17 Amendments of Paul TANG related to 2017/0143(COD)
Amendment 217 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 256 #
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post- retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 276 #
Proposal for a regulation
Recital 33
Recital 33
(33) By setting the prudent person rule as the underlying principle for capital investment and making it possible for PEPP providers to operate across borders, the redirection of savings into the sector of personal retirement provision is encouraged, thereby contributing to economic and social progress. The prudent person rule also requires that PEPP providers integrate the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 279 #
Proposal for a regulation
Recital 34
Recital 34
(34) This Regulation should ensure an appropriate level of investment freedom for PEPP providers. As very long-term investors with low liquidity risks, PEPP providers are in a position to fulfil a leading role in making finance more sustainable by redirecting more finance to sustainable assets, taking into account environmental, social and governance factors and in doing so to contribute to the development of the CMU, which may also be done by investing in non-liquid assets such as shares and in other instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities (MTFs) or organised trading facilities (OTFs) within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in other instruments that have a long- term economic profile and are not traded on regulated markets, MTFs or OTFs should therefore not be restricted, in line with the prudent person rule so as to protect the interest of PEPP savers and PEPP beneficiaries, except on prudential grounds.
Amendment 281 #
Proposal for a regulation
Recital 35
Recital 35
(35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers are encouraged to allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long-term economic benefits, in particular to infrastructure projects and corporateand social benefits.
Amendment 284 #
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to considerintegrate such factors in investment decisions and to take into account how they form part of their risk management system so that the problem of stranded assets can be avoided.
Amendment 286 #
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to consider such factors in investment decisions and to take into account how they form part of their risk management system. This risk assessment should also be made available to EIOPA and to the competent authorities as well as to PEPP savers. Where relevant, it should also include risks related to climate change, use of resources, the environment, social risks, and risks related to the depreciation of assets due to regulatory change (‘stranded assets’).
Amendment 295 #
Proposal for a regulation
Recital 38 a (new)
Recital 38 a (new)
(38a) The PEPP provider should explicitly consider and disclose to what extent their investment beliefs on environmental, social and governance factors have been reflected in their choice of index, both for active and for passive strategies. When opting for passive options, sustainability indexes should be considered for default funds.
Amendment 430 #
Proposal for a regulation
Article 5 – paragraph 2 – point e
Article 5 – paragraph 2 – point e
(e) information about the investment strategies, the risk profile and other characteristics of the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 451 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP is based on an investment strategy that states to what extent environmental, social and governance factors are included in the proposed providers risk management system.
Amendment 570 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 6
Article 22 – paragraph 1 – subparagraph 6
PEPP distributors shall have in place adequate arrangements to obtain the information referred to in the fifth subparagraph and to understand the characteristics and identified target market of each PEPP and the long term- consequences of their investment decision, taking into account environmental, social and governance risks and factors.
Amendment 675 #
Proposal for a regulation
Article 27 – paragraph 3 – point d
Article 27 – paragraph 3 – point d
(d) information on how the investment policy takes into account environmental, social and governance factors, including the role they play in the investment process as well as the long term impact and the externalities of the investment decisions.
Amendment 693 #
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
(ea) A publicly available statement on how the investment policy integrates environmental, social and governance factors.
Amendment 714 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 728 #
Proposal for a regulation
Article 33 – paragraph 1 – point g a (new)
Article 33 – paragraph 1 – point g a (new)
(ga) the PEPP provider shall take into account non-financially material ESG risks and factors and shall be required to integrate financially material ESG risks and factors.
Amendment 896 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. EIOPA and the competent authority of the PEPP provider shall cooperatentribute to the consistent application of this Regulation throughout the Union, by cooperating with each other and by exchangeing information for the purpose of carrying out their duties under thise present Regulation.
Amendment 909 #
Proposal for a regulation
Article 63 – paragraph 2 – point a (new)
Article 63 – paragraph 2 – point a (new)
(a) the contribution of the PEPP to the CMU, including sustainable finance;