2023/0167(COD) Retail investor protection rules
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 | BUDG | ||
| Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
TFEU 053-p1, TFEU 062
Legal Basis:
TFEU 053-p1, TFEU 062Subjects
Events
2024/04/23
EP - Decision by Parliament, 1st reading
2024/04/23
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71 - vote)
2024/04/10
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2024/04/02
EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2024/04/02
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
2023/11/09
EP - Amendments tabled in committee
Documents
2023/11/09
EP - Amendments tabled in committee
Documents
2023/11/09
EP - Amendments tabled in committee
Documents
2023/10/09
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
2023/05/25
EC - Document attached to the procedure
Documents
2023/05/25
EC - Document attached to the procedure
Documents
2023/05/25
EC - Document attached to the procedure
Documents
2023/05/24
EC - Legislative proposal published
Details
PURPOSE: to amend certain Directives as regards the Union retail investor protection rules.
PROPOSED ACT: Directive 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: investor protection rules are currently set out across sector specific legislative instruments, including the Markets in Financial Instruments Directive (MiFID II), the Insurance Distribution Directive (IDD), the Undertaking for Collective Investment in Transferable Securities (UCITS) Directive, the Alternative Investment Fund Managers Directive (AIFMD), and the taking-up and pursuit of the business of Insurance and Reinsurance Directive (Solvency II), as well as an amending Regulation, which revises the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation. The rules can differ from one financial instrument to another and may sometimes be inconsistent, making the cumulative requirements confusing for retail investors. At the same time, digitalisation has led to changes in distribution models and to new forms of marketing for financial instruments towards retail clients.
The legal framework governing retail investor protection is extensive and largely harmonised at EU level. Notwithstanding this extensive body of legislation at EU level, the evidence gathering exercises have identified a number of significant shortcomings , in particular with respect to the way retail investment products are distributed and the way information is provided to retail investors.
The Commission has identified a number of problems along the retail investor's journey that hinder their ability to take full advantage of capital markets:
- retail investors have difficulties accessing relevant, comparable and easily understandable investment product information to help them make informed investment choices;
- retail investors are exposed to a growing risk of being inappropriately influenced by unrealistic marketing information through digital channels and misleading marketing practices;
- there are shortcomings in the way products are manufactured and distributed, linked to conflicts of interest that may arise as a result of the payment of inducements between product manufacturers and distributors;
- some investment products incorporate unjustifiably high levels of costs and consequently do not always offer Value for Money to the retail investor.
To address the problems on the retail investments market, further efforts are required at EU level.
On 8 October 2020, the European Parliament adopted a resolution on the future development of the capital markets union, which broadly supports measures to increase retail investor participation in capital markets.
CONTENT: therefore, the proposed Omnibus amending Directive sets out the amendments to be made to the different abovementioned Directives. Overall, it aims to update the retail investor protection rules to bring greater coherence to the legislative framework whilst reinforcing investor protection rules.
Its general objectives are to strengthen the protection framework for retail investors to empower them when taking investment decisions and to ensure their fair treatment when using investment services in order to achieve better investment performance. The retail investment strategy also aims to improve the efficiency and integration of the internal market across all retail financial services.
The specific objectives of this proposal are as follows:
- improving information provided to investors and their ability to take well-informed investment decisions. The proposal aims to improve the legal framework by adapting disclosures to the digital environment, making disclosures more relevant for retail investors and ensuring retail investors receive marketing communications, also through online channels, that are relevant and not misleading. Moreover, the existing record keeping obligation to all marketing communications which are directly or indirectly made by the investment firms, insurance undertakings and insurance intermediaries should be extended;
- better aligning interests between intermediaries and investors . The improvements to the framework would ensure that the advice given to retail investors is not biased by monetary or non-monetary incentives provided by product manufacturers to intermediaries, is of good quality and adapted to their needs, preferences and objectives;
- ensuring that retail investors are offered cost-effective products . A strengthened approach in the legislative framework based around the value offered aims to help retail investors achieve better returns and easier access to more cost-efficient retail investment products. The proposal gives a mandate to ESMA and EIOPA to develop, make publicly available, and regularly update cost and performance benchmarks against which the manufacturers and distributors must compare their products prior to offering them on the market.
Budgetary implications
The proposal is expected to have budgetary implications as a consequence of a number of new tasks conferred to ESMA and EIOPA.
ESMA will require additional budget for operational expenditure of EUR 1.5 million for the first three years of implementation to cover IT costs and costs related to externally contracted consumer testing of new consumer-facing disclosure tools, as well as the setting up and administering of collaboration platforms and a budget of EUR 1.26 million will be required for EIOPA.
Documents
Documents
- Committee report tabled for plenary, 1st reading/single reading: A9-0162/2024
- Committee report tabled for plenary, 1st reading: A9-0162/2024
- Amendments tabled in committee: PE754.651
- Amendments tabled in committee: PE755.007
- Amendments tabled in committee: PE755.009
- Committee draft report: PE753.711
- Contribution: COM(2023)0279
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2023)0330
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0278
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0279
- Legislative proposal published: COM(2023)0279
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SEC(2023)0330
- Document attached to the procedure: EUR-Lex SWD(2023)0278
- Document attached to the procedure: EUR-Lex SWD(2023)0279
- Committee draft report: PE753.711
- Amendments tabled in committee: PE754.651
- Amendments tabled in committee: PE755.007
- Amendments tabled in committee: PE755.009
- Committee report tabled for plenary, 1st reading/single reading: A9-0162/2024
- Contribution: COM(2023)0279
Activities
- Stéphanie YON-COURTIN
Plenary Speeches (1)
| Amendments | Dossier |
| 1074 |
2023/0167(COD)
2023/11/09
ECON
1074 amendments...
Amendment 1000 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c Amendment 1001 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c Amendment 1002 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 –point c Amendment 1003 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 b – paragraph 1 – point c (c) to recommend, among the range of insurance-based investment products
Amendment 1004 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c (c) to recommend, among the range of insurance-based investment products identified as suitable for the customer pursuant to Article 30(1), one or several insurance-based investment products and, where applicable, underlying investment assets, a product or products,
Amendment 1005 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c a (new) (ca) not to place the financial or other interest of the insurance firm ahead of the interest of the client.
Amendment 1006 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 –point d Amendment 1007 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point d Amendment 1008 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point d (d) to recommend an insurance-based investment products which insurance cover is consistent with the customer’s insurance demands and needs in accordance with Article 20(1).
Amendment 1009 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point d (d) to recommend
Amendment 1010 #
Proposal for a directive Article 2 – paragraph 1 – point 21 (d) to recommend
Amendment 1011 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 b – paragraph 1 – point d a (new) (da) to recommend, among the range of insurance based investment products identified as suitable to the client pursuant to Article 30(1) at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 1012 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 a (new) 1a. EIOPA shall organise and conduct a mandatory peer review in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
Amendment 1013 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 2 Amendment 1014 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 2 Amendment 1015 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability
Amendment 1016 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability preferences, and risk tolerance, so as to enable the insurance intermediary or the insurance
Amendment 1017 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing
Amendment 1018 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing
Amendment 1019 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including, if provided by the customer, the composition of any existing
Amendment 1020 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment
Amendment 1021 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall, obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment
Amendment 1022 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment
Amendment 1023 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive ( EU ) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment
Amendment 1024 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in
Amendment 1025 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation,
Amendment 1026 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive 2016/97/EU Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability preferences, and risk tolerance, so as to enable the insurance intermediary or the insurance undertaking to recommend to the customer the insurance-based investment products that are suitable for that person and that, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need
Amendment 1027 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 1 Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment
Amendment 1028 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 Amendment 1029 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 When providing advice
Amendment 1030 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and
Amendment 1031 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 When providing advice on an independent basis to retail customers restricted to well-
Amendment 1032 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and
Amendment 1033 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 2 When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and
Amendment 1034 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 3 When providing advice that involves switching between underlying investment
Amendment 1035 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 3 When providing advice that involves switching between underlying investment
Amendment 1036 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 3 When providing advice that involves switching between underlying investment
Amendment 1037 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 3 When providing advice that involves switching between underlying investment
Amendment 1038 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 1 – subparagraph 3 When providing advice that involves switching between underlying investment
Amendment 1039 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 2 – subparagraph 1 Without prejudice to Article 20(1), Member States shall ensure that, where no advice is given in relation to insurance- based investment products, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded
Amendment 104 #
Proposal for a directive Recital 1 (1) A core objective of the Capital Markets Union is to ensure that consumers can fully benefit from the investment opportunities offered by capital markets. To be able to do so, they must be supported by a regulatory framework that enables them to take investment decisions that correspond to their needs and aims and adequately protects them from sustainability financial risks in the single market. The package of measures under the EU Retail investment strategy seeks to address the identified shortcomings.
Amendment 1040 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive (EU) 2016/97 Article 30 – paragraph 2 – subparagraph 1 Without prejudice to Article 20(1), Member States shall ensure that, where no advice is given in relation to insurance- based investment products, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded
Amendment 1041 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive ( EU ) 2016/97 Article 30 – paragraph 2 – subparagraph 1 Without prejudice to Article 20(1), Member States shall ensure that, where no advice is given in relation to insurance- based investment products, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded
Amendment 1042 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point b Directive 2016/97/EU Article 30 – paragraph 2 – subparagraph 1 Without prejudice to Article 20(1), Member States shall ensure that, where an
Amendment 1043 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive 2016/97/EU Article 30 – paragraph 5 a – subparagraph 1 Member States may impose stricter requirements on distributors in respect of the matters covered by this Article.
Amendment 1044 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive 2016/97 Article 30 – paragraph 5 a – subparagraph 1 Member States may impose stricter requirements on distributors in respect of the matters covered by this Article.
Amendment 1045 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Member States shall ensure that their stricter requirements referred to in the first subparagraph are complied with by all insurance intermediaries or insurance undertakings, including those operating under the freedom to provide services or the freedom of establishment, when concluding insurance contracts with customers having their habitual residence or establishment in that Member State. Member States shall ensure that their stricter requirements do not prevent the sales without advice as defined in Article 2(1a) of this Directive.
Amendment 1046 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b Amendment 1047 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b – subparagraph 1 – introductory part 5b. Member States shall require that, where an insurance intermediary or insurance undertaking distributing insurance-based investment products informs the customer that advice is given on an independent basis, without this being linked to the distributor's status, the insurance intermediary or insurance undertaking:
Amendment 1048 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b – introductory part 5b. Member States shall require that, where an insurance intermediary or insurance undertaking distributing insurance-based investment products informs the c
Amendment 1049 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30– paragraph 5 b – point a (a) assesses a sufficiently large number of insurance products available on the market
Amendment 105 #
Proposal for a directive Recital 1 a (new) (1a) Financial literacy is a key challenge posed to the adequate fulfilment of the Capital Markets Union (CMU) goals. The level of financial literacy differs significantly across Member States. EU Legislation should facilitate the access to retail investment through clear, transparent and accessible rules, but also through simplification to widen the participation of more investors.
Amendment 1050 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b – point b Amendment 1051 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b – point b Amendment 1052 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 b – point b Amendment 1053 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30– paragraph 5 b – point b a (new) (ba) Member States may impose stricter requirements on insurance intermediaries and insurance undertakings in respect of the matters covered by this Article. In particular, Member States may additionally prohibit or further restrict the offer or acceptance of fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice. Stricter requirements may include requiring any such fees, commissions or non-monetary benefits to the policyholder or to be used to reduce the premium paid by the customer. The stricter requirements of a Member State referred to in this paragraph shall be complied with by all insurance intermediaries or insurance undertakings, including those operating under the freedom to provide services or the freedom of establishment, when concluding insurance contracts with customers having their habitual residence or establishment in that Member State.
Amendment 1054 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 c Amendment 1055 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point d Directive (EU) 2016/97 Article 30 – paragraph 5 c 5c. When providing investment advice to retail customers
Amendment 1056 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive (EU) 2016/97 Article 30 – paragraph 6 –subparagraph 1 – introductory part The Commission shall be empowered to supplement this Directive by adopting delegated acts in accordance with Article 38 to further specify
Amendment 1057 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive (EU) 2016/97 Article 30 – paragraph 6 –subparagraph 1 – point c Amendment 1058 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive (EU) 2016/97 Article 30 – paragraph 6 –subparagraph 1 – point c a (new) (ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 1059 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive (EU) 2016/97 (IDD) Article 30 – paragraph 6 –subparagraph 1 – point c a (new) (ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to align with a client's sustainability preferences.
Amendment 106 #
Proposal for a directive Recital 2 (2) Directives (EU) 2009/65/EC34 , 2009/138/EC35 ,
Amendment 1060 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive (EU) 2016/97 Article 30 – paragraph 6 –subparagraph 1 – point c a (new) (ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 1061 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e (ca) criteria for assessing the alignment of financial products with a client's sustainability preferences, and the process for adjusting a portfolio or investment product offer to align with a client's sustainability preferences.
Amendment 1062 #
Proposal for a directive Article 2 – paragraph 1 – point 22 – point e Directive 2016/97/EU Article 30 – paragraph 6 –subparagraph 1 – point c a (new) (ca) the criteria for assessing the insurance- based investment products in terms of sustainability preferences of the costumer.
Amendment 1063 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 a Amendment 1064 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 a – point a (a) The costs
Amendment 1065 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 b – point b (b) The costs
Amendment 1066 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 a – point b (b) The costs are necessary for the UCITS to operate in line with its investment strategy
Amendment 1067 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 b – introductory part 1b. Member States shall require management companies to maintain, operate and review an effective pricing process that allows for the identification and quantification of all costs borne by the UCITS or its unit-holders.
Amendment 1068 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 b – point a Amendment 1069 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 b – point b Amendment 107 #
Proposal for a directive Recital 3 Amendment 1070 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 b – point b (b) the costs borne by retail investors are justified and proportionate, having regard to the characteristics of the UCITS, including its investment objective, policy, strategy, expected returns, level of risks and other relevant characteristics.
Amendment 1071 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 c 1c. Member States shall ensure that management companies are responsible for the effectiveness and quality of their pricing process. The pricing process shall be clearly documented, shall clearly set out the responsibilities of the management bodies of the management company in determining and reviewing the costs borne by investors, and shall be subject to periodic review. The assessment of costs shall be based on objective criteria and methodology, and may includ
Amendment 1072 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 d – subparagraph 1 Member States shall require management companies to assess
Amendment 1073 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Member States shall require management companies
Amendment 1074 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 d – subparagraph 2 Member States shall require management companies to reimburse investors without undue delay, where undue costs have been charged to the UCITS or its unit-holders, or where costs have been miscalculated to the detriment of the UCITS or its unit- holders.
Amendment 1075 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 1 Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b).
Amendment 1076 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 1 Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process
Amendment 1077 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 1 Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b
Amendment 1078 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 1 Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process
Amendment 1079 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65 Article 14 – paragraph 1 e – subparagraph 1 Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b) and to take corrective measures if needed. Th
Amendment 108 #
Proposal for a directive Recital 3 (3) Third party payments, such as fees, commissions or any monetary or non- monetary benefits paid to or received by investment firms and insurance undertakings and intermediaries by or from persons other than the client or customer, also termed as ‘inducements’, play a significant role in the distribution of retail investment products in the Union. The existing rules designed to manage conflicts of interests in Directives (EU) 2014/65 and (EU) 2016/97, including restrictions on and transparency around the payments of
Amendment 1080 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 2 Amendment 1081 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 2 Amendment 1082 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 e – subparagraph 2 Amendment 1083 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65 Article 14 – paragraph 1 e – subparagraph 2 When a UCITS or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the management company shall inform the competent authority of the management company and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification
Amendment 1084 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f Amendment 1085 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f Amendment 1086 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f Amendment 1087 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f – subparagraph 1 After consulting EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of UCITS, or their share classes where they have different cost structures, to be used for the assessment set
Amendment 1088 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f – subparagraph 3 These benchmarks shall display a range of costs and performance
Amendment 1089 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f a (new) (fa) If the UCITS or its share classes do not comply with the criteria set out by the management company in the pricing process, the management company shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated after a reasonable period , the financial instrument shall be subject to remedial actions approved by the management company.
Amendment 109 #
Proposal for a directive Recital 3 (3) Third party payments, such as fees, commissions or any monetary or non- monetary benefits paid to or received by investment firms and insurance undertakings and intermediaries by or from persons other than the client or customer, also termed as ‘inducements’, play a significant role in the distribution of retail
Amendment 1090 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f a (new) Amendment 1091 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point a Directive 2009/65/EC Article 14 – paragraph 1 f b (new) (fb) ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
Amendment 1092 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point d – subpoint i (i) ensuring that costs are correctly identified and quantified
Amendment 1093 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point d – subpoint ii (ii) identifying which costs can be charged to the UCITS and its unit-holders taking into account the level of the costs and the nature of the costs
Amendment 1094 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point d – subpoint iv (iv) establishing a procedure for the management company to determine the level of compensation
Amendment 1095 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point e Amendment 1096 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point e Amendment 1097 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point e Amendment 1098 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point b – point iii Directive 2009/65/EC Article 14 – paragraph 2 – point e Amendment 1099 #
Proposal for a directive Article 4 – paragraph 1 – point 1 – point c Directive 2009/65/EC Article 14 – paragraph 4 – point b (b) whether the
Amendment 110 #
Proposal for a directive Recital 3 (3) Third party payments, such as fees, commissions or any monetary or non- monetary benefits paid to or received by investment firms and insurance undertakings and intermediaries by or from persons other than the client or customer, also termed as ‘inducements’, play a significant role in the distribution of retail
Amendment 1100 #
Proposal for a directive Article 4 – paragraph 1 – point 2 Directive 2009/65/EC Article 20 a Amendment 1101 #
Proposal for a directive Article 4 – paragraph 1 – point 5 Directive 2009/65/EC Article 98 – paragraph 2 – point n (n)
Amendment 1102 #
Proposal for a directive Article 4 – paragraph 1 – point 5 Directive 2009/65/EC Article 98 – paragraph 2 – point n (n) require, if it is practicable, a compensation to investors, above certain threshold determined by the management company and proportionate to the amount unduly charged, where undue costs have been charged to UCITS or its unit-holders
Amendment 1103 #
Proposal for a directive Article 4 – paragraph 1 – point 6 Directive 2009/65/EC Article 99 – paragraph 6 – point h (h) without prejudice to any reimbursement made pursuant to Article 14(1d), a requirement to compensate investors where undue costs have been charged to UCITS or its unit-holders
Amendment 1104 #
Proposal for a directive Article 4 – paragraph 1 – point 6 Directive 2009/65/EC Article 99 – paragraph 6 – point h (h) require
Amendment 1105 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a – introductory part (a) the following paragraphs 1a to 1
Amendment 1107 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 a Amendment 1108 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1a – point a (a) The costs
Amendment 1109 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 a – point b (b) The costs are necessary for the AIF to operate in line with its investment strategy
Amendment 111 #
Proposal for a directive Recital 3 a (new) (3a) In order to ensure that retail clients or customers are not misled; it is important that clear labels are applied that identify unambiguously whether a distributor of packaged retail or investment-based investment products (PRIIPs) receives any remuneration from product manufacturers for selling the latter’s products. Only those distributors who issue personal recommendations to the client or customer and are not essentially compensated for this service by sales-related income should be able to present themselves as ‘advisors’, ‘financial advisors’ or ‘investment advisors’ and present their recommendations as ‘advice’, ‘financial advice’ or ‘investment advice’. The current EU terminology on investor protection conflates advice with sales and/or marketing, and investment advisor with a salesperson. As on any market, a distributor whose compensation is essentially (directly or indirectly) related to the act of selling and not advising is and must be clearly identified as a ‘seller’ or ‘salesperson’ and not an ‘advisor’.
Amendment 1110 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 b – introductory part 1b. Member States shall require AIFMs to maintain, operate and review an effective pricing process that allows for the identification and quantification of all costs borne by the AIFs or their unitholders. Th
Amendment 1111 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 b – point a Amendment 1112 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 b – point b Amendment 1113 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 b – point b (b) the costs borne by retail investors are justified and proportionate, having regard to the characteristics of the AIF, including its investment objective, strategy, expected returns, level of risks
Amendment 1114 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 b – point b (b) the costs borne by retail investors are justified and proportionate, having regard to the characteristics of the AIF, including its investment objective, policy, strategy, expected returns, level of risks and other relevant characteristics.
Amendment 1115 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 c 1c. Member States shall ensure that AIFMs are responsible for the effectiveness and quality of their pricing process. The pricing process shall be clearly documented, shall clearly set out the responsibilities of the management bodies of the AIFM in determining and reviewing the costs borne by investors, and shall be subject to periodic review. The assessment of costs shall be based on objective criteria and methodology, and may includ
Amendment 1116 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 d – subparagraph 1 Member States shall require AIFMs to assess
Amendment 1117 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 d – subparagraph 2 Member States shall require AIFMs
Amendment 1118 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 d – subparagraph 2 Member States shall require AIFMs to reimburse investors without undue delay, where undue costs have been charged to the or its AIF unit-
Amendment 1119 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 1 Amendment 112 #
Proposal for a directive Recital 4 Amendment 1120 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 1 Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b
Amendment 1121 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 1 Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b, point (b). The assessment shall take into account the criteria set out in the pricing process
Amendment 1122 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61 Article 12 – paragraph 1 e – subparagraph 1 1e. Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b, point (b) and to take corrective measures if needed. Th
Amendment 1123 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 2 Amendment 1124 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 2 Amendment 1125 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 e – subparagraph 2 Amendment 1126 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a directive 2011/61 Article 12 – paragraph 1 e – subparagraph 2 When an AIF or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the AIFM shall inform the competent authority of the AIFM and perform additional testing and further assessments
Amendment 1127 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f Amendment 1128 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f Amendment 1129 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a After having consulted EIOPA and competent authorities, ESMA shall, where appropriate, develop and make publicly available benchmarks to enable the comparative assessment of costs and performance of AIFs, or their share classes where they have different cost structures, to be used for the assessment set out in paragraph 1e. ESMA shall only develop these benchmarks for widespread and standardised AIFs, or their share classes where they have different cost structures, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of AIFs, or their share classes where they have different cost structures, .
Amendment 113 #
Proposal for a directive Recital 4 Amendment 1130 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f – subparagraph 3 These benchmarks shall display a range of costs and performance
Amendment 1131 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f a (new) (fa) If the AIF or its share classes do not comply with the criteria set out by the AIFM in the pricing process the AIFM shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated after a reasonable period , the financial instrument shall be subject to remedial actions approved by the AIFM.
Amendment 1132 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f a (new) Amendment 1133 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point a Directive 2011/61/EU Article 12 – paragraph 1 f b (new) (f b) ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
Amendment 1134 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Directive 2011/61/EU Article 12 – paragraph 3 – point a – subpoint i (i) ensuring that costs are correctly identified and quantified
Amendment 1135 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Directive 2011/61/EU Article 12 – paragraph 3 – point a – subpoint ii (ii) identifying which costs can be charged to the AIF and its unit-holders taking into account the level of the costs and the nature of the costs
Amendment 1136 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Directive 2011/61/EU Article 12 – paragraph 3 – point a – subpoint iv (iv) establishing a procedure for the AIFM to determine the level of compensation in case undue costs have been charged to investors
Amendment 1137 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Directive 2011/61/EU Article 12 – paragraph 3 – point b Amendment 1138 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Amendment 1139 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point b Directive 2011/61/EU Article 12 – paragraph 3 – point b (b) provide for criteria to determine whether costs are justified and proportionate in accordance with paragraph 1b, point (b) and for taking corrective measures mentioned in paragraph 1e
Amendment 114 #
Proposal for a directive Recital 4 (4) In order to remove any consumer detriment as a consequence of the payment and receipt of inducements for non-advised sales, it is appropriate to prohibit the payment and receipt of such inducements. In the case of Directive (EU) 2014/65, such prohibition would cover the execution or reception and transmission of orders and in the case of Directive (EU) 2016/97, non- advised sales. In the case of Directive (EU) 2016/97, the prohibition should not affect products with indexed policies or in cases where advice is provided during the life cycle of a product or in cases of “orphaned customers” when the policyholder decides they no longer want to use the broker, intermediary or advisor and wants to continue instructing on the policy. The lack of advice in this scenario may mean that the policyholder may not be making the right decisions which, from a consumer protection point of view, might not lead to good outcomes for customers. To avoid restricting issuers’ ability to raise funding, that prohibition should not apply to payments in relation to underwriting and placement services provided to an issuer, where the investment firm also provides an execution of order or reception and transmission of order service to an end-investor. Furthermore, investment advice is often combined with
Amendment 1140 #
Proposal for a directive Article 5 – paragraph 1 – point 1 – point c Directive 2011/61/EU Article 12 – paragraph 4 – point b (b) whether the
Amendment 1142 #
Proposal for a directive Article 5 – paragraph 1 – point 2 Amendment 1144 #
Proposal for a directive Article 5 – paragraph 1 – point 3 Directive 2011/61/EU Article 46 – paragraph 2 – point n (n) without prejudice to any reimbursement made pursuant to Article 12(1d), require
Amendment 1145 #
Proposal for a directive Article 5 – paragraph 1 – point 3 Directive 2011/61/EU Article 46 – paragraph 2 – point n (n) require, if it is practicable, to compensate investors, above certain threshold determined by the AIFM and proportionate to the amount unduly charged, where undue costs have been charged to the AIF or its unit-holders.
Amendment 1147 #
Proposal for a directive Article 6 – paragraph 1 1. Member States shall adopt and publish, by … [OP please insert the date =
Amendment 1148 #
Proposal for a directive Article 6 – paragraph 1 1. Member States shall adopt and publish, by … [OP please insert the date =
Amendment 1149 #
Proposal for a directive Article 6 – paragraph 2 2. They shall apply those provisions from … [OP please insert the date = 18 months after the
Amendment 115 #
Proposal for a directive Recital 4 (4) In order to remove any consumer detriment as a consequence of the payment and receipt of inducements for non-advised sales, it is also appropriate to prohibit the payment and receipt of such inducements. In the case of Directive (EU) 2014/65, such prohibition would cover the execution or reception and transmission of orders and in
Amendment 1150 #
Proposal for a directive Article 6 – paragraph 2 2. They shall apply those provisions from … [OP please insert the date = 18 months after the
Amendment 1151 #
Proposal for a directive Article 6 – paragraph 2 2. They shall apply those provisions from … [OP please insert the date = 18 months after the d
Amendment 1152 #
Proposal for a directive Article 6 – paragraph 2 2. They shall apply those provisions from … [OP please insert the date =
Amendment 1153 #
Proposal for a directive Article 6 – paragraph 2 2. They shall apply those provisions
Amendment 1154 #
Proposal for a directive Annex I – paragraph 1 – point -1 (new) Directive 2014/65/EU Annex II – section I – paragraph 4 a (new) -
Amendment 1155 #
Proposal for a directive Annex I – point 2 - subpoint 1 Directive 2014/65/EU Annex II – section II.1 – subparagraph 5 (1) the first, second and third indents are replaced by the following:
Amendment 1156 #
Proposal for a directive Annex I – point 2 – subpoint 1 Directive 2014/65/EU Annex II – section II.1 – subparagraph 5 (1) the first, second and third indents are replaced by the following:
Amendment 1157 #
Proposal for a directive Annex I – point 2 – subpoint 1 Directive 2014/65/EU Annex II – section II.1 – subparagraph 5 (1) the second
Amendment 1158 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – first indent (1 a) "the client
Amendment 1159 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – first indent Amendment 116 #
Proposal for a directive Recital 5 Amendment 1160 #
Proposal for a directive Annex I – point 2 – subpoint 1Directive 2014/65/EU Annex II – section II.1 – subparagraph 5 – second indent Amendment 1161 #
Proposal for a directive Annex I – point 2 – subpoint 1Directive 2014/65/EU Annex II –section II.1 – subparagraph 5 – second indent - the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR
Amendment 1162 #
Proposal for a directive Annex I – point 2 – subpoint 1Directive 2014/65/EU Annex II – section II.1 – subparagraph 5 – second indent - the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR
Amendment 1163 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – second indent - the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 250 000
Amendment 1164 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – second indent - the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 250 000
Amendment 1165 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – second indent - the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR
Amendment 1166 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 a (new) Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 the third indent is replaced by the following:
Amendment 1167 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 a (new) Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – third indent — the client works or has worked in the financial sector or undertaken capital market activities requiring to buy and sell financial instruments and/or to manage a portfolio of financial instruments for at least one year in a professional position, which requires knowledge of the transactions or services envisaged. For clients committing capital to a collective investment undertaking, the client works or has worked: a. in a relevant sector for at least one year in a senior management position which requires knowledge of at least one of the asset classes in which such collective investment undertaking will invest; or b. at a large undertaking within the meaning of paragraph 2 of Section I of Annex II for at least one year in a senior management position.;
Amendment 1168 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 1 a (new) Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – second indent (new) - the client holds diversified portfolio on financial instruments including complex financial instruments;
Amendment 1169 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 2 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 5 – fourth indent - the client can
Amendment 117 #
Proposal for a directive Recital 5 Amendment 1170 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 3 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 7 Where the client is a legal entity the investment firm shall assess the above requirements or alternatively, as a minimum, two of the following criteria shall be met:
Amendment 1171 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 2 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 7 – fourth indent (new) – assets under management: EUR 10 000 000
Amendment 1172 #
Proposal for a directive Annex I – paragraph 1 – point 2 – subpoint 3 Directive 2014/65/EU Annex II – Section II.1 – subparagraph 8 a (new) In the course of that assessment, as a minimum, two of the following criteria shall be satisfied: - the client has carried out on a regular basis investment in Financial Instruments; - each one of significant size, over the last 3 years.
Amendment 1173 #
Proposal for a directive Annex II Directive 2014/65/EU Annex V – point l (l) understand the concept of environmentally and socially sustainable investment and how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1174 #
Proposal for a directive Annex II a (new) The investment firm shall consider the corporate purpose of the legal entity: the date of constitution of the legal entity is above 1 year and the corporate purpose in the articles of incorporation includes the activity of "buying, holding and selling financial instruments.
Amendment 1175 #
Proposal for a directive Annex III – point 7 a (new) Directive (EU) 2016/97 Annex I – Part I – point h a (new) (7a) The following point (ha) is inserted in Part I of Annex I to Directive (EU) 2016/97: (ha) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1176 #
Proposal for a directive Annex III – point 7 b (new) Directive (EU) 2016/97 Annex I – Part II – point k a (new) (7b) The following point (ka) is inserted in Part II of Annex I to Directive (EU) 2016/97: (ka) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 1177 #
Proposal for a directive Annex III – point 7 c (new) Directive (EU) 2016/97 Annex I – Part III – point i a (new) (7c) The following point (ia) is inserted in Part III of Annex I to Directive (EU) 2016/97: (ia) minimum necessary knowledge in environmentally and socially sustainable investment, including how to consider and integrate sustainability factors and client’s sustainability preferences into the advisory processes.
Amendment 118 #
Proposal for a directive Recital 5 (5) In order to ensure that retail customers are not misled, it is important to stipulate in Directive (EU) 2016/97 that, in line with existing rules in Directive (EU) 2014/65, insurance intermediaries that indicate to their customers that they provide advice on an independent basis, should
Amendment 119 #
Proposal for a directive Recital 5 (5) In order to ensure that retail customers are not misled, it is important to stipulate in Directive (EU) 2016/97 that, in line with existing rules in Directive (EU) 2014/65, insurance intermediaries that indicate to their customers that they
Amendment 120 #
Proposal for a directive Recital 6 (6) The existing safeguards conditioning the payment or receipt of inducements, which under Directive
Amendment 121 #
Proposal for a directive Recital 6 (6)
Amendment 122 #
Proposal for a directive Recital 6 (6) The existing safeguards conditioning the payment or receipt of inducements, which under Directive (EU) 2014/65 require that the inducement is designed to enhance the quality of the service to the client, or under Directive (EU) 2016/97 should not have a detrimental effect on the quality of the service to the customer, have not been sufficiently effective in mitigating conflicts of interest. It is therefore appropriate to remove those criteria and introduce a new, common test, both in Directive (EU) 2014/65 and Directive (EU) 2016/97, that further clarifies how financial advisors should apply the principle of acting in the best interest of the client. Financial advisors should base their advice on an appropriate available range of financial products. After having identified suitable instruments for their clients, they should recommend the most cost-efficient of similar products to their clients.
Amendment 123 #
Proposal for a directive Recital 6 (6) The existing safeguards conditioning the payment or receipt of inducements, which under Directive (EU) 2014/65 require that the inducement is designed to enhance the quality of the service to the client, or under Directive (EU) 2016/97 should not have a detrimental effect on the quality of the service to the customer, have not been sufficiently effective in mitigating conflicts of interest. It is therefore appropriate to remove those criteria and introduce a new, common test, both in Directive (EU) 2014/65 and Directive (EU) 2016/97, that further clarifies how financial advisors should apply the principle of acting in the best interest of the client. Financial advisors should base their advice on an appropriate range of financial products.
Amendment 124 #
Proposal for a directive Recital 7 Amendment 125 #
Proposal for a directive Recital 8 Amendment 126 #
Proposal for a directive Recital 8 Amendment 127 #
Proposal for a directive Recital 8 (8) In order to enable the development of independent advice at a reasonable cost, organizational requirements applicable to the entities that provide both independent and non-independent financial advice shall be reviewed and independent advisors should be allowed to provide advice to retail investors on well- diversified
Amendment 128 #
Proposal for a directive Recital 8 a (new) (8a) The new requirements for insurance product information documents (IPIDs) should not duplicate or contradict the existing national requirements and should ensure that customers receive the most relevant information which would enable them to make sound investment decisions
Amendment 129 #
Proposal for a directive Recital 9 Amendment 130 #
Proposal for a directive Recital 9 (9) In order to assess the effectiveness of these measures,
Amendment 131 #
Proposal for a directive Recital 9 (9) In order to assess the effectiveness of these measures,
Amendment 132 #
Proposal for a directive Recital 9 (9) In order to assess the effectiveness of these measures
Amendment 133 #
Proposal for a directive Recital 10 (10) The level of costs and charges, as well as other more qualitative elements, such as environmental, social and governance (ESG) factors, participating in the real economy, and financial guarantees, that are associated with investment and insurance-
Amendment 134 #
Proposal for a directive Recital 10 (10)
Amendment 135 #
Proposal for a directive Recital 10 (10)
Amendment 136 #
Proposal for a directive Recital 11 (11) Since the charging structure of the packaged retail investment product is designed by the manufacturer, it is for the manufacturer to assess whether the costs and charges that are included in investment products are justified and proportionate in the context of the overall value delivered. Building on those assessments, distributors should make similar assessments, so that the costs of distribution and other costs not already included in the manufacturer’s assessment are additionally taken into account.
Amendment 137 #
Proposal for a directive Recital 13 Amendment 138 #
Proposal for a directive Recital 13 Amendment 139 #
Proposal for a directive Recital 13 Amendment 140 #
Proposal for a directive Recital 13 Amendment 141 #
Proposal for a directive Recital 13 Amendment 142 #
Proposal for a directive Recital 13 a (new) (13a) To ensure that product governance process delivers fair value relative to costs and meets retail investors' needs, preferences and strategies, the Value for Money principle should consider benefits expected to be provided by the investment, when considering the risk profile and the total costs to the customers as defined in MIFID Delegated Regulation 565/2017, article 50 and annex 2. The benefits should not be solely a return expectation after costs but could also be other services provided by the investment firm.
Amendment 143 #
Proposal for a directive Recital 13 a (new) (13a) Embedded in the product governance process, the Value for Money concept could be a consideration of reasonable benefit(s) expected to be provided by the investment, when considering the risk/reward profile and the total costs to the customers as defined in MIFID Delegated Regulation 565/2017, article 50 and annex 2. The benefit(s) should be reasonable, relevant and of a qualitative and/or quantitative nature, meaning that a benefit is not necessarily a return expectation after costs but could also be services.
Amendment 144 #
Proposal for a directive Recital 14 (14) To assist manufacturers and distributors in their assessments, the Commission should be empowered to adopt delegated acts to specify the criteria to be used in determining whether costs and performance are justified and proportionate in the context of the overall value delivered.
Amendment 145 #
Proposal for a directive Recital 15 Amendment 146 #
Proposal for a directive Recital 15 Amendment 147 #
Proposal for a directive Recital 15 Amendment 148 #
Proposal for a directive Recital 15 Amendment 149 #
Proposal for a directive Recital 16 Amendment 150 #
Proposal for a directive Recital 17 Amendment 151 #
Proposal for a directive Recital 17 Amendment 152 #
Proposal for a directive Recital 17 Amendment 153 #
Proposal for a directive Recital 17 Amendment 154 #
Proposal for a directive Recital 18 (18) Directives 2009/65/EC
Amendment 155 #
Proposal for a directive Recital 18 (18) Directives 2009/65/EC and 2011/61/EU require alternative investment
Amendment 156 #
Proposal for a directive Recital 19 (19) UCITS
Amendment 157 #
Proposal for a directive Recital 19 (19)
Amendment 158 #
Proposal for a directive Recital 20 (20) The pricing process under Directives 2009/65/EC and 2011/61/EU should ensure that costs borne by retail investors are justified and proportionate to the characteristics of the product, and in particular to the investment objective and strategy, level of risk and expected returns of the funds, so that UCITS and AIFs deliver Value for Money to investors. UCITS and AIFs management companies should remain responsible for the quality of their pricing process. In particular, they should ensure that costs are comparable to market standards, including by comparing the costs of funds with similar investment strategies and characteristics available on publicly available databases.
Amendment 159 #
Proposal for a directive Recital 20 (20) The pricing process under Directives 2009/65/EC and 2011/61/EU should ensure that costs borne by retail investors are justified and proportionate
Amendment 160 #
Proposal for a directive Recital 20 (20) The pricing process under Directives 2009/65/EC and 2011/61/EU should ensure that costs borne by retail investors are justified and proportionate to the characteristics of the product, and in particular to the investment objective and strategy, level of risk and expected returns of the funds, so that UCITS and AIFs deliver Value for Money to investors. UCITS and AIFs management companies should remain responsible for the quality of their pricing process. In particular, they should ensure that costs are comparable to market standards, including by comparing the costs of funds with similar investment
Amendment 161 #
Proposal for a directive Recital 20 (20) The pricing process under Directives 2009/65/EC and 2011/61/EU
Amendment 162 #
Proposal for a directive Recital 20 (20) The pricing process under Directives 2009/65/EC
Amendment 163 #
Proposal for a directive Recital 21 (21) The Commission should be empowered to adopt delegated acts specifying the minimum requirements for the pricing process to prevent undue costs from being charged to the UCITS
Amendment 164 #
Proposal for a directive Recital 21 (21) The Commission should be empowered to adopt delegated acts specifying the minimum requirements for the pricing process to prevent undue costs from being charged to the UCITS, AIFs and their unit-holders, and for carrying out the Value for Money assessment and, where needed, for taking corrective measures where costs borne by retail investors are not justified or proportionate
Amendment 165 #
Proposal for a directive Recital 21 a (new) (21a) Retail investors should be able to access easily a reliable and independent source information to make an informed investment decision based upon a comprehensive comparison of the different investment options available in the EU market. While on-line tools exist already in some Member States, their availability varies among Member State. A fund calculator and comparator operated by ESMA using harmonised data in a standardised format provided by manufacturers and persons selling investment products allows for a reliable and accurate comparison of products and computations based on all relevant costs and fees charged at any step of the process. This tool will facilitate the participation of retail investors in capital markets through a more convenient, transparent and reliable source for information regarding the risk and return on investment and value for money of each commercialised product.
Amendment 166 #
Proposal for a directive Recital 21 b (new) (21b) To be able to provide a comprehensive overview of the market the fund comparator, to be developed by ESMA, should allow investors to view and compare the nature and features of different products, including the costs, past performance and risk profile of the product. In order to provide specific quantitative information to the retail investor, the fund calculator should allow investors to compute the value and total costs of a fund on the basis of envisaged investment amount and holding period. To ensure greater usability, the information within it should be presented in a manner that is both understandable and concise while remaining easy to use for the retail investor. It should present the methodology and data sources in a clear and transparent manner. To limit, to the greatest extent possible, costs related to the new reporting obligations and to avoid unnecessary duplication, data sets should as far as possible be based on disclosure and reporting obligations stemming from EU law.
Amendment 167 #
Proposal for a directive Recital 22 (22) Knowledge and competence of staff are key to ensuring good quality advice. The standards of what is considered necessary vary significantly between advisors operating under Directive 2014/65/EU, Directive (EU) 2016/97 and under non-harmonised national law. To improve the quality of advice and to ensure a level playing field across the EU, strengthened minimum common standards on the necessary knowledge and competence requirements should be laid down. That is particularly relevant given the increased complexity and continuous innovation in the design of financial instruments and insurance-based investment products, and the increasing importance of sustainability-related considerations. Member States should require investment firms, and insurance and reinsurance distributors, to ensure that natural persons giving investment advice on behalf of the investment firm or as insurance intermediaries, and the employees concerned of insurance undertakings and insurance intermediaries, possess the knowledge and competence that is necessary to fulfil their obligations. To provide assurance to clients, customers and competent authorities that the level of
Amendment 168 #
Proposal for a directive Recital 24 (24) The provision of cross-border investment services is essential for the development of the Capital Markets Union, as well as being an inherent outworking of the Freedom of Services which is fundamental to the EU and its Single Market, and proper enforcement of the rules is a key element
Amendment 169 #
Proposal for a directive Recital 24 (24) The provision of cross-border investment services is essential for the development of the Capital Markets Union and proper enforcement of the rules is a key element of the single market. The Capital Markets Union is essential for consumers' abilities to invest securely, as it enables common supervisory. While the home Member State is responsible for the supervision of an investment firm in cases of cross-border provision of services, the single market relies on trust that stems from the adequate supervision of
Amendment 170 #
Proposal for a directive Recital 24 a (new) (24a) The Capital Markets Union enables undertakings established in the Union to exercise their rights under the freedom to provide services and the freedom of establishment, provided that they comply with certain conditions. To ensure the fair and proper application of these principles, regulators should actively cooperate through ESMA and EIOPA and exchange best practices in line with the provisions of Directives 2014/65/EU and (EU) 2016/97 to prevent any potential misuse.
Amendment 171 #
Proposal for a directive Recital 24 b (new) Amendment 172 #
Proposal for a directive Recital 26 (26) To foster supervisory convergence and facilitate cooperation between competent authorities, ESMA should be able to set up cooperation platforms on its own initiative, or at the initiative of one or more competent authorities, where justified concerns exist about investor detriment related to the provision of cross-border investment services, and where such activities are significant with respect to the market of the host Member State. EIOPA, which already has the power to set up collaboration platforms under Article 152b of Directive 2009/138/EC, should have the same power with regard to insurance distribution activities under Directive (EU) 2016/97 since similar cross border supervision issues may occur in insurance distribution. Where personal data is to be processed under the collaboration platforms, competent authorities, ESMA and EIOPA must comply with Regulation (EU) 2016/679. Where there are serious concerns about potential investor detriment and where the supervisory authorities involved in the collaboration platforms cannot reach an agreement on issues related to an investment firm or insurance distributor which is operating on a cross- border basis, ESMA and EIOPA may in accordance with Article 16 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council39 and Regulation (EU) No 1094/2010 of the European Parliament and of the Council40 , respectively, issue a recommendation to the competent authority of the home Member State to consider the concerns of the other relevant competent authorities,
Amendment 173 #
Proposal for a directive Recital 27 (27) Costs
Amendment 174 #
Proposal for a directive Recital 28 (28) To further increase transparency, new and existing retail clients and customers should receive
Amendment 175 #
Proposal for a directive Recital 28 (28) To further increase transparency, retail clients and customers should receive a periodic overview of their investments. For that reason, firms that provide investment services together with a service of safekeeping and administration of financial instruments, or insurance intermediaries and insurance undertakings distributing insurance-based investment products, should provide an annual statement to their retail clients and customers which should include an overview of the products those clients and customers hold, of all costs
Amendment 176 #
Proposal for a directive Recital 32 (32) The rapid pace at which marketing communications and practices can be provided and changed, in particular through the use of digital tools and channels, should not prevent the adequate enforcement of applicable regulatory requirements. It is therefore necessary that Member States ensure that national competent authorities have the necessary powers to supervise and where necessary intervene in a timely manner. In addition, competent authorities should have access to the necessary information related to marketing communications and practices to perform their supervisory and enforcement duties and ensure consumer protection. For that purpose, investment firms and insurance undertakings should keep records of marketing communications provided or made accessible to retail clients or potential retail client and any related elements relevant for competent authorities. For extensive consumer protection, the Parliament asks the Commission to consider an EU wide financial consumer protection legislation. To capture marketing communications disseminated by third parties, such as for instance influencers and advertisement agencies, it is necessary that details on such third parties’ identity are also recorded. As issues with financial
Amendment 177 #
Proposal for a directive Recital 34 Amendment 178 #
Proposal for a directive Recital 34 (34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial
Amendment 179 #
Proposal for a directive Recital 34 (34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required to consider the needs of such diversification for their clients or customers, as part of the suitability assessments, including on the basis of information provided by those clients or customers on their existing portfolio of financial
Amendment 180 #
Proposal for a directive Recital 34 (34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required
Amendment 181 #
Proposal for a directive Recital 34 (34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required to consider the needs of such diversification for their clients or customers, as part of the suitability assessments, including on the basis of information provided by those clients or customers on their existing portfolio of financial
Amendment 182 #
Proposal for a directive Recital 34 (34) To ensure that, in the context of advised services, due consideration is given to portfolio diversification, financial advisors should be systematically required to consider the needs of such
Amendment 183 #
Proposal for a directive Recital 35 Amendment 184 #
Proposal for a directive Recital 36 Amendment 185 #
Proposal for a directive Recital 36 Amendment 186 #
Proposal for a directive Recital 36 (36) A wide diversity of financial instruments can be offered to retail investors, with each financial instrument entailing different levels of risks of potential losses. Retail investors should therefore be able to easily identify investment products that are particularly risky. It is therefore appropriate to require that investment firms, insurance undertakings and insurance intermediaries identify those investment products that are particularly risky and include, in information transmitted to retail clients and customers, including marketing communications, warnings on those risks. To assist investment firms, insurance undertakings and insurance intermediaries in identifying such particularly risky products, ESMA and EIOPA should issue
Amendment 187 #
Proposal for a directive Recital 37 a (new) (37a) Financial literacy is of key importance in addressing the current deficiencies in the Capital Markets Union. Trust in Union financial markets is linked intrinsically to the level of retail participation in them. Education and knowledge are tools to empower each citizen to make informed investment decisions. This Directive should lay the ground for increasing the level of financial education in each Member State. In view of the limited competences conferred upon the Union in that area, it is the responsibility of each Member State to ensure that proper adjustments are made, particularly in their education systems, to comply with this Directive. Member States should take ambitious steps to fulfil the obligations laid down in this Directive.
Amendment 188 #
Proposal for a directive Recital 38 a (new) (38a) The European Parliament asks the Commission to provide a financial framework legislation. All actors, be they existing or new-comers in the market, if they provide services, that can be interpreted as financial services, e.g. quickie loans, peer-to-peer investing or transforming derivatives, should be covered automatically by overall liabilities by banking, lending, saving, investing etc. So as not to leave regulatory gaps among financial actors. There is a deficit on the markets regarding equal regulation, and a clear framework for the proactive product regulation is therefore needed.
Amendment 189 #
Proposal for a directive Recital 38 b (new) (38b) The parliament recommends providing guidance to product manufacturers on how to measure and disclose the actual sustainability impact instead of only green capital expenditure, as this is often how retail consumers interpret sustainability; recommends making sustainable products the default option through an opt-out rather than an opt-in;
Amendment 190 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 5 a (new) (5a) ‘execution-only order’ means an order received from a client or transmitted on behalf of a client without prior assessment of the suitability of the transaction with regard to the client’s investment objectives and needs, or existing portfolios.
Amendment 191 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 48 a (new) (48a) ‘existing financial assets’ means financial instruments, structured deposits, insurance based investment products, portfolio management;
Amendment 192 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 66 (66) ‘marketing communication’ means an
Amendment 193 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 66 – subpoint c (c) in any form
Amendment 194 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 66 a (new) (66a) ‘Offers’ means actively marketing and providing services and financial instruments without giving a personal recommendation to an investor. However, it is a financial instrument is always offered, if the financial instrument (i) is produced by the investment firm, or (ii) is produced by any enterprise having a close relationship with the investment firm, and (iii) entails that the investment firm receives and retains any benefit, monetary or non-monetary, in relation to the financial instrument. It is a prerequisite for an investment firm willing to provide execution services in financial instruments, which it does not “offer” or “recommend” that the investment firm as part of its product governance arrangements for its investment services has defined which types of financial instruments it is willing to provide execution services in without having defined a target market. However, the investment firm must still ensure that the financial instrument is not sold to the negative target market.
Amendment 195 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 66 b (new) (66b) ‘seller’ means a natural or legal person who offers information regarding financial instruments and receives remuneration which is essentially related to the sale of those financial instruments coming from the investment firms providing those financial instruments or has close links with the investment firms providing those financial instruments.”
Amendment 196 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint a (a)
Amendment 197 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint a (a)
Amendment 198 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint b Amendment 199 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint b Amendment 200 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint c (c) promote
Amendment 201 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 67 – subpoint c (c) promote
Amendment 202 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 a (new) (68a) ‘Crypto Asset Services Provider’ means a crypto asset services provider as defined in Article 3, paragraph 1, point 15 of Regulation (EU) 2023/1114
Amendment 203 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 b (new) (68b) ‘Crypto-asset service’ means crypto-asset service as defined in Article 3, point 16 of Regulation (EU) 2023/1114
Amendment 204 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 a (new) (68a) ‘advisor’, ‘financial advisor’ or ‘investment advisor’ means a natural or legal person who offers investment advice for which he/she receives a compensation that is not essentially related, either directly or indirectly, to selling the product or services recommended to the client. Investment firms whose employees use the labels ‘advisor’, ‘financial advisor’ or ‘investment advisor’ shall comply with the requirements of Article 24(7) of this Directive.
Amendment 205 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 b (new) (68b) ‘promotion’ means the provision of information to a client, either upon its request of at the initiative of the investment firm, in respect to one or more insurance products, where the investment firm receives payments or any other form of compensation for this provision of information from one or more product providers.
Amendment 206 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 c (new) (68c) ‘tied agent’ means a natural or legal person who, under the full and unconditional responsibility of only one investment firm of whose behalf it acts, promotes investment and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of investment services or financial instruments, or places financial instruments.’
Amendment 207 #
Proposal for a directive Article 1 – paragraph 1 – point 3 Directive 2014/65/EU Article 4 – paragraph 1 – point 68 d (new) (68d) ‘multi-tied agent’ means a tied agent who is under the full and unconditional responsibility of multiple investment firms on whose behalf it acts.”
Amendment 208 #
Proposal for a directive Article 1 – paragraph 1 – point 3 a (new) Directive 2014/65/EU Article 5 – paragraph 4 – point a (3a) in Article 5(4), point (a) is replaced by the following: (a) any investment firm which is a legal person have its head office in the same Member State as its registered office from where it can operate fully within the EU single market and utilise the EU's freedom of services;
Amendment 209 #
Proposal for a directive Article 1 – paragraph 1 – point 3 a (new) Directive 2014/65/EU Article 4 – paragraph 1 – point 48 a (new) (3a) ‘existing financial assets’ mean financial instruments, structured deposits, insurance-based investment products and the practice of portfolio management;
Amendment 210 #
Proposal for a directive Article 1 – paragraph 1 – point 3 a (new) Directive 2014/65/EU Article 5 – paragraph 4 – point a (3a) In article 5(4), point (a) is amended: "(a) any investment firm which is a legal person ha
Amendment 211 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point a Directive 2014/65/EU Article 7 – paragraph 3 Where the authorisation has not been granted, the competent authority shall inform ESMA about the reasons for not granting the authorisation. without undue delay;
Amendment 212 #
Proposal for a directive Article 1 – paragraph 1 – point 6 – point a Directive 2014/65/EU Article 8 – paragraph 2 Every withdrawal of authorisation shall be notified to ESMA, without undue delay. The competent authority shall inform ESMA about the reasons for withdrawing the authorisation.;
Amendment 213 #
Proposal for a directive Article 1 – paragraph 1 – point 7 a (new) Directive 2014/65/EU Article 9 – paragraph 3 – subparagraph 1 and 2 "3. Member States shall ensure that the management body of an investment firm defines, oversees and is accountable for the implementation of the governance arrangements that ensure effective and prudent management of the investment
Amendment 214 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point c Directive 2014/65/EU Article 16 – paragraph 3 a 3a. An investment firm or crypto asset service provider shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to ensure that marketing communications and practices comply with the obligations set out in Article 24c.;
Amendment 215 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point c a (new) Directive 2014/65/EU Article 16 – paragraph 6 a (new) Amendment 216 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point c a (new) Directive 2014/65/EU Article 16 – paragraph 6 a (new) (ca) the following paragraph 6a is inserted: ‘6a. Investment firms providing investment advice and portfolio management services shall be required to report to national competent authorities of its home Member State on an annual basis: (i) the number of financial instruments it considers when providing advice, with a distinction between instruments issued or provided by entities with close link to the investment firm and those provided by non-affiliated third-party providers; (ii) the ratio of financial instruments sold to clients that are issued or provided by entities with close links to the investment firm and those provided by non-affiliated third-party providers; National competent authorities shall forward this information to ESMA without undue delay.
Amendment 217 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point d Directive 2014/65/EU Article 16 – paragraph 7 a – subparagraph 1 Member States shall ensure that investment firms establish appropriate procedures and arrangements, including electronic communication channels, to ensure that client’s rights under this Directive can be exercised without restriction and that client’s complaints, as referred to in Article 75, are dealt with properly and expeditiously . Those procedures shall allow investors to register complaints in any language in which communication material or services were provided
Amendment 218 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point d Directive 2014/65/EU Article 16 – paragraph 7 a – subparagraph 2 In all cases, complaints shall be registered and complainants shall receive replies within
Amendment 219 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point d Directive 2014/65/EU Article 16 – paragraph 7 a – subparagraph 2 In all cases, complaints shall be registered and complainants shall receive replies within
Amendment 220 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point a (a) a specification of an identified target market of end-clients within the relevant category of clients for each financial instrument. Such target market shall at least contain information regarding the type of clients to whom the product is targeted, the knowledge and experience level needed to understand the product, the ability to bear losses, risk tolerance and the objectives and needs clients shall have to invest in the financial instrument;
Amendment 221 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point a (a) a specification of an identified target markets of end-clients within the relevant category of clients
Amendment 222 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point b Amendment 223 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point b (b) a clear identification of the target market’s objectives and needs, including their sustainability risks and benefits;
Amendment 224 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point b (b) a
Amendment 225 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point c (c) an assessment of whether the financial instrument is designed appropriately to meet the target market’s objectives and needs, including their sustainability risks and benefits;
Amendment 226 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point c (c) a
Amendment 227 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point d (d) an assessment of all relevant risks and sustainability performance to the identified target market and that the intended distribution strategy is consistent with the identified target market;
Amendment 228 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e Amendment 229 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a
Amendment 230 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a
Amendment 231 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2014/65 Article 16 a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the distribution of financial instrument and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument, and its performance (‘pricing process’).
Amendment 232 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, that are not bespoke or tailor-made products and that are made available to retail investors, a clear identification and quantification of all costs and charges related to the financial instrument and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument, and its performance (‘pricing process’).
Amendment 233 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and
Amendment 234 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the financial instrument and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument,
Amendment 235 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the financial instrument and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument,
Amendment 236 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e (e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the financial instrument and an
Amendment 237 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e a (new) (ea) An investment firm shall regularly review the financial instruments it manufactures taking into account any event or risk that could materially affect the identified target market, to assess whether the financial instrument remains consistent with the characteristics of the target market and if it is being distributed to the target market, or is reaching clients for whose needs, characteristics and objectives the financial instrument is not compatible.
Amendment 238 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e a (new) (ea) a clear description and assessment of any benefits related to the financial instruments ensuring that they are reasonable and relevant for the intended target market under due consideration to the identified target market’s needs, characteristics and objectives.
Amendment 239 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – point e b (new) (eb) an assessment of whether the financial product is designed to contribute to improving the financial health of a consumer, meaning consumer's ability to manage short-term finances, build resilience to economic shocks, set and achieve long-term financial goals, and have confidence in their financial future .
Amendment 240 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 241 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 242 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 243 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 244 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 245 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 246 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 247 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 The pricing process referred to in point (e)
Amendment 248 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 Amendment 249 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 The pricing process referred to in point (e) shall include a comparison with the relevant benchmark, where available, on costs and performance, both in financial and sustainability terms, published by ESMA in accordance with paragraph 9.
Amendment 250 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 3 a (new) Further, the product approval process shall ensure that the investment firm takes the clients best interest into consideration in the manufacturing of the financial instruments and takes into account the benefits to the customer – both monetary and non-monetary – that the financial instruments intent to create.
Amendment 251 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 252 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 253 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 254 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 255 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Amendment 256 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 257 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 258 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 Amendment 259 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 When a financial instrument deviates from the relevant benchmark referred to in paragraph 9, the investment firm shall inform the competent authority of the investment firm and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification
Amendment 260 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 (new) Member States shall require investment firms to ensure that the management body has effective control over the firm's product approval process. Investment firms shall ensure that the compliance reports to the management body systematically include information about the financial instruments manufactured by the firm, including information on the distribution strategy and the intended benefits to the clients related to the financial instruments. Investment firms shall make the reports available to their competent authority on request.
Amendment 261 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 4 a (new) Investment firms shall notify their home competent authorities about their internal value comparison methodology.
Amendment 262 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 5 Amendment 263 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 5 An investment firm which manufactures financial instruments shall make available to distributors all information on the financial instrument and the product approval process that is needed to fully understand that instrument and the elements taken into consideration during the product approval process,
Amendment 264 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 5 An investment firm which manufactures financial instruments shall make available to distributors all information on the financial instrument and the product approval process that is needed to fully understand that instrument and the elements taken into consideration during the product approval process, including
Amendment 265 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 5 An investment firm which manufactures financial instruments shall make available to distributors all information on the financial instrument and the product approval process that is needed to fully understand that instrument and the elements taken into consideration during the product approval process, including complete and accurate details on any costs and charges of the financial instrument, and including potential harm done as defined by the Principal Adverse Impact indicators of Regulation (EU) 2019/2088.
Amendment 266 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 1 – subparagraph 5 (new) Member States shall require investment firms, when deciding the range of financial instrument and services that they offer or recommend and the respective target markets, to maintain procedures and measures to ensure compliance with all applicable requirements under this directive including those relating to disclosure, assessment of suitability or appropriateness, inducements and proper management of conflicts of interest. The management of conflicts of interest includes assessing whether the intended benefit(s) are reasonable, relevant and of a sufficient qualitative and/or quantitative nature taking into account both monetary and non-monetary benefits when compared to the costs and charges incurred by the client.
Amendment 267 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Amendment 268 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – introductory part An investment firm which manufactures financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to
Amendment 269 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – introductory part An investment firm which manufactures financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 and which is made available to retail clients shall report to its home competent authorities the following:
Amendment 270 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – point a Amendment 271 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – point a (a) details of costs and charges of the financial instrument, including any distribution costs
Amendment 272 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – point b Amendment 273 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – point b (b) data on the characteristics of the financial instrument and its identified target market, in particular its performance, benefits and the level of risk.
Amendment 274 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2 – subparagraph 2 Amendment 275 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 2a (new) 2a. Member States shall require investment firms as part of the product approval process to undertake a scenario analysis of their financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council, which shall assess the risks of poor outcomes for end clients posed by the product and in which circumstances these outcomes may occur. The scenario analysis shall take all costs and charges into consideration including estimated reasonable cost linked to distribution of the financial instruments.
Amendment 276 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 3 Amendment 277 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 3 3. An investment firm that offers or recommends financial instruments which it does not manufacture, shall have in place adequate arrangements to obtain the information referred to in the last subparagraph of paragraph 1 and to understand the characteristics and identified target market of each financial instrument.
Amendment 278 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 3 3. An investment firm that offers or recommends financial instruments which it does not manufacture, shall have in place adequate arrangements to obtain the information referred to in paragraph 1 and to understand the characteristics and identified target market of each financial instrument including its adaptability to investors' individual investment needs, preferences and strategies.
Amendment 279 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 3 a (new) 3a. Member States shall require investment firms to determine whether the financial instrument's risk/reward profile is consistent with the target market and whether the financial instrument design is driven by features that benefit the client
Amendment 280 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 1 An investment firm shall regularly review financial instruments it offers or recommends, taking into account any event or risk that could materially affect the identified target market, to assess whether the financial instrument remains consistent with the objectives and needs of the identified target market and whether the benefits are still relevant for the identified target market and reasonable compared to the costs and charges. The firm must also consider whether the intended distribution strategy remains appropriate.
Amendment 281 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 1 An investment firm shall regularly review financial instruments it offers or recommends, taking into account any event or risk that could materially affect the identified target market, to assess whether the financial instrument remains consistent with the
Amendment 282 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 (new) Member States shall ensure that investment firms consider the charging structure proposed for the financial instrument, including by examining the following: (a) financial instrument's costs and charges are compatible with the needs, objectives and characteristics of the target market; (b) charges do not undermine the financial instrument's return expectations, such as where the costs or charges equal, exceed or remove almost all the expected tax advantages linked to a financial instrument; (c) the charging structure of the financial instrument is appropriately transparent for the target market, such as that it does not disguise charges or is too complex to understand, and (d) an assessment of the expected return of the financial instruments after all costs and charges including estimated reasonable cost linked to distribution.
Amendment 283 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 Amendment 284 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – introductory part An investment firm which offers or recommends financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 and which is made available to retail clients, shall ensure the following:
Amendment 285 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point a Amendment 286 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point a (a) identify and quantify the costs of distribution and any further costs and charges related to the distribution not already taken into account by the manufacturer;
Amendment 287 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (a) identify and quantify
Amendment 288 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point a (a) identify and quantify the costs of distribution and any further costs and charges not already taken into account by the manufacturer, including entry costs, exit costs and third-party payments received and retained by the distributor;
Amendment 289 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point a a (new) (aa) ascertain the absence in the product of any costs that may be deemed undue;
Amendment 290 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2014/65 Article 16–a – paragraph 4 – subparagraph 2 – point b (b) assess whether the total costs and charges incurred for the distribution of the product, including those associated with the investment advice provided to the client, are justified and proportionate, having regard to the characteristics of the instrument target market’s objectives and needs (pricing process).
Amendment 291 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point b (b) assess whether the total costs and charges, when aggregating the costs of the financial instrument with the distribution costs, are justified
Amendment 292 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point b (b) assess whether the total c
Amendment 293 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point b (b) assess whether the total costs and charges referred to in point (a) are justified and proportionate, having regard to the target market’s objectives and needs and to the quality and level of the service provided to the client (pricing process).
Amendment 294 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (b) assess whether the
Amendment 295 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 2 – point b (new) (ba) assess additional product features and services that may impact the value and benefits provided to investors.
Amendment 296 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 297 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 298 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 299 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 300 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 301 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 Amendment 302 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 3 The pricing process
Amendment 303 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 4 – subparagraph 4 Amendment 304 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 305 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 306 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 307 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 308 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 309 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 310 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 Amendment 311 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 4 – subparagraph 4 a (new) Investment firms shall notify their home competent authorities about their internal value comparison methodology.
Amendment 312 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 5 – subparagraph 1 Amendment 313 #
Proposal for a directive Article 1 – paragraph 1 – point 9 An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities the following: (a) details of the costs and charges of the financial instrument, including the costs of distribution,
Amendment 314 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 5 – subparagraph 1 An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 and which is made available to retail clients, shall report to its home competent authorities details of the costs of distribution, including any costs related to the provision of advice or any connected third-party payments.
Amendment 315 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 5 – subparagraph 1 An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities details of the costs of distribution, including any costs related to the provision of advice
Amendment 316 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 5 – subparagraph 1 An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities details of the costs of distribution, including any costs related to the provision of advice
Amendment 317 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 5 – subparagraph 1 An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities details of the costs of distribution, including any costs related to the provision of advice
Amendment 318 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 5 – subparagraph 2 Amendment 319 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Amendment 320 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 Amendment 321 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 Amendment 322 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 Amendment 323 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 1 Amendment 324 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – introductory part An investment firm which offers or
Amendment 325 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 1 – point a Amendment 326 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 1 – point a (a) details of costs and charges of any financial instrument destined for retail
Amendment 327 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 1 – point b Amendment 328 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 1 – point b (b) data on the characteristics of the financial instruments and its identified target market, in particular its performance, benefits and the level of risk.
Amendment 329 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 – subparagraph 2 Amendment 330 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 6 a (new) 6a. An investment firm that offers or recommends financial instruments which it does not manufacture, shall have in place adequate arrangements to obtain the information referred to in paragraph 1 and to understand the characteristics and identified target market of each financial instrument including the benefits assessed to be reasonable and relevant for the identified target market.
Amendment 331 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 Amendment 332 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 Amendment 333 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 Amendment 334 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – introductory part 7. An investment firm
Amendment 335 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – introductory part 7. An investment firm shall document all assessments made and shall, upon request, provide such assessments to a relevant competent authority, including the
Amendment 336 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – introductory part 7. An investment firm shall document all assessments made and shall
Amendment 337 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point a Amendment 338 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point a Amendment 339 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 7 – point a Amendment 340 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point a Amendment 341 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point b Amendment 342 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 7 – point b Amendment 343 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point b Amendment 344 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point b Amendment 345 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point c Amendment 346 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 – point c (c) related to the justification and demonstration of the proportionality of costs and charges of the financial instrument and of the costs of distribution.
Amendment 347 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 7 a (new) 7a. The documentation resulting from the product approval process and any other assessment made by an investment firm in accordance with this Article should be made publicly available in an electronic format on the website of the investment firm.
Amendment 348 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 8 8. An investment firm
Amendment 349 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 Amendment 350 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 Amendment 351 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 Amendment 352 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 Amendment 353 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 Amendment 354 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 1 Amendment 355 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 1 After having consulted EIOPA and the competent authorities, ESMA shall, where appropriate, develop
Amendment 356 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 1 After having consulted EIOPA and the competent authorities, ESMA shall, where appropriate, develop and make publicly available common benchmarks for financial instruments that present similar levels of performance, risk, strategy, objectives, or other characteristics, to help investment firms to perform the comparative assessment of the cost and performance of financial instruments, falling under the definition of packaged retail investment products, both at the manufacturing and distribution stages. ESMA shall only develop these benchmarks for widespread and standardised financial instruments across the Union, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of financial instruments.
Amendment 357 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 2 Amendment 358 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 2 The benchmarks shall display a range of costs and performance
Amendment 359 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 2 The
Amendment 360 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 3 Amendment 361 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 3 The costs used for the development of
Amendment 362 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 4 Amendment 363 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 9 – subparagraph 4 ESMA shall regularly update the
Amendment 364 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 Amendment 365 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 Amendment 366 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 Amendment 367 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 Amendment 368 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 Amendment 369 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – introductory part 11. The Commission is empowered to supplement this Directive by adopting delegated acts in accordance with Article 89 to specify the
Amendment 370 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – introductory part 11. The Commission
Amendment 371 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – point a Amendment 372 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – point a (a) the methodology used by ESMA to develop
Amendment 373 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – point a (a) the methodology used by ESMA to develop and update benchmarks referred to in paragraph 9;
Amendment 374 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 11 – point b Amendment 375 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (b) the criteria to determine whether costs and charges are
Amendment 376 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65 Article 16–a – paragraph 12 – subparagraph 1 Amendment 377 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – introductory part ESMA, after having consulted EIOPA and the competent authorities
Amendment 378 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – introductory part ESMA, after having consulted EIOPA and the competent authorities
Amendment 379 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – introductory part ESMA, after having consulted EIOPA and the competent authorities
Amendment 380 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – introductory part ESMA, after having consulted EIOPA and the competent authorities
Amendment 381 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – introductory part ESMA, after having consulted EIOPA and the competent authorities
Amendment 382 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point a (a) the content and type of data and details of costs and charges to be reported to the competent authorities in accordance with paragraph 2
Amendment 383 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point a (a) the content and type of data and details of costs and charges to be reported to the competent authorities in accordance with paragraph 2
Amendment 384 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point a (a) the content and type of data and details of costs and charges to be reported to the competent authorities in accordance with paragraph 2
Amendment 385 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point a (a) the content and type of data and details of costs and charges to be reported to the competent authorities in accordance with paragraph 2
Amendment 386 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point b (b) the data standards and formats, methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2
Amendment 387 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point b (b) the data standards and formats, methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2
Amendment 388 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point b (b) the data standards and formats, methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2
Amendment 389 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 1 – point b (b) the data standards and formats, methods and arrangements, frequency and starting date for the information to be reported in accordance with paragraph 2
Amendment 390 #
Proposal for a directive Article 1 – paragraph 1 – point 9 (ba) the circumstances in which costs should be considered as undue, taking due account of the specificities of the different types of packaged retail investment products.
Amendment 391 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 Amendment 392 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after adoption of the delegated act referred to in paragraph 11. These regulatory technical standards need to include both financial and sustainability aspects.
Amendment 393 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months
Amendment 394 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after
Amendment 395 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after
Amendment 396 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months
Amendment 397 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by [18 months] after
Amendment 398 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 12 – subparagraph 3 a (new) 3a. Five years after the application of Directive (EU) and after having consulted ESMA and EIOPA, the Commission shall assess the impact of the new comparison website on the costs of financial instruments in order to assess if further measures need to be taken.
Amendment 399 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/65/EU Article 16–a – paragraph 13 (new) 13. ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
Amendment 400 #
Proposal for a directive Article 1 – paragraph 1 – point 10 Directive 2014/65/EU Article 16 a – paragraph 1 An investment firm shall be exempted from the requirements set out in the Article 16-a(1) and in Article 24(2), where the investment service it provides relates
Amendment 401 #
Proposal for a directive Article 1 – paragraph 1 – point 10 Directive 2014/65/EU Article 16 a – paragraph 1 An investment firm shall be exempted from the requirements set out in the Article 16-a(1) and in Article 24(2), where the
Amendment 402 #
Proposal for a directive Article 1 – paragraph 1 – point 11 a (new) Directive 2014/65/EU Article 23 – paragraph 1 Article 23 is amended as follows: Paragraph 1 is replaced by the following: ‘1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the
Amendment 403 #
Proposal for a directive Article 1 – paragraph 1 – point 11 a (new) Directive 2014/65/EU Article 23 (11a) Article 23 is amended as follows: "Article 23 Conflicts of interest 1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the
Amendment 404 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point a Directive 2014/65/EU Article 24 – paragraph 1 1. Member States shall require that, when providing investment services or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the principles set out in this Article and
Amendment 405 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a Amendment 406 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a Amendment 407 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – introductory part 1a. Member States shall ensure that, in order to act in the best interest of the client, when providing investment advice to retail clients for which inducements are received and retained, investment firms are under the obligation of the following:
Amendment 408 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – introductory part 1a. Member States shall ensure that, in order to act in the best interest of the client, when providing investment advice or promoting financial instruments to retail clients, investment firms are under the obligation of the following:
Amendment 409 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b 1a. Member States shall ensure that,
Amendment 410 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point a (a)
Amendment 411 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point a (a) Taking into account the size and business model of the investment firm and the investment objectives of the client, to provide advice on the basis of an
Amendment 412 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point a (a) to provide advice on the basis of an assessment of an appropriate range of financial instruments
Amendment 413 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point a (a) to provide advice or promote financial instruments on the basis of an
Amendment 414 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point a (a) to provide advice on the basis of an assessment of an appropriate and diversified range of financial instruments;
Amendment 415 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b Amendment 416 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b (b) to recommend the most
Amendment 417 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b (b) to recommend the most cost- efficient financial instruments, with reference to the relevant benchmark, where available, on costs and performance published by ESMA in accordance with Article 16-a(9), among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;
Amendment 418 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b (b) to recommend the most cost- efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2)
Amendment 419 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b (b) to recommend the
Amendment 420 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b (b) to
Amendment 421 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65 Article 24 – paragraph 1 a – point b a (new) Amendment 422 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point b a (new) (ba) to recommend, taking into consideration its performance, level of risk, costs and charges, the most efficient financial instrument among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;
Amendment 423 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c Amendment 424 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c Amendment 425 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c Amendment 426 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c (c) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2), a
Amendment 427 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c (c) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2), a product or products
Amendment 428 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c a (new) (ca) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2) at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 429 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c a (new) (ca) if the client asks to have assessed whether a specific financial instrument is suitable, the investment firm shall still inform the client of one or more other relevant financial instruments in accordance with subparagraph b.
Amendment 430 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a – point c a (new) (ca) not to place the financial or other interest of the investment firm ahead of the interest of the client.
Amendment 431 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a a (new) 1aa. Member States that have a full inducement ban in place for firms that provide investment advice to retail clients, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit, in connection with the provision of such service, to or by any party except the client or a person on behalf of the client, are presumed to have complied with subparagraphs 1(b) and (c).
Amendment 432 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a a (new) 1aa. The cost efficiency referred to in the first subparagraph, point (b), shall be determined on the basis of the investment firm’s assessment of the instrument’s net return expectations taking into account all implicit and explicit costs and charges.
Amendment 433 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b Directive 2014/65/EU Article 24 – paragraph 1 a a (new) 1aa. When none of the financial instruments offered by the investment firm are in the best interest of the client, the investment firm shall refrain from making any advice or recommendation.
Amendment 434 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point b – point i (new) Directive 2014/65/EU Article 24 – paragraph 1 a a (new) 1aa. The cost efficiency referred to in the first subparagraph, point (b), shall be determined on the basis of the investment firm’s assessment of the instrument’s net return expectations after all costs and charges performed under Article 16-a(4), point d with due consideration to the assessment performed according to Article 16-a(7) of the benefits provided to the client.
Amendment 435 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point c Directive 2014/65/EU Article 24 – paragraph 2 – introductory part Amendment 436 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point c Directive 2014/65/EU Article 24 – paragraph 2 – subparagraph 1 – point a Amendment 437 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point c Directive 2014/65/EU Article 24 – paragraph 2 – subparagraph 1 – point b Amendment 438 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point c Directive 2014/65/EU Article 24 – paragraph 2 – subparagraph 1 – point c Amendment 439 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point d Directive 2014/65/EU Article 24 – paragraph 3 All information, addressed by the investment firm to clients or potential clients shall be fair, transparent, rigorous, clear and not misleading. The information must be accessible through any format and be transmitted to clients or potential clients in a timely manner;
Amendment 440 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point e – point i Directive 2014/65/EU Article 24 – paragraph 4 – point a – subpoints i, ii, iii (i) whether
Amendment 441 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point e – point i – indent 2 Directive 2014/65/EU Article 24 – paragraph 4 – point a – subpoint iv (iv) whether
Amendment 442 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point e – point i – indent 2 – introductory part Directive 2014/65/EU Article 24 – paragraph 4 – point a – in point (a), the point (ii) is deleted and the following points (iv) and (v) are added:
Amendment 443 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point e – point i – indent 2 Directive 2014/65/EU Article 24 – paragraph 4 – point a – subpoint v (v) how the recommended financial instruments take into account the diversification of the retail client’s portfolio;
Amendment 444 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point e – point i – indent 4 Directive 2014/65/EU Article 24 – paragraph 4 – subparagraph 1 – point d – subpoint ii (ii) the relevant national competent authorit
Amendment 445 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 1 Member States shall ensure that investment firms display appropriate
Amendment 446 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 1 Member States shall ensure that investment firms display appropriate warnings in information materials, including marketing communications, provided to retail clients or potential retail clients, to alert on the specific risks of potential losses carried by
Amendment 447 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Member States shall ensure that investment firms display appropriate warnings in information materials, including marketing communications, provided to retail clients or potential retail clients, to alert on the specific risks of potential losses carried by
Amendment 448 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 1 Member States shall ensure that investment firms display appropriate warnings in information materials, including marketing communications, provided to retail clients or potential retail clients, to alert on the specific risks of potential losses carried by particularly risky financial instruments
Amendment 449 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 2 Amendment 450 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 2 ESMA shall after consulting the relevant stakeholders, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines on the concept of particularly risky financial instruments taking due account of the specificities of the different types of instruments. For this purpose, the concept of “leveraged financial instruments” laid down in Article 62(2) of the Commission Delegated Regulation (EU) 2017/265 should be taken into account.
Amendment 451 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 2 After consulting competent authorities, ESMA shall, by [18 months after the entry into force of the amending Directive],
Amendment 452 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5 c – subparagraph 2 ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically,
Amendment 453 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 2 Amendment 454 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 2 ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines on the concept of
Amendment 455 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 2 ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically,
Amendment 456 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 2 ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, clear and precise guidelines on the concept of
Amendment 457 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 2 ESMA shall, by [18 months after the entry
Amendment 458 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 3 ESMA shall develop draft regulatory technical standards to further specify the format and content of such risk warnings to retail clients, taking due account of the specificities of the different types of financial instruments and types of communications.
Amendment 459 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 3 ESMA shall develop draft regulatory technical standards to further specify the format and content of such
Amendment 460 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 4 Amendment 461 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 5 Amendment 462 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point g Directive 2014/65/EU Article 24 – paragraph 5c – subparagraph 6 ESMA shall monitor the consistent application of
Amendment 463 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point h Directive 2014/65/EU Article 24 – paragraph 7a 7a. When providing investment advice to retail clients
Amendment 464 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point h a (new) Directive 2014/65/EU Article 24 – paragraph 7 (ha) Article 24, paragraph 7 is replaced by the following: "7. Where an investment firm informs the client that investment advice is provided on an independent basis, that investment firm shall: (a) assess a sufficient range of financial instruments available on the market which must be sufficiently diverse with regard to their type and issuers or product providers to ensure that the client’s investment objectives can be suitably met and must not be limited to financial instruments issued or provided by: (i) the investment firm itself or by entities having close links with the investment firm; or (ii) other entities with which the investment firm has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided; (b) not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients in line with Article 24a. Minor non- monetary benefits
Amendment 465 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point i a (new) Directive 2014/65/EU Article 24 – paragraph 12 – subparagraph 1 (ia) Article 24(12)(1) is amended as follows: "12. Member States may, in exceptional cases, impose additional requirements on investment firms in respect of the matters covered by
Amendment 466 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point j – point i Directive 2014/65/EU Article 24 – paragraph 13 – introductory part The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to ensure that investment firms comply with the principles set out in this Article
Amendment 467 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point j – point ii Directive 2014/65/EU Article 24 – paragraph 13 – subparagraph1 – point d (d) the criteria to assess compliance of firms providing investment advice to retail clients
Amendment 468 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point j – point ii (d) the criteria to assess compliance of firms providing investment advice to retail clients,
Amendment 469 #
Proposal for a directive Article 1 – paragraph 1 – point 12 – point j – point ii Directive 2014/65/EU Article 24 – paragraph 13 – subparagraph1 – point d a (new) (da) the criteria for assessing financial products in relation to a client's sustainability preferences, along with the procedures for adapting a portfolio or investment product offering to align with a client's sustainability preferences;
Amendment 470 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – title Amendment 471 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – title Amendment 472 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 Amendment 473 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that
Amendment 474 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management
Amendment 475 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management, do not
Amendment 476 #
Proposal for a directive Article 1 – paragraph 1 – point 13 1. Member States shall ensure that investment firms, when providing portfolio management, do not
Amendment 477 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management,
Amendment 478 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management or when providing investment advice, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit, in connection with the provision of such service, to or by any party except the client or a person on behalf of the client.
Amendment 479 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management
Amendment 480 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EC Article 24 a – paragraph 1 1. Member States shall ensure that investment firms, when providing portfolio management
Amendment 481 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 482 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 483 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 484 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 485 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 486 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24 – paragraph 2 Amendment 487 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 488 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 Amendment 489 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 2. Member States shall ensure that investment firms, when providing reception and transmission of orders or execution of orders to or on behalf of retail clients,
Amendment 490 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 2 2. Member States shall ensure that investment firms, when providing reception and transmission of orders or execution of orders to or on behalf of retail clients,
Amendment 491 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU)2014/65/EC Article 24a – paragraph 2 2. Member States
Amendment 492 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 493 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 494 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24 – paragraph 3 Amendment 495 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 496 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 497 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 498 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 499 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 3 Amendment 500 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 Amendment 501 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 Amendment 502 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 Amendment 503 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 Amendment 504 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 Amendment 505 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 1 Amendment 506 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 1 Amendment 507 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24a – paragraph 4 – subparagraph 1 Amendment 508 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 1 Amendment 509 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 1 Paragraph 2 shall not apply to
Amendment 510 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 2 Amendment 511 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24a – paragraph 4 – subparagraph 2 Amendment 512 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 4 – subparagraph 2 Amendment 513 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Amendment 514 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 5 Amendment 515 #
Proposal for a directive Article 1 – paragraph 1 – point 13 5. Paragraph
Amendment 516 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24 – paragraph 5 5. Paragraph
Amendment 517 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 5 5. Paragraphs 1
Amendment 518 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 5 5. Paragraph
Amendment 519 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 5 a (new) Amendment 520 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 6 Amendment 521 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24a – paragraph 7 Amendment 522 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 7 Amendment 523 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 7 Amendment 524 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 7 – subparagraph 1 Amendment 525 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 7 – subparagraph 2 Amendment 526 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a, paragraph 7 – subparagraph 3 Amendment 527 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 Amendment 528 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 Amendment 529 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24a – paragraph 8 Amendment 530 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 Amendment 531 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 8. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, the evolution of retail investor participation in capital markets, and costs of packaged retail investment products and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on it. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.
Amendment 532 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 8.
Amendment 533 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 8.
Amendment 534 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 8.
Amendment 535 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 8.
Amendment 536 #
Proposal for a directive Article 1 – paragraph 1 – point 13 8a. The European Commission shall adapt the requirements established in Article 16a regarding the pricing process, for investment firms located in a Member State that prohibits the offer or acceptance of fees, commissions or non- monetary benefits from third parties in relation to the provision of insurance advice, or for investment firms that can proof to the Member States' National Competent Authority they do not offer or accept fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice. These adapted requirements shall take into account the reduced risk of conflicts of interest and keep in mind the principle of proportionality
Amendment 537 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24a – paragraph 8 a (new) 8a. Five years after the entry into force of Directive (EU) [OP Please introduce the number of the amending Directive], and after having consulted ESMA and EIOPA, the Commission shall issue a report to assess the potential conflict of interest associated with inducements, the evolution of costs, the overall level of retail investment in capital markets, consumer protection, the relevance of distribution rules and the implementation of financial literacy measures.
Amendment 538 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – title Information on costs
Amendment 539 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 1 Member States shall ensure that investment firms provide clients or potential clients in good time prior to the provision of any investment services and ancillary services, and in good time prior to the conclusion of any transaction on financial instruments with information, in the required format, on all costs, associated charges
Amendment 540 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 1 Member States shall ensure that investment firms provide retail clients or potential retail clients in good time prior to the provision of any investment services and ancillary services, and in good time prior to the conclusion of any transaction on financial instruments with information, in the required format, on all costs, associated charges
Amendment 541 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 2 – introductory part The information on those costs, associated charges
Amendment 542 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 2 – point a (a) all explicit and implicit, and associated charges, including all costs and charges relating to the distribution of the financial instrument, and the cost of advice, where relevant, charged by the investment firms or other parties where the client has been directed to such other parties, for the investment services and/or ancillary services provided to the client or potential client;
Amendment 543 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 2 – point a (a) all explicit and implicit costs, and associated charges, charged by the investment firms or other parties where the retail client has been directed to such other parties, for the investment services and/or ancillary services provided to the retail client or potential retail client;
Amendment 544 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 2 – point c Amendment 545 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 2 – point d Amendment 546 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 2 – point d (d) how the retail client may pay for them.
Amendment 547 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 2 – point d a (new) (da) The information referred to in the second subparagraph, point (a) to (c), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail client, on the impact of the costs, charges and any third-party payments on the expected return.
Amendment 548 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 3 Member States shall ensure that investment firms aggregate the information on all costs and associated charges to enable the client to understand the overall cost, of the financial instruments and the cumulative effect on return of the investment. Member States shall ensure that investment firms express the overall cost in monetary terms and percentages calculated over the following periods: - for financial instruments which are packaged retail investment products, over the holding period recommended by the investment firm; - for other financial instruments, up to the maturity date of the financial instrument
Amendment 549 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 3 Member States shall ensure that investment firms aggregate the information on all costs
Amendment 550 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 3 Member States shall ensure that investment firms aggregate the information on all costs and associated charges to enable the client to understand the overall cost, of the financial instruments
Amendment 551 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 3 Member States shall ensure that investment firms aggregate the information on all costs and associated charges to enable the retail client to understand the overall cost
Amendment 552 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 4 Amendment 553 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 4 The third-party payments paid or received by the investment firm in connection with the investment service provided to the client shall be itemised separately.
Amendment 554 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU)2014/65/EC Article 24b – paragraph 1 – subparagraph 4 The third-party payments paid or received by the investment firm in connection with the investment service provided to the client shall be itemised separately. The investment firm shall disclose the cumulative impact of such third-party payments, including any recurring third- party payments, on the net return over the holding period as mentioned in the preceding subparagraph. The purpose of the third-party payments and their impact on the net return shall be explained in a standardised way and in a comprehensible language
Amendment 555 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 4 The third-party payments paid or received by the investment firm in connection with the investment service provided to the client shall be itemised separately. The
Amendment 556 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 5 Amendment 557 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 5 Where the amount of
Amendment 558 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Where the amount of any costs, associated charges or third-party payments cannot be ascertained prior to the provision of the relevant investment or ancillary service, the method of calculating the amount shall be clearly disclosed to the client in a manner that is comprehensible, accurate and understandable
Amendment 559 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 1 – subparagraph 5 Where the amount of any costs, associated charges
Amendment 560 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 5 Where the amount of any costs, associated charges or third-party payments cannot be ascertained prior to the provision of the relevant investment or ancillary service, the method of calculating the amount shall be clearly disclosed to the retail client in a manner that is comprehensible, accurate and understandable for an average retail client.
Amendment 561 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 6 Amendment 562 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 6 Amendment 563 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 6 Amendment 564 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 6 Investment firms providing investment services to professional clients shall have the right to agree to a limited application of the detailed requirements set out in this paragraph, with such clients.
Amendment 565 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 7 Amendment 566 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 7 Amendment 567 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 7 Amendment 568 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 1 – subparagraph 7 Investment firms providing investment services to eligible counterparties shall have the right to agree to a limited application of the detailed requirements set out in this paragraph, except when, irrespective of the investment service provided,
Amendment 569 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 2 – subparagraph 1 – point a (a) the relevant format for the provision of any costs
Amendment 570 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 2 – subparagraph 1 – point aa (new) (aa) The calculation method to be applied by firms in order to calculate the percentage of overall costs referred to in the third subparagraph of Article 24b(1), including whether cost figures shall be computed based on costs accrued or effectively disbursed over the period considered, as well as whether and when cost figures should be annualized. These specifications shall also apply to the annual statement on costs referred to in paragraph 4.
Amendment 571 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 2 – subparagraph 1 – point aa (new) (aa) the relevant format for the provision of the annual statement on all costs and associated charges by the investment firms to its retail client.
Amendment 572 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 2 – subparagraph 1 – point b (b) the standard terminology and related explanations to be used by investment firms for the disclosure and calculation of any costs
Amendment 573 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 2 – subparagraph 1 – point b (b) the standard terminology and brief and concise related explanations to be used by investment firms for the disclosure
Amendment 574 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 2 – subparagraph 1 – point b (b) the standard terminology and related explanations to be used by investment firms for the disclosure and calculation of any costs, associated charges and third-party payments charged directly or indirectly by firms to the retail client or potential retail client in connection with the provision of any investment service(s) or ancillary service(s) and the manufacturing and managing of financial instruments to be recommended or marketed to the retail client or potential retail client. Explanations related to those costs, associated charges and third-
Amendment 575 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 2 – subparagraph 1 – point b a (new) (ba) the methodology for the calculation of costs.
Amendment 576 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 3 – subparagraph 1 – introductory part Where the agreement to buy or sell a financial instrument is concluded using a means of distance communication which prevents the prior delivery of the information on costs
Amendment 577 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – introductory part Amendment 578 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point b Amendment 579 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point b Amendment 580 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point c Amendment 581 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point c (c)
Amendment 582 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point d Amendment 583 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point e Amendment 584 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point e (e) the net annual performance of the portfolio of the retail client
Amendment 585 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 1 – point e (e) the net annual performance of the portfolio of the retail client and the annual performance of each of the financial instruments included in this portfolio. Investment firms shall inform their clients of their right to request the provision of such detailed breakdowns.
Amendment 586 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 2 Amendment 587 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 3 Amendment 588 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Where providing exclusively a service of safekeeping and administration of financial instruments for the account of the retail client, the investment firm shall provide an annual statement including applicable information on point (a)
Amendment 589 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 4 Upon its request, the retail client shall be entitled to receive each year a detailed breakdown of the information referred to under point (a)
Amendment 590 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 4 Upon its request, the retail client shall be
Amendment 591 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 4 – subparagraph 4 Amendment 592 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 4 – subparagraph 4 a (new) 4a. The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. The annual statement 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 593 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 4 – subparagraph 5 Amendment 594 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24b – paragraph 4 – subparagraph 5 The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. It shall be communicated to the client no later than 31 March each year. Information on costs, associated charges and any third-
Amendment 595 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24b – paragraph 5 Amendment 596 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 1 1. Member States shall ensure that marketing communications are clearly identifiable as such and clearly identify the investment firms or crypto-asset service provider responsible for their content and distribution, regardless of whether the communication is made directly or indirectly by the investment firm.
Amendment 597 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 1 1. Member States shall ensure that marketing communications addressed to retail clients are clearly identifiable as such and clearly identify the investment firms responsible for their
Amendment 598 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 1 Member States shall ensure that marketing communications are developed, designed and provided in a manner that is fair, clear, not misleading, balanced in terms of presentation of benefits and risks, and appropriate in terms of content and distribution channels for the target audience
Amendment 599 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 1 Member States shall ensure that marketing communications are developed, designed and provided in a manner that is fair, clear, not misleading, balanced in terms of presentation of benefits and risks, and
Amendment 600 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 2 All marketing communications shall
Amendment 601 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 2 All marketing communications provided or made accessible to retail clients or potential retail clients shall
Amendment 602 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 2 Amendment 603 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 2 Amendment 604 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 2 All marketing communications shall present in a prominent and concise way, the essential characteristics of the financial instruments, crypto asset service or the investment services and related ancillary services to which they refer.
Amendment 605 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 3 Taking into account the nature and characteristics of the media used, the presentation of the essential characteristics of the financial instruments and services included in the marketing communications provided or made accessible to retail or potential retail clients, shall ensure that they can easily understand the key features of the financial instruments or services as well as the main risks associated with them.
Amendment 606 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 3 The presentation of the essential characteristics of the financial instruments and services included in the marketing communications provided or made accessible to retail or potential retail clients, shall ensure that they can easily understand the key features of the financial instruments or services as well as the main risks associated with them, taking into account the nature and characteristics of the media used.
Amendment 607 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24c – paragraph 2 – subparagraph 3 The presentation of the essential characteristics of the financial instruments and services included in the marketing communications provided or made accessible to retail or potential retail clients, shall ensure that they can easily understand the key features of the financial instruments or services as well as the costs and main risks associated with them.
Amendment 608 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 2 – subparagraph 3 The presentation of the essential characteristics of the financial instruments and services
Amendment 609 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 3 3. Member States shall ensure that marketing practices are developed and used in a manner that is fair and not misleading, and shall be appropriate for the target
Amendment 610 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 3 3. Member States shall ensure that marketing practices are developed and used in a manner that is fair and not misleading, and shall be appropriate for the target audience. Member States shall ensure that investment firms carrying out profiling of individuals for the purpose of this paragraph, fully comply with Regulation (EU) 2016/679.
Amendment 611 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 4 – subparagraph 1 Where a manufacturer of a financial instrument or a crypto-asset service provider prepares and provides a marketing communication to be used by the distributor, the manufacturer shall be responsible for the content of such marketing communication and its update. The distributor shall be responsible for the use of this marketing communication and shall ensure that it is used for the identified target market only and in line with the
Amendment 612 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 4 – subparagraph 2 Where an investment firm or crypto-asset service provider offers or recommends financial instruments which it does not manufacture, organises its own marketing communication, it shall be fully responsible for its appropriate content, update and use, in line with the identified target market and in particular in line with the identified client categorisation.
Amendment 613 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 4 – subparagraph 2 Where an investment firm that offers or recommends financial instruments which it does not manufacture, organises its own marketing communication, it shall be fully responsible for its appropriate content, update and use, in line with the identified target market and in particular in line with
Amendment 614 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 5 Amendment 615 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 5 5. Member States shall ensure, investment firms make annual reports to the firm’s management body on the use of marketing communications and strategies aimed at marketing practices provided or made accessible to retail clients or potential retail clients, the compliance with relevant obligations on marketing communications and practices under this Directive and on any signalled
Amendment 616 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 5 5. Member States shall ensure, investment firms and crypto-asset service providers make annual reports to the firm’s management body on the use of marketing communications and strategies aimed at marketing practices, the compliance with relevant obligations on marketing communications and practices under this Directive and on any signalled irregularities and proposed solutions.
Amendment 617 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 6 6. Member States shall ensure that national competent authorities can take timely and effective action in relation to any marketing communication
Amendment 618 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 7 –subparagraph 1 Amendment 619 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 7 – subparagraph 2 Such records shall be kept for a period of five
Amendment 620 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2016/97 Article 24c – paragraph 7 – subparagraph 2 Such records shall be kept for a
Amendment 621 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 7 – subparagraph 2 Such records shall be kept for a period of five years and, where requested by the competent authority, for a period of up to seven years. Those records shall be retrievable by the investment firm or crypto asset service provider upon request of the competent authority.
Amendment 622 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 8 – point a (a) the essential characteristics of financial instrument(s) or investment and ancillary service(s)
Amendment 623 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 8 – point a (a) the essential characteristics of financial instrument(s) or investment and ancillary service(s) to be disclosed in all marketing communications targeting retail clients or potential retail clients and any other relevant criteria to ensure that taking into account the nature and characteristics of the media used those essential characteristics appear in a prominent way and are easily accessible by an average retail client
Amendment 624 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 8 – point a (a) the essential characteristics of financial instrument(s) or investment and ancillary service(s) to be disclosed in all marketing communications targeting retail clients or potential retail clients and any other relevant criteria to ensure that those essential characteristics appear in a prominent way and are easily accessible by an average retail client,
Amendment 625 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24c – paragraph 8 – point a (a) the essential characteristics of crypto services, financial instrument(s) or investment and ancillary service(s) to be disclosed in all marketing communications targeting retail clients or potential retail clients and any other relevant criteria to ensure that those essential characteristics appear in a
Amendment 626 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24c – paragraph 8 – point b (b) the conditions with which marketing communications and marketing practices should comply in order to be fair, clear, not misleading, balanced in terms of presentation of advantages, costs and risks, and appropriate in terms of content and distribution channels for the target audience or, where applicable, the target market.
Amendment 627 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 1 1. Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm
Amendment 628 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least
Amendment 629 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65 Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least
Amendment 630 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU)2014/65/EC Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least 15 hours of professional training and development per year.
Amendment 631 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to retail clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least 15 hours of professional training and development per year. Compliance with the criteria set out in Annex V as well as the yearly successful completion of the continuous professional training and development shall be proven by a certificate.
Amendment 632 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least
Amendment 633 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 2 – subparagraph 1 For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least
Amendment 634 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Amendment 635 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/65/EU Article 24d – paragraph 2 a (new) 2a. The Commission is empowered to adopt delegated acts, in accordance with Article 89, to define criteria for assessing effectively the knowledge and competence of natural persons giving investment advice on behalf of an investment firm, criteria to determine the minimum content and scope of professional training and development to be undertaken by such persons, as well as the number of hours of professional training and development to be undertaken by each such natural person beyond the minimum of 15 hours per year where necessary based on the assessment of knowledge and competence. The Commission shall in particular specify the criteria to determine the minimum number of hours to be dedicated by each natural person on sustainable investing as part of their yearly training requirement.
Amendment 636 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 1 – subparagraph 2 – point b (b) the absence of information shall prevent the firm to determine whether the service or financial instrument envisaged is suitable or appropriate for them and to proceed with the recommendation or the execution of the client’s order.
Amendment 637 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 1 – subparagraph 4 ESMA shall develop draft regulatory technical standards to determine the explanation and warning to the retail clients referred to in paragraph 1, second subparagraph, and the format and content of the report to retail clients referred to in paragraph 1, third subparagraph.
Amendment 638 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, and if agreed with the client including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses and need for portfolio diversification. Investment firms inform the client that there are two sorts of investment advice: Investment advice with regard to the concrete financial instrument and portfolio advice (investment advice with regard to the portfolio) and explain the differences. On this ground, the client can decide which sort of advice he likes to receive.
Amendment 639 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client
Amendment 640 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information
Amendment 641 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a IDD Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or
Amendment 642 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences, and need for portfolio diversification.
Amendment 643 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need for portfolio diversification.
Amendment 644 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need for portfolio diversification.
Amendment 645 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65 Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation,
Amendment 646 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 1 Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation,
Amendment 647 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 2 When providing
Amendment 648 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 2 – subparagraph 2 When providing
Amendment 649 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65 Article 25 – paragraph 2 – subparagraph 2 When providing
Amendment 650 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 Amendment 651 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 1 Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the client
Amendment 652 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the client or potential client to provide information regarding their knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded,
Amendment 653 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 1 Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the client or potential client to provide information regarding their knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded,
Amendment 654 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 1 Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the retail client or potential retail client to provide information regarding their knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded,
Amendment 655 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 1 Member States shall ensure that investment firms, when providing investment services other than those referred to in paragraph 2, ask the client or potential client to provide information regarding their knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded, and for the retail client or potential retail client
Amendment 656 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 3 Where the investment firm assesses on the basis of the information received under the first subparagraph, that the product or service is not appropriate to the client or potential client, the investment firm shall warn the client or potential client.
Amendment 657 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 – subparagraph 5 ESMA shall develop draft regulatory technical standards to determine the format and content of the warning to retail clients referred to in subparagraph 3.
Amendment 658 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 a (new) 3a. When providing investment advice, the products proposed by the investment firm shall include at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 659 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 a (new) 3a. When providing investment advice, the products proposed by the investment firm shall include at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability risks and benefits as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 660 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 a (new) 3a. When providing investment advice, the products proposed by the investment firm shall include at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 661 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive 2014/65/EU Article 25 – paragraph 3 a (new) 3a. When providing investment advice, the products proposed by the investment firm shall include at least one product that aims to make a positive contribution to environmental sustainability as defined in Regulation (EU) 2020/852 unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 662 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point b Directive 2014/65/EU Article 25 – paragraph 4 – subparagraph 5 ESMA shall develop draft regulatory technical standards to determine the format and content of warning to retail clients referred to in the first subparagraph, point (c).
Amendment 663 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/65/EU Article 25 – paragraph 8 – point c a (new) (ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 664 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/65/EU Article 25 – paragraph 8 – point c a (new) (ca) criteria for assessing the alignment of financial products with a client's sustainability risks and benefits, and the process for adjusting a portfolio or investment product offer to align with a client's sustainability risks and benefits.
Amendment 665 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/65/EU Article 25 – paragraph 8 – point c a (new) (ca) the criteria for assessing the alignment of financial products with a client's sustainability preferences and outlining the procedures for tailoring a portfolio or investment product offering to meet a client's sustainability preferences.
Amendment 666 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/65/EU Article 25 – paragraph 8 – point c a (new) (ca) the criteria for assessing the products being offered or considered in terms of sustainability preferences of the client or potential client.
Amendment 667 #
Proposal for a directive Article 1 – paragraph 1 – point 14 a (new) Directive 2014/65/EU Article 29a – paragraph 1 – subparagraph 1 Article 29a, paragraph 1 is amended as follows: “1. The requirements laid down in
Amendment 668 #
Proposal for a directive Article 1 – paragraph 1 – point 15 – point a Directive 2014/65/EU Article 30 – paragraph 1 – subparagraph 1 Member States shall ensure that investment firms authorised to execute orders on behalf of clients, and/or to deal on own account, and/or to receive and transmit orders have the possibility of bringing about or entering into transactions with eligible counterparties without being obliged to comply with Article 16(3a), Article 24 with the exception of paragraph
Amendment 669 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1 – introductory part Member States shall require that investment firms and credit institutions providing investment services or activities report the following information annually to the competent authority of its home Member State when they provide investment services to more than 150 retail clients on a cross-border basis:
Amendment 670 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1– introductory part Member States shall require that investment firms and credit institutions providing investment services or activities report the following information annually to the competent authority of its home Member State when they provide investment services to more than 150 retail clients on a cross-border basis:
Amendment 671 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1– point b Amendment 672 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1– point c Amendment 673 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1– point d Amendment 674 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/65/EU Article 35 a – paragraph 1 – subparagraph 1– point e Amendment 675 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point a Directive 2014/65/EU Article 69 – paragraph 2 Amendment 676 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point c Directive 2014/65/EU Article 69 – paragraph 2 – point w (w) to impose the use of risk warnings by investment firms in information materials, including marketing communications provided or made accessible to retail clients or potential retail clients, related to particularly risky financial instruments where those instruments could pose a serious threat to investor protection.;
Amendment 677 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point c Directive 2014/65/EU Article 69 – paragraph 2 – point w (w) to impose the use of
Amendment 678 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point c Directive 2014/65/EU Article 69 – Paragraph 2 – point w (w) to impose the use of risk warnings by investment firms in information materials, including marketing communications, related to particularly
Amendment 679 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65/EU Article 88 a Member States shall
Amendment 680 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65 Article 88 a Member States shall promote measures that support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services. Member States shall ensure that all measures that they promote in the field of financial education are independent of any financial service provider. Member States shall fund consumer organisations and independent investor or shareholder organisations that support the support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services.
Amendment 681 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65/EU Article 88 a Member States shall promote measures that support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services. Member States shall duly consider, in this regard, to introduce compulsory teaching content in their national school curricula.
Amendment 682 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65/EU Article 88 a – paragraph 1a (new) Amendment 683 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65/EU Article 88 a – paragraph 1a (new) Amendment 684 #
Proposal for a directive Article 1 – paragraph 1 – point 22 2016/97 Article 88 b Financial and ecological education material that aims to support individuals’ financial and ecological literacy by enabling them to acquire financial and ecological competences, and that does not directly promote or entice investment in one or several financial instruments, or categories thereof, or specific investment services, shall not be deemed to constitute a marketing communication for the purposes of this Directive.;
Amendment 685 #
Proposal for a directive Article 1 – paragraph 1 – point 22 Directive 2014/65/EU Article 88 b – paragraph 1 a (new) 1a. Member States shall consider the contribution of national competent authorities, universities and relevant stakeholders when designing the educational instruments to promote financial literacy.
Amendment 686 #
Proposal for a directive Article 1 – paragraph 1 – point 22 a (new) Directive 2014/65/EU Article 88 ba (new) Amendment 687 #
Proposal for a directive Article 2 – paragraph 1 - point -1 a (new) Directive (EU) 2016/97 Article 1 – paragraph 6 – subparagraph 2 Amendment 688 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – subpoint -a (new) Directive (EU) 2016/97 Article 3 – paragraph 4 – subparagraph 4 "Home Member States shall ensure that registration of insurance, reinsurance and ancillary insurance intermediaries is made subject to the fulfilment of the relevant requirements laid down in Article 10
Amendment 689 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point -a (new) Directive (EU) 2016/97 Article 2 – paragraph 1 – point 1 a (new) (-a) Article 2, paragraph 1, point 1a is inserted: (1a) ‘sale without advice’ means the sale of an insurance-based investment product without assessment of the suitability of the insurance-based investment product or, where applicable, its underlying assets with the customer’s investment objectives and needs, or existing portfolios.
Amendment 690 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point b Directive (EU) 2016/97 Article 2 – paragraph 1 – point 8 a (new) (8a) “Orphaned customer” means a situation where the policyholder decides they no longer want to use the broker, intermediary or adviser and wants to continue instructing on the policy
Amendment 691 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point b b (new) Directive (EU) 2016/97 Article 2 – paragraph 1 – point 17 a (new) (bb) Point 17a is inserted ‘(17a) ‘portfolio management’ means managing portfolios within insurance- based investment products in accordance with mandates given by customers on a discretionary customer-by-customer basis where such portfolios include one or more “units” of insurance-based investment products
Amendment 692 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point c Directive (EU) 2016/97 Article 2 – paragraph 1 – point 20 (20) ‘marketing communication’ means any disclosure of information other than a disclosure required by Union or national law or other than the financial education material referred to in Article 16b, that directly
Amendment 693 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point c Directive (EU) 2016/97 Article 2 – paragraph 1 – point 20 - subpoint c (c) in any form
Amendment 694 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point c Directive (EU) 2016/97 Article 2 – paragraph 1 – point 21 – subpoint a (a) directly
Amendment 695 #
Proposal for a directive Article 2 – paragraph 1 – point 1 – point c Directive (EU) 2016/97 Article 2 – paragraph 1 – point 22 (22) ‘online interface’ means any
Amendment 696 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point c a (new) Directive (EU) 2016/97 Article 3 – paragraph 7 a (new) (ca) the following paragraph 7a is added: 7a. Member States shall ensure that competent authorities, in cases where an insurance, reinsurance, or ancillary insurance intermediary, which is a legal entity, has its head office in the same Member State as its registered office but exclusively engages in investment activities in other Member States, act in a manner consistent with EU law and the principles of the single market, refraining from imposing restrictions on undertakings providing cross-border services in line with the single market principles.
Amendment 697 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point c a (new) Directive (EU) 2016/97 Article 3 – paragraph 7 a (new) (ca) (ca) the following paragraph is added: Member States shall ensure that competent authorities uphold the integrity of the EU internal market when making their decision to grant or refuse registration to an insurance, reinsurance or ancillary insurance intermediary, which is a legal person.
Amendment 698 #
Proposal for a directive Article 2 – paragraph 1 – point 3 – point a Directive (EU) 2016/97 Article 5 – paragraph 1 – subparagraph 1 A competent authority of the host Member State that has reasonable grounds to consider that an insurance, reinsurance or ancillary insurance intermediary acting within its territory under the freedom to provide services infringes the obligations arising from the provisions adopted pursuant to this Directive, shall inform the competent authority of the home Member State thereof, without undue delay.
Amendment 699 #
Proposal for a directive Article 2 – paragraph 1 – point 4 Amendment 700 #
Proposal for a directive Article 2 – paragraph 1 – point 4 Directive (EU) 2016/97 Article 9 a – paragraph 1 – subparagraph 1 – point c Amendment 701 #
Proposal for a directive Article 2 – paragraph 1 – point 4 Directive (EU) 2016/97 Article 9 a – paragraph 1 – subparagraph 1 – point d Amendment 702 #
Proposal for a directive Article 2 – paragraph 1 – point 4 Directive (EU) 2016/97 Article 9 a – paragraph 1 – subparagraph 1 – point e Amendment 703 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point a Directive (EU) 2016/97 Article 10 – paragraph 1 – subparagraph 1 1. Home Member States shall ensure that insurance
Amendment 704 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point a Directive (EU) 2016/97 Article 10 – paragraph 1 – subparagraph 1 a (new) In the context of an intra-group relationship with a branch of a registered insurance or reinsurance intermediary in a third country, the competent authority of the home Member State shall assess whether the registered insurance or reinsurance intermediary has an appropriate level of corporate substance in the home Member State in accordance with Article 1(6) by considering whether the insurance intermediary or reinsurance intermediary, including its employees where the insurance or reinsurance intermediary is a legal person, has appropriate knowledge and ability in order to complete their tasks and perform their duties adequately. "
Amendment 705 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point i (EU) 2016/97 Article 10 – paragraph 2 – subparagraph 2 For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least
Amendment 706 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point i Directive (EU) 2016/97 Article 10 – paragraph 2 – subparagraph 2 For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least
Amendment 707 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point i Directive (EU) 2016/97 Article 10 – paragraph 2 – subparagraph 2 For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least
Amendment 708 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point i Directive (EU) 2016/97 – paragraph 2 – subparagraph 2 For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least
Amendment 709 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point i Directive 2016/97/EU Article 10 – paragraph 2 – subparagraph 2 For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and
Amendment 710 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b – point ii Directive 2016/97/EU Article 10 – paragraph 2 – subparagraph 7 The Commission shall be empowered to amend this Directive by adopting delegated acts in accordance with Article 38 to review, where necessary, the requirements set out in Annex I.
Amendment 711 #
Proposal for a directive Article 2 – paragraph 1 – point 5 – point b a (new) Directive (EU) 2016/97 Article 12 – paragraph 2a (new) (ba) the following paragraph 2a is added: 2a. Insurance undertakings and intermediaries shall be required to report to national competent authorities of its home Member State on an annual basis: (i) the number of insurance-based investment products and, where applicable, underlying investment assets, that it considers when providing advice, with a distinction between those issued or provided by entities with close link to the insurance undertaking or intermediary and those provided by non-affiliated third- party providers; (ii) the ratio of insurance-based investment products and, where applicable, underlying investment assets, sold to clients that are issued or provided by entities with close links to the insurance undertaking or intermediary and those provided by non-affiliated third- party providers; National competent authorities shall forward this information to EIOPA without undue delay.
Amendment 712 #
Proposal for a directive Article 2 – paragraph 1 – point 6 Directive (EU) 2016/97 Article 12 – paragraph 3 – subparagraph 1 – point d Amendment 713 #
Proposal for a directive Article 2 – paragraph 1 – point 7 Directive 2016/97 Article 12b – paragraph 1 Amendment 714 #
Proposal for a directive Article 2 – paragraph 1 – point 7 Directive (EU) 2016/97 Article 12 b – paragraph 1 1. EIOPA may, in the case of justified concerns about negative effects on policyholders, on its own initiative or at the request of one or more of the competent authorities, set up and coordinate a collaboration platform, to strengthen the exchange of information and to enhance collaboration between the relevant supervisory authorities where an insurance or reinsurance distributor carries out, or intends to carry out, insurance distribution activities which are based on the freedom to provide services or the freedom of
Amendment 715 #
Proposal for a directive Article 2 – paragraph 1 – point 7 2016/97 Article 12 b – paragraph 3 a (new) 3a. The supervisory shall be given an extensive mandate also for intrusive actions.
Amendment 716 #
Proposal for a directive Article 2 – paragraph 1 – point 8 Directive 2016/97 Article 14 Member States shall ensure that insurance and reinsurance distributors establish appropriate procedures and arrangements,
Amendment 717 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive (EU) 2016/97 Article 16 a Member States shall
Amendment 718 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive 2016/97 Article 16 a Member States shall promote measures that support the education of customers in relation to the responsible purchase of insurance products when accessing insurance services or ancillary services. Member States shall ensure that all measures that they promote in the field of financial education are independent of any financial service provider.
Amendment 719 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive (EU) 2016/97 Article 16 a Member States shall promote measures that support the education of customers in relation to the responsible purchase of insurance products when accessing insurance services or ancillary services. Member States shall duly consider, in this regard, to introduce compulsory teaching content in their national school curricula.
Amendment 720 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive (EU) 2016/97 Article 16 a – paragraph 1 a (new) The following paragraph is added to Article 16a of Directive (EU) 2016/97: 1a. The Commission, in collaboration with the European Supervisory Authorities (ESAs), the European Investment Bank and the European Central Bank shall: (a) facilitate cooperation and exchange of best practices among Member States and stakeholders active in education and finance; (b) establish clear targets on financial literacy; (c) establish a Platform on Financial education and literacy, which shall be composed of representatives of: -each Member State in the education and finance sectors, designated by the national competent authorities; - the ESAs; - the European Central Bank; - the European Investment Bank; - European and national consumer associations. International organisations, and other public and private stakeholders may be invited on an ad hoc basis. The Platform shall be chaired by the Commission. Representatives shall be appointed for a two-year renewable mandate. Member States shall promote and take measures for the development of financial literacy skills. By [ PO please insert the date = 12 months after the entry into force of the Directive] and every three years thereafter, Member States shall report to the Commission on the implementation on the first paragraph. The Commission shall issue guidelines regarding the scope of such reports. By [ PO please insert the date = 12 months after the entry into force of the Directive] and every five years thereafter, the Commission shall submit a report to the European Parliament and the Council on the implementation of measures in relation to the first paragraph, outlining the best practices, the possible way forward as well as the observed evolution and results between each report. Member states are encouraged to: (a) coordinate and cooperate on matters related to financial education at European level, such as through the use of the open methods of coordination and joint exchanges on best practices between EU finance ministers and EU education ministers, as well as with other European institutions; (b) promote financial education and training, also through lifelong learning opportunities on national level ,as for example public-private partnerships, or through mentoring programmes. The Commission and Member States shall aim at strengthening the cooperation in the field of financial education within the European Education Area, as for example through the Erasmus+ Teacher’s academy’ initiative. Member States are encouraged to use the existing tools and EU funding programmes at Union and national level in order to promote, support and enable financial education and training, and ensure the mutual recognition of diplomas across the European Union.
Amendment 721 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive (EU) 2016/97 Article 16 a – paragraph 1 a (new) 1a. The Commission shall, in close collaboration with the ECB, submit a report to the European Parliament and the Council on appropriate measures to improve the financial literacy and financial education to the benefit of prospective retail investors by 31 June 2025, including: (a) an analysis of best practices regarding financial literacy and financial education in school curricula in the Member States, the Union and abroad; (b) recommendations on school criteria, on the basis of the analysis referred to in point (a); By 31 December 2025 the Commission shall, where appropriate, issue a recommendation to the Council on a harmonised curricula on financial literacy and financial education to the benefit of prospective retail investors on the basis of this report and shall inform the European Parliament thereof.
Amendment 722 #
Proposal for a directive Article 2 – paragraph 1 – point 9 Directive (EU) 2016/97 Article 16 a – paragraph 1 a (new) 1a. Member States shall consider the contribution of national competent authorities, universities and relevant stakeholders when designing the educational instruments to promote financial literacy.
Amendment 723 #
Proposal for a directive Article 2 – paragraph 1 – point 12 – point b – point iii Directive 2016/97 Article 19 – paragraph 1 – point d Amendment 724 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point b Directive (EU) 2016/97 Article 20– paragraph 5 5. In relation to the distribution of non-life insurance products as listed in Annex I to Directive 2009/138/EC and to life insurance products as listed in Annex II to Directive 2009/138/EC other than insurance-based investment products, and other than life insurance products within the meaning of Article 2 (1) No. 17 (c) to (e), the information referred to in paragraph 4 of this Article shall be provided to retail customers by way of a standardised insurance product information document on paper or on another durable medium.;
Amendment 725 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point c – point i Directive (EU) 2016/97 Article 20 – paragraph 8 – introductory part For non-life insurance products, the insurance product information
Amendment 726 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point c – point ii Directive (EU) 2016/97 Article 20– paragraph 8 – point j a (new) (ja) information on the right of withdrawal pursuant to Article 25a
Amendment 727 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20– paragraph 8 a Amendment 728 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20– paragraph 8 a – introductory part 8a. For life insurance products other than insurance-based investment products, and other than life insurance products within the meaning of Article 2 (1) No. 17 (c) to (e), the insurance product information document shall contain the following:
Amendment 729 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20– paragraph 8 a – introductory part 8a. For life insurance products other than insurance-based investment products, the insurance product information
Amendment 730 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20 – paragraph 8 a – point d Amendment 731 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20 – paragraph 8 a – point j Amendment 732 #
Proposal for a directive Article 2 – paragraph 1 – point 13 – point d Directive (EU) 2016/97 Article 20 – paragraph 8 a – point l Amendment 733 #
Proposal for a directive Article 2 – paragraph 1 – point 15 Directive (EU) 2016/97 Article 23 – paragraph 4 – subparagraph 1 EIOPA shall, taking into account the requirements of other existing regulations, after consulting ESMA and after conducting consumer testing and industry testing, by [2 years after the entry into force of the amending Directive] develop, and update periodically, guidelines specifying the presentation of information provided in an electronic format in a suitable way for the average customer to whom the information is directed.
Amendment 734 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point a (a) a specification of
Amendment 735 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point b (b) a
Amendment 736 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point c (c) a
Amendment 737 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified in relation to those actually incurred for the design, management and distribution of the product and proportionate, having regard to the characteristics, objectives, strategy and performance of the product, as well as the guarantees and insurance coverage of biometric and other risks (pricing process). When an insurance product offers a range of underlying investment options, these requirements must also be carried out at the level of each investment option;
Amendment 738 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification
Amendment 739 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified and proportionate, having regard to the characteristics, objectives, strategy
Amendment 740 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a
Amendment 741 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are
Amendment 742 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97/EU Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified and proportionate, an assessment of whether any of the identified costs and charges may be deemed undue having regard to the characteristics, objectives, strategy and performance of the product, as well as the guarantees and insurance coverage of biometric and other risks (pricing process);
Amendment 743 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based
Amendment 744 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point f (f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified and proportionate, having regard to the characteristics, objectives, strategy and performance of the product, as well as the guarantees
Amendment 745 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 2 – point g a (new) (ga) an assessment of whether the financial product is designed to contribute to improving the financial health of a consumer, meaning consumer's ability to manage short-term finances, build resilience to economic shocks, set and achieve long-term financial goals, and have confidence in their financial future .
Amendment 746 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 747 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 748 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 749 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 750 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 751 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 752 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 The pricing process referred to in point (f) shall
Amendment 753 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 Amendment 754 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 a (new) 3a. The pricing process referred to in point (e) may include, where relevant, an internal value comparison process on both qualitative and quantitative elements, including costs and performance with similar investment products at national level, capital protection, liquidity, ESG characteristics, applicable tax regime, services provided to the client if any.
Amendment 755 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 1 – subparagraph 3 b (new) 3b. Insurance firms shall notify their home competent authorities about their internal value comparison methodology.
Amendment 756 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 757 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25– paragraph 2 Amendment 758 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 759 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 760 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 761 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 762 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 Amendment 763 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 2 2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification
Amendment 764 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97/EU Article 25 – paragraph 2 2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, or if undue costs are identified the insurance-based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance-based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 765 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 3 – subparagraph 1 Insurance undertakings and intermediaries which manufacture insurance products, shall understand and regularly review the insurance products they offer,
Amendment 766 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 3 – subparagraph 2 Insurance undertakings and intermediaries which manufacture insurance products, shall make available to distributors all information on the insurance product and the product approval process that is needed to fully understand that product and the elements taken into consideration during the product approval process,
Amendment 767 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 3 – subparagraph 2 Insurance undertakings and intermediaries which manufacture insurance products, shall make available to distributors all information on the insurance product and the product approval process that is needed to fully understand that product and the elements taken into consideration during
Amendment 768 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 3 – subparagraph 3 In the case of insurance-based investment products, the information made available to distributors shall contain all the elements referred to in paragraph 1, third subparagraph, points (f) and (g),
Amendment 769 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 4 – subparagraph 1 – introductory part Insurance undertakings and insurance intermediaries which manufacture insurance-based investment products shall report to their home authorities
Amendment 770 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 4 – subparagraph 1 – point a Amendment 771 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97 Article 25 – paragraph 4 – subparagraph 1 – point a (a) complete and accurate details of costs and charges of the insurance-based investment product, including any distribution costs
Amendment 772 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 4 – subparagraph 1 – point b Amendment 773 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 4 – subparagraph 1 – point b (b) data on the characteristics of the insurance-based investment product and its identified target market, in particular its performance, benefits and level of risk.
Amendment 774 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 1 An insurance distributor that advises on or
Amendment 775 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point b (b)
Amendment 776 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point b (b) identify and quantify any further costs and charges, in particular distribution costs, that are not already taken into
Amendment 777 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point b (b) identify and quantify any further costs and charges
Amendment 778 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97/EU Article 25 – paragraph 5 – subparagraph 2 – point b a (new) (ba) ascertain the absence in the product of any costs that may be deemed undue;
Amendment 779 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point c Amendment 780 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point c (c) assess whether the total costs and charges, when aggregating the costs of the insurance-based investment product with the distribution costs, are justified
Amendment 781 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point c (c) assess whether the total costs and charges are justified and proportionate, having regard to the target market’s objectives and needs and to the quality and level of the service provided to the client (pricing process).
Amendment 782 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 2 – point c a (new) (ca) assess additional product features and services that may impact the value and benefits provided to investors.
Amendment 783 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 784 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 785 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 786 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 787 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 788 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 Amendment 789 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 a (new) The pricing process referred to in point (b), (c), (ca) may include, where relevant, an internal value comparison process on both qualitative and quantitative elements, including costs and performance with similar financial instruments at national level, capital protection, liquidity, ESG characteristics, applicable tax regime, services provided to the client if any.
Amendment 790 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 3 a (new) Amendment 791 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 5 – subparagraph 4 Amendment 792 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 793 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 794 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 795 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 796 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 797 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 798 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 6 Amendment 799 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97 Article 25 – paragraph 6 6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated to the relevant competent authority, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance-
Amendment 800 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97/EU Article 25 – paragraph 6 6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated or if undue/ineligible costs are identified, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance- based investment product to retail customers. Where no relevant benchmark exists for an insurance-based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 801 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 Amendment 802 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 Amendment 803 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97 Article 25 – paragraph 7 – introductory part 7. An insurance intermediary or insurance undertaking which manufactures or distributes insurance-based investment products shall document all assessments made and provide these to their relevant competent authority, including the following:
Amendment 804 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 – point a Amendment 805 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 – point a Amendment 806 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 – point b Amendment 807 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 – point b Amendment 808 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 7 – point c (c) related to the justification and demonstration of the proportionality of costs and charges of the insurance-based investment product and of the costs of distribution.
Amendment 809 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph – 7 a (new) 7a. The documentation resulting from this product approval process and any other assessment in accordance with this article shall also be made publicly available in an electronic format on the website of the insurance undertaking or insurance intermediary.
Amendment 810 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 Amendment 811 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 Amendment 812 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 Amendment 813 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 Amendment 814 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 1 Amendment 815 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 1 EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop
Amendment 816 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 1 EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common
Amendment 817 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 1 EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common benchmarks for insurance-based investment products that present similar levels of performance, risk, strategy, objectives, or other characteristics to help insurance undertakings and insurance intermediaries manufacturing or distributing insurance-based investment products to perform the comparative assessment of the cost and performance of insurance-based investment products. EIOPA shall only develop these benchmarks for widespread and standardised insurance-based investment products across the Union, considering the costs of the development of these benchmarks as well as the value for the retail investor in the comparison of insurance-based investment products.
Amendment 818 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 2 Amendment 819 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 2 The benchmarks shall display a range of costs and performance
Amendment 820 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 2 The benchmark indicators shall display a range of costs
Amendment 821 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 2 The
Amendment 822 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2014/65/EU Article 25 – paragraph 8 – subparagraph 2 The
Amendment 823 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 3 The costs used for the development of
Amendment 824 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 3 The costs used for the development of benchmark
Amendment 825 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 3 The costs used for the development of
Amendment 826 #
Proposal for a directive Article 2 – paragraph 1 – point 16 The costs used for the development of benchmarks shall, in addition to the total product cost, also include all costs of distribution
Amendment 827 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 4 Amendment 828 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 4 EIOPA shall regularly update th
Amendment 829 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 8 – subparagraph 4 EIOPA shall regularly update those
Amendment 830 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 Amendment 831 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 Amendment 832 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 Amendment 833 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 Amendment 834 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 Amendment 835 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 – introductory part The Commission shall be empowered to supplement this Directive by adopting delegated acts in accordance with Article 38 to further specify the principles set out in this Article, including, with regard to insurance-based investment products, criteria to determine whether the product characteristics are justified and proportionate;
Amendment 836 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 – point a Amendment 837 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 – point a (a) the methodology to be used by EIOPA to develop the
Amendment 838 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 – point a (a) the methodology to be used by EIOPA to develop and update the benchmarks referred to in paragraph 8;
Amendment 839 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 9 – subparagraph 1 – point b (b) the criteria to determine whether costs and charges are
Amendment 840 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 1 – introductory part EIOPA, after having consulted ESMA and the competent authorities and after industry testing
Amendment 841 #
Proposal for a directive Article 2 – paragraph 1 – point 16 EIOPA, after having consulted ESMA and the competent authorities and after industry testing
Amendment 842 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 1 – introductory part EIOPA, after having consulted ESMA and the competent authorities and after industry testing,
Amendment 843 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 1 – introductory part EIOPA, after having consulted ESMA and the competent authorities and after industry
Amendment 844 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 1 – point a (a) content and type of data to be reported to the home authorities in accordance with paragraph 4, based on existing disclosure and reporting obligations, unless additional data is exceptionally necessary;
Amendment 845 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 2 EIOPA shall submit those draft regulatory technical standards to the Commission by ... [9 months after the
Amendment 846 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 2 EIOPA shall submit those draft regulatory technical standards to the Commission by [9 months after the
Amendment 847 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 10 – subparagraph 2 EIOPA shall submit those draft regulatory technical standards to the Commission by [9 months after the
Amendment 848 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive (EU) 2016/97 Article 25 – paragraph 12 a (new) 12a. Five years after the application of Directive (EU) and after having consulted ESMA and EIOPA, the Commission shall assess the impact of the new comparison website on the costs of insurance-based investment products in order to assess if further measures need to be taken.
Amendment 849 #
Proposal for a directive Article 2 – paragraph 1 – point 16 Directive 2016/97 Article 25 – paragraph 12 a (new) 12a. EIOPA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligation described in this Article.
Amendment 850 #
Proposal for a directive Article 2 – paragraph 1 – point 16 a (new) Directive (EU) 2016/97 Article 25 a (new) Amendment 851 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 2 – subparagraph 1 Member States shall ensure that marketing communications of insurance-based investment products are developed, designed and provided in a manner that is fair, clear, not misleading
Amendment 852 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 2 – subparagraph 1 Member States shall ensure that marketing communications of insurance-based investment products are developed, designed and provided in a manner that is
Amendment 853 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 2 – subparagraph 1 . Member States shall ensure that marketing communications of insurance- based investment products are developed, designed and provided in a manner that is fair, clear, not misleading
Amendment 854 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 2 – subparagraph 1 Member States shall ensure that marketing
Amendment 855 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 2 – subparagraph 2 All marketing communications of insurance-based investment products shall
Amendment 856 #
Proposal for a directive Article 2 – paragraph 1 – point 18 The presentation of the essential characteristics of marketing communications of insurance-based investment products shall ensure that retail investors can easily understand the key features of the insurance-based investment product as well as the costs and main risks associated with them.
Amendment 857 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 3 3. Member States shall ensure that marketing practices are developed and used in a manner that is fair and not misleading, and shall be appropriate for the target audience. Member States shall ensure that insurance undertakings and insurance intermediaries, carrying out profiling of individuals for the purpose of this paragraph, fully comply with Regulation (EU) 2016/679.
Amendment 858 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive ( EU) 2016/97 Article 26 a – paragraph 4 – subparagraph 1 Where a manufacturer of an insurance- based investment product prepares and provides a marketing communication to be used by a distributor, the manufacturer shall be responsible for the content of such marketing communication and its update.
Amendment 859 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 4 – subparagraph 1 Where a manufacturer of an insurance- based investment product prepares and provides a marketing communication to be used by a distributor, the manufacturer shall be responsible for the content of such marketing communication and its update.
Amendment 860 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 5 Amendment 861 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 5 5. Member States shall ensure that insurance undertakings and insurance intermediaries
Amendment 862 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 7 – subparagraph 1 Amendment 863 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 7 – subparagraph 2 Such records shall be kept for a period of five
Amendment 864 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 7 – subparagraph 2 Such records shall be kept for a period of
Amendment 865 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive ( EU) 2016/97 Article 26 a – paragraph 7 – subparagraph 2 Such records shall be kept for a
Amendment 866 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 7 – subparagraph 2 Such records shall be kept for a
Amendment 867 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 8 – subparagraph 1 – point a (a) the essential characteristics of insurance-based investment products
Amendment 868 #
Proposal for a directive Article 2 – paragraph 1 – point 18 Directive (EU) 2016/97 Article 26 a – paragraph 8 – subparagraph 1 – point b (b) the conditions with which marketing communications and marketing practices of insurance-based investment products should comply in order to be fair, clear, not misleading, balanced in terms of the presentation of the advantages, costs and risks , and appropriate in terms of content and distribution channels for the target audience or, where applicable, the target market.
Amendment 869 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1– introductory part Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that
Amendment 870 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1– introductory part Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information
Amendment 871 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information
Amendment 872 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – introductory part Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information
Amendment 873 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – introductory part Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information
Amendment 874 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 2 – paragraph 1 – subparagraph 1 – introductory part Without prejudice to Article 18 and Article 19(1) and (2), Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance- based investment products provide customers in good time before the customers are bound by an insurance contract or offer, with appropriate information
Amendment 875 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint ii (ii) whether the advice is based on a
Amendment 876 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint iii (iii) whether the insurance intermediary or insurance undertaking
Amendment 877 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint iv (iv) where the insurance intermediary or insurance undertaking provides independent advice to a retail customer, whether the range of insurance-based investment products that are recommended is restricted or not to
Amendment 878 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v Amendment 879 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) in situations where the customer has communicated the possession of a portfolio to the insurance intermediaries or insurance undertakings distributing insurance-based investment products, how the recommended insurance-
Amendment 880 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio; where the customer has provided the relevant information;
Amendment 881 #
Proposal for a directive Article 2 – paragraph 1 – point 20 (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio, based on the information provided by the customers;
Amendment 882 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) whether or not, and in case how, the recommended insurance-
Amendment 883 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio, in case the customer provided the relative information;
Amendment 884 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio, in case the customer provided the relative information;
Amendment 885 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive ( EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio
Amendment 886 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – point a – subpoint v (v) how the recommended insurance- based investment products take into account the diversification of the customer’s portfolio, based on information provided by the customer;
Amendment 887 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point b (b) a
Amendment 888 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point b (b) a description of the main features of the proposed insurance-based investment product and, where applicable, any recommended underlying investment assets and investment strategies, including
Amendment 889 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point c (c)
Amendment 890 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point c (c) information on the proposed insurance cover, including details of the insurance benefits and options and the circumstances that would trigger them
Amendment 891 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point d (d)
Amendment 892 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point d (d) information on all
Amendment 893 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 1 – point d (d) information on all explicit and implicit costs, associated charges and
Amendment 894 #
Proposal for a directive Article 2 – paragraph 1 – point 20 The information referred to in the first subparagraph, point (d), shall be
Amendment 895 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 2 The information referred to in the first subparagraph, point (d), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail customer, on the impact of the costs
Amendment 896 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 2 The information referred to in the first subparagraph, point (d), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail customer, on the impact of the costs
Amendment 897 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 3 Member States shall ensure that insurance intermediaries and insurance undertakings
Amendment 898 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 –subparagraph 3 Member States shall ensure that insurance intermediaries and insurance undertakings present the information on all costs, charges and third-party payments referred to in the first subparagraph, point (d) in aggregated form to enable the customer to understand the overall cost and the cumulative effect on the return of the investment. The overall cost shall be expressed in monetary terms
Amendment 899 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 3 Member States shall ensure that insurance intermediaries and insurance undertakings present the information on all costs
Amendment 900 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 3 Member States shall ensure that insurance intermediaries and insurance undertakings present the information on all costs
Amendment 901 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 4 Amendment 902 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 4 Amendment 903 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 4 The third-party payments paid or received by the insurance intermediary or insurance undertaking in connection with the provision or distribution of the insurance- based investment product shall be itemised separately
Amendment 904 #
Proposal for a directive Article 2 – paragraph 1 – point 20 The
Amendment 905 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 4 Member States shall ensure that manufacturers of insurance-based investment products draw up a concise personalised document containing
Amendment 906 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 1 – subparagraph 4 a (new) If the amount of third-party payments cannot be ascertained at the pre- contractual stage, the method for calculating the amount shall be clearly disclosed to the client in a manner that is comprehensible, accurate and understandable for an average retail client.
Amendment 907 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 2 – subparagraph 3 The information in the annual statement shall be accurate and
Amendment 908 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 2 – subparagraph 4 Manufacturers shall make the annual statement available to
Amendment 909 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 2 – subparagraph 5 Amendment 910 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 2 – subparagraph 5 a (new) The obligation to provide annual statements only applies to new contracts which are concluded after the entry of force of this Directive.
Amendment 911 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 2 – subparagraph 5 a (new) The requirements with respect to the annual statement must only be applicable to newly agreed-upon retail investment products after entry into force of RIS.
Amendment 912 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point a (a) the total costs
Amendment 913 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point a (a) the total costs associated charges and
Amendment 914 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point a (a) the total costs, associated charges and third-party payments, expressed in
Amendment 915 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point b (b) where possible in practice, the annual performance of each of the underlying investment assets of the insurance-based investment product and the annual global performance of the portfolio, each compared with past performance over previous years:
Amendment 916 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point f Amendment 917 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point f Amendment 918 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point f Amendment 919 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point f Amendment 920 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 – point f Amendment 921 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 3 a (new) 3a. The annual statement 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 insurance-based investment product can significantly impact your investment returns.
Amendment 922 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 4 Amendment 923 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 4 – subparagraph 1 The information described in paragraph 1 and the annual statement referred to in paragraphs 2 and 3 shall be provided to retail customers and policyholders by using a Union standardised terminology and format. Without prejudice to the manufacturer providing its retail policyholders with access to an online system in accordance with Article 29(2) sub-paragraph 5, layering of the information required under paragraphs 1, 2 and 3, whereby detailed parts of the information can be presented through pop-ups or through links to accompanying layers, shall be permitted where the annual statement is provided in an electronic format. In this case, it shall be possible to print the annual statement as one single document
Amendment 924 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 1 Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products display appropriate warnings in information material, including marketing communications, provided to retail customers to alert them on the specific risks of potential losses carried by particularly risky or complex insurance- based investment products and, where applicable, underlying investment
Amendment 925 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 1 Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products display appropriate warnings in information material, including marketing communications, provided to retail customers to alert them on the specific risks of potential losses carried by
Amendment 926 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 1 Member States shall ensure that insurance intermediaries and insurance undertakings distributing insurance-based investment products display appropriate warnings in information material, including marketing communications, provided to retail customers to alert them on the specific risks of potential losses carried by particularly risky insurance-based investment products and, where applicable, underlying investment assets
Amendment 927 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 2 EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically,
Amendment 928 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive 2016/97/EU Article 29 – paragraph 5 – subparagraph 2 EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically,
Amendment 929 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 2 EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, clear and precise guidelines on the concept of
Amendment 930 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 2 EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines on the concept of particularly risky insurance-based investment products, taking due account of the specificities of the different types of insurance-based investment products and their sustainability characteristics.
Amendment 931 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive 2016/97/EU Article 29 – paragraph 5 – subparagraph 3 Amendment 932 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 3 EIOPA shall develop regulatory technical standards to further specify the format and content of such risk warnings, taking due account of the specificities of the different types of insurance-based investment products and types of communications, especially the specificities of multi-option products (MOPs).
Amendment 933 #
Proposal for a directive Article 2 – paragraph 1 – point 20 Directive (EU) 2016/97 Article 29 – paragraph 5 – subparagraph 6 Amendment 934 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a Amendment 935 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a Amendment 936 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Amendment 937 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 a – title Amendment 938 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97 Article 29 a – paragraph 1 Amendment 939 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 Amendment 940 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 Amendment 941 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 Amendment 942 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Amendment 943 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 – subparagraph 1 Amendment 944 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 – subparagraph 1 Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(2) and (3)
Amendment 945 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 a – paragraph 1 – subparagraph 1 Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products
Amendment 946 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 1 – subparagraph 1 Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(1), 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer.
Amendment 947 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 a – paragraph 1 – subparagraph 2 The prohibition contained in the first sub- paragraph shall not apply to minor non- monetary benefits of a total value below EUR 100 per annum
Amendment 948 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 1 – subparagraph 3 Amendment 949 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 2 Amendment 950 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 2 Amendment 951 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 2 Amendment 952 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 3 Amendment 953 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 3 Amendment 954 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 Amendment 955 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 Amendment 956 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 4 – subparagraph 1 Amendment 957 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 – subparagraph 1 Member States may impose stricter requirements on insurance intermediaries and insurance undertakings in respect of the matters covered by this Article.
Amendment 958 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 – subparagraph 1 Member States may impose stricter requirements on insurance intermediaries and insurance undertakings in respect of the matters covered by this Article. In particular, Member States may
Amendment 959 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 4 – subparagraph 2 Amendment 960 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 4 – subparagraph 3 Amendment 961 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 – subparagraph 3 a (new) Where Member States prohibit the offer or acceptance of fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice they are exempted from the requirements in article 25 and article 29b.
Amendment 962 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 4 a (new) 4 a. Member States shall require that, where an insurance intermediary or insurance undertaking distributing insurance-based investment products informs the customer that advice is given on an independent basis, the insurance intermediary or insurance undertaking: (a) assesses a sufficiently large number of insurance products available on the market which are sufficiently diversified with regard to their type and product providers to ensure that the customer’s objectives can be suitably met and shall not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking; (b) not accept and retain fees, commissions or any monetary or non- monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to customers.
Amendment 963 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 5 Amendment 964 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 5 Amendment 965 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2019/97/EU Article 29 a – paragraph 5 Amendment 966 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 5 Amendment 967 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 5 – point b (b) the criteria for assessing compliance of insurance intermediaries and insurance undertakings
Amendment 968 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 Amendment 969 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 Amendment 970 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 a – paragraph 6 6. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, the evolution of retail investor participation in capital markets, and costs of insurance- based investment products and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on retail investors. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council. As of one year after the date of transposition of Directive (EU) [OP Please introduce the number of the amending Directive], EIOPA shall report on the evolution of potential conflicts of interest, availability of independent advice, retail investor participation in capital markets and costs of insurance- based investment products. As of the date of transposition of the Directive, EIOPA shall report annually on the market impact of the provisions of this Article.
Amendment 971 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97/EU Article 29 a – paragraph 6 6.
Amendment 972 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 6.
Amendment 973 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive ( EU) 2016/97 Article 29 a – paragraph 6 6.
Amendment 974 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 6.
Amendment 975 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 6. T
Amendment 976 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive 2016/97 Article 29 a – paragraph 6 6.
Amendment 977 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 a – paragraph 6 a (new) 6a. The European Commission shall adapt the requirements established in Article 25 regarding the pricing process, for insurance intermediaries or insurance undertakings located in a Member State that prohibits the offer or acceptance of fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice, and for insurance intermediaries or insurance undertakings that can proof to the Member States' National Competent Authority they do not offer or accept fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice. These adapted requirements shall take into account the reduced risk of conflicts of interest and keep in mind the principle of proportionality
Amendment 978 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b Amendment 979 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 Amendment 980 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – subparagraph 1 – introductory part 1. Member States shall ensure that in order to act in the best interest of the customer in accordance with Article 17(1), when providing advice or promotion to customers on insurance-based investment products, insurance undertakings and insurance intermediaries are under the obligation:
Amendment 981 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU)2016/97 Article 29 b – paragraph 1 – point a Amendment 982 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) Taking into account the size and business model of the insurance intermediary or insurance undertaking and the investment and insurance objectives of the client, to provide
Amendment 983 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) to provide such advice on the basis of an assessment of an appropriate range of suitable insurance-based investment products and, where applicable, underlying investment assets, including an appropriate range of suitable insurance- based investment products and, where applicable underlying investment assets, from third party product providers having no close links with the insurance undertaking or insurance intermediary;
Amendment 984 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) to provide such advice on the basis of an assessment of an appropriate and diversified range of
Amendment 985 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) to provide such advice on the basis of an assessment of an appropriate and available range of insurance-based investment products and, where applicable, underlying investment assets;
Amendment 986 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) to provide such advice on the basis of an assessment of an appropriate range of insurance-based investment products and, where applicable, underlying investment
Amendment 987 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point a (a) to provide such advice on the basis of an assessment of an appropriate range of insurance-based investment products
Amendment 988 #
Proposal for a directive Article 2 – paragraph 1 – point 21 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend, t
Amendment 989 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend the most cost- efficient insurance-based investment product and, where applicable, underlying investment assets among the insurance- based investment products identified as suitable for the customer pursuant to Article 30(1)
Amendment 990 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend, t
Amendment 991 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend the
Amendment 992 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend the
Amendment 993 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend the
Amendment 994 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b (b) to recommend the
Amendment 995 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 –point b (b) to
Amendment 996 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point b a (new) (ba) to recommend, taking into consideration its performance, level of risk, costs and charges, the most efficient insurance-based investment product among the range of insurance-based investment products identified as suitable for the customer pursuant to Article 30(1), and offering similar features;
Amendment 997 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c Amendment 998 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c Amendment 999 #
Proposal for a directive Article 2 – paragraph 1 – point 21 Directive (EU) 2016/97 Article 29 b – paragraph 1 – point c source: 754.651
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2023-06-21Show (2) Changes | Timetravel
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2023-06-20Show (3) Changes | Timetravel
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2023-06-15Show (3) Changes | Timetravel
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2023-06-13Show (1) Changes
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