{"change_dates":[],"dossier":{"amendments":[{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-72","location":[["Proposal for a regulation","Recital 2"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:28"},"new":["(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\u2019","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."],"old":["(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 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\u2019","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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"72","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-73","location":[["Proposal for a regulation","Recital 3"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:28"},"new":["(3) Competent authorities should verify","compliance of marketing 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."],"old":["(3) Competent authorities that decide","to require systematic notification of","marketing communications should verify","compliance of those communications with","this Regulation and other applicable","requirements, namely whether the","marketing communications are identifiable","","as such, whether they present 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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"73","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-74","location":[[" Proposal for a regulation","Recital 5"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(5) To ensure equality in treatment and","facilitate decision-making of AIFMs and","UCITS management companies whether to","engage in cross border distribution of","investment funds, it is important that fees","and charges levied by competent","authorities for the authorisation,","registration and supervision referred to in","Directives 2009/65/EC and 2011/61/EU","are proportionate to the supervisory tasks","carried out and publicly disclosed, and that","in order to enhance transparency those","fees and charges are published on their","websites."],"old":["(5) To ensure equality in treatment and","facilitate decision-making of AIFMs and","UCITS management companies whether to","engage in cross border distribution of","investment funds, it is important that fees","and charges levied by competent","authorities for the authorisation,","registration and supervision referred to in","Directives 2009/65/EC and 2011/61/EU","are proportionate to the supervisory tasks","carried out and publicly disclosed, and that","those fees and charges are published on","their websites. For the same reason, the","ESMA website should include an","interactive tool enabling calculations of","fees and charges levied by competent","authorities"],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"74","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-75","location":[[" Proposal for a regulation","Recital 6"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:28"},"new":["(6) Since ESMA, in accordance with","Regulation (EU) No 1095/2010 of the","European Parliament and of the Council26 ,","should monitor and assess market","developments in the area of its","competence, it is appropriate and necessary","to enhance the knowledge of ESMA by","enlarging ESMA\u2019s currently existing","databases to include all AIFMs and UCITS","management companies and all AIFs and","UCITS which those management","companies manage and market, as well as","all the Member States in which those","investment funds are marketed. For that","purpose, competent authorities should","transmit to ESMA notifications,","notification letters or written notices that","they received under Directives 2009/65/EC","and 2011/61/EU. All transfers of","documents between competent authorities","for the purpose of notifications should","take place through a notification portal to","be established by ESMA.","__________________","26","Regulation (EU) No 1095/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Securities and Markets Authority),","amending Decision No 716/2009/EC and","repealing Commission Decision","2009/77/EC (OJ L 331, 15.12.2010, p. 84)."],"old":["(6) Since ESMA, in accordance with","Regulation (EU) No 1095/2010 of the","European Parliament and of the Council26 ,","should monitor and assess market","developments in the area of its","competence, it is appropriate and necessary","to enhance the knowledge of ESMA by","enlarging ESMA\u2019s currently existing","databases to include all AIFMs and UCITS","management companies and all AIFs and","UCITS which those management","companies manage and market, as well as","all the Member States in which those","investment funds are marketed. For that","purpose, competent authorities should","transmit to ESMA notifications,","notification letters or written notices that","they received under Directives 2009/65/EC","and 2011/61/EU.","__________________","26","Regulation (EU) No 1095/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Securities and Markets Authority),","amending Decision No 716/2009/EC and","repealing Commission Decision","2009/77/EC (OJ L 331, 15.12.2010, p. 84)."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"75","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Wolf Klinz, Alain Lamassoure, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-76","location":[["Proposal for a regulation","Recital 7 a (new)"]],"meps":[28244,1204,33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(7 a) According to Regulation (EU) No","1286/2014 of the European Parliament","and of the Council on key information","documents for packaged retail and","insurance-based investment products","(PRIIPs), management companies as","defined in Article 2(1)(b) of Directive","2009/65/EC, investment companies as","referred to in Article 27 thereof and","persons advising on, or selling, units of","UCITS as referred to in Article 1(2)","thereof are exempt from the obligations","under Regulation (EU) No 1286/2014","until 31 December 2019. That Regulation","also provides that the Commission reviews","Regulation (EU) No 1286/2014 by 31","December 2018, in order to assess, among","others, whether this transitional","exemption should be prolonged, or","whether, following the identification of","any necessary adjustments, the provisions","on key investor information in Directive","2009/65/EC should be replaced by or","considered equivalent to the key investor","document under Regulation (EU) No","1286/2014. That Regulation also states","that this review should include, on the","basis of the information received by the","European Supervisory Authorities, a","general survey of the operation of the","comprehension alert, taking into account","any guidance developed by competent","authorities in this respect. It should also","include a survey of the practical","application of the rules laid down in that","Regulation, taking due account of","developments in the market for retail","investment products and the feasibility,","costs and possible benefits of introducing","a label for social and environmental","investments. In addition, as part of its","review, the Commission should undertake","consumer testing and an examination of","non-legislative options as well as the","outcomes of the review of Regulation","(EU) No 346/2013 regarding points (c),","(e) and (g) of Article 27(1) thereof."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"76","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Wolf Klinz, Alain Lamassoure, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-77","location":[["Proposal for a regulation","Recital 7 b (new)"]],"meps":[28244,1204,33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(7 b) In order to allow the Commission","to conduct the review of Regulation (EU)","No 1286/2014 as originally foreseen by","the European Parliament and the","Council, the deadline for the review","should be prolonged by 12 months. The","Committee on Economic and Monetary","Affairs of the European Parliament","should support the Commission\u2019s review","process by organising a hearing on the","topic with relevant stakeholders","representing industry and consumer","interests."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"77","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Wolf Klinz, Alain Lamassoure, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-78","location":[["Proposal for a regulation","Recital 7 c (new)"]],"meps":[28244,1204,33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(7 c) In order to avoid investors","receiving two different pre-disclosure","documents (a UCITS KIID and a PRIIPs","KID) for the same investment fund while","the legislative acts resulting from the","review are being adopted and","implemented, the transitional exemption","from the obligations under Regulation","(EU) No 1286/2014 for management","companies as defined in Article 2(1)(b) of","Directive 2009/65/EC, investment","companies as referred to in Article 27","thereof and persons advising on, or","selling, units of UCITS as referred to in","Article 1(2) thereof, should be prolonged","by 24 months."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"78","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-79","justification":" Do not see the need for an RTS here when the names of the funds, the manager and the list of\n\nMember States where the fund is to be marketed is to be notified to ESMA and this is\nstraightforward information.","location":[[" Proposal for a regulation","Recital 8"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["deleted"],"old":["(8) The Commission should be","empowered to adopt draft regulatory","technical standards, developed by ESMA,","with regard to the specification of","information on 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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"79","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-80","location":[["Proposal for a regulation","Recital 8"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:29"},"new":["(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."],"old":["(8) The Commission should be","empowered to adopt draft regulatory","technical standards, developed by ESMA,","with regard to the specification of","information on 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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"80","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-81","location":[["Proposal for a regulation","Recital 9"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(9) The Commission should be","empowered to adopt implementing","technical standards, developed by ESMA,","with regard to the standard forms,","templates and procedures for notifications","by competent authorities of the laws,","regulations and administrative provisions","and their summaries on marketing","requirements applicable in their territories,","the levels of fees or charges for cross-","border marketing activities levied by","them, and, where applicable, relevant","calculation methodologies. Furthermore, to","improve the transmission of information to","competent authorities and among","competent authorities and ESMA,","implementing technical standards should","cover 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 implementing technical","standards by means of implementing acts","pursuant to Article 291 TFEU and in","accordance with Article 15 of Regulation","(EU) No 1095/2010."],"old":["(9) The Commission should be","empowered to adopt implementing","technical standards, developed by ESMA,","with regard to the standard forms,","templates and procedures for notifications","by competent authorities of the laws,","regulations and administrative provisions","and their summaries on marketing","requirements applicable in their territories,","the levels of fees or charges levied by","them, and, where applicable, relevant","calculation methodologies. Furthermore, to","improve the transmission of information to","competent authorities and among","competent authorities and ESMA,","implementing technical standards should","cover 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 implementing technical","standards by means of implementing acts","pursuant to Article 291 TFEU and in","accordance with Article 15 of Regulation","(EU) No 1095/2010."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"81","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-82","location":[[" Proposal for a regulation","Recital 11 a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:29"},"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."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"82","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-83","location":[["Proposal for a regulation","Recital 12 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:29"},"new":["(12 a) In order to assess the phenomenon","of reverse solicitation and demand on the","own initiative of an investor, as well as the","potential to use them to circumvent","provisions connected to the passport,","including by third country entities, the","Commission should publish a report on","these issues two years after the entry into","force of this Regulation."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"83","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Brian Hayes, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-84","location":[["Proposal for a regulation","Recital 14 a (new)"]],"meps":[118658,33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(14 a) Given that MMFs are established","as either UCITS or AIFs and given the","importance of cross-border provision of","MMFs, it is necessary to ensure that in","the event of negative money market rates,","public debt CNAV MMFs and LVNAV","MMFs can use a reverse distribution","mechanism in order to offer returns in","line with those negative money market","rates while maintaining a constant net","asset value. The cancellation of shares in","order to counteract the impact of market","movements is not permissible in any","circumstances."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"84","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-85","location":[[" Proposal for a regulation","Recital 14 a (new)"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:29"},"new":["(14 a) The PRIIPS Key Information","Document (KID) has proven to be","problematic and confusing for retail","clients and has to be revisited during the","PRIIPS review. Therefore, the PRIIPS","KID should not replace the UCITS KID","by 2019 as originally foreseen in Article","32 of the PRIIPS regulation. Instead, the","phasing out of the UCITS KID should be","postponed until the PRIIPS review has","been completed and its recommendations","have been implemented. Therefore, a","postponement of the phase out by three","years is prudent."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"85","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-86","justification":"as per drafting of AIFMD Article 4(1q)","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point d"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(d) \u2018home Member State\u2019 means the","Member State in which the AIFM or the","UCITS management company has its","registered office; for non-EU AIFMs, all","references to 'home Member State' in this","Regulation shall be read as the 'Member","State of reference', as provided for in","Directive 2011/61/EU;"],"old":["(d) \u2018home Member State\u2019 means the","Member State in which the AIFM or the","UCITS management company has its","registered office;",""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"86","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-87","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:29"},"new":["1. AIFMs, 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."],"old":["1. AIFMs or UCITS management","companies shall ensure that all marketing","communications to investors shall be","identifiable as such, present 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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"87","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-88","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:29"},"new":["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."],"old":["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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"88","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-89","justification":"Clarification of the relationship between marketing standards and the PRIIPs KID","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["2. UCITS management companies","shall ensure that no marketing","communication comprising an invitation","to purchase units or shares of a UCITS","that contains specific information about a","UCITS contradicts or diminishes the","significance of the information 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."],"old":["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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"89","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-90","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:30"},"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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"90","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-91","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 5"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:30"},"new":["5. By [PO: Please insert date 18","months after the date of entry into force]","ESMA shall develop 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."],"old":["5. By [PO: Please insert date 24","months after the date of entry into force]","ESMA shall issue guidelines, and","thereafter update those guidelines","periodically, on the application of the","requirements for marketing","communications referred to in the first","paragraph, taking into account on-line","","aspects of marketing communications."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"91","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-92","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 5 a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:30"},"new":["5 a. 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In order to guarantee legal certainty, it is however necessary to establish a direct\n link between pre-marketing activities and the subscription.","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) 345/2013","Article 4a \u2013 paragraph 3"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:34"},"new":["3. Subscription by investors that were","subject to pre-marketing, within 18","months after the manager of a qualifying","venture capital fund engaged in pre-","marketing, to units or shares of a","qualifying venture capital fund referred to","in the information provided in the context","of pre-marketing activities by the manager","of the venture capital fund or on its","behalf, or of qualifying venture capital","funds established as a result of those pre-","marketing activities shall be considered the","result of marketing."],"old":["3. 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point 2"],[" Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 1 \u2013 point c"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:35"},"new":["deleted"],"old":["(c) enables investors to commit to","acquiring units or shares of particular","qualifying social entrepreneurship funds;"],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"165","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-166","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 1 \u2013 point c a (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:35"},"new":["(c a) amounts to subscription forms or","similar documents whether in a draft or a","final form;"],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"166","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-167","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 1 \u2013 point d"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:35"},"new":["deleted"],"old":["(d) amounts to a prospectus,","constitutional documents of not yet","registered qualifying social","entrepreneurship funds, offering","documents, subscription forms or similar","documents whether in a draft or a final","form allowing investors to take an","investment decision."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"167","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-168","justification":" Some pre-marketing procedures are lengthy and will include continuously updated version of\n draft prospectuses and constitutional documents.","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],[" Regulation (EU) 346/2013","Article 4a \u2013 paragraph 1 \u2013 point d"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:35"},"new":["(d) amounts to the final form of a","prospectus, constitutional documents or","offering documents of a not yet registered","social entrepreneurship fund, or amounts","to subscription forms or similar documents","whether in a draft or a final form allowing","investors to invest in the units or shares of","a social entrepreneurship fund."],"old":["(d) amounts to a prospectus,","constitutional documents of not yet","registered qualifying social","entrepreneurship funds, offering","documents, subscription forms or similar","documents whether in a draft or a final","form allowing investors to take an","investment decision."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"168","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-169","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],[" Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 1 \u2013 point d"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:35"},"new":["(d) amounts to constitutional","documents, a prospectus or offering","documents of not yet registered qualifying","social entrepreneurship funds in a final","form. For already registered qualifying","social entrepreneurship funds, the final","form of a prospectus can be provided."],"old":["(d) amounts to a prospectus,","constitutional documents of not yet","registered qualifying social","entrepreneurship funds, offering","documents, subscription forms or similar","documents whether in a draft or a final","form allowing investors to take an","","investment decision."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"169","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-170","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:35"},"new":["Where a draft prospectus or offering","document as referred to in point (d) of the","first subparagraph is provided, such","documents shall not contain all relevant","information allowing investors to take an","investment decision and shall clearly state","that the information presented is","incomplete and should therefore not be","relied upon, as well as that the document","does not constitute an offer or an","invitation to subscribe to units or shares","of a qualifying social entrepreneurship","fund."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"170","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-171","justification":" This simple and informal notification procedure should not be burdensome neither for the\n fund manager nor for the NCAs, but will allow the NCAs to know if a firm is active in their\n Member State.","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) 346/2013","Article 4a \u2013 paragraph 2"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:35"},"new":["2. A manager of a qualifying social","entrepreneurship fund shall send a simple","letter in paper form or by electronic","means before it engages in pre-marketing","activities, stating the Member State or","Member States in which it will conduct","these activities, to the competent","authorities of its home Member State with","a copy to the competent authorities of the","Member State or Member States in which","it will undertake those pre-marketing","activities."],"old":["2. Competent authorities shall not","require managers of qualifying social","entrepreneurship funds to notify their","intention to engage in pre-marketing.",""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"171","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-172","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],[" Regulation (EU) No 346/2013","Article 3 \u2013 paragraph 3"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:35"},"new":["3. Managers of qualifying social","entrepreneurship funds shall ensure that","investors do not acquire units or shares of","a qualifying social entrepreneurship capital","fund through pre-marketing activities and","that investors contacted as part of pre-","marketing may only acquire units or","shares in that qualifying social","entrepreneurship capital fund in","accordance with Article 16. In particular,","any subscription by investors to units or","shares, within 18 months after the","manager of a qualifying social","entrepreneurship fund engaged in","following the pre-marketing, of a","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."],"old":["3. Subscription by investors to units","or shares of qualifying social","entrepreneurship funds registered","following the pre-marketing in","accordance with paragraph 1 or to the","units or shares of qualifying social","entrepreneurship funds managed and","marketed by managers of qualifying social","entrepreneurship funds that engaged in","pre-marketing of not yet registered","qualifying social entrepreneurship funds","with the similar features shall be","considered the result of marketing.",""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"172","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-173","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:35"},"new":["3. Subscription by investors to units or","shares of qualifying social","entrepreneurship funds registered","following the pre-marketing in accordance","with paragraph 1 shall be considered the","result of marketing."],"old":["3. Subscription by investors to units or","shares of qualifying social","entrepreneurship funds registered","following the pre-marketing in accordance","with paragraph 1 or to the units or shares","of qualifying social entrepreneurship","funds managed and marketed by","managers of qualifying social","entrepreneurship funds that engaged in","pre-marketing of not yet registered","qualifying social entrepreneurship funds","with the similar features shall be","considered the result of marketing."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"173","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-174","justification":" Pre-marketing should not lead to circumvention of the passporting rules by reverse\n solicitation. In order to guarantee legal certainty, it is however necessary to establish a direct\n link between pre-marketing activities and the subscription","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:36"},"new":["3. Subscription by investors that were","subject to pre-marketing, within 18","months after the manager of a qualifying","social entrepreneurship fund engaged in","pre-marketing, to units or shares of a","registered qualifying social","entrepreneurship fund referred to in the","information provided in the context of","pre-marketing activities by the manager of","the social entrepreneurship fund or on its","behalf, or of qualifying social","entrepreneurship funds established as a","result of those pre-marketing activities,","shall be considered the result of marketing."],"old":["3. Subscription by investors to units","or shares of qualifying social","","entrepreneurship funds registered","following the pre-marketing in","accordance with paragraph 1 or to the","units or shares of qualifying social","entrepreneurship funds managed and","marketed by managers of qualifying","social entrepreneurship funds that","engaged in pre-marketing of not yet","registered qualifying social","entrepreneurship funds with the similar","features shall be considered the result of","marketing."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"174","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-175","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],[" Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 3"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:36"},"new":["3. Managers of qualifying social","entrepreneurship funds shall ensure that","investors, within 12 months of being","contacted as part of pre-marketing, may","acquire units or shares in a qualifying","social entrepreneurship fund referred to in","the information provided in the context of","pre-marketing or of a qualifying social","entrepreneurship fund established as a","result of the pre-marketing only under","marketing in accordance with Article 16."],"old":["3. Subscription by investors to units","or shares of qualifying social","entrepreneurship funds registered","following the pre-marketing in","accordance with paragraph 1 or to the","units or shares of qualifying social","entrepreneurship funds managed and","marketed by managers of qualifying social","entrepreneurship funds that engaged in","pre-marketing of not yet registered","qualifying social entrepreneurship funds","with the similar features shall be","considered the result of marketing."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"175","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-176","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) 345/2013","Article 4a \u2013 paragraph 3 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:36"},"new":["3 a. A manager of a qualifying social","entrepreneurship fund shall ensure that","information relating to its pre-marketing","activities is available, and provided upon","request, to the competent authorities of its","home Member State and to the competent","authorities of the Member States in which","it has engaged in pre-marketing activities.","A manager of a qualifying social","entrepreneurship fund shall ensure that","its pre-marketing activities are adequately","documented, including references to the","Member States, the periods of time in","which the pre-marketing activities took","place, as well as a brief summary","description of those activities, including","the information on the investment","strategies presented and, where relevant, a","list of the EuSEFs and compartments of","EuSEFs presented."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"176","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-177","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 4"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:36"},"new":["Managers of qualifying social","entrepreneurship funds shall, on an ex-","post basis, provide an annual overview to","their home competent authority regarding","their pre-marketing activities. This","overview shall contain information about","the Member States and the period of time","in which the pre-marketing activities were","undertaken, and a description of the","investment strategies or investment ideas","as well as, where relevant, the list of the","registered qualifying social","entrepreneurship funds referred to in pre-","marketing. The home competent","authorities shall forward the overview to","the competent authority of the concerned","Member State(s), in which the pre-","marketing activity took place."],"old":["4. Managers of qualifying social 4.","entrepreneurship funds offering for","","subscription units or shares of qualifying","social entrepreneurship funds that were the","object of pre-marketing shall inform the","competent authority in accordance with","Article 16."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"177","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-178","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],[" Regulation (EU) No 346/2013","Article 4a \u2013 paragraph 4a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:36"},"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."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"178","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-179","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 point 2"],["Regulation (EU) 346/2013","Article 4a paragraph 4 a (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:11:36"},"new":["4 a. Member States shall ensure that","managers of qualifying social","entrepreneurship funds report on an","annual basis about their pre-marketing","activities, including at least the reference","to the Member States, the period of time","in which the pre-marketing activities took","place, the description of the investment","strategies or investment ideas presented in","the course of the pre-marketing activities","and where relevant the list of the","established funds and their compartments."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"179","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Brian Hayes, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-180","location":[["Proposal for a regulation","Article 13 a (new)"],["Regulation (EU) No 2017/1131","Article 2 \u2013 point 23 a (new) and Article 34 \u2013 paragraphs 3 a (new) and 3 b (new)"]],"meps":[118658,33569],"meta":{"created":"2019-07-03T06:11:36"},"new":["Article 13 a","Amendments to Regulation (EU) No","2017/1131 on money market funds","Regulation (EU)No 2017/1131 is","amended as follows:","(1) In Article 2, the following point","(23a) is inserted:","\u2018(23a) \u201cReverse distribution mechanism\u201d","means a mechanism by which public debt","CNAV MMFs and LVNAV MMFs are","authorised by their investors to redeem a","portion of each investors holding in a","negative yield environment, subject to","certain conditions, thereby allowing for","the maintenance of a stable NAV in a","negative money market rate environment.","(2) In Article 34, the following","paragraphs 3a and 3b are inserted:","\u20183a. In a negative interest rate","environment, the reverse distribution","mechanism may, in accordance with","paragraph 3b, be used to maintain a","stable NAV. The use of the mechanism to","reduce the impact of market movements,","or any factor other than negative yield, on","the net asset value of the MMF, is","prohibited.","3b. A reverse distribution mechanism may","only be utilised where use of the","mechanism is set out in fund rules and","approved by the national competent","authority of the MMF and provide that:","(a) on the date of purchase, the value of","investments are separated between capital","and income value;","(b) the full portfolio of the MMF is","published daily in a format showing the","capital and income value of each","investment; and","(c) any reduction in shares as a result of","the operation of the reverse distribution","mechanism cannot exceed in value the","negative yield accrued by the MMF since","the last valuation point.\u2019"],"old":["",""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"180","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Wolf Klinz, Alain Lamassoure, Syed Kamall","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-181","location":[[" Proposal for a regulation","Article 13 a (new)"]],"meps":[28244,1204,33569],"meta":{"created":"2019-07-03T06:11:36"},"new":["Article 13 a","Amendment to Regulation (EU) No","1286/2014 on key information documents","for packaged retail and insurance-based","investment products (PRIIPs)","Regulation (EU) No 1286/2014 is","amended as follows:","(1) in Article 32(1), \u201c31 December","2019\u201d is replaced by \u201c31 December","2021\u201d;","(2) in Article 33(1), \u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d;","(3) in Article 33(2), \u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d;","(4) in Article 33(4), \u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d."],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"181","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-182","justification":" The PRIIPS KID has proven to be highly problematic, while the UCITS KID has proven to be\n working well. Until the PRIIPS KID has not been comprehensively revised, it should not\n replace the UCITS KID. Therefore, the UCITS KID should only be phased out considerably\n after the PRIIPS review has been conducted and its recommendations have been\n implemented.","location":[["Proposal for a regulation","Article 13 a (new)"],["Regulation No 1286/2014","Article 32 \u2013 paragraph 1"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:36"},"new":["Article 13 a","Amendments to Regulation No 1286/2014","on key information documents for","packaged retail and insurance-based","investment products (PRIIPs)","Paragraph 1 of Article 32 is amended as","follows:","\u20181. Management companies as defined in","Article 2(1)(b) of Directive 2009/65/EC,","investment companies as referred to in","Article 27 thereof and persons advising on,","or selling, units of UCITS as referred to in","Article 1(2) thereof shall be exempt from","the obligations under this Regulation until","31 December 2022.\u2019","Or. en"],"old":["","","1. Management companies as defined in","Article 2(1)(b) of Directive 2009/65/EC,","investment companies as referred to in","Article 27 thereof and persons advising on,","or selling, units of UCITS as referred to in","Article 1(2) thereof shall be exempt from","the obligations under this Regulation until","31 December 2019.","","","","(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R1286&from=En)"],"peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"182","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-183","location":[[" Proposal for a regulation","Article 13 b (new)"],[" Regulation (EU) No 1286/2014","Article 32 \u2013 paragraph 1, Article 33 \u2013 paragraphs 1, 2 and 4"]],"meps":[118658],"meta":{"created":"2019-07-03T06:11:36"},"new":["Article 13 b","Amendment to Regulation (EU) No","1286/2014 on key information documents","for packaged retail and insurance-based","investment products (PRIIPs)","Regulation (EU) No1286/2014 is","amended as follows:","(1) in Article 32(1),\u201c31 December","2019\u201d is replaced by \u201c31 December","2021\u201d;","(2) in Article 33(1),\u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d;","(3) in Article 33(2),\u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d;","(4) in Article 33(4),\u201c31 December","2018\u201d is replaced by \u201c31 December","2019\u201d."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"183","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-184","justification":"In order to ensure that the review conducted by the European Commission is comprehensive\nand sufficiently in depth, the Commission shall be granted a half-year extension to conduct\nthis review.","location":[["Proposal for a regulation","Article 13 b (new)"],["Regulation No 1286/2014","Article 33"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:36"},"new":["Article 13 b","Amendments to Regulation No 1286/2014","on key information documents for","packaged retail and insurance-based","investment products (PRIIPs)","Article 33 is replaced by the following:","Article 33 \"Article 33","1. By 30 June 2019, the Commission","shall review this Regulation. The review","shall include, on the basis of the","information received by the ESAs, a","general survey of the operation of the","comprehension alert, taking into account","any guidance developed by competent","authorities in this respect. It shall also","include a survey of the practical","application of the rules laid down in this","Regulation, taking due account of","developments in the market for retail","investment products and the feasibility,","costs and possible benefits of introducing a","label for social and environmental","investments. As part of its review, the","Commission shall undertake consumer","testing and an examination of non-","legislative options as well as the outcomes","of the review of Regulation (EU) No","346/2013 regarding points (c), (e) and (g)","of Article 27(1) thereof.","As regards UCITS as defined in Article","1(2) of Directive 2009/65/EC, the review","shall assess whether the transitional","arrangements under Article 32 of this","Regulation shall be prolonged, or whether,","following the identification of any","necessary adjustments, the provisions on","key investor information in Directive","2009/65/EC might be replaced by or","considered equivalent to the key investor","document under this Regulation. The","review shall also reflect on a possible","extension of the scope of this Regulation to","other financial products, and shall assess","whether the exemption of products from","the scope of this Regulation should be","maintained, in view of sound standards for","consumer protection including","comparisons between financial products.","The review shall also assess the","appropriateness of introducing common","rules on the need for all Member States to","provide for administrative sanctions for","infringements of this Regulation.","2. The Commission shall assess, by 30","June 2019, on the basis of the work","undertaken by EIOPA on disclosure of","product information requirements, whether","to propose a new legislative act","guaranteeing appropriate disclosure of","product information requirements for those","products or whether to include pension","products referred to in point (e) of Article 2","(2) in the scope of this Regulation.","In making its assessment, the Commission","shall ensure that such measures do not","reduce standards of disclosure in Member","States that have pre-existing disclosure","regimes for such pension products.","3. After consulting the Joint","Committee, the Commission shall submit a","report to the European Parliament and to","the Council relating to paragraphs 1 and 2,","accompanied, if appropriate, by a","legislative proposal.","4. By 30 June 2019, the Commission","shall conduct a market survey to determine","whether online calculator tools which","allow the retail investor to compute the","aggregate costs and fees of PRIIPs are","available and whether they are free of","charge. The Commission shall report on","whether those tools provide for reliable and","accurate calculations for all products","within the scope of this Regulation.","In the event that the survey concludes that","no such tools exist or that existing tools do","not enable retail investors to understand the","aggregate amount of costs and fees of","PRIIPS, the Commission shall assess the","feasibility of the ESAs, through the Joint","Committee, developing draft regulatory","technical standards setting out the","specifications applicable to such Union-","level tools. \"","Or. en"],"old":["1. By 31 December 2018, the","Commission shall review this Regulation.","The review shall include, on the basis of","the information received by the ESAs, a","general survey of the operation of the","comprehension alert, taking into account","any guidance developed by competent","authorities in this respect. It shall also","include a survey of the practical","application of the rules laid down in this","Regulation, taking due account of","developments in the market for retail","investment products and the feasibility,","costs and possible benefits of introducing a","label for social and environmental","investments. As part of its review, the","","Commission shall undertake consumer","testing and an examination of non-","legislative options as well as the outcomes","of the review of Regulation (EU) No","346/2013 regarding points (c), (e) and (g)","of Article 27(1) thereof.","As regards UCITS as defined in Article","1(2) of Directive 2009/65/EC, the review","shall assess whether the transitional","arrangements under Article 32 of this","Regulation shall be prolonged, or whether,","following the identification of any","necessary adjustments, the provisions on","key investor information in Directive","2009/65/EC might be replaced by or","considered equivalent to the key investor","document under this Regulation. The","review shall also reflect on a possible","extension of the scope of this Regulation to","other financial products, and shall assess","whether the exemption of products from","the scope of this Regulation should be","maintained, in view of sound standards for","consumer protection including","comparisons between financial products.","The review shall also assess the","appropriateness of introducing common","rules on the need for all Member States to","provide for administrative sanctions for","infringements of this Regulation.","2. The Commission shall assess, by 31","December 2018, on the basis of the work","undertaken by EIOPA on disclosure of","product information requirements, whether","to propose a new legislative act","guaranteeing appropriate disclosure of","product information requirements for those","products or whether to include pension","products referred to in point (e) of Article 2","(2) in the scope of this Regulation.","In making its assessment, the Commission","shall ensure that such measures do not","reduce standards of disclosure in Member","States that have pre-existing disclosure","regimes for such pension products.","3. After consulting the Joint","Committee, the Commission shall submit a","","report to the European Parliament and to","the Council relating to paragraphs 1 and 2,","accompanied, if appropriate, by a","legislative proposal.","4. By 31 December 2018, the","Commission shall conduct a market survey","to determine whether online calculator","tools which allow the retail investor to","compute the aggregate costs and fees of","PRIIPs are available and whether they are","free of charge. The Commission shall","report on whether those tools provide for","reliable and accurate calculations for all","products within the scope of this","Regulation.","In the event that the survey concludes that","no such tools exist or that existing tools do","not enable retail investors to understand the","aggregate amount of costs and fees of","PRIIPS, the Commission shall assess the","feasibility of the ESAs, through the Joint","Committee, developing draft regulatory","technical standards setting out the","specifications applicable to such Union-","level tools.","","","","(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R1286&from=En)"],"peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"184","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-25T00:00:00","id":"PE629.588-185","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 subparagraph 1 (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:36"},"new":["By [PO: Please insert date 24 months","after the date of entry into force] the","Commission shall, on the basis of a","consultation of competent authorities,","ESMA and other relevant stakeholders,","issue a report on the phenomenon of","reverse solicitation and demand on the","own initiative of an investor, specifying","the extent of this form of subscriptions to","funds, its geographical distribution,","including third countries, and its potential","to be used to circumvent provisions","connected to the passport."],"old":[""],"orig_lang":"en","peid":"PE629.588v01-00","reference":"2018/0045(COD)","seq":"185","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629588_EN.pdf"}],"changes":{"2018-03-20T04:52:14":[{"data":[{"body":"EC","commission":[],"date":"2018-03-12T00:00:00","docs":[{"celexid":"CELEX:52018PC0110:EN","title":"COM(2018)0110","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0110/COM_COM(2018)0110_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"BUDG","committee_full":"Budgets","responsible":false},{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"instrument":"Regulation","legal_basis":["Treaty on the Functioning of the EU TFEU 114"],"reference":"2018/0045(COD)","stage_reached":"Preparatory phase in Parliament","subject":["2.50 Free movement of capital","2.50.03 Securities and financial markets, stock exchange, CIUTS, investments","3.45.01 Company law"],"subtype":"Legislation","summary":["Amending Regulation (EU) No 345/2013","Amending Regulation (EU) No 346/2013","See also"],"title":"Cross-border distribution of collective investment funds: marketing and regulatory fees","type":"COD - Ordinary legislative procedure (ex-codecision procedure)"},"path":["procedure"],"type":"added"}],"2018-03-22T06:26:19":[{"data":{"Commissioner":"DOMBROVSKIS Valdis","DG":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}},"path":["activities",0,"commission",0],"type":"added"},{"data":{"body":"EC","commissioner":"DOMBROVSKIS Valdis","dg":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}},"path":["other",0],"type":"added"}],"2018-03-31T04:33:58":[{"data":["
PURPOSE: to reduce the barriers to the cross-border\ndistribution of investment funds in the EU.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure and on an equal footing with the Council.
\nBACKGROUND: this proposal should be seen in the\nbroader context of the Capital\nMarkets Union (CMU) action plan and the CMU\nMid-Term Review, to establish a genuine internal capital market\nby addressing fragmentation in the capital markets, removing\nregulatory barriers to the financing of the economy and increasing\nthe supply of capital to businesses.
\nInvestment funds are investment products created with\nthe sole purpose of pooling investors capital, and investing\nthat capital collectively through a portfolio of financial\ninstruments such as stocks, bonds and other securities. In the EU,\ninvestment funds can be categorised as undertakings for collective\ninvestment in transferable securities (UCITS) and alternative\ninvestment funds (AIFs) managed by alternative investment fund\nmanagers (AIFMs).
\nWhile EU investment funds have seen rapid growth, with\na total of EUR 14 310 billion in assets under management in June\n2017, the EU investment fund market is still predominantly\norganised as a national market:
\nRegulatory barriers,\nnamely Member States marketing requirements, regulatory fees\nand administrative and notification requirements represent a\nsignificant disincentive to the cross-border distribution of funds.\nThese barriers were identified in response to the Green\nPaper on Capital Markets Union.
\nThese new measures are expected to reduce the cost of\ngoing cross-border and should support a more integrated single\nmarket for investment funds. They should, in turn, should\nreduce market fragmentation, increase competition, and ultimately\nhelp to deliver greater choice and better value for investors in\nthe EU.
\nThis proposal is presented together with a Directive\namending Directive\n2009/65/EC and Directive 2011/61/EU with regard to cross-border\ndistribution of collective investment funds.
\nIMPACT ASSESSMENT: following the evaluation of the\nstrategic options being considered, the policy choices are as\nfollows:
\nFor all investment funds currently marketed on a\ncross-border basis in the EU, the policy choices together are\nexpected to save an annual EUR 306 to 440 million in costs\n(recurrent costs).
\nCONTENT: the proposal for a Regulation aims to remove\nthe regulatory barriers that currently hinder the cross-border\ndistribution of investment funds in order to make their\ncross-border distribution simpler, faster and less\ncostly.
\nThe proposed Regulation seeks to:
\nBUDGETARY IMPLICATION: this proposal will have two\nbudgetary implications for ESMA. ESMA will have to prepare\nregulatory and implementing technical standards, and develop and\nmaintain databases that the public can use for free.
\nThe impact on expenditure is estimated at EUR 0.441\nmillion for the year of the start of the implementation of the\nproposal. The financial impact on the EU budget after 2020 will\ndepend on Commission proposals for the next multiannual financial\nframework.
\nPURPOSE: to reduce the barriers to the cross-border\ndistribution of investment funds in the EU.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure and on an equal footing with the Council.
\nBACKGROUND: this proposal should be seen in the\nbroader context of the Capital\nMarkets Union (CMU) action plan and the CMU\nMid-Term Review, to establish a genuine internal capital market\nby addressing fragmentation in the capital markets, removing\nregulatory barriers to the financing of the economy and increasing\nthe supply of capital to businesses.
\nInvestment funds are investment products created with\nthe sole purpose of pooling investors capital, and investing\nthat capital collectively through a portfolio of financial\ninstruments such as stocks, bonds and other securities. In the EU,\ninvestment funds can be categorised as undertakings for collective\ninvestment in transferable securities (UCITS) and alternative\ninvestment funds (AIFs) managed by alternative investment fund\nmanagers (AIFMs).
\nWhile EU investment funds have seen rapid growth, with\na total of EUR 14 310 billion in assets under management in June\n2017, the EU investment fund market is still predominantly\norganised as a national market:
\nRegulatory barriers,\nnamely Member States marketing requirements, regulatory fees\nand administrative and notification requirements represent a\nsignificant disincentive to the cross-border distribution of funds.\nThese barriers were identified in response to the Green\nPaper on Capital Markets Union.
\nThese new measures are expected to reduce the cost of\ngoing cross-border and should support a more integrated single\nmarket for investment funds. They should, in turn, should\nreduce market fragmentation, increase competition, and ultimately\nhelp to deliver greater choice and better value for investors in\nthe EU.
\nThis proposal is presented together with a Directive\namending Directive\n2009/65/EC and Directive 2011/61/EU with regard to cross-border\ndistribution of collective investment funds.
\nIMPACT ASSESSMENT: following the evaluation of the\nstrategic options being considered, the policy choices are as\nfollows:
\nFor all investment funds currently marketed on a\ncross-border basis in the EU, the policy choices together are\nexpected to save an annual EUR 306 to 440 million in costs\n(recurrent costs).
\nCONTENT: the proposal for a Regulation aims to remove\nthe regulatory barriers that currently hinder the cross-border\ndistribution of investment funds in order to make their\ncross-border distribution simpler, faster and less\ncostly.
\nThe proposed Regulation seeks to:
\nBUDGETARY IMPLICATION: this proposal will have two\nbudgetary implications for ESMA. ESMA will have to prepare\nregulatory and implementing technical standards, and develop and\nmaintain databases that the public can use for free.
\nThe impact on expenditure is estimated at EUR 0.441\nmillion for the year of the start of the implementation of the\nproposal. The financial impact on the EU budget after 2020 will\ndepend on Commission proposals for the next multiannual financial\nframework.
\n