+TITLE VIII TRANSITIONAL AND FINAL PROVISIONS
---+Article 51 Transitional provisions
------+Article 51 1.
------+Article 51 2.
------+Article 51 3.
------+Article 51 4.
------+Article 51 4a.
------+Article 51 4b.
------+Article 51 4c.
------+Article 51 5.
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---+Article 52 Deadline for updating the prospectuses and key information documents
---+Article 53 ESMA reviews
---+Article 54 Review
------+Article 54 1.
------+Article 54 2.
------+Article 54 3.
------+Article 54 4.
------+Article 54 5.
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------+Article 54 7.
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---+Article 55 Notification of benchmarks referenced and their administrators
---+Article 56 Amendments to Regulation (EU) No 596/2014
---+Article 57 Amendments to Directive 2008/48/EC
---+Article 58 Amendments to Directive 2014/17/EU
---+Article 59 Entry into force
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TITLE VIII TRANSITIONAL AND FINAL PROVISIONS
TITLE VIII TRANSITIONAL AND FINAL PROVISIONS
1. Panoramica
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Regolamentazione |
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Article 51 Transitional provisions
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Article 52 Deadline for updating the prospectuses and key information documents
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Article 52
Deadline for updating the prospectuses and key information documents
Article 29(2) is without prejudice to outstanding prospectuses approved under Directive 2003/71/EC prior to 1 January 2018. For prospectuses approved prior to 1 January 2018 under Directive 2009/65/EC, the underlying documents shall be updated at the first occasion or at the latest within 12 months after that date.
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Article 53 ESMA reviews
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Article 53
▼M6 —————
▼M2
2.
ESMA shall have the power to require the documented evidence from a competent authority for any of the decisions adopted in accordance with the first subparagraph of Article 51(2) and Article 25(2), as well as for actions taken with regard to the enforcement of Article 24(1).
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Article 54 Review
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Article 55 Notification of benchmarks referenced and their administrators
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Article 55
Notification of benchmarks referenced and their administrators
When a benchmark is referenced in a financial instrument covered by Article 4(1) of Regulation (EU) No 596/2014, the notifications under Article 4(1) of that Regulation shall include the name of the benchmark referenced and its administrator.
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Article 56 Amendments to Regulation (EU) No 596/2014
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Article 56
Amendments to Regulation (EU) No 596/2014
Regulation (EU) No 596/2014 is amended as follows:
(1)
Article 19 is amended as follows:
(a)
the following paragraph is inserted:
‘1a.
The notification obligation referred to in paragraph 1 shall not apply to transactions in financial instruments linked to shares or to debt instruments of the issuer referred to in that paragraph where at the time of the transaction any of the following conditions is met:
(a)
the financial instrument is a unit or share in a collective investment undertaking in which the exposure to the issuer's shares or debt instruments does not exceed 20 % of the assets held by the collective investment undertaking;
(b)
the financial instrument provides exposure to a portfolio of assets in which the exposure to the issuer's shares or debt instruments does not exceed 20 % of the portfolio's assets;
(c)
the financial instrument is a unit or share in a collective investment undertaking or provides exposure to a portfolio of assets and the person discharging managerial responsibilities or person closely associated with such a person does not know, and could not know, the investment composition or exposure of such collective investment undertaking or portfolio of assets in relation to the issuer's shares or debt instruments, and furthermore there is no reason for that person to believe that the issuer's shares or debt instruments exceed the thresholds in point (a) or (b).
If information regarding the investment composition of the collective investment undertaking or exposure to the portfolio of assets is available, then the person discharging managerial responsibility or person closely associated with such a person shall make all reasonable efforts to avail themselves of that information.’;
(b)
in paragraph 7, the following subparagraph is inserted after the second subparagraph:
‘For the purposes of point (b), transactions executed in shares or debt instruments of an issuer or derivatives or other financial instruments linked thereto by managers of a collective investment undertaking in which the person discharging managerial responsibilities or a person closely associated with them has invested do not need to be notified where the manager of the collective investment undertaking operates with full discretion, which excludes the manager receiving any instructions or suggestions on portfolio composition directly or indirectly from investors in that collective investment undertaking.’.
(2)
Article 35 is amended as follows:
(a)
in paragraphs (2) and (3), the phrase ‘and Article 19(13) and (14)’ is replaced by ‘, Article 19(13) and (14) and Article 38’;
(b)
paragraph (5) is replaced by the following:
‘5.
A delegated act adopted pursuant to Article 6(5) or (6), Article 12(5), the third subparagraph of Article 17(2), Article 17(3), Article 19(13) or (14) or Article 38, shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council.’.
(3)
In Article 38, the following paragraphs are added:
‘By 3 July 2019, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council on the level of the thresholds set out in Article 19(1a)(a) and (b) in relation to managers' transactions where the issuer's shares or debt instruments form part of a collective investment undertaking or provide exposure to a portfolio of assets, with a view to assessing whether that level is appropriate or should be adjusted.
The Commission shall be empowered to adopt delegated acts in accordance with Article 35 adjusting the thresholds in Article 19(1a)(a) and (b), if it determines in that report that those thresholds should be adjusted.’.
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Article 57 Amendments to Directive 2008/48/EC
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Article 57
Amendments to Directive 2008/48/EC
Directive 2008/48/EC is amended as follows:
(1)
In Article 5(1), the following subparagraph is inserted after the second subparagraph:
‘Where the credit agreement references a benchmark as defined in point 3 of Article 3(1) of Regulation (EU) 2016/1011 of the European Parliament and of the Council (
*1
), the name of the benchmark and of its administrator and the potential implications on the consumer shall be provided by the creditor, or where applicable, by the credit intermediary, to the consumer in a separate document, which may be annexed to the Standard European Consumer Credit Information form.
(2)
In Article 27(1), the following subparagraph is inserted after the second subparagraph:
‘By 1 July 2018 Member States shall adopt and publish the provisions necessary to comply with the third subparagraph of Article 5(1) and shall communicate them to the Commission. They shall apply those provisions from 1 July 2018.’.
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Article 58 Amendments to Directive 2014/17/EU
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Article 58
Amendments to Directive 2014/17/EU
Directive 2014/17/EU is amended as follows:
(1)
In the second subparagraph of Article 13(1), the following point is inserted:
‘(ea) where contracts that reference a benchmark as defined in point (3) of Article 3(1) of Regulation (EU) 2016/1011 of the European Parliament and of the Council (
21
) are available, the names of the benchmarks and of their administrators and the potential implications on the consumer;
(2)
In Article 42(2), the following subparagraph is inserted after the first subparagraph:
‘By 1 July 2018, Member States shall adopt and publish the provisions necessary to comply with point (ea) of the second subparagraph of Article 13(1) and shall communicate them to the Commission. They shall apply those provisions from 1 July 2018.’;
(3)
In Article 43(1), the following subparagraph is added:
‘Point (ea) of the second subparagraph of Article 13(1) shall not apply to credit agreements existing before 1 July 2018.’.
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Article 59 Entry into force
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Article 59
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.
It shall apply from 1 January 2018.
Notwithstanding the second paragraph of this Article, Articles 3(2), 5(5), 11(5), 13(3), 15(6), 16(5), Article 20 (excluding point (b) of paragraph (6)), Articles 21 and 23, Articles 25(8), 25(9), 26(5), 27(3), 30(5), 32(9), 33(7), 34(8), Article 46, and Articles 47(3) and 51(6) shall apply from 30 June 2016.
Notwithstanding the second paragraph of this Article, Article 56 shall apply from 3 July 2016.
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1.1 Riferimenti
1.2 Requisiti identificati
1.3 Standard correlati
2. Requisiti identificati
Requisiti
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Requisito |
3. Standard correlati
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