2023/0166(COD) | [ParlTrack]

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2023/0166(COD) Packaged retail and insurance-based investment products (PRIIPs): modernisation of the key information document

Progress: Awaiting Parliament's position in 1st reading

Role	Committee	Rapporteur	Shadows
Lead	ECON	YON-COURTIN Stéphanie ( RE)	SEEKATZ Ralf ( PPE), HEINÄLUOMA Eero ( S&D), KOVAŘÍK Ondřej ( PfE), NESCI Denis ( ECR), PREBILIČ Vladimir ( Verts/ALE), SARAMO Jussi ( GUE/NGL)
Former Responsible Committee	ECON	YON-COURTIN Stéphanie ( Renew)
Committee Opinion	ENVI
Committee Opinion	IMCO
Committee Opinion	LIBE
Former Committee Opinion	ENVI
Former Committee Opinion	IMCO
Former Committee Opinion	LIBE

Lead committee dossier:

ECON/10/00220

Legal Basis:

TFEU 114

Subjects

Events

2024/09/12

EP - YON-COURTIN Stéphanie (RE) appointed as rapporteur in ECON

2024/04/11

EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)

2024/04/10

EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)

2024/03/25

EP - Committee report tabled for plenary, 1st reading/single reading

Documents

A9-0160/2024

2024/03/25

EP - Committee report tabled for plenary, 1st reading

Documents

A9-0160/2024

2023/09/25

CZ_CHAMBER - Contribution

Documents

COM(2023)0278

2023/07/10

EP - Committee referral announced in Parliament, 1st reading

2023/05/30

EP - YON-COURTIN Stéphanie (Renew) appointed as rapporteur in ECON

2023/05/24

EC - Legislative proposal published

Details

PURPOSE: to amend Regulation (EU) No 1286/2014 as regards the modernisation of the key information document (KID).

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: packaged retail investment and insurance products (PRIIPs) are at the core of the retail investment market. They are investment products that banks typically offer to consumers, for example, when they want to save for a specific objective such as a house purchase or for a child’s education. PRIIPs cover a range of investment products.

Despite their potential benefits for retail investors, PRIIPs are often complicated and lacking in transparency. The information which institutions make available to investors when selling these products can be overly complex.

Regulation(EU) No 1286/2014 the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment (PRIIPs) obliges those who produce or sell investment products to provide investors with key information documents (KIDs).

KIDs are short, plainly-worded documents – no more than a few pages long – that provide investors with answers to key questions they have about the features, risks, and costs of investment products. They are designed for retail investors rather than institutions or professionals to help the investor make more informed decisions on whether an investment is right for them.

This initiative builds upon, and improves, existing rules that govern the provision of PRIIPs key information documents (PRIIPs KIDs) to retail investors by manufacturers and distributors of investment products. It involves targeted changes to this framework, keeping the main provisions intact.

CONTENT: this proposal amends Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (‘PRIIPs’).

In particular, the proposal aims to:

- update the legal references to the existing legislation (now Regulation 2017/1129 – ‘the Prospectus Regulation’) for the types of securities that do not have to produce a PRIIPs KID;

- exclude retail products providing immediate annuities without a redemption phase from the scope of the PRIIPs Regulation;

- amend the rules for presenting costs of multi-option products , specifying the conditions that have to be met in order to provide transparent information to retail investors and facilitate choice between different investment options;

- introduce a new section in the PRIIPs KID titled ‘Product at a glance’ to summarise and highlight the information on an investment product type, its costs and the level of riskiness, recommended holding period and presence of insurance benefit;

- remove the ‘comprehension alert’ as it has not been sufficiently effective in warning retail investors against particularly complex products and could have also unintentionally discouraged them from purchasing less complex investment products;

- introduce a new section in the PRIIPs KIDs titled ’How environmentally sustainable is this product?’ (‘sustainability section) to provide retail investors with a harmonised set of key information on the sustainability profile of relevant investment products, building on existing product disclosures;

- modernise and simplify the provisions on making PRIIPs KIDs available. It establishes a stronger preference for KIDs to be provided in electronic format , while clarifying that the client may request a paper version of the PRIIPS KID free of charge;

- task the European Supervisory Authorities with the development of draft regulatory technical standards specifying the conditions for such presentation as well as the functionalities to make information accessible to visually impaired readers.

Documents

COM(2023)0278
EUR-Lex

Documents

Committee report tabled for plenary, 1st reading/single reading: A9-0160/2024
Committee report tabled for plenary, 1st reading: A9-0160/2024
Contribution: COM(2023)0278
Legislative proposal published: COM(2023)0278
Legislative proposal published: EUR-Lex
Committee report tabled for plenary, 1st reading/single reading: A9-0160/2024
Contribution: COM(2023)0278

Amendments	Dossier
105	2023/0166(COD) 2023/11/07 ECON 105 amendments... Amendment 100 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1286/2014 Article 10 – paragraph 2 – point b (b) the conditions under which the key information document must be revised~~, distinguishing between PRIIPs that are still made available to retail investors and PRIIPs that are no longer made available~~; Amendment 101 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 6 a (new) Regulation (EU) No 1286/2014 Article 13 – paragraph 1 a (new) (6a) in Article 13, the following paragraph is added: “1a. A person advising on, or selling, a PRIIP must make available on its website, in a manner that is easily and publicly accessible to all retail investors, all of the relevant key information documents that the person sells or advises on.” Amendment 102 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 6 a (new) Regulation (EU) No 1286/2014 Article 13 – paragraph 4 (4) "Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and to the first transaction after the key information document has been revised in accordance with Article 10. Additionally, prior to an additional subscription, the latest revised version of the key information document shall be provided to the retail investor upon request." Or. en (Regulation (EU) No 1286/2014) Amendment 103 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 1 (1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The key information document shall be provided in an electronic format as defined in Article 4 paragraph 1 point 7a, unless the retail investor has requested to receive the key information document on paper. The person advising on, or selling a PRIIP shall inform the retail investors about their right to request receiveing the key information document on paper free of charge. Amendment 104 # Lídia PEREIRA Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 1 (1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The information shall be provided, by default, in an electronic format~~, unless t~~. The retail investor has ~~requested~~the right to re~~ceive~~quest the key information document on paper. The person advising on, or selling a PRIIP shall inform the retail investors about their right to receive the key information document on paper free of charge. The content of the key information document in an electronic format and on paper must be the same, with the adequate adaptations to guarantee the access to all relevant information referred. Amendment 105 # Giuseppe FERRANDINO Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 (2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information in the key information document or the information underlying it. That tool shall respect the following conditions: (a) shall not alter the understanding of the key information document; (b) presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”; (d) the interactive tool shall allow investors to simulate costs over the recommended holding period. Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation ofdeleted thee interactive tool, or its use, all key information shall be the key information document ~~referred to in Article 8.~~ Amendment 106 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 (2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information indeleted the key information document or the information underlying it. That tool shall respect the following conditions: (a) thee interactive tool, or its use, shall not alter the understanding of the key information document; (b) all key information shall be presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”; (d) investors to simulate costs over the recommended holding period. Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation of the key information document referred to in Article 8.teractive tool shall allow Amendment 107 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 (2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information in the key information document or the information underlying it. That tool shall respect the following conditions: (a) shall not alter the understanding of the key information document; (b) presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”; (d) investors to simulate costs over the recommended holding period. Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation of the key information document referred to in Article 8.deleted thee interactive tool, or its use, all key information shall be the key information document the interactive tool shall allow Amendment 108 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 (2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information in the key information document or the information underlying it. That tool shall respect the following conditions: (a) not alter the understanding of the key information document; (b) all key information shall be presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message ‘It is recommended to download and store the key information document’; (d) the interactive tool shall allow investors to simulate costs over the recommended holding period.deleted the interactive tool, or its use, shall the key information document Amendment 109 # Fulvio MARTUSCIELLO Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 2 (2) The electronic format of the key information document may be provided by means of an interactive tool that enables the retail investor to generate personalised key information based on the information in the key information document or the information underlying it. That tool shall respect the following conditions: (a) shall not alter the understanding of the key information document; (b) presented; (c) shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”; (d) investors to simulate costs over the recommended holding period.deleted thee interactive tool, or its use, all key information shall be the key information document the interactive tool shall allow Amendment 110 # Fulvio MARTUSCIELLO Proposal for a regulation Article 1 – paragraph 1 – point 7 Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation of the key information document referred to in Article 8.deleted Amendment 111 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 (3) The ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph. In addition to the modalities referred to in the first subparagraph, the regulatory technical standards shall include the conditions for personalising the key investor information in the following manners: (a) the information to allow investors to simulate costs over a holding period that is different from the recommended holding period; (b) the information to allow investors to compare different PRIIPs; (c) the information to make it accessible to persons with disabilities.deleted the conditions for personalising the conditions for personalising the conditions for personalising Amendment 112 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 (3) The ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph. In addition to the modalities referred to in the first subparagraph, the regulatory technical standards shall include the conditions for personalising the key investor information in the following manners: (a) the information to allow investors to simulate costs over a holding period that is different from the recommended holding period; (b) the information to allow investors to compare different PRIIPs; (c) the information to make it accessible to persons with disabilities.deleted the conditions for personalising the conditions for personalising the conditions for personalising Amendment 113 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 3 (3) The ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph. In addition to the modalities referred to in the first subparagraph, the regulatory technical standards shall include the conditions for personalising the key investor information in the following manners: (a) the information to allow investors to simulate costs over a holding period that is different from the recommended holding period; (b) the information to allow investors to compare different PRIIPs; (c) the information to make it accessible to persons with disabilities.deleted the conditions for personalising the conditions for personalising the conditions for personalising Amendment 114 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 7 TAfter conducting consumer testing, the ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph. Amendment 115 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 4 (4) The key information document may be presented in a layered format. ~~In that case, the dashboard referred to in Article 8(3), point (aa) shall appear in the first layer.~~ Amendment 116 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 5 (5) TWhere the person advising or selling the PRIIPS provides the retail investor with the key information document in electronic format through the website: a) the retail investor shall be notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed.; b) the key information document shall remain accessible on the website of the person advising or selling the PRIIPS, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it. Amendment 117 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 (6) The key information document shall remain accessible on the website of the person advising or selling the PRIIPS, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it. Where the PRIIP manufacturer has revised the key information document as referred to in Article 10, the PRIIP manufacturer shall provide the retail investors with previous versions upon request.deleted Amendment 118 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 (6) The key information document shall remain accessible on the website of the person advising or selling the PRIIPS, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it. Where the PRIIP manufacturer has revised the key information document as referred to in Article 10, the PRIIP manufacturer shall provide the retail investors with previous versions upon request.deleted Amendment 119 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1286/2014 Article 14 – paragraph 6 (6) The key information document shall remain accessible on the website of the ~~person advising or selling the PRIIPS~~PRIIP manufacturer, and shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it. Where the KID has been provided by means of an interactive tool in accordance with paragraph 2, the tool shall remain accessible on the website of the person advising on, or selling, the PRIIP or the website of the PRIIP manufacturer, for such a period of time as the retail investor may need to consult it. Where the PRIIP manufacturer has revised the key information document as referred to in Article 10, the PRIIP manufacturer shall provide the retail investors with previous versions upon request. Amendment 120 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1286/2014 Article 16 – paragraph 2 (7a) in Article 16, paragraph 2 is replaced by the following: “2. EIOPA shall take a decision under paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed action addresses a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union, also taking into account any deviation by the insurance-based investment product from the benchmarks to be developed by EIOPA in accordance with Article 25(8) of Directive (EU) 2016.97; (b) regulatory requirements under Union law that are applicable to the relevant insurance-based investment product or activity do not address the threat; (c) a competent authority or competent authorities have not taken action to address the threat. or the actions that have been taken do not adequately address the threat or the concerned product or products are marketed in multiple Member States making it difficult for the competent authority of the home Member State to oversee product distribution issues and for competent authorities of host Member States to oversee the manufacturing process. Where the conditions set out in the first subparagraph are fulfilled, EIOPA may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before an insurance- based investment product has been marketed or sold to investors.” Amendment 121 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1286/2014 Article 16 – paragraph 2 – point c (7a) in Article 16(2), point (c) is amended as follows: "(c) a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat. or the concerned product(s) is marketed in multiple Member States making it difficult for the distribution authority of the home Member State to oversee product distribution issues and for competent authorities of the host Member State to oversee the manufacturing process." Or. en (02014R1286-20211221) Amendment 122 # Denis NESCI Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 1824 months after the ~~date of entry into force of this amending Regulation~~publication of the delegated acts concerning the Directive of the European Parliament and of the Council amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards EU rules protecting retail investors]. Amendment 123 # Fabio Massimo CASTALDO Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 18 months after the ~~date of entry into force of this amending Regulation~~publication of the delegated acts concerning the Directive of the European Parliament and of the Council amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards EU rules protecting retail investors]. Amendment 124 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 1824 months after the ~~date of entry into force of this amending Regulation~~publication in the Official Journal of the European Union of the delegated acts referred to in Articles [•], [•] and [•].]. Amendment 125 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 2 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply ~~from [PO please insert the date = 18 months after the date of entry into force~~18 months after the publication of thise amend~~ing Regulation]~~ed Commission Delegated Regulation (EU) 2017/653. Amendment 21 # Lídia PEREIRA Proposal for a regulation Recital 1 a (new) (1a) The Capital Markets Union (CMU) will only achieve its goals if citizens adhere to it and, to that end, it is essential to guarantee high levels of financial literacy. The level of financial literacy differs significantly across Member States and EU legislation must ensure that the access to financial markets is not only facilitated through proportionate and clear rules, but also by concrete steps towards simplification. Amendment 22 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Recital 2 a (new) (2a) The purpose of this Regulation is to cover packaged products that are manufactured by the financial services industry in order to provide additional investment opportunities to retail investors. Non-equity securities issued by non-financial issuers contribute to the financing of corporate issuers and, where they are offered to retail investors, will be subject to the obligation to draw up a prospectus, which includes a summary, thus providing retail investors with adequate pre-contractual information. These securities should be excluded from the scope of this Regulation. The current requirement to produce, review and update a key information document for such non-equity securities, until their maturity, encourages issuers to restrict them to professional investors only, thus depriving retail investors of investment options. Addressing non-equity securities issued by non-financial issuers will therefore remove this incentive and might encourage retail investors’ participation in Union capital markets, while offering those retail investors with more opportunities to diversify their financial portfolios. Amendment 23 # Frances FITZGERALD Proposal for a regulation Recital 3 (3) In the case PRIIPs offer the retail investor a range of options for investments, the information on those various options ~~may be~~is contained in different documents. That makes it difficult for retail investors interested in purchasing such PRIIPs to identify the total costs of the PRIIPs. It is therefore necessary to provide retail investors with tools, including simulation tools, to access and compare the total costs of such PRIIPs beforere should be an option that prescribed growth rates or charges may be used where they or a suitable benchmark are not available, with a warning at the top that it is using prescribed numbers. This will at least allow some comparability between products as all carriers will use they s~~elect one particular investment option~~ame investment returns and charges. More detailed rules to use of these tools should ensure better visibility of the ~~tot~~annual cost~~s of these products while allowing a certain degree of flexibility when using simulation tools~~ impact at the recommended holding period. This would be a valuable measure to capture in any dashboard. Amendment 24 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Recital 4 (4) Retail investors increasingly seek information on the sustainability performance of investment products, including PRIIPs. Recent Union legislative acts have introduced several disclosure obligations that could be leveraged to inform retail investors, in particular Regulation (EU) 2019/2088 of the European Parliament and of the Council13 and Regulation (EU) 2020/852 of the European Parliament and of the Council14 . Such disclosures may, however, not be sufficiently visible to retail investors. It is therefore necessary to add certain information about the sustainability profile of PRIIPs to the key information document. To avoid additional reporting costs, that ESG information should be taken from the disclosures provided by product manufacturers pursuant to Regulation (EU) 2019/2088 and Regulation (EU) 2020/852. __________________ 13 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1). 14 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).deleted Amendment 25 # Frances FITZGERALD Proposal for a regulation Recital 5 (5) Increased digitalisation provides opportunities to present key features of PRIIPs in a more attractive way. Regulation (EU) No 1286/2014 does not, however, provide sufficient flexibility for the use of digital means for displaying key information to investors such as presenting information from PRIIPs key information documents in a layered way ~~and in a personalised manner~~ that would reduce the visual overload of retail investors and facilitate their understanding of the PRIIP concerned. It is therefore necessary to introduce more flexibility in the use of the electronic format so that investors can fully benefit from the potential offered by the provision of a key information document in an electronic format, including by customising the amount they wish to invest or the holding period, according to their preferences. That personalisation does not imply an assessment by the PRIIPs provider of the individual characteristics of the potential retail investor. The three-page key information document should always be drawn up in accordance with Article 8 and available on the manufacturer's website. However, the key information it contains could be provided to retail investors in a flexible ~~and personalised~~ way, as long as retail investors are informed that they can download the complete key information document. Amendment 26 # Frances FITZGERALD Proposal for a regulation Recital 7 (7) To ensure that retail investors make an informed investment decision at all times, the key information document should be kept up to date. Draft regulatory technical standards should specify ~~the~~clear, concrete and restricted conditions under which the key information document should be revised~~, distinguishing between PRIIPs that are still made available to retail investors and PRIIPs that are no longer made available~~. Keeping the key information document updated should be without prejudice to the fact that manufacturers should comply with the pre- contractual information contained in the key information document provided to retail investors before their investment. Amendment 27 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a a (new) Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point d a (new) (a a) the following point is inserted: ‘(da) non-equity securities which are issued by non-financial issuers and for which a prospectus is established pursuant to Regulation (EU) 2017/1129’;’ Amendment 28 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h (b) the following point (h) is added: ‘(h) pension products, including immediate annuities without a redemption phase, which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;’;deleted Amendment 29 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h pension products, including immediate annuities without a redemption phase, which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;’immediate annuities; Amendment 30 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h) pension products, including immediate annuities without a redemption phase, which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefitimmediate annuities;’; Amendment 31 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h) pension products, including immediate annuities without a redemption phase, which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits; that are annuities and do not have an accumulation phase (immediate annuities)’; Amendment 32 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h ‘(h) pension products, ~~including immediate annuities without a redemption phase,~~ which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;’; Amendment 33 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1286/2014 Article 2 – paragraph 2 – point h a (new) ‘(ha) immediate annuities.’; Amendment 34 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a a (new) Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 5 (~~5) ‘person selling a PRIIP’ means a person offer~~aa) point (5) is replaced by the following: "(5) ‘PRIIP distributor’ means a person advising on, offering, selling or concluding a PRIIP contract with a retail investor;" Amendment 35 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 7a (7a) ‘electronic format’ means ~~any durable medium other than paper;~~electronic format as defined in Article 4, point (62a), of Directive 2014/65/EU; Amendment 36 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b Regulation (EU) No 1286/2014 Article 4 – paragraph 1 – point 7a (7a) ‘electronic format’ means a website or any durable medium other than paper;; Amendment 37 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1286/2014 Article 5 – paragraph 1 ~~1. Before a PRIIP is made available to retail investors, the~~(3a) In Article 5, paragraph 1 is replaced by the following: "1. PRIIP manufacturers shall draw up ~~for that product~~and publish on their website a key information document in accordance with the requirements of this Regulation ~~and shall publish the document on its website.~~where the PRIIP is intended to be advised, offered or sold to retail investors." Amendment 38 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 2 (3a) Article 6, paragraph 2 is replaced by the following: "2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material nor any recommendations to invest. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document by this Regulation. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)~~" Or. en Amendment 39 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 (4) in Article 6 paragraph 3 is replaced by the following: “3. paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each investment option cannot be provided within a single, concise stand- alone document, the key information document shall provide a generic description of the underlying investment options, and the costs of the PRIIP other than the costs for the investment option, provided that: (a) PRIIPs manufacturers provide investors with tools adapted to retail investors that facilitate research and comparison among the different investment options, including on costs; (b) Retail investors have easy access to the pre-contractual information documentation relating to the investment products backing the underlying investment options; (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.”deleted By way of derogation from Amendment 40 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIP offers the retail investors a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand- alone document, the key information document shall ~~provide a generic description of the underlying investment options, and the costs of the PRIIP other th~~include a link to a digital comparison tool to facilitate easy comparison for retail investors between the different underlying investment options. That digital comparison tool will include relevant information related to the different underlying investment options, including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the ~~costs for the investment option, provided that:~~summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options. That digital comparison tool will allow easy filtering and sorting of information by retail investors. Amendment 41 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIPs offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise, stand- alone document, the key information ~~document~~form shall provide a generic description of the underlying investment options, and ~~the costs of the PRIIP other than the costs for the~~state where and how more detailed pre- contractual information documentation relating to the investment products backing the underlying investment option~~, provided that:~~s can be found. Amendment 42 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – introductory part 3. By way of derogation from paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each investment option cannot be provided within a single, concise stand-alone document, the key information document shall provide a generic description of the underlying investment options, ~~and the costs of the PRIIP other than the costs for the investment option,~~ provided that: Amendment 43 # Jessica POLFJÄRD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a ~~(a) PRIIPs manufacturers provide investors with tools adapted to retail investors that facilitate research and comparison among the different investment options, including on costs;~~deleted Amendment 44 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a ~~(a) PRIIPs manufacturers provide investors with tools adapted to retail investors that facilitate research and comparison among the different investment options, including on costs;~~deleted Amendment 45 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, including in tabular or graphical form, that facilitate research and comparison among the different investment options, including on costs; Amendment 46 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, also by way of charts or graphs, that facilitate research and comparison among the different investment options, including on costs; Amendment 47 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools adapted to retail investors, including in tabular or graphical form, that facilitate research and comparison among the different investment options, including on costs; Amendment 48 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point a (a) PRIIPs manufacturers provide investors with tools, such as a table or list, adapted to retail investors that facilitate research and comparison among the different investment options, including on costs; Amendment 49 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point b ~~(b) Retail investors have easy access to the pre-contractual information documentation relating to the investment products backing the underlying investment options;~~deleted Amendment 50 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.;deleted Amendment 51 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.deleted Amendment 52 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.deleted Amendment 53 # Jessica POLFJÄRD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.deleted Amendment 54 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 – point c (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.deleted Amendment 55 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1286/2014 Article 6 – paragraph 3 a (new) 3a. Prescribed growth rates or charges may be used where they or a suitable benchmark are not available, with a warning at the top that it is using prescribed numbers. Amendment 56 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 (4a) in Article 6, paragraph 4 is replaced by the following: “4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of ~~three~~four sides of A4-sized paper when printed, which promotes comparability. ~~It shall: (a) that is easy to read, using characters of readable size; (b) retail investors need; (c) language and a style that communicate in a way that facilitates the understanding~~”; be presented and laid out in a way focus ofn the key information~~, in particular, in language~~ that isbe clear~~, succinct and comprehensible.~~ly expressed and written in Amendment 57 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 (4 a) in Article 6, paragraph 4 is amended as follows: "4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of ~~three~~four sides of A4-sized paper when printed, which promotes comparability. It shall: (a) be presented and laid out in a way that is easy to read, using characters of readable size; (b) focus on the key information that retail investors need; (c) be clearly expressed and written in language and a style that communicate in a way that facilitates the understanding of the information, in particular, in language that is clear, succinct and comprehensible. " Or. en (02014R1286-20211221) Amendment 58 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 4 a (new) (4) In Article 6, the following paragraph is added: “4 a. By way of derogation from paragraph 3, where a PRIIP offers the retail investors a range of options for investments and where there are fewer than 100 different underlying options for investments available to the retail investor, the PRIIPs manufacturer shall be required to provide a summary table in the annex to the Key Information Document including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options.” Amendment 59 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 4 b (new) Regulation (EU) No 1286/2014 Article 6 – paragraph 5 a (new) (4b) In Article 6, the following paragraph is added: “5a. In order to ensure consistent application of paragraph 2 and 3, EIOPA shall in consultation with ESMA, develop draft regulatory technical standards specifying the type of information to be provided in the digital comparison tool and the summary table and how this information will be presented to investors, ensuring the information is concise, comparable and understandable to investors. EIOPA shall submit those draft regulatory technical standards to the Commission by… [PO please insert the date= one year after the date of entry into force of this amending Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.” Amendment 60 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point a a (a) in paragraph 3, point (aa) is added: ‘(aa) under a section titled ‘Product at a glance’ a dashboard with summarised information about all of the following: (i) the type of the PRIIP, as referred to in point (c)(i); (ii) the summary risk indicator referred to in point (d)(i); (iii) the total costs of the PRIIP; (iv) the recommended holding period referred to in point (g)(ii); (v) whether the PRIIP offers the insurance benefits referred to in point (c) (iv);’;deleted Amendment 61 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa (a) in paragraph 3, point (aa) is added: ‘(aa) under a section titled ‘Product at a glance’ a dashboard with summarised information about all of the following: (i) to in point (c)(i); (ii) the summary risk indicator referred to in point (d)(i); (iii) (iv) the recommended holding period referred to in point (g)(ii); (v) whether the PRIIP offers the insurance benefits referred to in point (c) (iv);’deleted the type of the PRIIP, as referred the total costs of the PRIIP; Amendment 62 # Lídia PEREIRA Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa ~~(a) in paragraph 3, point (aa) is added: “(aa) under a section titled ‘Product at a glance’ a dashboard wi~~deleted the type of the PRIIP, as referred the summary risedk in~~formation about all of the following: (i) to in point (c)(i); (ii) referred to~~ dicator the total costs of the PRIIP; the recommended holding p~~oint (d)(i); (iii) (iv) referred to in point (g)(ii); (v) insurance benefits referred to in point (c) (iv);”~~eriod whether the PRIIP offers the Amendment 63 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa ~~(a) in paragraph 3, point (aa) is added: “(aa) under a section titled ‘Product at a glance’ a dashboard wi~~deleted the type of the PRIIP, as referred the summar~~ised information about all of the following: (i) to in point (c)(i); (ii) referred to~~ y risk indicator the total costs of the PRIIP; the recommended holding p~~oint (d)(i); (iii) (iv) referred to in point (g)(ii); (v) insurance benefits referred to in point (c) (iv);”~~eriod whether the PRIIP offers the Amendment 64 # Frances FITZGERALD Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – introductory part (aa) under a section titled ~~‘Product~~“Costs at a glance’” a dashboard with ~~summarised information about all of the following:~~the annual cost impact at the recommended holding period (RHP) should be provided. Amendment 65 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point a a – point v (v) whether or not the PRIIP offers the insurance benefits referred to in point (c) (iv); Amendment 66 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v (v) whether or not the PRIIP offers the insurance benefits referred to in point (c) (iv);’ Amendment 67 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (new) (va) whether or not the PRIIP offers financial guarantees; Amendment 68 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (new) (va) whether or not the PRIIP offers financial guarantees; Amendment 69 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point aa – point v a (va) whether or not the PRIIP offers financial guarantees. Amendment 70 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point b ~~(b) in paragraph 3, point (b) is~~ deleted. Amendment 71 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point b a (new) (ba) the following point (ba) is inserted: (ba) where applicable, a comprehension alert which shall read: ‘You are about to purchase a particularly risky product’; Amendment 72 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – introductory part (ii) ~~the PRIIP’s financial~~its objectives and the means for achieving th~~ose objectives, and~~em, in particular whether those objectives ~~will b~~are achieved by means of direct or indirect exposure to the underlying investment assets~~, including all of the following information:~~. Amendment 73 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 1 ~~(1) a description of the underlying instruments or reference values;~~deleted Amendment 74 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 2 ~~(2) a specification of the markets the PRIIP invests in;~~deleted Amendment 75 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 ~~(3) information about how the return is determined;;~~deleted Amendment 76 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 a (new) (3a) the risk level specified as high, medium or low risk; Amendment 77 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point ii – point 3 b (new) (3b) a specification of how the manufacturer measures the performance of the PRIIP with regard to their investment objective. This measurement shall include, as a minimum, a comparison with a capital market benchmark and inflation over the recommended holding period; Amendment 78 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c – point iii (~~iii) a description of the type of retail investor to whom the PRIIP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizon~~c a) in paragraph 3, point (c), point (iii) is replaced by the following: “(iii) appropriate information on performance;”; Amendment 79 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point c a (new) (ca) in paragraph 3, the following point is inserted: ‘(ca) for PRIIPs which are ‘financial products’ as defined in Article 2, point (12), of Regulation (EU) 2019/2088 of the European Parliament, under a section titled ‘Is this product sustainable?’, the following information: (i) whether the PRIIPs will make sustainable investments in accordance with Regulation (EU) 2019/2088. Where applicable the minimum proportion of the investment of the PRIIP that qualify as sustainable investment in accordance with Regulation (EU) 2019/2088 and/or are activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council** shall be disclosed. The difference between sustainable investment in accordance with Regulation (EU) 2019/2088 and activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852, shall be explained; (ib) whether, in relation to the PRIIP the PRIIP manufacturer considered principal adverse impacts of investment decision on sustainability factors; (ii) the expected greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288 and where applicable, if the PRIIP has a reduction in carbon emissions as its objective’; Amendment 80 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point d (ca) in paragraph 3, point (d) is amended as follows: "(d) under a section titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward profile comprising the following elements: (i) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PRIIP and which are not adequately captured by the summary risk indicator; (ii) the possible maximum loss of invested capital, including, information on:— whether the retail investor can lose all invested capital, or— whether the retail investor bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PRIIP, and— where applicable, whether the PRIIP includes capital protection against market risk, and the details of its cover and limitations, in particular with respect to the timing of when it applies; (iii) ~~appropriate performance scenarios, and the assumptions made to produce them~~information on past and expected performance, including: - performance scenarios based on past data of a minimum of 10 years; - performance scenarios based on forward looking forecasts; - assumptions made to produce performance scenarios including warnings of methodological weaknesses and any potential bias in the data used; - comparison of performance with a capital market benchmark and inflation measure specified by the PRIIP’s manufacturer; (iv) where applicable, information on conditions for returns to retail investors or built-in performance caps; (v) a statement that the tax legislation of the retail investor's home Member State may have an impact on the actual payout; ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)~~" Or. en Amendment 81 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point f (ca) in paragraph 3, point (f) is amended as follows: "(f) under a section titled ‘What are the costs?’, the costs associated with an investment in the PRIIP, comprising both direct and indirect costs to be borne by the retail investor, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. Where applicable, a margin cap for possible returns shall be clearly disclosed as an indirect cost. The section shall also display the actual most recent costs data for the PRIIP. The key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PRIIP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the retail investor to understand the cumulative effect that these aggregate costs have on the return of the investment; ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R1286-20211221)~~" Or. en Amendment 82 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 5 – point c a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point f – subparagraph 1 (ca) in paragraph 3, point (f), the following subparagraph is added after the first subparagraph: “This section shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns." Amendment 83 # Denis NESCI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point g a (d) the following point (ga) is inserted: ‘(ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288*, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) the minimum proportion of the investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council; (ii) the expected greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted Amendment 84 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga (d) the following point (ga) is inserted: ‘(ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288*, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council; (ii) emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted the minimum proportion of the the expected greenhouse gas Amendment 85 # Fulvio MARTUSCIELLO Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga (d) the following point (ga) is inserted: ‘(ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288*, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) the minimum proportion of the investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council; (ii) the expected greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted Amendment 86 # Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga (d) the following point (ga) is inserted: ‘(ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288*, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council; (ii) emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted the minimum proportion of the the expected greenhouse gas Amendment 87 # Fabio Massimo CASTALDO Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point g a (ga) for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288*, under a section titled ‘How environmentally sustainable is this product?’, the following information: (i) investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council; (ii) the expected greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation 2022/1288;’;deleted the minimum proportion of the Amendment 88 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – introductory part (ga) ~~for PRIIPs on which financial market participants are to disclose pre- contractual information pursuant to~~under a section titled ‘How environmentally sustainable is this product?’, information whether the PRIIP targets investors with sustainability preferences as defined in Article 2 (7) Delegated Regulation (EU) 2017/565 or in Article 2 (4) Delegated Regulation (EU) 20197/2088 of the European Parliament and of the Council and Commission Delegated Regulation 2022/1288***, under a section titled ‘How environmentally sustainable is this product?’, the following information: 359. If the product targets investors with sustainability preferences, a further description of the PRIIP`s sustainability factors pursuant to Article 2 (7) ( a) to (c) Delegated Regulation (EU) 2017/565 or Art. 2 (4) (a) to (c) Delegated Regulation (EU) 2017/2359 should be added. This information shall include an ESG scale which illustrates at a glance how the sustainability factors of the PRIIP relate to the overall context of all categories of sustainable preferences defined in the provisions referred to in paragraph (ga). Amendment 89 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii a (new) (iia) the categorisation of the PRIPP under Articles 7, 8 or 9 of Regulation (EU) 2019/2088; Amendment 90 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii a (new) (iia) the exposure of the PRIIP to coal-, oil- and gas-related activities in accordance with Article 19a of Directive 2013/34/EU; Amendment 91 # Eero HEINÄLUOMA Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii b (new) (iib) a link to the relevant pre- contractual disclosures that have to be provided to retail investors in accordance with Article 6(3) of Regulation (EU) 2019/2088; Amendment 92 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii b (new) (iib) the exposure of the PRIIP to the exploration, production, processing, distribution, storage or combustion of fossil fuels; Amendment 93 # Claude GRUFFAT Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga – point ii c (new) (iic) the degree of alignment of the PRIIP with a 1.5°C pathway pursuant to the Paris Agreement; Amendment 94 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 1286/2014 Article 8 – paragraph 3 – point ga a (new) (gaa) In order to ensure consistent application of this Article, the ESAs shall, through the Joint Committee of the European Supervisory Authorities (‘Joint Committee’), develop draft regulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraph (ga). Amendment 95 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 1 – introductory part (eb) Article 8, paragraph 5 is amended as follows: "5. In order to ensure consistent application of this Article, after conducting consumer testing, the ESAs shall, through the Joint Committee of the European Supervisory Authorities (‘Joint Committee’), develop draft regulatory technical standards specifying: " Or. en (02014R1286-20211221) Amendment 96 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e b (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 2 (ea) in paragraph 5, the second subparagraph is amended as follows: "When developing the draft regulatory technical standards the ESAs shall take into account the various types of PRIIPs, the differences between them and the capabilities of retail investors as well as the features of the PRIIPs so as to allow the retail investor 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. Where appropriate, in order to provide fair, clear and no misleading information to retail investors, different approaches should be taken between different types (i.e. groups, or categories) of products. In relation to the presentation and content of the information referred to in paragraph 3(ca), the ESAs shall take into account the financial product disclosures made in accordance with Regulation (EU) 2019/2088 and Delegated Regulation 2022/1288. This alignment shall only be ensured to a certain extent, as to meet the KIDs' objectives and preserve the readability of the information to potential retail investors." Or. en (02014R1286-20211221) Amendment 97 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 5 – point e a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 3 (new) (ea) in paragraph 5, the following subparagraph is inserted after the second subparagraph: “When developing the draft regulatory technical standards, the ESAs shall take into account that the ESG scale as referred to in point ga of the third paragraph of this Article shall be designed in categories from A to F based on the following information: - “A” implies a high proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of regulation (EU) 2019/2088; - “B” implies a moderate proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of Regulation (EU) 2019/2088 - “C” implies a low proportion of environmentally sustainable investments according to Regulation 2020/852 or Article 2(17) of Regulation (EU) 2019/2088 - “D” implies that the product explicitly considers principal adverse impacts as meant by Regulation (EU) 2019/2088 - “E” implies that the product follows an ESG strategy but does not aim for sustainable investments as meant by Article 2(17) of that Regulation; - “F” implies the product does not consider impact as meant by Regulation (EU) 2019/2088.” Amendment 98 # Stéphanie YON-COURTIN Proposal for a regulation Article 1 – paragraph 1 – point 5 – point f a (new) Regulation (EU) No 1286/2014 Article 8 – paragraph 5 – subparagraph 5 (new) (fa) in paragraph 5, the following subparagraph is added: “Two years after the application of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall carry out an evaluation on the alignment between the precontractual disclosure of information referred to in paragraph 3(ca) and Regulation (EU) 2019/2088. An alignment shall only be ensured to a certain extent, given the KIDs' objectives and to preserve the readability of the information to potential retail investors. The Commission shall present a report on its main findings to the European Parliament, the Council and the European Economic and Social Committee, and accompanied, where appropriate, by a legislative proposal." Amendment 99 # Ralf SEEKATZ, Markus FERBER Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1286/2014 Article 10 – paragraph 2 – point b (b) the conditions under which the key information document must be revised, ~~distinguishing between~~taking into account: (i) that for PRIIPs that are still made available ~~to retail investors and PRIIPs that are no longer made available;~~in general pre-contractual information is not necessary anymore; (ii) that the key information document and other information on the PRIIP required by Union law have to remain consistent;” source: 754.650

Amendments

Dossier

105

2023/0166(COD)

2023/11/07 ECON 105 amendments...

Amendment 100 #

Frances FITZGERALD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point a

Regulation (EU) No 1286/2014
Article 10 – paragraph 2 – point b

(b) the conditions under which the key information document must be revised~~, distinguishing between PRIIPs that are still made available to retail investors and PRIIPs that are no longer made available~~;

Amendment 101 #

Eero HEINÄLUOMA

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1286/2014
Article 13 – paragraph 1 a (new)

(6a) in Article 13, the following paragraph is added: “1a. A person advising on, or selling, a PRIIP must make available on its website, in a manner that is easily and publicly accessible to all retail investors, all of the relevant key information documents that the person sells or advises on.”

Amendment 102 #

Ralf SEEKATZ, Markus FERBER

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1286/2014
Article 13 – paragraph 4

(4) "Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and to the first transaction after the key information document has been revised in accordance with Article 10. Additionally, prior to an additional subscription, the latest revised version of the key information document shall be provided to the retail investor upon request." Or. en (Regulation (EU) No 1286/2014)

Amendment 103 #

Marco ZANNI, Valentino GRANT, Antonio Maria RINALDI