Activities of Ashley FOX related to 2017/0143(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on a Pan-European Personal Pension Product (PEPP) PDF (1 MB) DOC (286 KB)
Amendments (54)
Amendment 229 #
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 Occupatia national competent authority, on the basis of a single set of rules. National competent authorities are responsible for the supervision of PEPP providers and already existing personal Ppensions Authority (“EIOPA”), on the basis of a single set of rul products, and are therefore best placed to assess the authorisation. Furthermore, national competent authorities are most suited to analyse national social, fiscal, contract and consumer protection law applicable to a PEPP. Lastly, as a general rule, retail financial products such as the PEPP should be authorised and supervised by national competent authorities.
Amendment 241 #
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, advertisements 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 Directive does not confer responsibility on the host Member State, a close cooperation demands that that authority informs 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 335 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point a a (new)
Article 2 – paragraph 1 – point 1 – point a a (new)
(aa) is neither directly nor indirectly linked to the occupation or the employment status of the individual saver;
Amendment 366 #
Proposal for a regulation
Article 2 – paragraph 1 – point 17
Article 2 – paragraph 1 – point 17
(17) “competent authorities” or “NCAs” of the PEPP providers means the national authorities designated by each Member State to supervise PEPP providers;
Amendment 390 #
Proposal for a regulation
Article 3 – paragraph 1 – point c – point ii
Article 3 – paragraph 1 – point c – point ii
(ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State in which the manufacturer has its registered officeof the PEPP saver.
Amendment 391 #
Proposal for a regulation
Article 3 – paragraph 1 – point c – point ii
Article 3 – paragraph 1 – point c – point ii
(ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State in which the manufacturwhere the PEPP saver has its rlegistered offial residence.
Amendment 395 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by EIOPAthe competent authority of the home Member State of the PEPP provider in accordance with this Regulation.
Amendment 404 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 405 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 445 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPthe NCA shall grant authorisation of the PEPP only where EIOPthe NCA is fully satisfied that the following conditions are met:
Amendment 447 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) the applicant is authorised by its competent authority to manufacture products that follow investment strategies of the type covered by this Regulation;
Amendment 454 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 458 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPThe NCA shall communicate to the applicant the reasons for any refusal to grant authorisation of a PEPP.
Amendment 461 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPThe NCA shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled.
Amendment 465 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
Amendment 469 #
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
6. EIOPANCAs shall ensure co-ordination with and transmit information to EIOPA for the purposes of the exercise of their respective tasks to the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 and the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010.
Amendment 476 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPthe relevant NCA.
Amendment 509 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest afterPEPP providers shall list all available compartments in the econtry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon request addressed to the PEPP providact with PEPP savers. The PEPP provider shall be obliged to maintain the compartments listed in the contract unless the PEPP saver and PEPP provider agree on individual conditions under which a compartment may be closed. This does not mean that a PEPP provider shall be obliged to offer this compartment to new customers.
Amendment 510 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon request addressed to the PEPP providere available compartments shall be listed in the contract between the PEPP saver and PEPP provider. For each customer, the PEPP provider shall be obliged to maintain the compartments listed in this customer’s contract unless the PEPP provider and the PEPP customer agree on the individual conditions under which a compartment may be closed.
Amendment 527 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), iImmediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 580 #
Proposal for a regulation
Article 23 – paragraph 3 – introductory part
Article 23 – paragraph 3 – introductory part
3. In addition to the information set out in Article 8(3)(c) of Regulation (EU) No 1286/2014, the section titled “What is this product?” shall contain the followingThe PEPP key information document shall be a stand-alone document, clear and separate from marketing materials. It should not contain cross-references to marketing material. It may contain cross-references to other documents but shall not be a substitute for any information required to be included in the PEPP key information document. Such information shall always be directly included in the key information: document.
Amendment 582 #
Proposal for a regulation
Article 23 – paragraph 3 – point i
Article 23 – paragraph 3 – point i
(i) a descrippersonal details of the member, including a clear indication of the statutory retirement benefits and the extent to which they are guaranteedage, the retirement age laid down or estimated, or the retirement age set by the member, where applicable;
Amendment 584 #
Proposal for a regulation
Article 23 – paragraph 3 – point ii
Article 23 – paragraph 3 – point ii
(ii) any minimum or maximum period for beloinformation on projections based on the retirement age as specified in point (a), and a disclaimer that those projections may differ from the final value of the benefits received. If the projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking ing to consideration the specific nature of the PEPP scheme;
Amendment 586 #
Proposal for a regulation
Article 23 – paragraph 3 – point iii
Article 23 – paragraph 3 – point iii
(iii) the retirement agewhere applicable, information on full or partial guarantees and if relevant, where further information can be found;
Amendment 592 #
Proposal for a regulation
Article 23 – paragraph 3 – point vi
Article 23 – paragraph 3 – point vi
(vi) available information related to the performance of the investment policy in terms of environmental, social and governance factorson whether and how corporate governance factors are considered in the investment approach;
Amendment 602 #
Proposal for a regulation
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3a. Member States shall exchange best practices with regard to the format and the content of the PEPP key information document
Amendment 613 #
Proposal for a regulation
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
5a. The information must be clear and concise and presented in a way that facilitates the understanding of the document.
Amendment 618 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 1
Article 23 – paragraph 6 – subparagraph 1
In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop draft implementingregulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraphs 3 and 4, together with the requirements needed to present that information in a standardised format allowing for comparison.
Amendment 619 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 2
Article 23 – paragraph 6 – subparagraph 2
When developing the draft implementingregulatory technical standards the ESAs shall take into account the various types of PEPPs, the differences between them and the capabilities of PEPP savers as well as the features of the PEPPs so as to allow the PEPP saver 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 621 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 3
Article 23 – paragraph 6 – subparagraph 3
The ESAs shall submit those draft implementingregulatory technical standards to the Commission by … nine months after the publication of this Regulation in the Official Journal of the European Union.
Amendment 622 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 4
Article 23 – paragraph 6 – subparagraph 4
Power is conferred the Commission to adopt implementingregulatory technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.
Amendment 638 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1
Article 25 – paragraph 1 – subparagraph 1
Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision.
Amendment 652 #
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. When providing advice onIf advice has been given in relation to a PEPPs, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall comply with the applicable national laws giving effect to the rules set out in Article 25(2) of Directive 2014/65/EU and with any directly applicable Union legislation adopted under Article 25(8) of that Directive relating to those rules.
Amendment 655 #
Proposal for a regulation
Article 25 – paragraph 4
Article 25 – paragraph 4
4. Where a PEPP provider or distributor referred to in Article 19(c) of this Regulation informs the PEPP saver that it gives its advice on an independent basis, it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation, in accordance with professional criteria, regarding which the PEPP-related contract would be adequate to meet the PEPP saver’s needs. Such advice must not be limited to PEPP-related contracts provided by the PEPP provider or distributor itself, by entities having close links with the PEPP provider or distributor or by other entities with which the PEPP provider or distributor has close legal or economic relationships, including contractual relationships, as to pose a risk of impairing the independent basis of the advice provided.
Amendment 677 #
Proposal for a regulation
Article 28 – paragraph 1 – introductory part
Article 28 – paragraph 1 – introductory part
1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers which shall be provided annually:
Amendment 678 #
Proposal for a regulation
Article 28 – paragraph 1 – introductory part
Article 28 – paragraph 1 – introductory part
1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers which shall be provided annually:
Amendment 681 #
Proposal for a regulation
Article 28 – paragraph 1 – point a
Article 28 – paragraph 1 – point a
(a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d), (e), (f) and (h) of Directive 2016/2341/EU shall be applied, where the “member” means the PEPP saver, the “IORP” means the PEPP provider, the “pension scheme” means the PEPP scheme and “the sponsoring undertaking” means any third party for the purposes of this Regulation;
Amendment 700 #
Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 1
Article 29 – paragraph 3 – subparagraph 1
EIOPA, after consulting national authorities and after consumer testing, shall develop draft implementingregulatory technical standards specifying the details of the presentation of the information referred to in Article 28 and in this Article.
Amendment 732 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to five investment options to PEPP savers, at the discretion of the provider and categorised according to risk.
Amendment 739 #
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
Amendment 750 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The PEPP saver shall be able to optterms for a modifferentying the investment option once every five years of accumulations will be detailed in the PEPP contract.
Amendment 756 #
Proposal for a regulation
Article 36 – paragraph 2
Article 36 – paragraph 2
Amendment 758 #
Proposal for a regulation
Article 37
Article 37
Amendment 790 #
Proposal for a regulation
Article 38
Article 38
Amendment 791 #
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
Amendment 798 #
Proposal for a regulation
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
The Commission shall be empowered to adopt a delegated act in accordance with Article 62 specifying:use of risk-mitigation techniques shall ensure that the investment strategy for the PEPP is designed so as to build up a stable and adequate individual future retirement income from the PEPP and to ensure a fair treatment of all generations of PEPP savers.
Amendment 799 #
Proposal for a regulation
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
The Commission shall be empowered to adopt a delegated act in accordance with Article 62 specifying:use of risk-mitigation techniques shall ensure that the investment strategy for the PEPP saver is designed to build up a stable and adequate future retirement income and to ensure a fair treatment of all generations of PEPP savers.
Amendment 800 #
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
Amendment 801 #
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
Amendment 810 #
Proposal for a regulation
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 811 #
Proposal for a regulation
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 818 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
Amendment 822 #
Proposal for a regulation
Article 42 – paragraph 1
Article 42 – paragraph 1
PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. For the purpose of this Regulation, “biometric risks” mean risks linked to longevity, disability and death.
Amendment 881 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicablunless the PEPP saver and PEPP provider have agreed otherwise.