14 Amendments of Sylvie GOULARD related to 2012/0169(COD)
Amendment 204 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Where investment productPRIP manufacturers subject to this Regulation are also subject to Directive 2003/71/EC, this Regulation and Directive 2003/71/EC shall both apply.
Amendment 207 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Where investment productPRIP manufacturers subject to this Regulation are also subject to Directive 2009/138/EC, this Regulation and Directive 2009/138/EC shall both applyinformation for policyholder requirements under Directive 2009/138/EC, these requirements, when equivalent, are met by the information disclosures under this Regulation.
Amendment 335 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi
Article 8 – paragraph 2 – point b – point vi
Amendment 382 #
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?’, the risk and reward profile of the investment product, including a summary indicator of this profile and a warnings in relation to any specific risks that may not be fully refl that the return on the product may be negatively affected inby the summary indicator;risks listed followed by a description of:
Amendment 383 #
Proposal for a regulation
Article 8 – paragraph 2 – point e – point i (new)
Article 8 – paragraph 2 – point e – point i (new)
i) counterparty, operational and liquidity risks affecting the product;
Amendment 384 #
Proposal for a regulation
Article 8 – paragraph 2 – point e – point ii (new)
Article 8 – paragraph 2 – point e – point ii (new)
ii) sensitivity of the products' performance to effective stress scenarios;
Amendment 385 #
Proposal for a regulation
Article 8 – paragraph 2 – point e – point iii (new)
Article 8 – paragraph 2 – point e – point iii (new)
iii) the leveraged component of the product insofar as this component may multiply the risks;
Amendment 386 #
Proposal for a regulation
Article 8 – paragraph 2 – point e – point iv (new)
Article 8 – paragraph 2 – point e – point iv (new)
iv) any other specific risks that may not be fully reflected in the summary indicator;
Amendment 405 #
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 relevant having regard to the nature of the product and the length of its track record, including a warning that past performance does not guarantee future investment outcomes and that the risks referred to in the other sections of the KID may have a substantive negative impact on the investment;
Amendment 582 #
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 manner: (i) retail investors have an effective way of submitting a complaint against the investment product manufacturer and hence of initiating a redress procedure; (ii) 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 (iii) 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 in a third country.
Amendment 638 #
Proposal for a regulation
Article 19 – paragraph 2 – point d a (new)
Article 19 – paragraph 2 – point d a (new)
(d a) in the case of a legal person, administrative pecuniary sanctions of up to 10% of the total annual turnover of that legal person in the preceding business year; where the legal person is a subsidiary of a parent undertaking, the relevant total annual turnover shall be the total annual turnover resulting from the consolidated account of the ultimate parent undertaking in the preceding business year;
Amendment 639 #
Proposal for a regulation
Article 19 – paragraph 2 – point d b (new)
Article 19 – paragraph 2 – point d b (new)
(d b) in the case of a natural person, administrative pecuniary sanctions of up to EUR 5 000 000, or in the Member States where the euro is not the official currency, the corresponding value in the national currency on the date of entry into force of this Regulation.
Amendment 671 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. Four years after the date ofAfter the entry into force of this Regulation, the Commission shall review this Regue Union legislation. T in the areview 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 equivalea of financial services with a view to assessing the merits of: (i) introducing standardised key information documents in accordance with the rules introduced by this Regulation in relation to classes of financial instruments not covered by this Regulation, in particular in relation to the products covered by Directive 2003/71/EC and Directive 2009/138/EC; (ii) introducing harmonised market conduct requirements relating to the selling of financial products; and (iii) granting the European Supervisory Authorities and the national competent authorities powers to intervene in relation to specific categories of financial products, including through product prohibitions introduced in the interests of investor protection and financial stability, taking account tof 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 productpowers introduced in this respect by Regulation (EU) No xx/xx of the European Parliament and of the Council of [date] on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories.
Amendment 678 #
Proposal for a regulation
Article 25 – paragraph 1 a (new)
Article 25 – paragraph 1 a (new)
1 a. 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.