Activities of Ashley FOX related to 2014/0091(COD)
Plenary speeches (1)
Activities and supervision of institutions for occupational retirement provision (debate)
Shadow reports (1)
PDF (1 MB) DOC (582 KB)
Amendments (23)
Amendment 273 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) This minimum harmonisation Directive should fully respect the principles of subsidiarity and proportionality and should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries, provided that such provisions are consistent with Member States' obligations under Union law. This Directive should not concern issues of national social, labour and tax law, and contract legislation nor the adequacy of pension provisions in Member States.
Amendment 299 #
Proposal for a directive
Recital 5
Recital 5
(5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to protection of personal data, the right to conduct a business, the right to property and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border businesactivities of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and principles.
Amendment 312 #
Proposal for a directive
Recital 9
Recital 9
(9) In accordance with the principle of subsidiarity, Member States should retain full responsibility for the organisation of their pension systems as well as for the decision on the role of each of the three ‘pillars’ of the retirement system in individual Member States. In the context of the second pillar, they should also retain full responsibility for the role and functions of the various institutions providing occupational retirement benefits, such as industry-wide pension funds, company pension funds and life-assurance companies. This Directive is not intended toshould not call thise prerogative of Member States into question.
Amendment 316 #
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) In accordance with the principle of proportionality and in line with Better Regulation objectives to reduce regulatory burdens and costs on businesses, the rules laid down in this Directive should minimise administrative and financial burdens on all actors.
Amendment 345 #
Proposal for a directive
Recital 20 a (new)
Recital 20 a (new)
(20a) Institutions for occupational retirement provision are a vital part of the European economy, holding assets worth €2.5 trillion on behalf of around 75 million Europeans.
Amendment 360 #
Proposal for a directive
Recital 27
Recital 27
(27) Sufficient and appropriate assets to cover the technical provisions protect the interests of members and beneficiaries of the pension scheme if the sponsoring undertaking becomes insolvent. IAn particular in cases of cross-border activity, the mutual recognition of supervisory principles applied in Member States requires that the technical provisions be fully funded at all tiinstitution's technical provisions should be fully funded in respect of the total range of pension schemes operated at the moment when the institution starts operating a new or additional schemes.
Amendment 408 #
Proposal for a directive
Recital 45
Recital 45
(45) The safe-keeping and oversight duties related to the assets of institutions should be strengthened by clarifying the depositary’s roles and duties. Only iInstitutions operating schemes where members and beneficiaries bear all the risks and where equivalent protections are not already in place, should be required to appoint a depositary.
Amendment 418 #
Proposal for a directive
Recital 48
Recital 48
(48) For the institution's members that have not yet retired, institutions should draw up a standardised pension benefit statement containing key personal and genericappropriate and relevant information about the pension scheme. The pension benefit statement should have a standard format in order to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 440 #
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
Home Member States may choose to apply the provisions of Articles 9 to 15, Articles 20 to 23, Articles 25 to 29, Articles 31 to 34, Articles 38 to 53 and Articles 55 to 71 of this Directive to the occupational retirement provision business of asset management companies covered by Directives 2014/91/EU and 2011/61/EU, providing pension schemes where members bear the investment risk.
Amendment 442 #
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
The home Member State shall ensure that either the competent authorities, or the authorities responsible for supervision of asset management companies covered by Directives 2014/91/EU and 2011/61/EU, as part of their supervisory work, monitor closely the asset management companies’ relevant occupational retirement business.
Amendment 479 #
Proposal for a directive
Article 13 – paragraph 3
Article 13 – paragraph 3
3. UnlessWhere national social and labour law on the organisation of pension systems provides otherwiselaw does not already make provision for protection of members’ interests on transfers such as the amounts being actuarially determined, the transfer and its conditions shall be made subject to prior approval by the members and beneficiaries concerned or, where applicable, their representatives. In any event, information on the conditions of the transfer shall be made available to the members and beneficiaries concerned or, where applicable, their representatives at least four months before the application referred to in paragraph 2 is submitted.
Amendment 516 #
Proposal for a directive
Article 15 – paragraph 3
Article 15 – paragraph 3
3. In the event of cross-border activity as referred to in Article 12, the technical provisions shall at all timesrelated to a new or additional scheme shall be fully funded in respect of the total range of pension schemes operated. If these conditions are not met, at the cmompetent authorities of the home Member State shall intervene in accordance with Article 62. To comply with this requirement the home Member State may require ring- fencing of the assets and liabilitiesthe institution starts operating this new or additional scheme.
Amendment 552 #
Proposal for a directive
Article 23 – paragraph 1 – point a
Article 23 – paragraph 1 – point a
(a) their professional qualifications, knowledge and experience are adequate to enable them to ensure a sound and prudent management of the institution and to properly carry out their key funccollectively adequate in relation to the activities performed for the institutions (requirement to be fit); and
Amendment 557 #
Proposal for a directive
Article 23 – paragraph 2
Article 23 – paragraph 2
2. Member States shall ensurequire that there are effective procedures and regular controls in place to enable the competent authorities to assess whether the persons who effectively run the institution or have other key functions fulfil the requirements laid down in paragraph 1.
Amendment 564 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. This Article shall not apply to service providers that fall under Directives 2013/36/EU, 2014/65/EU, 2014/91/EU and 2011/61/EU.
Amendment 597 #
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. Member States shall require the competent authority, having regard to the size and internal organisation of the institution as well as to the nature, scale and complexity of the activities of the institutions concerned, to decide what information is to be covered in a risk assessment.
Amendment 598 #
Proposal for a directive
Article 29 – paragraph 2 – introductory part
Article 29 – paragraph 2 – introductory part
2. TWhere applicable, subject to paragraph 1a, the risk evaluation for pensions referred to in paragraph 1 shall cover:
Amendment 606 #
Proposal for a directive
Article 30
Article 30
Amendment 621 #
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
1. For each occupational pension scheme in which members and beneficiaries fully bear the investment risk, the home Member State shallwhere national law of the home Member State does not provide protection for safe-keeping assets and oversight duties equivalent to Articles 36 and 37, and where a depositary has not already been appointed in relation to pension scheme assets in financial products in accordance with Directives 2011/61/EU or 2009/65/EU, Member States may require the institution to appoint a single depositary for safe-keeping of assets and oversight duties in accordance with Articles 36 and 37.
Amendment 627 #
Proposal for a directive
Article 36 – paragraph 5 – introductory part
Article 36 – paragraph 5 – introductory part
5. Where under national law of the home Member State there are no fiduciary obligations imposed on those who effectively run the institution or on those who hold scheme assets, and where no depositary is appointed for the safe- keeping of assets, institutions shall, at least be required to:
Amendment 720 #
Proposal for a directive
Article 64 – paragraph 2
Article 64 – paragraph 2
Amendment 733 #
Proposal for a directive
Article 77 a (new)
Article 77 a (new)
Article 77a Assessment of subsidiarity and proportionality By two months after the adoption of this Directive, the Commission shall prepare an assessment on the compliance of this Directive with the principles of subsidiarity and proportionality. This assessment shall be forwarded to the European Parliament, Council and national parliaments without delay. In the event that the assessment is negative as to this Directive’s compliance with the aforementioned principles, the Commission shall present a proposal for the revision of this Directive, which shall address non-compliance and inconsistencies with the principles of subsidiarity and proportionality.
Amendment 734 #
Proposal for a directive
Article 78 – paragraph 1 – subparagraph 1
Article 78 – paragraph 1 – subparagraph 1
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with Article 6(c), (i) to (p), Article 12(4) second and third subparagraph, Article 12(10), Article 13, Article 20(6) and (8), Articles 21 to 30, Article 33, Article 35(1) and (2), Article 35(4) to (7), Article 36 to 38, Articles 39(1) and (3), Articles 40 to 53, Articles 55 to 57, Article 58(1), Articles 59 to 61, Article 63, Article 64(1)(b) to (d) and (f), Articles 65 to 71 of this Directive by 31 December 2016...*[OJ please insert date: 18 months after the date of entry into force of this directive] subject to a satisfactory additional subsidiarity and proportionality impact assessment on the proposed rules being carried out beforehand by the European Commission. This new impact assessment and its findings shall be presented to the European Parliament and Member States without delay. They shall forthwith communicate to the Commission the text of those provisions.