Activities of Alain LAMASSOURE related to 2018/0045(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 PDF (623 KB) DOC (77 KB)
Amendments (26)
Amendment 75 #
Proposal for a regulation
Recital 6
Recital 6
(6) Since ESMA, in accordance with Regulation (EU) No 1095/2010 of the European Parliament and of the Council26 , should monitor and assess market developments in the area of its competence, it is appropriate and necessary to enhance the knowledge of ESMA by enlarging ESMA’s currently existing databases to include all AIFMs and UCITS management companies and all AIFs and UCITS which those management companies manage and market, as well as all the Member States in which those investment funds are marketed. For that purpose, competent authorities should transmit to ESMA notifications, notification letters or written notices that they received under Directives 2009/65/EC and 2011/61/EU. All transfers of documents between competent authorities for the purpose of notifications should take place through a notification portal to be established by ESMA. __________________ 26 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Amendment 76 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7 a) According to Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof are exempt from the obligations under Regulation (EU) No 1286/2014 until 31 December 2019. That Regulation also provides that the Commission reviews Regulation (EU) No 1286/2014 by 31 December 2018, in order to assess, among others, whether this transitional exemption should be prolonged, or whether, following the identification of any necessary adjustments, the provisions on key investor information in Directive 2009/65/EC should be replaced by or considered equivalent to the key investor document under Regulation (EU) No 1286/2014. That Regulation also states that this review should include, on the basis of the information received by the European Supervisory Authorities, a general survey of the operation of the comprehension alert, taking into account any guidance developed by competent authorities in this respect. It should also include a survey of the practical application of the rules laid down in that Regulation, taking due account of developments in the market for retail investment products and the feasibility, costs and possible benefits of introducing a label for social and environmental investments. In addition, as part of its review, the Commission should undertake consumer testing and an examination of non-legislative options as well as the outcomes of the review of Regulation (EU) No 346/2013 regarding points (c), (e) and (g) of Article 27(1) thereof.
Amendment 77 #
Proposal for a regulation
Recital 7 b (new)
Recital 7 b (new)
(7 b) In order to allow the Commission to conduct the review of Regulation (EU) No 1286/2014 as originally foreseen by the European Parliament and the Council, the deadline for the review should be prolonged by 12 months. The Committee on Economic and Monetary Affairs of the European Parliament should support the Commission’s review process by organising a hearing on the topic with relevant stakeholders representing industry and consumer interests.
Amendment 78 #
Proposal for a regulation
Recital 7 c (new)
Recital 7 c (new)
(7 c) In order to avoid investors receiving two different pre-disclosure documents (a UCITS KIID and a PRIIPs KID) for the same investment fund while the legislative acts resulting from the review are being adopted and implemented, the transitional exemption from the obligations under Regulation (EU) No 1286/2014 for management companies as defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof, should be prolonged by 24 months.
Amendment 110 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Competent authorities shall send an invoice or a payment instruction for the given financial year to the registered offaddress indicated in [second subparagraph of Article of the AIFM or UCITS management company93(1) of Directive 2009/65/EC or point (I) of Annex IV of Directive 2011/61/EU]. The invoice shall indicate the fees or charges referred to in paragraph 1, the means of payment and the date when payment is due.
Amendment 121 #
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 1
Article 11 – paragraph 2 – subparagraph 1
ESMA shall develop draft regulatory technical standards to specify information to be notified in accordance with paragraphs 1, 2, 3, 8 and 9 of Article 17, paragraphs 1, 2 and 4 of Article 18,establish a notification portal into which each competent authority shall upload all documents referred to in paragraphs 1, 2 and 8 of Article 93 and Article 93a(2) of Directive 2009/65/EC and Article 32a(2) and paragraphs 2, 3 and 6 of Article 33 of Directive 2011/61/EU. All transfers of those documents between competent authorities shall take place through that notification portal.
Amendment 122 #
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 2
Article 11 – paragraph 2 – subparagraph 2
Amendment 123 #
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 3
Article 11 – paragraph 2 – subparagraph 3
Amendment 124 #
Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 1
Article 11 – paragraph 3 – subparagraph 1
ESMA shall develop draft implementingregulatory technical standards to specify the forms, templates and procedures for the transmission of the information referred to in paragraphs 1, 2, 3, 8 and 9 of Article 17, paragraphs 1, 2 and 4 of Article 18, paragraphs 1, 2 and 8 of Article 93 and Article 93a(2) of Directive 2009/65/EC and paragraphs 2 and 4 of Article 31, paragraphs 2 and 7 of Article 32, Article 32a(2) and paragraphs 2, 3 and 6 of Article 33 of Directive 2011/61/EU, including the procedure of transmission of the information by the competent authorities for the purposes of paragraph 1technical arrangements necessary for the functioning of the notification portal referred to in paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by [PO: Please insert date 18 months after the date of entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 125 #
Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 2
Article 11 – paragraph 3 – subparagraph 2
Amendment 126 #
Proposal for a regulation
Article 11 – paragraph 3 – subparagraph 3
Article 11 – paragraph 3 – subparagraph 3
Amendment 130 #
Proposal for a regulation
Article 12 – paragraph 1 – point 1
Article 12 – paragraph 1 – point 1
Regulation (EU) No 345/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying venture capital fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying venture capital fund, which is not yet notified for marketing in the Member State where the potential investors are domiciled or have their registered office;
Amendment 133 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 136 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 140 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point c a (new)
Article 4a – paragraph 1 – point c a (new)
(c a) amounts to subscription forms or similar documents whether in a draft or a final form;
Amendment 143 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 point d
Article 4a – paragraph 1 point d
(d) amounts to a prospectus, constitutional documents, a prospectus or offering documents of not yet registered qualifying venture capital funds, offering documents, subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decision in a final form. For already registered qualifying venture capital funds, the final form of a prospectus can be provided.
Amendment 149 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 3
Article 4a – paragraph 3
3. Subscription by investors to units or shares of qualifying venture capital funds registered following the pre- marketing in accordance with paragraph 1 or to thManagers of qualifying venture funds shall ensure that investors, within 12 months of being contacted as part of pre-marketing, may acquire units or shares ofin a qualifying venture capital funds managed and marketed by managers of qualifying venture capital funds that engaged in referred to in the information provided in the context of pre- marketing of not yet registeredr of a qualifying venture capital funds with the similar features shall be considered established as a result of the presult of marketing- marketing only under marketing in accordance with Article 15.
Amendment 151 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 4
Article 4a – paragraph 4
4. Managers of qualifying venture capital funds offering for subscription units or shares ofshall, on an ex-post basis, provide an annual overview to their home competent authority regarding their pre- marketing activities. This overview shall contain information about the Member States and the period of time in which the pre-marketing activities were undertaken, and a description of the investment strategies or investment ideas as well as, where relevant, the list of the registered qualifying venture capital funds that were the object ofreferred to in pre- marketing. The home competent authority shall informward the overview to the competent authority in accordance with Article 15. of the concerned Member State(s), in which the pre- marketing activity took place.
Amendment 156 #
Proposal for a regulation
Article 13 – paragraph 1 – point 1
Article 13 – paragraph 1 – point 1
Regulation (EU) No 346/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by the manager of a qualifying social entrepreneurship fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying social entrepreneurship fund, which is not yet notified for marketing in the Member State where the potential investors are domiciled or have their registered office;
Amendment 160 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 164 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 166 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point c a (new)
Article 4a – paragraph 1 – point c a (new)
(c a) amounts to subscription forms or similar documents whether in a draft or a final form;
Amendment 169 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point d
Article 4a – paragraph 1 – point d
(d) amounts to a prospectus, constitutional documents, a prospectus or offering documents of not yet registered qualifying social entrepreneurship funds, offering documents, subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decision in a final form. For already registered qualifying social entrepreneurship funds, the final form of a prospectus can be provided.
Amendment 175 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 3
Article 4a – paragraph 3
3. Subscription by investors to units or shareManagers of qualifying social entrepreneurship funds registered following the pre-marketing in accordance with paragraph 1 or to thshall ensure that investors, within 12 months of being contacted as part of pre-marketing, may acquire units or shares ofin a qualifying social entrepreneurship funds managed and marketed by managers of qualifying social entrepreneurship funds that engaged in pre-marketing of not yet registered qualifying social entrepreneurship funds with the similar features shall be considered referred to in the information provided in the context of pre-marketing or of a qualifying social entrepreneurship fund established as a result of the presult of marketing-marketing only under marketing in accordance with Article 16.
Amendment 177 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 4
Article 4a – paragraph 4
Amendment 181 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Amendment to Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) Regulation (EU) No 1286/2014 is amended as follows: (1) in Article 32(1), “31 December 2019” is replaced by “31 December 2021”; (2) in Article 33(1), “31 December 2018” is replaced by “31 December 2019”; (3) in Article 33(2), “31 December 2018” is replaced by “31 December 2019”; (4) in Article 33(4), “31 December 2018” is replaced by “31 December 2019”.