24 Amendments of Ondřej KOVAŘÍK related to 2020/2036(INI)
Amendment 2 #
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
Amendment 11 #
Motion for a resolution
Recital A
Recital A
A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers, as their objectiveto incentivise financial participation and to turn savers into investors; whereas access to equity financing for SMEs, entrepreneurs and the social economy has become even more crucial for the COVID-19 recovery;
Amendment 29 #
Motion for a resolution
Recital B
Recital B
B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
Amendment 42 #
Motion for a resolution
Recital C
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
Amendment 47 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the market movements resulting from COVID-19 have acted as a real-life “stress test” on the robustness of the whole financial ecosystem, and should be followed up with a detailed assessment of the benefits and shortcomings of the existing EU rulebook on financial stability and financial supervision;
Amendment 53 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas the Capital Markets Union should be a key contributor to the transition towards a sustainable and resilient economy to complement public investment, in line with the EU Green Deal; whereas the EU should aim to consolidate its position as a global leader in sustainable finance with an ambitious model and rulebook for sustainable investments which should be promoted as part of the EU values and as the gold- standard on the international level;
Amendment 56 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas recent announcements from the UK authorities on future regulatory divergence confirm the need for a careful assessment, in each area on a forward-looking and on-going basis, of the risks for the EU in terms of financial stability, market transparency, market integrity, investor protection and level- playing field when granting and maintaining equivalence, due to the current interconnectedness between the EU and the United Kingdom markets;
Amendment 60 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas financial stability and the integrity of the single market can only be preserved with a robust approach to third- countries access to the EU’s market and a dynamic monitoring system on equivalence regimes; whereas it is recalled that equivalence can only be granted if the regulatory and supervisory regime and standards of the relevant third-country are deemed fully equivalent by the Commission to those of the EU in order to ensure a level playing field;
Amendment 64 #
Motion for a resolution
Recital C e (new)
Recital C e (new)
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for SMEstart-ups, SMEs and mid-caps, in order to promote SMEs’their ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerablnotes that necessary measures include facilitating investment research, streamlining the definition of SMEs across relevant EU legislation, and easing issuance requirements to ensure that start-ups, SMEs and mid-caps find their way to public markets; calls on the Member States to rebalance debt-equity bias in taxation; points out that the current situation makes SMEs more fragile and vulnerable; calls on the introduction of an ‘SME test’ for impact assessments on each CMU initiative;
Amendment 113 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for a review of the ELTIF Regulation and of related prudential calibrations in the banking and insurance regulatory frameworks to enhance the take-up and attractiveness of this innovative European label; notes that creating of a new additional ELTIF regime, based on an open-ended fund structure with the possibility to redeem at set intervals, could offer a new opportunity for retail investors to benefit from a diversified portfolio of long-term investments;
Amendment 122 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 127 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation tohat could help expedite the recovery after the COVID-19 crisis; supports as part of a broad package of measures to increase public and private financing; welcomes targeted changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), and the Securitisation Regulation and the Market Abuse Regulations long as they aim to preserve market liquidity and transparency, and to facilitate investments in the real economy, in particular in SMEs, and tomid-caps; notes that, allowing newcomers and new products to enter the markets, preserving consumer protection and market integrity; incumbent market players to offer new innovative products while preserving consumer protection and market integrity, is one of the strongest assets of the EU single market;
Amendment 158 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Emphasises that innovative and competitive EU financial products with global reach, such as UCITS and green bonds using the future EU Green Bond Standard, are channels to extend the EU’s influence on the global stage and to strengthen the international role of the euro; calls on the Commission to draw inspiration from these examples, if necessary through amending the respective legislation, in order to bring the same level of international recognition to other EU financial products such as ELTIFs and STS securitisations, and prospective future instruments such as social bonds;
Amendment 188 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs and mid-caps, to ensure that incentives for insurers and pension funds do not penalise equity investments; strongly calls on insurers and re-insurers to draw conclusions from the COVID-19 crisis, including on the coverage of pandemic-related risks; encourages the rapid phasing out of national exemptions and to the reduction of ‘gold-plating’ in national implementation of Solvency II, to foster harmonisation and integration of the EU insurance and re-insurance market;
Amendment 200 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national ssupervisory convergence to promote a common European model, highlights the crucial role of the European Supervisory aAuthorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA),(ESAs) in facilitating this; recalls the additional competences given and structural changes made to the ESAs by the recently adopted Regulation (EU) 2019/2175; calls on the ESAs, together with the national supervisory authorities, to implement and exercise these changes as soon as possible to allow the ESAs to act swiftly to preserve financial stability and the orderly functioning and integrity of the market, and to reduce the existing obstacles to cross-border financial operations;
Amendment 214 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that financial services regulation is a very complex undertaking, with regulation at international, European and national level; encourages all relevant actors to address this complexity to ensure the proportionality of financial regulation and to remove unnecessary administrative burdens; also notes that proportionality of financial regulation can sometimes lead to increased complexity, and calls on the Commission and Member States to commit to significant efforts to streamline and harmonise existing and future rules, by phasing out national exemptions as appropriate, and by preventing ‘gold- plating’ of EU law at national level; highlights that Regulations with clear timelines for transition and phasing out of existing regimes can build a smooth and steady path to regulatory convergence;
Amendment 219 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
Amendment 226 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; calls on the Commission to put forward initiatives specifically targeting retail investors, including facilitating the development of independent web-based EU comparison tools, to help retail investors determine the most appropriate products in terms of risk, return on investment and value for their particular needs, and promoting incentives for ESG products and products typically associated with better value for money;
Amendment 236 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
Amendment 241 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next reviewas soon as possible, ahead of the application of the PRIIPs rules to UCITS products; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect lwill be aligned with the Level 1 text, in particular in relation to the performance scenarproviding accurate, fair, clear and non-misleading pre- contractual informatiosn; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholdermarket participants, and could reduce understanding and confidence from retail investors; calls for a more fundamental review of rules applicable to the distribution of financial products across the entirety of the retail investment space, in particular under MiFID, IDD and PRIIPs, aiming to harmonise and streamline the EU rulebook as appropriate; notes that EU rules on consumer protection should be adapted to the green and the digital transformations and put the interest of the retail investor at the forefront, regardless of the different types of providers and products;
Amendment 316 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; requests that the Commission create a pan-European ‘sandbox’ for financial servic provided that sufficient safeguards are in place to prevent potential threats to the integrity, transparency, efficiency and orderly functioning of financial markets, and to the stability of the financial system; requests that the Commission draws upon the experience gained from the European Forum for Innovation Facilitators (EFIF) to assess whether a pan-European ‘sandbox’ for financial services would provide additional benefits for financial innovation; asserts that such a pan- European ‘sandbox’ should be established within the direct supervisory remit of the joint ESAs committee, in cooperation with relevant national supervisory authorities;
Amendment 327 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a technical, proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; calls on the Commission, in cooperation with the ESAs, and where relevant with National Competent Authorities, to establish a dynamic monitoring system on equivalence regimes, in the case of third country regulatory and supervisory divergences which could entail potential risks for the EU in terms of financial stability, market transparency, market integrity, investor and consumer protection and level-playing field; highlights that the Commission should have emergency procedures in place to withdraw equivalence decisions in case of the need to swiftly act, bearing in mind the potential consequences of an emergency withdrawal of an equivalence decision;
Amendment 334 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;