Activities of Werner LANGEN related to 2012/0169(COD)
Plenary speeches (2)
Key information documents for investment products (debate)
Key information documents for investment products (debate)
Amendments (8)
Amendment 73 #
Proposal for a regulation
Recital 5
Recital 5
(5) Whilst improving investment product disclosures is essential in rebuilding the trust of retail investors in the financial markets, effectively regulated sales processes for these products are equally important. This Regulation is complementary to measures on distribution in the Directive 2004/39/EC of the European Parliament and the Council. It is also complementary to measures taken on the distribution of insurance product in Directive 2002/92/EC of the European Parliament and of the CouncilWhere there is another EU legislative act governing specific aspects of the distribution of investment products, the provisions of that act take precedence over the rules of this Regulation. This applies in particular to Directive 2004/39/EC and 2002/92/EC.
Amendment 168 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the format and content of the key information document to be drawn up by investment product manufacturers and uniform rules on the provision of this document to retail investors. Where there is another EU legislative act governing specific aspects of the distribution of investment products, the provisions of that act shall take precedence over the rules of this Regulation.
Amendment 393 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled "What are the costs?", the costs associated with an investment in the investment product, comprising both direct and indirect costs to be borne by the investor, including summary indicators of these costs, and the information that taxes may reduce the yield from the investment product;
Amendment 438 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The information referred to in paragraph 2 shall be presented in a common format including the common headings and following the standardised order set out in paragraph 2, so as to allow for comparison with the key information document for any other investment product. The key information document shall not be more than 3 pages long, shall be laid out clearly, unambiguously and readably, and shall prominently display a common symbol to distinguish the document from other documents.
Amendment 461 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
The draft regulatory technical standards shall take into account the different types of investment productsproducts, particularly insurance products pursuant to Directive 2009/138/EC. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by […].
Amendment 483 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
(d) the circumstances in which retail investors are to be informed, at their individual request, about a revised key information document for an investment product purchased by them.
Amendment 499 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the useAn investment product manufacturer may not be held liable under civil law purely on the basis of the key information contained indocument unless the key information document, the investment product manufacturer has to prove that the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulation is misleading or significant sections of it deviate from the product- specific offering prospectus. (The burden of proof in this respect shall rest with the investment product manufacturer.) The key information document should contain an indication making it clear that the key information document is not a substitute for the offering prospectus.
Amendment 667 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
(1a) Existing products which were manufactured before the date of entry into force of this Regulation shall be exempted from the requirements of this Regulation until [OJ: please insert the date 1 year after entry into force].