9 Amendments of Pablo ZALBA BIDEGAIN related to 2011/0298(COD)
Amendment 301 #
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including cwhich embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved. In the case of share or units of structured Undertakings for Collective iInvestment in tTransferable sSecurities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understandall of them should be considered non-complex, except for those structured UCITS, as defined in Article 36 paragraph 1 subparagraph 2 of Commission Regulation (EU) No 583/2010, which do not comply with the general criteria issued by the European Commission to analyze the complexity of any other financial instrument not included in the rlisk involvedt of automatically considered non complex products.
Amendment 383 #
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii
Article 2 – paragraph 1 – point d – point ii
(ii) are a member of or a participant in a regulated market or MTF and their activity does constitute high frequency trading as defined in Article 4; or
Amendment 396 #
Proposal for a directive
Article 2 – paragraph 1 – point d – subparagraph 2
Article 2 – paragraph 1 – point d – subparagraph 2
This exemption does not apply toprevent persons exempt under Article 2(1)(i) who deal on own account in financial instruments as members or participants of a regulated market or MTF, including as market makers in relation to commodity derivatives, emission allowances, or derivatives thereof, to be exempted under any other applicable exemption included in Article 2;
Amendment 431 #
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2
Article 2 – paragraph 3 – subparagraph 2 – indent 2
– the proportion of the capital employed for carrying out the activity. in relation to the capital on a group basis, – the activity relates to the management of commodity risks or other risks arising from the commercial business of the group.
Amendment 567 #
Proposal for a directive
Article 16 – paragraph 9
Article 16 – paragraph 9
9. An investment firm shall, when holding funds belonging to clients, make adequate arrangements to safeguard the clients' rights and, except in the case of credit institutions, prevent the use of client funds for its own accoun accepting funds on deposit within the meaning of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), prevent the use of client funds for its own account. The operational requirements in this paragraph shall apply to a credit institution where that credit institution agrees to safeguard a client's rights by placing funds with or holding that client's funds through a third party, rather than accepting such funds on deposit.
Amendment 570 #
Proposal for a directive
Article 16 – paragraph 10
Article 16 – paragraph 10
10. An investment firm shall not conclude title transfer collateral arrangements with retail clients for the purpose of securing or covering clients' present or future, actual or contingent or prospective obligations, unless they have provided prior express written consent.
Amendment 757 #
Proposal for a directive
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
Amendment 825 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010; (EU) No 583/2010 which do not comply with requirements established in Article 38 of Commission Directive 2006/73/EC;
Amendment 871 #
Proposal for a directive
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
Member States shall ensure that investment firms authorised to execute orders on behalf of clients and/or to deal on own account and/or to receive and transmit orders, may bring about or enter into transactions with eligible counterparties without being obliged to comply with the obligations under Articles 24 (with the exception of paragraph 3), 25 (with the exception of paragraph 5) , 25, 27 and 28(1) in respect of those transactions or in respect of any ancillary service directly related to those transactions.