13 Amendments of Andrea COZZOLINO related to 2017/0143(COD)
Amendment 211 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 215 #
Proposal for a regulation
Recital 4
Recital 4
(4) The Capital Markets Union (CMU) will help mobilise capital in Europe and channel it to all companies, including small and medium enterprises, infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMU is to increase investment and choices for retail investors by putting European savings to better use. For this purpose, a PEPP will represent a step forward for the enhancement of the capital markets integration due to its support to the long-term financing of the real economy.
Amendment 217 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 232 #
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”), on the basis of a single set of rules and in cooperation with national competent authorities.
Amendment 237 #
Proposal for a regulation
Recital 16
Recital 16
(16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and the host Member States, if the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory, it should inform both EIOPA and the competent authority of the home Member State which should then be obliged to take the appropriate measures. Moreover, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 239 #
Proposal for a regulation
Recital 17
Recital 17
(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this DirectiveRegulation does not confer responsibility on the host Member State, a close cooperation demands that that authority informs both EIOPA and the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 256 #
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post- retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 274 #
Proposal for a regulation
Recital 33
Recital 33
(33) By setting the prudent person rule as the underlying principle for capital investment and making it possible for PEPP providers to operate across borders, the redirection of savings into the sector of personal retirement provision is encouraged, thereby contributing to economic and social progress. The prudent person rule should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 286 #
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to consider such factors in investment decisions and to take into account how they form part of their risk management system. This risk assessment should also be made available to EIOPA and to the competent authorities as well as to PEPP savers. Where relevant, it should also include risks related to climate change, use of resources, the environment, social risks, and risks related to the depreciation of assets due to regulatory change (‘stranded assets’).
Amendment 426 #
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
(d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 451 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP is based on an investment strategy that states to what extent environmental, social and governance factors are included in the proposed providers risk management system.
Amendment 666 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 2
Article 26 – paragraph 1 – subparagraph 2
Amendment 909 #
Proposal for a regulation
Article 63 – paragraph 2 – point a (new)
Article 63 – paragraph 2 – point a (new)
(a) the contribution of the PEPP to the CMU, including sustainable finance;