38 Amendments of Andreas SCHWAB related to 2017/0143(COD)
Amendment 251 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow for a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply threfive years after the entry into force of this Regulation. Where necessary, PEPP providers should have the possibility to enter into compartment partnerships in order to fulfil this obligation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumers.
Amendment 258 #
Proposal for a regulation
Recital 23
Recital 23
(23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice. For this purpose, PEPP savers should, in the case of the default option, consult a decision tree that helps them make an informed choice.
Amendment 266 #
Proposal for a regulation
Recital 28
Recital 28
(28) The PEPP key information document should consist of two parts. While the first part should give general information about the PEPP, the second part should describe the information which varies between Member States, such as the retirement age or tax benefits and incentives. The PEPP key information document should be clearly distinguishable and separate from any marketing communications.
Amendment 268 #
Proposal for a regulation
Recital 30
Recital 30
(30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options. The default option should allow for a lump sum payment of up to 30%, provided that the remainder is paid as a lifetime annuity. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 343 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability and which is certified in accordance with this Regulation;
Amendment 384 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28a) “compartment partnership” means a collaboration between PEPP providers with the aim of providing compartments in all Member States;
Amendment 392 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Amendment 396 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authoriscertified by EIOPA in accordance with this Regulation.
Amendment 397 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. AuthorisThe certification of a PEPP shall be valid in all Member States without prejudice to additional requirements set out in national law. It entitles the authoriscertification holder to manufacture and distribute the PEPP as authoriscertified by EIOPA.
Amendment 400 #
Proposal for a regulation
Article 5 – title
Article 5 – title
Amendment 401 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. Only the following financial undertakings may apply for authoriscertification of a PEPP:
Amendment 419 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakings listed in paragraph 1 shall submit their applications for authoriscertification of a PEPP to EIOPA. The application shall include the following:
Amendment 420 #
Proposal for a regulation
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
(b) information on the identity of the applicant and its current and previous financial experience and history;
Amendment 422 #
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
Amendment 423 #
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
Amendment 436 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPA may request from financial undertakings listed in paragraph 1 clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 438 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. In exceptional circumstances and on the basis of objective reasons EIOPA may ask the competent authority of the financial undertaking applying for the authoriscertification for clarification and information as regards the documentinformation referred to in paragraph 2. The competent authority shall reply to the request within 10 working days from the date on which it has received the request submitted by EIOPAb.
Amendment 441 #
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified by the financial undertakings referred to in paragraph 1 to EIOPA.
Amendment 443 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Amendment 446 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPA shall grant authoriscertification of the PEPP only where EIOPA is fully satisfied that the following conditions are met:
Amendment 459 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPA shall communicate to the applicant the reasons for any refusal to grant authoriscertification of a PEPP.
Amendment 462 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authoriscertification of a PEPP in the event that the conditions for granting this authoriscertification are no longer fulfilled.
Amendment 467 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPA shall, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1) of decisions to grant, refuse or withdraw authoriscertifications pursuant to this Regulation in due time.
Amendment 474 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authoriscertified by EIOPA to be distributed under the designation “PEPP” in accordance with this Regulation.
Amendment 477 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authoriscertification by EIOPA.
Amendment 478 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Financial undertakings referred to in Article 5(1) may distribute PEPPs which they have not manufactured upon receiving authorisation for distributionprovided that this activity is covered by the scompetent of authorities of their home Member Statesation according to the relevant sectoral legislation.
Amendment 480 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authoriscertified under this Regulation, the provider of this PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format.
Amendment 502 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. ThreFive years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon request addressed to the PEPP provider.
Amendment 659 #
Proposal for a regulation
Article 25 a (new)
Article 25 a (new)
Article 25a Decision tree 1. Where no advice is provided before the conclusion of a PEPP contract, the PEPP provider or distributor shall provide the PEPP customer with a standardised decision tree. The decision tree shall cover the essential characteristics of a PEPP and the main differences between the default options offered by the various PEPP providers. 2. The decision tree shall be made available on paper or on another durable medium. 3. Before conclusion of a PEPP contract, the PEPP provider or distributor shall ensure that the PEPP customer has gone through the decision tree. 4. The decision tree shall not constitute a personal recommendation. 5. In order to ensure a uniform use of the standardised decision tree referred to in paragraph 1, EIOPA shall after carrying out consumer tests draw up draft regulatory technical standards: (a) specifying the content and presentation of the standard decision tree; (b) establishing the conditions under which the standardised decision tree shall be provided on a durable medium or on paper. EIOPA shall submit the draft regulatory technical standards to the Commission after their publication. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 670 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Amendment 706 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. Upon request PEPP providers shall submit to the competent authorities the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 710 #
Proposal for a regulation
Article 32 – paragraph 7
Article 32 – paragraph 7
Amendment 734 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to fiveat least one default option. They may also offer additional investment options to PEPP savers.
Amendment 745 #
Proposal for a regulation
Article 34 – paragraph 3 a (new)
Article 34 – paragraph 3 a (new)
3a. The PEPP saver may modify the investment option per compartment.
Amendment 769 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. TIn the default investment option shall ensure capital protection for the PEPP saver,, the PEPP provider shall guarantee the PEPP saver that the capital accumulated by the start onf the basis of a risk-mitigation technique that results in a safe investment strategydecumulation phase will at least equal the contributions paid, including all costs and charges incurred.
Amendment 816 #
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. In accordance with Article 3(b), the PEPP conditions related to the accumulation phase of the national compartments shall be determined by Member States unless they are specified in this Regulation.
Amendment 825 #
Proposal for a regulation
Article 42 – paragraph 1
Article 42 – paragraph 1
PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. The coverage of biometric risks may vary from compartment to compartment. For the purpose of this Regulation, “biometric risks” mean risks linked to longevity, disability and death.
Amendment 869 #
Proposal for a regulation
Article 52 – paragraph 1 a (new)
Article 52 – paragraph 1 a (new)
1a. Under the default option, the out- payment may only take the form of a pension. By way of exception, a one-off payment of up to 30 % of the capital shall be possible at the start of the accumulation phase.