered following the pre-marketing in accordance with paragraph 1 or to the units or shares of qualifying venture capital funds managed and marketed by managers of qualifying venture capital funds that engaged in pre-marketing of not yet registered qualifying venture capital funds with the similar features shall be considered the result of marketing.
Amendment 157 #
Proposal for a regulation
Article 13 – paragraph 1 – point 1
Article 13 – paragraph 1 – point 1
Regulation (EU) No 346/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying social entrepreneurship fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying social entrepreneurship fund which is not yet marketed in the Member State where the potential investors are domiciled;
Amendment 158 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – introductory part
Article 4a – paragraph 1 – introductory part
1. Managers of qualifying social entrepreneurship funds may engage in pre- marketing in the Union, excluding where the information presented to potential investors:.
Amendment 159 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 162 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 165 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point c
Article 4a – paragraph 1 – point c
Amendment 167 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point d
Article 4a – paragraph 1 – point d
Amendment 173 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 3
Article 4a – paragraph 3
3. Subscription by investors to units or shares of qualifying social entrepreneurship funds registered following the pre-marketing in accordance with paragraph 1 or to the units or shares of qualifying social entrepreneurship funds managed and marketed by managers of qualifying social entrepreneurship funds that engaged in pre-marketing of not yet registered qualifying social entrepreneurship funds with the similar features shall be considered the result of marketing.
Amendment 180 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Regulation (EU) No 2017/1131
Article 2 – point 23 a (new) and Article 34 – paragraphs 3 a (new) and 3 b (new)
Article 2 – point 23 a (new) and Article 34 – paragraphs 3 a (new) and 3 b (new)
Amendment 181 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Amendment to Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) Regulation (EU) No 1286/2014 is amended as follows: (1) in Article 32(1), “31 December 2019” is replaced by “31 December 2021”; (2) in Article 33(1), “31 December 2018” is replaced by “31 December 2019”; (3) in Article 33(2), “31 December 2018” is replaced by “31 December 2019”; (4) in Article 33(4), “31 December 2018” is replaced by “31 December 2019”.