44 Amendments of Othmar KARAS related to 2023/0167(COD)
Amendment 243 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 3
Article 16–a – paragraph 1 – subparagraph 3
Amendment 253 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 4
Article 16–a – paragraph 1 – subparagraph 4
Amendment 305 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 4
Article 16–a – paragraph 4 – subparagraph 4
Amendment 356 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 9 – subparagraph 1
Article 16–a – paragraph 9 – subparagraph 1
After having consulted EIOPA and the competent authorities, ESMA shall, where appropriate, develop and make publicly available common benchmarks for financial instruments that present similar levels of performance, risk, strategy, objectives, or other characteristics, to help investment firms to perform the comparative assessment of the cost and performance of financial instruments, falling under the definition of packaged retail investment products, both at the manufacturing and distribution stages. ESMA shall only develop these benchmarks for widespread and standardised financial instruments across the Union, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of financial instruments.
Amendment 358 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 9 – subparagraph 2
Article 16–a – paragraph 9 – subparagraph 2
The benchmarks shall display a range of costs and performance, in order to facilitate identification of financial instruments whose costs and performance depart significantly from the average.
Amendment 366 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 11
Article 16–a – paragraph 11
Amendment 377 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – introductory part
Article 16–a – paragraph 12 – subparagraph 1 – introductory part
ESMA, after having consulted EIOPA and the competent authorities and taking into consideration the methodology referred to in paragraph 11, point (a), shall develop draft regulatory technical standards specifying the following:
Amendment 396 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 2
Article 16–a – paragraph 12 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after adoption of the delegated act referred to in paragraph 11the date of entry into force of this Directive].
Amendment 420 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point b
Article 24 – paragraph 1 a – point b
(b) to recommendidentify the most cost- efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;
Amendment 422 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point b a (new)
Article 24 – paragraph 1 a – point b a (new)
(ba) to recommend, taking into consideration its performance, level of risk, costs and charges, the most efficient financial instrument among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;
Amendment 424 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point c
Article 24 – paragraph 1 a – point c
Amendment 470 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – title
Article 24a – title
Amendment 489 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 2
Article 24a – paragraph 2
2. Member States shall ensure that investment firms, when providing reception and transmission of orders or execution of orders to or on behalf of retail clients, do notonly pay or receive any fees or commissions, or provide or are provided with any non-monetary benefits in connection with the provision of such services, to or from any third-party responsible for the creation, development, issuance or design of any financial instrument on which the firm provides such execution or reception and transmission services, or any person acting on behalf of that third-party up to the amount to which that third party would charge the customer directly, if applicable.
Amendment 681 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2014/65/EU
Article 88 a
Article 88 a
Member States shall promote measures that support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services. Member States shall duly consider, in this regard, to introduce compulsory teaching content in their national school curricula.
Amendment 683 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2014/65/EU
Article 88 a – paragraph 1a (new)
Article 88 a – paragraph 1a (new)
Amendment 719 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive (EU) 2016/97
Article 16 a
Article 16 a
Member States shall promote measures that support the education of customers in relation to the responsible purchase of insurance products when accessing insurance services or ancillary services. Member States shall duly consider, in this regard, to introduce compulsory teaching content in their national school curricula.
Amendment 721 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive (EU) 2016/97
Article 16 a – paragraph 1 a (new)
Article 16 a – paragraph 1 a (new)
1a. The Commission shall, in close collaboration with the ECB, submit a report to the European Parliament and the Council on appropriate measures to improve the financial literacy and financial education to the benefit of prospective retail investors by 31 June 2025, including: (a) an analysis of best practices regarding financial literacy and financial education in school curricula in the Member States, the Union and abroad; (b) recommendations on school criteria, on the basis of the analysis referred to in point (a); By 31 December 2025 the Commission shall, where appropriate, issue a recommendation to the Council on a harmonised curricula on financial literacy and financial education to the benefit of prospective retail investors on the basis of this report and shall inform the European Parliament thereof.
Amendment 749 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 3
Article 25 – paragraph 1 – subparagraph 3
Amendment 758 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 2
Article 25 – paragraph 2
Amendment 795 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 6
Article 25 – paragraph 6
Amendment 817 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 1
Article 25 – paragraph 8 – subparagraph 1
EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common benchmarks for insurance-based investment products that present similar levels of performance, risk, strategy, objectives, or other characteristics to help insurance undertakings and insurance intermediaries manufacturing or distributing insurance-based investment products to perform the comparative assessment of the cost and performance of insurance-based investment products. EIOPA shall only develop these benchmarks for widespread and standardised insurance-based investment products across the Union, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of insurance-based investment products.
Amendment 819 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 2
Article 25 – paragraph 8 – subparagraph 2
The benchmarks shall display a range of costs and performance, in order to facilitate the identification of insurance- based investment products whose costs and performance depart significantly from the average.
Amendment 831 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 9
Article 25 – paragraph 9
Amendment 840 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 10 – subparagraph 1 – introductory part
Article 25 – paragraph 10 – subparagraph 1 – introductory part
EIOPA, after having consulted ESMA and the competent authorities and after industry testing, and taking into consideration the methodology referred to in paragraph 9, point (a), shall develop draft regulatory technical standards to determine the following:
Amendment 847 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 10 – subparagraph 2
Article 25 – paragraph 10 – subparagraph 2
EIOPA shall submit those draft regulatory technical standards to the Commission by [9 months after the adoption of the delegated act referred to in paragraph 2date of entry into force of this Directive].
Amendment 936 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Amendment 944 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 1 – subparagraph 1
Article 29 a – paragraph 1 – subparagraph 1
Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(2) and (3) do notonly pay or receive any fees or commissions, or provide or are provided with any non-monetary benefits with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer. up to the amount to which that third party would charge the customer directly, if applicable.
Amendment 954 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 4
Article 29 a – paragraph 4
Amendment 963 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 5
Article 29 a – paragraph 5
Amendment 995 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 –point b
Article 29 b – paragraph 1 –point b
(b) to recommendidentify the most cost- efficient insurance-based investment product and, where applicable, underlying investment assets among the insurance- based investment products identified as suitable for the customer pursuant to Article 30(1) and offering similar features;
Amendment 996 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point b a (new)
Article 29 b – paragraph 1 – point b a (new)
(ba) to recommend, taking into consideration its performance, level of risk, costs and charges, the most efficient insurance-based investment product among the range of insurance-based investment products identified as suitable for the customer pursuant to Article 30(1), and offering similar features;
Amendment 1002 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 –point c
Article 29 b – paragraph 1 –point c
Amendment 1006 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 –point d
Article 29 b – paragraph 1 –point d
Amendment 1050 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Directive (EU) 2016/97
Article 30 – paragraph 5 b – point b
Article 30 – paragraph 5 b – point b
Amendment 1075 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 e – subparagraph 1
Article 14 – paragraph 1 e – subparagraph 1
Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process and include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.
Amendment 1080 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 e – subparagraph 2
Article 14 – paragraph 1 e – subparagraph 2
Amendment 1087 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f – subparagraph 1
Article 14 – paragraph 1 f – subparagraph 1
After consulting EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of UCITS, or their share classes where they have different cost structures, to be used for the assessment set out in paragraph 1e. ESMA shall only develop these benchmarks for widespread and standardised UCITS, or their share classes where they have different cost structures, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of UCITS, or their share classes where they have different cost structures.
Amendment 1088 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f – subparagraph 3
Article 14 – paragraph 1 f – subparagraph 3
These benchmarks shall display a range of costs and performance, especially cases where costs and performance depart significantly from the average. These benchmarks shall be updated on a regular basis.;
Amendment 1096 #
Proposal for a directive
Article 4 – paragraph 1 – point 1 – point b – point iii
Article 4 – paragraph 1 – point 1 – point b – point iii
Directive 2009/65/EC
Article 14 – paragraph 2 – point e
Article 14 – paragraph 2 – point e
Amendment 1121 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 e – subparagraph 1
Article 12 – paragraph 1 e – subparagraph 1
Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process and, for AIFs marketed to retail investors, include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.
Amendment 1123 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 e – subparagraph 2
Article 12 – paragraph 1 e – subparagraph 2
Amendment 1129 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
After having consulted EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of AIFs, or their share classes where they have different cost structures, to be used for the assessment set out in paragraph 1e. ESMA shall only develop these benchmarks for widespread and standardised AIFs, or their share classes where they have different cost structures, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of AIFs, or their share classes where they have different cost structures, .
Amendment 1130 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f – subparagraph 3
Article 12 – paragraph 1 f – subparagraph 3
These benchmarks shall display a range of costs and performance, especially cases where costs and performance depart significantly from the average. The benchmarks shall be updated on a regular basis.;
Amendment 1139 #
Proposal for a directive
Article 5 – paragraph 1 – point 1 – point b
Article 5 – paragraph 1 – point 1 – point b
Directive 2011/61/EU
Article 12 – paragraph 3 – point b
Article 12 – paragraph 3 – point b
(b) provide for criteria to determine whether costs are justified and proportionate in accordance with paragraph 1b, point (b) and for taking corrective measures mentioned in paragraph 1e and specify the methodology used by ESMA to develop its benchmarks.;