17 Amendments of Burkhard BALZ related to 2012/0169(COD)
Amendment 90 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensure this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates should thereby be excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and should therefore be excluded. The scope of the Regulation should remain tailor-made to packaged investment products in order to reflect the different levels of complexity in financial market products and to take account of the proportionality of requirements set upon product manufacturers and persons selling investment products. Since the focus of this Regulation is on improving the comparability and comprehensibility of information about investment products being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/EC should be excluded from the scope of this Regulation, provided that a financial contribution from the employer is required by national law and provided that the employee has no choice as to the pension product provider. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investor.
Amendment 95 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The competent authorities and EBA, EIOPA, ESMA should be provided upon request with all necessary information to verify the contents of the key information documents, to assess the compliance with this Regulation and to ensure the protection of clients and investors in financial markets. The competent authorities, however, should not be obliged to engage themselves in a pre- approval process of every single key information document. Product intervention rights should be exercised in accordance with the relevant provisions in Directive .../.../EU [MiFID II] and Regulation (EU) No. .../... [MiFIR].
Amendment 188 #
Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)
Article 2 – paragraph 2 – point d a (new)
Amendment 193 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) pension products for which a financial contribution from the employer is required by national law and where the employee has no choice as to the pension product providerofficially recognised pension products and social security schemes subject to national or Union Law.
Amendment 208 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Where investment product manufacturers subject to this Regulation are also subject to Directive 2009/138/EC, this Regulation and Directive 2009/138/EC shall both apply. Information contained in the key information document shall be deemed as satisfying the requirements on specific information as laid down in Article 185 (4) of Directive 2009/138/EC.
Amendment 323 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv
Article 8 – paragraph 2 – point b – point iv
Amendment 342 #
Proposal for a regulation
Article 8 – paragraph 2 – point b a (new)
Article 8 – paragraph 2 – point b a (new)
(ba) In case of insurance products, under a section titled "What is insured?" the nature and main features of the insurance product, including (i) an indication of the insurance benefits offered; and (ii) the details of these insurance benefits;
Amendment 458 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1 – point b
Article 8 – paragraph 6 – subparagraph 1 – point b
(b) the calculation of costs, including the specification of summary indicators, as referred to in point (f) of paragraph 2 of this Article.
Amendment 472 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment product manufacturer shall review the information contained in the key information document regularly and revise the document where the review indicates that essential changes need to be made, in particular with regard to the appreciation of risks.
Amendment 490 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Where an investment product manufacturer has produced a key information document which does not comply with the requirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision, such a retail investor may claim from the investment product manufacturer damages for any loss caused to that retail investor through the use of theMember States shall ensure that their laws, regulations and administrative provisions on civil liability apply to those persons responsible for the information given in a key information document.
Amendment 503 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use ofHowever, Member States shall ensure that no civil liability shall attach to any person solely on the basis of a key information document, including any translation thereof, unless the information containedgiven in thea key information document, the inve is misleading, inaccurate or inconsistment product manufacturer has to prove that twith other relevant parts of the document or with binding contractual documents. The key information document shas been drawn up in compliance with Articles 6, 7 and 8 of this Regulationll contain a clear warning in this respect.
Amendment 513 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The distribution of the burden of proof referred to in paragraph 2 shall not be altered in advance through an agreement. Any clause in such agreements in advance shall not be binding on the retail investorcivil liability shall not be limited by contractual arrangements.
Amendment 541 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2 a. By way of derogation from the first and second paragraph, the provision of a key information document shall not be obligatory, if the selling of the investment product is pursued without investment advice at the explicit request of the retail client or if the transaction is limited to execution only.
Amendment 549 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The person selling an investment product shall provide the key information document to retail investors free of charge. Given the pre-contractual nature of the key information document, the retail investor shall not be obliged to acknowledge the contents of the document by written or electronic signature, before taking an investment decision.
Amendment 561 #
Proposal for a regulation
Article 13 – paragraph 5 – point d
Article 13 – paragraph 5 – point d
(d) where the key information document has been revised in accordance with Article 10 allthe latest revised versions shall also be made available to the retail investor and where the person selling an investment product has informed the retail investor that previous versions can also be made available on request;
Amendment 655 #
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
Where a publication would cause a disproportionate damage to the parties involved, the competent authorities shall publish the sanctions or measures on an anonymous basis. or jeopardize ongoing investigations, the competent authorities may refrain from the publication, delay the publication or publish the sanctions or measures on an anonymous basis. The competent authorities shall remain obliged to report the administrative measures and sanctions to EBA, EIOPA and ESMA on the basis of confidentiality.
Amendment 666 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
Management companies and investment companies referred to under Article 2 (1) and Article 27 of Directive 2009/65/EC and persons selling units of UCITS as defined in Article 1 (2) of that Directive are exempt from the obligations under this Regulation, until [OJ: please insert the date 5 years after the entry into force]Chapter IX of Directive 2009/65/EC or this Regulation has been reviewed, whichever is the earliest. The exemption in the first paragraph also applies to Alternative Investment Fund Managers as defined in Article 4 (1) (b) of Directive 2011/61/EU and persons selling units of Alternative Investment Funds as defined in Article 4 (1) (a) of that Directive, if provided that a key investor document in accordance with Article 78 of Directive 2009/65/EC is obligatory pursuant to national law.