Europese invloed op onze advieswereld

mr. R. Groenemeijer

Het belang van de financiële sector in Europa

Europese invloed op onze advieswereldEuropese 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

G20De leidende idee voor herziening van bestaande richtlijnen enontwerpen 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 commissie(1), Europees parlement(2), Raad van ministers (3)

Europese instellingen en ontwerpwetgeving

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 CommissionInternal Market and ServicesMichel Barnier

Financial Services and Capital MarketsFinancial markets are crucial to the functioning of modern economies. The more integrated they are, themore 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 commissie(1), Europees parlement(2), Raad van ministers (3)

Europese instellingen en ontwerpwetgeving CREDIT

EC Proposal for a directive for credit for residential propertyThe European parliament’s specialized committees have presented their reports and opinions:• ECON - rapporteur Presedo• IMCO - rapporteur Lechner• JURI - rapporteur Thein

ECONIMCOJURI

WP council

EC Proposal credit Chapter 7 AdviceArticle 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 notacting 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 beloningAdviescommissies 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 beloningDe Raad van Ministers (Council)

Standpunt van de Raad over advies :

Onderscheid maken tussenaanbieders en intermediairs

creditors and tied agents consider a sufficiently large number of credit agreements in their product range and recommend the most suitable

non tied credit intermediariesconsider a sufficiently large number of credit agreements available on the market

Standpunt van de Raad over beloning:

Remuneration which may take apecuniary form or any other agreed form of financial consideration.

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 1AdviesGeen 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 1AdviesGeen differentiatie in soort advies

BeloningDifferentiatie 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

AdviesDifferentiatie in advies :- op onafhankelijke basis- op niet-onafhankelijke basisBeloningIn geval van advies op

onafhankelijke basis zal de beleggingsonderneming geen

vergoeding mogen ontvangen van derden

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 PROTECTIONarticle 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 2The 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 andnot 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 adviesDe 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 richtlijnenMIFID 2

Financiële instrumenten X PRIP’s Structured deposits

units in beleggingsfondsen

X XMIFID NR

IMD 2(P) RIPsverzekerings-producten

Nieuwe (P) RIPs –vereisten binnen IMD 2

X

Niet - (P) RIPsverzekerings-produkten X

CreditHypothecair 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