2023/0166(COD) Packaged retail and insurance-based investment products (PRIIPs): modernisation of the key information document
Lead committee dossier:
Progress: Awaiting Parliament's position in 1st reading
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
YON-COURTIN Stéphanie ( Renew)
|
SEEKATZ Ralf ( EPP),
HEINÄLUOMA Eero ( S&D),
GRUFFAT Claude ( Verts/ALE),
ZANNI Marco ( ID),
NESCI Denis ( ECR)
|
| Committee Opinion | ENVI | ||
| Committee Opinion | IMCO | ||
| Committee Opinion | LIBE |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2024/04/11
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2024/04/10
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2024/03/25
EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2024/03/25
EP - Committee report tabled for plenary, 1st reading
Documents
2024/03/20
EP - Vote in committee, 1st reading
2024/03/20
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2023/11/07
EP - Amendments tabled in committee
Documents
2023/10/02
EP - Committee draft report
Documents
2023/09/25
CZ_CHAMBER - Contribution
Documents
2023/07/10
EP - Committee referral announced in Parliament, 1st reading
2023/05/30
EP - YON-COURTIN Stéphanie (Renew) appointed as rapporteur in ECON
2023/05/24
EC - Legislative proposal published
Details
PURPOSE: to amend Regulation (EU) No 1286/2014 as regards the modernisation of the key information document (KID).
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: packaged retail investment and insurance products (PRIIPs) are at the core of the retail investment market. They are investment products that banks typically offer to consumers, for example, when they want to save for a specific objective such as a house purchase or for a child’s education. PRIIPs cover a range of investment products.
Despite their potential benefits for retail investors, PRIIPs are often complicated and lacking in transparency. The information which institutions make available to investors when selling these products can be overly complex.
Regulation(EU) No 1286/2014 the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment (PRIIPs) obliges those who produce or sell investment products to provide investors with key information documents (KIDs).
KIDs are short, plainly-worded documents – no more than a few pages long – that provide investors with answers to key questions they have about the features, risks, and costs of investment products. They are designed for retail investors rather than institutions or professionals to help the investor make more informed decisions on whether an investment is right for them.
This initiative builds upon, and improves, existing rules that govern the provision of PRIIPs key information documents (PRIIPs KIDs) to retail investors by manufacturers and distributors of investment products. It involves targeted changes to this framework, keeping the main provisions intact.
CONTENT: this proposal amends Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (‘PRIIPs’).
In particular, the proposal aims to:
- update the legal references to the existing legislation (now Regulation 2017/1129 – ‘the Prospectus Regulation’) for the types of securities that do not have to produce a PRIIPs KID;
- exclude retail products providing immediate annuities without a redemption phase from the scope of the PRIIPs Regulation;
- amend the rules for presenting costs of multi-option products , specifying the conditions that have to be met in order to provide transparent information to retail investors and facilitate choice between different investment options;
- introduce a new section in the PRIIPs KID titled ‘Product at a glance’ to summarise and highlight the information on an investment product type, its costs and the level of riskiness, recommended holding period and presence of insurance benefit;
- remove the ‘comprehension alert’ as it has not been sufficiently effective in warning retail investors against particularly complex products and could have also unintentionally discouraged them from purchasing less complex investment products;
- introduce a new section in the PRIIPs KIDs titled ’How environmentally sustainable is this product?’ (‘sustainability section) to provide retail investors with a harmonised set of key information on the sustainability profile of relevant investment products, building on existing product disclosures;
- modernise and simplify the provisions on making PRIIPs KIDs available. It establishes a stronger preference for KIDs to be provided in electronic format , while clarifying that the client may request a paper version of the PRIIPS KID free of charge;
- task the European Supervisory Authorities with the development of draft regulatory technical standards specifying the conditions for such presentation as well as the functionalities to make information accessible to visually impaired readers.
Documents
Documents
- Committee report tabled for plenary, 1st reading/single reading: A9-0160/2024
- Committee report tabled for plenary, 1st reading: A9-0160/2024
- Amendments tabled in committee: PE754.650
- Committee draft report: PE753.665
- Contribution: COM(2023)0278
- Legislative proposal published: COM(2023)0278
- Legislative proposal published: EUR-Lex
- Committee draft report: PE753.665
- Amendments tabled in committee: PE754.650
- Committee report tabled for plenary, 1st reading/single reading: A9-0160/2024
- Contribution: COM(2023)0278
| Amendments | Dossier |
| 105 |
2023/0166(COD)
2023/11/07
ECON
105 amendments...
Amendment 100 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1286/2014 Article 10 – paragraph 2 – point b (b) the conditions under which the key information document must be revised
Amendment 101 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 a (new) Regulation (EU) No 1286/2014 Article 13 – paragraph 1 a (new) (6a) in Article 13, the following paragraph is added: “1a. A person advising on, or selling, a PRIIP must make available on its website, in a manner that is easily and publicly accessible to all retail investors, all of the relevant key information documents that the person sells or advises on.”
Amendment 102 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 a (new) Regulation (EU) No 1286/2014 Article 13 – paragraph 4 (4) "Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and to the first transaction after the key information document has been revised in accordance with Article 10.
Amendment 103 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 1 (1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The key information document shall be provided in an electronic format as defined in Article 4 paragraph 1 point 7a, unless the retail investor has requested to receive the key information document on paper. The person advising on, or selling a PRIIP shall inform the retail investors about their right to request receiv
Amendment 104 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 1 (1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The information shall be provided, by default, in an electronic format
Amendment 105 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 Amendment 106 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 Amendment 107 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 Amendment 108 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 Amendment 109 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 Amendment 110 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Amendment 111 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 Amendment 112 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 Amendment 113 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 Amendment 114 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Amendment 115 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 4 (4) The key information document may be presented in a layered format.
Amendment 116 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 5 (5)
Amendment 117 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 Amendment 118 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 Amendment 119 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 (6) The key information document
Amendment 120 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1286/2014 Article 16 – paragraph 2 (7a) in Article 16, paragraph 2 is replaced by the following: “2. EIOPA shall take a decision under paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed action addresses a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union, also taking into account any deviation by the insurance-based investment product from the benchmarks to be developed by EIOPA in accordance with Article 25(8) of Directive (EU) 2016.97;
Amendment 121 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1286/2014 Article 16 – paragraph 2 – point c (7a) in Article 16(2), point (c) is amended as follows: "(c) a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat
Amendment 122 #
Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date =
Amendment 123 #
Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO
Amendment 124 #
Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date =
Amendment 125 #
Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply
Amendment 21 #
Proposal for a regulation Recital 1 a (new) (1a) The Capital Markets Union (CMU) will only achieve its goals if citizens adhere to it and, to that end, it is essential to guarantee high levels of financial literacy. The level of financial literacy differs significantly across Member States and EU legislation must ensure that the access to financial markets is not only facilitated through proportionate and clear rules, but also by concrete steps towards simplification.
Amendment 22 #
Proposal for a regulation Recital 2 a (new) (2a) The purpose of this Regulation is to cover packaged products that are manufactured by the financial services industry in order to provide additional investment opportunities to retail investors. Non-equity securities issued by non-financial issuers contribute to the financing of corporate issuers and, where they are offered to retail investors, will be subject to the obligation to draw up a prospectus, which includes a summary, thus providing retail investors with adequate pre-contractual information. These securities should be excluded from the scope of this Regulation. The current requirement to produce, review and update a key information document for such non-equity securities, until their maturity, encourages issuers to restrict them to professional investors only, thus depriving retail investors of investment options. Addressing non-equity securities issued by non-financial issuers will therefore remove this incentive and might encourage retail investors’ participation in Union capital markets, while offering those retail investors with more opportunities to diversify their financial portfolios.
Amendment 23 #
Proposal for a regulation Recital 3 (3) In the case PRIIPs offer the retail investor a range of options for investments, the information on those various options
Amendment 24 #
Proposal for a regulation Recital 4 Amendment 25 #
Proposal for a regulation Recital 5 (5) Increased digitalisation provides opportunities to present key features of PRIIPs in a more attractive way. Regulation (EU) No 1286/2014 does not, however, provide sufficient flexibility for the use of digital means for displaying key information to investors such as presenting information from PRIIPs key information documents in a layered way
Amendment 26 #
Proposal for a regulation Recital 7 (7) To ensure that retail investors make an informed investment decision at all times, the key information document should be kept up to date. Draft regulatory technical standards should specify
Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a a (new) Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point d a (new) (a a) the following point is inserted: ‘(da) non-equity securities which are issued by non-financial issuers and for which a prospectus is established pursuant to Regulation (EU) 2017/1129’;’
Amendment 28 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h)
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h) pension products
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h) pension products,
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h a (new) ‘(ha) immediate annuities.’;
Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a a (new) Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 5 (
Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 7a (7a) ‘electronic format’ means
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 7a (7a) ‘electronic format’ means a website or any durable medium other than paper;;
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1286/2014 Article 5 – paragraph 1 Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 2 (3a) Article 6, paragraph 2 is replaced by the following: "2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material nor any recommendations to invest. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document by this Regulation.
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIP offers the retail investors a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand- alone document, the key information document shall
Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIPs offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise, stand- alone document, the key information
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each investment option cannot be provided within a single, concise stand-alone document, the key information document shall provide a generic description of the underlying investment options,
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, including in tabular or graphical form, that facilitate research and comparison among the different investment options, including on costs;
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, also by way of charts or graphs, that facilitate research and comparison among the different investment options, including on costs;
Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, including in tabular or graphical form, that facilitate research and comparison among the different investment options, including on costs;
Amendment 48 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools, such as a table or list, adapted to retail investors that facilitate research and comparison among the different investment options, including on costs;
Amendment 49 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point b Amendment 50 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c Amendment 51 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c Amendment 52 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c Amendment 53 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c Amendment 54 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c Amendment 55 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 a (new) 3a. Prescribed growth rates or charges may be used where they or a suitable benchmark are not available, with a warning at the top that it is using prescribed numbers.
Amendment 56 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 (4a) in Article 6, paragraph 4 is replaced by the following: “4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of
Amendment 57 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 (4 a) in Article 6, paragraph 4 is amended as follows: "4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of
Amendment 58 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 a (new) (4) In Article 6, the following paragraph is added: “4 a. By way of derogation from paragraph 3, where a PRIIP offers the retail investors a range of options for investments and where there are fewer than 100 different underlying options for investments available to the retail investor, the PRIIPs manufacturer shall be required to provide a summary table in the annex to the Key Information Document including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options.”
Amendment 59 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 b (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 5 a (new) (4b) In Article 6, the following paragraph is added: “5a. In order to ensure consistent application of paragraph 2 and 3, EIOPA shall in consultation with ESMA, develop draft regulatory technical standards specifying the type of information to be provided in the digital comparison tool and the summary table and how this information will be presented to investors, ensuring the information is concise, comparable and understandable to investors. EIOPA shall submit those draft regulatory technical standards to the Commission by… [PO please insert the date= one year after the date of entry into force of this amending Regulation]. 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.”
Amendment 60 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point a a Amendment 61 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa Amendment 62 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa Amendment 63 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa Amendment 64 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – introductory part (aa) under a section titled
Amendment 65 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point a a – point v (v) whether or not the PRIIP offers the insurance benefits referred to in point (c) (iv);
Amendment 66 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v (v) whether or not the PRIIP offers the insurance benefits referred to in point (c) (iv);’
Amendment 67 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (new) (va) whether or not the PRIIP offers financial guarantees;
Amendment 68 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (new) (va) whether or not the PRIIP offers financial guarantees;
Amendment 69 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (va) whether or not the PRIIP offers financial guarantees.
Amendment 70 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point b Amendment 71 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point b a (new) (ba) the following point (ba) is inserted: (ba) where applicable, a comprehension alert which shall read: ‘You are about to purchase a particularly risky product’;
Amendment 72 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – introductory part (ii)
Amendment 73 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 1 Amendment 74 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 2 Amendment 75 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 Amendment 76 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 a (new) (3a) the risk level specified as high, medium or low risk;
Amendment 77 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 b (new) (3b) a specification of how the manufacturer measures the performance of the PRIIP with regard to their investment objective. This measurement shall include, as a minimum, a comparison with a capital market benchmark and inflation over the recommended holding period;
Amendment 78 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point iii (
Amendment 79 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c a (new) (ca) in paragraph 3, the following point is inserted: ‘(ca) for PRIIPs which are ‘financial products’ as defined in Article 2, point (12), of Regulation (EU) 2019/2088 of the European Parliament, under a section titled ‘Is this product sustainable?’, the following information: (i) whether the PRIIPs will make sustainable investments in accordance with Regulation (EU) 2019/2088. Where applicable the minimum proportion of the investment of the PRIIP that qualify as sustainable investment in accordance with Regulation (EU) 2019/2088 and/or are activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council**** shall be disclosed. The difference between sustainable investment in accordance with Regulation (EU) 2019/2088 and activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852, shall be explained; (ib) whether, in relation to the PRIIP the PRIIP manufacturer considered principal adverse impacts of investment decision on sustainability factors; (ii) the expected greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288 and where applicable, if the PRIIP has a reduction in carbon emissions as its objective’;
Amendment 80 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point d (ca) in paragraph 3, point (d) is amended as follows: "(d) under a section titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward profile comprising the following elements: (i) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PRIIP and which are not adequately captured by the summary risk indicator; (ii) the possible maximum loss of invested capital, including, information on:— whether the retail investor can lose all invested capital, or— whether the retail investor bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PRIIP, and— where applicable, whether the PRIIP includes capital protection against market risk, and the details of its cover and limitations, in particular with
Amendment 81 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point f (ca) in paragraph 3, point (f) is amended as follows: "(f) under a section titled ‘What are the
Amendment 82 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point f – subparagraph 1 (ca) in paragraph 3, point (f), the following subparagraph is added after the first subparagraph: “This section shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns."
Amendment 83 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point g a Amendment 84 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga Amendment 85 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga Amendment 86 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga Amendment 87 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point g a Amendment 88 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – introductory part (ga)
Amendment 89 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii a (new) (iia) the categorisation of the PRIPP under Articles 7, 8 or 9 of Regulation (EU) 2019/2088;
Amendment 90 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii a (new) (iia) the exposure of the PRIIP to coal-, oil- and gas-related activities in accordance with Article 19a of Directive 2013/34/EU;
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii b (new) (iib) a link to the relevant pre- contractual disclosures that have to be provided to retail investors in accordance with Article 6(3) of Regulation (EU) 2019/2088;
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii b (new) (iib) the exposure of the PRIIP to the exploration, production, processing, distribution, storage or combustion of fossil fuels;
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii c (new) (iic) the degree of alignment of the PRIIP with a 1.5°C pathway pursuant to the Paris Agreement;
Amendment 94 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga a (new) (gaa) In order to ensure consistent application of this Article, the ESAs shall, through the Joint Committee of the European Supervisory Authorities (‘Joint Committee’), develop draft regulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraph (ga).
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 1 – introductory part (eb) Article 8, paragraph 5 is amended as follows: "5. In order to ensure consistent application of this Article, after conducting consumer testing, the ESAs shall, through the Joint Committee of the European Supervisory Authorities (‘Joint Committee’), develop draft regulatory technical standards specifying:
Amendment 96 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e b (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 2 (ea) in paragraph 5, the second subparagraph is amended as follows: "When developing the draft regulatory technical standards the ESAs shall take into account the various types of PRIIPs, the differences between them and the capabilities of retail investors as well as the features of the PRIIPs so as to allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future.
Amendment 97 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 3 (new) (ea) in paragraph 5, the following subparagraph is inserted after the second subparagraph: “When developing the draft regulatory technical standards, the ESAs shall take into account that the ESG scale as referred to in point ga of the third paragraph of this Article shall be designed in categories from A to F based on the following information: - “A” implies a high proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of regulation (EU) 2019/2088; - “B” implies a moderate proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of Regulation (EU) 2019/2088 - “C” implies a low proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of Regulation (EU) 2019/2088 - “D” implies that the product explicitly considers principal adverse impacts as meant by Regulation (EU) 2019/2088 - “E” implies that the product follows an ESG strategy but does not aim for sustainable investments as meant by Article 2(17) of that Regulation; - “F” implies the product does not consider impact as meant by Regulation (EU) 2019/2088.”
Amendment 98 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point f a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 5 (new) (fa) in paragraph 5, the following subparagraph is added: “Two years after the application of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall carry out an evaluation on the alignment between the precontractual disclosure of information referred to in paragraph 3(ca) and Regulation (EU) 2019/2088. An alignment shall only be ensured to a certain extent, given the KIDs' objectives and to preserve the readability of the information to potential retail investors. The Commission shall present a report on its main findings to the European Parliament, the Council and the European Economic and Social Committee, and accompanied, where appropriate, by a legislative proposal."
Amendment 99 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1286/2014 Article 10 – paragraph 2 – point b (b) the conditions under which the key information document must be revised,
source: 754.650
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History
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