14 Amendments of Olle LUDVIGSSON related to 2011/0298(COD)
Amendment 252 #
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. Employee representation in management bodies should also, by adding a key perspective and genuine knowledge of the internal workings of the firms, be seen as a positive way of enhancing diversity.
Amendment 295 #
Proposal for a directive
Recital 52 a (new)
Recital 52 a (new)
(52a) In order to ensure adequate investor protection, investment firms should be obliged to maintain appropriate recruitment policies and working conditions for those employees who give advice, provide services and sell financial products to clients. The firms should make certain that these employees are well-qualified, that they are continuously provided with relevant training and that they are given the time necessary to be able to deliver balanced and comprehensive advice. The firms should not make the employees subject to biased sales strategies, based for example on excessive sales targets or sales instructions pointing to a specific service or product, which create incentives not to deliver fair and honest recommendations in accordance with the best interest of clients.
Amendment 357 #
Proposal for a directive
Recital 99
Recital 99
(99) In order to detect potential breaches, competent authorities should have the necessary investigatory powers, and should establish effective and reliable mechanisms to encourage reporting of potential or actual breaches. Employees reporting breaches within their own institutions should be well-protected and have full anonymity. These mechanisms should be without prejudice to adequate safeguards for accused persons. Appropriate procedures should be established to ensure the right of the reported person of defence and to be heard before the adoption of a final decision concerning him as well as the right to seek remedy before a tribunal against a decision concerning him.
Amendment 530 #
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. Employee representation in the management body shall also, by adding a key perspective and genuine knowledge of the internal workings of the firm, be seen as a positive way of enhancing diversity.
Amendment 547 #
Proposal for a directive
Article 9 – paragraph 8 a (new)
Article 9 – paragraph 8 a (new)
8a. This Article shall be without prejudice to provisions on the representation of employees in company boards as provided for by national legislation or practice.
Amendment 668 #
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Member States shall require investment firms to take all appropriatethe necessary steps to identify conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof.
Amendment 841 #
Proposal for a directive
Article 25 a (new)
Article 25 a (new)
Article 25 a Recruitment policies and working conditions for frontline employees In order to ensure that the provisions on investor protection in Articles 24 and 25 of this Directive are met, Member States shall require that investment firms maintain appropriate recruitment policies and working conditions for those employees who give advice, provide services and sell financial products to clients. These employees shall: (a) be at sufficiently high qualification and knowledge levels with regard to the services and products on offer, (b) be continuously provided with adequate training and updated information on new services and products, (c) be given the time and resources necessary to be able to deliver balanced and comprehensive advice and to provide clients with all relevant information, (d) not be made subject to biased sales strategies, based for example on excessive sales targets or sales instructions pointing to a specific service or product, which create incentives to deviate from giving fair and honest recommendations in line with the best interests of clients.
Amendment 972 #
Proposal for a directive
Article 48 – paragraph 3
Article 48 – paragraph 3
3. Member States shall require market operators 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, market operators shall put in place a policy promoting gender, age, educational, professional and geographical diversity on the management body. Employee representation in the management body should also, by adding a key perspective and genuine knowledge of the internal workings of the operator, be seen as a positive way of enhancing diversity.
Amendment 974 #
Proposal for a directive
Article 48 – paragraph 7 a (new)
Article 48 – paragraph 7 a (new)
7a. This Article shall be without prejudice to provisions on the representation of employees in company boards as provided for by national legislation or practice.
Amendment 1230 #
Proposal for a directive
Article 73 – paragraph 2
Article 73 – paragraph 2
2. Member States shall ensure that where obligations apply to investment firms and market operators, in case of a breach, administrative sanctions and measures can be applied to the members of the investment firms' and market operators' management body, and any other natural or legal persons who, under national law, are responsible for a violation. Such sanctions and measures shall not be applied to employees who have been encouraged or pressured to act in a certain way by the internal rules, instructions or practices of the relevant firm or operator.
Amendment 1251 #
Proposal for a directive
Article 77 – paragraph 1 – subparagraph 1
Article 77 – paragraph 1 – subparagraph 1
1. Member States shall ensure that competent authorities establish effective and reliable mechanisms to encourage reporting of potential or actual breaches of the provisions of Regulation …/….../... (MiFIR) and of national provisions implementing this Directive to competent authorities.
Amendment 1252 #
Proposal for a directive
Article 77 – paragraph 1 – subparagraph 2 – point b
Article 77 – paragraph 1 – subparagraph 2 – point b
(b) appropriate protection, including full anonymity, for employees of financial institutions who denounce breaches committed within the financial institution;
Amendment 1254 #
Proposal for a directive
Article 77 – paragraph 1 – subparagraph 2 – point c a (new)
Article 77 – paragraph 1 – subparagraph 2 – point c a (new)
(ca) clear rules that prohibit institutions from inquiring the identity of the individual who has reported a breach.
Amendment 1255 #
Proposal for a directive
Article 77 – paragraph 2
Article 77 – paragraph 2
2. Member States shall require financial institutions to have in place appropriate procedures for their employees to report breaches internally trough a specific channel. Such procedures can be established through collective agreements or other arrangements provided for by social partners. The same protection as referred to in points (b), (c) and (ca) of the second subparagraph of paragraph 1 shall apply.