1220195EN
Dieses Dokument ist Teil der Anfrage „Informationspflichten, die Produktüberwachung und die Positionslimits zur Förderung der wirtschaftlichen Erholung von der COVID-19-Pandemie“
Diese Anfrage wurde als Teil der Kampagne „Black Box EU“ gestellt.
2020/0152(COD) COLUMN TABLE FOR INTERINSTITUTIONAL NEGOTIATIONS – WORKING DOCUMENT Proposal for a directive of the of the European Parliament and of the Council amending Directive 2014/65/EU as regards information requirements, product governance and position limits to help the recovery from the COVID-19 (COM(2020)0280 – C9-0210(2020) – 2020/0152(COD)) Date of the trilogue: 9.12.2020 Committee on Economic and Monetary Affairs – Negotiating team NB: this cover page has been added for technical reasons only. CT\1220195EN.docx PE662.012v01-00 EN EN
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DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Amending Directive 2014/65/EU as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic (Text with EEA relevance) 2020/0152(COD) Document dated: 09/12/2020 Key Identical text Nr. Ref. COM Council EP Compromise 1. 2020/0152 (COD) 2020/0152 (COD) 2020/0152 (COD) 2020/0152 (COD) 2. Proposal for a Proposal for a Proposal for a Proposal for a 3. Title DIRECTIVE OF THE DIRECTIVE OF THE DIRECTIVE OF THE DIRECTIVE OF THE EUROPEAN EUROPEAN EUROPEAN EUROPEAN PARLIAMENT AND OF PARLIAMENT AND OF PARLIAMENT AND OF PARLIAMENT AND OF THE COUNCIL THE COUNCIL THE COUNCIL THE COUNCIL CT\1220195EN.docx 3/119 PE662.012v01-00 EN
Nr. Ref. COM Council EP Compromise 4. [TM 4 Dec] amending Directive amending Directive amending Directive amending Directive 2014/65/EU as regards 2014/65/EU as regards 2014/65/EU as regards 2014/65/EU as regards information requirements, information requirements, information requirements, information requirements, product governance and product governance and product governance and product governance and position limits to help the position limits and position limits to help the position limits and recovery from the COVID- Directives 2019/878/EU and recovery from the COVID- Directives 2019/878/EU and 19 pandemic 2013/36/EU as regards their 19 pandemic 2013/36/EU as regards their application to investment application to investment firms, to help the recovery firms, to help the recovery from the COVID-19 from the COVID-19 pandemic pandemic 5. (Text with EEA relevance) (Text with EEA relevance) (Text with EEA relevance) (Text with EEA relevance) 6. Citation THE EUROPEAN THE EUROPEAN THE EUROPEAN THE EUROPEAN 1 PARLIAMENT AND THE PARLIAMENT AND THE PARLIAMENT AND THE PARLIAMENT AND THE COUNCIL OF THE COUNCIL OF THE COUNCIL OF THE COUNCIL OF THE EUROPEAN UNION, EUROPEAN UNION, EUROPEAN UNION, EUROPEAN UNION, 7. Citation Having regard to the Treaty on Having regard to the Treaty Having regard to the Treaty on Having regard to the Treaty on 2 the Functioning of the on the Functioning of the the Functioning of the the Functioning of the European Union, and in European Union, and in European Union, and in European Union, and in particular Article 53(1) particular Article 53(1) particular Article 53(1) particular Article 53(1) thereof, thereof, thereof, thereof, 8. Citation Having regard to the proposal Having regard to the proposal Having regard to the proposal Having regard to the proposal 3 from the European from the European from the European from the European Commission, Commission, Commission, Commission, PE662.012v01-00 4/119 CT\1220195EN.docx EN
Nr. Ref. COM Council EP Compromise 9. Citation After transmission of the draft After transmission of the draft After transmission of the draft After transmission of the draft 4 legislative act to the national legislative act to the national legislative act to the national legislative act to the national parliaments, parliaments, parliaments, parliaments, 10. Citation Having regard to the opinion Having regard to the opinion [TM 4 Dec] 5 of the European Economic and of the European Economic Having regard to the opinion Social Committee, and Social Committee, of the European Economic and Social Committee, 11. Citation Acting in accordance with the Acting in accordance with the Acting in accordance with the Acting in accordance with the 6 ordinary legislative procedure, ordinary legislative procedure, ordinary legislative procedure, ordinary legislative procedure, 12. Whereas: Whereas: Whereas: Whereas: 13. Recital (1) The COVID-19 pandemic (1) The COVID-19 (1) The COVID-19 [TM 4 Dec] 1 is severely affecting people, pandemic is severely affecting pandemic is severely affecting (1) The COVID-19 companies, health systems and people, companies, health people, companies, health pandemic is severely affecting the economies of Member systems and the economies of systems and the economies people, companies, health States. The Commission, in its Member States. The and financial systems of systems and the economies Communication to the Commission, in its Member States. The and financial systems of European Parliament, the Communication to the Commission, in its Member States. The European Council, the European Parliament, the Communication to the Commission, in its Council, the European European Council, the European Parliament, the Communication to the economic and social Council, the European European Council, the European Parliament, the committee and the Committee economic and social Council, the European European Council, the of the regions of 27 May 2020 committee and the Committee economic and social Council, the European entitled ‘Europe's moment: of the regions of 27 May 2020 committee and the Committee economic and social Repair and Prepare for the entitled ‘Europe's moment: of the regions of 27 May 2020 committee and the Committee 1 Next Generation’ stressed Repair and Prepare for the entitled ‘Europe's moment: of the regions of 27 May 2020 that liquidity and access to Repair and Prepare for the entitled ‘Europe's moment: 1 COM/2020/456 final of 27.5.2020. CT\1220195EN.docx 5/119 PE662.012v01-00 EN
Nr. Ref. COM Council EP Compromise 2 3 finance will be a continued Next Generation’ stressed Next Generation’ stressed Repair and Prepare for the 4 challenge in the months to that liquidity and access to that liquidity and access to Next Generation’ stressed come. It is therefore crucial to finance will be a continued finance will be a continued that liquidity and access to support the recovery from the challenge in the months to challenge in the months to finance will be a continued severe economic shock caused come. It is therefore crucial to come. It is therefore crucial to challenge in the months to by the COVID-19 pandemic support the recovery from the support the recovery from the come. It is therefore crucial to by introducing targeted severe economic shock caused severe economic shock caused support the recovery from the amendments to existing pieces by the COVID-19 pandemic by the COVID-19 pandemic severe economic shock caused of financial legislation. This by introducing targeted by cutting red tape through by the COVID-19 pandemic package of measures is amendments to existing pieces introducing limited targeted by cutting red tape through adopted under the label of financial legislation. This amendments to existing pieces introducing limited targeted “Capital Markets Recovery package of measures is of financial legislation. The amendments to existing pieces Package”. adopted under the label overall aim of the of financial legislation. The “Capital Markets Recovery amendments should therefore overall aim of the Package”. be to remove unnecessary red amendments should tape and make temporary therefore be to remove exceptions that are deemed unnecessary red tape and effective in order to mitigate introduce carefully calibrated the economic turmoil. The measures make temporary amendments should avoid exceptions that are deemed making changes that result in effective in order to mitigate more burdens on the sector the economic turmoil. The and leave complex legislative amendments should avoid questions to be settled during making changes that result in the planned review of MIFID more burdens on the sector 2 COM/2020/456 final of 27.5.2020. 3 COM(2020)0456 final of 27.5.2020. 4 COM(2020)0456 final of 27.5.2020. PE662.012v01-00 6/119 CT\1220195EN.docx EN
Nr. Ref. COM Council EP Compromise II. This package of measures and leave complex legislative is adopted under the label questions to be settled during “Capital Markets Recovery the planned review of MIFID Package”. II. This package of measures is adopted under the label “Capital Markets Recovery Package”. [EP to check. The term “temporary exceptions” was replaced because except for the disapplication of RTS 27, the measures introduced with this amending act are permanent]. 14. Recital (2) Directive 2014/65/EU of (2) Directive 2014/65/EU (2) Directive 2014/65/EU [TM 4 Dec] 2 the European Parliament and of the European Parliament of the European Parliament 5 6 7 the Council on markets in and the Council on markets and the Council on markets in (2) Directive 2014/65/EU financial instruments was in financial instruments was financial instruments was of the European Parliament 8 adopted in 2014 in response to adopted in 2014 in response to adopted in 2014 in response to and the Council on markets in the financial crisis that the financial crisis that the financial crisis that financial instruments was 5 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). 6 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). 7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). 8 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). CT\1220195EN.docx 7/119 PE662.012v01-00 EN
Nr. Ref. COM Council EP Compromise unfolded in 2007-2008. That unfolded in 2007-2008. That unfolded in 2007-2008. That adopted in 2014 in response to Directive has substantially Directive has substantially Directive has substantially the financial crisis that strengthened the financial strengthened the financial strengthened the financial unfolded in 2007-2008. That system in the Union and system in the Union and system in the Union and Directive has substantially guaranteed a high level of guaranteed a high level of guaranteed a high level of strengthened the financial protection of investors across protection of investors across protection of investors across system in of the Union and the Union. Further efforts to the Union. Further efforts to the Union. Further efforts to guaranteed a high level of reduce regulatory complexity reduce regulatory complexity reduce regulatory complexity investor protection and investment firms’ and investment firms’ and investment firms’ protection of investors across compliance costs and to compliance costs and to compliance costs and to the Union. Further efforts to eliminate distortions of eliminate distortions of eliminate distortions of reduce regulatory complexity competition should be competition should be competition could be and investment firms’ considered. considered. considered, provided investor compliance costs and to protection is sufficiently eliminate distortions of taken into consideration at competition could be the same time. considered, provided investor protection is sufficiently taken into consideration at the same time. 15. Recital (3) As regards the (3) As regards the (3) As regards the [TM 4 Dec] 3 requirements that were requirements that were requirements that were (3) As regards the intended to protect investors, intended to protect investors, intended to protect investors, requirements that were Directive 2014/65/EU has not Directive 2014/65/EU has not Directive 2014/65/EU has not intended to protect investors, fully achieved its objective to fully achieved its objective to fully achieved its objective to Directive 2014/65/EU has not adapt measures that take the adapt measures that take the adapt measures that take the fully achieved its objective to particularities of each category particularities of each particularities of each category adapt measures that take the of investors (retail clients, category of investors (retail of investors (retail clients, particularities of each professional clients and clients, professional clients professional clients and category of investors (retail and eligible counterparties) eligible counterparties) clients, professional clients PE662.012v01-00 8/119 CT\1220195EN.docx EN
Nr. Ref. COM Council EP Compromise eligible counterparties) sufficiently into account. sufficiently into account. and eligible counterparties) sufficiently into account. Some of those requirements Some of those requirements sufficiently into account. Some of those requirements have not always enhanced the have not always enhanced the Some of those requirements have not always enhanced the protection of investors but at protection of investors but at have not always enhanced the protection of investors but at times rather, hindered the times rather hindered the protection of investors but at times rather, hindered the smooth execution of smooth execution of times rather hindered the smooth execution of investment decisions. It is investment decisions. To smooth execution of investment decisions. It is therefore necessary to amend better enhance investor investment decisions. To therefore necessary to amend certain requirements in that protection, it is critical that better enhance investor certain requirements in that Directive to better balance the the debt level of retail protection, it is critical that Directive to better balance the requirement to protect investors is taken into the debt level of retail requirement to protect investors on the one hand and account in the suitability investors is taken into investors on the one hand and to facilitate the provision of assessment, in particular account in the suitability to facilitate the provision of investment services and the given the rising level of assessment, in particular investment services and the performance of investment consumer debt due to the given the rising level of performance of investment activities on the other. COVID-19 pandemic. consumer debt due to the activities on the other. Furthermore, certain COVID-19 pandemic. requirements in Directive Therefore, Furthermore, 2014/65/EU could be certain requirements in amended to facilitate the Directive 2014/65/EU should provision of investment could be amended to facilitate services and the performance the provision of investment of investment activities services and the performance provided that the amendment of investment activities, and is done in a balanced way provided that the which fully protects investors. amendments should be is done in a balanced way which fully protects investors. CT\1220195EN.docx 9/119 PE662.012v01-00 EN
Nr. Ref. COM Council EP Compromise [note: the first sentence was taken out because there is no respective provision in the amending act.] [note 2: the 2nd part was reworded to make it clear that this is the recital about this amending act. It is not about the review clause. The recital about the review clause is below] [COM to check] [EP to check] 16. Recital (4) Product governance (4) Product governance (4) Product governance [political] 4 requirements can restrict the requirements can restrict the requirements can restrict the sale of corporate bonds. sale of corporate non- sale of corporate bonds. Corporate bonds with a “make complex bonds. Corporate Corporate bonds with a “make whole clause” are generally bonds with a “make whole whole clause” are generally considered safe and simple clause” are generally considered safe and simple products that are eligible for considered safe and simple products that are eligible for retail clients. Such a “make products that are eligible for retail clients. Such a “make whole clause” protects retail clients. Such a “make whole clause” protects investors against losses in case whole clause” protects investors against losses in case an issuer opts for early investors against losses in an issuer opts for early repayment by ensuring that case an issuer opts for early repayment, by ensuring that PE662.012v01-00 10/119 CT\1220195EN.docx EN
