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Activities of Pier Antonio PANZERI related to 2012/0169(COD)

Plenary speeches (1)

2016/11/22
Dossiers: 2012/0169(COD)

Amendments (16)

Pier Antonio PANZERI

Proposal for a regulation
Recital 7

(7) In order to ensure this Regulation applies solely to such packaged investment products, insurance products that do not offer investment opportunities and products solely exposed to interest rates should thereby be excluded from the scope of the Regulation. Assets that would be held directly, such as corporate shares or sovereign bonds, are not packaged investment products, and should therefore be excluded. Since the focus of this Regulation is on improving the comparability and comprehensibility of information about investment products being marketed to retail investors, occupational pension schemes which fall under the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision11 or Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II),12 should not be subject to this Regulation. Similarly, certain occupational pension products which fall outside the scope of Directive 2003/41/EC should be excluded from the scope of this Regulation, provided that a financial contribution from the employer is required by national law and provided that the employee has no choice as to the pension product provider. Investment funds dedicated to institutional investors are not within the scope of this Regulation either since they are not for sale to retail investors. However, investment products with the purpose of accumulating savings for individual pensions should remain in scope because they often compete with the other products under this Regulation and are distributed in a similar way to the retail investor.deleted

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Recital 22

(22) Procedures for alternative dispute resolution allow for a quicker and less expensive settlement of disputes than the courts and lighten the burden on the court system. For that purpose investment product manufacturers and the persons selling investment products should be under an obligation to participate in those procedures initiated by retailed investors concerning the rights and obligations established by this Regulation, subject to certain safeguards in conformity with the principle of effective judicial protectionMember States shall ensure the setting-up of appropriate, transparent, effective, impartial, independent, fast and fair redress procedures for alternative dispute resolution between investment product manufacturer and seller and retail investors; This will ensure that where a retailed investors initiates a procedure for alternative dispute resolution against investment product manufacturers and the persons selling investment products, with regard to a dispute concerning the key information document and the underlying investment products, the investment product manufacturers and the persons selling investment products should be required to participate in that procedure. In particular, the procedures for alternative dispute resolution should not infringe the rights which the parties to such procedures have to bring legal proceedings before the courts.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Recital 22 a (new)

(22a) Retail investors should duly informed about the alternative dispute resolution entities by which they are covered and which are competent to deal with potential disputes between themselves and the retail investor.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Recital 22 b (new)

(22b) Where existing several retail investors could make use of alternative dispute resolution collective claims and redress mechanism in order to properly enforce consumers protection and guarantee well functioning retail financial services market.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 11 – paragraph 3 a (new)

3a. Member States shall ensure a mechanism of civil liability on the basis of the key investor information, including any translation thereof, when it is misleading, inaccurate or inconsistent with the features of the underlying investment product. Key investor information shall contain a clear warning in this respect.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 14 – paragraph 1

The investment product manufacturer and seller shall establish appropriate procedures and arrangements which ensure that retail investors who have submitted a complaint in relation to the key information document and the underlying investment products receive a substantive reply in a timely and proper manner.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 a (new)

Article 15a Collective alternative disputes resolutions Member States can maintain or introduce alternative disputes resolution procedures dealing jointly with identical or similar disputes between a manufacturer and a person selling investment products and several retail investors. Alternative disputes resolutions systems for both individual end collective claims and redress are complementary and not mutually exclusive procedures.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 b (new)

Article 15b Information about alternative dispute resolutions 1. Member States shall ensure that investment product manufacturer or a person selling investment product inform the retail investor about the alternative dispute resolution entities by which they are covered and which are competent to deal with potential disputes between themselves and the retail investor. They shall also specify whether or not they commit or are obliged to use these entities to resolve disputes with retail investors. 2. The information referred to in paragraph 1 shall be mentioned in a clear, comprehensible and easily accessible way on the traders' website, where one exists, and if applicable in the general terms and conditions of sales or service contracts between the trader and a consumer. 3. Member States shall ensure that, in cases where a dispute between a retail investor and a investment product manufacturer or a person selling investment product in their territory could not be settled further to a complaint submitted directly by the retail investor to the investment product manufacturer or a person selling investment product, the latter provide to the retail investor information referred to in paragraph 1, specifying whether he will make use of the relevant alternative dispute resolution entities to settle the dispute. This information shall be provided on paper or another durable medium.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 – introductory part

1. WMember States shall ensure that where a retail investor initiates a procedure for alternative dispute resolution laid down in national law against an investment product manufacturer or a person selling investment products with regard to a dispute concerning ~~rights and obligations establis~~the key information document and thed under ~~this Regulation,~~lying investment products the investment product manufacturer or the person selling investment products shall participate in that procedure, provided that it fulfils the following requirements:

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 – point a

(a) the procedure results in decisions which ~~are not binding~~may be binding for the manufacturer and the person selling investment products;

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 – point d

(d) the procedure is free of charge or a~~t moderate cost, as specified in national legislation~~vailable at nominal fee;

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 – point e

(e) electronic means are ~~not the only~~additional means by which the parties can gain access to the procedure;

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 – point f

~~(f) interim measures are possible in exceptional cases where the urgency of the situation so requires.~~deleted

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 1 a (new)

1a. Member States shall ensure the setting-up of appropriate, transparent, effective, impartial, independent, fast and fair redress procedures for alternative dispute resolution between investment product manufacturer and seller and retail investors. Member States shall further ensure that all investment products manufacturers and sellers participate in the procedures for the alternative out-of-court settlement of disputes.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 2 a (new)

2a. Member States shall ensure that when alternative dispute resolution entities are permitted to establish pre-specified monetary thresholds in order to limit the access to alternative dispute resolution procedures, the thresholds should not be set at a level, where they significantly impair the consumers' access to complaint handling by alternative dispute resolution entities.

2013/01/31
Committee: IMCO

Pier Antonio PANZERI

Proposal for a regulation
Article 15 – paragraph 3 a (new)

3a. Member States shall facilitate access by retail investors to alternative dispute resolution procedures and shall ensure that disputes involving manufacturers and the persons selling investment products established on its territory can be submitted to an alternative dispute resolution entity.

2013/01/31
Committee: IMCO