{"change_dates":[],"dossier":{"amendments":[{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-47","location":[["Proposal for a regulation","Title 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:53"},"new":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on disclosures relating to sustainability","risks and sustainability performance of","investments, amending Directive (EU)","2016/2341, and Directive 2013/34/EU","(Text with EEA relevance)"],"old":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on disclosures relating to sustainable","investments and sustainability risks and","amending Directive (EU) 2016/2341","(Text with EEA relevance)"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"47","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-48","location":[["Proposal for a regulation","Recital 1 a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:53"},"new":["(1a) Trends in responsible investment,","including environmental, social and","governance factors, can realise benefits","beyond the financial markets. Markets","and financial market participants, led by","their end-investors, should provide the","necessary information to enable","comparability of investments and","informed investment decisions. This","process can only succeed where legally","agreed definitions are put in place."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"48","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-49","location":[[" Proposal for a regulation","Recital 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors and investors","on the integration of sustainability risks,","sustainability performance, and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors and investors on the integration","of sustainability risks and sustainability","performance in advisory processes by","insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised sustainability performance","indicators and requirements. In order to","fulfil their obligations of due diligence to","consider material sustainability risks and","to incorporate sustainability performance","indicators, financial market participants","themselves need reliable, comparable and","harmonised disclosure of information by","investee companies and harmonised","accounting standards regarding","sustainability indicators. The Directive","2013/34/EU lays out obligations relating","to accounting and reporting requirements","of companies, hence this Directive should","be updated to include integrated, audited","reporting of sustainability risks and","performance in order to respond to the","increasing need to integrate sustainability","considerations in strategy and risk","management of companies. Review of the","Directive 2013/34/EU, due by 2018,","presents an opportunity for this end.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"49","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-50","location":[[" Proposal for a regulation","Recital 2"]],"meps":[125020],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38, Regulation (EU) No 346/2013","and Regulation (EU) 575/2013 of the","European Parliament and of the Council39","is to facilitate the taking-up and pursuit of","the activities of undertakings for collective","investment in transferable securities","(UCITS), alternative investment fund","managers (AIFMs), insurance","undertakings, investment firms, insurance","intermediaries, institutions for occupational","retirement provision (IORPs), managers of","qualifying venture capital funds (EuVECA","managers), and managers of qualifying","social entrepreneurship funds (EuSEF","managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","","","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"50","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-51","location":[["Proposal for a regulation","Recital 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers,","credit institutions and EuSEF managers","(financial market participants) and","disclosures to end-investors on the","integration of sustainability risks in","advisory processes by insurance","intermediaries which provide insurance","advice with regard to insurance-based","investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","_________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"51","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-52","justification":" This amendment foresees an investigation and feasibility report by the EBA to assess the\n appropriateness of the introduction of technical criteria for the SREP of risks related to\n exposures to activities which are associated substantially with environmental, social and\n governance objectives (ESG).","location":[["Proposal for a regulation","Recital 2 a (new)"]],"meps":[4246],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2a) The EBA should investigate the","feasibility and appropriateness of the","introduction of technical criteria for the","supervisory review and evaluation process","(SREP) of risks related to exposures to","activities which are associated","substantially with environmental, social","and governance objectives (ESG) with a","view to assess inter alia the possible","sources and effects of such risks on","institutions, taking existing sustainability","reporting by institutions into account."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"52","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-53","location":[[" Proposal for a regulation","Recital 2 a (new)"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2a) As the largest source of external","financing, banks are an essential","component of the financial system.","Lending and financing by this sector need","to be fully aligned with the European","Union\u2019s sustainability objectives if those","goals are to be achieved. Therefore they","should be included in the scope of this","Regulation. Banks should integrate","sustainability risks when making","financial products available, in its risk","management and in its corporate loan","origination process."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"53","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-54","location":[[" Proposal for a regulation","Recital 2 a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:53"},"new":["(2a) Taking into account","environmental, social and governance","factors in the investment decision-making","process helps to facilitate informed","investment decisions."],"old":[""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"54","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-55","location":[["Proposal for a regulation","Recital 2 b (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:54"},"new":["(2b) The regulation looks at disclosure","rules for investors regarding investment","products and investment advice. Given the","scope of the regulation credit institutions","could be included, insofar as they offer","financial products as environmentally","sustainable investments or related","advisory services."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"55","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-56","location":[["Proposal for a regulation","Recital 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:54"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to look to","the functioning of the internal market and","enable comparability of financial","products in order to avoid likely future","investment obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"56","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-57","location":[[" Proposal for a regulation","Recital 3"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:54"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to investors and end-investors, by","investors and investee companies, it is","likely that diverging measures will","continue to be adopted at national level and","different approaches in different financial","services sectors might persist. Such","divergent measures and approaches would","continue to cause significant distortions of","competition resulting from significant","differences in disclosure standards. In","addition, a parallel development of market-","based practices, based on commercially-","driven priorities that produce divergent","results currently causes further market","fragmentation and might even further","exacerbate the functioning of the internal","market in the future. Divergent disclosure","standards and market-based practices, and","a lack of harmonised set of sustainability","performance indicators make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","and sustainability performance indicators","relating to transparency makes it difficult","for investors to effectively compare","underlying investee companies and end-","investors to effectively compare different","financial products and services in different","Member States as to their environmental,","social and governance risks, sustainability","performance and sustainable investment","targets. It is therefore necessary to address","existing to the functioning of the internal","market and to prevent likely future","obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles.","",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"57","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-58","justification":" Clear definitions and harmonised sustainability indicators are needed to ensure legal\n certainty, a minimum level of consistency among national authorities and market\n participants, and to avoid fragmentation of the market.","location":[[" Proposal for a regulation","Recital 4"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:54"},"new":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainability risks' and a","harmonised set of indicators to measure","'sustainable investment performance\u2019.","Whilst focusing on material risks, the","definition of 'sustainability risks' should","be forward-looking as to take due","consideration of emerging risks."],"old":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"58","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-59","location":[[" Proposal for a regulation","Recital 4"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:54"},"new":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to first conclude the [PO:","Please insert reference to Regulation on","the establishment of a framework to","facilitate sustainable investment] and the","taxonomy therein, thereby working from","an agreed definition of \u2018sustainable","investments\u2019."],"old":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"59","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-60","justification":"This amendment shall ensure that the potential regulatory changes concerning the creation of\na regulatory and supervisory framework to mobilise and orient private capital towards\n\n\n sustainable investment are based on the principles of better regulation and proportionality\n and in line with the aim of creating a consistent terminology and clear regulatory framework.","location":[["Proposal for a regulation","Recital 4"]],"meps":[4246],"meta":{"created":"2019-07-03T06:11:54"},"new":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a clear","and harmonised definition of \u2018sustainable","investments\u2019. With regard to the","disclosure requirements relating to","sustainable investments and sustainability","risks any overlap in regulation or pre-","emptive legislative action must be avoided","which would not be in line with the","principles of better regulation and","proportionality, the aim to create a","consistent terminology and a clear","regulatory framework or would lead to an","unnecessary burdening of both,","authorities and financial institutions."],"old":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"60","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-61","justification":" Remuneration rules are clearly outlined in Capital Requirements Directive 2013/36/EU (CRD\n IV), the Directive 2014/65/EU (MiFID II) and the relevant Guidelines on Remuneration\n Policies of the EBA and the ESMA. There is no need to introduce additional provisions that\n might violate the existing rules.","location":[[" Proposal for a regulation","Recital 5"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:54"},"new":["deleted"],"old":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration","of sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"61","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Gabriel Mato","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-62","location":[[" Proposal for a regulation","Recital 5"]],"meps":[96936],"meta":{"created":"2019-07-03T06:11:54"},"new":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration of","sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth."],"old":["(5) Remuneration policies of financial","","market participants and financial advisors","should be consistent with the integration of","sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"es","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"62","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-63","location":[["Proposal for a regulation","Recital 5"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:54"},"new":["(5) Remuneration policies of firms","should be consistent with Directive (EU)","2017/828. Environmental, social and","governance risks should be considered","based on a firm's internal and operational","performance against certain ESG criteria,","rather than based on the investment","management activities it is performing as","part of its fiduciary duty to its clients.","Long-term viable growth should take into","account this criteria and, where relevant,","sustainable investment objectives. Pre-","contractual disclosures should be","consistent with this."],"old":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration","of sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"63","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-64","location":[[" Proposal for a regulation","Recital 5"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:54"},"new":["(5) The variable remuneration","component in an employee\u2019s overall","remuneration package is intended to","create incentives for positive behaviour in","their daily work. Aligning the culture of","the financial sector with the Unions\u2019","commitments under the Paris Agreement","to combat climate change and the United","Nations Sustainable Development Goals","requires changing these incentive","structures to incorporate sustainable","investing and the avoidance of","sustainability risks as goals. The aim can","no longer be better-than-average","performance in purely financial terms,","but must include the above-mentioned","goals and commitments. Therefore this","Regulation requires that financial service","providers set a sustainable investment","target of at least 50 per cent when","establishing performance criteria for","variable remuneration. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent with","the integration of sustainability risks and","what the sustainable investment targets of","the financial products and services are that","the financial market participants make","available or financial advisors advise on."],"old":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration","of sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent with","the integration of sustainability risks and","are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"64","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-65","justification":"This Recital should clarify that the disclosures requirements in this Regulation should\ncomprise disclosures which are compatible with the aim of the remuneration rules to\nestablish and maintain remuneration policies and practices that are consistent with effective\nrisk management.","location":[[" Proposal for a regulation","Recital 5 a (new)"]],"meps":[4246],"meta":{"created":"2019-07-03T06:11:54"},"new":["(5a) The disclosure requirements on","remuneration policies in this Regulation","should comprise disclosures which are","compatible with the aim of the","remuneration rules to establish and","maintain remuneration policies and","practices that are consistent with effective","risk management."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"65","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-66","location":[["Proposal for a regulation","Recital 5 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:54"},"new":["(5a) The definition of sustainability","risks shall comprise not only the impact of","the non-mitigation of environmental,","social and governance risks on the","performance of a financial product, but","importantly the adverse non-financial","impact that the non-mitigation of these","risks has on the broader society. The","definition of such risks is required to","ensure a minimum level of consistency in","regulatory outcomes, but is also meant","as an evolving and dynamic tool able to","integrate emerging risks."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"66","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-67","justification":" The requirements on sustainability benchmarks should not apply to active management. The\n difference must be here made between a product that replicates an index and an index that is\n used to measure /compare the performance of the product.","location":[[" Proposal for a regulation","Recital 6"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:11:54"},"new":["(6) When benchmarks serve as","standard points of reference from which","sustainable investments are constructed (as","it is the case for index-investing), end-","investors should be informed by means of","pre-contractual disclosures about the","appropriateness of the designated index,","namely the alignment of that index with the","sustainable investment target. To further","foster transparency, financial market","participants should also indicate where the","methodology used for the calculation of the","designated index is to be found, so that","end-investors have the necessary","information on how the underlying assets","of the indexes were selected and weighted,","which assets were excluded and for what","reason, how sustainability-related impacts","of the underlying assets were measured, or","which data sources were used. Such","disclosures should allow for effective","comparison and contribute to develop a","correct perception of sustainably-friendly","investments."],"old":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants","should also disclose the reasons for","different weighting and constituents of the","designated index compared to a broad","market index. To further foster","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Such disclosures","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments. Where","no index has been designated as a","reference benchmark financial market","participants should explain how the","sustainable investment target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"67","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-68","location":[["Proposal for a regulation","Recital 6"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:54"},"new":["(6) Since sustainability benchmarks","serve as standard points of reference","against which investments are measured,","end-investors should be informed by means","of pre-contractual disclosures about the","appropriateness of the designated index,","namely the alignment of that index with the","sustainable investment target. Financial","market participants should also disclose the","reasons for different weighting and","constituents of the designated index","compared to a broad market index. To","further foster transparency, financial","market participants should also indicate","where the methodology used for the","calculation of the designated index and the","broad market index is to be found, so that","end-investors have the necessary","information on how the underlying assets","of the indexes were selected and weighted,","which assets were excluded and for what","reason, how sustainability-related impacts","and performance of the underlying assets","were measured, or which data sources were","used. Such disclosures should be based on","a harmonised set of performance","indicators, allowing for effective","comparison and contribute to develop a","correct perception of sustainability risks","and performance of investments. Where","no index has been designated as a reference","benchmark financial market participants","should explain how the sustainable","investment target is reached or how","sustainability risks and sustainability","performance indicators have been","considered."],"old":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants should","also disclose the reasons for different","weighting and constituents of the","designated index compared to a broad","market index. To further foster","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Such disclosures","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments.","Where no index has been designated as a","reference benchmark financial market","participants should explain how the","sustainable investment target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"68","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-69","location":[[" Proposal for a regulation","Recital 6"]],"meps":[4533],"meta":{"created":"2019-07-03T06:11:54"},"new":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants should","also disclose the reasons for different","weighting and constituents of the","designated index compared to a broad","market index. To further foster","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Benchmark","providers should also disclose the","concrete impact the use of the benchmark","will have on achieving the Paris","agreement objectives. Such disclosures","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments. Where","no index has been designated as a reference","benchmark financial market participants","should explain how the sustainable","investment target is reached."],"old":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants should","also disclose the reasons for different","weighting and constituents of the","designated index compared to a broad","market index. To further foster","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Such disclosures","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments. Where","no index has been designated as a reference","benchmark financial market participants","should explain how the sustainable","investment target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"69","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-70","location":[["Proposal for a regulation","Recital 8"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:54"},"new":["(8) To enhance transparency and","inform investors and end-investors, access","to information on how sustainability","performance is taken into account and","how sustainability risks are integrated by","financial market participants in the","investment decision making processes, by","financial advisors in advisory processes,","and by underlying investee companies in","their strategy and operations should be","regulated by requiring financial market","participants and financial advisors to","maintain that information on their","websites, and investee companies in their","annual integrated, audited reports."],"old":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"70","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-71","location":[["Proposal for a regulation","Recital 8"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:54"},"new":["(8) To enhance transparency and","inform end-investors, access to information","on how material sustainability risks","are incorporated by financial market","participants in the investment decision","making processes and by financial advisors","in advisory processes should be possible by","requiring those entities to maintain that","information on their websites."],"old":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"71","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-72","location":[[" Proposal for a regulation","Recital 8"]],"meps":[183022],"meta":{"created":"2019-07-03T06:11:54"},"new":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes,","including organisational, risk","management and governance aspects, and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"old":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"72","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-73","location":[[" Proposal for a regulation","Recital 9"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:55"},"new":["(9) There are many disclosure","requirements already set out by Union","legislation. These need to include the","information necessary to properly inform","end-investors about the sustainability-","related impact of their investments.","Therefore, it is appropriate to set out more","specific disclosure requirements, to enable","comparability, with regard to these","sustainable investments."],"old":["(9) The current disclosure","requirements set out by Union legislation","do not provide that all the information","necessary to properly inform end-investors","about the sustainability-related impact of","their investments must be disclosed.","Therefore, it is appropriate to set out more","specific disclosure requirements with","regard to sustainable investments. For","instance, the overall sustainability-related","impact of financial products should be","reported regularly by means of indicators","relevant for the chosen sustainable","","investment target. Where an appropriate","index has been designated as reference","benchmark that information should also","be provided for the designated index and","to a broad market index to allow for","comparison. Information on the","constituents of the designated index and","of the broad market index along with their","weightings should also be disclosed, to","provide further information on how the","sustainable investments targets are","achieved. Where EuSEF managers make","available information on the positive","social impact targeted by a given fund, the","overall social outcome achieved and the","related methods used in accordance with","Regulation (EU) No 346/2013, they may,","where appropriate, use this information","for the purposes of the disclosures under","this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"73","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-74","location":[["Proposal for a regulation","Recital 9"]],"meps":[4533],"meta":{"created":"2019-07-03T06:11:55"},"new":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","standardised disclosure requirements with","regard to sustainable investments. For","instance, the overall sustainability-related","impact of financial products should","be regularly reported in a standardised","way and this by means of indicators","relevant for the chosen sustainable","investment target. Where an appropriate","index has been designated as reference","benchmark that information should also be","provided for the designated index and to a","broad market index to allow for","comparison. Information on the","constituents of the designated index and of","the broad market index along with their","weightings should also be disclosed, to","provide further comparable information on","how the sustainable investments targets are","achieved. Where EuSEF managers make","available information on the positive social","impact targeted by a given fund, the overall","social outcome achieved and the related","methods used in accordance with","Regulation (EU) No 346/2013, they may,","where appropriate, use this information for","the purposes of the disclosures under this","Regulation."],"old":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of indicators relevant","for the chosen sustainable investment","target. Where an appropriate index has","been designated as reference benchmark","that information should also be provided","","for the designated index and to a broad","market index to allow for comparison.","Information on the constituents of the","designated index and of the broad market","index along with their weightings should","also be disclosed, to provide further","information on how the sustainable","investments targets are achieved. Where","EuSEF managers make available","information on the positive social impact","targeted by a given fund, the overall social","outcome achieved and the related methods","used in accordance with Regulation (EU)","No 346/2013, they may, where appropriate,","use this information for the purposes of the","disclosures under this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"74","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-75","location":[[" Proposal for a regulation","Recital 9"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of a harmonised set of","indicators relevant for measuring and","comparing sustainability performance.","Where an appropriate index has been","designated as reference benchmark that","information should also be provided for the","designated index and to a broad market","index to allow for comparison. Information","on the constituents of the designated index","and of the broad market index along with","their weightings should also be disclosed,","to provide further information on how the","sustainable investments targets are","achieved. Where EuSEF managers make","available information on the positive social","impact targeted by a given fund, the overall","social outcome achieved and the related","methods used in accordance with","Regulation (EU) No 346/2013, they may,","where appropriate, use this information for","the purposes of the disclosures under this","Regulation."],"old":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of indicators relevant","for the chosen sustainable investment","target. Where an appropriate index has","been designated as reference benchmark","that information should also be provided","for the designated index and to a broad","market index to allow for comparison.","","Information on the constituents of the","designated index and of the broad market","index along with their weightings should","also be disclosed, to provide further","information on how the sustainable","investments targets are achieved. Where","EuSEF managers make available","information on the positive social impact","targeted by a given fund, the overall social","outcome achieved and the related methods","used in accordance with Regulation (EU)","No 346/2013, they may, where appropriate,","use this information for the purposes of the","disclosures under this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"75","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-76","justification":" The requirements on sustainability benchmarks should not apply to active management. The\n difference must be here made between a product that replicates an index and an index that is\n used to measure /compare the performance of the product.","location":[["Proposal for a regulation","Recital 9"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:11:55"},"new":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of indicators relevant","for the chosen sustainable investment","target. Where an appropriate index has","been designated and its underlyings are","used for the construction of the financial","products, that information should also be","provided for the designated index.","Information on the constituents of the","designated index along with their","weightings should also be disclosed, to","provide further information on how the","sustainable investments targets are","achieved. Where EuSEF managers make","available information on the positive social","impact targeted by a given fund, the overall","social outcome achieved and the related","methods used in accordance with","Regulation (EU) No 346/2013, they may,","where appropriate, use this information for","the purposes of the disclosures under this","Regulation."],"old":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of indicators relevant","for the chosen sustainable investment","target. Where an appropriate index has","been designated as reference benchmark","that information should also be provided","for the designated index and to a broad","market index to allow for comparison.","Information on the constituents of the","designated index and of the broad market","index along with their weightings should","","also be disclosed, to provide further","information on how the sustainable","investments targets are achieved. Where","EuSEF managers make available","information on the positive social impact","targeted by a given fund, the overall social","outcome achieved and the related methods","used in accordance with Regulation (EU)","No 346/2013, they may, where appropriate,","use this information for the purposes of the","disclosures under this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"76","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-77","location":[[" Proposal for a regulation","Recital 10"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","impose transparency obligations as regards","social, environmental and corporate","governance aspects in non-financial","reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","and financial advisors when dealing with","end-investors. The financial market","participants and financial advisors should","have the option to use information in","management reports and non-financial","statements in accordance with Directive","2013/34/EU for the purposes of this","Regulation, where appropriate. To ensure","the provision of quality data for investors","that is comparable, the transparency","obligations of Directive 2013/34/EU","should be updated to include material","sustainability risks and sustainability","performance based on harmonised","indicators, and be reported in integrated","periodical statements that incorporate","both financial and non-financial","information.","_________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"old":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","impose transparency obligations as regards","social, environmental and corporate","governance aspects in non-financial","reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","and financial advisors when dealing with","end-investors. The financial market","participants and financial advisors should","have the option to use information in","management reports and non-financial","statements in accordance with Directive","2013/34/EU for the purposes of this","Regulation, where appropriate.","","_________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"77","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-78","location":[["Proposal for a regulation","Recital 13"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(13) The European Banking Authority","(\u2018EBA\u2019), European Insurance and","Occupational Pensions Authority","(\u2018EIOPA\u2019) and the European Securities and","Markets Authority (\u2018ESMA\u2019) (collectively","known as the \u2018ESAs\u2019) established by","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council,41","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council42","and Regulation (EU) No 1095/2010 of the","European Parliament and of the Council43","respectively should, through the Joint","Committee, develop regulatory technical","standards further specifying the details of","the presentation and content of the","information on sustainability performance","and risks to be disclosed in pre-contractual","documents, periodical reports published at","least annually, and websites of financial","market participants in accordance with","Articles 10 to 14 of Regulation No","1093/2010, Regulation No 1094/2010 and","of Regulation (EU) No 1095/2010. The","Commission should be empowered to","adopt those regulatory technical standards.","_________________","41","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Banking Authority), amending Decision","No 716/2009/EC and repealing","Commission Decision 2009/78/EC (OJ L","331, 15.12.2010, p. 12).","42","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Insurance and Occupational Pensions","Authority), amending Decision No","716/2009/EC and repealing Commission","Decision 2009/79/EC (OJ L 331,","15.12.2010, p. 48).","43","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":["(13) The European Banking Authority","(\u2018EBA\u2019), European Insurance and","Occupational Pensions Authority","(\u2018EIOPA\u2019) and the European Securities and","Markets Authority (\u2018ESMA\u2019) (collectively","known as the \u2018ESAs\u2019) established by","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council,41","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council42","and Regulation (EU) No 1095/2010 of the","European Parliament and of the Council43","respectively should, through the Joint","Committee, develop regulatory technical","standards further specifying the details of","the presentation and content of the","","information on sustainability investment","targets to be disclosed in pre-contractual","documents, periodical reports and websites","of financial market participants in","accordance with Articles 10 to 14 of","Regulation No 1093/2010, Regulation No","1094/2010 and of Regulation (EU) No","1095/2010. The Commission should be","empowered to adopt those regulatory","technical standards.","_________________","41","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Banking Authority), amending Decision","No 716/2009/EC and repealing","Commission Decision 2009/78/EC (OJ L","331, 15.12.2010, p. 12).","42","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Insurance and Occupational Pensions","Authority), amending Decision No","716/2009/EC and repealing Commission","Decision 2009/79/EC (OJ L 331,","15.12.2010, p. 48).","43","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":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"78","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-79","location":[[" Proposal for a regulation","Recital 16"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:55"},"new":["(16) The disclosure rules contained in","this Regulation should supplement, and","should apply in addition to, the provisions","of Directive 2009/65/EC, Directive","2009/138/EC, Directive 2011/61/EU,","Directive (EU) 2016/2341 of the European","Parliament and of the Council,44","Regulation (EU) No 345/2013, Regulation","(EU) No 346/2013 and Regulation (EU)","No 575/2013.","_________________","44","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37)."],"old":["(16) The disclosure rules contained in","this Regulation should supplement, and","should apply in addition to, the provisions","of Directive 2009/65/EC, Directive","2009/138/EC, Directive 2011/61/EU,","Directive (EU) 2016/2341 of the European","Parliament and of the Council,44","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013.","_________________","44","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37)."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"79","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-80","location":[["Proposal for a regulation","Recital 16 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(16a) The disclosure rules set out in this","Regulation complement the introduction","of a mandatory due diligence framework","for all market participants, both investor","and investee companies, including a duty","of care component, to be fully phased-in","within a transitional period and taking","into account the proportionality","principles, in line with the OECD","Guidelines on due diligence, and building","on the European Parliament's call for a","mandatory due diligence framework in its","Own-Initiative Report on Sustainable","Finance (2018/2007(INI))."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"80","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-81","location":[[" Proposal for a regulation","Recital 18"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(18) Since the objectives of this","Regulation, namely to strengthen","protection of end-investors and","information to investors, improve","disclosures to them, and to help financial","market participants, investment advisers","and publically listed companies integrate","environmental, social and governance","risks into their investment strategies and","company board decisions, cannot be","sufficiently achieved by the Member States","but can be better achieved at Union level","because of the need to lay down uniform","disclosure requirements at Union level the","Union may adopt measures, in accordance","with principle of subsidiarity as set out in","Article 5 of the Treaty on the European","Union. In accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"old":["(18) Since the objectives of this","Regulation, namely to strengthen","protection for end- investors and improve","disclosures to them, including in cases of","cross-border purchases for end-investors,","cannot be sufficiently achieved by the","Member States but can be better achieved","at Union level because of the need to lay","down uniform disclosure requirements at","Union level the Union may adopt","measures, in accordance with principle of","subsidiarity as set out in Article 5 of the","Treaty on the European Union. In","accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"81","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-82","location":[[" Proposal for a regulation","Recital 18"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:55"},"new":["(18) Since the objectives of this","Regulation, namely to strengthen","investment choice and protection for end-","investors and improve disclosures to them","regarding how material environmental,","social and governance risks are","incorporated into the investment decision","making process, including in cases of","cross-border purchases for end-investors,","cannot be sufficiently achieved by the","Member States but can be better achieved","at Union level because of the need to lay","down uniform disclosure requirements at","Union level the Union may adopt","measures, in accordance with principle of","subsidiarity as set out in Article 5 of the","Treaty on the European Union. In","accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"old":["(18) Since the objectives of this","Regulation, namely to strengthen","protection for end- investors and improve","","","disclosures to them, including in cases of","cross-border purchases for end-investors,","cannot be sufficiently achieved by the","Member States but can be better achieved","at Union level because of the need to lay","down uniform disclosure requirements at","Union level the Union may adopt","measures, in accordance with principle of","subsidiarity as set out in Article 5 of the","Treaty on the European Union. In","accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"82","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-83","location":[["Proposal for a regulation","Recital 18 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["(18a) To fulfil the obligations of due","diligence concerning the sustainability","impact and risks and to provide","meaningful information to end-investors,","financial market participants need","reliable, comparable and harmonised","disclosure of information by investee","companies. Hence, targeted amendments","should be introduced to Directive","2013/34/EU to include sustainability risks","and performance in the disclosure","obligations of listed and non-listed","companies laid out in Articles 19a and","29a of Directive 2013/34/EU, and apply to","these entities after a transitional period,","from January 1 of the second year","following the date of publication in the","Official Journal of the European Union."],"old":[""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"83","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-84","location":[[" Proposal for a regulation","Recital 18 a (new)"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:55"},"new":["(18a) In order to ensure predictability,","the disclosure requirements set out in this","Regulation shall only be applicable after","the Regulation on the establishment of a","framework to facilitate sustainable","investment has entered into force and","market participants have had sufficient","time to adjust their systems."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"84","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-85","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:55"},"new":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice on","the integration of sustainability risks in","investment decision-making process or","advisory process and the transparency of","all financial products."],"old":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice on","the integration of sustainability risks in","investment decision-making process or","advisory process and the transparency of","financial products that have as their","targets sustainable investments, including","the reduction in carbon emissions."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"85","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-86","justification":"The proposal suggests that only products with stated sustainability objectives should\nsubstantiate these claims in pre-contractual disclosure, on the manufacturer's website, and in\nperiodical reports. This makes the process of putting on the market of sustainable products\npotentially more burdensome than for conventional products. As the policy objective of this\nRegulation is to help making the financial system more resilient to sustainability risks and\nimproving information for investors and end-investors on the sustainability performance of\nproducts and underlying companies, a level playing field between conventional and\nsustainable financial products is needed.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:55"},"new":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice,","and investee companies on the integration","of sustainability risks and performance in","investment decision-making process or","advisory process; and on the transparency","of material sustainability risks and","sustainability performance of 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a","UCITS;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"92","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-93","justification":" Portfolio management is not a product, but an investment service, hence it should not be\n listed in the definition of \"financial product\".","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point j"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:56"},"new":["(j) \u2018financial product\u2019 means an AIF,","an IBIP, a pension product, a pension","scheme or a UCITS;"],"old":["(j) \u2018financial product\u2019 means a","portfolio management, an AIF, an IBIP, a","pension product, a pension scheme or a","UCITS;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"93","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-94","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point n a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:56"},"new":["(na) \u201crelevant competent authorities\u201d","means the competent or the designated","authorities for the supervision of financial","market participants referred to under","point a of this Article;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"94","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-95","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 introductory part"]],"meps":[125020],"meta":{"created":"2019-07-03T06:11:56"},"new":["(o) \u2018sustainable investments\u2019 mean","products associated with strategies that","aim at achieving environmental, social","and governance-related impact including","any combination of the following, to the","extent that the objectives of any one","category are in accordance with, and do","not significantly harm any of the","objectives of the other categories below:"],"old":["(o) \u2018sustainable investments\u2019 mean any","of the following or a combination of any","of the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"95","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-96","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 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Article 2 (o) (ii), and which is in","accordance with good governance","practices as referred to in Article 2 (o)","(iii);"],"old":["(i) investments in an economic activity","that contributes to an environmental","objective, including an environmentally","sustainable investment as defined in","Article 2 of [PO: Please insert reference to","Regulation on the establishment of a","framework to facilitate sustainable","investment];"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"98","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-99","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 point i"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:56"},"new":["(i) investments in an economic activity","that contributes to an environmental","objective, including an 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in an economic activity","that contributes to an environmental","objective, including an environmentally","sustainable investment as defined in Article","2 of [PO: Please insert reference to","Regulation on the establishment of a","framework to facilitate sustainable","investment];"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"100","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-101","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 point i"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:56"},"new":["(i) investments in an economic activity","that contributes substantially to an","environmental objective, including an","environmentally sustainable investment as","defined in Article 2 of [PO: Please insert","reference to Regulation on 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regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 point iii"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:57"},"new":["(iii) investments in companies following","good governance practices, and in","particular companies with sound","management structures and due diligence","procedures, employee relations,","remuneration of relevant staff and tax","compliance;"],"old":["(iii) investments in companies following","good governance practices, and in","particular companies with sound","management structures, employee","relations, remuneration of relevant staff","and tax compliance;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"108","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-109","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 point iii \u2013 indent 1 (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:57"},"new":["\u2013 (a) financial products that are","exposed to the following economic","activities are not sustainable investments","in the sense of point o of this Article","regardless of any of their other features:","(i) the exploration, extraction,","distribution and processing of fossil fuels;","(ii) the generation and distribution of","nuclear power, as well as the exploration","and extraction of fissile materials for the","generation of nuclear power;","(iii) the production of weapons of war","of any kind and all other firearms;","(iv) the cultivation, processing and sale","of tobacco;","(v) agricultural activities that are","intensive and highly dependent on the use","of chemicals, including intensive animal","farming;","(vi) the construction, operation and","maintenance of aviation infrastructure;"],"old":["",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"109","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-110","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point p a (new)"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:57"},"new":["(pa) \u2018ESG preferences\u2019 means a","client\u2019s or potential client\u2019s preferences","for environmental investment indicators,","social investment indicators, and good","governance indicators;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"110","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-111","justification":" The notion of sustainability risks must comprise the real world effects of an investment. This\n is also what retail investors who are interested in the sustainability of their investment\n products have in mind: they are not merely interested in financial returns, but want to see a\n positive effect on the natural environment, on labour forces, communities etc. The indicators\n provided here were adapted from a list of indicators used by the Dutch Triodos bank, one of\n the pioneering banks in the field of ethical investment.","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sa) 'sustainability risks' comprises:","(a) short-term and/or long-term risks","to the return of a financial or pension","product that arise from its exposure to","economic activities that can have adverse","environmental or social impact , or from","the product's exposure to investee entities","that exhibit poor governance;","(b) the short-term and/or long-term","risk that the economic activities to which","a financial or pension product is exposed","have negative impacts on the natural","environment, on workforces and","communities, or on the governance of","investee entities;","Sustainability risks shall be assessed by","taking into account at least the following","environmental, social and governance","factors and indicators:","(i) indicators that show an economic","activity\u2019s positive or negative contribution","to an environmental objective, and in","particular an environmentally sustainable","investment objective as defined in Article","2 of [PO: Please insert reference to","Regulation on the establishment of a","framework to facilitate sustainable","investment], regarding the quality and","functioning of the natural environment","and natural eco-systems.","These indicators shall include at least:","Animals: animal testing, factory farming,","fisheries, and fur and specialty leather;","Environment: biodiversity, deforestation,","energy efficiency, non-renewable energy,","greenhouse gas emissions and energy that","produces non-renewable waste, genetic","engineering, hazardous substances and","contamination, natural resources and","mining, water, use of Persistent Organic","Pollutants (POPs) and pesticides,","deforestation, waste management","(ii) indicators that show an economic","activity\u2019s positive or negative contribution","to a social objective, the rights, well-being","and interests of people and communities,","and in particular to tackling inequality,","fostering social cohesion, social","integration and labour relations, and","human capital or economically or socially","disadvantaged communities.","These indicators shall include at least:","Labour rights, notably those identified in","the International Labour Organisation\u2019s","declaration on Fundamental Rights and","Principles at Work: forced labour,","freedom of association, workers' right to","organise, the right to collective","bargaining, equal remuneration for men","and women employees for work of equal","value, non-discrimination in opportunity","and treatment with respect to employment","and occupation, the right not to be","subjected to child labour;","Human rights, notably those identified in","the Universal Declaration of Human","Rights, including: access to food, access","to basic needs incl. medicine, conflict","minerals;","(iii) indicators of good governance","practices, in particular sound","management structures, employee","relations, remuneration of relevant staff","and tax compliance;","These indicators shall include at least:","Accounting, remuneration, pay-ratios","between the highest and the lowest-paid","employee categories, corruption, tax-","compliance and tax-evasion, codes and","conventions, board structure, breach of","privacy and data-protection, bribery,","cartels."],"old":["","",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"111","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-112","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sa) \u2018sustainability risks\u2019, for the","purposes of this Regulation, mean the","potential positive or adverse financial or","non-financial outcomes of the investment","in the short term and the long term,","measured by an assessment of at least the","following environmental, social and","governance indicators:","(i) indicators that show the economic","activity\u2019s positive or negative contribution","to an environmental objective, and in","particular an environmentally sustainable","investment objective, regarding the quality","and functioning of the natural","environment and natural eco-systems.","At least, these indicators shall include,","where applicable:","Animals: animal testing, factory farming,","fisheries, and fur and specialty leather;","Environment: biodiversity, deforestation,","energy efficiency, non-renewable energy,","greenhouse gas emissions and energy that","produces non-renewable waste, genetic","engineering, hazardous substances and","contamination, natural resources and","mining, water, use of POPs and","pesticides, deforestation, waste","management","(ii) indicators that show the economic","activity\u2019s positive or negative contribution","to a social objective, the rights, well-being","and interests of people and communities,","and in particular to tackling inequality,","fostering social cohesion, social","integration and labour relations, and","human capital or economically or socially","disadvantaged communities.","At least, these indicators shall include:","Health and safety: alcohol,","gambling, tobacco and weapons","Labour rights, notably those identified in","the International Labour Organisation\u2019s","declaration on Fundamental Rights and","Principles at Work: forced labour,","freedom of association, workers' right to","organise, the right to collective","bargaining, equal remuneration for men","and women workers for work of equal","value, non-discrimination in opportunity","and treatment with respect to employment","and occupation, the right not to be","subjected to child labour;","Human rights, notably those identified in","the Universal Declaration of Human","Rights, including: access to food, access","to basic needs incl. medicine, conflict","minerals","(iii) indicators of good governance","practices, in particular sound","management structures, employee","relations, remuneration of relevant staff","and tax compliance;","At least, these indicators shall include:","Accounting and remuneration,","corruption, tax-compliance and tax-","evasion, codes and conventions, board","structure, breach of privacy and data","protection, bribery, cartels."],"old":[""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"112","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-113","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[125020],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sa) \u00b4Sustainability risk\u00b4 as defined in","Article 2(1)(s a) may refer to the financial","risk to the product or investment,","including long term risks, linked to","exposure to environmental, social and","governance factors, as well as the risk of","negative impacts of the product or","investment on the environment, society","and the governance of investee entities,","including but not limited to when linked","to financial risk referred to in Article","2(1)(s a), and, including, but not limited","to the environmental objectives as defined","under Regulation (EU) 0178/2018."],"old":[""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"113","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-114","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[183022,97203],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sa) 'sustainability risks' means","environmental, social and governance","risks in the investment decision or","advisory processes as part of duties","towards policy-holders, customers and/or","beneficiaries1a.","_________________","1a","FISMA C4 SG/acg(2018)4365900, p.3"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"114","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-115","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sa) 'sustainability risks' means","financial or non-financial risks, material","or likely to be materialised in the long","term, linked to environmental, social and","governance factors, where material for a","particular investment approach;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"115","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-116","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s b (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:57"},"new":["(sb) \u2018due diligence\u2019 is the continuous","process through which an investor or","investment services provider identifies,","prevents, mitigates and communicates","about their actual and potential","sustainability risks, prior to making an","investment and until sale or maturity of","the investment in accordance with the","OECD's work on \"Responsible business","conduct for institutional investors: Key","considerations for due diligence under the","OECD Guidelines for Multinational","Enterprises\" and the UN Guiding","Principles on Business and Human","Rights."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"116","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Wolf Klinz","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-117","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 a (new)"]],"meps":[28244],"meta":{"created":"2019-07-03T06:11:57"},"new":["1a. The European Banking Authority,","the European Insurance and","Occupational Pensions Authority as well","as the European Securities and Markets","Authority shall, through the Joint","Committee of the European Supervisory","Authorities develop draft regulatory","technical standards further specifying the","definition of \"sustainability risk\"."],"old":["",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"117","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-118","location":[["Proposal for a regulation","Article 3 \u2013 title"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:57"},"new":["Transparency of the sustainability risk","policies and the sustainability","performance"],"old":["Transparency of the sustainability risk","policies"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"118","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-119","location":[["Proposal for a regulation","Article 3 \u2013 title"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:57"},"new":["Due diligence requirements and","transparency of sustainability risk policies"],"old":["Transparency of the sustainability risk","policies"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"119","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-120","justification":" The Commission\u2019s wording left unclear whether the requirement to publish such policies\n included an implicit requirement to have a policy to publish in the first place, or whether it\n was possible for a firm to comply with the disclosure requirement by stating that they have no\n policies in place because they fell they are not material to their business (or some other\n reason). We asked Commission staff, and they confirmed that there was indeed such an\n implicit requirement. The suggested amendments make this explicit and add more detail to\n what the policies and corresponding disclosures should cover. They also connect it to the due\n diligence principle.","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","have in place written and sufficiently","detailed due diligence policies and report","them to the relevant competent authorities","on an annual basis. As a minimum, these","concern the integration of sustainability","risks in their governance structures,","investment strategies, risk management","procedures, the exercise of their","shareholder voting rights and engagement","with companies. They shall publish these","policies on their websites in written form."],"old":["1. Financial market participants shall","publish written policies on the integration","","","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"120","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-121","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","have in place written policies on the","integration of sustainability risks and on","their performance based on sustainability","indicators in the investment decision-","making process, such as in the areas of","governance, asset allocation, investment","strategy, risk management, the exercise of","shareholder voting and company","engagement; and publish a summary of","them in written form on their websites."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"121","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-122","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","publish written policies on the","incorporation of material sustainability","risks in the investment decision-making","process on their websites."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"122","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-123","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[124986],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","publish their policies on the integration of","sustainability risks in the investment","selection and monitoring process on their","websites."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"123","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-124","justification":" Integrating ESG risks can be considered to be part of the fiduciary mandate the asset\n manager has when managing any investment on behalf of an investor. However, a \"comply or\n explain\" allows for more flexibility on how such risks are integrated within an investment\n strategy, especially in a field where approaches and methodologies widely differ.","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites.","In cases where the integration of","sustainability risks is not relevant to the","investment strategy adopted, financial","market participants should explain why","those risks are not taken into account."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites.",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"124","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-125","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[183022],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites,","where applicable, including the","integration of sustainability risks into:"],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"125","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-126","justification":"Requiring all financial markets participants to publish written policies on sustainability is\ndisproportionate.","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants that","provide services in relation to sustainable","investments shall publish written policies","on the integration of sustainability risks in","the investment decision-making process on","their websites."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"126","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-127","justification":"This amendment shall ensure that the published policies on the integration of sustainability\nrisks in the investment decision-making process are easily accessible and understandable.","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[4246],"meta":{"created":"2019-07-03T06:11:58"},"new":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites","in an easy accessible and understandable","manner."],"old":["1. Financial market participants shall","publish written policies on the integration","of sustainability risks in the investment","decision-making process on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"127","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-128","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point i (new)"]],"meps":[183022,97203],"meta":{"created":"2019-07-03T06:11:58"},"new":["(i) Organisational requirements of","firms, including risk management and","governance;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"128","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-129","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point ii (new)"]],"meps":[183022,97203],"meta":{"created":"2019-07-03T06:11:58"},"new":["(ii) Operating conditions, in particular","investment strategy and asset allocation;","and"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"129","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-130","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point iii (new)"]],"meps":[183022,97203],"meta":{"created":"2019-07-03T06:11:58"},"new":["(iii) Risk management."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"130","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-131","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:58"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall have in place","written and sufficiently detailed due","diligence policies and report them to","relevant competent authorities on an","annual basis. As a minimum, these","concern the integration of sustainability","risks in their investment advice or","insurance advice activities, their","governance structures, investment","strategies, risk management procedures","and engagement with companies. They","shall publish these policies on their","websites in written form."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites.",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"131","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-132","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:58"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall have in place","written policies on the integration of","sustainability risks and on their","performance based on sustainability","indicator in investment advice or insurance","advice, such as in the areas of","governance, asset allocation, investment","strategy, risk management, the exercise of","shareholder voting and company","engagement; and publish a summary of","them in written form on their websites."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"132","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-133","justification":" Requiring all financial markets participants to publish written policies on sustainability is\n disproportionate.","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:58"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs in relation to sustainable","investments and investment firms which","provide investment advice in relation to","sustainable investments shall publish","written policies on the integration of","sustainability risks in investment advice or","insurance advice on their websites."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"133","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-134","justification":" This amendment shall ensure that the published policies on the integration of sustainability\n risks in investment advice or insurance advice are easily accessible and understandable.","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[4246],"meta":{"created":"2019-07-03T06:11:58"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites in an easy","accessible and understandable manner."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"134","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-135","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:59"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the incorporation of material","sustainability risks in investment advice or","insurance advice on their websites."],"old":["2. Insurance intermediaries which","","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"135","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-136","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:59"},"new":["2a. Financial markets participants","and insurance intermediaries shall have","in place due diligence processes that","ensure that the identification and","management of sustainability risks are","sufficiently integrated in investment","decision-making, requiring investors to","identify, prevent, mitigate and account for","ESG factors, taking into account the 2017","OECD Guidelines 1a, and publish them in","written form on their websites.","_________________","1a","the OECD (2017) Responsible business","conduct for institutional investors: Key","considerations for due diligence"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"136","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-137","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:59"},"new":["2a. The information to be disclosed","pursuant to paragraphs 1 and 2 shall be","published in a clear way and in a","prominent area of the website to be","understandable to different stakeholders,","including the general public, and to","ensure accessibility and comprehension","by a non-specialised audience."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"137","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-138","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 2 b (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:59"},"new":["2b. The Commission shall adopt","delegated acts in accordance with Article","9a to specify:","(a) binding standards for the due","diligence policies that financial market","participants and insurance intermediaries","must implement to ensure that adverse","sustainability risks are integrated in the","activities referred to paragraphs 1 to 2 of","this Article;","(b) the details of the presentation and","content of the information to be disclosed","pursuant to paragraphs 1 to 2a."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"138","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-139","location":[[" Proposal for a regulation","Article 4 \u2013 title"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:59"},"new":["4 Transparency of the integration of","sustainability risks and sustainability","performance"],"old":["4 Transparency of the integration of","sustainability risks"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"139","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-140","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[183022],"meta":{"created":"2019-07-03T06:11:59"},"new":["1. With respect to each","relevant financial product, financial","market participants shall include","description of the following in pre-","contractual disclosures with respect to that","particular financial service:"],"old":["1. Financial market participants shall","include descriptions of the following in","pre-contractual disclosures:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"140","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-141","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:59"},"new":["1. Where a financial product has","objectives relating to sustainable","investments or investments with similar","characteristics the financial market","participants shall include descriptions of","the following in pre-contractual","disclosures:"],"old":["1. Financial market participants shall","include descriptions of the following in","pre-contractual disclosures:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"141","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-142","justification":" Requiring all financial markets participants to publish written policies on sustainability is\n disproportionate.","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[1917],"meta":{"created":"2019-07-03T06:11:59"},"new":["1. Financial market participants,","that provide services in relation to","sustainable investments, shall include","descriptions of the following in pre-","contractual disclosures:"],"old":["1. Financial market participants shall","include descriptions of the following in","pre-contractual disclosures:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"142","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Olle Ludvigsson","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-143","justification":"The definition of sustainability risks by rapporteur Paul Tang are well defined and are vital to\nintegrate into investment decisions so that investors are well-informed about potential\nenvironmental and social consequences of their investment decisions.","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a"]],"meps":[96673],"meta":{"created":"2019-07-03T06:11:59"},"new":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions \u2013 sustainability","risks are defined as: (i) issues relating to","the quality and functioning of the natural","environments and natural systems,","including biodiversity loss; greenhouse","gas (GHG) emissions, climate change,","renewable energy, energy efficiency, air,","water or resource depletion or pollution,","waste, management, stratospheric ozone","depletion, changes in land; (ii) issues","relating to the rights, well-being and","interests of people and communities,","including human rights, labour standards","in the supply chain, child, slave and","bonded labour, workplace health and","safety, freedom of association and","freedom of expression, a free and","independent civil society, the ability of","human rights defenders to carry out their","activities, human capital management and","employee relations; diversity; relations","with local communities including free,","prior and informed consent, activities in","conflict zones, health and access to","medicine, HIV/AIDS, consumer","protection; and controversial weapons;","and (iii) issues relating to the governance","of companies and other investee entities.","In the listed equity context these include:","board structure, size, diversity, skills and","independence, executive pay, shareholder","rights, stakeholder interaction, disclosure","of information, business ethics, bribery","and corruption, tax avoidance, privacy","and data protection, internal controls and","risk management, and, in general, issues","dealing with the relationship between a","company\u2019s management, its board, its","shareholders and its other stakeholders.","This category may also include matters of","business strategy, encompassing both the","implications of business strategy for","environmental and social issues, and how","the strategy is to be implemented. In the","unlisted asset classes governance issues","also include matters of fund governance,","such as the powers of Advisory","Committees, valuation issues, fee","structures, etc.;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions;",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"143","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-144","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a"]],"meps":[183022],"meta":{"created":"2019-07-03T06:11:59"},"new":["(a) the procedures and conditions","applied for integrating sustainability risks","in the investment's decision-making","process for that particular product and","how they are applied;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"144","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-145","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a"]],"meps":[40599],"meta":{"created":"2019-07-03T06:11:59"},"new":["(a) the due diligence procedures and","conditions applied for integrating","sustainability risks and measuring","sustainability performance in investment","decisions;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"145","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-146","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:59"},"new":["(a) the due diligence procedures and","conditions applied for integrating","sustainability risks in investment decisions;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"146","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall","changes":{},"committee":["ECON"],"compromise":["on behalf of the ECR Group"],"date":"2018-09-18T00:00:00","id":"PE627.830-147","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:00"},"new":["(a) the procedures and conditions","applied for incorporating","material sustainability risks in investment","decisions;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment decisions;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"147","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-148","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point a a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:00"},"new":["(aa) how much, in percentage terms, of","a financial product made available is","invested in economic activities that are","defined as sustainable unsustainable","under Regulation [PO: Please insert","reference to Regulation on the","establishment of a framework to facilitate","sustainable investment];"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"148","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-149","justification":" It is questionable if the impact on investment returns can be predicted with any meaningful\n accuracy.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","","","products made available;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"149","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-150","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[124986],"meta":{"created":"2019-07-03T06:12:00"},"new":["(b) the extent to which the","investments are expected to have a relevant","impact on the financial or non-financial","performance of the financial products","made available, using the ESG indicators","as listed in Article 2 (sa) (new), where","appropriate;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products made available;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"150","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-151","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:00"},"new":["(b) the extent to which the returns of","the financial product are expected to be","impacted by sustainability risks and/or","the non-financial impacts the product is","expected to have on environmental, social","and governance issues;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products made available;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"151","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-152","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:00"},"new":["(b) the sustainability risks stemming","from the economic activities of the","financial products made available;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products made available;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"152","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-153","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:00"},"new":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products made available, and where in the","portfolio these sustainability risks have","been identified;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant impact","on the returns of the financial products","made available;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"153","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Gabriel Mato","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-154","justification":" For this requirement to be feasible, it would have to be applied on the basis of a common\n methodology for measuring the impact.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b"]],"meps":[96936],"meta":{"created":"2019-07-03T06:12:00"},"new":["(b) the extent to which sustainability","risks are expected to have a relevant","impact, measured using a common","methodology, on the returns of the","financial products made available;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant impact","on the returns of the financial products","","made available;"],"orig_lang":"es","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"154","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-155","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:00"},"new":["(ba) the proportion of the portfolio for","which issuers provide reliable data on","sustainability risks, including through the","use of the information referred to in","Article 7.3;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"155","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Gabriel Mato","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-156","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c"]],"meps":[96936],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(c) how the remuneration policies of","financial market participants are","consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investment","target of the financial product."],"orig_lang":"es","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"156","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-157","justification":"Remuneration rules are clearly outlined in Capital Requirements Directive 2013/36/EU (CRD\nIV), the Directive 2014/65/EU (MiFID II) and the relevant Guidelines on Remuneration\nPolicies of the EBA and the ESMA. There is no need to introduce additional provisions that\nmight violate the existing rules.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(c) how the remuneration policies of","financial market participants are","consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investment","target of the financial product."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"157","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-158","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:00"},"new":["(c) how the remuneration policies of","the firm are consistent with Directive (EU)","2017/828, follow the firm's ESG internal","and operational performance criteria,","whilst delivering long-term viable growth","objectives."],"old":["(c) how the remuneration policies of","financial market participants are","consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investment","target of the financial product."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"158","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-159","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:00"},"new":["(c) how the remuneration policies of","financial market participants are consistent","with the integration of sustainability risks","and the requirements in Article 4(a)."],"old":["(c) how the remuneration policies of","financial market participants are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment target of the","financial product."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"159","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-160","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c"]],"meps":[183022],"meta":{"created":"2019-07-03T06:12:00"},"new":["(c) how the remuneration policies of","financial market participants are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment target of that","particular financial product."],"old":["(c) how the remuneration policies of","financial market participants are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investment target of the","financial product."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"160","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-161","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:00"},"new":["(ca) in terms of shareholder voting with","regards to sustainability performance and","the mitigation of sustainability risks, the","voting instructions and voting rationales","behind votes against management,","abstentions and contentious votes;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"161","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-162","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c a (new)"]],"meps":[125020],"meta":{"created":"2019-07-03T06:12:01"},"new":["(ca) shareholder voting with regards to","sustainable investments and the","mitigation of sustainability risks, the","voting instructions and voting rationales","behind votes against management,","abstentions and contentious votes;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"162","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-163","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point c b (new)"]],"meps":[125020],"meta":{"created":"2019-07-03T06:12:01"},"new":["(cb) engagement with companies with","regards to sustainable investments and the","mitigation of sustainability risks, the total","number of engagements with companies,","the topics of engagement, and the results","of that engagement;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"163","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-164","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:01"},"new":["2. Where an insurance product has","objectives relating to sustainable","investments or investments of similar","characteristics the insurance","intermediaries which provide insurance","advice with regard to those IBIPs and","investment firms which provide investment","advice shall include descriptions of the","following in pre-contractual disclosures:"],"old":["2. Insurance intermediaries which","","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall include","descriptions of the following in pre-","contractual disclosures:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"164","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-165","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:01"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs in relation to sustainable","investments and investment firms which","provide investment advice in relation to","sustainable investments shall include","descriptions of the following in pre-","contractual disclosures:"],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall include","descriptions of the following in pre-","contractual disclosures:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"165","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-166","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point a"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:01"},"new":["(a) the due diligence procedures and","conditions applied for integrating","sustainability risks and measuring","sustainability performance in investment","advice or insurance advice;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment advice or insurance advice;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"166","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-167","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point a"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:01"},"new":["(a) the due diligence procedures and","conditions applied for integrating","sustainability risks in investment advice or","insurance advice;"],"old":["(a) the procedures and conditions","applied for integrating sustainability risks","in investment advice or insurance advice;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"167","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE 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are","expected to have a relevant impact on","the financial or non-financial","performance of the financial products","advised on, using the ESG indicators as","listed in Article 2 (sa) (new), where","appropriate;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products advised on;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"169","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-170","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point b"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:01"},"new":["(b) the sustainability risks stemming","from the economic activities of the","financial products advised on;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant","impact on the returns of the financial","products advised on;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"170","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-171","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point b"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:01"},"new":["(b) the extent to which sustainability","risks are expected to have a relevant impact","on the returns of the financial products","advised on, and where in the portfolio","these sustainability risks have been","identified;"],"old":["(b) the extent to which sustainability","risks are expected to have a relevant impact","on the returns of the financial products","advised on;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"171","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-172","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point b a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:01"},"new":["(ba) the proportion of the portfolio for","which issuers provide reliable data on","sustainability risks, including through the","use of the information referred to in","Article 7.3;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"172","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-173","justification":"Remuneration rules are clearly outlined in Capital Requirements Directive 2013/36/EU (CRD\nIV), the Directive 2014/65/EU (MiFID II) and the relevant Guidelines on Remuneration\nPolicies of the EBA and the ESMA. There is no need to introduce additional provisions that\nmight violate the existing rules.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point c"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:01"},"new":["deleted"],"old":["(c) how the remuneration policies of","investment firms which provide","investment advice and insurance","intermediaries which provide insurance","advice with regard to IBIPs are consistent","with the integration of sustainability risks","and are in line, where relevant, with the","sustainable investments target of the","financial product advised on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"173","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-174","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point c"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:01"},"new":["(c) how the remuneration policies of","investment firms which provide investment","advice and insurance intermediaries which","provide insurance advice with regard to","IBIPs are consistent with the integration of","sustainability risks and the requirements in","Article 4(a)."],"old":["(c) how the remuneration policies of","investment firms which provide investment","advice and insurance intermediaries which","provide insurance advice with regard to","IBIPs are consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investments","target of the financial product advised on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"174","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-175","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point c"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:01"},"new":["(c) how the remuneration policies of","investment firms which provide investment","advice and insurance intermediaries which","provide insurance advice with regard to","IBIPs are consistent with Directive (EU)","2017/828, the integration of sustainability","risks and are in line, where relevant, with","the sustainable investments target of the","financial product advised on."],"old":["(c) how the remuneration policies of","investment firms which provide investment","advice and insurance intermediaries which","provide insurance advice with regard to","IBIPs are consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investments","target of the financial product advised on."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"175","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-176","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 2 \u2013 point c a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:01"},"new":["(ca) in terms of shareholder voting with","regards to sustainability performance and","the mitigation of sustainability risks, the","voting instructions and voting rationales","behind votes against management,","abstentions and contentious votes;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"176","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-177","justification":"Whilst the proposal only amends Directive (EU) 2016/2341, amendments could in addition be\nproposed by the Commission to the applicable sectorial rules that explicitly reference the pre-\ncontractual disclosures mentioned in Article 4 of the proposed Regulation, in order to\nguarantee more harmonised disclosures and legal clarity.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 3 \u2013 introductory part"]],"meps":[125020],"meta":{"created":"2019-07-03T06:12:02"},"new":["3. References to the disclosures","referred to in paragraph 1 and paragraph 2","shall be introduced in the following","manner:"],"old":["3. The disclosures referred to in","paragraph 1 and paragraph 2 shall be made","in the following manner:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"177","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-178","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 3 \u2013 point h"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:02"},"new":["(h) for investment firms which provide","portfolio management or provide","investment advice, in accordance with","Article 24(4) of Directive 2014/65/EU;","that disclosures may be provided in a","standardised format as set out in Article","24(5) of Directive 2014/65/EU."],"old":["(h) for investment firms which provide","portfolio management or provide","investment advice, in accordance with","Article 24(4) of Directive 2014/65/EU;","",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"178","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-179","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 3 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:02"},"new":["3a. The European Banking Authority","(EBA), European Insurance and","Occupational Pensions Authority","(EIOPA)and the European Securities and","Markets Authority (ESMA) shall, through","the Joint Committee of the European","Supervisory Authorities (\u2018Joint","Committee\u2019) develop draft regulatory","technical standards further specifying the","alignment of the provisions referred to","under paragraph 3 with the requirements","of paragraph 1 and 2, relating to the","details of the presentation and content of","the information to be disclosed pursuant","to this Article.","EBA, EIOPA and ESMA shall submit","those draft regulatory technical standards","to the Commission by [PO: Please insert","date 12 months after the date of entry into","force].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph in","accordance with Articles 10 to 14 of","Regulation (EU) No 1093/2010, of","Regulation (EU) No 1094/2010 and of","Regulation(EU) No 1095/2010."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"179","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-180","justification":"We share the Rapporteur\u2019s intention about tying variable remuneration to the attainment of\nsustainability goals, but we prefer a different wording. The one chosen here has been adapted\nfrom Art. 92(2) of CRD. It is more precise and comprehensive than the Rapporteur\u2019s.","location":[["Proposal for a regulation","Article 4 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:02"},"new":["Article 4a","Integration of Sustainability in","Remuneration Policies","When establishing and applying the total","remuneration policies, inclusive of","salaries and discretionary pension","benefits, for categories of staff including","senior management, risk takers, staff","engaged in control functions and any","employee receiving total remuneration","that takes them into the same","remuneration bracket as senior","management and risk takers, whose","professional activities have a material","impact on their risk profile, financial","market participants shall set a sustainable","investment target of at least 50 per cent","for the variable remuneration component.","The targets that determine the remaining","part of variable remuneration shall","include the avoidance of sustainability","risks as defined in Article 2."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"180","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-181","location":[["Proposal for a regulation","Article 4 a (new)"]],"meps":[125020],"meta":{"created":"2019-07-03T06:12:02"},"new":["Article 4a","Integration of sustainability risks in","remuneration policies","1. Financial market participants","shall, regarding the remuneration policy","and practices of their executive directors,","set out sustainable investment targets of","minimum 50 per cent of the total","amount when establishing performance","measurement criteria in view","of determining variable remuneration.","2. The remaining variable","remuneration targets shall not work to the","detriment of any of the sustainability risks","defined in Article 2 of this Regulation"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"181","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-182","justification":" Investment products, whether they are targeting sustainability objectives or not, should be\n required to assess and disclose relevant material risks and performance.","location":[[" Proposal for a regulation","Article 5 \u2013 title"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:02"},"new":["5 Transparency of sustainability risks","and performance of investments in pre-","contractual disclosures"],"old":["5 Transparency of sustainable","investments in pre-contractual disclosures"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"182","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-183","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:02"},"new":["1. Where an investment product is put","on the market, and an index has been","designated as a reference benchmark, the","information to be disclosed pursuant to","Article 4(1) shall be accompanied by the","following:"],"old":["1. Where a financial product has as","its target sustainable investments or","investments with similar characteristics,","and an index has been designated as a","reference benchmark, the information to be","disclosed pursuant to Article 4(1) shall be","accompanied by the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"183","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-184","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:02"},"new":["1. Where a financial product has as its","objective sustainable investments or","investments with similar characteristics,","and a benchmark index has been","referenced for this, the information to be","disclosed pursuant to Article 4(1) shall be","accompanied by the following:"],"old":["1. Where a financial product has as its","target sustainable investments or","investments with similar characteristics,","and an index has been designated as a","reference benchmark, the information to","be disclosed pursuant to Article 4(1) shall","be accompanied by the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"184","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-185","justification":" The requirements on sustainability benchmarks should not apply to active management. The\n difference must be here made between a product that replicates an index and an index that is\n used to measure /compare the performance of the product. Mentioning how the designated\n index is aligned with the sustainability targets only makes sense if the financial products\n replicated the index, which is not the case with active management.","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:12:02"},"new":["1. Where a financial product has as its","target sustainable investments, and is","constructed using the underlying","investments of a reference benchmark, the","information to be disclosed pursuant to","Article 4(1) shall be accompanied by the","following:"],"old":["1. Where a financial product has as its","target sustainable investments or","investments with similar characteristics,","and an index has been designated as a","reference benchmark, the information to be","disclosed pursuant to Article 4(1) shall be","","accompanied by the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"185","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-186","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[183022,97203],"meta":{"created":"2019-07-03T06:12:02"},"new":["1. Where a financial product is","marketed as sustainable, has as its target","sustainable investments or investments","with similar characteristics, and an index","has been designated as a reference","benchmark, the information to be disclosed","pursuant to Article 4(1) shall be","accompanied by the following:"],"old":["1. Where a financial product has as its","target sustainable investments or","investments with similar characteristics,","and an index has been designated as a","reference benchmark, the information to be","disclosed pursuant to Article 4(1) shall be","accompanied by the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"186","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-187","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 point a"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:02"},"new":["(a) information on how the designated","index is aligned with that investment","product;"],"old":["(a) information on how the designated","index is aligned with that target;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"187","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-188","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:02"},"new":["(a) information on how the designated","index is aligned with that objective;"],"old":["(a) information on how the designated","index is aligned with that target;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"188","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-189","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 point a a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:02"},"new":["(aa) an explanation as to how the","indicators listed in Article 2(1)(sa) are","considered in the methodology of the","index"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"189","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-190","justification":" This disclosure requirement is too prescriptive and it is not clear how an investment\n intermediary is expected to fulfil it.","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 1 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:03"},"new":["deleted"],"old":["(b) an explanation as to why the","weighting and constituents of the","designated index aligned with that target","differ from a broad market 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this","index;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"193","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-194","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 2"]],"meps":[124986],"meta":{"created":"2019-07-03T06:12:03"},"new":["2. Where a financial product has no","index as a reference benchmark, the","information referred to in Article 4(1) shall","include an explanation of sustainability","impact using the indicators listed in","Article 2 (sa) (new)."],"old":["2. Where a financial product has as its","target sustainable investments or","investments with similar characteristics","and no index has been designated as a","reference benchmark, the information","referred to in Article 4(1) shall include an","explanation on how that target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"194","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-195","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 2"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:03"},"new":["2. Where a financial product has as","its objective sustainable investments or","investments with similar characteristics","and there is no referenced benchmark","index, the information referred to in Article","4(1) shall include an explanation on how","that objective is to be reached."],"old":["2. Where a financial product has as its","target sustainable investments or","investments with similar characteristics","and no index has been designated as a","reference benchmark, the information","referred to in Article 4(1) shall include an","explanation on how that target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"195","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-196","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:03"},"new":["2. Where an investment product has","no index designated as a reference","benchmark, the information referred to in","Article 4(1) shall include a description of","its sustainability performance using the","indicators of sustainability risk and","impact defined in Article 2."],"old":["2. Where a financial product has as","its target sustainable investments or","investments with similar characteristics","and no index has been designated as a","reference benchmark, the information","referred to in Article 4(1) shall include an","explanation on how that target is reached."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"196","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-197","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 3 \u2013 subparagraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:03"},"new":["Where a financial product is explicitly","intended to be in alignment with the Paris","Agreement on climate change or aims to","reduce carbon emissions, the information","to be disclosed pursuant to Article 4(1)","shall include the targeted degree of","alignment with the Paris Agreement","or low carbon emission exposure."],"old":["Where a financial product has as its target","the reduction in carbon emissions, the","information to be disclosed pursuant to","Article 4(1) shall include the targeted low","carbon emission exposure."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"197","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-198","meps":[33569],"meta":{"created":"2019-07-03T06:12:03"},"new":["Where a financial product has as","its objective the reduction in carbon","emissions, the information to be disclosed","pursuant to Article 4(1) shall include","a quantification of that expected","reduction."],"old":["Where a financial product has as its target","the reduction in carbon emissions, the","information to be disclosed pursuant to","Article 4(1) shall include the targeted low","carbon emission exposure."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"198","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-199","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 3 \u2013 subparagraph 1"]],"meps":[183022],"meta":{"created":"2019-07-03T06:12:03"},"new":["Where a financial product has as its target","the reduction in carbon emissions in","accordance with Regulation (EU)","2016/1011, the information to be disclosed","pursuant to Article 4(1) shall include the","targeted low carbon emission exposure."],"old":["Where a financial product has as its target","the reduction in carbon emissions, the","information to be disclosed pursuant to","Article 4(1) shall include the targeted low","carbon emission exposure."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"199","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-200","location":[["Proposal for a regulation","Article 5 \u2013 paragraph 3 \u2013 subparagraph 1"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:04"},"new":["Where a financial product has as its target","the reduction in carbon emissions,","the standardised information to be","disclosed pursuant to Article 4(1) shall","include the targeted low carbon emission","exposure."],"old":["Where a financial product has as its target","the reduction in carbon emissions, the","information to be disclosed pursuant to","Article 4(1) shall include the targeted low","carbon emission exposure."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"200","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-201","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 3 \u2013 subparagraph 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:04"},"new":["By way of derogation from paragraph 2,","where no [EU low carbon benchmark] or","[positive carbon impact benchmark] in","accordance with Regulation (EU)","2016/1011 is available, the information","referred to in Article 4 shall include a","detailed explanation of how the target of","reducing carbon emissions and/or","attaining the goals of the Paris Agreement","is ensured."],"old":["By way of derogation from paragraph 2,","where no [EU low carbon benchmark] or","[positive carbon impact benchmark] in","accordance with Regulation (EU)","2016/1011 is available, the information","referred to in Article 4 shall include a","detailed explanation of how the continued","effort of reaching the target of reducing","carbon emissions is ensured."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"201","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-202","justification":"This disclosure requirement is too prescriptive and it is not clear how an investment\nintermediary is expected to fulfil it.","location":[[" Proposal for a regulation","Article 5 \u2013 paragraph 4"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:04"},"new":["deleted"],"old":["4. 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As such Article 6 could require\n disclosure of contractual information between two parties which is both private and also\n likely to be commercially sensitive.","location":[["Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:04"},"new":["Financial market participants shall publish,","whilst respecting privacy laws and the","protection of commercially sensitive","information, and maintain on their","websites, for each financial product","referred to in paragraphs (1), (2) and (3) of","Article 5 the following:"],"old":["Financial market participants shall publish","and maintain on their websites, for each","financial product referred to in paragraphs","(1), (2) and (3) of Article 5, the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"205","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-206","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:04"},"new":["Financial market participants that provide","services in relation to sustainable","investments shall publish and maintain on","their websites, for each financial product","referred to in paragraphs (1), (2) and (3) of","Article 5, the following:"],"old":["Financial market participants shall publish","and maintain on their websites, for each","financial product referred to in paragraphs","(1), (2) and (3) of Article 5, the following:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"206","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-207","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point a"]],"meps":[183022],"meta":{"created":"2019-07-03T06:12:04"},"new":["(a) a description of the sustainable","investment target or an explanation on","how the product that is marketed as","sustainable is compliant with Article 2 of","[PO: Please insert reference to Regulation","on the establishment of a framework to","facilitate sustainable investment];"],"old":["(a) a description of the sustainable","investment target;",""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"207","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-208","location":[["Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point a"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:04"},"new":["(a) a description of the sustainable","investment target for investment products","targeting sustainable objectives"],"old":["(a) a description of the sustainable","investment target;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"208","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-209","location":[["Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point b"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:04"},"new":["(b) information on the methodologies","used to assess, measure and monitor the","sustainability performance of the","investments selected for the financial","product, including its data sources,","screening criteria for the underlying assets","and the relevant sustainability indicators","used to measure the overall sustainable","impact of the financial product;"],"old":["(b) information on the methodologies","used to assess, measure and monitor the","impact of the sustainable investments","selected for the financial product, including","its data sources, screening criteria for the","underlying assets and the relevant","sustainability indicators used to measure","the overall sustainable impact of the","financial product;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"209","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-210","justification":" The disclosure requirements in this Regulation must empower investors, including end\n investors, to make informed decisions about the allocation of their savings and enable them to\n understand the sustainability risks of their investments. Therefore the information provided to\n them must be understandable and readily accessible. However, this should not come at the\n expense of more detailed and technical disclosures that serve the information needs of an\n expert audience. Therefore we suggest two sets of information, but with hyperlinks between\n them so that a laywoman can easily access the more detailed information if she so wishes.","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:05"},"new":["The information to be disclosed pursuant to","the first subparagraph shall be clear,","succinct and understandable for retail","investors and the general public. It shall","be published in a clear way and in a","prominent area of the website. The website","shall also provide more detailed","information for professional investors and","other experts. Where relevant, the","information for retail investors shall","include hyperlinks to the detailed","information for professional investors."],"old":["The information to be disclosed pursuant to","the first subparagraph shall be published in","a clear way and in a prominent area of the","website."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"210","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-211","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:05"},"new":["The information to be disclosed pursuant to","the first subparagraph shall be published in","a clear way and in a prominent area of the","website, be easily accessible and easy to","understand, using clear and plain","language."],"old":["The information to be disclosed pursuant to","the first subparagraph shall be published in","a clear way and in a prominent area of the","website."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"211","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-212","location":[["Proposal for a regulation","Article 6 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:05"},"new":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the content and presentation of","information referred to in paragraph 1,","specifying the alignment of the provisions","referred to under paragraph 2 with the","requirements of paragraph 1 relating to","the details of the content and presentation","of information referred to in this","paragraph.","EBA, EIOPA and ESMA shall submit","those draft regulatory technical standards","to the Commission by [PO: Please insert","date 12 months after the date of entry into","force].","The Commission shall adopt delegated","acts in accordance with Articles 10 to 14","of Regulation (EU) No1093/2010, of","Regulation (EU) No 1094/2010 and of","Regulation (EU) No 1095/2010","concerning the regulatory technical","standards referred to in the first","subparagraph."],"old":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the presentation and content of","information referred to in point (a) and (b)","of paragraph 1."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"212","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-213","location":[["Proposal for a regulation","Article 6 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:05"},"new":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the presentation and content of","information referred to in point (a) and (b)","of paragraph 1, taking into account","the [PO: Please insert reference","to Regulation on the establishment of a","framework to facilitate sustainable","investment]."],"old":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the presentation and content of","information referred to in point (a) and (b)","of paragraph 1."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"213","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-214","location":[[" Proposal for a regulation","Article 7 \u2013 title"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:05"},"new":["Transparency of sustainability risks and","performance of investments in periodical","reports"],"old":["Transparency of sustainable investments","in periodical reports"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"214","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-215","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:05"},"new":["1. Where financial market participants","make available a financial product referred","to in paragraphs (1), (2) and (3) of Article","5, they shall include a description of the","following in periodical audited,","integrated reports, conducted at least","annually and containing both financial","and non-financial information:"],"old":["1. Where financial market participants","make available a financial product referred","to in paragraphs (1), (2) and (3) of Article","5, they shall include a description of the","following in periodical reports:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"215","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-216","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:05"},"new":["1. Where financial market participants","produce a periodical report for a financial","product referred to in paragraphs (1), (2)","and (3) of Article 5, they shall include a","description of the sustainability objectives","for that product."],"old":["1. Where financial market participants","make available a financial product referred","to in paragraphs (1), (2) and (3) of Article","5, they shall include a description of the","following in periodical reports:"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"216","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-217","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:05"},"new":["deleted"],"old":["(a) the overall sustainability-related","impact by the financial product by means","of relevant sustainability indicators;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"217","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Olle Ludvigsson","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-218","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point a"]],"meps":[96673],"meta":{"created":"2019-07-03T06:12:05"},"new":["(a) the overall sustainability-related","impact by the financial product by means","of relevant sustainability risk indicators as","defined in Article 4.1 (a);"],"old":["(a) the overall sustainability-related","impact by the financial product by means","","of relevant sustainability indicators;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"218","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-219","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point a"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:05"},"new":["(a) the overall sustainability-related","impact and performance by the financial","product by means of harmonised and","comparable sustainability indicators;"],"old":["(a) the overall sustainability-related","impact by the financial product by means","of relevant sustainability indicators;"],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"219","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-220","justification":" This disclosure requirement is too prescriptive and it is not clear how an investment\n intermediary is expected to fulfil it.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:05"},"new":["deleted"],"old":["(b) where an index has been","designated as a reference benchmark, a","comparison between the overall impact of","the financial product with the designated","index and a broad market index in terms","of weighting, constituents and","sustainability indicators."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"220","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-221","justification":"The requirements on sustainability benchmarks should not apply to active management. The\ndifference must be here made between a product that replicates an index and an index that is\nonly used to measure /compare the performance of the product.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point b"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:12:05"},"new":["(b) where the financial product has","been constructed following an index, the","overall sustainability-related impact of the","benchmark by means of relevant","sustainability indicators."],"old":["(b) where an index has been","designated as a reference benchmark, a","comparison between the overall impact of","the financial product with the designated","index and a broad market index in terms","of weighting, constituents and","sustainability indicators."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"221","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-222","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 point b a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:05"},"new":["(ba) Publically listed companies shall","include a description of how sustainability","performance and risks have been","incorporated in the management","processes and investment strategy in the","annual financial statements and","consolidated financial statements referred","to in Directive 2013/34/EU."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"222","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-223","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2 \u2013 point h a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:06"},"new":["(ha) for listed and non-listed","companies, in accordance with the","periodical statements referred to in","Articles 19a and 29a of Directive 2013/34."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"223","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-224","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 3"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:06"},"new":["3. For the purposes of paragraph 1,","financial market participants shall use the","information in management reports in","accordance with Article 19 or the","information in non-financial statements in","accordance with Article 19a of Directive","2013/34/EU where appropriate, while","ensuring the information to end-investors","is presented in a clear manner that is easy","to understand and access."],"old":["3. For the purposes of paragraph 1,","financial market participants may use the","information in management reports in","accordance with Article 19 or the","information in non-financial statements in","accordance with Article 19a of Directive","2013/34/EU where appropriate."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"224","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-225","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the content and presentation of","information referred to in paragraph 1,","specifying the alignment of the provisions","referred to under paragraph 2 with the","requirements of paragraph 1 relating to","the details of the content and presentation","of information referred to in this","paragraph."],"old":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the content and presentation of","","information referred to in paragraph 1."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"225","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-226","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:06"},"new":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the content and presentation of","information referred to in paragraph 1,","taking into account the [PO: Please insert","reference to Regulation on the","establishment of a framework to facilitate","sustainable investment]."],"old":["EBA, EIOPA and ESMA shall, through the","Joint Committee, develop draft regulatory","technical standards further specifying the","details of the content and presentation of","information referred to in paragraph 1."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"226","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-227","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 4 \u2013 subparagraph 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["EBA, EIOPA and ESMA shall submit","those draft regulatory technical standards","to the Commission by [PO: Please insert","date 12 months after the date of entry into","force]."],"old":["EBA, EIOPA and ESMA shall submit","those draft regulatory technical standards","to the Commission by [PO: Please insert","date 18 months after the date of entry into","force]."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"227","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-228","justification":" There is little added value to for the investor to provide justifications for every update,\n furthermore it comes with considerable burdens for the financial market participants that are\n affected.","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 1"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:06"},"new":["1. Financial market participants shall","ensure that any information published in","accordance with Article 3 or Article 6 is","kept up-to-date."],"old":["1. Financial market participants shall","ensure that any information published in","accordance with Article 3 or Article 6 is","kept up-to-date. Where a financial market","participant amends such information, a","clear explanation of that change shall be","published on the same website."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"228","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-229","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["1. Financial market participants shall","review any information published in","accordance with Article 3 or Article 6 at","least annually and ensure that this","information is kept up-to-date. Where a","financial market participant amends such","information, a clear explanation of that","change shall be published on the same","website."],"old":["1. Financial market participants shall","ensure that any information published in","accordance with Article 3 or Article 6 is","kept up-to-date. Where a financial market","participant amends such information, a","clear explanation of that change shall be","published on the same website."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"229","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Matt Carthy","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-230","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 1"]],"meps":[124986],"meta":{"created":"2019-07-03T06:12:06"},"new":["1. Without prejudice to stricter","sectoral legislation, in particular Directive","2009/65/EC, Directive 2014/65/EU,","Directive (EU) 2016/97 of the European","Parliament and of the Council and","Regulation (EU) No 1286/2014, financial","market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice","shall ensure that their marketing","communications shall be fair, clear and","not misleading and do not contradict the","information disclosed pursuant to this","Regulation."],"old":["1. Without prejudice to stricter","sectoral legislation, in particular Directive","2009/65/EC, Directive 2014/65/EU,","Directive (EU) 2016/97 of the European","Parliament and of the Council and","Regulation (EU) No 1286/2014, financial","market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice","shall ensure that their marketing","communications do not contradict the","information disclosed pursuant to this","Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"230","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-231","justification":" Marketing communication should follow high level principles to ensure that the information is\n clear, accurate and non-misleading but it is too early for a strict standardization.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:12:06"},"new":["deleted"],"old":["EBA, EIOPA and ESMA may develop,","through the Joint Committee, draft","implementing technical standards to","determine the standard presentation of","information on sustainable investments."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"231","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-232","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:06"},"new":["EBA, EIOPA and ESMA may develop,","through the Joint Committee, draft","implementing technical standards to","determine the standard presentation of","information on sustainable investments,","taking into account the [PO: Please insert","reference to Regulation on the","establishment of a framework to facilitate","sustainable investment]."],"old":["EBA, EIOPA and ESMA may develop,","through the Joint Committee, draft","implementing technical standards to","determine the standard presentation of","information on sustainable investments."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"232","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Alain Lamassoure, Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-233","justification":"Marketing communication should follow high level principles to ensure that the information is\nclear, accurate and non-misleading but it is too early for a strict standardization.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 2"]],"meps":[1204,24594],"meta":{"created":"2019-07-03T06:12:06"},"new":["deleted"],"old":["Power is conferred on the Commission to","adopt the implementing technical","standards in accordance with Article 15 of","Regulation (EU) No 1093/2010, of","Regulation (EU) No 1094/2010 and of","Regulation (EU) No 1095/2010."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"233","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-234","location":[["Proposal for a regulation","Article 9 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["Article 9a","Exercise of the delegation","1. The Commission shall adopt","delegated acts subject to the conditions","laid down in this Article.","2. The power to adopt delegated acts","referred to in Article3 shall be conferred","on the Commission for an indeterminate","period from [date of entry into force of","this Regulation].","3. The delegation of power referred","to in paragraph 2 may be revoked at any","time by the European Parliament or by","the Council. A decision to revoke shall put","an end to the delegation of the power","specified in that decision. It shall take","effect the day following the publication of","the decision in the Official Journal of the","European Union or at a later date","specified therein. It shall not affect the","validity of any delegated acts already in","force.","4. As soon as it adopts a delegated","act, the Commission shall notify it","simultaneously to the European","Parliament and to the Council.","5. A delegated act adopted pursuant","to Articles 2 (..), 3(2b) shall enter into","force only if no objection has been","expressed either by the European","Parliament or the Council within a period","of two months of notification of that act to","the European Parliament and the Council","or if, before the expiry of that period, the","European Parliament and the Council","have both informed the Commission that","they will not object. That period shall be","extended by two months at the initiative of","the European Parliament or of the","Council."],"old":[""],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"234","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-235","justification":" The decisions delegated through this article to the Commission are material in nature. Hence,\n these decisions should not be delegated, but made by the Union legislator.","location":[[" Proposal for a regulation","Article 10"],[" Directive 2016/2341","Article 19 (9)"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:06"},"new":["Article 10 deleted","the \u2018prudent person\u2019 rule with","environmental, social and","The power to adopt delegated acts","The power to adopt delegated acts","The delegation of powers referred","As soon as it adopts a delegated","A delegated act adopted pursuant"],"old":["Amendments to Directive (EU) 2016/2341","Directive (EU) 2016/2341 is amended as","follows:","(1) In Article 19, the following paragraph","9 is added:","\u20189.","The Commission is empowered to adopt,","by means of delegated acts in accordance","with Article 60a, measures ensuring that:","(a)","respect to the consideration of","environmental, social and governance","risks is taken into account;","(b)","governance factors in internal investment","decisions and risk management processes","are included.","Those delegated acts shall take into","account the size, nature, scale and","complexity of the activities of the IORPs","and of the risks inherent to these activities","","and ensure consistency with Article 14 of","Directive 2009/65/EC, Article 132 of","Directive 2009/138/EC and Article 12 of","Directive 2011/61/EU.;","\u2018Article 60a","Exercise of the delegation","1.","is conferred on the Commission subject to","the conditions laid down in this Article.","2.","referred to in Article 19(9) shall be","conferred on the Commission for an","indeterminate period of time from the date","of entry into force of this Regulation.","3.","to in Article 19(9) may be revoked at any","time by the European Parliament or by","the Council. A decision to revoke shall put","an end to the delegation of the power","specified in that decision. It shall take","effect the day following the publication of","the decision in the Official Journal of the","European Union or at a later date","specified therein. It shall not affect the","validity of any delegated acts already in","force.","4.","act, the Commission shall notify it","simultaneously to the European","Parliament and to the Council.","5.","to Article 19(9) shall enter into force only","if no objection has been expressed either","by the European Parliament or the","Council within a period of three months","of notification of that act to the European","Parliament and the Council or if, before","the expiry of that period, the European","Parliament and the Council have both","informed the Commission that they will","not object. That period shall be extended","by three months at the initiative of the","European Parliament or the Council.."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"235","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-236","justification":"Application to IORPs of Articles 3, 4, 5 and 7, as well as the obligations already within IORP\nII are sufficient and Article 10 should therefore be deleted.","location":[[" Proposal for a regulation","Article 10"],[" Directive (EU) 2016/2341","Article 19 \u2013 paragraph 9, Article 60a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:06"},"new":["Article 10 deleted","In Article 19, the following","the \u2018prudent person\u2019 rule with","environmental, social and","The power to adopt delegated acts","The power to adopt delegated acts","The delegation of powers referred","As soon as it adopts a delegated","A delegated act adopted pursuant"],"old":["Amendments to Directive (EU) 2016/2341","Directive (EU) 2016/2341 is amended as","follows:","(1)","paragraph 9 is added:","\u20189.","The Commission is empowered to adopt,","by means of delegated acts in accordance","with Article 60a, measures ensuring that:","(a)","respect to the consideration of","environmental, social and governance","risks is taken into account;","(b)","governance factors in internal investment","decisions and risk management processes","are included.","Those delegated acts shall take into","account the size, nature, scale and","complexity of the activities of the IORPs","and of the risks inherent to these activities","and ensure consistency with Article 14 of","Directive 2009/65/EC, Article 132 of","Directive 2009/138/EC and Article 12 of","Directive 2011/61/EU.;","\u2018Article 60a","","","Exercise of the delegation","1.","is conferred on the Commission subject to","the conditions laid down in this Article.","2.","referred to in Article 19(9) shall be","conferred on the Commission for an","indeterminate period of time from the date","of entry into force of this Regulation.","3.","to in Article 19(9) may be revoked at any","time by the European Parliament or by","the Council. A decision to revoke shall put","an end to the delegation of the power","specified in that decision. It shall take","effect the day following the publication of","the decision in the Official Journal of the","European Union or at a later date","specified therein. It shall not affect the","validity of any delegated acts already in","force.","4.","act, the Commission shall notify it","simultaneously to the European","Parliament and to the Council.","5.","to Article 19(9) shall enter into force only","if no objection has been expressed either","by the European Parliament or the","Council within a period of three months","of notification of that act to the European","Parliament and the Council or if, before","the expiry of that period, the European","Parliament and the Council have both","informed the Commission that they will","not object. That period shall be extended","by three months at the initiative of the","European Parliament or the Council.."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"236","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-237","justification":" In order to fulfil their obligations of due diligence to consider material sustainability risks\n and to incorporate sustainability performance indicators, financial market participants\n themselves need reliable, comparable and harmonised disclosure of information by investee\n companies and harmonised accounting standards regarding sustainability indicators. To\n\nensure the provision of quality data for investors that is comparable, the transparency\nobligations of the Directive 2013/34/EU should be updated to include material sustainability\nrisks and sustainability performance based on harmonised indicators, and be reported in\nintegrated periodical statements that incorporate both financial and non-financial\ninformation.","location":[[" Proposal for a regulation","Article 10 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:07"},"new":["Article 10a","Amendments to Directive 2013/34/EU","Directive 2013/34/EU is amended as","follows:","(1) In Article 19a(1) and Article","29a(1), the following","subparagraphs are added:","\u2018(f) the sustainability risks relevant to","the particular business as defined in","Article 2(a) of [PO: Please insert","reference to Regulation on disclosures","relating to sustainable investments and","sustainability risks and amending","Directive (EU) 2016/2341 and Directive","2013/34/EU], enabling financial market","participants as defined in Article 2(s a) of","that Regulation to meet their","sustainability risk disclosure and","mitigation obligations as defined in","Article 4 and 5 of that Regulation;\u2019.","'(g) the performance measured","against sustainability indicators relevant","to the particular business and industry,","based on a list of harmonised","sustainability indicators to be developed","and updated by the European","Commission, in coherence with [PO:","Please insert reference to Regulation on","the establishments of a framework to","facilitate sustainable investment];'."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"237","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Molly Scott Cato on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-238","justification":"In light of the urgency of the environmental and social challenges that Europe, indeed\nhumanity as a whole, is faced with, five years are simply too long.","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:07"},"new":["By [PO: Please insert date 24 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation in","particular as regards social and","governance factors and indicators, their","integration in investment decisions and","pre-contractual disclosures. It shall","submit the evaluation report to the","European Parliament and the Council.","The Commission shall, if appropriate,","accompany that review with a legislative","proposal establishing uniform criteria for","determining socially sustainable economic","activities and good governance practices,","leading to the establishment of a unified","EU classification system."],"old":["By [PO: Please insert date 60 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"238","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-239","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:07"},"new":["By [PO: Please insert date 36 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation. This","evaluation shall include an assessment of","the impact of the availability and quality","of issuer's data on the ability for financial","market participants to integrate","sustainability risk in product disclosures","and in investment decisions."],"old":["By [PO: Please insert date 60 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"239","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Paul Tang","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-240","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[125020],"meta":{"created":"2019-07-03T06:12:07"},"new":["By [PO: Please insert date 36 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation."],"old":["By [PO: Please insert date 60 months after","the date of entry into force], the","Commission shall conduct an evaluation of","the application of this Regulation."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"240","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-241","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 1 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:07"},"new":["2. The Commission shall present","legislative proposals to revise Directive","2014/95/EU and Directive 2013/34/EU to","improve corporate sustainability risk","reporting."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"241","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-242","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 2"]],"meps":[33569],"meta":{"created":"2019-07-03T06:12:07"},"new":["It shall apply after the application of the","Regulation on the establishment of a","framework to facilitate sustainable","investment [PO: Please insert reference to","Regulation] and from [PO: Please insert","12 months following the date of","publication in the Official Journal of the","European Union]."],"old":["It shall apply from [PO: Please insert 12","months following the date of publication in","the Official Journal of the European","Union]."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"242","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-243","justification":"Disclosure requirements shall only enter into force once the taxonomy process is concluded.\nSufficient time for market participants is needed to adapt to the changes.","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 2"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:07"},"new":["It shall apply from [PO: Please insert 36","months following the date of publication of","the sustainable finance taxonomy","(2018/0178 (COD)) in the Official Journal","of the European Union]."],"old":["It shall apply from [PO: Please insert 12","months following the date of publication in","the Official Journal of the European","Union]."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"243","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-244","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[1917],"meta":{"created":"2019-07-03T06:12:07"},"new":["deleted"],"old":["However, Article 5(5), Article 6(2), Article","7(4), Article 9(2) and Article 10 shall","apply from [PO: Please insert the date of","entry into force] and Article 7(1) to (3)","shall apply from [PO: Please insert","January 1 of the year following the date","referred to in the second subparagraph]."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"244","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2018-09-18T00:00:00","id":"PE627.830-245","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[40599],"meta":{"created":"2019-07-03T06:12:07"},"new":["However, Article 5(5), Article 6(2), Article","7(4), Article 9(2) and Article 10 shall apply","from [PO: Please insert the date of entry","into force] and Article 7(1) to (3) and","Article 10a shall apply from [PO: Please","insert January 1 of the year following the","date referred to in the second","subparagraph]."],"old":["However, Article 5(5), Article 6(2), Article","7(4), Article 9(2) and Article 10 shall apply","from [PO: Please insert the date of entry","into force] and Article 7(1) to (3) shall","apply from [PO: Please insert January 1 of","the year following the date referred to in","the second subparagraph]."],"orig_lang":"en","peid":"PE627.830v01-00","reference":"2018/0179(COD)","seq":"245","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627830_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-1","location":[["Proposal for a regulation","Title 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:35"},"new":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on disclosures relating to the sustainability","impact and risks of investments and","amending Directive (EU) 2016/2341 and","Directive 2013/34/EU (Text with EEA","relevance)"],"old":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on disclosures relating to sustainable","investments and sustainability risks and","amending Directive (EU) 2016/2341","(Text with EEA relevance)"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"1","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Luke Ming Flanagan","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-2","location":[["Proposal for a regulation","Recital 1"]],"meps":[124985],"meta":{"created":"2019-07-03T06:23:35"},"new":["(1) The transition to a low-carbon,","more sustainable, resource-efficient and","circular economy, as opposed to an","economy based on environment-damaging","all-encompassing major trade deals which","inevitably promote mass movement of","goods that are better produced locally, is","key to ensuring long-term competitiveness","of the economy of the Union. The Paris","Climate Agreement (COP21) as ratified by","the Union on 5 October 201631 and entered","into force on 4 November 2016, seeks to","strengthen the response to climate change,","among other means, by making finance","flows consistent with a pathway towards","low greenhouse gas emissions and climate-","resilient development.","__________________","31","Council Decision (EU) 2016/1841 of 5","October 2016 on the conclusion, on behalf","of the European Union, of the Paris","Agreement adopted under the United","Nations Framework Convention on","Climate Change (OJ L 282, 19.10.2016, p.","1)."],"old":["(1) The transition to a low-carbon,","more sustainable, resource-efficient and","circular economy is key to ensuring long-","term competitiveness of the economy of","the Union. The Paris Climate Agreement","(COP21) as ratified by the Union on 5","October 201631 and entered into force on 4","November 2016, seeks to strengthen the","response to climate change, among other","means, by making finance flows consistent","with a pathway towards low greenhouse","gas emissions and climate-resilient","development.","","","__________________","31","Council Decision (EU) 2016/1841 of 5","October 2016 on the conclusion, on behalf","of the European Union, of the Paris","Agreement adopted under the United","Nations Framework Convention on","Climate Change (OJ L 282, 19.10.2016, p.","1)."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"2","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-3","location":[[" Proposal for a regulation","Recital 1"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(1) The transition to a low-carbon,","more sustainable, resource-efficient and","circular economy is key to ensuring long-","term competitiveness of the economy of","the Union and its Member States. The","Paris Climate Agreement (COP21) as","ratified by the Union on 5 October 201631","and entered into force on 4 November","2016, seeks to strengthen the response to","climate change, among other means, by","making finance flows consistent with a","pathway towards low greenhouse gas","emissions and climate-resilient","development.","__________________","31","Council Decision (EU) 2016/1841 of 5","October 2016 on the conclusion, on behalf","of the European Union, of the Paris","Agreement adopted under the United","Nations Framework Convention on","Climate Change (OJ L 282, 19.10.2016, p.","1)."],"old":["(1) The transition to a low-carbon,","more sustainable, resource-efficient and","circular economy is key to ensuring long-","term competitiveness of the economy of","the Union. The Paris Climate Agreement","(COP21) as ratified by the Union on 5","October 201631 and entered into force on 4","November 2016, seeks to strengthen the","response to climate change, among other","means, by making finance flows consistent","with a pathway towards low greenhouse","gas emissions and climate-resilient","development.","__________________","31","Council Decision (EU) 2016/1841 of 5","October 2016 on the conclusion, on behalf","of the European Union, of the Paris","Agreement adopted under the United","Nations Framework Convention on","Climate Change (OJ L 282, 19.10.2016, p.","1)."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"3","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-4","location":[["Proposal for a regulation","Recital 2"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:35"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32, Directive","2009/138/EC of the European Parliament","and of the Council33, Directive 2011/61/EU","of the European Parliament and of the","Council34, Directive 2014/65/EU of the","European Parliament and of the Council35,","Directive (EU) 2016/97 of the European","Parliament and of the Council36, Directive","(EU) 2016/2341 of the European","Parliament and of the Council37,","Regulation (EU) No 345/2013 of the","European Parliament and of the Council38","and Regulation (EU) No 346/2013 of the","European Parliament and of the Council39","is to facilitate the taking-up and pursuit of","the activities of undertakings for collective","investment in transferable securities","(UCITS), alternative investment fund","managers (AIFMs), insurance","undertakings, investment firms, insurance","intermediaries, institutions for occupational","retirement provision (IORPs), managers of","qualifying venture capital funds (EuVECA","managers), and managers of qualifying","social entrepreneurship funds (EuSEF","managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice are insufficiently developed because","such disclosures are not yet subject to","harmonised requirements.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32, Directive","2009/138/EC of the European Parliament","and of the Council33, Directive 2011/61/EU","of the European Parliament and of the","Council34, Directive 2014/65/EU of the","European Parliament and of the Council35,","Directive (EU) 2016/97 of the European","Parliament and of the Council36, Directive","(EU) 2016/2341 of the European","Parliament and of the Council37,","Regulation (EU) No 345/2013 of the","European Parliament and of the Council38","and Regulation (EU) No 346/2013 of the","European Parliament and of the Council39","is to facilitate the taking-up and pursuit of","the activities of undertakings for collective","investment in transferable securities","(UCITS), alternative investment fund","managers (AIFMs), insurance","undertakings, investment firms, insurance","intermediaries, institutions for occupational","retirement provision (IORPs), managers of","qualifying venture capital funds (EuVECA","managers), and managers of qualifying","social entrepreneurship funds (EuSEF","managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"4","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-5","location":[["Proposal for a regulation","Recital 2"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32, Directive","2009/138/EC of the European Parliament","and of the Council33, Directive 2011/61/EU","of the European Parliament and of the","Council34, Directive 2014/65/EU of the","European Parliament and of the Council35,","Directive (EU) 2016/97 of the European","Parliament and of the Council36, Directive","(EU) 2016/2341 of the European","Parliament and of the Council37,","Regulation (EU) No 345/2013 of the","European Parliament and of the Council38","and Regulation (EU) No 346/2013 of the","European Parliament and of the Council39","is to facilitate the taking-up and pursuit of","the activities of undertakings for collective","investment in transferable securities","(UCITS), alternative investment fund","managers (AIFMs), insurance","undertakings, investment firms, insurance","intermediaries, institutions for occupational","retirement provision (IORPs), managers of","qualifying venture capital funds (EuVECA","managers), and managers of qualifying","social entrepreneurship funds (EuSEF","managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed, in particular","because such disclosures are not yet","subject to harmonised requirements.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32, Directive","2009/138/EC of the European Parliament","and of the Council33, Directive 2011/61/EU","of the European Parliament and of the","Council34, Directive 2014/65/EU of the","European Parliament and of the Council35,","Directive (EU) 2016/97 of the European","Parliament and of the Council36, Directive","(EU) 2016/2341 of the European","Parliament and of the Council37,","Regulation (EU) No 345/2013 of the","European Parliament and of the Council38","and Regulation (EU) No 346/2013 of the","European Parliament and of the Council39","is to facilitate the taking-up and pursuit of","the activities of undertakings for collective","investment in transferable securities","(UCITS), alternative investment fund","managers (AIFMs), insurance","","undertakings, investment firms, insurance","intermediaries, institutions for occupational","retirement provision (IORPs), managers of","qualifying venture capital funds (EuVECA","managers), and managers of qualifying","social entrepreneurship funds (EuSEF","managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"5","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-6","location":[["Proposal for a regulation","Recital 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:35"},"new":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures on the sustainability impact","and the integration of sustainability risks","and sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised indicators and requirements.","In order to fulfil their obligations of due","diligence concerning the sustainability","impact and risks, financial market","participants themselves need reliable,","comparable and harmonised disclosure of","information by investee companies.","Directive 2013/34/EU lays out obligations","relating to accounting and reporting","requirements of companies, hence these","directives should be updated to include","integrated, audited reporting of","sustainability risks and impact in order to","respond to the increasing need to","integrate sustainability considerations in","strategy and risk management of","companies.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"old":["(2) A common objective of Directive","2009/65/EC of the European Parliament","and of the Council32 , Directive","","2009/138/EC of the European Parliament","and of the Council33 , Directive","2011/61/EU of the European Parliament","and of the Council34 , Directive","2014/65/EU of the European Parliament","and of the Council35 , Directive (EU)","2016/97 of the European Parliament and of","the Council36 , Directive (EU) 2016/2341","of the European Parliament and of the","Council37 , Regulation (EU) No 345/2013","of the European Parliament and of the","Council38 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council39 is to facilitate the taking-","up and pursuit of the activities of","undertakings for collective investment in","transferable securities (UCITS), alternative","investment fund managers (AIFMs),","insurance undertakings, investment firms,","insurance intermediaries, institutions for","occupational retirement provision (IORPs),","managers of qualifying venture capital","funds (EuVECA managers), and managers","of qualifying social entrepreneurship funds","(EuSEF managers). Those Directives and","Regulations ensure more uniform","protection of end-investors and make it","easier for them to benefit from a wide","range of financial products and services,","and at the same time provide for rules that","enable investors to make informed","investment decisions. While those","objectives have been largely achieved,","disclosures to end-investors on the","integration of sustainability risks and","sustainable investment targets in","investment decision-making by UCITS","management companies, AIFMs, insurance","undertakings, investment firms which","provide portfolio management, IORPs,","pension providers, EuVECA managers and","EuSEF managers (financial market","participants) and disclosures to end-","investors on the integration of","sustainability risks in advisory processes","by insurance intermediaries which provide","insurance advice with regard to insurance-","based investment products (IBIPs) and","investment firms which provide investment","","advice (financial advisors) are","insufficiently developed because such","disclosures are not yet subject to","harmonised requirements.","__________________","32","Directive 2009/65/EC of the European","Parliament and of the Council of 13 July","2009 on the coordination of laws,","regulations and administrative provisions","relating to undertakings for collective","investment in transferable securities","(UCITS) (OJ L 302, 17.11.2009, p. 32).","33","Directive 2009/138/EC of the European","Parliament and of the Council of 25","November 2009 on the taking-up and","pursuit of the business of Insurance and","Reinsurance (Solvency II) (OJ L 335,","17.12.2009, p. 1).","34","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers (OJ L 174, 1.7.2011, p. 1).","35","Directive 2014/65/EU of the European","Parliament and of the Council of 15 May","2014 on markets in financial instruments","and amending Directive 2002/92/EC and","Directive 2011/61/EU (OJ L 173,","12.6.2014, p. 349).","36","Directive (EU) 2016/97 of the European","Parliament and of the Council of 20","","January 2016 on insurance distribution (OJ","L 26, 2.2.2016, p. 19).","37","Directive (EU) 2016/2341 of the","European Parliament and of the Council of","14 December 2016 on the activities and","supervision of institutions for occupational","retirement provision (IORPs) (OJ L 354,","23.12.2016, p. 37).","38","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","39","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18)."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"6","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-7","location":[[" Proposal for a regulation","Recital 3"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:35"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","by issuers and investors, it is likely that","diverging measures will continue to be","adopted at national level and different","approaches in different financial services","sectors might persist. Such divergent","measures and approaches would continue","to cause significant distortions of","competition resulting from significant","differences in disclosure standards. In","addition, a parallel development of market-","based practices, based on commercially-","driven priorities that produce divergent","results currently causes further market","fragmentation and might even further","exacerbate the functioning of the internal","market in the future. Divergent disclosure","standards and market-based practices and a","lack of harmonised set of indicators make","it very difficult to compare between","different financial products and services","and create an uneven playing field between","these products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","and indicators relating to transparency","makes it difficult for investors to","effectively compare underlying investee","companies and different financial products","and services in different Member States as","to their environmental, social and","governance impact and risks and","sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"7","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-8","location":[["Proposal for a regulation","Recital 3"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. It may be considered that such","divergent measures and approaches would","continue to cause significant distortions of","competition resulting from significant","differences in disclosure standards. In","addition, a parallel development of market-","based practices, based on commercially-","driven priorities that produce divergent","results currently causes further market","fragmentation and might even further","exacerbate the functioning of the internal","market in the future. Divergent disclosure","standards and market-based practices make","it very difficult to compare between","different financial products and services","and create an uneven playing field between","these products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"8","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-9","location":[[" Proposal for a regulation","Recital 3"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:35"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants. In addition, the lack of","harmonised rules relating to transparency","makes it difficult for end-investors to","effectively compare different financial","products and services in different Member","States as to their environmental, social and","governance risks and sustainable","investment targets. It is therefore necessary","to address existing to the functioning of the","internal market and to prevent likely future","obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"9","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Luke Ming Flanagan","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-10","location":[[" Proposal for a regulation","Recital 3"]],"meps":[124985],"meta":{"created":"2019-07-03T06:23:35"},"new":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing","obstacles to the functioning of the internal","market and to prevent likely future","obstacles."],"old":["(3) In the absence of harmonised Union","rules on sustainability-related disclosures","to end-investors, it is likely that diverging","measures will continue to be adopted at","national level and different approaches in","different financial services sectors might","persist. Such divergent measures and","approaches would continue to cause","significant distortions of competition","resulting from significant differences in","disclosure standards. In addition, a parallel","development of market-based practices,","based on commercially-driven priorities","that produce divergent results currently","causes further market fragmentation and","might even further exacerbate the","functioning of the internal market in the","future. Divergent disclosure standards and","market-based practices make it very","difficult to compare between different","financial products and services and create","an uneven playing field between these","products and services and between","distribution channels, and erect additional","barriers to the internal market. Such","divergences can also be confusing for end-","investors and can distort their investment","decisions. In ensuring compliance with the","Paris Climate Agreement, Member States","are likely to adopt divergent national","measures which could create obstacles to","the smooth functioning of the internal","market and be detrimental to financial","market participants and financial advisors.","In addition, the lack of harmonised rules","relating to transparency makes it difficult","for end-investors to effectively compare","different financial products and services in","different Member States as to their","","environmental, social and governance risks","and sustainable investment targets. It is","therefore necessary to address existing to","the functioning of the internal market and","to prevent likely future obstacles."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"10","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-11","justification":"Clear definitions and harmonized indicators are needed to ensure legal certainty, a minimum\nlevel of consistency among national authorities and market participants, and to avoid\nfragmentation of the market.","location":[["Proposal for a regulation","Recital 4"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:35"},"new":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019, and","'sustainability risks', based on a","harmonised set of indicators. Whilst","focusing on material risks, that definition","should be forward-looking as to take due","consideration of emerging risks."],"old":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"11","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-12","location":[["Proposal for a regulation","Recital 4"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary, as far as possible, to lay down a","harmonised definition of \u2018sustainable","investments\u2019."],"old":["(4) To ensure a coherent application of","this Regulation and that the disclosure","obligations laid down in this Regulation","are clearly and consistently applied by","financial market participants, it is","necessary to lay down a harmonised","definition of \u2018sustainable investments\u2019."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"12","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-13","location":[[" Proposal for a regulation","Recital 5"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:35"},"new":["(5) Remuneration policies of financial","market participants should be consistent","with the integration of sustainability risks","and, where relevant, sustainable investment","targets and should be designed to","contribute to long-term sustainable growth.","Pre-contractual disclosures should","therefore include information on how the","remuneration policies of those entities are","consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investment","targets of the financial products and","services that the financial market","participants make available."],"old":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration of","sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent with","the integration of sustainability risks and","are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"13","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-14","location":[["Proposal for a regulation","Recital 5"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(5) In order to meet the above-","mentioned objectives, remuneration","policies of financial market participants","and financial advisors should be consistent","with the integration of sustainability risks","and, where relevant, sustainable investment","targets and should be designed to","contribute to long-term sustainable growth.","Pre-contractual disclosures should","therefore include information on how the","remuneration policies of those entities are","consistent with the integration of","sustainability risks and are in line, where","relevant, with the sustainable investment","targets of the financial products and","services that the financial market","participants make available or financial","advisors advise on."],"old":["(5) Remuneration policies of financial","market participants and financial advisors","should be consistent with the integration of","sustainability risks and, where relevant,","sustainable investment targets and should","be designed to contribute to long-term","sustainable growth. Pre-contractual","disclosures should therefore include","information on how the remuneration","policies of those entities are consistent with","the integration of sustainability risks and","are in line, where relevant, with the","sustainable investment targets of the","financial products and services that the","financial market participants make","available or financial advisors advise on."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"14","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-15","location":[["Proposal for a regulation","Recital 6"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:35"},"new":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants should","also disclose the reasons for different","weighting and constituents of the","designated index compared to a broad","market index. To further foster","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Such disclosures,","based on a harmonised set of indicators,","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments. Where","no index has been designated as a reference","benchmark financial market participants","should explain how the sustainable","investment target is reached."],"old":["(6) Since sustainability benchmarks","serve as standard points of reference","against which sustainable investments are","measured, end-investors should be","informed by means of pre-contractual","disclosures about the appropriateness of the","designated index, namely the alignment of","that index with the sustainable investment","target. Financial market participants should","also disclose the reasons for different","weighting and constituents of the","designated index compared to a broad","market index. To further foster","","transparency, financial market participants","should also indicate where the","methodology used for the calculation of the","designated index and the broad market","index is to be found, so that end-investors","have the necessary information on how the","underlying assets of the indexes were","selected and weighted, which assets were","excluded and for what reason, how","sustainability-related impacts of the","underlying assets were measured, or which","data sources were used. Such disclosures","should allow for effective comparison and","contribute to develop a correct perception","of sustainably-friendly investments. Where","no index has been designated as a reference","benchmark financial market participants","should explain how the sustainable","investment target is reached."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"15","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-16","location":[[" Proposal for a regulation","Recital 7"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:35"},"new":["(7) Where a financial product or","service targets a reduction in carbon","emissions, pre-contractual disclosures must","include the targeted low carbon emission","exposure. In situations where no Union","harmonised carbon benchmark is available,","the disclosures should include a detailed","explanation of how the continued","adherence to that target is ensured."],"old":["(7) Where a financial product or","service targets a reduction in carbon","emissions, pre-contractual disclosures","should include the targeted low carbon","emission exposure. In situations where no","Union harmonised carbon benchmark is","available, the disclosures should include a","detailed explanation of how the continued","adherence to that target is ensured."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"16","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Nicola Caputo","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-17","location":[["Proposal for a regulation","Recital 7 a (new)"]],"meps":[124851],"meta":{"created":"2019-07-03T06:23:36"},"new":["(7a) Where a financial product or","service is made up of bonds, contracts for","differences, derivatives or other","instruments based on the value of","underlying assets, the disclosures should","specify clearly the link between achieving","the sustainability goals and the value of","the assets;"],"orig_lang":"it","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"17","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-18","location":[["Proposal for a regulation","Recital 8"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:36"},"new":["(8) To enhance transparency and","comparability, inform investors, access to","information on how the sustainability","impact is taken into account and how","sustainability risks are integrated by","financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"old":["(8) To enhance transparency and","inform end-investors, access to","information on how sustainability risks are","integrated by financial market participants","in the investment decision making","processes and by financial advisors in","advisory processes should be regulated by","requiring those entities to maintain that","information on their websites."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"18","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-19","location":[["Proposal for a regulation","Recital 8"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:36"},"new":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"old":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"19","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Nicola Caputo","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-20","location":[[" Proposal for a regulation","Recital 8"]],"meps":[124851],"meta":{"created":"2019-07-03T06:23:36"},"new":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites, in newsletters and other","means of communication with the public","or as content on online automated","assistance services."],"old":["(8) To enhance transparency and","inform end-investors, access to information","on how sustainability risks are integrated","by financial market participants in the","investment decision making processes and","by financial advisors in advisory processes","should be regulated by requiring those","entities to maintain that information on","their websites."],"orig_lang":"it","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"20","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-21","location":[[" Proposal for a regulation","Recital 9"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:36"},"new":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of a harmonised set of","indicators, while relevant for the chosen","sustainable investment target. Where an","appropriate index has been designated as","reference benchmark that information","should also be provided for the designated","index and to a broad market index to allow","for comparison. Information on the","constituents of the designated index and of","the broad market index along with their","weightings should also be disclosed, to","provide further information on how the","sustainable investments targets are","achieved. Where EuSEF managers make","available information on the positive social","impact targeted by a given fund, the overall","social outcome achieved and the related","methods used in accordance with","Regulation (EU) No 346/2013, they may,","where appropriate, use this information for","the purposes of the disclosures under this","Regulation."],"old":["(9) The current disclosure requirements","set out by Union legislation do not provide","that all the information necessary to","properly inform end-investors about the","sustainability-related impact of their","investments must be disclosed. Therefore,","it is appropriate to set out more specific","disclosure requirements with regard to","sustainable investments. For instance, the","overall sustainability-related impact of","financial products should be reported","regularly by means of indicators relevant","for the chosen sustainable investment","target. Where an appropriate index has","been designated as reference benchmark","that information should also be provided","for the designated index and to a broad","market index to allow for comparison.","Information on the constituents of the","designated index and of the broad market","index along with their weightings should","also be disclosed, to provide further","information on how the sustainable","investments targets are achieved. Where","EuSEF managers make available","information on the positive social impact","targeted by a given fund, the overall social","outcome achieved and the related methods","used in accordance with Regulation (EU)","No 346/2013, they may, where appropriate,","use this information for the purposes of the","disclosures under this Regulation."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"21","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-22","location":[["Proposal for a regulation","Recital 10"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:36"},"new":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","impose transparency obligations as regards","social, environmental and corporate","governance aspects in non-financial","reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","and financial advisors when dealing with","end-investors. The financial market","participants, financial advisors and","publicly listed companies should disclose","information on the environmental, social","and corporate governance impact and","risks in annual management reports and","non-financial statements in accordance","with Directive 2013/34/EU, for the","purposes of this Regulation.","__________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"old":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","impose transparency obligations as regards","social, environmental and corporate","governance aspects in non-financial","reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","and financial advisors when dealing with","end-investors. The financial market","participants and financial advisors should","have the option to use information in","management reports and non-financial","statements in accordance with Directive","2013/34/EU for the purposes of this","Regulation, where appropriate.","__________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"22","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-23","location":[[" Proposal for a regulation","Recital 10"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:36"},"new":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","impose transparency obligations as regards","socio-economic, environmental and","corporate governance aspects in non-","financial reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","when dealing with end-investors. The","financial market participants should have","the option to use information in","management reports and non-financial","statements in accordance with Directive","2013/34/EU for the purposes of this","Regulation, where appropriate.","__________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"old":["(10) Directive 2013/34/EU of the","European Parliament and of the Council40","","impose transparency obligations as regards","social, environmental and corporate","governance aspects in non-financial","reporting. The required form and","presentation established by those","Directives is not, however, suitable for","direct use by financial market participants","and financial advisors when dealing with","end-investors. The financial market","participants and financial advisors should","have the option to use information in","management reports and non-financial","statements in accordance with Directive","2013/34/EU for the purposes of this","Regulation, where appropriate.","__________________","40","Directive 2013/34/EU of the European","Parliament and of the Council of 26 June","2013 on the annual financial statements,","consolidated financial statements and","related reports of certain types of","undertakings, amending Directive","2006/43/EC of the European Parliament","and of the Council and repealing Council","Directives 78/660/EEC and 83/349/EEC","(OJ L 182, 29.6.2013, p. 19)."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"23","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-24","location":[["Proposal for a regulation","Recital 11"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:36"},"new":["(11) To ensure the reliability of","information published on financial market","participants' and financial advisors'","websites, that information should be","regularly updated, and any review or","change should be clearly explained."],"old":["(11) To ensure the reliability of","information published on financial market","participants' and financial advisors'","websites, that information should be kept","up-to-date, and any review or change","should be clearly explained."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"24","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Urszula Krupa","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-25","location":[[" Proposal for a regulation","Recital 11"]],"meps":[28334],"meta":{"created":"2019-07-03T06:23:36"},"new":["(11) To ensure the reliability of","information published on financial market","participants' websites, that information","should be kept up-to-date, and any review","or change should be clearly explained."],"old":["(11) To ensure the reliability of","information published on financial market","participants' and financial advisors'","websites, that information should be kept","up-to-date, and any review or change","should be clearly explained."],"orig_lang":"pl","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"25","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Mireille D'Ornano","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-26","location":[[" Proposal for a regulation","Recital 12"]],"meps":[124750],"meta":{"created":"2019-07-03T06:23:36"},"new":["(12) In order to specify how IORPs","make investment decisions and assess risks","in order to take into account","environmental, social and governance","risks, the power to adopt acts in accordance","with Article 290 of the Treaty on the","Functioning of the European Union should","be delegated to the Commission in","Directive (EU) 2016/2341. Governance","and risk-management rules already apply","to the investment decisions and the risks","assessments in order to ensure continuity","and regularity in the performance of IORPs","activities. The investment decisions and the","assessment of relevant risks, including","environmental, social and governance","risks, should be made in such a manner as","to ensure compliance with the interests of","members and beneficiaries. The activities","and underlying processes of IORPs should","ensure that the aim of the delegated acts is","achieved. The delegated acts should ensure","consistency, where relevant, with delegated","acts adopted under Directive 2009/65/EC,","Directive 2009/138/EC and Directive","2011/61/EU. It is of particular importance","that the Commission carry out appropriate","consultations during its preparatory work,","including at expert level, and that those","consultations be conducted in accordance","with the principles laid down in the","Interinstitutional Agreement on Better","Law-Making of 13 April 2016. In","particular, to ensure the necessary","transparency and equal participation in the","preparation of delegated acts, the European","Parliament and the Council should receive","all documents at the same time as Member","States\u2019 experts, and their experts should","systematically have access to meetings of","Commission expert groups dealing with the","preparation of delegated acts."],"old":["(12) In order to specify how IORPs","make investment decisions and assess risks","in order to take into account","environmental, social and governance","risks, the power to adopt acts in accordance","with Article 290 of the Treaty on the","Functioning of the European Union should","be delegated to the Commission in","Directive (EU) 2016/2341. Governance","and risk-management rules already apply","to the investment decisions and the risks","assessments in order to ensure continuity","and regularity in the performance of IORPs","activities. The investment decisions and the","assessment of relevant risks, including","environmental, social and governance","risks, should be made in such a manner as","to ensure compliance with the interests of","members and beneficiaries. The activities","and underlying processes of IORPs should","ensure that the aim of the delegated acts is","","achieved. The delegated acts should ensure","consistency, where relevant, with delegated","acts adopted under Directive 2009/65/EC,","Directive 2009/138/EC and Directive","2011/61/EU. It is of particular importance","that the Commission carry out appropriate","consultations during its preparatory work,","including at expert level, and that those","consultations be conducted in accordance","with the principles laid down in the","Interinstitutional Agreement on Better","Law-Making of 13 April 2016. In","particular, to ensure equal participation in","the preparation of delegated acts, the","European Parliament and the Council","should receive all documents at the same","time as Member States\u2019 experts, and their","experts should systematically have access","to meetings of Commission expert groups","dealing with the preparation of delegated","acts."],"orig_lang":"fr","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"26","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-27","location":[["Proposal for a regulation","Recital 13"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:36"},"new":["(13) The European Banking Authority","(\u2018EBA\u2019), European Insurance and","Occupational Pensions Authority","(\u2018EIOPA\u2019) and the European Securities and","Markets Authority (\u2018ESMA\u2019) (collectively","known as the \u2018ESAs\u2019) established by","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council,41","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council42","and Regulation (EU) No 1095/2010 of the","European Parliament and of the Council43","respectively should, through the Joint","Committee, develop regulatory technical","standards further specifying the details of","the presentation and content of the","information on the sustainability impact","and risks of investment to be disclosed in","pre-contractual documents, periodical and","annual integrated reports and websites of","financial market participants in accordance","with Articles 10 to 14 of Regulation No","1093/2010, Regulation No 1094/2010 and","of Regulation (EU) No 1095/2010. The","Commission should be empowered to","adopt those regulatory technical standards.","__________________","41","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Banking Authority), amending Decision","No 716/2009/EC and repealing","Commission Decision 2009/78/EC (OJ L","331, 15.12.2010, p. 12).","42","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Insurance and Occupational Pensions","Authority), amending Decision No","716/2009/EC and repealing Commission","Decision 2009/79/EC (OJ L 331,","15.12.2010, p. 48).","43","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":["(13) The European Banking Authority","(\u2018EBA\u2019), European Insurance and","Occupational Pensions Authority","(\u2018EIOPA\u2019) and the European Securities and","Markets Authority (\u2018ESMA\u2019) (collectively","known as the \u2018ESAs\u2019) established by","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council,41","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council42","and Regulation (EU) No 1095/2010 of the","European Parliament and of the Council43","respectively should, through the Joint","Committee, develop regulatory technical","standards further specifying the details of","the presentation and content of the","","information on sustainability investment","targets to be disclosed in pre-contractual","documents, periodical reports and websites","of financial market participants in","accordance with Articles 10 to 14 of","Regulation No 1093/2010, Regulation No","1094/2010 and of Regulation (EU) No","1095/2010. The Commission should be","empowered to adopt those regulatory","technical standards.","__________________","41","Regulation (EU) No 1093/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Banking Authority), amending Decision","No 716/2009/EC and repealing","Commission Decision 2009/78/EC (OJ L","331, 15.12.2010, p. 12).","42","Regulation (EU) No 1094/2010 of the","European Parliament and of the Council of","24 November 2010 establishing a","European Supervisory Authority (European","Insurance and Occupational Pensions","Authority), amending Decision No","716/2009/EC and repealing Commission","Decision 2009/79/EC (OJ L 331,","15.12.2010, p. 48).","43","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":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"27","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-28","justification":"Strengthening the due diligence framework for financial market participants helps investors\nto avoid possible negative impacts of their investments on society and the environment, avoid\nfinancial and reputational risks, respond to expectations of their clients and beneficiaries,\nand considering risks beyond a financial understanding of their investor duties.","location":[[" Proposal for a regulation","Recital 16 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:36"},"new":["(16a) The disclosure rules set out in this","Regulation complement the introduction","of a full overarching, mandatory due","diligence framework for all market","participants, both investor and investee","companies, including a duty of care","component, to be fully phased-in within a","transitional period and taking into","account the proportionality principles, in","line with the OECD Guidelines on due","diligence, and building on the European","Parliament resolution of 29 May 2018 on","sustainable finance which calls for a","mandatory due diligence framework."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"28","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-29","location":[["Proposal for a regulation","Recital 18"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(18) Since the objectives of this","Regulation, namely to strengthen","information to investors and improve","disclosures to them, and to help financial","market participants, investment advisers","and publicly listed companies integrate","environmental, social and governance","risks into their investment strategies and","company board decisions, cannot be","sufficiently achieved by the Member States","but can be better achieved at Union level","because of the need to lay down uniform","disclosure requirements at Union level the","Union may adopt measures, in accordance","with principle of subsidiarity as set out in","Article 5 of the Treaty on the European","Union. In accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"old":["(18) Since the objectives of this","Regulation, namely to strengthen","protection for end- investors and improve","disclosures to them, including in cases of","cross-border purchases for end-investors,","cannot be sufficiently achieved by the","Member States but can be better achieved","at Union level because of the need to lay","down uniform disclosure requirements at","Union level the Union may adopt","measures, in accordance with principle of","","","subsidiarity as set out in Article 5 of the","Treaty on the European Union. In","accordance with the principle of","proportionality, as set out in that Article,","this Regulation does not go beyond what is","necessary in order to achieve those","objectives,"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"29","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-30","location":[[" Proposal for a regulation","Recital 18 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(18a) To fulfil the obligations of due","diligence concerning the sustainability","impact and risks, financial market","participants need reliable, comparable","and harmonised disclosure of information","by investee companies. Therefore, the","disclosure requirements laid out in this","Regulation should apply to publicly listed","companies after a transitional period of","18 months following the entry into force","of this Regulation. The Commission","should accordingly examine if it would be","appropriate to propose corresponding","amendments to Directive 2013/34/EU."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"30","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-31","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice,","and publicly listed companies on how","sustainability risks and impact are","incorporated in investment decision-","making process or advisory process, and","the transparency of the sustainability","impact and risks of investment products,","where material and appropriate."],"old":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice on","the integration of sustainability risks in","investment decision-making process or","advisory process and the transparency of","financial products that have as their","targets sustainable investments, including","the reduction in carbon emissions."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"31","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Gerben-Jan Gerbrandy","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-32","justification":"It should be clear in the legal text that the transparency requirements in the Regulation apply\n\n to all financial products.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1"]],"meps":[96940],"meta":{"created":"2019-07-03T06:23:37"},"new":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice on","the integration of sustainability risks in","investment decision-making process or","advisory process and the transparency of","financial products, including financial","products that have as their targets","sustainable investments, including the","reduction in carbon emissions."],"old":["This Regulation lays down harmonised","rules on the transparency to be applied by","financial market participants, insurance","intermediaries which provide insurance","advice with regard to IBIPs and investment","firms which provide investment advice on","the integration of 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Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-34","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point h \u2013 point ii a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(iia) a pan-European pension product","as proposed in the Regulation","201X/XXX1a;","__________________","1a Regulationof the European Parliament","and of the Council on a pan-European","Personal Pension Product (PEPP),","2017/0143 (COD)."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"34","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-35","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(o) \u2018sustainable 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the following:"],"old":["(o) \u2018sustainable investments\u2019 mean any","of the following or a combination of any","of the following:"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"36","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-37","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point o \u2013 point i"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(i) investments in an economic activity","that contributes to an environmental","objective, including an environmentally","sustainable investment as defined in Article","2 of [PO: Please insert reference to","Regulation on the establishment of a","framework to facilitate sustainable","investment] and based on key resource","efficiency indicators, such as the use of","energy, use of renewable energy, use of","raw 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sound","management and due diligence structures,","employee relations, remuneration of","relevant staff and tax compliance;"],"old":["(iii) investments in companies following","good governance practices, and in","particular companies with sound","management structures, employee","relations, remuneration of relevant staff","and tax compliance;"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"38","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-39","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point s a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["(sa) 'sustainability risks' means","financial or non-financial risks, material","or likely to be materialised in the long","term, linked to environmental, social and","governance factors, where relevant for a","particular investment approach;"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"39","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-40","location":[["Proposal for a regulation","Article 3 \u2013 title"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["Transparency of the sustainability risk","policies and the sustainability impact"],"old":["Transparency of the sustainability risk","policies"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"40","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-41","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:37"},"new":["1. 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Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall have in place","written policies on the integration of","sustainability risks and impact in","investment advice or insurance advice,","such as in the areas of governance, asset","allocation, investment strategy, risk","management, the exercise of shareholder","voting and company engagement; and","publish a summary of them in written","form on their websites."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"43","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":" Gerben-Jan Gerbrandy","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-44","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[96940],"meta":{"created":"2019-07-03T06:23:38"},"new":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","risks in investment advice or insurance","advice, including in the areas of","governance, asset allocation, investment","strategy, the exercise of shareholder","voting and company engagement, on their","websites."],"old":["2. Insurance intermediaries which","provide insurance advice with regard to","IBIPs and investment firms which provide","investment advice shall publish written","policies on the integration of sustainability","","risks in investment advice or insurance","advice on their websites."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"44","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-45","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:23:38"},"new":["2a. Financial markets participants","and insurance intermediaries shall have","in place due diligence processes that","ensure that the identification and","management of sustainability risks are","sufficiently integrated in investment","decision-making, requiring investors to","identify, prevent, mitigate and account for","ESG factors, taking into account the 2017","OECD Guidelines1a, and publish them in","written form on their websites.","__________________","1aOECD (2017) Responsible business","conduct for institutional investors: Key","considerations for due diligence."],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"45","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Gerben-Jan Gerbrandy","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-46","justification":" The European Systemic Risk Board, the Dutch Central Bank, the Bank of England and many\n other financial institutions and advisory bodies recognise the systemic risk of climate change\n for the financial system and the economy. The sustainability risks integrated must therefore\n also clearly cover the risks posed by climate change.","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2 a (new)"]],"meps":[96940],"meta":{"created":"2019-07-03T06:23:38"},"new":["2a. 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As the extent and level of carbon pricing may significantly\nchange due to the transition to a low-carbon economy, additional transparency on carbon\ncosts would help to reduce systemic risks.","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b a (new)"]],"meps":[96940],"meta":{"created":"2019-07-03T06:23:38"},"new":["(ba) scenarios and projected costs","related to carbon pricing, from emissions","trading, taxation or other relevant","regulatory requirements, that have been","taken into account in the assessments of","the sustainability risks;"],"orig_lang":"en","peid":"PE627.577v01-00","reference":"2018/0179(COD)","seq":"54","src":"http://www.europarl.europa.eu/doceo/document/ENVI-AM-627577_EN.pdf"},{"authors":"Gerben-Jan Gerbrandy","changes":{},"committee":["ENVI"],"date":"2018-09-05T00:00:00","id":"PE627.577-55","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 1 \u2013 point b b 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PURPOSE: to strengthen the protection for\nend-investors and improve the disclosure of information on\nsustainable investments to them.
\nPROPOSED ACT: Council Directive.
\nROLE OF THE\nEUROPEAN PARLIAMENT: the Council adopts the act after consulting\nthe European Parliament but without being obliged to follow its\nopinion.
\nBACKGROUND: in the absence\nof harmonised Union rules on sustainability-related disclosures to\nend-investors, it is likely that diverging measures will continue\nto be adopted at national level and different approaches in\ndifferent financial services sectors might\npersist.
\nIn ensuring compliance with the Paris Climate\nAgreement, Member States are likely to adopt divergent national\nmeasures which could create obstacles to the smooth functioning of\nthe internal market and be detrimental to financial market\nparticipants and financial advisors.
\nThis proposal is part of a wider Commission\ninitiative on sustainable development. It aims to bring\ninstitutional investors (management companies of undertakings for\ncollective investment in transferable securities (UCITS),\nalternative investment fund managers (FIA), insurance companies,\ninstitutions for occupational retirement provision (IORP), European\nventure capital fund managers (EuVECA), European social\nentrepreneurship fund managers (EuSEF) and investment firms) to\nintegrate environmental, social and governance (ESG) criteria into\ntheir internal processes and to inform their clients.
\nThe proposal is presented in parallel with a\nproposal to help investors compare the carbon footprint of\ninvestments.
\nThis should ensure that financial market\nparticipants undertakings for collective investment in\ntransferable securities (UCITS) management companies, alternative\ninvestment fund managers (AIFMs), insurance undertakings,\ninstitutions for occupational retirement provision (IORPs),\nEuropean venture capital fund (EuVECA) managers, European social\nentrepreneurship funds (EuSEF) managers and investment firms - that\nreceive a mandate from their clients or beneficiaries to take\ninvestment decisions on their behalf would integrate\nenvironmental, social and governance (ESG) considerations into\ntheir internal processes and inform their clients in this\nrespect.
\nThe proposal is presented in parallel with a proposal\nto help investors compare the carbon footprint of\ninvestments.
\nIMPACT ASSESSMENT: a clear and coherent\napproach on integration of ESG risks would have the following\neconomic impacts: end-investors will have more information on how\nfinancial market participants and financial advisors integrate ESG\nrisks in their investment decision-making or advisory processes.\nESG risks would be more systematically taken into account in\nfinancial modelling, leading to an optimal risk-return trade-off at\nleast in the long-term, thereby fostering market efficiency. This\nwill encourage financial market participants and financial advisors\nto be innovative in investment strategies or in their\nrecommendations.
\nCONTENT: the proposed Regulation establishes\nharmonised rules on transparency to be applied by financial\nmarket participants, by insurance intermediaries providing\nadvice on insurance-based investment products and by financial\nadvisers in relation to:
\nThe term sustainable investments\ncovers: (i) investments in an economic activity that contributes to\nan environmental objective; (ii) investments in an economic\nactivity that contributes to a social objective, and in particular\nan investment that contributes to tackling inequality, an\ninvestment fostering social cohesion, social integration and labour\nrelations, or an investment in human capital or economically or\nsocially disadvantaged communities; (iii) investments in companies\nfollowing good governance practices, and in particular companies\nwith sound management structures, employee relations, remuneration\nof relevant staff and tax compliance.
\nSpecifically, the proposal:
\nThis proposal amends Directive\n(EU) 2016/2341. It empowerments the Commission to adopt\ndelegated acts specifying the prudent person\nrule with respect to the consideration of ESG risks and the\ninclusion of ESG factors in internal investment decisions and risk\nmanagement processes.
\nPURPOSE: to strengthen the protection for\nend-investors and improve the disclosure of information on\nsustainable investments to them.
\nPROPOSED ACT: Council Directive.
\nROLE OF THE\nEUROPEAN PARLIAMENT: the Council adopts the act after consulting\nthe European Parliament but without being obliged to follow its\nopinion.
\nBACKGROUND: in the absence\nof harmonised Union rules on sustainability-related disclosures to\nend-investors, it is likely that diverging measures will continue\nto be adopted at national level and different approaches in\ndifferent financial services sectors might\npersist.
\nIn ensuring compliance with the Paris Climate\nAgreement, Member States are likely to adopt divergent national\nmeasures which could create obstacles to the smooth functioning of\nthe internal market and be detrimental to financial market\nparticipants and financial advisors.
\nThis proposal is part of a wider Commission\ninitiative on sustainable development. It aims to bring\ninstitutional investors (management companies of undertakings for\ncollective investment in transferable securities (UCITS),\nalternative investment fund managers (FIA), insurance companies,\ninstitutions for occupational retirement provision (IORP), European\nventure capital fund managers (EuVECA), European social\nentrepreneurship fund managers (EuSEF) and investment firms) to\nintegrate environmental, social and governance (ESG) criteria into\ntheir internal processes and to inform their clients.
\nThe proposal is presented in parallel with a\nproposal to help investors compare the carbon footprint of\ninvestments.
\nThis should ensure that financial market\nparticipants undertakings for collective investment in\ntransferable securities (UCITS) management companies, alternative\ninvestment fund managers (AIFMs), insurance undertakings,\ninstitutions for occupational retirement provision (IORPs),\nEuropean venture capital fund (EuVECA) managers, European social\nentrepreneurship funds (EuSEF) managers and investment firms - that\nreceive a mandate from their clients or beneficiaries to take\ninvestment decisions on their behalf would integrate\nenvironmental, social and governance (ESG) considerations into\ntheir internal processes and inform their clients in this\nrespect.
\nThe proposal is presented in parallel with a proposal\nto help investors compare the carbon footprint of\ninvestments.
\nIMPACT ASSESSMENT: a clear and coherent\napproach on integration of ESG risks would have the following\neconomic impacts: end-investors will have more information on how\nfinancial market participants and financial advisors integrate ESG\nrisks in their investment decision-making or advisory processes.\nESG risks would be more systematically taken into account in\nfinancial modelling, leading to an optimal risk-return trade-off at\nleast in the long-term, thereby fostering market efficiency. This\nwill encourage financial market participants and financial advisors\nto be innovative in investment strategies or in their\nrecommendations.
\nCONTENT: the proposed Regulation establishes\nharmonised rules on transparency to be applied by financial\nmarket participants, by insurance intermediaries providing\nadvice on insurance-based investment products and by financial\nadvisers in relation to:
\nThe term sustainable investments\ncovers: (i) investments in an economic activity that contributes to\nan environmental objective; (ii) investments in an economic\nactivity that contributes to a social objective, and in particular\nan investment that contributes to tackling inequality, an\ninvestment fostering social cohesion, social integration and labour\nrelations, or an investment in human capital or economically or\nsocially disadvantaged communities; (iii) investments in companies\nfollowing good governance practices, and in particular companies\nwith sound management structures, employee relations, remuneration\nof relevant staff and tax compliance.
\nSpecifically, the proposal:
\nThis proposal amends Directive\n(EU) 2016/2341. It empowerments the Commission to adopt\ndelegated acts specifying the prudent person\nrule with respect to the consideration of ESG risks and the\ninclusion of ESG factors in internal investment decisions and risk\nmanagement processes.
\n