40 Amendments of Burkhard BALZ related to 2017/0143(COD)
Amendment 343 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability and which is certified in accordance with this Regulation;
Amendment 370 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
(20) “compartment” means a section which is opened within each individual PEPP acub- contract at national level within the PEPP framework count andract which corresponds to the legal requirements and conditions for using possible incentives fixed at national level for investing in a PEPPor investing in a PEPP which are fixed at national level by the Member State of the PEPP saver’s domicile. Accordingly, an individual may be a PEPP saver or a PEPP beneficiary in each compartment, depending on the respective legal requirements for the accumulation and decumulation phases;
Amendment 392 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Amendment 396 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authoriscertified by EIOPA in accordance with this Regulation.
Amendment 397 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. AuthorisThe certification of a PEPP shall be valid in all Member States without prejudice to additional requirements set out in national law. It entitles the authoriscertification holder to manufacture and distribute the PEPP as authoriscertified by EIOPA.
Amendment 400 #
Proposal for a regulation
Article 5 – title
Article 5 – title
Amendment 401 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. Only the following financial undertakings may apply for authoriscertification of a PEPP:
Amendment 419 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakings listed in paragraph 1 shall submit their applications for authoriscertification of a PEPP to EIOPA. The application shall include the following:
Amendment 420 #
Proposal for a regulation
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
(b) information on the identity of the applicant and its current and previous financial experience and history;
Amendment 422 #
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
Amendment 423 #
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
Amendment 436 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPA may request from financial undertakings listed in paragraph 1 clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 438 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. In exceptional circumstances and on the basis of objective reasons EIOPA may ask the competent authority of the financial undertaking applying for the authoriscertification for clarification and information as regards the documentinformation referred to in paragraph 2. The competent authority shall reply to the request within 10 working days from the date on which it has received the request submitted by EIOPAb.
Amendment 441 #
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified by the financial undertakings referred to in paragraph 1 to EIOPA.
Amendment 443 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Amendment 446 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPA shall grant authoriscertification of the PEPP only where EIOPA is fully satisfied that the following conditions are met:
Amendment 453 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 459 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPA shall communicate to the applicant the reasons for any refusal to grant authoriscertification of a PEPP.
Amendment 462 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authoriscertification of a PEPP in the event that the conditions for granting this authoriscertification are no longer fulfilled.
Amendment 467 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPA shall, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1) of decisions to grant, refuse or withdraw authoriscertifications pursuant to this Regulation in due time.
Amendment 474 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authoriscertified by EIOPA to be distributed under the designation “PEPP” in accordance with this Regulation.
Amendment 477 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authoriscertification by EIOPA.
Amendment 478 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Financial undertakings referred to in Article 5(1) may distribute PEPPs which they have not manufactured upon receiving authorisation for distributionprovided that this activity is covered by the scompetent of authorities of their home Member Statesation according to the relevant sectoral legislation.
Amendment 480 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authoriscertified under this Regulation, the provider of this PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format.
Amendment 537 #
Proposal for a regulation
Article 17
Article 17
Amendment 706 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. Upon request PEPP providers shall submit to the competent authorities the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 710 #
Proposal for a regulation
Article 32 – paragraph 7
Article 32 – paragraph 7
Amendment 744 #
Proposal for a regulation
Article 34 – paragraph 3
Article 34 – paragraph 3
3. All investment options shall be designed by PEPP providers on the basis of proven risk-mitigation techniques which shall ensure sufficient protection for PEPP savers or provide guarantees at least on the capital invested.
Amendment 745 #
Proposal for a regulation
Article 34 – paragraph 3 a (new)
Article 34 – paragraph 3 a (new)
3a. The PEPP saver may modify the investment option per compartment.
Amendment 746 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The PEPP saver shall be able to opt for a different investment option once every five years of accumulation in the PEPPterms that allow the PEPP saver to modify the investment options shall be listed in the PEPP contract. The PEPP saver may modify the investment option per compartment. If the PEPP provider provides alternative investment options, he has to inform the PEPP saver about the effect of a modification with regard to possible advantages and incentives connected with continuous investment in the PEPP. The information shall be given, where requested, per compartment.
Amendment 785 #
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. The risk mitigation technique applied to the basic PEPP shall be consistent with the objective to preserve the capital invested. Alternatively, the basic PEPP can be offered in the form of a guarantee on the capital invested.
Amendment 816 #
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. In accordance with Article 3(b), the PEPP conditions related to the accumulation phase of the national compartments shall be determined by Member States unless they are specified in this Regulation.
Amendment 825 #
Proposal for a regulation
Article 42 – paragraph 1
Article 42 – paragraph 1
PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. The coverage of biometric risks may vary from compartment to compartment. For the purpose of this Regulation, “biometric risks” mean risks linked to longevity, disability and death.
Amendment 826 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 1
Article 45 – paragraph 1 – subparagraph 1
PEPP providers shall provide a switching service transferring, upon a request of the PEPP saver, any positive balance from a PEPP account held with the transferring provider to a new PEPP account opened with the receiving provider, with closing the former PEPP account by keeping the compartment structure of the former account.
Amendment 856 #
Proposal for a regulation
Article 51 – paragraph 1
Article 51 – paragraph 1
1. In accordance with Article 3, the PEPP conditions related to the decumulation phase and the out-payments of the national compartments shall be determined by Member States unless they are specified in this Regulation.
Amendment 882 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicable. The choice of the form of out-payments may vary from compartment to compartment.
Amendment 886 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. Without prejudice to paragraphs 1 and 2 of this Article, as well as to Article 51, Member States may adopt measures to privilege particular forms of out- payments.
Amendment 888 #
Proposal for a regulation
Article 52 – paragraph 2 b (new)
Article 52 – paragraph 2 b (new)
2b. Member States may specify conditions under which advantages and incentives granted shall be repaid to them.
Amendment 890 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
Amendment 893 #
Proposal for a regulation
Article 53 – paragraph 3
Article 53 – paragraph 3