112 Amendments of Olle SCHMIDT related to 2012/0169(COD)
Amendment 45 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) pension products for which athe financial contribution from the employer isarrangements do not fall under the scope of the Directive 2003/41/EC or under the Directive 2009/138/EC; and for which the level of requtired by national law and where the employee has no choice as to the pension product providerment provision is in effect a promise or an offer by the employer to the employee. For pension products which do not fall under the Directive 2003/41/EC or the Directive 2009/138/EC or under this Regulation, Member States shall provide equivalent disclosure requirements.
Amendment 48 #
Proposal for a regulation
Article 4 – paragraph 1 – point c – point ii
Article 4 – paragraph 1 – point c – point ii
(ii) customers within the meaning ho are not professional customers as defined in [relevant Articles of IMD] [...]of Directive 2002/92/EC;
Amendment 51 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The key information document. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading.
Amendment 56 #
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 and written in a short and concise manner which is:
Amendment 59 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft regulatory standards specifying the length and format of the key information document. The draft regulatory technical standards shall take into account the different types of investment products. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by [...].
Amendment 60 #
Proposal for a regulation
Article 6 – paragraph 5 b (new)
Article 6 – paragraph 5 b (new)
5b. Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 65 #
Proposal for a regulation
Recital 1
Recital 1
(1) Retail investors are increasingly offered a wide variety of different types of packaged retail investment products (PRIPs) when they consider making an investment. These products oftenmay provide specific investment solutions tailored to the needs of retail investors, but are frequently complex and difficult to understand. Existing disclosures to investors for such investment productsPRIP are uncoordinated and often fail to aid retail investors to compare between the different products, and in comprehending their features or to contribute to the investors 'financial education'. As a consequence, retail investors have often made investments with risks and costs that were not fully understood by those investors, and have thereby on occasion suffered unforeseen losses.
Amendment 73 #
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 summary indicators of these costs and, for comparability reasons, total costs expressed in monetary and percentage terms, to show the effects of the total costs on the investment;
Amendment 87 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The investment product manufacturer may only include other objective information where it is necessary for the retail investor to take an informed investment decision about a specific investment product.
Amendment 91 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The Commission shall be empowered to adopt delegated acttechnical standards 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 objective 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.
Amendment 92 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to ensureAs 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 bPRIP, deposits other than structured deposits and insurance products where the benefits are not exposed to fluctuations in underlying investment values are 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 shouldare therefore be excluded. Since the focus of this Regulation is onaims to improvinge the comparability and comprehensibility of information about investment productPRIPs 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 and 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/ECany pension products should be excluded from the scope of this Regulation, provided thatif a financial contribution from the employer is required by national law, and provided that the employee has no choice as to the pension product providers well as other officially recognised pension products and social security schemes subject to national or Union Law. 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 investorConfining the regulation to PRIPs will enable the KID to be more relevant and therefore more effective. When the success of the KID is reviewed, an extension of scope can be considered.
Amendment 92 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The Commission shall be empowered to adopt delegated acttechnical standards in accordance with Article 23 laying down detailed rules for the review of the information contained in the key information document and the revision of the key information document, as regards:
Amendment 95 #
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 inveKey investor information shall constitute pre-contractual information. It shall be fair, clear and not misleading. It shall be consistment 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 documentwith the relevant parts of the prospectus. Where binding contractual documents exists, the key information document shall be consistent with those documents.
Amendment 96 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the useMember States shall ensure that a person does not incur civil liability solely on the basis of the key information contained in the key informationdocument, including any translation thereof, unless it is misleading, inaccurate or inconsistent with other binding contractual documents, the investmentdeemed under the product manufacturer has to prove that the ks [his or hers]control. Key information document shas been drawn up in compliance with Articles 6, 7 and 8 of this Regulationll contain a clear warning in this respect.
Amendment 97 #
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 investorsPRIP manufacturer before the products can be sold to retail investors. In addition any person selling the PRIP, who is not the product manufacturer, should provide the retail investor in a separate document with details of their costs and services in accordance with Directive [MiFID as recast] and Directive [the Insurance Mediation Directive as recast] and well as additional relevant information needed for the retail investor to assess the appropriateness of the of the PRIP for their needs which cannot be provided by the PRIP manufacturer. 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 productPRIP manufacturer to draw up the key information document, this may be delegated to others. In order to ensure widespread dissemination and availability of key information documents, this Regulation should allow for publication by the investment productPRIP manufacturer by means of a website of their choice.
Amendment 106 #
Proposal for a regulation
Article 12 – paragraph 4 – introductory part
Article 12 – paragraph 4 – introductory part
4. The Commission shall be empowered to adopt delegated actEuropean Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall jointly develop technical standards in accordance with Article 23 specifying:
Amendment 108 #
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 productPRIPs 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 comprehensiunderstandable forby 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. This does not however preclude further documents being used to personalise features of a PRIP to a client's specific characteristics or choices
Amendment 109 #
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. Power is conferred on the Commission to adopt regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation (EU) No 1094/2010, Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 113 #
Proposal for a regulation
Recital 11
Recital 11
(11) Retail investors should be provided with the information necessary for them to take an informed investment decision and compare different investment products, but unless the information is short and concise there is a risk they will not use it. The key information document should therefore only contain key information, notably as regards the nature and features of the product, including whether it is possible to lose capital, the costs and risk profile of the product, as well as relevant performance information, and certain other specific information which may be necessary for understanding the features of individual types of products, including those intended to be used for retirement planning. Additional relevant information about the costs of advice and distribution and information relating to an individual retail investor's specific tax status should be provided in a document to be provided by the entity selling or advising on the PRIP.
Amendment 117 #
Proposal for a regulation
Article 15
Article 15
Amendment 119 #
Proposal for a regulation
Recital 12
Recital 12
(12) The key information document should be drawn up in a standardised format which allows retail investors to compare different investment productPRIPs, since consumer behaviours and capabilities are such that the format, presentation and content of information must be carefully calibrated to maximise financial education, understanding and 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 productPRIPs 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 withto consumers. In addition, some investment productPRIPs give the retail investor a choice between multiple underlying investments and may have varied costs and charges depending on personal characteristics of the customer, such as their age or investment amount. Those products should be taken into account when drawing up the format.
Amendment 120 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
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 established under this Regulation, the investment product manufacturer or the person selling investment products shall participate in that procedure, provided that it fulfils the following requirements:
Amendment 122 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure that the key information document contains reliable information, this Regulation should require investment product manufacturers to keep the key information document up to date. In the same way the entity providing or selling the PRIP should keep the information provided to the retail investment up to date. To this end, it is necessary that detailed rules relating to the conditions and frequency of the review of the information and the revision of the key information and key services documents are laid down in a delegated act to be adopted by the Commission.
Amendment 139 #
Proposal for a regulation
Article 19 – paragraph 2 – point c
Article 19 – paragraph 2 – point c
(c) a warning, which is made public and which identifies the legal person responsible and the nature of the breach;
Amendment 140 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
(b) the degree of responsibility of the responsible legal person;
Amendment 141 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
(d) the cooperative behaviour of the legal person responsible for the breach;
Amendment 142 #
Proposal for a regulation
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
(e) any previous breaches by the responsible legal person.
Amendment 143 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The power to adopt delegated acttechnical standards is conferred on the Commission subject to the conditions laid down in this Article.
Amendment 144 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The power to adopt delegated acttechnical standards referred to in Articles 8(5), 10(2) and 12(4) shall be conferred on the Commission for a period of [4 years] from the entry into force of this Regulation. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.
Amendment 145 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The delegation of powers referred to in Articles 8(5), 10(2) and 12(4) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acttechnical standards already in force.
Amendment 146 #
Proposal for a regulation
Article 23 – paragraph 4
Article 23 – paragraph 4
4. As soon as it adopts a delegated acttechnical standards, the Commission shall notify it simultaneously to the European Parliament and to the Council.
Amendment 147 #
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. A delegated acttechnical standard adopted pursuant to Articles 8(5), 10(2) and 12(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by [2 months] at the initiative of the European Parliament or the Council.
Amendment 148 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
When a Member State applies rules on the format and content of the key information document, as set out in articles 78 to 81 of Directive 2009/65/EC, to non UCITS funds offered to retail investors, the exemption set out in paragraph 1 shall apply to management companies, investment companies and persons selling or advising on units of such funds to retail investors.
Amendment 149 #
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 productPRIPs manufacturers and the persons selling investment productPRIPs 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 courts. In the case of alternative dispute resolution, the provisions of the European Parliament and of the Council on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC should be binding also for this Directive.
Amendment 149 #
Proposal for a regulation
Article 24 – paragraph 1 b (new)
Article 24 – paragraph 1 b (new)
Amendment 150 #
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 products, including those falling under the Directive 2003/71/EC and any other investments and savings products.
Amendment 156 #
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 productPRIPs, 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's understanding of investment products and the comparability of thPRIPs, and have helped improve their ability to compare 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 to non- packaged retail products, such as ordinary savings and current accounts, shares and bonds.
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the format and content of the key information document exclusively to be drawn up by the PRIP manufacturers and on the information to be provided to retail investors in accordance with [recast MiFID] and [recast IMD] by the persons selling investment product manufacturers and uniform rules on the provision of thisese documents to retail investors.
Amendment 177 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) insurance products which do not offer a surrender value or where that surrender value is not wholly or partially exposed, directly or indirectly, to market fluctuationere the benefits are not exposed to fluctuations in underlying investment values;
Amendment 180 #
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 II];
Amendment 182 #
Proposal for a regulation
Article 2 – paragraph 2 – point c
Article 2 – paragraph 2 – point c
Amendment 195 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) pension products for which athe financial contribution from the employer isarrangements do not fall under the scope of the Directive 2003/41/EC or under the Directive 2009/138/EC; and for which the level of requtired by national law and where the employee has no choice as to the pension product providerment provision is in effect a promise or an offer by the employer to the employee. For pension products which do not fall under the Directive 2003/41/EC or the Directive 2009/138/EC or under this Regulation, Member States shall provide equivalent disclosure requirements.
Amendment 199 #
Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) officially recognised social security schemes subject to national or Union law.
Amendment 213 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘'packaged retail investment product’' or 'PRIP' means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposedsubject to fluctuations inbecause of exposure to reference values or into the performance of one or more assets which are not directly purchased by the investor;
Amendment 222 #
Proposal for a regulation
Article 4 – paragraph 1 – point c – point ii
Article 4 – paragraph 1 – point c – point ii
(ii) customers within the meaning of Directive 2002/92/ECho are not professional customers as defined in [Annex I of IMD] [...];
Amendment 242 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The investment productPRIP 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 key information document on aits website of its choice before the investment product can be sold tobefore the PRIP can be sold to retail investors. The key information document shall be complemented by the production of services documentation by the person selling the PRIP reflecting the services provided to the retail investors.
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 251 #
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 but not of inferior quality. It shall not contain any marketing messages or any recommendation to invest.
Amendment 254 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
Amendment 259 #
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 and written in a short and concise manner which is:
Amendment 260 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – introductory part
Article 6 – paragraph 3 – point b – introductory part
(b) clearly expressed and written in language that communicates in a way that facilitatesa style readily understandable by the retail investor's understanding of the information being communicated, in particular whereit is targeted at. To this end it shall:
Amendment 262 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point i
Article 6 – paragraph 3 – point b – point i
(i) the language used isuse clear, and succinct land comprehensiblguage;
Amendment 263 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point ii
Article 6 – paragraph 3 – point b – point ii
(ii) the use of jargon is avoidedavoid jargon;
Amendment 267 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point iii
Article 6 – paragraph 3 – point b – point iii
(iii) avoid acronyms and technical terms are avoided when everyday words can be used instead.
Amendment 270 #
Proposal for a regulation
Article 6 – paragraph 3 – point b a (new)
Article 6 – paragraph 3 – point b a (new)
(ba) focus on the key information that investors need.
Amendment 271 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. Where colours are used in the key information document, they shall not diminish the comprehensibility of the information in the event thatf the key information document is printed or photocopied in black and white.
Amendment 272 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Where the corporate branding or logo of the investment productPRIP manufacturer or the group to which it belongs is used in the key information document, it shall not distract the retail investor from the information contained in the document or obscure the text.
Amendment 273 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft regulatory standards specifying the length and format of the key information document. The draft regulatory technical standards shall take into account the different types of PRIPs. The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by [...]. Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 280 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 a (new)
Article 8 – paragraph 1 – subparagraph 1 a (new)
(1a) ‘This document is not intended to explain whether this product is suitable for you. You should also read the other information you have been given.
Amendment 284 #
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 productPRIP. It is not marketing material. The information is required by law to help you understand the nature 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 whether to invest, risks and rewards of this PRIP and to allow you to compare it with other PRIPs.’
Amendment 291 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) under a section at the beginning of the document, the name of the investment productPRIP and identity of the investment productPRIP manufacturer;
Amendment 296 #
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 298 #
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, etc. This section should also cover what other benefits or benefit triggers are available;
Amendment 299 #
Proposal for a regulation
Article 8 – paragraph 2 – point a c (new)
Article 8 – paragraph 2 – point a c (new)
(ac) under a section titled "How flexible is it?", information about whether the product or choices in (d) can be changed after the product starts (e.g. investment funds, term, premium);
Amendment 303 #
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 this investment?’", the nature and main features of the investment productPRIP, including
Amendment 306 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point i
Article 8 – paragraph 2 – point b – point i
(i) the type of the investment productPRIP;
Amendment 328 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv
Article 8 – paragraph 2 – point b – point iv
(iv) where the investment productPRIP offers insurance benefits, details of these insurance benefits;
Amendment 340 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi a (new)
Article 8 – paragraph 2 – point b – point vi a (new)
(via) an indication of the recommended minimum holding period, if applicable.
Amendment 343 #
Proposal for a regulation
Article 8 – paragraph 2 – point c
Article 8 – paragraph 2 – point c
Amendment 387 #
Proposal for a regulation
Article 8 – paragraph 2 – point e a (new)
Article 8 – paragraph 2 – point e a (new)
(ea) a brief indication of whether loss of capital is possible, including: i) any guarantees or capital protection provided, as well as any limitations to these;
Amendment 396 #
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 productPRIP, comprising both direct and indirect costs to be borne by the investor, including summary indicators of these costs and, for comparability reasons, total costs expressed in monetary and percentage terms, to show the effects of the total costs on the investment;
Amendment 400 #
Proposal for a regulation
Article 8 – paragraph 2 – point f a (new)
Article 8 – paragraph 2 – point f a (new)
(f a) under a section titled "What happens if/when I die?", information about what happens to the money held by the product/funds and any additional death benefit;
Amendment 402 #
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 relev"What might I get back?", information on how the PRIP is likely to perform, providing performance scenarios or projections of possible future outcomes antd having regard to the nature of the product and the length of its track recordow these will be affected by charges. At least one of the stated outcomes or scenarios must portray a negative return where applicable;
Amendment 410 #
Proposal for a regulation
Article 8 – paragraph 2 – point g a (new)
Article 8 – paragraph 2 – point g a (new)
(g a) under a section titled "Can I take money out?", information about the potential consequences of cashing in the PRIP before the end of the term or recommended holding period
Amendment 411 #
Proposal for a regulation
Article 8 – paragraph 2 – point g b (new)
Article 8 – paragraph 2 – point g b (new)
(g b) under a section titled "How will I know how my product is doing?", information showing how a customer will be kept informed;
Amendment 412 #
Proposal for a regulation
Article 8 – paragraph 2 – point g c (new)
Article 8 – paragraph 2 – point g c (new)
(g c) under a section titled "How can I complain?", information about how and to whom a client can make a complaint about the product and its administration;
Amendment 413 #
Proposal for a regulation
Article 8 – paragraph 2 – point g d (new)
Article 8 – paragraph 2 – point g d (new)
(g d) under a section titled "What if you become insolvent?" information about whether the product is covered by a compensation or guarantee scheme;
Amendment 433 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The investment productPRIP manufacturer may only include other objective information where it is necessary for the retail investor to take an informed investment decision about a specific investment productPRIP.
Amendment 444 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The Commission shall be empowered to adEuropean Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall developt delegated actraft regulatory standards 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 CommissionEuropean Supervisory Authorities shall take into account the differences between investment productPRIPs and the capabilities of retail investors as well as the features of investment productPRIPs 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 European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by [...]. Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 452 #
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 objective 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 productPRIPs and the capabilities of retail investors as well as the features of investment productPRIPs 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 471 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment productPRIP manufacturer shall review the information contained in the key information document regularly and, revise the document where the review indicates that material changes need to be made and make available promptly the revised version.
Amendment 474 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 laying down detailed rules for the review of the information contained in the key information document and the revision of the key information document, as regards:European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft regulatory standards laying down detailed rules for the review of the information contained in the key information document and the revision of the key information document, as regards: The European Supervisory Authorities shall submit those draft regulatory technical standards to the Commission by [...]. Power is conferred on the Commission to adopt the regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation 1094/2010 and Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 478 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions under which information contained in the key information document must be revised, and under which it is obligatory or optional to republish the revised key information document;.
Amendment 480 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
Amendment 485 #
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 inveKey investor information shall constitute pre-contractual information. It shall be fair, clear and not misleading. It shall be consistment 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 documentwith the relevant parts of the prospectus. Where binding contractual documents exists, the key information document shall be consistent with those documents.
Amendment 497 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the useMember States shall ensure that a person does not incur civil liability solely on the basis of the key information contained in the key information document, the invedocument, including any translation thereof, unless it is misleading, inaccurate or inconsistment product manufacturer has to prove that twith other binding contractual documents, deemed to be under the person's control. The key information document shas been drawn up in compliance with Articles 6, 7 and 8 of this Regulationll contain a clear warning in this respect.
Amendment 504 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When 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 the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulation. Civil liability can in such cases be incurred on the investment product manufacturer on the basis of the key information document, including any translation thereof, only if the key information document is misleading, inaccurate or inconsistent with other binding contractual agreement. The key information document shall contain a clear warning in this respect.
Amendment 512 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The distribution of the burden of proof referred product manufacturer shall be liable under civil law if an investor 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 investorcurs loss resulting from their reliance on a Key Information Document that failed to meet the requirements under paragraph 1 or 2 above. This liability cannot be limited or waived by contractual clauses, or by the approval of the competent authority.
Amendment 516 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A person selling an investment product PRIP to retail investors shall provide them with the key information document and the key service document in good time before the conclusion of a transaction relating to the investment productPRIP. Where an investment is recommended to a client, the key information document and the key services document shall be provided without delay.
Amendment 529 #
Proposal for a regulation
Article 12 – paragraph 2 – introductory part
Article 12 – paragraph 2 – introductory part
2. By way of derogation from paragraph 1, a person selling an investment product may PRIP may instead provide thea retail investor who requests this with the key information document immediately after the conclusion of the transaction, but only where:
Amendment 531 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – introductory part
Article 12 – paragraph 2 – point a – introductory part
(a) the retail investor chooses, at his own initiative, to conclude the transaction using a means of distance communication where:
Amendment 532 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point b
Article 12 – paragraph 2 – point a – point b
(b) the provision of the key information document in accordance with paragraph 1 is not possible, and where the person selling the PRIP has informed the retail investor about the situation, and
Amendment 534 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point c
Article 12 – paragraph 2 – point a – point c
(c) wthe re the perstail investor con selling the investment product has informed the retail investor of this fact.nts to receive the key information document straight after the conclusion of the transaction, rather than delaying the transaction in order to receive the document in advance
Amendment 544 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Where successive transactions regarding the same investment productPRIP are carried out on behalf of a retail investor in accordance with instructions given by that investor to the person selling the investment productPRIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall only apply to the first transaction.
Amendment 546 #
Proposal for a regulation
Article 12 – paragraph 4 – introductory part
Article 12 – paragraph 4 – introductory part
4. The Commission shall be empowered to adopt delegated actEuropean Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall jointly develop technical standards in accordance with Article 23 specifying:
Amendment 547 #
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4 a. Power is conferred on the Commission to adopt regulatory technical standards in accordance with the procedure set out in Articles 10 to 14 of Regulation (EU) No 1093/2010, Articles 10 to 14 of Regulation (EU) No 1094/2010, Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 564 #
Proposal for a regulation
Article 13 – paragraph 5 – point d
Article 13 – paragraph 5 – point d
(d) where the key information document has been revised in accordance with Article 10 all revisedthe latest versions shall also be made available to the retail investor; on request of the investor previous versions shall be made available;
Amendment 572 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Authorisation of the key information document by the competent authorities 1. When requested PRIP manufacturers and persons selling PRIPs shall communicate the key information document of the investment product to the competent authority of each Member State where the PRIP is marketed, distributed or sold. 2. The competent authority shall ensure investment firms establish procedures to ensure that the key information document complies with the provisions of the Chapter II of this Regulation prior to the marketing, distribution or sale of the investment product.
Amendment 587 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. WIn line with the Directive on Alternative dispute Resolution (Number XXX) and the Regulation on Online dispute Resolution (Number XXX) Member States shall ensure that where a retail investor initiates a procedure for alternative dispute resolution laid down in national law against an investment productPRIP manufacturer or a person selling investment productPRIPs with regard to a dispute concerning rights and obligations established under this Regulation, the investment productPRIP manufacturer or the person selling investment productPRIPs shall participate in that procedure, provided that it fulfils the following requirements:
Amendment 595 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
(a) the procedure results in decisions which are not bindingupon explicit request may be binding for the PRIP manufacturer and the retail client;
Amendment 632 #
Proposal for a regulation
Article 19 – paragraph 2 – point c
Article 19 – paragraph 2 – point c
(c) a warning, which is made public and which identifies the legal person responsible and the nature of the breach;
Amendment 642 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
(b) the degree of responsibility of the responsible legal person;
Amendment 644 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
(d) the cooperative behaviour of the legal person responsible for the breach;
Amendment 646 #
Proposal for a regulation
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
(e) any previous breaches by the responsible legal person.
Amendment 656 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The power to adopt delegated acttechnical standards is conferred on the Commission subject to the conditions laid down in this Article.
Amendment 657 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The power to adopt delegated acttechnical standards referred to in Articles 8(5), 10(2) and 12(4) shall be conferred on the Commission for a period of [4 years] from the entry into force of this Regulation. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.
Amendment 659 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The delegation of powers referred to in Articles 8(5), 10(2) and 12(4) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acttechnical standards already in force.
Amendment 660 #
Proposal for a regulation
Article 23 – paragraph 4
Article 23 – paragraph 4
4. As soon as it adopts a delegated acttechnical standards, the Commission shall notify it simultaneously to the European Parliament and to the Council.
Amendment 661 #
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. A delegated acttechnical standard adopted pursuant to Articles 8(5), 10(2) and 12(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by [2 months] at the initiative of the European Parliament or the Council.
Amendment 669 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
(1a) When a Member State applies rules on the format and content of the key information document, as set out in articles 78 to 81 of Directive 2009/65/EC, to non UCITS funds offered to retail investors, the exemption set out in paragraph 1 shall apply to management companies, investment companies and persons selling or advising on units of such funds to retail investors.
Amendment 670 #
Proposal for a regulation
Article 24 – paragraph 1 b (new)
Article 24 – paragraph 1 b (new)
(1b) Management companies and investment companies as defined in Article 4(1)(b) of Directive 2011/61/EU, and persons selling units of AIFs as defined in Article 4(1)(a) of that Directive, are exempted from the obligations under this Regulation provided that they provide a key investor information document pursuant to national law in accordance with Article 78 of Directive 2009/65/EC or relevant provisions of national law, until [OJ: please insert the date 5 years after the entry into force].
Amendment 674 #
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 products, including those falling under the Directive 2003/71/EC and any other investments and savings products.