Activities of Sharon BOWLES related to 2012/0169(COD)
Plenary speeches (1)
Key information documents for investment products (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on key information documents for investment products PDF (710 KB) DOC (612 KB)
Amendments (71)
Amendment 76 #
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; as well as corporate bonds, and instruments issued by special purpose vehicles (SPVs).
Amendment 87 #
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 106 #
Proposal for a regulation
Recital 10
Recital 10
(10) To meet the needs of retail investors, it is necessary to ensure that information on investment products is accurate, fair, clear and not misleading for those investors. This Regulation should therefore lay down common standards for the drafting of the key information document, in order to ensure that it is comprehensible for retail investors. Given the difficulties many retail investors have in understanding specialist financial terminology, particular attention should be paid to the vocabulary and style of writing used in the document. Rules should also be laid down on the language in which it should be drawn up. Furthermore, retail investors should be able to understand the key information document on its own without referring to other information to interpret its meaning. The key information document should signpost what further documentation is available in order for the investor to make a fully informed decision. Additional, personalised information may be provided by the distributor to the investor on a separate document, and the distributor should take responsibility for this separate document.
Amendment 111 #
Proposal for a regulation
Recital 11
Recital 11
(11) Retail investors should be provided with the information necessary for them to take an informed investment decision and compare different investment products, but unless the information is short and concise there is a risk they will not use it. The key information document should therefore only contain key information, notably as regards the nature and features of the product, including whether it is possible to lose capital, the costs and risk profile of the producwho the target investor of the product is, where appropriate a statement that it is always possible to lose capital, the costs and risk profile of the product, in the form of a summary indicator as well as a narrative to put the profile into context, as well as relevant performance information, and certain other specific information which may be necessary for understanding the features of individual types of products, including those intended to be used for retirement planning.
Amendment 115 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Investors should have a clear idea of what costs and fees will be incurred in their investment, not only at the point of transaction, but over a period of investment. Fees should be fully disclosed in compound, cumulative terms. Charges for advice should be calculated in a simpler way to make it easier for the investor to understand what it will cost them, preferably expressed in the form of an hourly rate.
Amendment 116 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) ESMA should develop an online fund analyser, similar to that created by FINRA in the United States, which would allow investors to calculate the end value of their investment after fees and costs have been taken into account.
Amendment 120 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) A warning label for complex products which the competent authority deems unsuitable for retail investors should appear at the top of the key information document. This extra layer of transparency will help consumers make an informed decision about the level of risk they are taking and help avoid the mis-selling of products.
Amendment 121 #
Proposal for a regulation
Recital 13
Recital 13
(13) Increasingly retail investors are not only seeking financial returns with their investment decisions. Often they also pursue other purposes such as social or environmental goals. In addition, information about non-financial aspects of investments can be important for those seeking to make sustainable, long-term investments. However, information on social, environmental or governance outcomes being sought by the investment product manufacturer can be difficult to compare or may be absent. Therefore, it is desirable to further harmonise the details of the information on whether environmental, social or governance issues have been taken into account, and if so in what ways. Additionally, the product manufacturer should state on the key information document whether their product is a direct investment in the real economy, or whether it is a synthetic index.
Amendment 124 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure that the key information document contains reliable information, this Regulation should require investment product manufacturers to keep the key information document up to date. To this end, it is necessary that detailed rules relating to the conditions and frequency of the review of the information and the revision of the key information document are laid down in a delegated act to be adopted by the Commission. The key information document and all its updates should be communicated to the competent authority for its approval, to ensure that the KID complies with this Regulation.
Amendment 125 #
Proposal for a regulation
Recital 16
Recital 16
(16) Key information documents are the foundation for investment decisions by retail investors. For this reason, investment product manufacturers have an important responsibility towards retail investors in ensuring that they comply with the rules of this Regulation. It is therefore important to ensure that retail investors who relied on a key investor document for their investment decision have an effective right of redress. It should also be ensured that all retail investors across the Union have the same right to seek compensation for damages they may suffer due to failures on the part of investment product manufacturers in complying with the requirements set out in this Regulation. Therefore, rules regarding the liability of the investment product manufacturers should be harmonised. This Regulation should establish that the retail investor should be able to hold the product manufacturer liable for an infringement of this Regulation in case a loss is caused through the use of the key information document.
Amendment 132 #
Proposal for a regulation
Recital 17
Recital 17
Amendment 136 #
Proposal for a regulation
Recital 18
Recital 18
(18) Regarding matters concerning tThe civil liability of an investment product manufacturer and which are not covered by this regulation, such matters should be governed by the applicable national law determined by the relevant rules of International Private Law. The competent court to decide on a claim for civil liability brought by a retail investor should be determined by the relevant rules on International Jurisdiction.
Amendment 138 #
Proposal for a regulation
Recital 19
Recital 19
(19) So that the retail investor is able to take an informed investment decision, persons selling investment products should be required to provide the key information document in good time before any transaction is concluded. The investor should provide a signature, in person or an electronic signature, to demonstrate that they have received and read the KID. This requirement should generally apply irrespective of where or how the transaction takes place. Persons selling include both distributors and the investment product manufacturer themselves where they choose to sell the product directly to retail investors. To ensure necessary flexibility and proportionality, retail investors who wish to conclude a transaction using a means of distance communication should be able to his Regulation is without prejudice to the Direcetive the key information document after the conclusion of the transaction. Even in this case the key information document would be useful for the investor, for instance to allow the investor to compare the product purchased with that described in the key information document. This Regulation is without prejudice to the Directive 2002/65/EC of the European Parliament and the Council2002/65/EC of the European Parliament and the Council. Wherever possible, investors should be provided with a "cooling off period" in which they may decide to cancel the transaction.
Amendment 149 #
Proposal for a regulation
Recital 22
Recital 22
(22) Procedures for alternative dispute resolution allow for a quicker and less expensive settlement of disputes than the courts and lighten the burden on the court system. For that purpose investment productPRIPs manufacturers and the persons selling investment productPRIPs should be under an obligation to participate in those procedures initiated by retailed investors concerning the rights and obligations established by this Regulation, subject to certain safeguards in conformity with the principle of effective judicial protection. In particular, the procedures for alternative dispute resolution should not infringe the rights which the parties to such procedures have to bring legal proceedings before the courts. In the case of alternative dispute resolution, the provisions of the European Parliament and of the Council on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC should be binding also for this Directive.
Amendment 152 #
Proposal for a regulation
Recital 24
Recital 24
(24) In line with the Commission Communication of December 2010 on reinforcing sanctioning regimes in the financial sector and in order to ensure that the requirements set out in this Regulation are fulfilled, it is important that Member States take necessary steps to ensure that breaches of this Regulation are subject to appropriate administrative sanctions and measures. In order to ensure that sanctions have a dissuasive effect and to strengthen investors' protection by warning them about investment products marketed in breach of this Regulation, sanctions and measures should normally be published, except in certain well defined circumstances.
Amendment 153 #
Proposal for a regulation
Recital 25
Recital 25
(25) In order to fulfil the objectives of this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying details with regard to the presentation and the format of the key information document, on the content of the information to be included in the key information document, detailed requirements with regard to the timing for provision of the key information document as well as in relation to its revision and review. It is of particular importance that the Commission carry out appropriate consultations and consumer testing during its preparatory work. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council.
Amendment 160 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to give investment product manufacturers and persons selling investment products sufficient time to prepare for the practical application of the requirements of this Regulation, the requirements of this Regulation should not become applicable until two years after the entry into force of this Regulation. This Regulation will not apply to transactions which have taken place in the past.
Amendment 164 #
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 product manufacturer shall bear sole responsibility for drawing up the key information document.
Amendment 177 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) insurance products which do not offer a surrender value or where that surrender value is not wholly or partially exposed, directly or indirectly, to market fluctuationere the benefits are not exposed to fluctuations in underlying investment values;
Amendment 181 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) deposits with a rate of return that is determined in relation to an interest rate. However any deposit guarantee scheme covering the deposit shall be listed, detailing precisely which risks are covered by the scheme, if applicable;
Amendment 183 #
Proposal for a regulation
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
(d) other securities which do not embed a derivative, with the exception of corporate bonds and instruments issued by special purpose vehicles (SPVs);
Amendment 186 #
Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)
Article 2 – paragraph 2 – point d a (new)
(da) shares;
Amendment 200 #
Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) sovereign debt bonds
Amendment 201 #
Proposal for a regulation
Article 2 – paragraph 2 – point f b (new)
Article 2 – paragraph 2 – point f b (new)
(fb) savings books and accounts. Distributors of these products shall ensure that information about the product regulator feature prominently on information provided.
Amendment 251 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The key information document shall be a stand-alone document, clearly separate from marketing materials but not of inferior quality. It shall not contain any marketing messages or any recommendation to invest.
Amendment 254 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
Amendment 293 #
Proposal for a regulation
Article 8 – paragraph 2 – point a – point i (new)
Article 8 – paragraph 2 – point a – point i (new)
(i) At a section near the end of the document, a new heading entitled "Information about the product" which states (where applicable) the product's: i. International Securities Identification Number (ISIN); ii. International Standards on Auditing (ISA) number; iii. interest rate; iv. stock exchange linked to the product; v. currency; and vi. issue date.
Amendment 294 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) name and contact details of the competent authority which regulates the product
Amendment 296 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) under a section titled "Who is this product aimed at?", information about the target market of the product;
Amendment 310 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point ii
Article 8 – paragraph 2 – point b – point ii
(ii) its objectives and the means for achieving them, including a description of the underlying instruments or variables and how the return is determined;
Amendment 314 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii
Article 8 – paragraph 2 – point b – point iii
(iii) an indication of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achieved; as well as an indication of whether the product represents a direct investment into the real economy, or whether it is a synthetic index;
Amendment 340 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi a (new)
Article 8 – paragraph 2 – point b – point vi a (new)
(via) an indication of the recommended minimum holding period, if applicable.
Amendment 346 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – introductory part
Article 8 – paragraph 2 – point c – introductory part
(c) under a section titled ‘Could I lose money?’, a brief indication of whether loss of capital is possible, includingstatement indicating that loss of capital is always a possibility, and additionally:
Amendment 362 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii
Article 8 – paragraph 2 – point c – point ii
(ii) whether the investment product is covered by a compensation or guarantee scheme, detailing which risks are covered by the scheme and which are not;
Amendment 365 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii a (new)
Article 8 – paragraph 2 – point c – point ii a (new)
(iia) whether the product is covered by an insurance protection.
Amendment 366 #
Proposal for a regulation
Article 8 – paragraph 2 – point c a (new)
Article 8 – paragraph 2 – point c a (new)
(ca) a statement indicating that the range of payout outcomes is before any tax implications and that the tax legislation of the investor's home Member State may have an impact on the investment's return;
Amendment 367 #
Proposal for a regulation
Article 8 – paragraph 2 – point c b (new)
Article 8 – paragraph 2 – point c b (new)
(cb) under a section entitled: "What happens if the investment product manufacturer or seller default?", a brief description of the maximum loss for the investor and reference to whether the loss can be recovered by an investor compensation or guarantee scheme;
Amendment 378 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘What are the risks and what might I get back?’, the risk and reward profile of the investment product, including a summary indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicator; and a narrative explanation of the risks which are materially relevant to the investment product to put the profile into context;
Amendment 390 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled ‘What are the costs?’,: the costs associated with an investment in the investment product, comprising both direct and indirect costs and entry, on- going and exit costs, to be borne by the investor, including summary indicators of these costs; all annual charges and other payments taken from the product over a defined period; in the case of structured investment products, the indirect costs shall include the theoretical margin at maturity embedded in the product; the costs and deductions shall be indicated in a way that shows their compound cumulative effect on the investment over representative periods of investment; information shall be provided on how to access the independent online fund calculator operated by ESMA;
Amendment 402 #
Proposal for a regulation
Article 8 – paragraph 2 – point g
Article 8 – paragraph 2 – point g
(g) under a section titled ‘How has it done in the past?’, the past performance of the investment product, if this is relev"What might I get back?", information on how the PRIP is likely to perform, providing performance scenarios or projections of possible future outcomes antd having regard to the nature of the product and the length of its track recordow these will be affected by charges. At least one of the stated outcomes or scenarios must portray a negative return where applicable;
Amendment 410 #
Proposal for a regulation
Article 8 – paragraph 2 – point g a (new)
Article 8 – paragraph 2 – point g a (new)
(g a) under a section titled "Can I take money out?", information about the potential consequences of cashing in the PRIP before the end of the term or recommended holding period
Amendment 411 #
Proposal for a regulation
Article 8 – paragraph 2 – point g b (new)
Article 8 – paragraph 2 – point g b (new)
(g b) under a section titled "How will I know how my product is doing?", information showing how a customer will be kept informed;
Amendment 412 #
Proposal for a regulation
Article 8 – paragraph 2 – point g c (new)
Article 8 – paragraph 2 – point g c (new)
(g c) under a section titled "How can I complain?", information about how and to whom a client can make a complaint about the product and its administration;
Amendment 419 #
Proposal for a regulation
Article 8 – paragraph 2 – point h a (new)
Article 8 – paragraph 2 – point h a (new)
(h a) under a section entitled 'Other documents I should read prior to investing', a brief description of the other types of information documents which go into more detail about the product shall be provided, explaining that all such documents (including the KID) should be taken into consideration prior to taking an investment decision.
Amendment 425 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2 a. Where additional, personalised information, such as disclosure of investment fees, is provided by the person recommending or selling the product to the investor, this information shall appear on a separate document for which that person recommending or selling the product is liable.
Amendment 436 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. ESMA shall develop an independent online fund calculator which will be included on its website. The fund calculator shall allow investors to compute the reward of a proposed retail investment product by entering information on the expected duration of the investment, the amount of the investment, and the assumed underlying investment return in percentage terms in order to determine the end value of the investment after costs. The fund calculator shall include in its calculation the costs and fees charged by the various investment product manufacturers for any fund sold to the public, together with any further costs or fees charged by intermediaries or other parts of the investment chain, not already included by the product manufacturers. Investment product manufacturers and persons recommending or selling investment products shall be required to submit relevant data to ESMA on a quarterly basis, with a maximum delay of 60 days for this purpose. ESMA shall be provided with the resources with which to carry out this work. It shall work closely with the other European Supervisory Authorities where necessary.
Amendment 465 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Amendment 469 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment product manufacturer shall review the information contained in the key information document regularly and revise the document where the review indicates that changes need to be madematerially significant changes have been made to the product.
Amendment 477 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions under which information contained in the key information document must be revised, specifically defining what are "materially significant changes", and under which it is obligatory or optional to republish the revised key information document;
Amendment 487 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. WThere an investment product manufacturer has produced a key information document which does not comply with th information in the key information document shall constitute prequirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision, such a retail investor may claim from the investment product manufacturer damages for any loss caused to that retail investor through the use of the key information-contractual information. It shall be fair, clear and not misleading. Where binding contractual documents exist, the key information document shall be consistent with those documents.
Amendment 501 #
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 the information contained in the key information document, the investment product manufacturer shas to prove that the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulationll not incur civil liability solely on the basis of the key information document, including any translation thereof, unless it is misleading, inaccurate or inconsistent with other binding contractual documents. The key information document shall contain a clear warning in this respect.
Amendment 512 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The distribution of the burden of proof referred product manufacturer shall be liable under civil law if an investor in paragraph 2 shall not be altered in advance through an agreement. Any clause in such agreements in advance shall not be binding on the retail investorcurs loss resulting from their reliance on a Key Information Document that failed to meet the requirements under paragraph 1 or 2 above. This liability cannot be limited or waived by contractual clauses, or by the approval of the competent authority.
Amendment 517 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A person recommending or selling an investment product to retail investors shall provide them with the key information document promptly and in good time before the conclusion of a transactionany commitment is entered into relating to the investment product.
Amendment 522 #
Proposal for a regulation
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1 a. A person recommending or selling an investment product to retail investors shall first obtain written permission from the investment product manufacturer to distribute their key investor document to the investor. Such permission may be given by the investment product manufacturer on an indefinite basis for a limited period of time or subject to other conditions. Where any specified condition is not met, such permission will no longer be valid for the purposes of this paragraph.
Amendment 523 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 539 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2 a. The retail investor shall confirm through written or electronic signature that they have received and read the KID.
Amendment 568 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Authorisation of the KID by competent authorities 1. Investment product manufacturers shall communicate the key information document of their investment product to the competent authority which regulates that product in the Member State where it is marketed, distributed or sold, for approval by the authority. 2. Investment product manufacturers shall communicate updates to the key investor document, reflecting materially significant changes as defined by ESMA, to the competent authority which regulates that product in the Member State where it is marketed, distributed or sold, for approval by the authority. 3. Approval by the competent authority does not remove the product manufacturer's liability for any misleading, inaccurate or inconsistent information.
Amendment 573 #
Proposal for a regulation
Article 13 b (new)
Article 13 b (new)
Amendment 588 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. WIn line with the Directive on alternative dispute resolution for consumer disputes [2011/0373(COD)] and the Regulation on online disputes resolution for consumer disputes [2011/0374(COD)], Member States shall ensure that where a retail investor initiates a procedure for alternative dispute resolution laid down in national law against an investment product manufacturer or a person selling investment products with regard to a dispute concerning rights and obligations established under this Regulation, the investment product manufacturer or the person selling investment products shall participate in that procedure, provided that it fulfils the following requirements:.
Amendment 592 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 597 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
Amendment 600 #
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
Amendment 603 #
Proposal for a regulation
Article 15 – paragraph 1 – point d
Article 15 – paragraph 1 – point d
Amendment 606 #
Proposal for a regulation
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
Amendment 609 #
Proposal for a regulation
Article 15 – paragraph 1 – point f
Article 15 – paragraph 1 – point f
Amendment 616 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. This Article applies to the following, non-exhaustive list of breaches:
Amendment 653 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
Sanctions and measures imposed for the breaches referred to in Article 19(1) shall be disclosed to the public without undue delay including at least information on the type of breach of this Regulation and the identity of those responsible for it, unless such disclosure would seriously jeopardise the financial market. Competent authorities may withhold the identity of the sanctioned entity on their website after no less than five years.
Amendment 654 #
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
Amendment 662 #
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. A delegated act adopted pursuant to Articles 8(5), 10(2) and 12(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 23 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by [23 months] at the initiative of the European Parliament or the Council.
Amendment 664 #
Proposal for a regulation
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
5 a. Without prejudice to the other provisions of the ESMA regulation, the period for objection by Parliament and the Council in case of endorsement of the draft regulatory technical standard without changes by the Commission shall be 2 months [due to the complexity and volume of the issues covered]. This period may be extended once on initiative of the Parliament or the Council for a further one month.
Amendment 665 #
Proposal for a regulation
Article 23 a (new)
Article 23 a (new)
Article 23 a Further provisions for draft regulatory technical standards 1. Notwithstanding any time limit provided for the submission of draft regulatory technical standards to the Commission, phasing of submissions shall be agreed which shall specify texts or groups of texts due for submission 12, 18 and 24 months in advance. 2. The Commission shall not adopt regulatory technical standards in a manner that through recess reduces the scrutiny time of the Parliament, including extension, to less than 2 months. 3. The European Supervisory Authorities may consult the Parliament during the drafting stages of the regulatory technical standards, particularly where there are concerns regarding the scope of this Regulation. 4. Where the competent committee of the Parliament has voted to reject regulatory technical standards and there is less than two weeks until the start of the next plenary session, the Parliament shall have the right to a further extension to the date of the next but one plenary session. 5. In the event of a rejection of a regulatory technical standard and the identified issues are of limited scope, the Commission may adopt an accelerated timetable for delivering revised drafts. 6. The Commission shall ensure that all queries of the Parliament's scrutiny team raised formally via the Chair of the competent committee shall be answered promptly before the adoption of the draft regulation.