92 Amendments of Sirpa PIETIKÄINEN related to 2012/0169(COD)
Amendment 26 #
Proposal for a regulation
Recital 4
Recital 4
(4) It is necessary to establish uniform rules at the level of the Union applying across all participants of the investment product market on transparency so as to prevent divergences. A Regulation is necessary to ensure that a common standard for key information documents is established in such a uniform fashion so as to be able to harmonise the format and the content of these documents. The directly applicable rules of a Regulation should ensure that all participants in the investment product market are subject to the same requirements. This should also ensure uniform disclosures by preventing divergent national requirements as a result of the transposition of a Directive. The use of a Regulation is also appropriate to ensure that all those advising on or selling investment products are subject to uniform requirements in relation to the provision of the key information document to retail investors.
Amendment 32 #
Proposal for a regulation
Recital 10
Recital 10
(10) To meet the needs of retail investors, it is necessary to ensure that information on investment products is accurate, fair, clear and not misleading for those investors. This Regulation should therefore lay down common standards for the drafting of the key information document, in order to ensure that it is comprehensible for retail investors. Given the difficulties many retail investors have in understanding specialist financial terminology, particular attention should be paid to the vocabulary and style of writing used in the document. Rules should also be laid down on the language in which it should be drawn up. Furthermore, retail investors should be able to understand the key information document on its own without referring to other information. However, this should not preclude the use of cross-references within the key information document to other documents where additional information can be found that might be of interest to some retail investors.
Amendment 37 #
Proposal for a regulation
Recital 19
Recital 19
(19) So that the retail investor is able to take an informed investment decision, persons advising on or selling investment products should be required to provide the key information document in good time before any transaction is concluded. This requirement should generally apply irrespective of where or how the transaction takes place. Persons advising on or selling include both distributors and the investment product manufacturer themselves where they choose to advise or sell the product directly to retail investors. To ensure necessary flexibility and proportionality, retail investors who wish to conclude a transaction using a means of distance communication should be able to receive the key information document after the conclusion of the transaction. Even in this case the key information document would be useful for the investor, for instance to allow the investor to compare the product purchased with that described in the key information document. This Regulation is without prejudice to the Directive 2002/65/EC of the European Parliament and the Council.
Amendment 52 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The key information document shall be a stand-alone document, clearly separate from marketing materials. Cross- references to other documents are permitted. Information that is cross- referenced shall only be information that is additional to the information required to be included in the key information document by this Regulation.
Amendment 54 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2a. The key information document shall not contain any marketing or recommendation to invest.
Amendment 57 #
Proposal for a regulation
Article 6 – paragraph 3 – introductory part
Article 6 – paragraph 3 – introductory part
3. The key information document shall be drawn up as a short document, not exceeding 3 pages of A4-sized paper, which is:
Amendment 64 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature of this investment product and the risks and costs of investing in it. You are advised to read it sto that you canhelp you take an informed decision about whether to invest.
Amendment 71 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘'What are the risks and what might I get back?’,' (i) the risk and reward profile of the investment product, including a summary indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicatorthat also reflects the impact of costs and that is expressed as indicative future performance scenarios, accompanied by an explanation in plain language of the key risks of the product; (ii) a comparison of the likely future performance of the investment product, including risks to it, with that of a risk free benchmark;
Amendment 74 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled ‘"What are the costs?’", the costs associated with an investment in the investment product, comprising both direct and indirect costs to be borne by the investor, including a summary indicators of these costs in monetary terms, and a statement that the retail investor should ask the person selling the investment product for further information about the costs, including any additional costs charged by the person selling not shown in the key information document;
Amendment 80 #
Proposal for a regulation
Article 8 – paragraph 2 – point g
Article 8 – paragraph 2 – point g
(g) under a section titled ‘How has it done in the past?’, the past performance of the investment product, if this is relevant having regard to the nature of the product and the length of its track record, including a clear warning that past performance does not guarantee future investment outcomes;
Amendment 85 #
Proposal for a regulation
Article 8 – paragraph 2 – point h a (new)
Article 8 – paragraph 2 – point h a (new)
(ha) under a section titled "How can I complain?", information about how a client can launch a complaint about the product.
Amendment 90 #
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 summary indicator of the risks and rewards referred to in paragraph 2 (e) i) shall take into account the impact of costs over time and shall take into account possible future performance. It shall be designed to make the risks the investors are taking on clear and comparable between products. The indicator shall make it clear that the potential for greater rewards is linked to taking greater risks. The comparison referred to in paragraph 2 point (e) ii) shall be designed to help the investor to understand how taking greater risk impacts the rewards of the investment product, and the risk-free benchmark shall be set in way that is comprehensible for retail investors and not misleading to them. The summary indicator of the costs referred to in paragraph 2 (f) shall illustrate in monetary terms the impact of the costs on what the investor might get back from their investment over time. It shall include figures that can be used by retail investors to compare between products. The Commission shall take into account disclosures to retail investors made by the person selling the investment product related to costs under [MiFID] and [IMD], to ensure that there is consistency in information on costs in the key information document with these other disclosures, and that the information is comprehensive about costs and clearly shows to the retail investor the overall impact that costs may have. 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.
Amendment 91 #
Proposal for a regulation
Recital 7
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 ratenon- structured deposits 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 provision 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), 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.
Amendment 94 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Investment product manufacturers should make sure that the investment product they structure is compatible with the profile of the targeted retail investors. They should therefore set up a prior due diligence process to ensure that their investment products do not expose retail investors to underlying assets the risk and reward profile of which cannot be easily understandable;
Amendment 101 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A person advising on or selling an investment product to retail investors shall provide them with the key information document in good time before the conclusion of a transaction relating to the investment product.
Amendment 107 #
Proposal for a regulation
Recital 10
Recital 10
(10) To meet the needs of retail investors, it is necessary to ensure that information on investment products is accurate, fair, clear and not misleading for those investors. This Regulation should therefore lay down common standards for the drafting of the key information document, in order to ensure that it is comprehensible for retail investors. Given the difficulties many retail investors have in understanding specialist financial terminology, particular attention should be paid to the vocabulary and style of writing used in the document. Rules should also be laid down on the language in which it should be drawn up. Furthermore, retail investors should be able to understand the key information document on its own without referring to other information. However, this should not preclude the use of cross-references within the key information document to other documents where additional information can be found that might be of interest to some retail investors.
Amendment 110 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The person advising on or selling an investment product shall provide the key information document to retail investors free of charge.
Amendment 112 #
Proposal for a regulation
Article 13 – paragraph 2 – introductory part
Article 13 – paragraph 2 – introductory part
2. The person advising on or selling an investment product shall provide the key information document to the retail investor in one of the following media:
Amendment 115 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The investment product manufacturer and the distributor shall establish appropriate procedures and arrangements which ensure that: (i) retail investors have an effective way of submitting a complaint against the investment product manufacturer; (ii) retail investors who have submitted a complaint in relation to the key information document receive a substantive reply in a timely and proper manner; and (iii) effective redress procedures are also available to retail investors in the event of cross-border disputes, in particular where the investment product manufacturer is located in another Member State or in a third country.
Amendment 118 #
Proposal for a regulation
Recital 12
Recital 12
(12) The key information document should be drawn up in a format which allows retail investors to compare different investment products, since consumer behaviours and capabilities are such that the format, presentation and content of information must be carefully calibdesigned and drafted to maximise engagement with the document and so aid financial education, understanding and the use of information. The same order of items and headings for these items should be followed for each document. In addition, the details of the information to be included in the key information document for different products and the presentation of this information should be further harmonised through delegated acts that take into account existing and on-going research on consumer behaviour, including results from testing the effectiveness of different ways of presenting information with consumers. In addition, some investment products give the retail investor a choice between multiple underlying investments and may have costs and charges that depend upon the customer's personal characteristics, such as their age or on their chosen investment amount. Those products should be taken into account when drawing up the format.
Amendment 122 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. 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 established under this Regulation, the investment product manufacturer or the person selling investment products may or shall participate in that procedure, provided that it fulfils the following requirements: according to the rules laid down in the Directive [...] on alternative dispute resolution.
Amendment 123 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 125 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
Amendment 126 #
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
Amendment 127 #
Proposal for a regulation
Recital 16
Recital 16
(16) Key information documents are the foundation for investment decisions by retail investors. For this reason, investment product manufacturers have an important responsibility towards retail investors in ensuring that they comply with the rules of this Regulation. It is therefore important to ensure that retail investors who relied on a key investor document for their investment decision have an effective right of redress. It should also be ensured that all retail investors across the Union have the same right to seek compensation for damages they may suffer due to failures on the part of investment product manufacturers in complying with the requirements set out in this Regulation. Therefore, rules regarding the liability of the investment product manufacturers should be harmonised. This Regulation should establish that the retail investor should be able to hold the product manufacturer liable for an infringement of this Regulation in case a loss is caused through the use of the key information document that was misleading or inaccurate.
Amendment 128 #
Proposal for a regulation
Article 15 – paragraph 1 – point d
Article 15 – paragraph 1 – point d
Amendment 129 #
Proposal for a regulation
Recital 17
Recital 17
Amendment 131 #
Proposal for a regulation
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
Amendment 135 #
Proposal for a regulation
Article 15 – paragraph 1 – point f
Article 15 – paragraph 1 – point f
Amendment 140 #
Proposal for a regulation
Recital 19
Recital 19
(19) So that the retail investor is able to take an informed investment decision, persons advising on or selling investment products should be required to provide the key information document in good time before any transaction is concluded. This requirement should generally apply irrespective of where or how the transaction takes place. Persons advising on or selling include both distributors and the investment product manufacturer themselves where they choose to advise or sell the product directly to retail investors. To ensure necessary flexibility and proportionality, retail investors who wish to conclude a transaction using a means of distance communication should be able to receive the key information document after the conclusion of the transaction. Even in this case the key information document would be useful for the investor, for instance to allow the investor to compare the product purchased with that described in the key information document. This Regulation is without prejudice to the Directive 2002/65/EC of the European Parliament and the Council.
Amendment 142 #
Proposal for a regulation
Recital 20
Recital 20
(20) Uniform rules should be laid down in order to give the person advising on or selling the investment product a certain choice with regard to the medium in which the key information document is provided to retail investors allowing for use of electronic communications where it is appropriate having regard to the circumstances of the transaction. However, the retail investor should be given the option to receive it on paper. In the interest of consumer access to information, the key information document should always be provided free of charge.
Amendment 147 #
Proposal for a regulation
Recital 22
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 protection. 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 courtsfollowing the rules laid down in the Directive [...] on alternative dispute resolution.
Amendment 154 #
Proposal for a regulation
Recital 28
Recital 28
(28) While UCITS are investment products within the meaning of this Regulation, the recent establishment of the key investor information requirements under Directive 2009/65/EC means that it would be proportionate to provide to such UCITS a transitional period of 5 years after the entry into force of this Regulation during which time they would not be subject to this Regulation. Following this period they would become subject to this Regulation in the absence of any extension of this transitional period. The same exemption should also apply to non-UCITS funds when these are already required under national laws to establish a key investor information document according to the format and content defined in Articles 78 to 81 of Directive 2009/65/EC.
Amendment 157 #
Proposal for a regulation
Recital 29
Recital 29
(29) A review of this Regulation should be carried out four years after the entry into force of this Regulation in order to take account of market developments, such as the emergence of new types of investment products, as well as developments in other areas of Union law and the experiences of Member States. The review should assess whether the measures introduced have improved the average retail investors' understanding of investment products and the comparability of the products. It should also consider whether the transitional period applying to UCITS should be extended, or whether other options for the treatment of UCITS might be considered. On the basis of the review, the Commission should submit a report to the European Parliament and the Council accompanied, if appropriate, by legislative proposals. Such a review could also consider whether the KID could potentially be extended or used as a basis for a similar document to provide retail investors with information on other retail products, such as shares and bonds sold to retail customers without any form of packaging and the specific disclosure requirements appropriate for these product classes.
Amendment 178 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) deposits with a rate of return that is determined in relation to an interest rate, other than structured deposits as defined in article 4 of [MiFID];
Amendment 190 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) pension products for which a financial contribution from the employer is required by national law and where the employee has no choice as to the pension product provider. meeting both the following conditions: - not falling under the scope of the Directive 2009/138/EC or under the Directive 2003/41/EC; and - for which the level of retirement provision is in practice a promise or an offer by the employer to the employee. For pension products which do not fall under the Directive 2009/138/EC or the Directive 2003/41/EC or under this Regulation, Member States shall provide equivalent disclosure requirements.
Amendment 250 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The key information document shall be a stand-alone document, clearly separate from marketing materials. Cross- references to other documents are permitted. Information that is cross- referenced shall only be information that is additional to the information required to be included in the key information document by this Regulation. Cross- references to any marketing material are not permitted.
Amendment 252 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2a. The key information document shall not contain any marketing or recommendation to invest.
Amendment 255 #
Proposal for a regulation
Article 6 – paragraph 2 b (new)
Article 6 – paragraph 2 b (new)
2b. Where an investment product gives a retail investor a choice of the investment term, specific benefits or payment amounts or a choice between a range of underlying investments, or where key information about the product depends in some other way upon factors specific to an individual retail client, the information required by Article 8 (2) can be provided in general terms or as representative examples. Where this is the case the key information document should clearly indicate which documents contain more specific information.
Amendment 256 #
Proposal for a regulation
Article 6 – paragraph 2 c (new)
Article 6 – paragraph 2 c (new)
2c. The key information document shall clearly specify where and how to obtain additional information about the proposed investment, including where and how a prospectus may be obtained on request and free of charge at any time, and the language in which such information is available to investors;
Amendment 265 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point iii
Article 6 – paragraph 3 – point b – point iii
(iii) acronyms and technical terms are avoided when everyday words can be used instead.
Amendment 282 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
‘This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks and rewards of this investment product and the risks of investing in it. You are advised to read it so that you can take an informed decision about wheo help you to compare it against other to investment products.’
Amendment 295 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) under a section titled "Who is this product aimed at?", information about the target market of the product;
Amendment 297 #
Proposal for a regulation
Article 8 – paragraph 2 – point a b (new)
Article 8 – paragraph 2 – point a b (new)
(ab) under a section titled "What choices do I have?", information about the various decisions a consumer must make, e.g. fund choice, term, size of premium. This section should also cover what other benefits or benefit triggers are available;
Amendment 301 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – introductory part
Article 8 – paragraph 2 – point b – introductory part
(b) under a section titled ‘What is thisType of investment, objectives and investment? policy’, the nature and main features of the investment product, including
Amendment 316 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii
Article 8 – paragraph 2 – point b – point iii
(iii) an indication of whether the investment product manufacturer targets description of specific environmental, social or governance outcomes, ecrither in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achievedia taken into account in the asset allocation strategy, and a quantitative indication of the impact on the composition of the portfolio;
Amendment 319 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii a (new)
Article 8 – paragraph 2 – point b – point iii a (new)
(iiia) a quantitative assessment of the portfolio regarding its contribution, positive or negative, to the financing on the energy transition required for limiting global warming to +2°C.
Amendment 320 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii b (new)
Article 8 – paragraph 2 – point b – point iii b (new)
(iiib) the breakdown of the underlying asset portfolio by economic sector directly or indirectly financed;
Amendment 321 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii c (new)
Article 8 – paragraph 2 – point b – point iii c (new)
(iiic) an indication of the average investment horizon of the underlying asset portfolio, based the average turnover of securities held for trading and the average maturity of debt securities held to maturity.
Amendment 332 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point v
Article 8 – paragraph 2 – point b – point v
(v) the term of the investment product, if known, or an indication of the minimum holding period;
Amendment 333 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi
Article 8 – paragraph 2 – point b – point vi
Amendment 345 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – introductory part
Article 8 – paragraph 2 – point c – introductory part
(c) under a section titled ‘Could I lose money?’, a brief indication of whether loss of capital is possible, includingWhat can happen with my investment?’, a summary statement explaining that the value of the investment can increase and/or decrease depending on market conditions or other factors.
Amendment 352 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point i
Article 8 – paragraph 2 – point c – point i
Amendment 357 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii
Article 8 – paragraph 2 – point c – point ii
Amendment 371 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) under a section titled ‘What is it for?Recommended holding period and selling your investment’ an indication of the recommended minimum holding period and the expected liquidity profile of the product including the possibility and conditions for any disinvestments before maturity, having regard to the risk and reward profile of the investment product and the market evolution it targets;
Amendment 375 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘What are the rRisks and what might I get back?’,reward profile’, i) the risk and reward profile of the investment product, including a summary indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicatorthat also reflects the impact of costs and that is expressed as indicative future performance scenarios, accompanied by an explanation in plain language of the key risks of the product; ii) a comparison of the likely future performance of the investment product, including risks to it, with that of a risk free benchmark; iii) the environmental risk profile of the product; iv) any guarantees or capital protection provided by which entity, as well as any limitations to these; v) whether the investment product is covered by a compensation or guarantee scheme or other investor protection measure such as a depositary;
Amendment 391 #
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled ‘What are the costCosts and charges?’, the costs associated with an investment in the investment product, comprising both direct and indirect costs to be borne by the investor, including a summary indicators of these costs in monetary terms, and a statement that the retail investor should ask the person selling the investment product for further information about the costs, including any additional costs charged by the person selling not shown in the key information document and a statement that the tax legislation of the investor's home Member State may have an impact on the return of the investment;
Amendment 399 #
Proposal for a regulation
Article 8 – paragraph 2 – point f – point i (new)
Article 8 – paragraph 2 – point f – point i (new)
i) in case of structured investment products, the indirect costs shall include the theoretical margin at maturity embedded in the product;
Amendment 403 #
Proposal for a regulation
Article 8 – paragraph 2 – point g
Article 8 – paragraph 2 – point g
(g) under a section titled ‘How has it done in the past?Past performance’, the past performance of the investment product, if this is relevant having regard to the nature of the product and the length of its track record, including a clear warning that past performance does not guarantee future investment outcomes;
Amendment 418 #
Proposal for a regulation
Article 8 – paragraph 2 – point h a (new)
Article 8 – paragraph 2 – point h a (new)
(h a) under a section titled "How can I complain?", information about how a client can launch a complaint about the product.
Amendment 423 #
Proposal for a regulation
Article 8 – paragraph 2 – point h b (new)
Article 8 – paragraph 2 – point h b (new)
(h b) under a section titled "What other documents should I read prior to investing", a brief description of documentation (including a prospectus, where relevant) and an explanation that all such documents (including the KID) should be taken into consideration prior to taking an investment decision.
Amendment 427 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 443 #
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 tand the details of the common format and the common symbol referred to in paragraph 4. The summary indicator of the risks and rewards referred to in paragraph 2 (e) i) shall take into account the impact of costs over time and shall take into account possible future performance. It shall be designed to make the risks the investors are taking on clear and comparable between products. The indicator shall make it clear that the potential for greater rewards is linked to taking greater risks. The comparison referred to in paragraph 2 point (e) ii) shall be designed to help the investor to understand how taking greater risk impacts the rewards of the investment product, and the risk-free benchmark shall be set in way that is comprehensible for retail investors and not misleading to them. The summary indicator of the costs referred to in paragraph 2 (f) shall illustrate in monetary terms the impact of the costs on what the investor might get back from their investment over time. It shall include figures that can be used by retail investors to compare between products. The cCommon format and the common symbol referred to in paragraph 4ission shall take into account disclosures to retail investors made by the person selling the investment product related to costs under [MiFID] and [IMD], to ensure that there is consistency in information on costs in the key information document with these other disclosures, and that the information is comprehensive about costs and clearly shows to the retail investor the overall impact that costs may have. 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.
Amendment 456 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1 – point a
Article 8 – paragraph 6 – subparagraph 1 – point a
(a) the methodology underpinning the presentation of risk and reward profiles as referred to in point (e) of paragraph 2 of this Article and
Amendment 459 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1 – point b a (new)
Article 8 – paragraph 6 – subparagraph 1 – point b a (new)
(b a) the methodology for calculating the quantitative assessment of the portfolio regarding its contribution to the financing of the energy transition required for limiting global warming to +2°C as referred to in point (b iii a) of paragraph 2 of this Article.
Amendment 462 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
The draft regulatory technical standards shall take into account the different types of investment products and the work already performed under [MiFID], [IMD], Prospectus Directive, Solvency II and Directive 2009/65/EC introducing a key investor information document for UCITS. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by […].
Amendment 494 #
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 8this Regulation 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 document.
Amendment 500 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. WThen a retail investor demonstrates a loss resulting from the use of the information contained in the key information document, the investment product manufacturer has to prove that information in the key information document shall constitute pre-contractual information. It shall be fair, clear and not misleading. Where other documentation exists, the key information document shasll been drawn up in compliance with Articles 6, 7 and 8 of this Regulation consistent with those documents.
Amendment 511 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The distribution of the burden of proof referred to in paragraph 2 shall not be altered in advance through an agreement. Any clause in such agreements in advance shall not be binding on the retail investorinvestment product manufacturer shall 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 other contractual documents.
Amendment 515 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A person advising on or selling an investment product to retail investors shall provide them with the key information document in good time before the conclusion of a transaction relating to the investment product. Where a product is recommended to a client, the key information document shall be provided without delay.
Amendment 530 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – introductory part
Article 12 – paragraph 2 – point a – introductory part
(a) the retail investor at their own initiative chooses to conclude the transaction using a means of distance communication where:
Amendment 538 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point c a (new)
Article 12 – paragraph 2 – point a – point c a (new)
(c a) the retail investor gives his express consent to be provided with the key information document immediately after the conclusion of the transaction
Amendment 553 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The person advising on or selling an investment product shall provide the key information document to retail investors free of charge.
Amendment 554 #
Proposal for a regulation
Article 13 – paragraph 2 – introductory part
Article 13 – paragraph 2 – introductory part
2. The person advising on or selling an investment product shall provide the key information document to the retail investor in one of the following media:
Amendment 580 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The investment product manufacturer and the person selling the investment product shall establish appropriate procedures and arrangements which ensure that: (i) retail investors have an effective way of submitting a complaint against the investment product manufacturer; (ii) retail investors who have submitted a complaint in relation to the key information document receive a substantive reply in a timely and proper manner; and (iii) effective redress procedures are also available to retail investors in the event of cross-border disputes, in particular where the investment product manufacturer is located in another Member State or in a third country.
Amendment 586 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. 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 established under this Regulation, the investment product manufacturer or the person selling investment products may or shall participate in that procedure, provided that it fulfils the following requirements: according to the rules laid down in the Directive [...] on alternative dispute resolution.
Amendment 591 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 596 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
Amendment 599 #
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
Amendment 602 #
Proposal for a regulation
Article 15 – paragraph 1 – point d
Article 15 – paragraph 1 – point d
Amendment 605 #
Proposal for a regulation
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
Amendment 608 #
Proposal for a regulation
Article 15 – paragraph 1 – point f
Article 15 – paragraph 1 – point f
Amendment 617 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. This Article applies to the following breaches:any breaches of this Regulation.
Amendment 619 #
Proposal for a regulation
Article 19 – paragraph 1 – point a
Article 19 – paragraph 1 – point a
Amendment 621 #
Proposal for a regulation
Article 19 – paragraph 1 – point b
Article 19 – paragraph 1 – point b
Amendment 623 #
Proposal for a regulation
Article 19 – paragraph 1 – point c
Article 19 – paragraph 1 – point c
Amendment 625 #
Proposal for a regulation
Article 19 – paragraph 1 – point d
Article 19 – paragraph 1 – point d
Amendment 627 #
Proposal for a regulation
Article 19 – paragraph 1 – point e
Article 19 – paragraph 1 – point e
Amendment 629 #
Proposal for a regulation
Article 19 – paragraph 1 – point f
Article 19 – paragraph 1 – point f
Amendment 636 #
Proposal for a regulation
Article 19 – paragraph 2 – point d a (new)
Article 19 – paragraph 2 – point d a (new)
(d a) pecuniary sanctions.
Amendment 668 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
(1a) The same exemption as set out in § 1 shall apply to the management companies and investment companies of non UCITS funds distributed to retail investors, where such funds are required under national laws to apply articles 78 to 81 of Directive 2009/65/EC.
Amendment 673 #
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. The review shall also reflect on a possible extension of the scope of this Regulation to other financial producto cover other retail products available to retail clients.