Europese invloed op
onze advieswereld
mr. R. Groenemeijer
Het belang van de
financiële sector in
Europa
Europese invloed op onze
advieswereld
Europese instellingen en ontwerpwetgeving
Europese richtlijnen
• Europese voorstellen voor Richtlijn Hypothecair krediet
• Herziening van “markets in financial instruments directive”
(MIFID 2)
• Nationaal Regime in MIFID 2
• Herziening Europese richtlijn voor verzekeringsbemiddeling
(IMD 2)
• Prip’s (ideeën rond vermogensopbouwproducten)
Samenhang tussen deze richtlijnen
Conclusies
Focus op drie aspecten in deze ontwerprichtlijnen:
•
•
•
advies
beloning
de relatie intermediair en aanbieder
Consumentenbescherming heeft
prioriteit
G20
De leidende idee voor herziening van bestaande richtlijnen en
ontwerpen van nieuwe richtlijnen, is:
Financiële stabiliteit herwinnen door herstel van vertrouwen in de
markt bij uitstek te bereiken door betere bescherming van
consumenten als maatregel per se voor groei van de interne markt
Redenen voor herziening van
richtlijnen:
•Consistentie tussen de sectoren :
MIFID en IMD, in het kader van het PRIP’s
(Packaged Retail Investment Products) - initiatief in
het bijzonder.
•Verhogen van het niveau van harmonisatie
Europese instellingen en ontwerpwetgeving
Europese commissie(1), Europees parlement(2), Raad van ministers (3)
The European Commission's main roles are to:
• set objectives and priorities for action : e.g. Financial action Plan
• propose legislation to Parliament and Council
• manage and implement EU policies and the budget
• enforce European Law (jointly with the Court of Justice)
• represent the EU outside Europe (negotiating trade agreements between the EU and other countries, etc.).
European Commission
Internal Market and Services
Michel Barnier
Financial Services and Capital Markets
Financial markets are crucial to the functioning of modern economies. The more integrated they are, the
more efficient the allocation of capital and long-run economic performance will be. Completing the
single market in financial services is thus a crucial part of the European Commission's overriding
objective of stimulating economic recovery in Europe.
“ STRONGER FINANCIAL REGULATION IS ESSENTIAL TO PROTECT US FROM A NEW CRISIS”
“ MORTGAGES: BETTER PROTECTION FOR EUROPEAN CONSUMERS”
”NO FINANCIAL PLAYER WILL BE BEYOND APPROPRIATE REGULATION“
”ON REGULATION, EUROPE IS PROCEEDING IN STEPS, TEXT BY TEXT"
Europese voorstellen voor richtlijn
hypothecair krediet voor woningen
(Credit for residential property)
Europese instellingen en
ontwerpwetgeving CREDIT
Europese commissie(1), Europees parlement(2), Raad van ministers (3)
WP council
ECON
IMCO
JURI
EC Proposal for a directive for credit for residential property
The European parliament’s specialized committees have presented their reports and opinions:
• ECON - rapporteur Presedo
• IMCO - rapporteur Lechner
• JURI - rapporteur Thein
EC Proposal credit Chapter 7 Advice
Article 17 Advice standards
1.For the purposes of this Directive, 'advice' constitutes a separate service’ from the
granting of a credit. Such a service can only be marketed as advice when the
remuneration of the individual providing the service is transparent to the consumer.
2.Member States shall ensure that the creditor or credit intermediary informs the
consumer, in the context of a given transaction, whether or not advice is being or will
be provided. This may be done through additional pre-contractual information. Where
advice is provided to consumers, in addition to the requirements set out in Articles 5
and 6, Member States shall ensure that creditors and credit intermediaries:
(a) consider a sufficiently large number of credit agreements available on the market so
as to enable the recommendation of the most suitable credit agreements for the
consumer’s needs, financial situation and personal circumstances;
(b) obtain the necessary information regarding the consumer’s personal and financial
situation, his preferences and objectives so as to enable the recommendation of
suitable credit agreements. Such an assessment shall be based on information that is
up to date at that moment in time and on reasonable assumptions as to the
consumer’s situation over the term of the proposed credit agreement.
Europese Commissie
proposal Credit directive for residential
property
’Credit intermediary' means a natural or legal person who is not
acting as a creditor and who, in the course of his trade, business or
profession, for a fee, which may take a pecuniary form or any other
agreed form of financial consideration:
(i) offers credit agreements within the meaning of Article 2 to consumers;
(ii) assists consumers by undertaking preparatory work in respect of credit
agreements within the meaning of Article 2 other than as referred to in
point (i);
(iii)concludes credit agreements within the meaning of Article 2 with
consumers on behalf of the creditor.
Hypothecair krediet - Advies en beloning
Adviescommissies van het europees parlement
ECON Economische en
monetaire zaken
Advice is a separate service based on a
sufficient number of products available
on the market adapted to the
consumers personal and financial
situation
Remuneration is transparent and
explicitly agreed with the consumer
IMCO interne markt en
consumentenbescherming
•
•
•
•
If advice is offered as a separate
service the consumer should be
made clearly aware of this fact.
Advice should be based on a fair and
sufficiently wide-ranging analysis of
the products available.
If the advice relates only to the
adviser's own range of products this
should be drawn to the consumers'
attention.
A charge for advice should only be
made if the consumer is clearly
informed about the charge and the
method of its calculation.
Hypothecair krediet - Advies en beloning
De Raad van Ministers (Council)
Standpunt van de Raad over
advies :
Standpunt van de Raad over
beloning:
Onderscheid maken tussen
aanbieders en intermediairs
Remuneration which may take a
pecuniary form or any other agreed
form of financial consideration.
creditors and tied agents
consider a sufficiently large
number of credit agreements
in their product range and
recommend the most suitable
non tied credit intermediaries
consider a sufficiently large
number of credit agreements
available on the market
Europese voorstellen voor
herziening regels voor financiële
instrumenten
(MIFID2)
Stand van zaken MIFID 2
De Europese commissie zond op 20 oktober 2011 haar ontwerp
richtlijn en ontwerp verordening aan het Europees Parlement en aan
de Raad van Ministers.
Investment advice (MIFID recast)
definition:
‘Investment advice’ means the provision of personal
recommendations to a client, either upon its request or at the
initiative of the investment firm, in respect of one or
more transactions relating to financial instruments;
MIFID 1
Advies
Geen differentiatie in soort advies
Differentiatie in beloning :
- Een vergoeding van de klant
(fee)
- Een vergoeding van derden
(commissie),moet voldoen aan
inducementregels :

Op uitvoerige, accurate en
begrijpelijke wijze informeren
over bestaan, aard, en bedrag
van de vergoeding.

De vergoeding moet de
kwaliteit van de dienst ten
goede komen.
MIFID 2 EC proposal
MIFID 1
MIFID 2 EC proposal
Advies
Geen differentiatie in soort advies
Advies
Differentiatie in advies :
- op onafhankelijke basis
- op niet-onafhankelijke basis
Beloning
In geval van advies op
onafhankelijke basis zal de
beleggingsonderneming geen
vergoeding mogen ontvangen van
derden
Beloning
Differentiatie in beloning :
- Een vergoeding van de klant ( fee)
- Een vergoeding van derden (
commissie) , moet voldoen aan
inducementregels :
 Op uitvoerige, accurate en
begrijpelijke wijze informeren over
bestaan, aard, en bedrag van de
vergoeding.
 De vergoeding moet de kwaliteit
van de dienst ten goede komen.
Toelichting EC : De adviseur bepaalt “case
by case”, “contract by contract” op welke
basis hij advies geeft
EC proposal recast directive MIFID (2)
SECTION 2 PROVISIONS TO ENSURE INVESTOR
PROTECTION
article 24
3. ..’ when investment advice is provided,information shall specify whether
the advice is provided on an independent basis and whether it is based on
a broad or on a more restricted analysis of the market and shall
indicate whether the investment firm will provide the client with the on-going
assessment of the suitability of the financial instruments recommended to
clients,..”
5. ..” When the investment firm informs the client that investment advice is
provided on an independent basis, the firm:
(i)shall assess a sufficiently large number of financial instruments
available on the market. The financial instruments should be diversified
with regard to their type and issuers or product providers and should not be
limited to financial instruments issued or provided by entities having close
links with the investment firm,
(ii)shall not accept or receive fees, commissions or any monetary benefits
paid or provided by any third party or a person acting on behalf of a third
party in relation to the provision of the service to clients…”
Het Nationaal Regime in MIFID 2
The article 3-exempted investment firms must comply with the following set of
requirements
(the first five requirements already exist under the current MiFID and continue to
exist):
•the investment firm does not hold clients’ money,
•the investment firm only receives and transmits orders for transactions in investment
funds,
•the investment firm only gives advice about transferable securities and units in
investment funds,
•the investment firm only transmits orders to well defined firms,
•the investment firm does not have an EU single passport,
New requirements for national regimes:
•the investment firm has an authorisation from a competent authority
•the investment firm is registered in a publicly accessible register
•all members of the management body of the investment firm have to be at all times
of sufficiently good repute, possess sufficient knowledge, skills and experience
and commit sufficient time to perform their duties.
This management body should ensure that the firm is managed in a sound and prudent
way (the proposal allows the management of one single natural person),
For requirements 6, 7 and 8, the European Securities and Markets
Authority (ESMA) may develop draft regulatory technical standards.
These regulatory standards have to be submitted to the Commission,
which can then adopt them).
shareholders of the investment firm must be disclosed,
investment firms must comply at all times with the conditions for
initial authorisation,
investment firms are under on-going supervision,
an investment firm acts honestly, fairly and professionally in
accordance with the best interests of its client,
all information provided by the investment firm is fair, clear and
not misleading.
Europese voorstellen voor
herziening richtlijn voor
verzekeringsbemiddeling
(IMD2)
Stand van zaken IMD 2
• Europese Commissie kreeg in november 2010 advies van
CEIOPS (toezichthouders)
• Er loopt nog een impact assessment
• Europese Commissie denkt in maart 2012 een proposal te
kunnen zenden aan Europees Parlement en aan de Raad van
Ministers
De IMD kent geen definitie voor
advies
De definitie voor verzekeringsbemiddeling in de IMD refereert niet
aan advies:
” insurance mediation" means the activities of introducing, proposing
or carrying out other work preparatory to the conclusion of contracts
of insurance, or of concluding such contracts, or of assisting in the
administration and performance of such contracts, in particular in the
event of a claim.
“ insurance intermediary means any natural or legal person who,
for remuneration, takes up or pursues insurance mediation”
Ideeën herziening Europese richtlijn voor
verzekeringsbemiddeling (IMD 2)
Binnen de Europese Commissie leven de volgende ideeën voor IMD2:











uitbreiding van informatievereisten naar aanbieders
“conflict of interest”-kader vergelijkbaar met MIFID
alle beloningsvormen in beginsel toestaan
beloningstransparantie
duidelijkheid scheppen over wat “ advies “ is
duidelijkheid geven over wat PRIP’s zijn ( vide adviezen EIOPA )
verzekerings-PRIP’s : transparantie en adviesstandaarden ( idem EIOPA)
vrijstellingen opnieuw vaststellen
vrijheid van diensten en vrijheid van vestiging bevorderen
wederzijdse erkenning van professionele kwalificaties
een aanzienlijk hoger niveau van harmonisatie
Europese ideeën rond
vermogensopbouwproducten
(PRIP’s)
“ A PRIP……..
is a product where the amount payable to the investor is exposed to fluctuations in
the market value of assets or payouts from assets, through a combination or
wrapping of those assets, or other mechanisms than a direct holding.”
Definition : European Commission PRIPS Consultation closed 31 January 2011
Ideeënontwikkeling en timing rond Prip’s
(definities en regels voor vermogensopbouwproducten)

Het idee is dat bepaalde retail vermogensopbouwprodukten die
gecombineerd zijn met een verzekeringsprodukt zullen worden
onderworpen aan de strengere eisen die gelden voor
vermogensopbouwprodukten (cf. MIFID)

PRIP’s zullen worden onderscheiden in non-insurance PRIP’s, te
relateren aan de MIFID vereisten en Insurance PRIP’s, waarvoor
een aparte paragraaf zal komen binnen de IMD2.

CEIOPS (EIOPA) adviseerde in November 2010. Er loopt een
impact assessment.
Een EC proposal wordt verwacht in maart 2012 (was aanvankelijk
december 2011).

Samenhang en conclusies
De samenhang tussen de richtlijnen
MIFID 2
Financiële instrumenten
X
units in
beleggingsfondsen
X
PRIP’s
Structured
deposits
X
MIFID NR
IMD 2
(P) RIPs
verzekerings-producten
Niet - (P) RIPs
verzekerings-produkten
Nieuwe
(P) RIPs –
vereisten
binnen IMD 2
X
X
Credit
Hypothecair krediet voor
woningen
X
Ontwikkeling in de Europese richtlijnen MIFID, IMD, PRIPS en Credit
Conclusies bij de stand van zaken per november
2011
Adviesfunctie is nog volop in discussie, wordt in de regelgeving
geprofileerd en bij uitzondering ( MIFID ) gekoppeld aan een
specifieke beloningsvorm ( fee only )
Alle beloningsvormen worden in beginsel toegestaan
Duidelijk streven naar :
•
•
•
een level playing field voor alle financieel dienstverleners
een hoger niveau van harmonisatie, met een tendens naar
( gedeeltelijke ) maximumharmonisatie
een geïntegreerde Europese interne markt
Dank voor uw aandacht