[ParlTrack]

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 published by ESMA in accordance with paragraph 9.~~deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

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 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, the financial instrument shall not be approved by the investment firm.deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 3

The pricing process, as referred to in points (a) and (b), shall include a comparison with the relevant benchmark, when available, on costs and performance published by ESMA in accordance with paragraph 9.deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65
Article 16–a – paragraph 7 – point a

~~(a) where relevant, the results of the comparison of the financial instrument to the relevant benchmark;~~deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65
Article 16–a – paragraph 7 – point b

~~(b) where applicable, the reasons justifying a deviation from the benchmark;~~deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65/EU
Article 16–a – paragraph 9

9. 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. The benchmarks shall display a range of costs and performance, in order to facilitate identification of financial instruments whose costs and performance depart significantly from the average. The costs used for the development of benchmarks for investment firms manufacturing financial instruments shall, in addition to the total product cost, allow comparison to individual cost components. The costs used for the development of benchmarks for distributors shall, in addition to the total cost of the product, refer to the distribution cost. ESMA shall regularly update the benchmarks.deleted

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65/EU
Article 16–a – paragraph 11

~~11. The Commission is empowered to supplement this Directive by adopting~~ delegated acts in accordance with Article 89 to specify the following: (a) develop benchmarks referred to in paragraph 9; (b) the criteria to determine whether costs and charges are justified and proportionate.the methodology used by ESMA to

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2014/65
Article 16–a – paragraph 12 – subparagraph 1

ESMA, after having consulted EIOPA and the competent authorities and taking into consideration the methodology referred to in paragraph 11, point (a), shall develop draft regulatory technical standards specifying the following: (a) details of costs and charges to be reported to the competent authorities in accordance with paragraph 2, 5 and 6, based on disclosure and reporting obligations, unless additional data is exceptionally necessary; (b) methods and arrangements, frequency and starting date for the information to be reported in accordance paragraph 2, 5 and 6.deleted the content and type of data and the data standards and formats,

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

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.~~deleted

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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 ~~particularly risky~~ financial instruments.

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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, guidelines on the concept of particularly risky financial instruments taking due account of the specificities of the different types of instruments.deleted

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g

Directive 2014/65/EU
Article 24 – paragraph 5c – subparagraph 2

ESMA shall develop draft 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 financial instruments and types of communications.deleted

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g

Directive 2014/65/EU
Article 24 – paragraph 5c – subparagraph 4

~~ESMA shall submit those draft regulatory technical standards to the Commission by [ OJ: insert date 18 months after the date of entry into force].~~deleted

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g

Directive 2014/65/EU
Article 24 – paragraph 5c – subparagraph 5

~~Power is~~ delegated ~~to the Commission to adopt the regulatory technical standards referred to in the third subparagraph in accordance with Article10 of Regulation (EU) No 1095/2010.~~

2023/11/09
Committee: ECON

Erik POULSEN, Ondřej KOVAŘÍK

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, ~~and for the retail client or potential retail client, the capacity to bear full or partial losses and risks tolerance~~ so as to enable the investment firm to assess whether the investment service(s) or financial instrument(s) envisaged is appropriate for the client.

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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 ~~risky~~complex financial instruments where those instruments could pose a serious threat to investor protection.;

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

Proposal for a directive
Article 1 – paragraph 1 – point 22 a (new)

Directive 2014/65/EU
Article 88 ba (new)

(22a) the following article is inserted : Article 88ba (new) Collaboration forum on financial literacy 1. ESMA may, on its own initiative, set up and coordinate a collaboration forum on financial literacy to strengthen the exchange of information and best practices and to enhance collaboration between the national competent authorities to increase the access of retail investors to capital markets. 2. National competent authorities shall engage in a dialogue and carry out, at their own initiative, peer reviews to assess the applicability of best practices to their national system. 3. ESMA shall specify the format and regularity of meetings of the collaboration forum (at least once a year), for the purposes of paragraph 1 of this Article. 4. ESMA shall develop guidelines on the national best practices that the collaboration forum will identify and how they could be adapted to other Member States.

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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:

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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

-– the client has carried out transactions, in significant size, ~~on the relevant market at an average frequency of 10 per quarter over the previous four quarter~~in a certain asset class for at least 5 years, on the relevant market and completed at least 20 trades in this asset class,

2023/11/09
Committee: ECON

Ondřej KOVAŘÍK

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 25100 000 on average during the last 3 years,’;

2023/11/09
Committee: ECON

Activities of Ondřej KOVAŘÍK related to 2023/0167(COD)

Shadow reports (1)

Amendments (20)

ParlTrack - 2011-2024