amendment list, 10 June 2026
Amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR), Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) and repealing Commission Delegated Regulation (EU) 2022/1288
Document ECON-AM-789905 · (COM(2025)0841 – 2025/0361(COD))
Committee on Economic and Monetary Affairs
Full text
Jump to an amendment (341)
- Amendment 270
- Amendment 271
- Amendment 272
- Amendment 273
- Amendment 274
- Amendment 275
- Amendment 276
- Amendment 277
- Amendment 278
- Amendment 279
- Amendment 280
- Amendment 281
- Amendment 282
- Amendment 283
- Amendment 284
- Amendment 285
- Amendment 286
- Amendment 287
- Amendment 288
- Amendment 289
- Amendment 290
- Amendment 291
- Amendment 292
- Amendment 293
- Amendment 294
- Amendment 295
- Amendment 296
- Amendment 297
- Amendment 298
- Amendment 299
- Amendment 300
- Amendment 301
- Amendment 302
- Amendment 303
- Amendment 304
- Amendment 305
- Amendment 306
- Amendment 307
- Amendment 308
- Amendment 309
- Amendment 310
- Amendment 311
- Amendment 312
- Amendment 313
- Amendment 314
- Amendment 315
- Amendment 316
- Amendment 317
- Amendment 318
- Amendment 319
- Amendment 320
- Amendment 321
- Amendment 322
- Amendment 323
- Amendment 324
- Amendment 325
- Amendment 326
- Amendment 327
- Amendment 328
- Amendment 329
- Amendment 330
- Amendment 331
- Amendment 332
- Amendment 333
- Amendment 334
- Amendment 335
- Amendment 336
- Amendment 337
- Amendment 338
- Amendment 339
- Amendment 340
- Amendment 341
- Amendment 342
- Amendment 343
- Amendment 344
- Amendment 345
- Amendment 346
- Amendment 347
- Amendment 348
- Amendment 349
- Amendment 350
- Amendment 351
- Amendment 352
- Amendment 353
- Amendment 354
- Amendment 355
- Amendment 356
- Amendment 357
- Amendment 358
- Amendment 359
- Amendment 360
- Amendment 361
- Amendment 362
- Amendment 363
- Amendment 364
- Amendment 365
- Amendment 366
- Amendment 367
- Amendment 368
- Amendment 369
- Amendment 370
- Amendment 371
- Amendment 372
- Amendment 373
- Amendment 374
- Amendment 375
- Amendment 376
- Amendment 377
- Amendment 378
- Amendment 379
- Amendment 380
- Amendment 381
- Amendment 382
- Amendment 383
- Amendment 384
- Amendment 385
- Amendment 386
- Amendment 387
- Amendment 388
- Amendment 389
- Amendment 390
- Amendment 391
- Amendment 392
- Amendment 393
- Amendment 394
- Amendment 395
- Amendment 396
- Amendment 397
- Amendment 398
- Amendment 399
- Amendment 400
- Amendment 401
- Amendment 402
- Amendment 403
- Amendment 404
- Amendment 405
- Amendment 406
- Amendment 407
- Amendment 408
- Amendment 409
- Amendment 410
- Amendment 411
- Amendment 412
- Amendment 413
- Amendment 414
- Amendment 415
- Amendment 416
- Amendment 417
- Amendment 418
- Amendment 419
- Amendment 420
- Amendment 421
- Amendment 422
- Amendment 423
- Amendment 424
- Amendment 425
- Amendment 426
- Amendment 427
- Amendment 428
- Amendment 429
- Amendment 430
- Amendment 431
- Amendment 432
- Amendment 433
- Amendment 434
- Amendment 435
- Amendment 436
- Amendment 437
- Amendment 438
- Amendment 439
- Amendment 440
- Amendment 441
- Amendment 442
- Amendment 443
- Amendment 444
- Amendment 445
- Amendment 446
- Amendment 447
- Amendment 448
- Amendment 449
- Amendment 450
- Amendment 451
- Amendment 452
- Amendment 453
- Amendment 454
- Amendment 455
- Amendment 456
- Amendment 457
- Amendment 458
- Amendment 459
- Amendment 460
- Amendment 461
- Amendment 462
- Amendment 463
- Amendment 464
- Amendment 465
- Amendment 466
- Amendment 467
- Amendment 468
- Amendment 469
- Amendment 470
- Amendment 471
- Amendment 472
- Amendment 473
- Amendment 474
- Amendment 475
- Amendment 476
- Amendment 477
- Amendment 478
- Amendment 479
- Amendment 480
- Amendment 481
- Amendment 482
- Amendment 483
- Amendment 484
- Amendment 485
- Amendment 486
- Amendment 487
- Amendment 488
- Amendment 489
- Amendment 490
- Amendment 491
- Amendment 492
- Amendment 493
- Amendment 494
- Amendment 495
- Amendment 496
- Amendment 497
- Amendment 498
- Amendment 499
- Amendment 500
- Amendment 501
- Amendment 502
- Amendment 503
- Amendment 504
- Amendment 505
- Amendment 506
- Amendment 507
- Amendment 508
- Amendment 509
- Amendment 510
- Amendment 511
- Amendment 512
- Amendment 513
- Amendment 514
- Amendment 515
- Amendment 516
- Amendment 517
- Amendment 518
- Amendment 519
- Amendment 520
- Amendment 521
- Amendment 522
- Amendment 523
- Amendment 524
- Amendment 525
- Amendment 526
- Amendment 527
- Amendment 528
- Amendment 529
- Amendment 530
- Amendment 531
- Amendment 532
- Amendment 533
- Amendment 534
- Amendment 535
- Amendment 536
- Amendment 537
- Amendment 538
- Amendment 539
- Amendment 540
- Amendment 541
- Amendment 542
- Amendment 543
- Amendment 544
- Amendment 545
- Amendment 546
- Amendment 547
- Amendment 548
- Amendment 549
- Amendment 550
- Amendment 551
- Amendment 552
- Amendment 553
- Amendment 554
- Amendment 555
- Amendment 556
- Amendment 557
- Amendment 558
- Amendment 559
- Amendment 560
- Amendment 561
- Amendment 562
- Amendment 563
- Amendment 564
- Amendment 565
- Amendment 566
- Amendment 567
- Amendment 568
- Amendment 569
- Amendment 570
- Amendment 571
- Amendment 572
- Amendment 573
- Amendment 574
- Amendment 575
- Amendment 576
- Amendment 577
- Amendment 578
- Amendment 579
- Amendment 580
- Amendment 581
- Amendment 582
- Amendment 583
- Amendment 584
- Amendment 585
- Amendment 586
- Amendment 587
- Amendment 588
- Amendment 589
- Amendment 590
- Amendment 591
- Amendment 592
- Amendment 593
- Amendment 594
- Amendment 595
- Amendment 596
- Amendment 597
- Amendment 598
- Amendment 599
- Amendment 600
- Amendment 601
- Amendment 602
- Amendment 603
- Amendment 604
- Amendment 605
- Amendment 606
- Amendment 607
- Amendment 608
- Amendment 609
- Amendment 610
Text 2,827 paragraphs
Amendment 270
Isabel Benjumea Benjumea
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | |
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. |
Or. es
Amendment 271
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Read the rest (2,815 paragraphs)
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | |
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. |
Or. it
Amendment 272
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | |
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. |
Or. en
Justification
Restricting sovereign eligibility to use-of-proceeds instruments creates a two-tier sovereign market, structurally disadvantages insurance and pension products holding mainstream sovereign debt, and conflicts with the framework's purpose of directing capital to credible decarbonisation pathways.
Amendment 273
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | |
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. |
Or. en
Amendment 274
Christophe Gomart
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | The first subparagraph, point (a) can include investment in issuances by public sector bodies, provided that appropriate methodologies are used to assess the contribution to the transition objective. The following use of proceeds instruments issued by public sector bodies should be included in the numerator: |
Or. en
Amendment 275
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | The first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies in accordance with Article 3 of Regulation (EU) 2023/2631; |
Or. en
Amendment 276
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by public sector bodies: | The first subparagraph, point (a) shall not include investment in issuances by public sector bodies, with the exception of the use of proceeds instruments issued by or loan facilities provided by public sector bodies: |
Or. en
Amendment 277
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | deleted |
Or. it
Amendment 278
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 5 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | (a) in accordance with Article 3 of Regulation (EU) 2023/2631, ICMA Social Bond Principles or ICMA Green Bond Principles ; |
Or. en
Amendment 279
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. | deleted |
Or. it
Amendment 280
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. | deleted |
Or. en
Amendment 281
Christophe Gomart
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. | (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. The first subparagraph, point (b) should not apply to investments in sovereigns, sub-sovereigns and supra-nationals. |
Or. en
Amendment 282
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 – subparagraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under Article 12(1), point (c), of that Regulation. | (b) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or companies excluded under point under point (c) (iia) in the first subparagraph . |
Or. en
Amendment 283
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph point b) and c) shall not apply to investments in use of proceeds instruments or issued by, or loan facilities extended to, companies: | |
| (i) in accordance with Article 3 of Regulation (EU) 2023/2631 of the European Parliament and of the Council\*5; or | |
| (ii) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818 or the first paragraph point d) provided that the company is not excluded under point (c) (iia) in the first subparagraph |
Or. en
Justification
correcting drafting error, see amendment 27
Amendment 284
Gerben-Jan Gerbrandy
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, points (b) and (c), shall not apply to investments in use of proceeds instruments issued by companies: | |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | |
| (b) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a) and (b), and (d), of Delegated Regulation (EU) 2020/1818 or the first paragraph, point (c), provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. |
Or. en
Amendment 285
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of calculating the proportion of investments referred to in the first subparagraph, point (a), investments in general-purpose issuances by public sector bodies, as well as assets held for treasury, hedging or liquidity management purposes, including cash, cash equivalents, money market funds and financial derivatives, shall be excluded from both the numerator and the denominator of the calculation. |
Or. en
Amendment 286
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. For the purposes of calculating the threshold referred to in point (a) of paragraph 1, the denominator shall consist exclusively of the net investment portfolio of the financial product. Investments held for liquidity management purposes, investments constituting hedging instruments, and investments in general-purpose sovereign debt instruments issued by central governments or central banks shall be excluded from both the numerator and the denominator of that calculation. |
Or. en
Justification
The proposal is silent on the threshold denominator, creating a structural flaw at the heart of the categorisation system. Including mandatory liquidity holdings, hedging instruments and sovereign debt in the denominator while barring them from the numerator inflates the effective required ratio well beyond the stated threshold. The denominator must therefore be precisely defined in Level 1.
Amendment 287
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| – Investments by financial products as referred to in paragraph 1, first subparagraph, point (a), shall include a minimum proportion of investments in undertakings or economic activities with a credible transition plan at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking. This minimum proportion of investments shall be established in accordance with the delegated act adopted pursuant to Article 19b of this Regulation. |
Or. en
Amendment 288
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| Investments by financial products as referred to in paragraph 1, first subparagraph, point (a), shall include any of the following: | In addition to the provisions of paragraph 2, investments by financial products as referred to in paragraph 1, first subparagraph, point (a), shall include any of the following: |
Or. en
Amendment 289
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) investments in portfolios replicating or managed in reference to an EU climate transition benchmark or EU Paris-aligned benchmark (‘EU climate benchmarks’); | (a) (a) investments in portfolios replicating, managed in reference to, or pursuing an active strategy that uses as a reference benchmark an EU climate transition benchmark or an EU Paris-aligned benchmark (‘EU climate benchmarks’); |
Or. it
Amendment 290
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; | deleted |
Or. en
Amendment 291
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; | deleted |
Or. en
Amendment 292
Pascal Canfin, Stéphanie Yon-Courtin
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; | (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking, including plans referred to in Article 19a(2)a(iii) and 29a(2)a(iii) of Directive (EU) 2013/34 as amended by Directive (EU) 2022/2464; |
Or. en
Amendment 293
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; | (c) investments in undertakings or economic activities with a credible transition plan proportionate to the size of the undertaking and based on independently validated science-based targets supported by information ensuring integrity, transparency and accountability; |
Or. en
Amendment 294
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in undertakings or economic activities with a credible transition plan as regards at least one sustainability factor at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; | (c) investments in undertakings or economic activities with a credible transition plan at the level of the undertaking or at activity level respectively, proportionate to the size of the undertaking; |
Or. en
Amendment 295
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) investments in European Green Bonds in accordance with Regulation (EU) 2023/2631; |
Or. en
Amendment 296
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) investments in undertakings or economic activities with credible science-based targets that are supported by information ensuring integrity, transparency and accountability; | deleted |
Or. en
Amendment 297
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) investments in undertakings or economic activities with credible science-based targets that are supported by information ensuring integrity, transparency and accountability; | (d) investments in undertakings or economic activities with a credible transition plan that is supported by information ensuring integrity, transparency and accountability; |
Or. en
Amendment 298
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not happen, in combination with any of those referred to in points (a) to (d) or (h); | deleted |
Or. en
Amendment 299
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not happen, in combination with any of those referred to in points (a) to (d) or (h); | deleted |
Or. en
Amendment 300
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not happen, in combination with any of those referred to in points (a) to (d) or (h); | deleted |
Or. en
Amendment 301
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not happen, in combination with any of those referred to in points (a) to (d) or (h); | deleted |
Or. en
Amendment 302
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not happen, in combination with any of those referred to in points (a) to (d) or (h); | (e) investments accompanied with a credible sustainability-related engagement strategy, targeting specific changes, having defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in case the expected changes do not occur, in combination with any of those referred to in points (a) to (d) or (h); |
Or. en
Amendment 303
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point f
| Text proposed by the Commission | Amendment |
|---|---|
| (f) investments pursuant to Article 9(2) in combination with any of those referred to in points (a) to (e); | deleted |
Or. en
Amendment 304
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point g
| Text proposed by the Commission | Amendment |
|---|---|
| (g) investments with a credible transition target set at the level of the portfolio, such as reduction of portfolio emissions over time; | (g) investments with a credible transition target set at the level of the portfolio, including at least reduction of portfolio emissions over time; |
Or. en
Amendment 305
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point h
| Text proposed by the Commission | Amendment |
|---|---|
| (h) other investments in undertakings, economic activities or other assets that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 306
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point h
| Text proposed by the Commission | Amendment |
|---|---|
| (h) other investments in undertakings, economic activities or other assets that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 307
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point h
| Text proposed by the Commission | Amendment |
|---|---|
| (h) other investments in undertakings, economic activities or other assets that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3. | (h) other investments in undertakings, economic activities or other assets that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3, including investments in instruments issued by credible market standards on transition bond issuance. |
Or. en
Amendment 308
Isabel Benjumea Benjumea
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point h
| Text proposed by the Commission | Amendment |
|---|---|
| (h) other investments in undertakings, economic activities or other assets that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3. | (h) other investments in undertakings, economic activities or other assets issued by public bodies that credibly contribute to the transition provided proper justification is included in the disclosures required pursuant to paragraph 3. |
Or. es
Amendment 309
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – point h a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ha) investments in undertakings, economic activities or assets, that avoid and at the same time address the negative social impacts on workers, communities, and consumers associated with the transition to a low-carbon economy. |
Or. en
Amendment 310
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Where feasible considering the asset class and investments of the financial product, investments referred to in points (a), (c), (d), (g) and (h) shall be accompanied by a credible sustainability-related engagement strategy. An engagement strategy shall be regarded as credible when it includes measurable objectives, targets specific changes with defined milestones and is measured with reference to those targets and milestones, and integrates escalation actions in case the expected changes do not happen, including divestment and the reallocation of capital. Financial market participants may prioritise engagement activities based on the size and nature of investments, the portfolio composition and the asset alignment with the product's sustainability objective. |
Or. en
Amendment 311
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 1a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The investments referred to in the first subparagraph, points (a), (d) and (g), shall be accompanied by a credible sustainability-related engagement strategy, targeting specific changes with defined milestones and measured with reference to those targets and milestones, and integrating escalation actions in the event that the expected changes do not occur. |
Or. en
Amendment 312
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (e), the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. | Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, referred to in the first subparagraph point (c) and the credible transition target set at the level of the portfolio referred to in letter (g), shall be compatible with the transition to a sustainable economy and with the limiting of global warming to 1,5oC in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119, including its intermediate and 2050 climate neutrality targets. |
| The design of the transition plan referred to in point (c) shall contain at least the following: | |
| (a) time-bound targets related to climate change for 2030 and in five-year steps up to 2050 based on conclusive scientific evidence and, where appropriate, absolute emission reduction targets for greenhouse gas for scope 1, scope 2 and scope 3 greenhouse gas emissions for each significant category; | |
| (b) a description of decarbonisation levers identified and key actions planned to reach the targets referred to in point (a), including, where appropriate, changes in the product and service portfolio of the company and the adoption of new technologies; | |
| (c) an explanation and quantification of the investments and funding supporting the implementation of the transition plan; and | |
| (d) a description of the role of the administrative, management and supervisory bodies with regard to the transition plan. | |
| Competent authorities shall, in particular, verify the credibility of the underlying assumptions, the consistency between the targets and the measures envisaged to achieve them, and the adequacy of the governance and financing arrangements. |
Or. en
Amendment 313
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (e), the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. | Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (e), the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. |
| To ensure the credibility of the investment approaches referred to in points (c) to (h) of the first subparagraph, financial market participants shall, in accordance with sector-specific legislation: | |
| (a) implement an appropriate, documented and regularly updated due diligence process for investments made on behalf of the financial product that contribute to the transition objective or objectives referred to in paragraph 1, first subparagraph, point (a); and (b) implement appropriate monitoring processes to assess progress and put in place appropriate processes to address investments that are underperforming or underperforming at portfolio level against the transition targets referred to in paragraph 1, first subparagraph, point (a). | |
| For the investments referred to in points (c) and (d) of the first subparagraph, the processes referred to in points (a) and (b) of the third subparagraph shall include an examination of: (a) governance and dedicated resources; (b) measurable and time-bound objectives, with intermediate milestones or intermediate targets; and (c) strategy and actions for delivering a transition plan or reaching targets, including implementation and monitoring. | |
| Financial market participants must review the processes mentioned in this paragraph with an appropriate frequency at least once a year and adapt them whenever necessary. |
Or. it
Amendment 314
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (e), the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. | The credible transition plans and sustainability-related engagement strategy referred to in the first subparagraph, point (d), and in the second subparagraph, and the credible transition target set at the level of the portfolio referred to in the first subparagraph, point (g), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. |
| The design of a credible transition plan for climate change mitigation referred to in the first subparagraph shall contain: | |
| (a) time-bound targets related to climate change for 2030 and in five-year steps up to 2050 based on conclusive scientific evidence and, where appropriate, absolute emission reduction targets for greenhouse gas for scope 1, scope 2 and scope 3 greenhouse gas emissions for each significant category; | |
| (b) a description of decarbonisation levers identified and key actions planned to reach the targets referred to in point (a), including, where appropriate, changes in the product and service portfolio of the company and the adoption of new technologies; | |
| (c) an explanation and quantification of the investments and funding supporting the implementation of the transition plan for climate change mitigation; and | |
| (d) a description of the role of the administrative, management and supervisory bodies with regard to the transition plan for climate change mitigation. |
Or. en
Amendment 315
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the financial product aims at meeting a clear and measurable transition towards the climate change mitigation objective, the credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (e), the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. | The credible transition plans, science-based targets and sustainability-related engagement strategy referred to in the first subparagraph points (c) to (d) and subparagraph 1a, the credible transition target set at the level of the portfolio referred to in letter (g) and the credible contribution referred to in letter (h), shall be compatible with the transition to a sustainable economy and with the limiting of global warming in line with the Paris Agreement and the objective of achieving climate neutrality as established in Regulation (EU) 2021/1119. |
Or. en
Amendment 316
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| More specifically, the design of a credible transition plan for climate change mitigation referred to in the first subparagraph point (c) shall contain: | |
| (a) time-bound targets related to climate change for 2030 and in five-year audited steps up to 2050 based on conclusive scientific evidence and, where appropriate, absolute emission reduction targets for greenhouse gas for scope 1, scope 2 and scope 3 greenhouse gas emissions for each significant category; | |
| (b) a description of decarbonisation levers identified and key actions planned to reach the targets referred to in point (a), including, where appropriate, changes in the product and service portfolio of the company and the adoption of new technologies; | |
| (c) an explanation and quantification of the investments and funding supporting the implementation of the transition plan for climate change mitigation; and | |
| (d) a description of the role of the administrative, management and supervisory bodies with regard to the transition plan for climate change mitigation. |
Or. en
Amendment 317
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 2 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The design of a credible transition plan for climate change mitigation referred to in the first subparagraph point (c) shall contain: | |
| (a) time-bound targets related to climate change in five-year steps up to 2050 based on conclusive scientific evidence and, where appropriate, absolute emission reduction targets for greenhouse gas for scope 1, scope 2 and scope 3 greenhouse gas emissions for each significant category; | |
| (b) a description of decarbonisation levers identified and key actions planned to reach the targets referred to in point (a), including, where appropriate, changes in the product and service portfolio of the company and the adoption of new technologies; | |
| (c) an explanation and quantification of the investments and funding supporting the implementation of the transition plan for climate change mitigation; | |
| (d) a description of the role of the administrative, management and supervisory bodies with regard to the transition plan for climate change mitigation. |
Or. en
Amendment 318
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point c– point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | deleted |
Or. en
Amendment 319
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point c– point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | (ii) the applicable choice of investments referred to in paragraph 2; |
Or. en
Justification
Specification of the relative share of applicable investments does not entail added value for (retail) investors and cannot be predicted with any degree of uncertainty in light of market fluctuations.
Amendment 320
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where the product pursues an environmental objective, a statement on whether, and the extent to which, the financial market participant meets the requirement referred to in paragraph 1, first subparagraph, point (a), by investing in accordance with paragraph 2, first subparagraph, point (b). | (d) where the product pursues an environmental objective, a statement on the extent to which, the financial market participant meets the requirement referred to in paragraph 1, first subparagraph, point (a), by investing in accordance with paragraph 2, first subparagraph, point (b) as a percentage of all investments for the financial product . |
Or. en
Amendment 321
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where the product pursues an environmental objective, a statement on whether, and the extent to which, the financial market participant meets the requirement referred to in paragraph 1, first subparagraph, point (a), by investing in accordance with paragraph 2, first subparagraph, point (b). | (d) the proportion of the financial product investments in taxonomy aligned economic activities as defined in Article 1, point (2), of Commission Delegated Regulation (EU) 2021/2178. |
Or. en
Amendment 322
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where the product pursues an environmental objective, a statement on whether, and the extent to which, the financial market participant meets the requirement referred to in paragraph 1, first subparagraph, point (a), by investing in accordance with paragraph 2, first subparagraph, point (b). | (d) where the product pursues an environmental objective, a statement on the extent to which, the financial market participant meets the requirement referred to in paragraph 1, first subparagraph, point (a), by investing in accordance with paragraph 2, first subparagraph, point (b). |
Or. en
Amendment 323
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, first subparagraph, point (a), for measuring compliance with the strategy and progress toward the objective, together with information on actions to address any underperforming assets in terms of the objective and chosen indicator(s); | (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, first subparagraph, point (a), for measuring compliance with the strategy and progress toward the objective; |
Or. en
Amendment 324
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, first subparagraph, point (a), for measuring compliance with the strategy and progress toward the objective, together with information on actions to address any underperforming assets in terms of the objective and chosen indicator(s); | (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, first subparagraph, point (a), for measuring compliance with the strategy and progress toward the objective, together with information and a credible plan on actions to address any underperforming assets in terms of the objective and chosen indicator(s); |
Or. en
Amendment 325
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) a description of the implementation of the sustainability-related engagement strategy, including the proportion of portfolio covered by the engagement activities, methodologies and rationale for prioritisation of activities, and outcomes relevant to the product investment strategy and objectives; |
Or. en
Amendment 326
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) a description of the sustainability-related engagement strategy pursued by the financial market participant, including how that strategy has been implemented in alignment with the sustainability-related objectives of the financial product |
Or. en
Amendment 327
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point f a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (fa) a description of the implementation of the sustainability-related engagement strategy, including the proportion of portfolio covered by the engagement activities and outcomes relevant to the product investment strategy and objectives; |
Or. en
Amendment 328
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 3 – point g a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ga) the percentage of the portfolio linked to the proportion of investments to meet a clear and measurable transition objective related to sustainability factors as referred to in point (a) of paragraph 1. |
Or. en
Amendment 329
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 4 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) the intended impact(s) in terms of specified environmental or social objectives, underpinned by a pre-set impact theory; and | (a) the intended impact(s) in terms of specified environmental or social objectives, underpinned by a pre-set impact theory of change and impact indicators that are consistent with this pre-set impact theory of change; and |
Or. en
Amendment 330
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) provisions to measure, manage, and report on the desired impact pursuant to point (a), including in terms of investments by the financial product and the contribution of investors in the financial product. | (b) provisions to measure, manage, and report on the desired impact pursuant to point (a), including in terms of investments by the financial product and how the contribution of investors in the financial product is ensured. |
Or. en
Amendment 331
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 4 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. The Commission shall issue practical guidance on the contents and criteria for credible transition plans, science-based targets and sustainability-related engagement strategy as referred to in paragraph 1 of this Article. The guidelines referred to in the first subparagraph shall be made available by [6 months before the date of application]. | |
| The guidelines referred to in this paragraph shall be made available in all the official languages of the Union. The Commission shall periodically review the guidelines and adapt them where appropriate. |
Or. en
Amendment 332
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 7 – paragraph 4 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. The Commission shall issue guidelines on the content of and criteria for the credible transition plans and sustainability-related engagement strategy referred to in paragraph 1. Those guidelines shall be made available by … [6 months before the date of application of this amending Regulation]. The guidelines shall be made available in all official languages of the Union. The Commission shall periodically review the guidelines and adapt them where appropriate. |
Or. en
Amendment 333
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8
| Text proposed by the Commission | Amendment |
|---|---|
| Article 8 | deleted |
Or. en
Justification
The few exclusions and lack of clear, sustainability-related objectives could potentially confuse and mislead customers, thereby undermining the categorisation system. If the category is to be retained, it should be renamed to ensure that customers identify it as the weakest of the three categories. One option would be to rename the category 'Wannabe Green'. Furthermore, it should include a sunset clause by 2030.
Amendment 334
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – title
| Text proposed by the Commission | Amendment |
|---|---|
| ESG basics category: criteria and disclosures | deleted |
Or. en
Justification
The few exclusions and lack of clear, sustainability-related objectives could potentially confuse and mislead customers, thereby undermining the categorisation system. If the category is to be retained, it should be renamed to ensure that customers identify it as the weakest of the three categories. One option would be to rename the category 'Wannabe Green'. Furthermore, it should include a sunset clause by 2030.
Amendment 335
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – title
| Text proposed by the Commission | Amendment |
|---|---|
| ESG basics category: criteria and disclosures | ESG risk exclusion category: criteria and disclosures |
Or. en
Amendment 336
Isabel Benjumea Benjumea
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – title
| Text proposed by the Commission | Amendment |
|---|---|
| ESG basics category: criteria and disclosures | Sustainable basics category: criteria and disclosures |
Or. es
Amendment 337
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – title
| Text proposed by the Commission | Amendment |
|---|---|
| ESG basics category: criteria and disclosures | ESG integration category: criteria and disclosures |
Or. en
Justification
Renaming the category from 'ESG Basics' to 'ESG Integration' replaces a commercially unviable and potentially derogatory label with the globally established industry standard term for this practice. This change ensures that the category accurately reflects the professional, systematic incorporation of sustainability risks into traditional financial analysis without creating unintended reputational disadvantages for product manufacturers.
Amendment 338
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Financial market participants shall not claim that their financial products, other than those referred to in Articles 7 and 9, integrate sustainability factors in their investment strategy beyond the consideration of sustainability risks, unless those financial products meet the following conditions: | deleted |
| (a) they have a 70% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); | |
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | |
| (i) in accordance with Articles 3 of Regulation (EU) 2023/2631; or | |
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. |
Or. en
Justification
This deletion is a consequence of the previous amendments proposing the deletion of Article 8 in its entirety.
Amendment 339
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Financial market participants shall not claim that their financial products, other than those referred to in Articles 7 and 9, integrate sustainability factors in their investment strategy beyond the consideration of sustainability risks, unless those financial products meet the following conditions: | 1. Financial market participants shall not claim that their financial products, other than those referred to in Articles 7 and 9, integrate sustainability factors in their investment strategy beyond the consideration and exclusion of sustainability risks, unless those financial products meet the following conditions: |
Or. en
Amendment 340
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); | (a) they have a 80% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using science-based sustainability-related indicator(s); |
Or. en
Amendment 341
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); | (a) they have a 50% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); |
Or. en
Justification
The 70% threshold is empirically undeliverable for diversified, multi-asset and insurance mandates given current data availability, reduced CSRD scope post-Omnibus, and the non-applicability of EU Taxonomy reporting to non-EU issuers. A 50% threshold, combined with mandatory disclosure of the non-qualifying portion and the category exclusions, provides sufficient market integrity without structurally barring credible ESG strategies from the categorisation system.
Amendment 342
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); | (a) they have a 80% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); |
Or. en
Amendment 343
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); | (a) they have a 80% threshold linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicator(s); |
Or. en
Amendment 344
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | deleted |
| (i) in accordance with Articles 3 of Regulation (EU) 2023/2631; or | |
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. |
Or. en
Justification
The proposed sectoral exclusions introduce rigid constraints that risk undermining the ability of EU financial markets to allocate capital efficiently across the economy. By excluding entire sectors irrespective of the performance or transition efforts of individual companies, the framework may reduce the attractiveness of EU financial products and weaken Europe’s global competitiveness.
Amendment 345
Stephen Nikola Bartulica
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | deleted |
| (i) in accordance with Articles 3 of Regulation (EU) 2023/2631; or | |
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. |
Or. en
Amendment 346
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | deleted |
| (i) in accordance with Articles 3 of Regulation (EU) 2023/2631; or | |
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. |
Or. en
Justification
Blanket sector exclusions are incompatible with a contribution-based framework. A product category defined by measurable progress towards sustainability objectives should assess companies on verified trajectory, not binary sector membership
Amendment 347
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by, or use of proceeds loan facilities extended to, companies: |
Or. en
Amendment 348
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies as referred to in Article 12(1), points (a), (b), (c) and (d), of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: | (b) they exclude investments in companies as referred to in Article 12(1), points (a) and (c) of Delegated Regulation (EU) 2020/1818, with the exception of investments in use of proceeds instruments issued by companies: |
Or. en
Amendment 349
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) in accordance with Articles 3 of Regulation (EU) 2023/2631; or | (i) in accordance with Articles 3 of Regulation (EU) 2023/2631, the ICMA Green Bond Principles or ICMA Social Bonds Principles; |
Or. en
Amendment 350
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. | deleted |
Or. en
Amendment 351
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c); of that Delegated Regulation. | (ii) where the proceeds do not fund any underlying activities excluded under Article 12(1), points (a), (b) and (d), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under point (ba) of this subparagraph. |
Or. en
Amendment 352
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b – point ii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iia) The investments referred to in point (a) of the first subparagraph may include investments in general purpose debt issuances by public sector entities where the financial products meet the following conditions: | |
| (a) the assessment of the integration of sustainability factors into such investments for the purposes of this paragraph shall be based on formalised and documented methodologies;and | |
| (b) it shall be ensured that such investments do not contradict the sustainability-related claims made by the product. |
Or. it
Amendment 353
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts including, where applicable, the exclusion of companies that cause, contribute to or are linked to principal adverse impacts and fail to prevent or mitigate those impacts, in accordance with delegated acts adopted pursuant to Article 19b. | |
| Financial market participants shall comply with the disclosure requirement described under the first subparagraph point (d) of this Article by using the mandatory principal adverse impact indicators in accordance with Article 19aa. They may also disclose other principal adverse impact indicators on a voluntary basis. |
Or. en
Amendment 354
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) they exclude investments in companies that: | |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Amendment 355
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) For the purposes of calculating the threshold referred to in the first subparagraph, point (a), investments in general-purpose issuances by public sector bodies, as well as assets held for treasury, hedging or liquidity management purposes, including cash, cash equivalents, money market funds and financial derivatives, shall be excluded from both the numerator and the denominator of the calculation. |
Or. en
Amendment 356
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) they exclude investments in companies involved in severe human rights and humanitarian law abuses which have not been effectively addressed and remediated in accordance with the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights |
Or. en
Amendment 357
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (bb) they exclude investments in companies that: | |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation; or | |
| (iii) are involved in any activities related to controversial weapons as identified by reference to international treaties and conventions, United Nations principles and, where applicable, national legislation. |
Or. en
Amendment 358
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (bb) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address prevent, mitigate or remediate those impacts, including, where applicable, the exclusion of companies that cause, contribute to or are linked to principal adverse impacts and fail to prevent or mitigate those impacts, in accordance with delegated acts adopted pursuant to Article 19b. |
Or. en
Amendment 359
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (bb) they exclude investments in companies that: | |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Amendment 360
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (bc) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts, including, where applicable, engagement with companies that cause, contribute to or are linked to principal adverse impacts, in accordance with delegated acts adopted pursuant to Article 19b.The mandatory sustainability-related indicators shall at least include indicators on the following: | |
| i) greenhouse gas emissions; | |
| ii) exposure to companies active in the fossil fuel sector; | |
| iii) exposure to companies that are involved in any activities related to controversial weapons; | |
| iv) exposure to activities negatively affecting biodiversity-sensitive areas; | |
| v) exposure to companies without processes and mechanisms to monitor compliance with the UNGPs and OECD Guidelines for Multinational Enterprises. |
Or. en
Amendment 361
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 – point b c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (bc) they are accompanied with a credible sustainability-related engagement strategy that includes measurable sustainability objectives, an implementation plan specifying clear targets and time-bound milestones, a sustainability-focused voting policy where applicable to the asset class, a clear and robust escalation framework for cases when the expected changes are not achieved, which may lead to divestment and the re-allocation of capital. The engagement strategy shall cover the full portfolio including all asset classes, except where meaningful engagement is not feasible for a particular asset or investment approach. Financial market participants may prioritise engagement activities based on the size and nature of investments, the portfolio composition and the asset alignment with the product's sustainability objective. |
Or. en
Amendment 362
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. For the purposes of calculating the threshold referred to in point (a) of paragraph 1, the denominator shall consist exclusively of the net investment portfolio of the financial product. Investments held for liquidity management purposes, investments constituting hedging instruments, and investments in general-purpose sovereign debt instruments issued by central governments or central banks shall be excluded from both the numerator and the denominator of that calculation. |
Or. en
Justification
The proposal is silent on the threshold denominator, creating a structural flaw at the heart of the categorisation system. Including mandatory liquidity holdings, hedging instruments and sovereign debt in the denominator while barring them from the numerator inflates the effective required ratio well beyond the stated threshold. The denominator must therefore be precisely defined in Level 1.
Amendment 363
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. Where a financial product categorised under this Article invests in one or more other financial products categorised under this Article, the calculation of the threshold referred to in point (a) shall take into account the percentage disclosed by those underlying financial products in accordance with point (fa) of paragraph 3. |
Or. en
Amendment 364
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. The requirements set out in the first subparagraph shall not include an obligation for financial products to identify, disclose or explain actions taken in relation to the principal adverse impacts of their investments on sustainability factors, unless such disclosure is otherwise required under this Regulation. |
Or. en
Amendment 365
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. Financial market participants shall complement the disclosure requirement described under the first subparagraph point (bc) by using adverse impact indicators which are material for the investment objective, in accordance with the delegated act adopted pursuant to Article 19b. |
Or. en
Amendment 366
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Investments by financial products as referred to in paragraph 1, first subparagraph, point (a), shall include any or a combination of the following: | deleted |
| (a) investments with an ESG rating as defined by Regulation 2024/3005 that outperforms the average rating of the investment universe or the reference benchmark; | |
| (b) investments that outperform the average investment universe or reference benchmark on a specific appropriate sustainability indicator; | |
| (c) investments that favour undertakings or economic activities with a proven positive track record in terms of processes, performance or outcomes related to sustainability factors; | |
| (d) a combination of investments pursuant to Article 7(2) or Article 9(2) of this Regulation and the investments referred to in points (a), (b) and (c) of this paragraph; | |
| (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3. |
Or. en
Justification
This deletion is a consequence of the previous amendments proposing the deletion of Article 8 in its entirety.
Amendment 367
Jaroslava Pokorná Jermanová, Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) investments with an ESG rating as defined by Regulation 2024/3005 that outperforms the average rating of the investment universe or the reference benchmark; |
Or. en
Amendment 368
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments that favour undertakings or economic activities with a proven positive track record in terms of processes, performance or outcomes related to sustainability factors; | deleted |
Or. en
Amendment 369
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point d a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (d a) the key assumptions of the methodology referred to in paragraph 1, second subparagraph, point (a); |
Or. it
Amendment 370
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 371
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 372
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3. | (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3, including investments in instruments issued by credible market standards on transition bond issuance. |
Or. en
Amendment 373
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided proper justification is included in the disclosures required pursuant to paragraph 3. | (e) other investments integrating sustainability factors beyond the consideration of sustainability risks, provided clear and concise justification is included in the disclosures required pursuant to paragraph 3. |
Or. en
Amendment 374
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) investments in general-purpose debt issuances by public sector bodies, assessed using available methodologies that are appropriate to assess whether those investments integrate sustainability factors for the purposes of this point, provided that: | |
| (i) the methodology is formalised and documented; | |
| (ii) the basis for the assessment and the key assumptions are disclosed in accordance with paragraph 3; and | |
| (iii) those investments do not contradict the sustainability-related objective or strategy of the financial product. |
Or. en
Amendment 375
Gerben-Jan Gerbrandy
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) investments in general-purpose sovereign, sub-sovereign and supranational debt issuances which can be deemed sustainable through the use of appropriate available methodologies; |
Or. en
Amendment 376
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. When selecting investments that outperform the investment universe or the reference benchmark based on several ESG ratings or sustainability indicators, the aggregated list of eligible investments should not exceed 60% of the investment universe assessed by the financial market participant. | |
| When selecting investments that outperform the reference benchmark based on an ESG rating or a specific sustainability indicator, the benchmark shall be representative of a sufficiently large market to prevent a concentration on economic activities that are not compatible with credible transition. | |
| Financial market participants shall ensure that investments selected pursuant to points (a) and (b) exclude at least the lowest-performing 30% of the investment universe or reference benchmark, based on the same ESG rating or sustainability indicator used for the selection of investments. |
Or. en
Amendment 377
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8, paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. ESG ratings referred to in point (a) should assess impacts or both risks and impacts according to the double materiality principle. When selecting investments that outperform the investment universe or the reference benchmark based on several ESG ratings or sustainability indicators, the aggregated list of eligible investments should not exceed 60% of the investment universe assessed by the financial market participant. | |
| When selecting investments that outperform the reference benchmark based on an ESG rating or a specific sustainability indicator, the benchmark shall be representative of a sufficiently large market to prevent a concentration on economic activities that are not compatible with credible transition. |
Or. en
Amendment 378
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. ESG ratings referred to in the first subparagraph, point (a) shall assess impacts or both risks and impacts according to the double materiality principle. | |
| When selecting investments that outperform the reference benchmark based on an ESG rating or a specific sustainability indicator, the benchmark shall be representative of a sufficiently large market to prevent a concentration on economic activities that are not compatible with credible transition. |
Or. en
Amendment 379
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. For the purpose of subparagraphs a and b of paragraph 2, the outperformance can be measured at the level of individual investments or at the portfolio level. |
Or. en
Justification
To allow for sufficient flexibility, ESG outperformance of the average investment universe or reference benchmark must not be measured exclusively at the level of individual investments, but can also be assessed at the portfolio level.
Amendment 380
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. For financial products as referred to in paragraph 1, financial market participants shall disclose the following information: | deleted |
| (a) a statement that the financial product meets the conditions of paragraph 1; | |
| (b) a description of the sustainability factors that the financial product integrates; | |
| (c) a description of: | |
| (i) the strategy of the financial product to comply with paragraph 1, first subparagraph, point (a); | |
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | |
| (iii) any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a), following the period necessary to implement the investment strategy, in line with information set out in pre-contractual disclosures. | |
| (d) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, first subparagraph, point (a), for measuring compliance with the strategy and progress toward the objective, together with information on actions to address any underperforming assets in terms of the objective and chosen indicator(s); | |
| (e) a statement that the financial product complies with paragraph 1, first subparagraph, point (b), and any additional exclusion of investments determined by the financial market participant for the financial product; | |
| (f) data sources used to inform points (b) to (e). | |
| The information referred to in the first subparagraph shall be disclosed in the manner laid down in Article 6(3). |
Or. en
Justification
This deletion is a consequence of the previous amendments proposing the deletion of Article 8 in its entirety.
Amendment 381
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) a description of the sustainability factors that the financial product integrates; | (b) a description of the sustainability factors and risk exclusions that the financial product integrates; |
Or. en
Amendment 382
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point c – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | deleted |
Or. en
Amendment 383
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point c – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | (ii) the applicable choice of investments referred to in paragraph 2; |
Or. en
Justification
Specification of the relative share of applicable investments does not entail added value for (retail) investors and cannot be predicted with any degree of uncertainty in light of market fluctuations.
Amendment 384
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point da (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (da) the proportion of the financial product’s investments in taxonomy aligned economic activities as defined in Article 1, point (2), of Commission Delegated Regulation (EU) 2021/2178. |
Or. en
Amendment 385
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) a description of the sustainability-related engagement strategy pursued by the financial market participant, including how that strategy has been implemented in alignment with the sustainability-related objectives of the financial product, or a clear and reasoned explanation of why it does not pursue such a strategy; |
Or. en
Amendment 386
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point f a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (fa) a description of the implementation of the sustainability-related engagement strategy, including the proportion of portfolio covered by the engagement activities, methodologies and rationale for prioritisation of activities, and outcomes relevant to the product investment strategy and objectives; |
Or. en
Amendment 387
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – point f a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (fa) the percentage of the portfolio linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product as referred to in point (a) of paragraph 1. |
Or. en
Amendment 388
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – subparagraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants that have taken all reasonable measures within their control to comply with the aforementioned requirements shall not be deemed to be in breach of them. A breach of those requirements that is of limited duration and is disclosed to their investors in a transparent manner shall not be considered a breach of the applicable requirement. |
Or. es
Amendment 389
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – subparagraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. This Article shall apply for a transitional period ending on [4 years after the date of application of this Regulation]. After that date, no financial product shall be newly categorised pursuant to this Article. Financial products categorised pursuant to this Article before the end of the transitional period may continue to use that categorisation for a maximum period of 12 months after that date, provided that they continue to comply with the requirements laid down in this Article. |
Or. en
Amendment 390
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 8 – paragraph 3 – subparagraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. From 1 January 2033, for the purposes of this Regulation, financial market participants shall no longer make use of paragraphs 1 to 3 of this Article. |
Or. en
Amendment 391
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; | (a) they have a 80% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using harmonised and science-based sustainability-related indicators, covering the whole life cycle; |
Or. en
Amendment 392
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; | (a) they have a 100% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; |
Or. en
Amendment 393
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; | (a) they have a 50% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; |
Or. en
Justification
The 70% threshold is empirically undeliverable for diversified, multi-asset and insurance mandates given current data availability, reduced CSRD scope post-Omnibus, and the non-applicability of EU Taxonomy reporting to non-EU issuers. A 50% threshold, combined with mandatory disclosure of the non-qualifying portion and the category exclusions, provides sufficient market integrity without structurally barring credible ESG strategies from the categorisation system.
Amendment 394
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; | (a) they have a 85% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; |
Or. en
Amendment 395
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) they have a 70% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; | (a) they have a 80% threshold linked to the proportion of investments to meet a clear and measurable objective related to sustainability factors, including environmental and social objectives, in accordance with the binding elements of the investment strategy of the financial product, measured using appropriate sustainability-related indicators; |
Or. en
Amendment 396
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818; | deleted |
Or. en
Justification
The proposed sectoral exclusions introduce rigid constraints that risk undermining the ability of EU financial markets to allocate capital efficiently across the economy. By excluding entire sectors irrespective of the performance or transition efforts of individual companies, the framework may reduce the attractiveness of EU financial products and weaken Europe’s global competitiveness.
Amendment 397
Stephen Nikola Bartulica
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818; | deleted |
Or. en
Amendment 398
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818; | (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818 and in companies involved in any activities related to weapons; |
Or. en
Amendment 399
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818; | (b) they exclude investments in companies referred to in Article 12(1), points (a), (b), (d), (e), (f), (g) of Delegated Regulation (EU) 2020/1818; |
Or. en
Amendment 400
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818; | (b) they exclude investments in companies referred to in Article 12(1) of Delegated Regulation (EU) 2020/1818 except points (b) and (d); |
Or. en
Amendment 401
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | deleted |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. es
Amendment 402
Stephen Nikola Bartulica
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | deleted |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Amendment 403
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | deleted |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Justification
The proposed sectoral exclusions introduce rigid constraints that risk undermining the ability of EU financial markets to allocate capital efficiently across the economy. By excluding entire sectors irrespective of the performance or transition efforts of individual companies, the framework may reduce the attractiveness of EU financial products and weaken Europe’s global competitiveness.
Amendment 404
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | deleted |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Amendment 405
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | deleted |
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | |
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Justification
The proposed fossil fuel projects ban adds a redundant exclusion layer on top of the PAB floor already retained for the Sustainable category. The PAB exclusion set is the appropriate ceiling for the top-tier label; a parallel ban generates legal uncertainty without adding integrity to the categorisation system.
Amendment 406
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| (c) they exclude investments in companies that: | (c) they exclude investments in companies that are involved in any activities related to: |
Or. en
Amendment 407
Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fossil fuels; or |
Or. en
Amendment 408
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | (i) the exploration, mining, extraction, distribution, refining or exploitation of hard coal and lignite, oil fuels or gaseous fuels; or |
Or. en
Amendment 409
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) develop new projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or | (i) develop projects for the exploration, extraction, distribution or refining of hard coal and lignite, oil fuels or gaseous fuels; or |
Or. en
Amendment 410
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) develop new projects for, or do not have a plan to phase-out from, the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. | (ii) develop projects for the exploration, mining, extraction, distribution, refining or exploitation of hard coal or lignite for power generation. |
Or. en
Amendment 411
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point ii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iia) are involved in severe human rights and humanitarian law abuses which have not been effectively addressed and remediated in accordance with the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights. |
Or. en
Amendment 412
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point ii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iia) derive 5% or more of their revenues from the exploration, extraction, distribution or refining of oil fuels; |
Or. en
Amendment 413
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point iia (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iia) the generation or distribution of nuclear energy. |
Or. en
Amendment 414
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point ii b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iib) derive 10 % or more of their revenues from the exploration, extraction, manufacturing or distribution of gaseous fuels; |
Or. en
Amendment 415
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point iic (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iic) derive 20 % or more of their revenues from electricity generation with a GHG intensity of more than 100 g CO2 e/kWh. |
Or. en
Amendment 416
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point c – point ii d (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iid) are involved in any activities related to controversial weapons as identified by reference to international treaties and conventions, United Nations principles and, where applicable, national legislation. |
Or. en
Amendment 417
Jaroslava Pokorná Jermanová, Jaroslav Knot, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | deleted |
Or. en
Amendment 418
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts including, where applicable, the exclusion of companies that cause, contribute to or are linked to principal adverse impacts and fail to prevent or mitigate those impacts, in accordance with delegated acts adopted pursuant to Article 19b. |
| Financial market participants shall comply with the disclosure requirement described under the first subparagraph point (d) of this Article by using the mandatory principal adverse impact indicators in accordance with Article 19aa. They may also disclose other principal adverse impact indicators on a voluntary basis. |
Or. en
Amendment 419
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts, including, where applicable, the exclusion of companies that cause, contribute to or are linked to principal adverse impacts and fail to prevent or mitigate those impacts, in accordance with delegated acts adopted pursuant to Article 19b. |
Or. en
Amendment 420
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts, including, where applicable, the exclusion of companies that cause, contribute to or are linked to principal adverse impacts and fail to prevent or mitigate those impacts. |
Or. en
Amendment 421
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, to the extent that data is accessible taking into account the reporting obligations of investee companies and explain any actions taken to address those impacts. |
Or. en
Amendment 422
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors, and explain any actions taken to address those impacts. | (d) they identify and disclose the principal adverse impacts of their investments on sustainability factors taking into account the severity of the impact, and explain any actions taken to address those impacts, including engagement, voting and escalation strategies. |
Or. en
Amendment 423
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 1 – point d a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (da) they are accompanied with a credible sustainability-related engagement strategy that includes measurable sustainability objectives, an implementation plan specifying clear targets and time-bound milestones, a sustainability-focused voting policy if applicable to the asset class, a clear and robust escalation framework for cases when the expected changes are not achieved, which may lead to divestment and the re-allocation of capital. The engagement strategy shall cover the full portfolio including all asset classes, except where meaningful engagement is not feasible for a particular asset or investment approach. Financial market participants may prioritise engagement activities based on the size and nature of investments, the portfolio composition and the asset alignment with the product's sustainability objective. |
Or. en
Amendment 424
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of calculating the threshold referred to in point (a) of paragraph 1, the denominator shall consist exclusively of the net investment portfolio of the financial product. Investments held for liquidity management purposes, investments constituting hedging instruments, and investments in general-purpose sovereign debt instruments issued by central governments or central banks shall be excluded from both the numerator and the denominator of that calculation. |
Or. en
Justification
The proposal is silent on the threshold denominator, creating a structural flaw at the heart of the categorisation system. Including mandatory liquidity holdings, hedging instruments and sovereign debt in the denominator while barring them from the numerator inflates the effective required ratio well beyond the stated threshold. The denominator must therefore be precisely defined in Level 1.
Amendment 425
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Financial markets participants shall ensure that those financial products do not significantly harm other environmental or social objectives, in accordance with the provisions of the delegated act adopted pursuant to Article 19b of this Regulation. |
Or. en
Amendment 426
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may choose to comply in full or in part with the disclosure requirement described under the first subparagraph point (d) by using appropriate sustainability related indicators. | Financial market participants shall comply with the disclosure requirement described under the first subparagraph point (d) by using the mandatory sustainability-related indicators in accordance with the delegated act adopted pursuant to Article 19b. The mandatory sustainability-related indicators shall at least include indicators on the following: |
| i) greenhouse gas emissions; | |
| ii) exposure to companies active in the fossil fuel sector; | |
| iii) exposure to companies that are involved in any activities related to controversial weapons iv) exposure to activities negatively affecting biodiversity-sensitive areas; | |
| v) exposure to companies without processes and mechanisms to monitor compliance with the UNGPs and OECD Guidelines for Multinational Enterprises. |
Or. en
Amendment 427
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may choose to comply in full or in part with the disclosure requirement described under the first subparagraph point (d) by using appropriate sustainability related indicators. | Financial market participants may comply with the disclosure requirement referred to in the first subparagraph, point (d), by using, in full or in part, appropriate sustainability-related indicators, including indicators established in accordance with the delegated act adopted pursuant to Article 19b, or by using another transparent methodology that is appropriate to the investment strategy of the financial product and enables investors to understand the principal adverse impacts of the financial product’s investments on sustainability related indicators. |
Or. en
Amendment 428
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may choose to comply in full or in part with the disclosure requirement described under the first subparagraph point (d) by using appropriate sustainability related indicators. | Financial market participants may choose to comply in full or in part with the disclosure requirement described under the first subparagraph point (d) by using science-based sustainability related indicators. |
Or. en
Amendment 429
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may choose to comply in full or in part with the disclosure requirement described under the first subparagraph point (d) by using appropriate sustainability related indicators. | Financial market participants must comply with the disclosure requirement described in the first point of subparagraph (d) using appropriate sustainability-related indicators. |
Or. it
Amendment 430
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of point (d) of the first subparagraph, financial market participants shall use at least one indicator among those listed in the delegated act to be adopted by the Commission referred to in Article 19b(b)(a)(i) that is more relevant to the transition objective or objectives of the financial product. Where financial market participants demonstrate that none of those indicators is relevant to the financial product, they may use alternative sustainability-related indicators. |
Or. it
Amendment 431
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants that have taken all reasonable measures within their control to comply with the aforementioned requirements shall not be deemed to be in breach of them. A breach of those requirements that is of limited duration and is disclosed to their investors in a transparent manner shall not be considered a breach of the applicable requirement. |
Or. es
Amendment 432
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 2 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall complement the disclosure requirement described under the first subparagraph point (d) by using adverse impact indicators which are material for the investment objective, in accordance with the delegated act adopted pursuant to Article 19b. |
Or. en
Amendment 433
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. | deleted |
Or. en
Amendment 434
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. | deleted |
Or. en
Amendment 435
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. | The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to, or pursue an active strategy using as a reference benchmark, an EU climate transition benchmark that complies with the requirements laid down in Section 2 of Delegated Regulation (EU) 2020/1818, or an EU Paris-aligned Benchmark that complies with the requirements laid down in Section 3 of Chapter II of that Delegated Regulation. |
Or. it
Amendment 436
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. | The conditions referred to in the first subparagraph, point (a), shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. |
Or. en
Amendment 437
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions referred to in the first subparagraph shall be considered met for financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818. | Financial products that replicate or are managed in reference to an EU Paris-aligned benchmark that complies with the requirements laid down in Section 3 of Delegated Regulation (EU) 2020/1818 shall be considered to meet the conditions referred to in the first subparagraph. |
Or. en
Amendment 438
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | deleted |
Or. en
Amendment 439
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | deleted |
Or. en
Amendment 440
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 25%. |
Or. en
Amendment 441
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 10%. |
Or. en
Amendment 442
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 10%. |
Or. en
Justification
Market data shows the overwhelming majority of European funds report Taxonomy alignment below 10%. Given a reduced CSRD scope and a lack of data for non-EU issuers, a 10% threshold is already ambitious.
Amendment 443
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 15%. | The conditions described under the first subparagraph, point (a) shall be considered met for financial products with a proportion of investments in taxonomy-aligned economic activities, as defined in Article 1, point (2), of Delegated Regulation (EU) 2021/2178, equal or higher than 5%. |
Or. en
Amendment 444
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 4 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For financial products categorised under this Article that invest in other financial products categorised under this Article, the calculation of the threshold referred to in point (a) shall take into account the percentage disclosed by those underlying financial products in accordance with point (ga) of paragraph 3. |
Or. en
Amendment 445
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; | |
| (b) where the proceeds do not fund: | |
| (i) any underlying activities excluded under Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or in the first subparagraph, point (c); or | |
| (ii) companies excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. |
Or. it
Amendment 446
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies: | deleted |
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; | |
| (b) where the proceeds do not fund: | |
| (i) any underlying activities excluded under Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or in the first subparagraph, point (c); or | |
| (ii) companies excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. |
Or. en
Justification
Restricting sovereign eligibility to use-of-proceeds instruments creates a two-tier sovereign market, structurally disadvantages insurance and pension products holding mainstream sovereign debt, and conflicts with the Transition category's purpose of directing capital to credible decarbonisation pathways.
Amendment 447
Christophe Gomart
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies: | The financial products referred to in the first subparagraph, point (a), can include investments in issuances by public sector bodies, provided that appropriate methodologies are used to assess the contribution to the sustainable objective. The following use of proceeds instruments issued by public sector bodies should be included in the numerator: |
Or. en
Amendment 448
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies: | The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued or loan facilities provided by public sector bodies: |
Or. en
Amendment 449
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The financial products referred to in the first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies: | The first subparagraph, point (a), shall not include investments in issuances by public sector bodies, with the exception of use of proceeds instruments issued by public sector bodies in accordance with Article 3 of Regulation (EU) 2023/2631; |
Or. en
Amendment 450
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; | (a) in accordance with Article 3 of Regulation (EU) 2023/2631, ICMA Green Bond Principles or ICMA Social Bonds Principles; |
Or. en
Amendment 451
Gerben-Jan Gerbrandy
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; | (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or |
Or. en
Amendment 452
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund: | deleted |
| (i) any underlying activities excluded under Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or in the first subparagraph, point (c); or | |
| (ii) companies excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. |
Or. en
Amendment 453
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) companies excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. | (ii) companies excluded under the first subparagraph, point (c) (iia). |
Or. en
Amendment 454
Christophe Gomart
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 5 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) The first subparagraph, point (b) should not apply to investments in sovereigns, sub-sovereigns and supra-nationals. |
Or. en
Amendment 455
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, points (b) and (c), shall not apply to investments in use of proceeds instruments issued by companies: | The first subparagraph, points (b) and (c), shall not apply to investments in use of proceeds instruments issued by, or loan facilities extended to, companies: |
Or. en
Amendment 456
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph, points (b) and (c), shall not apply to investments in use of proceeds instruments issued by companies: | The first subparagraph, point (b), shall not apply to investments in use of proceeds instruments issued by companies: |
Or. it
Amendment 457
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) in accordance with Article 3 of Regulation (EU) 2023/2631; or | (a) in accordance with Article 3 of Regulation (EU) 2023/2631, ICMA Green Bond Principles or ICMA Social Bonds Principles; |
Or. en
Amendment 458
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or the first paragraph, point (c), provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. | deleted |
Or. en
Amendment 459
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or the first paragraph, point (c), provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. | (b) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or the first paragraph, point (c), provided that the company is not excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. |
Or. en
Amendment 460
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) where the proceeds do not fund any underlying activities as referred to in Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818 or the first paragraph, point (c), provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point (c), of Delegated Regulation (EU) 2020/1818. | (b) where the proceeds do not fund any underlying activity as referred to in Article 12(1), points (a) and (b), and (d) to (g), of Delegated Regulation (EU) 2020/1818, provided that the issuer of the use of proceeds instruments is not excluded under Article 12(1), point(c), of Delegated Regulation (EU) 2020/1818. |
Or. it
Amendment 461
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 1 – subparagraph 6 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of calculating the threshold referred to in the first subparagraph, point (a), investments in general-purpose issuances by public sector bodies, as well as assets held for treasury, hedging or liquidity management purposes, including cash, cash equivalents, money market funds and financial derivatives, shall be excluded from both the numerator and the denominator of the calculation. |
Or. en
Amendment 462
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) investments in portfolios replicating or managed in reference to an EU Paris-aligned benchmark; | (a) investments in portfolios replicating, managed in reference to, or pursuing an active strategy using as a reference benchmark, an EU Paris-aligned benchmark; |
Or. it
Amendment 463
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) investments in instruments issued in accordance with Articles 3 of Regulation (EU) 2023/2631; | (c) investments in instruments issued in accordance with Articles 3 of Regulation (EU) 2023/2631 or any other credible market standards on green bond issuance; |
Or. en
Amendment 464
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) investments, including co-investments, that finance the same undertaking, project or portfolio identified in financing and investment operations benefiting from a Union budgetary guarantee or financial instruments under Union programmes pursuing environmental or social objectives; | (d) investments, including co-investments, that finance the same undertaking, project or portfolio identified in financing and investment operations benefiting from a Union budgetary guarantee or financial instruments under Union programmes pursuing environmental or social objectives, in compliance with the Do no significant harm evaluation; |
Or. en
Amendment 465
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point g
| Text proposed by the Commission | Amendment |
|---|---|
| (g) other investments in undertakings, economic activities, or assets that contribute to an environmental objective or a social objective, provided that a proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 466
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point g
| Text proposed by the Commission | Amendment |
|---|---|
| (g) other investments in undertakings, economic activities, or assets that contribute to an environmental objective or a social objective, provided that a proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 467
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point g
| Text proposed by the Commission | Amendment |
|---|---|
| (g) other investments in undertakings, economic activities, or assets that contribute to an environmental objective or a social objective, provided that a proper justification is included in the disclosures required pursuant to paragraph 3. | deleted |
Or. en
Amendment 468
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point g a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ga) investments in undertakings, economic activities or assets, that avoid and at the same time address negative social impacts on workers, communities, and consumers relevant to high-risk sectors; |
Or. en
Amendment 469
Martin Günther
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 2 – point g a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (gb) investments in undertakings, economic activities or assets, that enhance the availability, accessibility and quality of social goods and services. |
Or. en
Amendment 470
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point c – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | deleted |
Or. en
Amendment 471
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point c – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the applicable choice and relative share of investments referred to in paragraph 2; | (ii) the applicable choice of investments referred to in paragraph 2; |
Or. en
Justification
Specification of the relative share of applicable investments does not entail added value for (retail) investors.
Amendment 472
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point c – point iii
| Text proposed by the Commission | Amendment |
|---|---|
| (iii) any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, point (a), following the period necessary to implement the investment strategy, in line with information set out in pre-contractual disclosures. | (iii) applicable phase-in period of at maximum two years for the product to reach the threshold referred to in paragraph 1, point (a), following the period necessary to implement the investment strategy, in line with information set out in pre-contractual disclosures. |
Or. en
Amendment 473
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where the product pursues an environmental objective, a statement on whether, and the extent to which, the financial market participant meets the requirement referred to in paragraph 1 point (a) by investing in accordance with paragraph 2 point (b); | (d) where the product pursues an environmental objective, a statement on the extent to which, the financial market participant meets the requirement referred to in paragraph 1 point (a) by investing in accordance with paragraph 2 point (b) as a percentage of all investments for the financial product; |
Or. en
Amendment 474
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where the product pursues an environmental objective, a statement on whether, and the extent to which, the financial market participant meets the requirement referred to in paragraph 1 point (a) by investing in accordance with paragraph 2 point (b); | (d) where the product pursues an environmental objective, a statement on the extent to which, the financial market participant meets the requirement referred to in paragraph 1 point (a) by investing in accordance with paragraph 2 point (b); |
Or. en
Amendment 475
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point e
| Text proposed by the Commission | Amendment |
|---|---|
| (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, point (a), for measuring compliance with the strategy and progress toward the objective, together with information on actions to address any underperforming assets in terms of the objective and chosen indicator(s); | (e) the sustainability-related indicator(s) used by the financial market participant referred to in paragraph 1, point (a), for measuring compliance with the strategy and progress toward the objective, together with information and a credible plan on actions to address any underperforming assets in terms of the objective and chosen indicator(s); |
Or. en
Amendment 476
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) a description of the sustainability-related engagement strategy pursued by the financial market participant, including how that strategy has been implemented in alignment with the sustainability-related objectives of the financial product; |
Or. en
Amendment 477
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point g a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ga) a description of the implementation of the sustainability-related engagement strategy, including the proportion of portfolio covered by the engagement activities, methodologies and rationale for prioritisation of activities, and outcomes relevant to the product investment strategy and objectives; |
Or. en
Amendment 478
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 3 – point g a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ga) the percentage of the portfolio linked to the proportion of investments integrating the sustainability factors in accordance with the binding elements of the investment strategy of the financial product as referred to in point (a) of paragraph 1; |
Or. en
Amendment 479
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 4 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) the intended impact(s) in terms of specified environmental or social objectives, underpinned by a pre-set impact theory; and | (a) the intended impact(s) in terms of specified environmental or social objectives, underpinned by a pre-set and science-based impact theory; and |
Or. en
Amendment 480
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2019/2088
Article 9 – paragraph 4 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) provisions to measure, manage and report on the desired impact pursuant to point (a), including in terms of investments by the financial product and the contribution of investors in the financial product. | (b) terms of investment of the financial product and the contribution of investors to the financial product. |
Or. it
Amendment 481
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – title
| Text proposed by the Commission | Amendment |
|---|---|
| Financial products that claim that they combine financial products that are categorised as sustainability-related products | Financial products that claim that they are constituted of financial products that are categorised as sustainability-related products |
Or. en
Amendment 482
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 1 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 70% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). | Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 70% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). |
| For the purposes of the first subparagraph, financial products that offer investment options to the investor within the meaning of Regulation (EU) No 1286/2014 shall be eligible to claim a category in accordance with Articles 7, 8 or 9 provided that at least the proportion of investment options required under the applicable threshold in the claimed category qualifies as categorised financial products in accordance with that Article or otherwise meets the requirements thereof. |
Or. en
Justification
Article 9a does not expressly address multi-option products as defined under the PRIIPs Regulation. Without explicit clarification, insurance-based investment products offering a range of underlying fund options cannot reliably access the categorisation regime. This amendment confirms MOP eligibility and ensures the applicable threshold tracks the claimed category, avoiding inconsistency if thresholds are amended.
Amendment 483
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 1 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 70% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). | Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 80% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). |
Or. en
Amendment 484
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 1 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 70% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). | Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 80% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). |
Or. en
Amendment 485
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 1 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 70% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). | Financial products that claim that they combine financial products that are categorised as sustainability-related financial products shall be deemed to be compliant with the requirements of Articles 7, 8 or 9 if they meet the 80% threshold of investments referred to in paragraph 1 point (a) of those Articles by way of investments in categorised products or other investments that meet the requirements of Articles 7, 8 or 9, and comply with the exclusions in Articles 7(1), 8(1) or 9(1). |
Or. en
Amendment 486
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of assessing eligibility for a category as referred to in Articles 7 to 9, financial market participants may rely on the information disclosed in relation to their investments in, or exposure to, financial products categorised in accordance with those Articles. | For the purposes of assessing eligibility for a category as referred to in Articles 7 to 9, financial market participants may rely on the information disclosed in relation to their investments in, or exposure to, financial products categorised in accordance with those Articles. Where the applicable threshold is met by reference to investments in categorised financial products, financial market participants shall not be required to look through to the individual underlying assets of those products. |
Or. en
Justification
The Commission text permits reliance on disclosed categorisation information but does not preclude supervisory expectations of look-through. For insurance wrappers and funds of funds, look-through to individual holdings within underlying funds would be operationally disproportionate. This amendment makes explicit that fund-level categorisation information is sufficient to satisfy the threshold requirement, irrespective of the threshold figure applicable to the claimed category.
Amendment 487
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. For non-categorised financial products that claim that they invest in, are exposed to or are constituted of two or more underlying financial products as referred to in Articles 7, 8 and 9, the information to be disclosed pursuant to Article 6(3) shall include: | deleted |
| (a) the composition of the financial product in terms of the relative share of the underlying financial products referred to in Articles 7, 8 and 9; | |
| (b) the share of the financial product to which point (a) does not apply; | |
| (c) the objective, strategy and applicability of any exclusions applicable to the share of the product referred to in point (b) of this subparagraph. | |
| For the purposes of the first subparagraph, financial market participants may rely on the information referred to in Article 7(3), Article 8(3) and Article 9(3). |
Or. en
Amendment 488
Stéphanie Yon-Courtin, Pascal Canfin
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| For non-categorised financial products that claim that they invest in, are exposed to or are constituted of two or more underlying financial products as referred to in Articles 7, 8 and 9, the information to be disclosed pursuant to Article 6(3) shall include: | For non-categorised financial products that are multi-option products where the consumer has a choice between a selection of investment funds or pre-defined investment strategies or model portfolio, and which claim that they invest in, are exposed to or are constituted of two or more underlying financial products as referred to in Articles 7, 8 and 9, the information to be disclosed pursuant to Article 6(3) shall include: |
Or. en
Amendment 489
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| For non-categorised financial products that claim that they invest in, are exposed to or are constituted of two or more underlying financial products as referred to in Articles 7, 8 and 9, the information to be disclosed pursuant to Article 6(3) shall include: | For non-categorised financial products or investment firms offering portfolio management services or investment advice that claim that they invest in, are exposed to or are constituted of one or more underlying financial products as referred to in Articles 7, 8 and 9, the information to be disclosed pursuant to Article 6(3) shall include: |
Or. en
Amendment 490
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) the composition of the financial product in terms of the relative share of the underlying financial products referred to in Articles 7, 8 and 9; | (a) the composition of the financial product or portfolio management service in terms of the relative share of the underlying financial products referred to in Articles 7, 8 and 9; |
Or. en
Amendment 491
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the share of the financial product to which point (a) does not apply; | (b) the share of the financial product or portfolio management service to which point (a) does not apply; |
Or. en
Amendment 492
Stéphanie Yon-Courtin, Pascal Canfin
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) a list of the investment options available on the multi-option product, including the indication of their relevant category or non-categorisation where applicable; |
Or. en
Amendment 493
Stéphanie Yon-Courtin, Pascal Canfin
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 – point c b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (cb) for each investment option that is a sustainability-related financial product or a sustainability-related financial product with impact, or other investments that meet the requirements of Articles 7(2), 8(2) or 9(2), the information referred to in Article 7(3), Article 8(3), Article 9(3) and Article 7(4) where applicable; |
Or. en
Amendment 494
Stéphanie Yon-Courtin, Pascal Canfin
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from subparagraph (e), where the information about those investment options cannot be provided in annexes to the document or information referred to in Article 6(3) in a clear and concise manner due to the number of annexes required, financial market participants may provide the information by including in the main body of the document or information referred to in Article 6(3) references to the annexes to the disclosures required by the directives, regulations and national provisions referred to in that paragraph where that information can be found. |
Or. en
Amendment 495
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where financial market participants are provided with portfolio management services by entities authorised therefor in accordance with either Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU or Directive (EU) 2016/2341, they may rely on the information provided by those entities.; | 3. Where financial market participants or individual investors receive portfolio management services from entities authorised for that purpose under Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU or Directive (EU) 2016/2341, they may instruct those entities to invest in accordance with the criteria for categorised financial products set out in this Regulation and they may rely on the information provided in accordance with this Regulation. |
Or. it
Amendment 496
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/2088
Article 9a – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where financial market participants are provided with portfolio management services by entities authorised therefor in accordance with either Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU or Directive (EU) 2016/2341, they may rely on the information provided by those entities.; | 3. Where financial market participants or individuals are provided with portfolio management services by entities authorised therefor in accordance with either Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/65/EU or Directive (EU) 2016/2341, they may mandate such entities to invest in accordance with the criteria for categorised financial products as envisaged in this Regulation and they may rely on the information provided in line with this Regulation.; |
Or. en
Amendment 497
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) 2019/2088
Article 9a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (9a) Article 9aa | |
| Principal adverse impacts, where applicable, financial market participants shall identify and disclose the principal adverse impacts of their investments on sustainability factors and explain the actions taken to address those impacts. Such actions may include, where applicable, the exclusion of companies that cause, contribute to, or are directly linked to principal adverse impacts and that fail to prevent, mitigate or remediate those impacts, in accordance with delegated acts adopted pursuant to Article 19b and 19c. | |
| The principal adverse impact indicators related to investee companies deemed material for the purposes of this Article shall include at least the following: | |
| 1. Total greenhouse gas emissions, expressed in tonnes; | |
| 2. Carbon footprint, expressed in tonnes per million EUR invested; | |
| 3. Greenhouse gas intensity, expressed in tonnes per million EUR of revenue; | |
| 4. Exposure to the fossil fuel sector; | |
| 5. Share of non-renewable energy consumption and production; | |
| 6. Energy consumption intensity per high-impact climate sector, expressed in GWh per million EUR of revenue; | |
| 7. Activities negatively affecting biodiversity-sensitive areas; | |
| 8. Emissions to water, expressed in tonnes per million EUR invested; | |
| 9. Hazardous waste and radioactive waste ratio, expressed in tonnes per million EUR invested; | |
| 10. Lack of due diligence processes to identify, prevent, mitigate and address adverse human rights impacts; | |
| 11. Lack of grievance or complaints-handling mechanisms for affected persons; | |
| 12. Unadjusted gender pay gap; | |
| 13. Average percentage of employees earning less than an adequate wage. | |
| Financial market participants may disclose additional principal adverse impact indicators on a voluntary basis. |
Or. en
Amendment 498
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) 2019/2088
Article 10 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Funds reserved exclusively for professional investors shall not be required to disclose this information |
Or. es
Amendment 499
Christophe Gomart, François-Xavier Bellamy
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – title
| Text proposed by the Commission | Amendment |
|---|---|
| Data and estimates | Sustainability-related data and estimates |
Or. en
Amendment 500
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – title
| Text proposed by the Commission | Amendment |
|---|---|
| Data and estimates | Sustainability-related data and estimates |
Or. en
Amendment 501
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) the use of data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements; | (i) the use of data provided by external data providers, including estimates, other than open source or research freely available to the public, is based on formalised and documented arrangements; is governed by contractual agreements with Data Product Service Providers. The data is supplied with a transparent methodology; |
Or. en
Amendment 502
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) the use of data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements; | (i) the use of sustainability-related data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements with these data providers, which shall make available to financial market participants, upon request, the methodology of estimates; |
Or. en
Amendment 503
Christophe Gomart, François-Xavier Bellamy
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) the use of data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements; | (i) the use of sustainability-related data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements with these data providers, which shall make available to financial market participants, upon request, the methodology of estimates; |
Or. en
Amendment 504
Pascal Canfin, Stéphanie Yon-Courtin
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) the use of data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements; | (i) the use of data provided by external data providers, other than open source or research freely available to the public, is based on formalised and documented arrangements with these data providers, which shall make available to financial market participants the methodologies used for estimates; |
Or. en
Amendment 505
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| (b) shall provide clients upon request with: | (b) shall provide competent authorities upon request with: |
Or. en
Amendment 506
Christophe Gomart, François-Xavier Bellamy
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| (b) shall provide clients upon request with: | (b) shall provide competent authorities upon request with: |
Or. en
Amendment 507
Jaroslava Pokorná Jermanová, Jaroslav Knot, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2020/1818
Article 12a – paragraph 1 – point b – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) information regarding sustainability-related financial products other than the information disclosed in accordance with Article 7(3) and (4), Article 8(3), Article 9(3) and (4), and Article 11; | deleted |
Or. en
Amendment 508
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) information regarding sustainability-related financial products other than the information disclosed in accordance with Article 7(3) and (4), Article 8(3), Article 9(3) and (4), and Article 11; | deleted |
Or. en
Amendment 509
Christophe Gomart, François-Xavier Bellamy
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) information regarding sustainability-related financial products other than the information disclosed in accordance with Article 7(3) and (4), Article 8(3), Article 9(3) and (4), and Article 11; | deleted |
Or. en
Amendment 510
Christophe Gomart, François-Xavier Bellamy
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where data or estimates are sourced from data providers, the name, contact details and, where applicable and available, the methodology used by data providers; | (ii) where data or estimates are sourced from data providers, the name, contact details and the methodology used and made available by data providers; |
Or. en
Amendment 511
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where data or estimates are sourced from data providers, the name, contact details and, where applicable and available, the methodology used by data providers; | (ii) where data or estimates are sourced from data providers, the name, contact details and the methodology used by data providers; |
Or. en
Amendment 512
Katri Kulmuni
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where data or estimates are sourced from data providers, the name, contact details and, where applicable and available, the methodology used by data providers; | (ii) where data or estimates are sourced from data providers, the name, contact details and, the methodology used by data providers; |
Or. en
Amendment 513
Pascal Canfin, Stéphanie Yon-Courtin
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) where data or estimates are sourced from data providers, the name, contact details and, where applicable and available, the methodology used by data providers; | (ii) where data or estimates are sourced from data providers, the name, contact details and the methodology used and made available by data providers; |
Or. en
Amendment 514
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point b – point iii
| Text proposed by the Commission | Amendment |
|---|---|
| (iii) the methodology, the main assumptions and the precautionary principles regarding the treatment of missing datapoints underlying estimations where those are not based on data provided by external data providers.; | (iii) a high-level overview of the methodology, the main assumptions and the precautionary principles regarding the treatment of missing datapoints underlying estimations where those are not based on data provided by external data providers.; |
Or. en
Justification
The proposed amendment ensures proportionality in client-facing disclosure obligations. Full methodological disclosure of in-house estimates is open-ended, potentially running to extensive technical documentation of limited value to end-investors. A high-level overview preserves meaningful transparency while preventing disproportionate compliance burdens on financial market participants.
Amendment 515
Jaroslava Pokorná Jermanová, Jaroslav Knot, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iiia) shall not be required to disclose information referred to in point (b) to the extent that such disclosure would infringe applicable provisions protecting trade secrets or other confidential business information, including contractual confidentiality obligations. Financial market participants shall inform clients invoking this provision of the general nature of the limitation applied. |
Or. en
Amendment 516
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The Commission, the European Supervisory Authorities and competent authorities may, within their respective mandates and based on their respective assessments of disclosures made pursuant to this Article, publish recommendations to improve the transparency, reliability and comparability of data or estimate methodologies used by one or more financial market participants, including where such data or methodologies are provided by the same external data provider. Such recommendations shall not require the disclosure of confidential information, trade secrets or proprietary methodologies. |
Or. en
Amendment 517
Pascal Canfin
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (UE) 2019/2088
Article 12a – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Data providers providing financial market participants in the context of this Regulation shall make available to competent authorities upon request: | |
| (a) their internal data quality controls processes; | |
| (b) their methodologies to ensure that the data is retrieved in a rigorous and systematic manner; |
Or. en
Amendment 518
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) 2019/2088
Article 12a – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Member states shall ensure that data that are collected for the purposes of Directive 2023/2859, including ESG data relevant for this Regulation, shall be available at affordable costs for financial market participants’ use to comply with this Regulation. |
Or. en
Amendment 519
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 13 a (new)
Regulation (EU) 2019/2088
Article 12 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (13a) the following Article 12b is inserted: | |
| Article 12b | |
| Expert Group on Emerging Markets Investments (EGEMI) | |
| The Commission shall establish an Expert-group on Emerging Markets Investments (EGEMI), composed of relevant European agencies, the European Supervisory Authorities, the European Investment Bank, the European Investment Fund, Member State representatives and expert stakeholders from the private sector, academia, and civil society. | |
| It shall advise the Commission and the European Supervisory Authorities in the application of this regulation as far as relevant for sustainable investment in emerging markets, including as regards to data availability and the use of proxies for estimates as referred to in Article 12a. |
Or. en
Amendment 520
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). | Financial market participants may only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). Financial market participants shall not use terms in the names and marketing communications of these financial products which would lead investors to assume the product meets the requirements of a category other than the one under which it is categorised. |
Or. en
Amendment 521
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). | Financial market participants may only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). These provisions shall not be applicable to financial market participants which, in accordance with Article 17(3), have decided not to apply Articles 6(a), 7, 8 and 9. |
Or. es
Amendment 522
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). | Financial market participants shall only include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 7(1), Article 8(1) and Article 9(1). |
Or. en
Amendment 523
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The claims in the names and in the marketing communications referred to in the first subparagraph shall be clear, fair, not misleading, and consistent with the sustainability features of those financial products. | The claims in the names and in the marketing communications referred to in the first subparagraph shall be clear, fair, not misleading, and consistent with the sustainability features and categorisation of those financial products. |
Or. en
Amendment 524
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The European Supervisory Authorities shall, after conducting appropriate consumer testing, develop draft regulatory technical standards by [18 months after entry into force] specifying the sustainability-related terms that may be used in the names and marketing communications for each category of products. |
Or. en
Amendment 525
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 2 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For financial products referred to in Article 8 of this Regulation, sustainability-related claims in the names of products shall not use terms derived from the base words “sustainable” or “transition” and shall include a term derived from the base word “basic” or “risk exclusion”. |
Or. en
Amendment 526
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may not include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). | Financial market participants shall not include positive sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). In the occasion that no sustainability or ESG assessment has been conducted on the financial market participants’ financial products, the participant must clearly indicate this in the marketing material of the financial product, via a dedicated “warning label”. |
Or. en
Amendment 527
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may not include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). | Financial market participants may not include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). These provisions shall not be applicable to financial market participants which, in accordance with Article 17(3), have decided not to apply Articles 6(a), 7, 8 and 9. |
Or. es
Amendment 528
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may not include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). | Financial market participants may not include sustainability-related claims in the names of financial products referred to in Article 6(a). |
Or. en
Amendment 529
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may not include sustainability-related claims in the names and in the marketing communications of financial products referred to in Article 6(a). | Financial market participants may not include sustainability-related claims in the names of financial products referred to in Article 6(a). |
Or. it
Amendment 530
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may include sustainability-related claims in the marketing communications of financial products referred to in Article 9a provided those claims are clear, fair and not misleading, and consistent with the information disclosed in accordance with of Article 9a(1), points (a) to (c). | Financial market participants may include sustainability-related claims in the marketing communications of financial products referred to in Article 9a provided those claims are clear, fair and not misleading, and consistent with the information disclosed in accordance with of Article 9a(1), points (a) to (c). |
| Financial market participants may include in the marketing communications of financial products referred to in Article 6a limited, factual and non-promotional references to sustainability factors or the integration of sustainability risks, provided that those references are clear, fair and not misleading, consistent with the information disclosed pursuant to Article 6 or 6a and accompanied by a clear statement that the financial product is not categorised as a sustainability-related financial product under this Regulation. References to the integration of sustainability risks in accordance with Article 6 shall not, in themselves, constitute sustainability-related claims for the purposes of this paragraph. Financial market participants may include sustainability-related claims in the marketing communications of financial products referred to in Article 9a provided those claims are clear, fair and not misleading, and consistent with the information disclosed in accordance with Article 9a(1), points (a) to (c). |
Or. it
Amendment 531
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants may include sustainability-related claims in the marketing communications of financial products referred to in Article 9a provided those claims are clear, fair and not misleading, and consistent with the information disclosed in accordance with of Article 9a(1), points (a) to (c). | Financial market participants may include factual sustainability information and sustainability-related information in the marketing communications of financial products referred to in Article 6a, provided such information and information are clear, fair and not misleading, and consistent with the information disclosed in their respective pre-contractual documentation. |
Or. en
Amendment 532
Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/2088
Article 13 – paragraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of the first subparagraph, references to financial market participants’ stewardship activities as well as factual sustainability information in marketing communications shall not be considered as sustainability-related claims |
Or. en
Amendment 533
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 15 – point b
Regulation (EU) 2019/2088
Article 14 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Without prejudice to Article 17(3), Member States shall ensure that competent or other national authorities do not apply requirements additional to those set out in Articles 3, 6, 10, 11 and 13 as regards information requirements, and in Articles 7, 8 and 9 as regards the criteria and transparency regarding financial products that are categorised as sustainability-related financial products.; | 3. Without prejudice to Article 17(3), Member States shall ensure that competent or other national authorities do not apply or maintain requirements, supervisory expectations or guidance additional to those set out in this regulation. |
Or. en
Justification
Under SFDR 1.0, divergent NCA practices and informal supervisory expectations generated compliance burdens equivalent to formal requirements, fragmenting the single market. Enumerating specific articles creates gaps that NCAs can exploit. A regulation-wide prohibition covering requirements, expectations and guidance ensures that maximum harmonisation operates in practice and not only on paper.
Amendment 534
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 16
Regulation (EU) 2019/2088
Article 15 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| IORPs shall publish and maintain the information referred to in Articles 3, 6 and 10 of this Regulation in accordance with Article 36(2), point (f), of Directive (EU) 2016/2341.; | IORPs shall publish and maintain the information referred to in Articles 3, 6, 7, 8, 9 and 10 of this Regulation in accordance with Article 36(2), point (f), of Directive (EU) 2016/2341.; |
Or. en
Amendment 535
Pascal Canfin, Stéphanie Yon-Courtin
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation]. | 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation]. For such financial products, compliance with previous contractual commitments undertaken and sustainability disclosures made on the basis of Regulation (EU) 2019/2088 and (EU) No 1286/2014 shall remain applicable and not be considered as constituting sustainability claims within the meaning of this revised Regulation [XXX]. |
Or. en
Justification
This amendment is to ensure that the funds benefiting from the grandfathering clause will be able to use their contractual commitments towards their investors and that these remain valid. These commitments should also not be understood as sustainability claims through the SFDR 1.0 framework.
Amendment 536
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation]. | 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation]. The same applies to financial products offered to professional investors in non-advisory business as part of advisory services. |
Or. en
Amendment 537
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation]. | 1. Financial market participants may choose not to apply this Regulation to financial products of the closed-ended type which were created and distributed before [the date of application of this Regulation] shall report accordingly latest within 3 years of application of this Regulation. |
Or. en
Amendment 538
Jaroslava Pokorná Jermanová, Jaroslav Knot, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. Financial market participants may choose not to apply Articles 6a, 7, 8 and 9 to financial products referred to Article 2, point (12)(b), which are made available exclusively to professional investors as defined in Article 4(1), point (10), of Directive 2014/65/EU. |
Or. en
Justification
The proposal to introduce a targeted scope exemption (or clear opt-out) from SFDR disclosure obligations for alternative investment funds (AIFs) marketed exclusively to professional investors fully aligns with the principle of proportionality and the EU’s "Better Regulation" agenda. The current SFDR review primarily focuses on simplifying rules, reducing administrative burdens, and protecting retail investors from greenwashing.Applying complex, retail-designed templates indiscriminately to professional funds is therefore disproportionate. It merely drives up duplicative compliance costs, stifles innovation, and weakens the EU's global competitiveness without offering any meaningful investor protection benefit, which will already be safeguarded by baseline transparency and anti-greenwashing mechanisms.
Amendment 539
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Financial market participants may choose not to apply Articles 6a, 7, 8 and 9 of this Regulation to financial products that are made available exclusively to professional investors as defined in Article 4(1), point (10), of Directive 2014/65/EU, provided that no retail investor as defined in Article 4(1), point (11), of that Directive has access to the financial product concerned. Financial market participants availing themselves of this option shall indicate in the pre-contractual documentation that the financial product is not categorised pursuant to this Regulation and the reasons therefor. |
Or. en
Justification
Professional investors negotiate sustainability requirements bilaterally and have the expertise to assess ESG characteristics without standardised templates. Applying Articles 6a–9 to bespoke institutional products generates compliance cost without investor protection benefit.
Amendment 540
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) 2019/2088
Article 17 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Financial market participants may choose not to apply Articles 6(a), 7, 8 and 9 to financial products referred to in Article 2(12)(b) that are exclusively for the use of professional investors, as laid down in Article 4(1)(10) of Directive 2014/65/EU. These articles shall thus be applicable to such products on a voluntary basis. |
Or. es
Amendment 541
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) 2019/2088
Article 19 – paragraph 1 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) whether the names of the categories of sustainability-related financial products remain clear, effective and understandable for end-investors, taking into account supervisory experience, market developments and, where appropriate, consumer testing. |
Or. en
Amendment 542
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) 2019/2088
Article 19 – paragraph 1 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) updates regarding the thresholds, definitions and frameworks on the Articles 7, 8 and 9 based on the possible changes in the scientific models and prognoses for sustainability-related risks and paths; |
Or. en
Amendment 543
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a
| Text proposed by the Commission | Amendment |
|---|---|
| Article 19a | deleted |
Or. en
Justification
Article 19a is rendered redundant by the amended application date, which already provides a uniform transition period of 24 months from the entry into force of the last delegated act for all product types. A separate staggered timeline for insurance and pension products adds complexity without benefit. Deletion ensures a single, coherent implementation date across the entire SFDR framework.
Amendment 544
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a – title
| Text proposed by the Commission | Amendment |
|---|---|
| Transitional provisions | deleted |
Or. en
Justification
Article 19a is rendered redundant by the amended application date, which already provides a uniform transition period of 24 months from the entry into force of the last delegated act for all product types. A separate staggered timeline for insurance and pension products adds complexity without benefit. Deletion ensures a single, coherent implementation date across the entire SFDR framework.
Amendment 545
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [12 months after the date of application of this Regulation]. | deleted |
Or. en
Justification
Article 19a is rendered redundant by the amended application date, which already provides a uniform transition period of 24 months from the entry into force of the last delegated act for all product types. A separate staggered timeline for insurance and pension products adds complexity without benefit. Deletion ensures a single, coherent implementation date across the entire SFDR framework.
Amendment 546
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [12 months after the date of application of this Regulation]. | Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [24 months after the date of application of this Regulation]. |
| The delegated acts referred to in Article 19b shall apply from the same date as the provisions referred to in the first subparagraph. From the date of application of this Regulation, the use of sustainability-related terms in the names and in the marketing communications of financial products within the scope of this Regulation shall be governed by Articles 7, 8, 9 and 13 of this Regulation. |
Or. it
Amendment 547
Marlena Maląg
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [12 months after the date of application of this Regulation]. | Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [18 months after the entry into force of all relevant delegated acts (Level 2)]” months after the date of application of this Regulation]. |
Or. en
Amendment 548
Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [12 months after the date of application of this Regulation]. | Financial market participants shall apply Articles 7, 8, 9, 10 and 11 of this Regulation as amended by Regulation [PP: please insert reference to this amending regulation] to financial products referred to in Article 2(12), points (c), (d), (e), (g) and (h) by [24 months after the entry into force of all relevant delegated acts (Level 2)] |
Or. en
Amendment 549
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b
| Text proposed by the Commission | Amendment |
|---|---|
| The Commission shall be empowered to adopt a delegated act in accordance with Article 19c to supplement: | The Commission shall be empowered to adopt a delegated act in accordance with Article 19c to specify: |
| (a) the details of the presentation of the information to be disclosed pursuant to paragraphs 3 and 4 of Article 7, which shall not exceed two pages and one page respectively; | |
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3 of Article 8, which shall not exceed two pages; | |
| (c) the details of the presentation of the information to be disclosed pursuant to paragraphs 3 and 4 of Article 9, which shall not exceed two pages and one page respectively; | |
| (d) the details of the presentation of the information to be disclosed pursuant to paragraph 1 of Article 11, which shall not exceed two pages. |
Or. en
Justification
The empowerments to specify qualifying conditions, calculation methodologies and indicators for Articles 7, 8 and 9 delegate core categorisation criteria to Level 2, bypassing the ordinary legislative procedure. Categorisation criteria must be self-standing at Level 1. The delegation is retained where genuinely technical: standardising disclosure templates within the page limits already set by this Regulation.
Amendment 550
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) paragraphs 1, 2, 3 and 4 of Article 7 to specify: | deleted |
| (a) the conditions for investments to contribute to the transition-related objective, and more in particular to specify: | |
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | |
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, first subparagraph, point (b), including for the purposes of hedging; | |
| (iii) the methodologies to calculate the threshold referred to in paragraph 1, first subparagraph, point (a), including the shares of investments referred to in paragraph 1, first subparagraph, to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a); | |
| (iv) the conditions for investments referred to in paragraph 2 to qualify as contributing to the transition-related objective. | |
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page.; |
Or. en
Amendment 551
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) adapted to different asset classes, building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for mandatory and for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 552
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12which may be used by financial market participants voluntarily when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 553
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288\*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]\*12for use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 554
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, first subparagraph, point (b), including for the purposes of hedging; | deleted |
Or. en
Amendment 555
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, first subparagraph, point (b), including for the purposes of hedging; | deleted |
Or. en
Amendment 556
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point iii
| Text proposed by the Commission | Amendment |
|---|---|
| (iii) the methodologies to calculate the threshold referred to in paragraph 1, first subparagraph, point (a), including the shares of investments referred to in paragraph 1, first subparagraph, to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a); | (iii) the methodologies to calculate the threshold referred to in paragraph 1, first subparagraph, point (a), and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a); |
Or. en
Amendment 557
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point iii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iiia) complementary criteria for paragraph 1 (b) to (c), to ensure the criteria is adapted to different asset classes and to investments contributing to social objectives; |
Or. en
Amendment 558
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for investments referred to in paragraph 2 to qualify as contributing to the transition-related objective. | (iv) the conditions for investments referred to in paragraph 2a to qualify as contributing to the transition-related objective, including specific requirements for the design of credible transition plans, ensuring that such plans include measurable science-based targets with clear timelines, outline key decarbonisation actions, identify supporting investments and funding, and describe governance arrangements, in line with recognised Union or international standards, as well as the conditions under which a proper justification may be considered acceptable, including through the use of recognised Union or international standards and methodologies, and examples of acceptable and non-acceptable approaches; while also including a list of approaches that would qualify as contributing to social objectives, and what constitutes “proper justification” as referred to in point (h) including a list of investment approaches would not be contributing to the transition-related objective. |
Or. en
Amendment 559
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for investments referred to in paragraph 2 to qualify as contributing to the transition-related objective. | (iv) the conditions for investments referred to in paragraph 2 to qualify as contributing to the transition-related objective, including the conditions under which a proper justification may be considered acceptable, including through the use of recognised Union or international standards and methodologies, and examples of acceptable and non-acceptable approaches. |
Or. en
Amendment 560
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a –point iv a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iva) the minimum proportion of investments that must apply a credible transition plan referred to in paragraph 2 and a credible sustainability-related engagement strategy as referred in paragraph 2.b., as well as the cases in which the application of a credible sustainability-related engagement strategy is required; |
Or. en
Amendment 561
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point a – point iv b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ivb) the name of the category pursuant to Article 7 of this Regulation, and a short explanation of its sustainability-related objective and criteria tailored for a retail audience, following an EU-wide consumer survey; |
Or. en
Amendment 562
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page.; | (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page, as a concise summary for retail investors, without prejudice to the provision of additional information in accompanying documentation; |
Or. en
Amendment 563
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page.; | (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed three pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page; |
Or. en
Amendment 564
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) paragraph 2 of Article 3 to specify: | |
| a) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288*11 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]*12 for use by financial market participants when complying with paragraph 2, second subparagraph point (i), (ii) and (iii) | |
| b) the details of the presentation of the information to be disclosed pursuant to paragraph 2. |
Or. en
Amendment 565
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) [...] | deleted |
Or. en
Amendment 566
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a); | (i) indicator(s) adapted to different asset classes, building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]for mandatory and for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a); |
Or. en
Amendment 567
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] which may be used voluntarily by financial market participants when complying with paragraph 1, first subparagraph, point (a); |
Or. en
Amendment 568
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (bc); |
Or. en
Amendment 569
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, first subparagraph, point (b), including for the purposes of hedging; | deleted |
Or. en
Amendment 570
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point iii
| Text proposed by the Commission | Amendment |
|---|---|
| (iii) the methodologies to calculate the threshold referred to in paragraph 1, first subparagraph, point (a), including the shares of investment referred to in paragraph 1 to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a); | (iii) the methodologies to calculate the threshold referred to in paragraph 1, first subparagraph, point (a) and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, first subparagraph, point (a); |
Or. en
Amendment 571
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point iii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iiia) complementary criteria for paragraph 1 (b), to ensure the criteria is adapted to different asset classes; |
Or. en
Amendment 572
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for the investment approaches referred to in paragraph 2 to qualify as integrating sustainability factors. | (iv) the conditions for the investment approaches referred to in paragraph 2 to qualify as integrating sustainability factors, including the conditions under which a proper justification may be considered acceptable, including through the use of recognised Union or international standards and methodologies, and examples of acceptable and non-acceptable approaches; |
Or. en
Amendment 573
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for the investment approaches referred to in paragraph 2 to qualify as integrating sustainability factors. | (iv) the conditions for the investment approaches referred to in paragraph 2 to qualify as integrating sustainability factors including the conditions under which a proper justification may be considered acceptable, including through the use of recognised Union or international standards and methodologies, and examples of acceptable and non-acceptable approaches; |
Or. en
Amendment 574
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point a – point iv a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iva) the name of the category pursuant to Article 8 of this Regulation, and a short explanation of its sustainability factors and criteria tailored for a retail audience, following an EU-wide consumer survey; |
Or. en
Amendment 575
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages.; | (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, as a concise summary for retail investors, without prejudice to the provision of additional information in accompanying documentation; |
Or. en
Amendment 576
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point b – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages.; | (b) the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed three pages; |
Or. en
Amendment 577
Jaroslava Pokorná Jermanová, Jaroslav Knot, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) paragraphs 1, 2, 3 and 4 of Article 9 to: | deleted |
| (a) specify the conditions for investments to contribute to the sustainability-related objective, and in particular: | |
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | |
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, point (b), including for the purposes of hedging; | |
| (iii) methodologies on how to calculate the threshold referred to in point (a) of paragraph 1 including the shares of investment referred to in paragraph 1 to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, point (a); | |
| (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective. | |
| (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page. |
Or. en
Amendment 578
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) paragraphs 1, 2, 3 and 4 of Article 9 to: | deleted |
| (a) specify the conditions for investments to contribute to the sustainability-related objective, and in particular: | |
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | |
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, point (b), including for the purposes of hedging; | |
| (iii) methodologies on how to calculate the threshold referred to in point (a) of paragraph 1 including the shares of investment referred to in paragraph 1 to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, point (a); | |
| (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective. | |
| (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page. |
Or. en
Amendment 579
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) adapted to different asset classes, building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act]for mandatory and for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 580
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] which may be used voluntarily by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 581
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for voluntary use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); | (i) indicator(s) building on the indicators referred to in Annex I to Commission Delegated Regulation (EU) 2022/1288 and Commission Delegated Regulation (EU) 2023/2772 [to be adapted to the new CSRD delegated act] for use by financial market participants when complying with paragraph 1, first subparagraph, point (a) and point (d); |
Or. en
Amendment 582
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point i a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ia) the methodologies to ensure investments do not significantly harm environmental or social objectives as referred to in paragraph (1a); |
Or. en
Amendment 583
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) any limited permitted deviations from the exclusions referred to in paragraph 1, point (b), including for the purposes of hedging; | deleted |
Or. en
Amendment 584
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point iii
| Text proposed by the Commission | Amendment |
|---|---|
| (iii) methodologies on how to calculate the threshold referred to in point (a) of paragraph 1 including the shares of investment referred to in paragraph 1 to which the chosen indicator(s) may apply, and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, point (a); | (iii) methodologies on how to calculate the threshold referred to in point (a) of paragraph 1 and any applicable phase-in period for the product to reach the threshold referred to in paragraph 1, point (a); |
Or. en
Amendment 585
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective. | (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective, including a list of approaches that would qualify as contributing to social objectives, and what constitutes “proper justification” as referred to in point (g), and which investment approaches would not be contributing to the sustainability-related objective. |
Or. en
Amendment 586
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point iv
| Text proposed by the Commission | Amendment |
|---|---|
| (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective. | (iv) the conditions for investment approaches referred to in paragraph 2 to qualify as contributing to the sustainability-related objective including the conditions under which a proper justification may be considered acceptable, including through the use of recognised Union or international standards and methodologies, and examples of acceptable and non-acceptable approaches. |
Or. en
Amendment 587
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point a – point iv a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iva) the name of the category pursuant to Article 9 of this Regulation, and a short explanation of its sustainability-related objective and criteria tailored for a retail audience, following an EU-wide consumer survey. |
Or. en
Amendment 588
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page. | (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page, as a concise summary for retail investors, without prejudice to the provision of additional information in accompanying documentation. |
Or. en
Amendment 589
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed two pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page. | (b) specify the details of the presentation of the information to be disclosed pursuant to paragraph 3, which shall not exceed three pages, and the information to be disclosed pursuant to paragraph 4, which shall not exceed one page. |
Or. en
Amendment 590
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) paragraph 4 of Article 6 to specify the limited set of principal adverse impact indicators on sustainability factors to be disclosed by financial market participants for all financial products in periodic reports. The limited set shall: | |
| (i) build on the indicators referred to in Commission Delegated Regulation (EU) 2023/2772; | |
| (ii) be limited to indicators for which data is broadly available in the market, either through disclosure by investee companies or through reliable estimation methodologies; | |
| (ii) not exceed 10 indicators in total. |
Or. en
Amendment 591
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point c a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) Article 9aa to: | |
| (a) specify the content, methodology and calculation of the indicators referred to in this Article; | |
| (b) adopt a list of supplementary voluntary principal adverse impact indicators to this Article; | |
| (c) specify the information to be disclosed on the actions taken to address principal adverse impacts. |
Or. en
Amendment 592
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) paragraph 1 of Article 11 by specifying the details of the presentation of the information to be disclosed, which shall not exceed two pages. | deleted |
Or. en
Amendment 593
Angelika Winzig
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) paragraph 1 of Article 11 by specifying the details of the presentation of the information to be disclosed, which shall not exceed two pages. | (d) paragraph 1 of Article 11 by specifying the details of the presentation of the information to be disclosed, which shall not exceed three pages. |
Or. en
Amendment 594
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 – point d a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (da) The Commission shall adopt guidance to supplement Article 7, Article 8 and Article 9 of this Regulation with a mapping of international standards and frameworks that, in case of investments in non-EU jurisdictions, can be used to assess compliance with the criteria of this Regulation. |
Or. en
Amendment 595
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. The pre-contractual disclosures referred to in paragraph 1 shall include, on the first page, a standardised visual display containing the following information presented in a uniform graphic format: (a) a colour code identifying the category of the financial product in accordance with Articles 7, 8 or 9, as follows: (i) green for products of the 'sustainability' category referred to in Article 9; (ii) blue for products of the 'transition' category referred to in Article 7; (iii) grey for products of the 'ESG basics' category referred to in Article 8; (b) the actual percentage of investments of the financial product that meet the criteria of the applicable category; (c) the numerical values of the three principal adverse impact indicators on sustainability (PAI) referred to in Article 4, selected by ESMA pursuant to paragraph 1b; (d) a visual comparison between the performance of the financial product against the parameters referred to in points (b) and (c) and the average of financial products belonging to the same category. |
Or. it
Amendment 596
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1b. For financial products not categorised under Articles 7, 8 or 9, the visual display referred to in paragraph 1a shall be replaced by a clear and prominent statement, in a standardised graphic format, that the financial product does not belong to any category of sustainability-related financial products under this Regulation. |
Or. it
Amendment 597
Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Falcone, Marco Squarta
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19b – paragraph 1 c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1c. ESMA shall develop implementing technical standards specifying: (a) the standardised graphic format of the visual display referred to in paragraph 1a, including the colour codes, the size, the arrangement of the elements and the typography; (b) the selection of the three main PAI indicators referred to in paragraph 1a, point (c), and how they are presented; (c) the methodology for the calculation of the average of the category referred to in paragraph 1a, point (d); (d) the standardised graphic format of the statement referred to in paragraph 1b. ESMA shall submit those draft implementing technical standards to the Commission by [12 months from the date of entry into force of this Regulation]. |
Or. it
Amendment 598
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19c – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Before adopting a delegated act, the Commission shall gather all necessary expertise, including through the consultation of the experts of the Member State Expert Group on Sustainable Finance referred to in Article 24 of Regulation (EU) 2020/852, and where appropriate the European Supervisory Authorities, and in accordance with the principles and procedures laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. | 4. Before adopting a delegated act, the Commission shall gather all necessary expertise, including through the consultation of the experts of the Member State Expert Group on Sustainable Finance referred to in Article 24 of Regulation (EU) 2020/852, the Platform on Sustainable Finance referred to in Article 20 of Regulation (EU) 2020/852, and the European Supervisory Authorities, and in accordance with the principles and procedures laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. |
Or. en
Amendment 599
Luděk Niedermayer
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19c – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Before adopting a delegated act, the Commission shall gather all necessary expertise, including through the consultation of the experts of the Member State Expert Group on Sustainable Finance referred to in Article 24 of Regulation (EU) 2020/852, and where appropriate the European Supervisory Authorities, and in accordance with the principles and procedures laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. | 4. Before adopting a delegated act, the Commission shall gather all necessary expertise, including through the consultation of the experts of the Member State Expert Group on Sustainable Finance referred to in Article 24 of Regulation (EU) 2020/852, and where necessary with the relevant European Supervisory Authorities, and in accordance with the principles and procedures laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. |
Or. en
Amendment 600
Sirpa Pietikäinen
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EU) 2019/2088
Article 19c – paragraph 6 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 6a. The Commission shall adopt the delegated acts referred to in paragraph 1 by [12 months after entry into force of this Regulation]. |
Or. en
Amendment 601
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ca
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) for a PRIIP that is a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. | (ca) for a PRIIP that is a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. |
| For a PRIIP that is not a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, a statement confirming that the financial product concerned does not meet the EU standards for defining sustainable financial products and the information pursuant to Article 6a of Regulation (EU) 2019/2088. |
Or. en
Amendment 602
Lara Wolters, Jonás Fernández, Aurore Lalucq, Niels Fuglsang, Evelyn Regner, César Luena
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ca
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) for a PRIIP that is a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. | (ca) for a PRIIP that is a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. |
| For a PRIIP that is not a sustainability-related financial product as categorised under Article 7, 8, 9 of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, a statement confirming that the product concerned fails to meet EU requirements for defining sustainable financial products, combatting greenwashing and transparency on adverse impacts. |
Or. en
Amendment 603
Marlena Maląg
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Regulation (EU) 1286/2014
Article 8 – paragraph 3 – point ca
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) for a PRIIP that is a sustainability-related financial product as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. | (ca) for a ‘sustainability-related financial product’ as defined in Article 2, point (25), of Regulation (EU) 2019/2088, under a section titled ‘How sustainable is this product?’, its categorisation in accordance with either Article 7, 8 or 9 of that Regulation, and a description of its objective including relevant indicators. |
Or. en
Amendment 604
Marlena Maląg
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Regulation (EU) 1286/2014
Article 8 – paragraph 3 – point ca a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (caa) For a PRIIP taking into consideration sustainability-related features, including environmental or social features, that is not a ‘sustainability-related financial product’ as defined in Article 2, point (25) of Regulation (EU) 2019/2088, a description of how it considers sustainability-related features, including environmental or social ones. |
Or. en
Amendment 605
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 4 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| It shall apply from [18 months after entry into force]. | It shall apply 24 months from the date of entry into force of the last of the following acts to enter into force: |
| (a) the Commission Delegated Regulation adopted pursuant to Article 19c of this Regulation; | |
| (b) the Commission delegated act amending Commission Delegated Regulation (EU) 2017/565 to reflect the categorisation system established by this Regulation; | |
| (c) the Commission delegated act amending Commission Delegated Regulation (EU) 2017/2359 to reflect the categorisation system established by this Regulation. |
Or. en
Justification
Conditioning the application date on the Article 19c delegated act alone does not eliminate the risk of partial synchronisation. The updated MiFID II and IDD sustainability preference rules that govern how distributors match products to clients must be in force simultaneously. Without them, product manufacturers, distributors and investors operate under misaligned frameworks at the point of sale. Tying the application date to the last of the three acts to enter into force closes this gap and ensures the framework is complete before compliance obligations begin.
Amendment 606
Janusz Lewandowski
Proposal for a regulation
Article 4 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| It shall apply from [18 months after entry into force]. | It shall apply from 24 months after the entry into force of all relevant SFDR Level 2 acts and IDD/MiFID II delegated acts (Level 2). |
| 3. The changes under Article 1 (2)(a), (b), (c), (d), (e – point 16) and (f), Article 1 (5), Article 11 (c) shall apply immediately upon entry into force of the Regulation. |
Or. en
Amendment 607
Marlena Maląg
Proposal for a regulation
Article 4 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| It shall apply from [18 months after entry into force]. | The amendments shall apply 18 months after the entry into force of all relevant SFDR Level 2 acts and IDD/MiFID II delegated acts (Level 2). |
Or. en
Amendment 608
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 4 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Financial market participants shall not be required to comply with Regulation (EU) 2019/2088 as it applied on the date of entry into force of this Regulation in respect of any obligation that is removed or substantially altered by this Regulation, with effect from the date of entry into force of this Regulation. |
Or. en
Justification
Where this Regulation removes an obligation, continued enforcement of that obligation during the transitional period is incoherent. Requiring parallel compliance imposes costs the co-legislators have decided are no longer justified. Obligations removed by this Regulation should therefore cease from the date of entry into force, irrespective of the general application date.
Amendment 609
Marlena Maląg
Proposal for a regulation
Article 4 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The changes under Article 1 (2)(a), (b), (c), (d), (e – point 16) and (f), Article 1 (5), Article 11 (c) shall apply immediately upon entry into force of the Regulation”. |
Or. en
Amendment 610
Markus Ferber, Janusz Lewandowski
Proposal for a regulation
Article 4 – paragraph 2 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| From the date of application of this Regulation, financial market participants shall no longer be required under Union law to maintain or comply with quantitative sustainability commitments disclosed in pre-contractual or periodic documentation of financial products pursuant to Regulation (EU) 2019/2088 prior to that date, including commitments relating to minimum shares of sustainable investments as defined in Article 2, point (17), of that Regulation or to the application of the 'do no significant harm' principle as defined in Article 2, point (17), of that Regulation. Financial market participants that avail themselves of this paragraph shall inform existing investors of the changes to the commitments previously made in relation to the financial product concerned prior to or at the latest at the time of the next periodic report. |
Or. en
Justification
Financial products marketed under SFDR 1.0 carry disclosed quantitative sustainability commitments that were designed around definitions abolished by this Regulation. Without an explicit release, financial market participants remain exposed to civil liability and supervisory action for non-compliance with commitments made under a superseded framework. This provision ensures a clean legal transition, balanced by a targeted investor notification obligation. It applies sector-neutrally to all financial products in scope, including long-duration insurance-based investment products where the problem is most acute.