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Activities of Marco ZANNI related to 2023/0166(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document
2024/03/25
Committee: ECON
Dossiers: 2023/0166(COD)
Documents: PDF(236 KB) DOC(73 KB)
Authors: [{'name': 'Stéphanie YON-COURTIN', 'mepid': 197581}]

Amendments (24)

Amendment 22 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Recital 2 a (new)
(2a) The purpose of this Regulation is to cover packaged products that are manufactured by the financial services industry in order to provide additional investment opportunities to retail investors. Non-equity securities issued by non-financial issuers contribute to the financing of corporate issuers and, where they are offered to retail investors, will be subject to the obligation to draw up a prospectus, which includes a summary, thus providing retail investors with adequate pre-contractual information. These securities should be excluded from the scope of this Regulation. The current requirement to produce, review and update a key information document for such non-equity securities, until their maturity, encourages issuers to restrict them to professional investors only, thus depriving retail investors of investment options. Addressing non-equity securities issued by non-financial issuers will therefore remove this incentive and might encourage retail investors’ participation in Union capital markets, while offering those retail investors with more opportunities to diversify their financial portfolios.
2023/11/07
Committee: ECON
Amendment 24 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Recital 4
(4) Retail investors increasingly seek information on the sustainability performance of investment products, including PRIIPs. Recent Union legislative acts have introduced several disclosure obligations that could be leveraged to inform retail investors, in particular Regulation (EU) 2019/2088 of the European Parliament and of the Council13 and Regulation (EU) 2020/852 of the European Parliament and of the Council14 . Such disclosures may, however, not be sufficiently visible to retail investors. It is therefore necessary to add certain information about the sustainability profile of PRIIPs to the key information document. To avoid additional reporting costs, that ESG information should be taken from the disclosures provided by product manufacturers pursuant to Regulation (EU) 2019/2088 and Regulation (EU) 2020/852. __________________ 13 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1). 14 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).deleted
2023/11/07
Committee: ECON
Amendment 27 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a (new)
Regulation (EU) No 1286/2014
Article 2 – paragraph 2 – point d a (new)
(a a) the following point is inserted: ‘(da) non-equity securities which are issued by non-financial issuers and for which a prospectus is established pursuant to Regulation (EU) 2017/1129’;’
2023/11/07
Committee: ECON
Amendment 28 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 1286/2014
Article 2 – paragraph 2 – point h
(b) the following point (h) is added: ‘(h) pension products, including immediate annuities without a redemption phase, which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;’;deleted
2023/11/07
Committee: ECON
Amendment 34 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a a (new)
Regulation (EU) No 1286/2014
Article 4 – paragraph 1 – point 5
(5) ‘person selling a PRIIP’ means a person offeraa) point (5) is replaced by the following: "(5) ‘PRIIP distributor’ means a person advising on, offering, selling or concluding a PRIIP contract with a retail investor;"
2023/11/07
Committee: ECON
Amendment 35 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point b
Regulation (EU) No 1286/2014
Article 4 – paragraph 1 – point 7a
(7a) ‘electronic format’ means any durable medium other than paper;electronic format as defined in Article 4, point (62a), of Directive 2014/65/EU;
2023/11/07
Committee: ECON
Amendment 37 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 1286/2014
Article 5 – paragraph 1
1. Before a PRIIP is made available to retail investors, the(3a) In Article 5, paragraph 1 is replaced by the following: "1. PRIIP manufacturers shall draw up for that productand publish on their website a key information document in accordance with the requirements of this Regulation and shall publish the document on its website.where the PRIIP is intended to be advised, offered or sold to retail investors."
2023/11/07
Committee: ECON
Amendment 46 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1286/2014
Article 6 – paragraph 3 – point a
(a) PRIIPs manufacturers provide investors with tools adapted to retail investors, also by way of charts or graphs, that facilitate research and comparison among the different investment options, including on costs;
2023/11/07
Committee: ECON
Amendment 51 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1286/2014
Article 6 – paragraph 3 – point c
(c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.deleted
2023/11/07
Committee: ECON
Amendment 56 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 4
(4a) in Article 6, paragraph 4 is replaced by the following: “4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of threefour sides of A4-sized paper when printed, which promotes comparability. It shall: (a) that is easy to read, using characters of readable size; (b) retail investors need; (c) language and a style that communicate in a way that facilitates the understanding”; be presented and laid out in a way focus ofn the key information, in particular, in language that isbe clear, succinct and comprehensible.ly expressed and written in
2023/11/07
Committee: ECON
Amendment 61 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point aa
(a) in paragraph 3, point (aa) is added: ‘(aa) under a section titled ‘Product at a glance’ a dashboard with summarised information about all of the following: (i) to in point (c)(i); (ii) the summary risk indicator referred to in point (d)(i); (iii) (iv) the recommended holding period referred to in point (g)(ii); (v) whether the PRIIP offers the insurance benefits referred to in point (c) (iv);’deleted the type of the PRIIP, as referred the total costs of the PRIIP;
2023/11/07
Committee: ECON
Amendment 72 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – introductory part
(ii) the PRIIP’s financialits objectives and the means for achieving those objectives, andem, in particular whether those objectives will bare achieved by means of direct or indirect exposure to the underlying investment assets, including all of the following information:.
2023/11/07
Committee: ECON
Amendment 73 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – point 1
(1) a description of the underlying instruments or reference values;deleted
2023/11/07
Committee: ECON
Amendment 74 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – point 2
(2) a specification of the markets the PRIIP invests in;deleted
2023/11/07
Committee: ECON
Amendment 75 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – point 3
(3) information about how the return is determined;;deleted
2023/11/07
Committee: ECON
Amendment 78 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c a (new)
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point iii
(iii) a description of the type of retail investor to whom the PRIIP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizonc a) in paragraph 3, point (c), point (iii) is replaced by the following: “(iii) appropriate information on performance;”;
2023/11/07
Committee: ECON
Amendment 86 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ga
(d) the following point (ga) is inserted: ‘(ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council** and Commission Delegated Regulation 2022/1288***, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council****; (ii) emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted the minimum proportion of the the expected greenhouse gas
2023/11/07
Committee: ECON
Amendment 103 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 1
(1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The key information document shall be provided in an electronic format as defined in Article 4 paragraph 1 point 7a, unless the retail investor has requested to receive the key information document on paper. The person advising on, or selling a PRIIP shall inform the retail investors about their right to request receiveing the key information document on paper free of charge.
2023/11/07
Committee: ECON
Amendment 107 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 2
(2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information in the key information document or the information underlying it. That tool shall respect the following conditions: (a) shall not alter the understanding of the key information document; (b) presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”; (d) investors to simulate costs over the recommended holding period. Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation of the key information document referred to in Article 8.deleted thee interactive tool, or its use, all key information shall be the key information document the interactive tool shall allow
2023/11/07
Committee: ECON
Amendment 111 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 3
(3) The ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph. In addition to the modalities referred to in the first subparagraph, the regulatory technical standards shall include the conditions for personalising the key investor information in the following manners: (a) the information to allow investors to simulate costs over a holding period that is different from the recommended holding period; (b) the information to allow investors to compare different PRIIPs; (c) the information to make it accessible to persons with disabilities.deleted the conditions for personalising the conditions for personalising the conditions for personalising
2023/11/07
Committee: ECON
Amendment 115 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 4
(4) The key information document may be presented in a layered format. In that case, the dashboard referred to in Article 8(3), point (aa) shall appear in the first layer.
2023/11/07
Committee: ECON
Amendment 116 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 5
(5) TWhere the person advising or selling the PRIIPS provides the retail investor with the key information document in electronic format through the website: a) the retail investor shall be notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed.; b) the key information document shall remain accessible on the website of the person advising or selling the PRIIPS, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it.
2023/11/07
Committee: ECON
Amendment 118 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1286/2014
Article 14 – paragraph 6
(6) The key information document shall remain accessible on the website of the person advising or selling the PRIIPS, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it. Where the PRIIP manufacturer has revised the key information document as referred to in Article 10, the PRIIP manufacturer shall provide the retail investors with previous versions upon request.deleted
2023/11/07
Committee: ECON
Amendment 124 #
Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI
Proposal for a regulation
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 1824 months after the date of entry into force of this amending Regulationpublication in the Official Journal of the European Union of the delegated acts referred to in Articles [•], [•] and [•].].
2023/11/07
Committee: ECON
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