Activities of Jean-Luc SCHAFFHAUSER related to 2015/2106(INI)
Shadow opinions (1)
OPINION on Stocktaking and challenges of the EU Financial Services Regulation: Impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union
Amendments (6)
Amendment 4 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the opening of the consultation on the Capital Markets Union, and underlines the need to learn lessons from the crises in order to enhance market stability and facilitate non-bank financing of the economy by regulating the securitisation market and ratings agencies; believes that this initiative, by seeking to widening access to funding and attempting to unlock ing investment, can be an important tool to get Europe back on track for economic growth; vestment, could help get Europe back on track for economic growth if the demand crisis caused by structural adjustment, because of falls in pay levels, is offset by investment in generating new wealth in countries with structural weaknesses; (During the 2008 crisis, banks were undermined by non-banking finance operations, i.e. securitisation, since security issuers do not bear risks themselves, but, rather, pass them on to the market as a whole. Risk becomes opaque, in particular since ratings agencies are paid by security issuers.)
Amendment 17 #
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the need to take into account the wider global context; calls for a set of measures to improve the investment climate through supply-side policies, but also on the demand side, attracting capital flows into the EU and restorboosting the international competitiveness of the Union;
Amendment 27 #
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes the envisaged diversification of funding channels, which should be complementary to the existing ones and promote instruments which have proved their usefulness; underlines the need to reduce administrative burdens andthe banking system, institutional financing (insurance) and financial disintermediation, given that the US model is not the model which should be followed by the EU, since, through deregulation of intermediation and through market manipulation, it leads to instability; underlines the need to regulate that market by foster theing application of the principles of proportionality, coherence, subsidiarity and practicability in EU legislation, in the interests of efficient, liquidtransparent and cost- effective capital markets;
Amendment 42 #
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs; supports broadening the funding options available for SMEs; calls for improved access to long-term financing and for the development of a pan- European private placement market promoting venture capital, as well as alternative instruments such as peer-to- peer lending and crowdfundingakes the view that securitisation requires a robust regulatory framework, given the systemic risk which the financial system would face as a result of uncontrolled expansion of that technique; takes the view that, even if there is a transparent market and an insurance system, security issuers must be the risk bearer of last resort;
Amendment 47 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Points up, in particular, the need to open up financial markets to SMEs by promoting risk capital, especially through business angels, and by means of tax incentives for both firms and individuals; supports broadening the funding options available for SMEs; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding;
Amendment 59 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the Commission to take into account the specificities of individual markets and propose changes only in those areas that require intervention in order to eliminate the existing barriers while safeguarding market transparency; believes that the bottom-up approach and, sharing national best practices and the ability of Member States to protect national and European strategic enterprises against takeover bids and hostile financial raids should be at the core of the Capital Markets Union initiative;