Activities of Philippe DE BACKER related to 2011/0417(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Venture Capital Funds PDF (312 KB) DOC (200 KB)
Amendments (26)
Amendment 38 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) In order to ensure that all benefits of this Regulation are seized, the financial support instruments for SMEs in Horizon 2020 and the options for SME financing under this Regulation need to be aligned.
Amendment 42 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to clarify the relationship between this Regulation and rules on collective investment undertakings and their managers, it is necessary to establish that this Regulation should only apply to managers of collective investment undertakings, other than UCITS in accordance with Article 1 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), who are established in the Union and are registered with the competent authority in their home Member State in accordance with Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. Furthermore, it should only apply to managers who manage portfolios of qualifying venture capital funds whosethe total assets under management in totalof which initially do not exceed a threshold of EUR 500 million. In order to make the calculation of this threshold operVenture capital fund managers who are registered under this Regulational, and the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the calculation of this threshold. When exercising this empowerment, the Commission should, in order to ensure consistency in rules on collective investment undertakings, take into account measures adopted by the Commission in accordance with point (a) of Article 3 (6) of Directive 2011/61/EC. total assets of which subsequently exceed the threshold of EUR 500 million, and who therefore become subject to authorisation with the competent authorities of their home Member State in accordance with Article 6 of Directive 2011/61/EU, should be able to continue to use the designation "European Venture Capital Fund" and operate under this Regulation in relation to the marketing of qualifying venture capital funds in the Union, provided that they continue to comply with this Regulation at all times in relation to qualifying venture capital funds.
Amendment 47 #
Proposal for a regulation
Recital 8
Recital 8
(8) In line with the aim of precisely circumscribing the collective investment undertakings which will be covered by this Regulation and in order to ensure their focus on providing capital to small undertakings in the initial stages of their corporate existence, the designation ‘European Venture Capital Fund’ should be restricted only to those funds that dedicate at least 70 percent of their aggregate capital contributions and uncalled committed capitalfter deduction of all relevant costs, to investments in such undertakings inwhich take the form of equity or quasi equity instrumalifying investments, short-term holdings in cash or cash equivalents.
Amendment 51 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Managers of a qualifying venture capital fund should be able to attract additional capital commitments during the lifetime of that fund.
Amendment 57 #
Proposal for a regulation
Recital 10
Recital 10
(10) In order to allow venture capital fund managers a certain degree of flexibility in the investment and liquidity management of their qualifying venture capital funds, secondary trading should be permitted up to a maximum threshold not exceeding 30 percent of aggregate capital contributions and uncalled capital investmenfter deduction of all costs. Short term holdings of cash and cash equivalents should not be taken into account when calculating this limit.
Amendment 61 #
Proposal for a regulation
Recital 13
Recital 13
(13) In order to ensure that qualifying venture capital funds do not contribute to the development of systemic risks, and so as to ensure that such funds concentrate, in their investment activities, on supporting qualifying portfolio companies, borrowing or leverage at the level of the fund should not be permitted only to the extent of the uncalled committed capital. However, in order to permit the fund to cover extraordinary liquidity needs that might arise between the call of committed capital from investors and the actual reception of the capital in its accounts, short-term borrowing should be allowed.
Amendment 71 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to managers of collective investment undertakings as defined in point (b) of Article 3 who are established in the Union and are subject to registration with the competent authorities of their home Member State in accordance with point (a) of Article 3 (3) of Directive 2011/61/EC, provided that those managers manage portfolios of qualifying venture capital funds, whosethe total assets under management in totalof which initially do not exceed a threshold of EUR 500 million or, in the Member States where the Euro is not the official currency, the corresponding value in the national currency on the date of the entry into force of this Regulation. Venture capital fund managers that are registered under this Regulation in accordance with Article 13, and the total assets of which exceed the EUR 500 million following that registration, and that therefore become subject to authorisation with the competent authorities of their home Member State in accordance with Article 6 of Directive 2011/61/EU, may continue to use the designation "European Venture Capital Fund" and may continue to operate under the conditions of this Regulation in relation to the marketing of qualifying venture capital funds in the Union, provided that they continue to comply with this Regulation at all times in relation to the qualifying venture capital funds.
Amendment 75 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 76 #
Proposal for a regulation
Article 3 – point a
Article 3 – point a
(a) ‘qualifying venture capital fund’ means a collective investment undertaking that invests at least 70 percent of its aggregate capital contributions, and uncalled committed capitalfter deduction of all relevant costs, in assets that are qualifying investments, short-term holdings in cash or cash equivalents;
Amendment 83 #
Proposal for a regulation
Article 3 – point c – introductory part
Article 3 – point c – introductory part
(c) ‘qualifying investments’ means equity or quasi equity instruments that are:
Amendment 85 #
Proposal for a regulation
Article 3 – point c – point i
Article 3 – point c – point i
(i) equity or quasi-equity instruments that are issued by a qualifying portfolio undertaking and acquired directly byfor the benefit of the qualifying venture capital fund from the qualifying portfolio undertaking, or
Amendment 87 #
Proposal for a regulation
Article 3 – point c – point ii
Article 3 – point c – point ii
(ii) equity or quasi-equity instruments that are issued by a qualifying portfolio undertaking in exchange for an equity security issued by the qualifying portfolio undertaking, or
Amendment 88 #
Proposal for a regulation
Article 3 – point c – point iii
Article 3 – point c – point iii
(iii) equity or quasi-equity instruments that are issued by an undertaking of which the qualifying portfolio undertaking is a majority-owned subsidiary and which is acquired by the qualifying venture capital fund in exchange for an equity instrument issued by the qualifying portfolio undertaking;
Amendment 90 #
Proposal for a regulation
Article 3 – point c – point iii a (new)
Article 3 – point c – point iii a (new)
(iiia) shares of a qualifying portfolio undertaking acquired from existing shareholders of that undertaking;
Amendment 92 #
Proposal for a regulation
Article 3 – point c – point iii b (new)
Article 3 – point c – point iii b (new)
(iiib) units or shares of one or several other qualifying venture capital funds.
Amendment 96 #
Proposal for a regulation
Article 3 – point f
Article 3 – point f
(f) ‘'quasi-equity’' means any instrument,type of financing instrument which is a combination of equity and debt or which has a debt element and whose return is predominantly based on the profits or losses of the qualifying portfolio undertaking and which is unsecured in the event of default;
Amendment 102 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The venture capital fund manager shall ensure that, when acquiring assets other than qualifying investments, no more than 30 percent of the fund's aggregate capital contributions, and uncalled committed capitalfter deduction of all relevant costs, is used for the acquisition of assets other than qualifying investments; short term holdings in cash and cash equivalents shall not be taken into account for calculating this limit.
Amendment 107 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The venture capital fund manager shall notbe allowed only to the extent of its uncalled committed capital to borrow, issue debt obligations, provide guarantees, at the level of the qualifying venture capital fund, nor employ at the level of the qualifying venture capital fund any method by which the exposure of the fund will be increased, whether through borrowing of cash or securities, the engagement into derivative positions or by any other means.
Amendment 109 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The prohibition set out in paragraph 2 shall not apply to borrowing for a non- renewable term of no longer than 1280 calendar days to provide liquidity between a call for and receipt of committed capital from investors.
Amendment 118 #
Proposal for a regulation
Article 6 – point b a (new)
Article 6 – point b a (new)
(ba) those other investors present to the venture capital fund manager an assessment made by a credit institution, another professional of the financial sector subject to Directive 2004/39/EC, or by a management company within the meaning of Directive 2009/65/EC certifying their expertise, their experience and their knowledge in adequately appraising an investment in risk capital;
Amendment 119 #
Proposal for a regulation
Article 6 – point c
Article 6 – point c
Amendment 121 #
Proposal for a regulation
Article 6 – point d
Article 6 – point d
Amendment 124 #
Proposal for a regulation
Article 6 – point e
Article 6 – point e
Amendment 142 #
Proposal for a regulation
Article 17
Article 17
The competent authority of the home Member State shall supervise compliance with the requirements set out in this Regulation. Where the competent authority of the host Member State has clear and demonstrable grounds for believing that the venture capital fund manager is in breach of this Regulation within its territory, it shall promptly inform the competent authority of the home Member State accordingly. The home Member State shall take appropriate measures.
Amendment 145 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The delegation of power referred to in paragraph 3 of Article 2 and paragraph 5 of Article 8 shall be conferred on the Commission for a period of four years from the date of entering into force of this Regulation. The Commission shall draw up a report in respect of the delegation of powers not later than nine months before the end of the four year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.
Amendment 149 #
Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 1 a (new)
Article 24 – paragraph 1 – subparagraph 1 a (new)
The review shall also include a survey on the possible negative or positive impact of other European financial regulations and of European financing instruments for SMEs on the functioning of the rules in this Regulation.