Activities of Eero HEINÄLUOMA related to 2023/0166(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document
Amendments (9)
Amendment 39 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1286/2014
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 40 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 1286/2014
Article 6 – paragraph 3 – introductory part
Article 6 – paragraph 3 – introductory part
3. By way of derogation from paragraph 2, where a PRIIP offers the retail investors a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand- alone document, the key information document shall provide a generic description of the underlying investment options, and the costs of the PRIIP other thinclude a link to a digital comparison tool to facilitate easy comparison for retail investors between the different underlying investment options. That digital comparison tool will include relevant information related to the different underlying investment options, including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the costs for the investment option, provided that:summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options. That digital comparison tool will allow easy filtering and sorting of information by retail investors.
Amendment 58 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
(4) In Article 6, the following paragraph is added: “4 a. By way of derogation from paragraph 3, where a PRIIP offers the retail investors a range of options for investments and where there are fewer than 100 different underlying options for investments available to the retail investor, the PRIIPs manufacturer shall be required to provide a summary table in the annex to the Key Information Document including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options.”
Amendment 59 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 b (new)
Article 1 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
(4b) In Article 6, the following paragraph is added: “5a. In order to ensure consistent application of paragraph 2 and 3, EIOPA shall in consultation with ESMA, develop draft regulatory technical standards specifying the type of information to be provided in the digital comparison tool and the summary table and how this information will be presented to investors, ensuring the information is concise, comparable and understandable to investors. EIOPA shall submit those draft regulatory technical standards to the Commission by… [PO please insert the date= one year after the date of entry into force of this amending Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.”
Amendment 82 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c a (new)
Article 1 – paragraph 1 – point 5 – point c a (new)
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point f – subparagraph 1
Article 8 – paragraph 3 – point f – subparagraph 1
(ca) in paragraph 3, point (f), the following subparagraph is added after the first subparagraph: “This section shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns."
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ga – point ii a (new)
Article 8 – paragraph 3 – point ga – point ii a (new)
(iia) the exposure of the PRIIP to coal-, oil- and gas-related activities in accordance with Article 19a of Directive 2013/34/EU;
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ga – point ii b (new)
Article 8 – paragraph 3 – point ga – point ii b (new)
(iib) a link to the relevant pre- contractual disclosures that have to be provided to retail investors in accordance with Article 6(3) of Regulation (EU) 2019/2088;
Amendment 101 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)
Article 1 – paragraph 1 – point 6 a (new)
Regulation (EU) No 1286/2014
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
(6a) in Article 13, the following paragraph is added: “1a. A person advising on, or selling, a PRIIP must make available on its website, in a manner that is easily and publicly accessible to all retail investors, all of the relevant key information documents that the person sells or advises on.”
Amendment 120 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1286/2014
Article 16 – paragraph 2
Article 16 – paragraph 2
(7a) in Article 16, paragraph 2 is replaced by the following: “2. EIOPA shall take a decision under paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed action addresses a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union, also taking into account any deviation by the insurance-based investment product from the benchmarks to be developed by EIOPA in accordance with Article 25(8) of Directive (EU) 2016.97; (b) regulatory requirements under Union law that are applicable to the relevant insurance-based investment product or activity do not address the threat; (c) a competent authority or competent authorities have not taken action to address the threat. or the actions that have been taken do not adequately address the threat or the concerned product or products are marketed in multiple Member States making it difficult for the competent authority of the home Member State to oversee product distribution issues and for competent authorities of host Member States to oversee the manufacturing process. Where the conditions set out in the first subparagraph are fulfilled, EIOPA may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before an insurance- based investment product has been marketed or sold to investors.”