Activities of Gerben-Jan GERBRANDY related to 2018/0179(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on disclosures relating to sustainable investments and sustainability risks and amending Directive (EU) 2016/2341
Amendments (17)
Amendment 32 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down harmonised rules on the transparency to be applied by financial market participants, insurance intermediaries which provide insurance advice with regard to IBIPs and investment firms which provide investment advice on the integration of sustainability risks in investment decision-making process or advisory process and the transparency of financial products, including financial products that have as their targets sustainable investments, including the reduction in carbon emissions.
Amendment 36 #
Proposal for a regulation
Article 2 – paragraph 1 – point o – introductory part
Article 2 – paragraph 1 – point o – introductory part
(o) ‘sustainable investments’ mean any of the following ors a combination of any of the following:
Amendment 42 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Financial market participants shall publish written policies on the integration of sustainability risks in the investment decision-making process, including in the areas of governance, asset allocation, investment strategy, the exercise of shareholder voting and company engagement, on their websites.
Amendment 44 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Insurance intermediaries which provide insurance advice with regard to IBIPs and investment firms which provide investment advice shall publish written policies on the integration of sustainability risks in investment advice or insurance advice, including in the areas of governance, asset allocation, investment strategy, the exercise of shareholder voting and company engagement, on their websites.
Amendment 46 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The written policies referred to in paragraphs 1 and 2 shall include, among others: (a) an integration of risks related to the impacts of climate change, including both acute and chronic risks for investments; (b) an integration of risks and opportunities related to the transition to a low-carbon economy, including regulatory limits on greenhouse gas emissions, carbon pricing, litigation risks, reputational risks, technology and market risks.
Amendment 47 #
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. The written policies referred to in paragraphs 1 and 2 shall include among others information on the process of identifying sustainability risks, the methodology and metrics used to assess sustainability risks, the board's oversight on identifying and managing sustainability risks and an overview of the sustainability risks the organisation has identified.
Amendment 48 #
Proposal for a regulation
Article 3 – paragraph 2 c (new)
Article 3 – paragraph 2 c (new)
2c. The Commission shall adopt, by 30 June 2019, delegated acts specifying in further detail the requirements for the written policies and the due diligence processes to evaluate their implementation.
Amendment 50 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) the procedures and conditions applied for integrating sustainability risks, including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low-carbon economy, in investment decisions;
Amendment 52 #
Proposal for a regulation
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) the extent to which sustainability risks, including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low-carbon economy, are expected to have a relevant impact on the returns of the financial products made available;
Amendment 54 #
Proposal for a regulation
Article 4 – paragraph 1 – point b a (new)
Article 4 – paragraph 1 – point b a (new)
(ba) scenarios and projected costs related to carbon pricing, from emissions trading, taxation or other relevant regulatory requirements, that have been taken into account in the assessments of the sustainability risks;
Amendment 55 #
Proposal for a regulation
Article 4 – paragraph 1 – point b b (new)
Article 4 – paragraph 1 – point b b (new)
(bb) the results of a Climate Stress Test using scenario analysis for assessing a number of possible future developments, including the following scenarios: (i) a "rapid decarbonisation" scenario with a 15-years global transition in all economic sectors towards net-zero greenhouse gas emissions. (ii) an "uncontrolled warming" scenario with the effects of 4 degrees Celsius global temperature increase above pre-industrial levels.
Amendment 57 #
Proposal for a regulation
Article 4 – paragraph 2 – point a
Article 4 – paragraph 2 – point a
(a) the procedures and conditions applied for integrating sustainability risks, including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low-carbon economy, in investment advice or insurance advice;
Amendment 58 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) the extent to which sustainability risks, including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low-carbon economy, are expected to have a relevant impact on the returns of the financial products advised on;
Amendment 60 #
Proposal for a regulation
Article 4 – paragraph 2 – point b a (new)
Article 4 – paragraph 2 – point b a (new)
(ba) scenarios and projected costs related to carbon pricing, from emissions trading, taxation or other relevant regulatory requirements, that have been taken into account in quantitative assessments of the sustainability risks;
Amendment 61 #
Proposal for a regulation
Article 4 – paragraph 2 – point b b (new)
Article 4 – paragraph 2 – point b b (new)
(bb) the results of a Climate Stress Test using scenario analysis for assessing a number of possible future developments, including the following scenarios: (i) a "rapid decarbonisation" scenario with a 15-years global transition in all economic sectors towards net-zero greenhouse gas emissions. (ii) an "uncontrolled warming" scenario with the effects of 4 degrees Celsius global temperature increase above pre-industrial levels.
Amendment 63 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The disclosures referred to in paragraphs 1 and 2 shall contain all information that would be material to an investor’s investment decision. That information shall be fairly presented, shall not be misleading or deceptive and shall contain no material omission of information.
Amendment 71 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
By [PO: Please insert date 6024 months after the date of entry into force], the Commission shall conduct an evaluation of the application of this Regulation.