Activities of Claude GRUFFAT 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 (10)
Amendment 38 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 2
Article 6 – paragraph 2
(3a) Article 6, paragraph 2 is replaced by the following: "2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material nor any recommendations to invest. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document by this Regulation. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)" Or. en
Amendment 70 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
Amendment 71 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b a (new)
Article 1 – paragraph 1 – point 5 – point b a (new)
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point b a (new)
Article 8 – paragraph 3 – point b a (new)
(ba) the following point (ba) is inserted: (ba) where applicable, a comprehension alert which shall read: ‘You are about to purchase a particularly risky product’;
Amendment 76 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – point 3 a (new)
Article 8 – paragraph 3 – point c – point ii – point 3 a (new)
(3a) the risk level specified as high, medium or low risk;
Amendment 77 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point c – point ii – point 3 b (new)
Article 8 – paragraph 3 – point c – point ii – point 3 b (new)
(3b) a specification of how the manufacturer measures the performance of the PRIIP with regard to their investment objective. This measurement shall include, as a minimum, a comparison with a capital market benchmark and inflation over the recommended holding period;
Amendment 80 #
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 d
Article 8 – paragraph 3 – point d
(ca) in paragraph 3, point (d) is amended as follows: "(d) under a section titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward profile comprising the following elements: (i) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PRIIP and which are not adequately captured by the summary risk indicator; (ii) the possible maximum loss of invested capital, including, information on:— whether the retail investor can lose all invested capital, or— whether the retail investor bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PRIIP, and— where applicable, whether the PRIIP includes capital protection against market risk, and the details of its cover and limitations, in particular with respect to the timing of when it applies; (iii) appropriate performance scenarios, and the assumptions made to produce theminformation on past and expected performance, including: - performance scenarios based on past data of a minimum of 10 years; - performance scenarios based on forward looking forecasts; - assumptions made to produce performance scenarios including warnings of methodological weaknesses and any potential bias in the data used; - comparison of performance with a capital market benchmark and inflation measure specified by the PRIIP’s manufacturer; (iv) where applicable, information on conditions for returns to retail investors or built-in performance caps; (v) a statement that the tax legislation of the retail investor's home Member State may have an impact on the actual payout; (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)" Or. en
Amendment 81 #
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
Article 8 – paragraph 3 – point f
(ca) in paragraph 3, point (f) is amended as follows: "(f) under a section titled ‘What are the costs?’, the costs associated with an investment in the PRIIP, comprising both direct and indirect costs to be borne by the retail investor, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. Where applicable, a margin cap for possible returns shall be clearly disclosed as an indirect cost. The section shall also display the actual most recent costs data for the PRIIP. The key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PRIIP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the retail investor to understand the cumulative effect that these aggregate costs have on the return of the investment; (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)" Or. en
Amendment 89 #
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 categorisation of the PRIPP under Articles 7, 8 or 9 of Regulation (EU) 2019/2088;
Amendment 92 #
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) the exposure of the PRIIP to the exploration, production, processing, distribution, storage or combustion of fossil fuels;
Amendment 93 #
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 c (new)
Article 8 – paragraph 3 – point ga – point ii c (new)
(iic) the degree of alignment of the PRIIP with a 1.5°C pathway pursuant to the Paris Agreement;