16 Amendments of Jonás FERNÁNDEZ related to 2017/0143(COD)
Amendment 211 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 215 #
Proposal for a regulation
Recital 4
Recital 4
(4) The Capital Markets Union (CMU) will help mobilise capital in Europe and channel it to all companies, including small and medium enterprises, infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMU is to increase investment and choices for retail investors by putting European savings to better use. For this purpose, a PEPP will represent a step forward for the enhancement of the capital markets integration due to its support to the long-term financing of the real economy.
Amendment 217 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 235 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) Institutions for occupational retirement provisions (IORPs) are organised and regulated in significant different ways within Member States. While in some Member States these institutions are only allowed to carry out occupational pension activities, in other, they are allowed to also provide personal pension products. This leads not only to different organisational structures of IORPS but also to different levels of supervision by national supervisors. Only those IORPs which, pursuant to national law, are authorised and adequately supervised to provide personal pension products should be allowed to provide PEPPs. Furthermore, and to safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring-fenced, managed and organised separately from other activities of occupational retirement provision business, ensuring at all times that no contagion or possibility of transfer can occur.
Amendment 407 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 417 #
Proposal for a regulation
Article 5 – paragraph 1 – point f a (new)
Article 5 – paragraph 1 – point f a (new)
(fa) Other entities registered or authorised in accordance with provisions in national law to provide personal pension products as defined in Article 2(1) of this Regulation, provided that these provisions are deemed sufficient after an assessment by EIOPA, in accordance with the procedure laid down in Article 5(6) of this Regulation;
Amendment 442 #
Proposal for a regulation
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
5 a. The National competent authority for the entities referred to in Article 5(1)(g) will request EIOPA the assessment of compliance of these entities as well as the reasons why the authorisation is justified. EIOPA shall adopt a decision within two months of receiving such a request. If the competent authority does not agree with EIOPA’s decision, it shall duly present its reasons and shall explain and justify any significant deviation therefrom;
Amendment 455 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant by providing it with a copy of the application and all the relevant information needed for the consultation.
Amendment 463 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled. A competent authority may ask EIOPA to consider the withdrawal of a PEPP authorisation upon providing any relevant information motivating this request.
Amendment 464 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. When a PEPP authorisation is withdrawn, EIOPA shall coordinate the actions needed to safeguard the PEPP savers holding a contract with the PEPP provider of which the authorisation has been withdrawn.
Amendment 492 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. PEPP providers shallmay provide the portability service to PEPP savers holding a PEPP account with them and requesting this service.
Amendment 500 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 518 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Without prejudice to the deadline underhere, according to the previous Article 13(3), PEPP providers provide the portability service to PEPP savers, they shall ensure that within each individual PEPP account a new compartment could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves. and for which a national compartment is available.
Amendment 770 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. TIn the default investment option shall ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy, the PEPP provider shall guarantee the PEPP saver that the capital accumulated by the start of the pay-out phase will at least equal the contributions paid including all costs and charges.
Amendment 780 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. Capital protection shall allow the PEPP saver to recoup the capital investedTo comply with the conditions set out in paragraph 1 and ensure capital protection, the PEPP provider shall be able to offer guarantees by entering into PEPP product partnerships with credit institutions or insurance undertakings that can provide such guarantees according to national law.
Amendment 862 #
Proposal for a regulation
Article 52 – paragraph 1 – point a
Article 52 – paragraph 1 – point a
(a) life-long annuities;