Activities of Claude GRUFFAT related to 2023/0167(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules
Amendments (56)
Amendment 190 #
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2014/65/EU
Article 4 – paragraph 1 – point 5 a (new)
Article 4 – paragraph 1 – point 5 a (new)
(5a) ‘execution-only order’ means an order received from a client or transmitted on behalf of a client without prior assessment of the suitability of the transaction with regard to the client’s investment objectives and needs, or existing portfolios.
Amendment 233 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – point e
Article 16–a – paragraph 1 – point e
(e) in relation to financial instruments falling under the definition of packaged retail investment products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council*, a clear identification and quantification of all costs and charges related to the financial instrument, an assessment of whether any of the identified costs and charges may be considered undue and an assessment of whether those costs and charges are justified and proportionate, having regard to the characteristics, objectives and, if relevant, strategy of the financial instrument, and its performance (‘pricing process’).
Amendment 289 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 4 – subparagraph 2 – point a a (new)
Article 16–a – paragraph 4 – subparagraph 2 – point a a (new)
(aa) ascertain the absence in the product of any costs that may be deemed undue;
Amendment 390 #
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
(ba) the circumstances in which costs should be considered as undue, taking due account of the specificities of the different types of packaged retail investment products.
Amendment 403 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Directive 2014/65/EU
Article 23
Article 23
(11a) Article 23 is amended as follows: "Article 23 Conflicts of interest 1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the receipt of inducements from third parties or by the investment firm’s own remuneration and other incentive structures. 2. Where organisational or administrative arrangements made by the investment firm in accordance with Article 16(3) to prevent conflicts of interest from adversely affecting the interest of its client are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, the investment firm shall clearly disclose to the client the general nature and/or sources of conflicts of interest and the steps taken to mitigate those risks before undertaking business on its behalf. 3. The disclosure referred to in paragraph 2 shall: (a) be made in a durable medium; and (b) include sufficient detail, taking into account the nature of the client, to enable that client to take an informed decision with respect to the service in the context of which the conflict of interest arises. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to: (a) define the steps that investment firms might reasonably be expected to take to identify, prevent, manage and disclose conflicts of interest when providing various investment and ancillary services and combinations thereof; (b) establish appropriate criteria for determining the types of conflict of interest whose existence may damage the interests of the clients or potential clients of the investment firm. "
Amendment 417 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point b
Article 24 – paragraph 1 a – point b
(b) to recommend the most cost- efficient financial instruments, with reference to the relevant benchmark, where available, on costs and performance published by ESMA in accordance with Article 16-a(9), among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features;
Amendment 426 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point c
Article 24 – paragraph 1 a – point c
(c) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2), a product least orne products without any additional features that are not necessary to the achievement of the client’s investment objectives and tha, unless those additional features do not give rise to extra costs.; for the client
Amendment 428 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a – point c a (new)
Article 24 – paragraph 1 a – point c a (new)
(ca) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2) at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 455 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g
Article 1 – paragraph 1 – point 12 – point g
Directive 2014/65/EU
Article 24 – paragraph 5c – subparagraph 2
Article 24 – paragraph 5c – subparagraph 2
ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelineregulatory technical standards on the concept of particularly risky financial instruments taking due account of the specificities of the different types of instruments.
Amendment 464 #
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point h a (new)
Article 1 – paragraph 1 – point 12 – point h a (new)
Directive 2014/65/EU
Article 24 – paragraph 7
Article 24 – paragraph 7
(ha) Article 24, paragraph 7 is replaced by the following: "7. Where an investment firm informs the client that investment advice is provided on an independent basis, that investment firm shall: (a) assess a sufficient range of financial instruments available on the market which must be sufficiently diverse with regard to their type and issuers or product providers to ensure that the client’s investment objectives can be suitably met and must not be limited to financial instruments issued or provided by: (i) the investment firm itself or by entities having close links with the investment firm; or (ii) other entities with which the investment firm has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided; (b) not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients in line with Article 24a. Minor non- monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the clientof a total value below EUR 100 per annum must be clearly disclosed and are excluded from this point. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20230323)" Or. en
Amendment 471 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – title
Article 24a – title
Amendment 473 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 1
Article 24a – paragraph 1
1. Member States shall ensure that investment firms, when providing portfolio management, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit, in connec, when providing investment advice, portfolio management, or in relation to transactions that are execution-only orders , investment firms: (a) shall only be remunerated through charges payable by or on behalf of the client, and shall not solicit or accept any other payments or benefits in relation to these services, regardless of whether they intend to refund the payments or pass the benefits on to the retail client; (b) shall not accept or receive fees, commissions or any benefits paid or provided by any third party of a person acting on behalf of a third party in relation withto the provision of suchthe service, to or by any party except the client or a person on behalf ofthe clients; (c) shall not incentivise staff to recommend a particular financial instrument to a retail client when the firm could offer another that would better meet theat client’s needs.
Amendment 483 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 2
Article 24a – paragraph 2
Amendment 498 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 3
Article 24a – paragraph 3
Amendment 502 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 4
Article 24a – paragraph 4
Amendment 506 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 4 – subparagraph 1
Article 24a – paragraph 4 – subparagraph 1
Amendment 515 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
5. Paragraphs 1 and 2 shall not apply to the minor non-monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client, provided that they have been clearly disclosed to the client.
Amendment 522 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 7
Article 24a – paragraph 7
Amendment 524 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 7 – subparagraph 1
Article 24a – paragraph 7 – subparagraph 1
Amendment 525 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 7 – subparagraph 2
Article 24a – paragraph 7 – subparagraph 2
Amendment 526 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a, paragraph 7 – subparagraph 3
Article 24a, paragraph 7 – subparagraph 3
Amendment 531 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 8
Article 24a – paragraph 8
8. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, the evolution of retail investor participation in capital markets, and costs of packaged retail investment products and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on it. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council. As of one year after the date of transposition of Directive (EU) [OP Please introduce the number of the amending Directive], ESMA shall report on the evolution of potential conflicts of interest, availability of independent advice, retail investor participation in capital markets and costs of packaged retail investment products. As of the date of transposition of the Directive, ESMA shall report annually on the market impact of the provisions of this Article.
Amendment 634 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Amendment 635 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24d – paragraph 2 a (new)
Article 24d – paragraph 2 a (new)
2a. The Commission is empowered to adopt delegated acts, in accordance with Article 89, to define criteria for assessing effectively the knowledge and competence of natural persons giving investment advice on behalf of an investment firm, criteria to determine the minimum content and scope of professional training and development to be undertaken by such persons, as well as the number of hours of professional training and development to be undertaken by each such natural person beyond the minimum of 15 hours per year where necessary based on the assessment of knowledge and competence. The Commission shall in particular specify the criteria to determine the minimum number of hours to be dedicated by each natural person on sustainable investing as part of their yearly training requirement.
Amendment 644 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Article 1 – paragraph 1 – point 14 – point a
Directive 2014/65/EU
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
Subject to the second subparagraph, when providing investment advice or portfolio management services, the investment firm shall obtain the necessary information regarding the client or potential client’s knowledge and experience in the investment field relevant to the specific type of product or service, that client’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives including sustainability preferences, if any, and risk tolerance, so as to enable the investment firm to recommend to the client or potential client the investment services or financial instruments that are suitable for that person, and, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need for portfolio diversification.
Amendment 666 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point d
Article 1 – paragraph 1 – point 14 – point d
Directive 2014/65/EU
Article 25 – paragraph 8 – point c a (new)
Article 25 – paragraph 8 – point c a (new)
(ca) the criteria for assessing the products being offered or considered in terms of sustainability preferences of the client or potential client.
Amendment 689 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 – point -a (new)
Article 2 – paragraph 1 – point 1 – point -a (new)
Directive (EU) 2016/97
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(-a) Article 2, paragraph 1, point 1a is inserted: (1a) ‘sale without advice’ means the sale of an insurance-based investment product without assessment of the suitability of the insurance-based investment product or, where applicable, its underlying assets with the customer’s investment objectives and needs, or existing portfolios.
Amendment 691 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 – point b b (new)
Article 2 – paragraph 1 – point 1 – point b b (new)
Directive (EU) 2016/97
Article 2 – paragraph 1 – point 17 a (new)
Article 2 – paragraph 1 – point 17 a (new)
(bb) Point 17a is inserted ‘(17a) ‘portfolio management’ means managing portfolios within insurance- based investment products in accordance with mandates given by customers on a discretionary customer-by-customer basis where such portfolios include one or more “units” of insurance-based investment products
Amendment 709 #
Proposal for a directive
Article 2 – paragraph 1 – point 5 – point b – point i
Article 2 – paragraph 1 – point 5 – point b – point i
Directive 2016/97/EU
Article 10 – paragraph 2 – subparagraph 2
Article 10 – paragraph 2 – subparagraph 2
For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least 15 hours of professional training or development per year, taking into account the nature of the products sold, the type of distributor, the role they perform, and the activity carried out within the insurance or reinsurance distributor. The mechanisms should in particular define the minimum number of hours of professional training and development to be dedicated to sustainable investing per year and define in which cases additional hours of professional training and development must be required from an employee or intermediary beyond the minimum of 15 hours per year, based on the assessment of knowledge and competence.
Amendment 710 #
Proposal for a directive
Article 2 – paragraph 1 – point 5 – point b – point ii
Article 2 – paragraph 1 – point 5 – point b – point ii
Directive 2016/97/EU
Article 10 – paragraph 2 – subparagraph 7
Article 10 – paragraph 2 – subparagraph 7
The Commission shall be empowered to amend this Directive by adopting delegated acts in accordance with Article 38 to review, where necessary, the requirements set out in Annex I.; The Commission shall, by means of delegated acts in accordance with Article 38, define minimum criteria to be used for controlling effectively and assessing the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, criteria to determine the minimum content and scope of professional training and development to be undertaken by such intermediaries and employees beyond as well as the number of hours of professional training and development to be undertaken by each such natural person beyond the minimum of 15 hours per year where those are necessary based on the assessment of knowledge and competence. The Commission shall in particular specify in these delegated acts the criteria to determine the minimum number of hours to be dedicated by each natural person on sustainable investing as part of their yearly training requirement.
Amendment 742 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive 2016/97/EU
Article 25 – paragraph 1 – subparagraph 2 – point f
Article 25 – paragraph 1 – subparagraph 2 – point f
(f) in relation to insurance-based investment products, a clear identification and quantification of all costs and charges related to the product and an assessment of whether these costs and charges are justified and proportionate, an assessment of whether any of the identified costs and charges may be deemed undue having regard to the characteristics, objectives, strategy and performance of the product, as well as the guarantees and insurance coverage of biometric and other risks (pricing process);
Amendment 764 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive 2016/97/EU
Article 25 – paragraph 2
Article 25 – paragraph 2
2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, or if undue costs are identified the insurance-based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance-based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 778 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive 2016/97/EU
Article 25 – paragraph 5 – subparagraph 2 – point b a (new)
Article 25 – paragraph 5 – subparagraph 2 – point b a (new)
(ba) ascertain the absence in the product of any costs that may be deemed undue;
Amendment 800 #
Proposal for a directive
Article 2 – paragraph 1 – point 16
Article 2 – paragraph 1 – point 16
Directive 2016/97/EU
Article 25 – paragraph 6
Article 25 – paragraph 6
6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated or if undue/ineligible costs are identified, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance- based investment product to retail customers. Where no relevant benchmark exists for an insurance-based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
Amendment 928 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive 2016/97/EU
Article 29 – paragraph 5 – subparagraph 2
Article 29 – paragraph 5 – subparagraph 2
EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelineregulatory technical standards on the concept of particularly risky insurance- based investment products and specifying the format and content of such risk warnings, taking due account of the specificities of the different types of insurance-based investment products.
Amendment 931 #
Proposal for a directive
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Directive 2016/97/EU
Article 29 – paragraph 5 – subparagraph 3
Article 29 – paragraph 5 – subparagraph 3
Amendment 937 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 a – title
Article 29 a – title
Amendment 945 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 a – paragraph 1 – subparagraph 1
Article 29 a – paragraph 1 – subparagraph 1
Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer.
Amendment 947 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 a – paragraph 1 – subparagraph 2
Article 29 a – paragraph 1 – subparagraph 2
The prohibition contained in the first sub- paragraph shall not apply to minor non- monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that those benefits do not impair compliance with the insurance intermediary’s or insurance undertaking’s duty to act in the best interests of their customer provided those benefits have been clearly disclosed to the customer.
Amendment 948 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 1 – subparagraph 3
Article 29 a – paragraph 1 – subparagraph 3
Amendment 949 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 2
Article 29 a – paragraph 2
Amendment 952 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 3
Article 29 a – paragraph 3
Amendment 956 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 4 – subparagraph 1
Article 29 a – paragraph 4 – subparagraph 1
Amendment 959 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 4 – subparagraph 2
Article 29 a – paragraph 4 – subparagraph 2
Amendment 960 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 4 – subparagraph 3
Article 29 a – paragraph 4 – subparagraph 3
Amendment 965 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2019/97/EU
Article 29 a – paragraph 5
Article 29 a – paragraph 5
Amendment 970 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 a – paragraph 6
Article 29 a – paragraph 6
6. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, the evolution of retail investor participation in capital markets, and costs of insurance- based investment products and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on retail investors. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council. As of one year after the date of transposition of Directive (EU) [OP Please introduce the number of the amending Directive], EIOPA shall report on the evolution of potential conflicts of interest, availability of independent advice, retail investor participation in capital markets and costs of insurance- based investment products. As of the date of transposition of the Directive, EIOPA shall report annually on the market impact of the provisions of this Article.
Amendment 1003 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 b – paragraph 1 – point c
Article 29 b – paragraph 1 – point c
(c) to recommend, among the range of insurance-based investment products identified as suitable for the customer pursuant to Article 30(1), one or severalat least one insurance-based investment products and, where applicable, underlying investment assets, a product or products, without any additional features that are not necessary to the achievement of the customer’s objectives and thainvestment objectives, unless those additional features do not give rise to extra costs for the customer;
Amendment 1010 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(d) to recommend anonly insurance-based investment products which insurance cover isare consistent with the customer’s insurance demands and needs.
Amendment 1011 #
Proposal for a directive
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
Directive 2016/97/EU
Article 29 b – paragraph 1 – point d a (new)
Article 29 b – paragraph 1 – point d a (new)
(da) to recommend, among the range of insurance based investment products identified as suitable to the client pursuant to Article 30(1) at least one product that has sustainable investment as its objective as defined in Article 9 of Regulation (EU) 2019/2088, unless the client has explicitly indicated that they do not have any sustainability preferences as defined in Article 2(7) of Delegated Regulation (EU) 2017/565.
Amendment 1026 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive 2016/97/EU
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
Without prejudice to Article 20(1), when providing advice on insurance-based investment products, the insurance intermediary or insurance undertaking shall obtain the information regarding the customer’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded, that customer’s financial situation, including the composition of any existing portfolios, its ability to bear full or partial losses, investment needs and objectives, including any sustainability preferences, and risk tolerance, so as to enable the insurance intermediary or the insurance undertaking to recommend to the customer the insurance-based investment products that are suitable for that person and that, in particular, are in accordance with its risk tolerance, ability to bear losses, its sustainability preferences and need for portfolio diversification.
Amendment 1042 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point b
Article 2 – paragraph 1 – point 22 – point b
Directive 2016/97/EU
Article 30 – paragraph 2 – subparagraph 1
Article 30 – paragraph 2 – subparagraph 1
Without prejudice to Article 20(1), Member States shall ensure that, where ano advice is given in relation to insurance- based investment products is sold without advice, the insurance intermediary or insurance undertaking shall ask the customer to provide information regarding that person’s knowledge and experience in the investment field relevant to the specific type of insurance-based investment product or, where applicable, underlying investment assets, offered or demanded and the person’s capacity to bear full or partial losses and risk tolerance so as to enable the insurance intermediary or the insurance undertaking to assess whether the insurance-based investment product or products envisaged are appropriate for the customer.
Amendment 1043 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Directive 2016/97/EU
Article 30 – paragraph 5 a – subparagraph 1
Article 30 – paragraph 5 a – subparagraph 1
Member States may impose stricter requirements on distributors in respect of the matters covered by this Article. In particular, Member States may make the provision of advice referred to in Article 30 mandatory for the sales of any insurance-based investment products, or for certain types of them.
Amendment 1045 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Article 2 – paragraph 1 – point 22 – point d
Member States shall ensure that their stricter requirements referred to in the first subparagraph are complied with by all insurance intermediaries or insurance undertakings, including those operating under the freedom to provide services or the freedom of establishment, when concluding insurance contracts with customers having their habitual residence or establishment in that Member State. Member States shall ensure that their stricter requirements do not prevent the sales without advice as defined in Article 2(1a) of this Directive.
Amendment 1062 #
Proposal for a directive
Article 2 – paragraph 1 – point 22 – point e
Article 2 – paragraph 1 – point 22 – point e
Directive 2016/97/EU
Article 30 – paragraph 6 –subparagraph 1 – point c a (new)
Article 30 – paragraph 6 –subparagraph 1 – point c a (new)
(ca) the criteria for assessing the insurance- based investment products in terms of sustainability preferences of the costumer.
Amendment 1161 #
Proposal for a directive
Annex I – point 2 – subpoint 1Directive 2014/65/EU
Annex I – point 2 – subpoint 1Directive 2014/65/EU
Annex II –section II.1 – subparagraph 5 – second indent
- the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 2500 000 on average during the last 3 years,’;