Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones Artículo 25.3.a) IV)- Tratamiento de las UCITS estructuradas

Texto vigente

Texto propuesto por la Comisión Europea (oct-11)

Considera no complejas todas las UCITS, incluyendo las estructuradas (art. 19.6 Directiva 2004/39)

Considera complejas estructuradas

las

UCITS

(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;

Enmiendas del Parlamento Europeo (la votación en ECON estaba prevista para el 8 de julio, pero se ha pospuesto sin fecha) Considera no complejas todas las UCITS, incluyendo las estructuradas

Texto de la Presidencia del Consejo UE (no se vota hasta que se haya producido la votación en el Parlamento Europeo) Considera complejas las UCITS estructuradas y otras UCITS con una estrategia de inversión compleja

(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;

iv) shares or units in UCITS, excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010 and other UCITS that implement a complex investment strategy;

[En base a Enmiendas Klinz 817, Schmidt 818, Gauzès/Balz 819, Goebbels/Ferreira 820, Kamall /Swinburne 821, Langen 822, Lulling 823] Artículo 24. Incentivos Texto vigente

Texto propuesto por la Comisión Europea (oct-11)

No contiene ninguna prohibición a la percepción de incentivos (retrocesiones) en caso de asesoramiento independiente o gestión de carteras.

Prohíbe los incentivos monetarios en caso de asesoramiento independiente y gestión discrecional de carteras.

Art. 24.5.) ii): When the investment firm informs the client that investment advice is provided on an independent basis, the firm: (ii) shall not accept or receive fees, commissions or any monetary benefits

Enmiendas del Parlamento Europeo (la votación en ECON estaba prevista para el 8 de julio, pero se ha pospuesto sin fecha) Deja que cada Estado miembro prohíba o restrinja los incentivos. En caso de incentivos recibidos por gestión discrecional de carteras, se prevé la inclusión de su importe en un informe anual.

Texto de la Presidencia del Consejo UE (no se vota hasta que se haya producido la votación en el Parlamento Europeo) Mantiene la prohibición de la propuesta de la Comisión y la extiende a los incentivos no monetarios, excepto los de poca relevancia.

Art. 24.5: Member States may additionally, where of particular importance in the circumstances of the market structure in that Member State, prohibit or further restrict the offer or acceptance of fees, commissions or non-monetary benefits in relation to the provision of investment advice. This may

Art. 24.5.) ii): When the investment firm informs the client that investment advice is provided on an independent basis, the firm: (ii) shall not accept and retain fees, commissions or any monetary and nonmonetary benefits paid or provided by any

1 PRÍNCIPE DE VERGARA, 43, 2º ♦ 28001 MADRID ♦ TEL.:34 91 4314735 ♦ FAX: 34 91 5781469 E-MAIL: [email protected] ♦ WEBSITE: www.inverco.es

Asociación de Instituciones de Inversión Colectiva y Fondos de Pensiones paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.

include requiring any such fees, commissions or non-monetary benefits to be returned to the client or offset against fees paid by the client. [En base a Enmiendas Ferber 68+69+70, Lulling 719, Jensen 720, Klinz 721, Schmidt 722, Swinburne 723, Pietikäinen 724, Balz 727, Balz 728, Feio 729, Goulard 730, Klinz 731, Swinburne 732, Schmidt 733, Giegold 734, Simon 735, Klute 736, McCarthy 737, Geobbels/Sánchez Presedo 738, Schmidt 739, Swinburne 740, De Backer 742, 763 Stihler, Goebbels 765, Wortmann-Kool 769, McCarthy 771]

Art. 24.6: When providing portfolio management the investment firm shall not accept or receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.

Art. 24.6: Member States shall ensure that paragraphs 3a and 5 of this Article are also applied to investment firms when providing discretionary portfolio management and shall require the investment firm to disclose in a periodic report all inducements paid or received in relation to the [discretionary] portfolio management during the preceding period. [En base a enmiendas Ferber 71, Schmidt 758, Balz 759, Schmidt 761 Mann 764, Goebbels 765, De Backer 766, Lulling 767, Pietikäinen 768, Wortmann-Kool 769]

third party or a person acting on behalf of a third party in relation to the provision of the service to clients. Minor non-monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client are excluded from this provision.

Art. 24.6: When providing portfolio management the investment firm shall not accept and retain fees, commissions or any monetary and non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients. Minor non-monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client should be clearly disclosed and are excluded from this provision.

2 PRÍNCIPE DE VERGARA, 43, 2º ♦ 28001 MADRID ♦ TEL.:34 91 4314735 ♦ FAX: 34 91 5781469 E-MAIL: [email protected] ♦ WEBSITE: www.inverco.es