12 Amendments of Wolf KLINZ related to 2012/0169(COD)
Amendment 93 #
Proposal for a regulation
Recital 8
Recital 8
(8) In order to provide clarity on the relationship between the obligations established by this Regulation and obligations established by Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34 and Directive 2009/138/EC, it is necessary to establish that these Directives continue to apply in addition to this Regulation. With specific view to the summary that provides key information as referred to in Article 5 (2) in Directive 2003/71/EC, the key information document shall be merged with this document after the review of this Regulation.
Amendment 102 #
Proposal for a regulation
Recital 9
Recital 9
(9) Investment product manufacturers – such as fund managers, insurance undertakings, issuers of securities, credit institutions or investment firms – should draw up the key information document for the investment products they manufacture, as they are in the best position to know the product and are responsible for it. The document should be drawn up by the investment product manufacturer before the products can be sold to retail investors. However, where a product is not sold to retail investors, there is no necessity to draw up a key information document, and where it is impractical for the investment product manufacturer to draw up the key information document, this may be delegated to others. In the event, that no key information document is readily available, a retail investor may still invest upon his own initiative in such an investment product, if he explicitly chooses to do so and is advised by the intermediary according to Directive 2004/39/EC or Directive 2002/92/EC. In order to ensure widespread dissemination and availability of key information documents, this Regulation should allow for publication by the investment product manufacturer by means of a website of their choice.
Amendment 131 #
Proposal for a regulation
Recital 17
Recital 17
Amendment 240 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The investment product manufacturer shall draw up a key information document in accordance with the requirements laid down in this Regulation for each investment product it produces and shall publish the document on a website of its choice before the investment product can be sold to retail investors. In derogation to subparagraph 1, where no key information document is readily available, the retail investor may still invest in such a product, as long as the sale is based on the retail investor's own initiative, the retail investor explicitly consents to this and the intermediary selling the investment product advises the retail investor according to Directive 2004/39/EC or Directive 2002/92/EC.
Amendment 246 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading.
Amendment 445 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 specifying the details of the presentation and the content of each of the elements of information referred to in paragraph 2, the presentation and details of the other information the product manufacturer may include within the key information document as referred to in paragraph 3, and the details of the common format and the common symbol referred to in paragraph 4. The Commission shall take into account the differences between investment products and the capabilities of retail investors as well as the features of investment products that allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future. The Commission in close cooperation with the three European Supervisory Authorities shall draw up sample key information documents that take into account the differences between investment products
Amendment 489 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Where an investment product manufacturer has produced a key information document which does not comply with the requirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision, such a retail investor may claim from the investment product manufacturer damages for any loss caused to that retail investor through the use of the key information documenMember States shall ensure that the person responsible for producing a key information document does not incur civil liability solely on the basis of the key information document, including any translation thereof, unless it is misleading, inaccurate or inconsistent with the relevant parts of the prospectus or it does not comply with the requirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision. The key information document shall contain a clear warning in this respect.
Amendment 495 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
Amendment 509 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 540 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
Amendment 570 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a 1. The person responsible for producing the key information document shall send the key information document and any amendments thereto to the competent authorities. The competent authority may request changes to the key information document within 10 working days of receipt. 2. The essential elements of the key information document shall be kept up to date.
Amendment 672 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. Four years after the date of entry into force of this Regulation, the Commission shall review this Regulation. The review shall include a general survey of the practical application of the rules laid down in this Regulation, taking due account of developments in the market for retail investment products. As regards UCITS as defined in Article 1 (2) of Directive 2009/65/EC, the review shall assess whether the transitional arrangements under Article 24 of this Regulation shall be prolonged, or whether, following the identification of any necessary adjustments, the provisions on key investor information in Directive 2009/65/EC might be replaced by or considered equivalent to the key investor document under this Regulation. TFurthermore, the Commission shall assess the necessary changes to Directive 2003/71/EC in order to merge the summary providing key information as referred to in Article 5 (2) of Directive 2003/71/EC with the key information document of this Regulation, with a view to replacing the summary of the prospectus by the key information document. Ultimately the review shall also reflect on a possible extension of the scope of this Regulation to other financial products.