36 Amendments of Fabio Massimo CASTALDO related to 2023/0167(COD)
Amendment 232 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – point e
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 242 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 3
Article 16–a – paragraph 1 – subparagraph 3
Amendment 255 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Amendment 286 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 2 – point a
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 293 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 2 – point b
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 300 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 3
Article 16–a – paragraph 4 – subparagraph 3
Amendment 309 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 4
Article 16–a – paragraph 4 – subparagraph 4
Amendment 321 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 6
Article 16–a – paragraph 6
Amendment 335 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – introductory part
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 following: justification and demonstration of the proportionality of costs and charges of the financial instrument.
Amendment 351 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 9
Article 16–a – paragraph 9
Amendment 369 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 11 – introductory part
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 following:qualitative criteria that may be used for different types of financial instruments to determine whether costs and charges are justified and proportionate pursuant to paragraph 1.
Amendment 379 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – introductory part
Article 16–a – paragraph 12 – subparagraph 1 – introductory part
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:
Amendment 383 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – point a
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, 5 and 6, based on disclosure and reporting obligations, unless additional data is exceptionally necessary;
Amendment 386 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 1 – point b
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, 5 and 65.
Amendment 394 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 12 – subparagraph 2
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 11the entry into force of this Directive.
Amendment 409 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
1a. Member States shall ensure that, in order to act when providing the best interest of the client, when providingselection of financial instruments to be offered under investment advice to retail clients, investment firms are under the obligation of the following: (a) to provide advice on the basis of an assessment of an appropriate range of financial instruments; (b) to recommend the most cost-efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features; taking into account the needs and objectives of the clients; (b) to recommend, among those identified as suitable to the client pursuant to Article 25(2) and offering similar features, the financial instruments selected considering their qualitative and quantitative characteristics, consistently with the information made available by manufacturers according to Article 16-a (1) and the criteria adopted in the assessment carried out according to Article 16-a (4).
Amendment 479 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 1
Article 24a – paragraph 1
1. Member States shall ensure that investment firms, when providing portfolio management, do not pay or receive to retail clients, do not accept and retain any fee, or commission, or provide or are provided with anyreceive any monetary or 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 485 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 2
Article 24a – paragraph 2
Amendment 499 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 3
Article 24a – paragraph 3
Amendment 504 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 4
Article 24a – paragraph 4
Amendment 516 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24 – paragraph 5
Article 24 – paragraph 5
5. Paragraphs 1 and 2 shall not apply to the minor non-monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client, provided that they have been clearly disclosed to the client.
Amendment 532 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 8
Article 24a – paragraph 8
8. ThreFive years after the date of entry into forceend of the transposition period 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, and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on it against a proper methodology which shall assess the evolution of costs, the overall level of retail investment in capital markets, consumer protection and the relevance of distribution rules. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.
Amendment 744 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 2 – point f
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 and, insurance coverage of biometric and other risks as well as any other related service (pricing process);
Amendment 752 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 3
Article 25 – paragraph 1 – subparagraph 3
The pricing process referred to in point (f) shall containtake into a ccomparison with the relevant benchmark, where available,unt, where available, the relevant indicator on costs and, performance and the main features of the products published by EIOPA in accordance with paragraph 8.
Amendment 816 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 1
Article 25 – paragraph 8 – subparagraph 1
EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common benchmarkindicators for insurance-based investment products that present similar levels of performance, risk, strategy, objectives, or other characteristics to facilitate supervisory assessments as well as help insurance undertakings and insurance intermediaries manufacturing or distributing insurance-based investment products to perform the comparative assessment oftake into account the cost and, performance and the main features of insurance-based investment products.
Amendment 821 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 2
Article 25 – paragraph 8 – subparagraph 2
The benchmarkindicators shall display a range of costs and, performance and the main insurance features, in order to facilitate the identification of insurance- based investment products whose costs and, performance and main insurance features depart significantly from the average.
Amendment 825 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 3
Article 25 – paragraph 8 – subparagraph 3
The costs used for the development of benchmarks shall, in addition to the total product cost,indicators shall also include all costs of distribution, inclusive inducements. T, and they shall allow comparison with individual cost components.
Amendment 829 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8 – subparagraph 4
Article 25 – paragraph 8 – subparagraph 4
EIOPA shall regularly update those benchmarkindicators.
Amendment 884 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – point a – subpoint v
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 974 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 6
Article 29 a – paragraph 6
6. ThreFive 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, and shall evaluate the impact of the relevantoverall effects of the 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.
Amendment 987 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point a
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,or underlying investment assetoptions;
Amendment 993 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point b
Article 29 b – paragraph 1 – point b
(b) to recommend the most cost- efficient insurance-based investment product and, where applicable,or underlying investment assets among the insurance- based investment products identified as suitable for the customer pursuant to Article 30(1) and offering similar featuoption deemed more suitable pursuant to Article 30(1) and offering similar features among the insurance- based investment products meeting the customer' demands and need also with reference to the costs and services offeresd;
Amendment 1000 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point c
Article 29 b – paragraph 1 – point c
Amendment 1022 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 1
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 assetoptions, offered or demanded, that customer’s financial situation, including, if provided for by the customer, 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 and, if the customer provides the relevant information, the need for portfolio diversification.
Amendment 1032 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
When providing advice on an independent basis to retail customers restricted to well- diversified, non-complex, and cost- efficient insurance-based investment products, the insurance intermediary or insurance undertaking shall be under no obligation to obtain information on the customer’s knowledge and experience about the considered insurance-based investment products or on the customer’s portfolio composition.
Amendment 1036 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive (EU) 2016/97
Article 30 – paragraph 1 – subparagraph 3
Article 30 – paragraph 1 – subparagraph 3
When providing advice that involves switching between underlying investment assetoptions, insurance intermediaries and insurance undertakings shall obtain the necessary information on the customer’s existing underlying investment assetoptions and the recommended new investment assetoptions and shall analyse the expected costs and benefits of the switch, so that they are reasonably able to demonstrate that the benefits of switching are expected to be greater than the costs.