38 Amendments of Sven GIEGOLD related to 2012/0169(COD)
Amendment 67 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) As investment product manufacturers may use special purpose vehicles and holding companies to circumvent the disclosure rules of the KIID, this Regulation should apply to shares or units of such vehicles.
Amendment 162 #
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 to be drawn up by investment product manufacturers and intermediaries and uniform rules on the provision of this document to retail investors.
Amendment 189 #
Proposal for a regulation
Article 2 – paragraph 2 – point e
Article 2 – paragraph 2 – point e
Amendment 192 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) occupational pension schemes and individual pension products for which a financial contribution from the employer is required by national law and where the employer and the employee hasve no choice as to the pension product provider.
Amendment 217 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘investment product’ means any investment whereor saving product marketed to retail investors regardless of theits legal form of, the investment and the amount repayable to the investor is exposed to fluctuations in reference values or in the performance of one or more assets which are not directly purchased by the investor. When exposure to such investment product is obtained through the direct holding of shares or units of special purpose vehicles or holding companies, then such shares or units shall be considered as investment products under this definition;
Amendment 224 #
Proposal for a regulation
Article 4 – paragraph 1 – point f a (new)
Article 4 – paragraph 1 – point f a (new)
(fa) 'person selling' means the person advising an investment product to a retail investor or acting as an intermediary for an investment by a retail investor
Amendment 235 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
The investment product manufacturer shall draw up a key information document in accordance with the requirements laid down in this Regulation for each investment product it produces together with the prospectus and shall publish the document on aits website of its choice before the investment product can be sold to retail investors.distributed in the market and sold to retail investors. The key information document shall be completed by the distributor where relevant
Amendment 247 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The key information document shall be accurate, fair, clear and not misleading. The key information document shall not contain any marketing or recommendation to invest.
Amendment 261 #
Proposal for a regulation
Article 6 – paragraph 3 – point b – point i
Article 6 – paragraph 3 – point b – point i
(i) the language used is clear, succinctconcise and comprehensible;
Amendment 276 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The key information document shall be written in the official language, or one of the official languages of the Member State where the investment product is sold, or in a language accepted by the competent authorities of that Member State, or where it has been written in a different language, it shall be translated into one of these languages.
Amendment 283 #
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 understandexplain 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 inves, its risk level and all costs before taking any decision if to invest in it or not.’
Amendment 289 #
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 product and identity of the investment product manufacturer and the identity of the holder of legal liability;
Amendment 307 #
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 product; and the risk level specified as high, medium or low risk.
Amendment 317 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii
Article 8 – paragraph 2 – point b – point iii
(iii) an ind notification of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes beingincluding but not limited to reducing the carbon footprint in respect of the investment product, how the results are being sought and how these are to be achieved. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 laying down detailed rules for the development of an European label for social and environmental sustainable investment products. This label shought and how these are to be achieved;ld support long-term financing of the economy and promote sustainable environmental and social development in financial investments.
Amendment 318 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii – point a (new)
Article 8 – paragraph 2 – point b – point iii – point a (new)
(a) a notification of the possible direct and indirect environmental risks of the investment product. This notification shall disclose risks for the investment return, for instance through wrong valuation risks of environmentally sensitive assets, shortage of scarce resources, costs of environmental regulation or the potential costs of climate change. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 laying to define the standards for these environmental notifications on the possible environmental risks
Amendment 329 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv
Article 8 – paragraph 2 – point b – point iv
(iv) where the investment product offerhas insurance benefits, details of these insurance benefits; and a clear notification if the investment product does not have any insurance benefits
Amendment 337 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi
Article 8 – paragraph 2 – point b – point vi
(vi) performancenet return scenarios, if this is relevant having regard to the nature of the product;
Amendment 349 #
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 whethergeneral and clear warning that investment products represent a possibility of loss of capital is possible,; including
Amendment 355 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point i
Article 8 – paragraph 2 – point c – point i
(i) any guarantees or capital protection provided, as well as any limitations to these, the aggregated amount including the identity of the possessor of such liability ;
Amendment 363 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii
Article 8 – paragraph 2 – point c – point ii
(ii) whether the investment product is covered by a compensation or guarantee scheme; detailing which risks are not covered by the scheme
Amendment 377 #
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?’,in return?’, having regard to the risk and reward profile of the investment product and the market evolution it targets; the risk and reward profile of the investment product, including a summaryrisk indicator of this profile and warnings in relation to any specific risks that may not be fully reflected in the summary indicator;
Amendment 395 #
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 maximum costs should disclose all 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; if the investment product has a margin cap for possible returns this should be clearly disclosed. This cap reduces the net return to the investor giving the manufacturer all profit above the cap. Such clause is an indirect cost and shall be disclosed with other costs.
Amendment 406 #
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 performanceachievement of the investment product, if this is relevant having regard to the nature of the product and the length of its track record; shall be based on the greatest possible degree of transparency within the investment product existence. The manufacturer will publish a descriptive annual report that includes a true and fair summary of the achievement of the investment assets, investment management strategies and relevant risk in the investment management, including utilisation of the limits defined in the investment product key information documents. When the investment strategy is referring to a benchmark, the benchmark performance will be published in the annual report;
Amendment 409 #
Proposal for a regulation
Article 8 – paragraph 2 – point g a (new)
Article 8 – paragraph 2 – point g a (new)
(g a) A provision that the manufacturer shall transparently inform the customer through a yearly document about the achievement of the investment product. This document shall contain an ex-post disclosure of the investment product's return in the past year. Furthermore, this ex-post return shall be compared to a different investment product with a comparable risk profile. If the customer owns several investment products of a certain manufacturer and covered by this regulation, the aforementioned disclosure and comparison shall by applied to the whole portfolio. Any cost affecting the yield of the investment product shall also be disclosed. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 specifying the definitions of the risk profiles of investment products as well as standards for the disclosure of the costs referred to in this paragraph.
Amendment 416 #
Proposal for a regulation
Article 8 – paragraph 2 – point h
Article 8 – paragraph 2 – point h
(h) for pension products, under a section titled ‘What might I get when I retire?’, projections of possible future outcomes. This information has to comply with the legal framework for key information documents.
Amendment 431 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The investment product manufacturer mayshall only include other information where it is necessary for the retail investor to take an informed investment decision about athe specific investment product.
Amendment 435 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. Where applicable, the intermediary shall mention: i) all costs related to the investment product when he is the intermediary; ii) the commissions, retrocessions or other benefits related to the transaction paid by the manufacturer or a third party, as provided by Directive 2004/39/EC and Directive 2002/39/EC;
Amendment 450 #
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, tincluding the effect of introducing risk indicators. The presentation and details of the other information the product manufacturer and the person selling investment products 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. Before adopting delegated acts, the Commission shall carry out testing of the impact of the planned KIID on its target customers in order to select the most appropriate measures, particularly the risk disclosure layout for retail investors.
Amendment 466 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Marketing communications that contain specific information relating to the investment product shall not include any statement that contradicts the information contained in the key information document or diminishes the significance of the key information document. Marketing communications shall indicateform that a key information document is available and supply information on how to obtapublished on an official website of the competent authority with the direct link. A paper copy can be forwarded upon request to the manufacturer or persons selling itnvestment products free of charge.
Amendment 468 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The investment product manufacturer shall review the information contained in the key information document regularly and at least annually, and revise the document at least where the review indicates that changes need to be made. e creation of value in the investment management and relevant risk in the investment management. This revision shall include the utilisation of the standards defined in the investment product key information documents which indicate that changes need to be made. This shall be expressed clearly, concisely and comprehensibly in the descriptive part of the annual report and shall include a true and fair summary of the performance of the investment assets, management costs, investment management strategies, creation of value in the investment management and development of relevant risk in the investment management, including standards defined in the investment product key information documents.
Amendment 506 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use ofand that the information contained in the key information document was misleading, 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.
Amendment 526 #
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 mayshall provide the retail investor with the official website where the key information document immediately after thecan be found before a conclusion of the transaction where:
Amendment 533 #
Proposal for a regulation
Article 12 – paragraph 2 – point a – point b
Article 12 – paragraph 2 – point a – point b
(b) the provision to provide a paper copy due to point a) of the key information document in accordance with paragraph 1 is not possible, and
Amendment 543 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Where successive transactions regarding the same investment product are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the investment product prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall only apply to the first transaction., unless the key information document has been updated or a new annual report is available
Amendment 548 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The person selling an investment product shall provide the key information document to retail investors free of chargebefore a binding agreement is made with a retail investor and free of charge. A paper copy shall always be provided free of charge when the investment recommendation or the intermediary service is provided in person.
Amendment 581 #
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 retail investors who have submitted a complaint in relation to the key information document receive a substantive reply in a timely and proper mannerroutines which ensure that: (1) retail investors have an effective way of submitting a complaint against the investment product manufacturer and hence a redress procedure; (2) 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 (3) 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 third country.
Amendment 594 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 663 #
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. A delegated act 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 23 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 [23 months] at the initiative of the European Parliament or the Council. When a delegated act is delivered just before or during a holiday, the time shall be deemed to run from the date of the first plenary following the holiday. In all instances, including extension, the time period shall be extendible to encompass three full plenary sessions.