48 Amendments of Nils TORVALDS related to 2012/0169(COD)
Amendment 92 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensureAs this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates should thereby bPRIP, deposits other than structured deposits and insurance products where the benefits are not exposed to fluctuations in underlying investment values are excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and shouldare therefore be excluded. Since the focus of this Regulation is onaims to improvinge the comparability and comprehensibility of information about investment productPRIPs being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 and on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/ECany pension products should be excluded from the scope of this Regulation, provided thatif a financial contribution from the employer is required by national law, and provided that the employee has no choice as to the pension product providers well as other officially recognised pension products and social security schemes subject to national or Union Law. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investorConfining the regulation to PRIPs will enable the KID to be more relevant and therefore more effective. When the success of the KID is reviewed, an extension of scope can be considered.
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the format and content of the key information document exclusively to be drawn up by the PRIP manufacturers and on the information to be provided to retail investors in accordance with [recast MiFID] and [recast IMD] by the persons selling investment product manufacturers and uniform rules on the provision of thisese documents to retail investors.
Amendment 177 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) insurance products which do not offer a surrender value or where that surrender value is not wholly or partially exposed, directly or indirectly, to market fluctuationere the benefits are not exposed to fluctuations in underlying investment values;
Amendment 180 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) deposits with a rate of return that is determined in relation to an interest rate, other than structured deposits as defined in Article 4 of [MiFID II];
Amendment 195 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) pension products for which athe financial contribution from the employer isarrangements do not fall under the scope of the Directive 2003/41/EC or under the Directive 2009/138/EC; and for which the level of requtired by national law and where the employee has no choice as to the pension product providerment provision is in effect a promise or an offer by the employer to the employee. For pension products which do not fall under the Directive 2003/41/EC or the Directive 2009/138/EC or under this Regulation, Member States shall provide equivalent disclosure requirements.
Amendment 199 #
Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) officially recognised social security schemes subject to national or Union law.
Amendment 213 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘'packaged retail investment product’' or 'PRIP' means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposedsubject to fluctuations inbecause of exposure to reference values or into the performance of one or more assets which are not directly purchased by the investor;
Amendment 222 #
Proposal for a regulation
Article 4 – paragraph 1 – point c – point ii
Article 4 – paragraph 1 – point c – point ii
(ii) customers within the meaning of Directive 2002/92/ECho are not professional customers as defined in [Annex I of IMD] [...];
Amendment 242 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The investment productPRIP manufacturer shall draw up a key information document in accordance with the requirements laid down in this Regulation for each investment product it produces and shall publish the key information document on aits website of its choice before the investment product can be sold tobefore the PRIP can be sold to retail investors. The key information document shall be complemented by the production of services documentation by the person selling the PRIP reflecting the services provided to the retail investors.
Amendment 246 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading.
Amendment 251 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The key information document shall be a stand-alone document, clearly separate from marketing materials but not of inferior quality. It shall not contain any marketing messages or any recommendation to invest.
Amendment 254 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
Amendment 260 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – introductory part
Article 6 – paragraph 3 – point b – introductory part
(b) clearly expressed and written in language that communicates in a way that facilitatesa style readily understandable by the retail investor's understanding of the information being communicated, in particular whereit is targeted at. To this end it shall:
Amendment 262 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point i
Article 6 – paragraph 3 – point b – point i
(i) the language used isuse clear, and succinct land comprehensiblguage;
Amendment 263 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point ii
Article 6 – paragraph 3 – point b – point ii
(ii) the use of jargon is avoidedavoid jargon;
Amendment 267 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point iii
Article 6 – paragraph 3 – point b – point iii
(iii) avoid acronyms and technical terms are avoided when everyday words can be used instead.
Amendment 270 #
Proposal for a regulation
Article 6 – paragraph 3 – point b a (new)
Article 6 – paragraph 3 – point b a (new)
(ba) focus on the key information that investors need.
Amendment 271 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. Where colours are used in the key information document, they shall not diminish the comprehensibility of the information in the event thatf the key information document is printed or photocopied in black and white.
Amendment 272 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Where the corporate branding or logo of the investment productPRIP manufacturer or the group to which it belongs is used in the key information document, it shall not distract the retail investor from the information contained in the document or obscure the text.
Amendment 280 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 a (new)
Article 8 – paragraph 1 – subparagraph 1 a (new)
(1a) ‘This document is not intended to explain whether this product is suitable for you. You should also read the other information you have been given.
Amendment 284 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
‘This document provides you with key information about this investment productPRIP. It is not marketing material. The information is required by law to help you understand the nature of this investment product and the risks of investing in it. You are advised to read it so that you can take an informed decision about whether to invest, risks and rewards of this PRIP and to allow you to compare it with other PRIPs.’
Amendment 296 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) under a section titled "Who is this product aimed at?", information about the target market of the product;
Amendment 298 #
Proposal for a regulation
Article 8 – paragraph 2 – point a b (new)
Article 8 – paragraph 2 – point a b (new)
(ab) under a section titled "What choices do I have?", information about the various decisions a consumer must make, e.g. fund choice, term, size of premium, etc. This section should also cover what other benefits or benefit triggers are available;
Amendment 299 #
Proposal for a regulation
Article 8 – paragraph 2 – point a c (new)
Article 8 – paragraph 2 – point a c (new)
(ac) under a section titled "How flexible is it?", information about whether the product or choices in (d) can be changed after the product starts (e.g. investment funds, term, premium);
Amendment 340 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi a (new)
Article 8 – paragraph 2 – point b – point vi a (new)
(via) an indication of the recommended minimum holding period, if applicable.
Amendment 351 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – introductory part
Article 8 – paragraph 2 – point c – introductory part
(c) under a section titled ‘Could I lose mone"Which protection measures apply?’", a brief indication of whether loss of capital is possible, includingdescription of
Amendment 364 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii a (new)
Article 8 – paragraph 2 – point c – point ii a (new)
(iia) if relevant, other protective measures such as fund depositary, including the identity and function of the parties involved;
Amendment 381 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘What are the risks and what might I get back?’, an indication of whether loss of capital is possible, the risk and reward profile of the investment product, including a summary indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicator;
Amendment 387 #
Proposal for a regulation
Article 8 – paragraph 2 – point e a (new)
Article 8 – paragraph 2 – point e a (new)
(ea) a brief indication of whether loss of capital is possible, including: i) any guarantees or capital protection provided, as well as any limitations to these;
Amendment 396 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled ‘What are the costs?’, the costs associated with an investment in the investment productPRIP, comprising both direct and indirect costs to be borne by the investor, including summary indicators of these costs and, for comparability reasons, total costs expressed in monetary and percentage terms, to show the effects of the total costs on the investment;
Amendment 400 #
Proposal for a regulation
Article 8 – paragraph 2 – point f a (new)
Article 8 – paragraph 2 – point f a (new)
(f a) under a section titled "What happens if/when I die?", information about what happens to the money held by the product/funds and any additional death benefit;
Amendment 410 #
Proposal for a regulation
Article 8 – paragraph 2 – point g a (new)
Article 8 – paragraph 2 – point g a (new)
(g a) under a section titled "Can I take money out?", information about the potential consequences of cashing in the PRIP before the end of the term or recommended holding period
Amendment 411 #
Proposal for a regulation
Article 8 – paragraph 2 – point g b (new)
Article 8 – paragraph 2 – point g b (new)
(g b) under a section titled "How will I know how my product is doing?", information showing how a customer will be kept informed;
Amendment 412 #
Proposal for a regulation
Article 8 – paragraph 2 – point g c (new)
Article 8 – paragraph 2 – point g c (new)
(g c) under a section titled "How can I complain?", information about how and to whom a client can make a complaint about the product and its administration;
Amendment 413 #
Proposal for a regulation
Article 8 – paragraph 2 – point g d (new)
Article 8 – paragraph 2 – point g d (new)
(g d) under a section titled "What if you become insolvent?" information about whether the product is covered by a compensation or guarantee scheme;
Amendment 433 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The investment productPRIP manufacturer may only include other objective information where it is necessary for the retail investor to take an informed investment decision about a specific investment productPRIP.
Amendment 452 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 specifying the details of the presentation and the content of each of the elements of information referred to in paragraph 2, the presentation and details of the other objective information the product manufacturer may include within the key information document as referred to in paragraph 3, and the details of the common format and the common symbol referred to in paragraph 4. The Commission shall take into account the differences between investment productPRIPs and the capabilities of retail investors as well as the features of investment productPRIPs that allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future.
Amendment 471 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment productPRIP manufacturer shall review the information contained in the key information document regularly and, revise the document where the review indicates that material changes need to be made and make available promptly the revised version.
Amendment 478 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions under which information contained in the key information document must be revised, and under which it is obligatory or optional to republish the revised key information document;.
Amendment 504 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use of the information contained in the key information document, the investment product manufacturer has to prove that the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulation. Civil liability can in such cases be incurred on the investment product manufacturer on the basis of the key information document, including any translation thereof, only if the key information document is misleading, inaccurate or inconsistent with other binding contractual agreement. The key information document shall contain a clear warning in this respect.
Amendment 529 #
Proposal for a regulation
Article 12 – paragraph 2 – introductory part
Article 12 – paragraph 2 – introductory part
2. By way of derogation from paragraph 1, a person selling an investment product may PRIP may instead provide thea retail investor who requests this with the key information document immediately after the conclusion of the transaction, but only where:
Amendment 531 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – introductory part
Article 12 – paragraph 2 – point a – introductory part
(a) the retail investor chooses, at his own initiative, to conclude the transaction using a means of distance communication where:
Amendment 532 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point b
Article 12 – paragraph 2 – point a – point b
(b) the provision of the key information document in accordance with paragraph 1 is not possible, and where the person selling the PRIP has informed the retail investor about the situation, and
Amendment 534 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point c
Article 12 – paragraph 2 – point a – point c
(c) wthe re the perstail investor con selling the investment product has informed the retail investor of this fact.nts to receive the key information document straight after the conclusion of the transaction, rather than delaying the transaction in order to receive the document in advance
Amendment 564 #
Proposal for a regulation
Article 13 – paragraph 5 – point d
Article 13 – paragraph 5 – point d
(d) where the key information document has been revised in accordance with Article 10 all revisedthe latest versions shall also be made available to the retail investor; on request of the investor previous versions shall be made available;
Amendment 572 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Authorisation of the key information document by the competent authorities 1. When requested PRIP manufacturers and persons selling PRIPs shall communicate the key information document of the investment product to the competent authority of each Member State where the PRIP is marketed, distributed or sold. 2. The competent authority shall ensure investment firms establish procedures to ensure that the key information document complies with the provisions of the Chapter II of this Regulation prior to the marketing, distribution or sale of the investment product.
Amendment 669 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
(1a) When a Member State applies rules on the format and content of the key information document, as set out in articles 78 to 81 of Directive 2009/65/EC, to non UCITS funds offered to retail investors, the exemption set out in paragraph 1 shall apply to management companies, investment companies and persons selling or advising on units of such funds to retail investors.
Amendment 674 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. Four years after the date of entry into force of this Regulation, the Commission shall review this Regulation. The review shall include a general survey of the practical application of the rules laid down in this Regulation, taking due account of developments in the market for retail investment products. As regards UCITS as defined in Article 1 (2) of Directive 2009/65/EC, the review shall assess whether the transitional arrangements under Article 24 of this Regulation shall be prolonged, or whether, following the identification of any necessary adjustments, the provisions on key investor information in Directive 2009/65/EC might be replaced by or considered equivalent to the key investor document under this Regulation. The review shall also reflect on a possible extension of the scope of this Regulation to other financial products, including those falling under the Directive 2003/71/EC and any other investments and savings products.