30 Amendments of Sven GIEGOLD related to 2018/0045(COD)
Amendment 72 #
Proposal for a regulation
Recital 2
Recital 2
(2) In order to enhance the regulatory framework applicable to investment funds and to better protect investors, marketing communications to investors in AIFs and UCITS should be identifiable as such, and should present a detailed account of risks and rewards of purchasing units or shares of an AIF or UCITS in an equally prominent manner. In addition, all information included in marketing communications should be presented in a manner that is fair, clear and not misleading. To safeguard investors’ protection and secure a level playing field between AIFs and UCITS, the standards for marketing communications should therefore equally apply to marketing communications for AIFs and UCITS.
Amendment 73 #
Proposal for a regulation
Recital 3
Recital 3
(3) Competent authorities that decide to require systematic notification of marketing communications should verify compliance of thosemarketing communications with this Regulation and other applicable requirements, namely whether the marketing communications are identifiable as such, whether they present a detailed account of risks and rewards of purchasing units or shares of a UCITS and, where a Member State allows marketing of AIFs to retail investors, of an AIF in an equally prominent manner and whether all information in marketing communications is presented in a manner that is fair, clear and not misleading.
Amendment 80 #
Proposal for a regulation
Recital 8
Recital 8
(8) The Commission should be empowered to adopt draft regulatory technical standards, developed by ESMA, with regard to the specification of information on marketing communications, fees or charges or, where applicable, relevant calculation methodologies for those fees or charges, levied by the competent authorities. Furthermore, the Commission should be empowered to adopt draft regulatory technical standards, developed by ESMA, with regard to the specification of information to be notified in 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 draft regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 82 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) In order to enable the national competent authorities to exercise the functions attributed to them in this Regulation, Member States should vest them with sufficient resources and all the necessary supervisory and investigative powers.
Amendment 87 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. AIFMs or, EuVECA managers, EuSEF managers and UCITS management companies shall ensure that all marketing communications to investors shall be identifiable as such, present a detailed account of risks and rewards of purchasing units or shares of an AIF or of an UCITS in an equally prominent manner and that all information included in marketing communications is fair, clear and not misleading.
Amendment 88 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. UCITS management companies shall ensure that no marketing communication that contains specific information about a UCITS contradicts the information, or diminishes its significance, 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 and shall provide hyperlinks to these documents.
Amendment 90 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2 a. Marketing communications referred to in paragraph 2 shall also specify where, how and in which language investors or potential investors can obtain a summary of investor rights and shall provide an hyperlink to such summary, which shall include, as appropriate, access to EU and national collective redress mechanisms in case of litigation.
Amendment 91 #
Proposal for a regulation
Article 2 – paragraph 5
Article 2 – paragraph 5
5. By [PO: Please insert date 2418 months after the date of entry into force] ESMA shall issue guidelines, and thereafter update those guidelines periodically, on the application ofdevelop draft regulatory technical standards to specify the requirements for marketing communications referred to in the first paragraph, taking into account on-line aspects of marketing communications.
Amendment 92 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
5 a. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 95 #
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 delayin two weeks.
Amendment 97 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. By [PO: Please insert date 482 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 thereof. ESMA shall update that report every two years.
Amendment 99 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
By [PO: Please insert date 3024 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.
Amendment 101 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
For the sole purpose of verifying compliance with this Regulation and with national provisions concerning marketing requirements, competent authorities mayshall require systematic notification of marketing communications which the UCITS management companies intend to use directly or indirectly in their dealings with investors.
Amendment 102 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 a (new)
Article 5 – paragraph 1 – subparagraph 1 a (new)
The prior notification referred to in the first subparagraph is without prejudice to further supervisory powers to verify marketing communications ex-post.
Amendment 103 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
Amendment 104 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
Amendment 105 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Competent authorities that require systematic notification of marketing communications shall establish, apply, and publish on their websites, procedures for the systematic notification of marketing communications. The internal rules and procedures shall ensure transparent and non-discriminatory treatment of all UCITS, regardless of the Member States in which the UCITS are authorised.
Amendment 106 #
Proposal for a regulation
Article 5 – paragraph 4 – subparagraph 1
Article 5 – paragraph 4 – subparagraph 1
Competent authorities that require systematic notification of marketing communications as referred to in paragraph 1 shall, by 31 March of each year, report to ESMA on the decisions taken in the preceding year rejecting or requesting adaptations to marketing communications.
Amendment 107 #
Proposal for a regulation
Article 5 – paragraph 4 – subparagraph 2 – point b
Article 5 – paragraph 4 – subparagraph 2 – point b
(b) the outcomes of each decision including decisions taken on the basis of ex-post checks;
Amendment 112 #
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 delayin two weeks.
Amendment 113 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [PO: Please insert date 182 months after the date of entry into force].
Amendment 119 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
By [PO: Please insert date 3024 months after the date of entry into force] ESMA shall publish and maintain on its website a central database, publicly accessible in a language customary in the sphere of international finance, listing 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 marketed.
Amendment 120 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The competent authorities of the home Member States shall transmit to ESMA any notification, any notification letter, any written notice or any information referred to in paragraphs 3 and 8 of Article 17, paragraphs 2 and 4 of Article 18, paragraphs 3 and 8 of Article 93 and Article 93a(3) of Directive 2009/65/EC and paragraphs 2 and 4 of Article 31, paragraphs 3 and 7 of Article 32, Article 32a(3) and paragraphs 2 and 3 of Article 33 of Directive 2011/61/EU without delayin two weeks.
Amendment 127 #
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11 a Powers of competent authorities 1. Competent authorities shall have all supervisory and investigatory powers that are necessary for the exercise of their functions pursuant to this Regulation. 2. The powers conferred on competent authorities in accordance with Directive 2009/65/EC, Directive 2011/61/EU, Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013, Regulation (EU) 2015/760 including those related to penalties, shall also be exercised with respect to the managers referred to in Article 2 of this Regulation.
Amendment 129 #
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 or communication 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 registerestablished qualifying venture capital fund and which does not amount to an offer or placement to the investor to invest in the units or shares of that venture capital fund;
Amendment 146 #
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 toManagers of qualifying venture funds shall ensure that investors do not acquire units or shares of a qualifying venture capital funds registered following the pre-marketing in accordance with paragraph 1 through pre- marketing activities and that investors contacted as part of pre-marketing may only acquire units or shares in a qualifying venture capital fund in accordance with Article 15. In particular, any subscription by investors to the units or shares of qualifying venture capital funds managed and marketed by managers, within 18 months after the manager of a qualifying venture fund engaged in pre-marketing, of a qualifying venture capital funds that engaged in referred to in the information provided in the context of pre-marketing, of not yet registeredr of a qualifying venture capital funds with the similar features registered or established as a result of the pre-marketing, shall be considered the result of marketing.
Amendment 152 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 4a (new)
Article 4a – paragraph 4a (new)
4 a. For the purposes of paragraph 3, the manager of a qualifying venture fund shall ensure that its pre-marketing activities are adequately documented. Managers of a qualifying venture fund shall ensure that information relating to its pre-marketing activities is available, and provided upon request, to its competent authorities after that activity takes place and shall include the reference to the Member States and the period of time in which the pre-marketing activities took place.
Amendment 155 #
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 or communication 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 registerestablished qualifying social entrepreneurship fund and which does not amount to an offer or placement to the investor to invest in the units or shares of that social entrepreneurship fund;
Amendment 172 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Subscription by investors toManagers of qualifying social entrepreneurship funds shall ensure that investors do not acquire units or shares of a qualifying social entrepreneurship funds registered following the pre-marketing in accordance with paragraph 1 or to thcapital fund through pre-marketing activities and that investors contacted as part of pre- marketing may only acquire units or shares ofin that qualifying social entrepreneurship funds managed and marketed bycapital fund in accordance with Article 16. In particular, any subscription by investors to units or shares, within 18 months after the managers of a qualifying social entrepreneurship funds that engaged in following the pre-marketing, of not yet registered qualifying social entrepreneurship funds with the similar featuresa qualifying venture capital fund referred to in the information provided in the context of pre-marketing, or of a qualifying venture capital social entrepreneurship fund registered established as a result of the pre-marketing, shall be considered the result of marketing.
Amendment 178 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 4a (new)
Article 4a – paragraph 4a (new)
4 a. For the purposes of the paragraph 3, the manager of a qualifying social entrepreneurship fund shall ensure that its pre-marketing activities are adequately documented. Managers of qualifying social entrepreneurship fund shall ensure that information relating to pre-marketing activities is available, and provided upon request, to its competent authorities after that activity taking place and shall include the reference to the Member States and the period of time in which the pre- marketing activities took place.