30 Amendments of Alfredo PALLONE related to 2012/0169(COD)
Amendment 170 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall apply to the manufacturing and selling of investment productPRIPs.
Amendment 176 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) life insurance products, which do not offer a surrender value or where that surrender value is not wholly or partially exposed, directly or indirectly, to market fluctuations;ith or without profit sharing, where the investment risk is not borne by the policyholder and which fall under Annex I (I) of Directive 2002/83/EC and annex II (I) of Directive 2009/138/EC
Amendment 187 #
Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)
Article 2 – paragraph 2 – point d a (new)
(da) securities whose denomination per unit amounts at least 100,000 Euro;
Amendment 194 #
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) all pension products for which a financial contribution from the employer is required by national law and where the employee has no choice as to the pension product provider.as defined under Article 4(d)
Amendment 197 #
Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) officially recognised pension products and social security schemes subject to national or European Union law
Amendment 202 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. WThere investment product manufacturers subject to this Regulation are also subject to Directive 2003/71/EC, this Regulation and Directive 2003/71/EC shall both apply key information document drawn up in accordance with the requirements laid down in this Regulation shall be regarded as compliant with the requirements laid down in Article 24 (3) of Regulation n. 809/2004 as amended by Regulation n. 486/2012 and in Article 17 (1), 18 and 19 of Directive 2003/71/EC, as amended by Directive 2010/73/EC.
Amendment 209 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. WThere investment product manufacturers subject to this Regulation are also subject to Directive 2009/138/EC, this Regulation and key information document drawn up in accordance with the requirements laid down in this Regulation shall be regarded as compliant with the requirements laid down in Article 185 (4) of Directive 2009/138/EC shall both apply.
Amendment 210 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The Commission shall be empowered to adopt delegated act in accordance with article 23 defining further requirements in order to ensure that the content and related rules of the key information document allow to fulfil the mentioned obligations respectively set out by Directive 2003/71/EC and Directive 2009/138/EC.
Amendment 216 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘investment product’ means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposed to fluctuations in reference values other than interest rate or in the performance of one or more assets which are not directly purchased by the investor; by altering its risk and reward profile or the costs associated with an investment in the investment product;
Amendment 221 #
Proposal for a regulation
Article 4 – paragraph 1 – point c – point i
Article 4 – paragraph 1 – point c – point i
(i) retail clients as defined in point (12) of Article 4(1) of Directive 2004/39/EC whenever the investment product is a financial instrument as defined in the annex I, section C of that Directive;
Amendment 223 #
Proposal for a regulation
Article 4 – paragraph 1 – point c – point ii
Article 4 – paragraph 1 – point c – point ii
(ii) customers within the meaning of Directive 2002/92/EC whenever the investment product is an insurance policy within the meaning of Directive 2009/138/EC;
Amendment 315 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii
Article 8 – paragraph 2 – point b – point iii
(iii) an indication 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 being sought and how these are to be achieved;
Amendment 326 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv
Article 8 – paragraph 2 – point b – point iv
Amendment 336 #
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi
Article 8 – paragraph 2 – point b – point vi
Amendment 350 #
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"Insurance benefits", an indication of whether loss of capital is possible, includingthe investment product provides insurance benefits and if so, details of these insurance benefits
Amendment 356 #
Proposal for a regulation
Article 8 – paragraph 2 – point c – point i
Article 8 – paragraph 2 – point c – point i
(i) any guarantees orand capital protection provided, as well as any limitations to these;
Amendment 361 #
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 schemeand the name of the guarantor;
Amendment 369 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) under a section titled ‘What is it for?’"Under what conditions may I disinvest?" an indication of the recommended or required minimum holding period and the expected liquidity profile of the product including the possibility and conditions for any disinvestments before maturity, having regard to the risk and reward profile of the investment product and the market evolution it targetswhere a minimum recommended term for holding the investment product is stated in the offer documents the possibility and conditions for any disinvestments before maturity;
Amendment 380 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘What are the r" Risks and what might I get back?’reward profile", the risk and reward profile of the investment product, including a summary indicator of this profinarrative description of the rele vand warnings in relation to any specific risks that may not be fully reflected in the summary indicatort risks consistently with those provided by the offer documents, if any;
Amendment 388 #
Proposal for a regulation
Article 8 – paragraph 2 – point e a (new)
Article 8 – paragraph 2 – point e a (new)
(e a) under a section titled "Premium", the minimum entry or investment requirement and the premium payment terms and flexibility (single or periodic payment)
Amendment 398 #
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 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, consistently with those provided by the offer documents, if any;
Amendment 404 #
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?’,"Past- performance", a description of the past performance of the investment product, if this is relevant having regard to the nature of the investment product and the length of its track record and, if so, complemented by an appropriate warning that "past returns do not guarantee future performance";
Amendment 414 #
Proposal for a regulation
Article 8 – paragraph 2 – point h
Article 8 – paragraph 2 – point h
Amendment 430 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 475 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 laying down detailed rules for the review of the information contained in the key information document and the revision of the key information document, having regard to the nature of the investment product, as regards:
Amendment 488 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Where an investment product manufacturer has produced a key information document which does not comply with the requirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision, such a retail investor may claim from the investment product manufacturer damages for any loss caused to that retail investor through the use of the key information documentKey investor information shall constitute pre-contractual information. It shall be fair, clear and not misleading. It shall provide key information and shall be consistent with the relevant parts of the offer documents, when they have to be produced by the product manufacturer.
Amendment 502 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use of the information contained in the key information document, the inveMember States shall ensure that a person does not incur civil liability solely on the basis of the key investor information, including any translation thereof, unless it is misleading, inaccurate or inconsistment product manufacturer has to prove that the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulationwith the relevant parts of the offer documentation. Key investor information shall contain a clear warning to that effect.
Amendment 508 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 589 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. Where a retail investor initiates a procedure for alternative dispute resolution laid down in national law against an investment product manufacturer or a person selling investment products with regard to a dispute concerning rights and obligations established under this Regulation, the investment product manufacturer or the person selling investment products shallmay participate in that procedure, provided that it fulfils the following requirements:
Amendment 680 #
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
This Regulation shall be binding in its entirety and directly applicable in all Member States. During the first 12 months of application of this Regulation the competent authorities shall allow the investment product manufacturers to adopt the necessary arrangements in order to comply with this Regulation.