BETA

16 Amendments of Markus FERBER related to 2018/0179(COD)

Proposal for a regulation
Recital 5

(5) Remuneration policies of financial market participants and financial advisors should be consistent with the integration of sustainability risks and, where relevant, sustainable investment targets and should be designed to contribute to long-term sustainable growth. Pre-contractual disclosures should therefore include information on how the remuneration policies of those entities are consistent with the integration of sustainability risks and are in line, where relevant, with the sustainable investment targets of the financial products and services that the financial market participants make available or financial advisors advise on.deleted

2018/09/18
Committee: ECON

Proposal for a regulation
Recital 18 a (new)

(18a) In order to ensure predictability, the disclosure requirements set out in this Regulation shall only be applicable after the Regulation on the establishment of a framework to facilitate sustainable investment has entered into force and market participants have had sufficient time to adjust their systems.

2018/09/18
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point j

(j) ‘financial product’ means ~~a portfolio management,~~ an AIF, an IBIP, a pension product, a pension scheme or a UCITS;

2018/09/18
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1

1. Financial market participants that provide services in relation to sustainable investments shall publish written policies on the integration of sustainability risks in the investment decision-making process on their websites.

2018/09/18
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 2

2. Insurance intermediaries which provide insurance advice with regard to IBIPs in relation to sustainable investments and investment firms which provide investment advice in relation to sustainable investments shall publish written policies on the integration of sustainability risks in investment advice or insurance advice on their websites.

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. Financial market participants, that provide services in relation to sustainable investments, shall include descriptions of the following in pre- contractual disclosures:

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 1 – point b

~~(b) the extent to which sustainability risks are expected to have a relevant impact on the returns of the financial products made available;~~deleted

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 1 – point c

(c) how the remuneration policies of financial market participants are consistent with the integration of sustainability risks and are in line, where relevant, with the sustainable investment target of the financial product.deleted

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 2 – introductory part

2. Insurance intermediaries which provide insurance advice with regard to IBIPs in relation to sustainable investments and investment firms which provide investment advice in relation to sustainable investments shall include descriptions of the following in pre- contractual disclosures:

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 2 – point c

(c) how the remuneration policies of investment firms which provide investment advice and insurance intermediaries which provide insurance advice with regard to IBIPs are consistent with the integration of sustainability risks and are in line, where relevant, with the sustainable investments target of the financial product advised on.deleted

2018/09/18
Committee: ECON

Proposal for a regulation
Article 4 – paragraph 3 – point h

(h) for investment firms which provide portfolio management or provide investment advice, in accordance with Article 24(4) of Directive 2014/65/EU; that disclosures may be provided in a standardised format as set out in Article 24(5) of Directive 2014/65/EU.

2018/09/18
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – introductory part

Financial market participants that provide services in relation to sustainable investments shall publish and maintain on their websites, for each financial product referred to in paragraphs (1), (2) and (3) of Article 5, the following:

2018/09/18
Committee: ECON

Proposal for a regulation
Article 8 – paragraph 1

1. Financial market participants shall ensure that any information published in accordance with Article 3 or Article 6 is kept up-to-date. ~~Where a financial market participant amends such information, a clear explanation of that change shall be published on the same website.~~

2018/09/18
Committee: ECON

Proposal for a regulation
Article 10

Directive 2016/2341
Article 19 (9)

Amendments to Directive (EU) 2016/2341 Directive (EU) 2016/2341 is amended as follows: (1) In Article 19, the following paragraph 9 is added: ‘9. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 60a, measures ensuring that: (a) respect to the consideration of environmental, social and governance risks is taken into account; (b) governance factors in internal investment decisions and risk management processes are included. Those delegated acts shall take into account the size, nature, scale and complexity of the activities of the IORPs and of the risks inherent to these activities and ensure consistency with Article 14 of Directive 2009/65/EC, Article 132 of Directive 2009/138/EC and Article 12 of Directive 2011/61/EU.; ‘Article 60a Exercise of the delegation 1. is conferred on the Commission subject to the conditions laid down in this Article. 2. referred to in Article 19(9) shall be conferred on the Commission for an indeterminate period of time from the date of entry into force of this Regulation. 3. to in Article 19(9) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to trticle 10 deleted the ‘prudent person’ rule with environmental, social and The power to adopt delegated acts The power to adopt delegated acts The delegation of ~~the~~ power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. to Article 19(9) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council..s referred As soon as it adopts a delegated A delegated act adopted pursuant

2018/09/18
Committee: ECON

Proposal for a regulation
Article 12 – paragraph 2

It shall apply from [PO: Please insert 1236 months following the date of publication of the sustainable finance taxonomy (2018/0178 (COD)) in the Official Journal of the European Union].

2018/09/18
Committee: ECON

Proposal for a regulation
Article 12 – paragraph 3

However, Article 5(5), Article 6(2), Article 7(4), Article 9(2) and Article 10 shall apply from [PO: Please insert the date of entry into force] and Article 7(1) to (3) shall apply from [PO: Please insert January 1 of the year following the date referred to in the second subparagraph].deleted

2018/09/18
Committee: ECON