Activities of Mady DELVAUX related to 2018/0045(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 PDF (623 KB) DOC (77 KB)
Amendments (19)
Amendment 83 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) In order to assess the phenomenon of reverse solicitation and demand on the own initiative of an investor, as well as the potential to use them to circumvent provisions connected to the passport, including by third country entities, the Commission should publish a report on these issues two years after the entry into force of this Regulation.
Amendment 108 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Fees or charges levied by competent authorities shall be proporin relationate to the expenditure relating to the authorisation or registration and the performance of the supervisory and investigatory powers pursuant to Articles 44, 45 and 46 of Directive 2011/61/EU and Articles 97 and 98 of Directive 2009/65/ECcross border activity of AIFMs, EuVECA managers, EuSEF managers and UCITS shall be consistent with overall costs relating to the performance of the functions of the competent authority.
Amendment 128 #
Proposal for a regulation
Article 12 – paragraph 1 – point 1
Article 12 – paragraph 1 – point 1
Regulation (EU) No 345/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information or communication on investment strategies or investment ideas by the manager of a qualifying venture capital fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying venture capital fund or in a registered qualifying venture capital fund, which is not yet notified for marketing in accordance with Article 15 in that Member State where the potential investors are domiciled or have their registered office, and which in each case does not amount to an offer or placement to the investor to invest in units or shares of that qualifying venture capital fund;
Amendment 134 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 138 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 142 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) No 345/2013
Article 4a – paragraph 1 – point d
Article 4a – paragraph 1 – point d
(d) amounts to the final form of a prospectus, constitutional documents ofr offering documents of a not yet registered qualifying venture capital funds, offering documents,r amounts to subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decisioninvest in the units or shares of a qualifying venture capital fund.
Amendment 144 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) 345/2013
Article 41 – paragraph 1 – subparagraph 1 a (new)
Article 41 – paragraph 1 – subparagraph 1 a (new)
Where a draft prospectus or offering document as referred to in point (d) of the first subparagraph is provided, such documents shall not contain all relevant information allowing investors to take an investment decision and shall clearly state that the information presented is incomplete and should therefore not be relied upon, as well as that the document does not constitute an offer or an invitation to subscribe to units or shares of the qualifying venture capital fund.
Amendment 145 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) 345/2013
Article 4a – paragraph 2
Article 4a – paragraph 2
2. Competent authorities shall not requireA manager of a qualifying venture capital fund shall send a simple letter in paper form or by electronic means before it engagers of qualifying venture capital funds to notify their intention to engage inin pre-marketing activities, stating the Member State or Member States in which it will conduct these activities, to the competent authorities of its home Member State with a copy to the competent authorities of the Member State or Member States in which it will undertake those pre-marketing. activities.
Amendment 148 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) 345/2013
Article 4a – paragraph 3
Article 4a – paragraph 3
3. Subscription by investors to units or shareshat were subject to pre-marketing, within 18 months after the manager of a qualifying venture capital funds registered following the pre- marketing in accordance with paragraph 1 or to the engaged in pre- marketing, to units or shares of a qualifying venture capital funds managed and marketed by referred to in the information provided in the context of pre-marketing activities by the managers of qualifyingthe venture capital funds that engaged in pre- marketing of not yet registered qualifying venture capital funds with the similar featur or on its behalf, or of qualifying venture capital funds established as a result of those pre- marketing activities shall be considered the result of marketing.
Amendment 150 #
Proposal for a regulation
Article 12 – paragraph 1 – point 2
Article 12 – paragraph 1 – point 2
Regulation (EU) 345/2013
Article 4a – paragraph 3 a (new)
Article 4a – paragraph 3 a (new)
3 a. A manager of a qualifying venture capital fund shall ensure that information relating to its pre-marketing activities is available, and provided upon request, to the competent authorities of its home Member State and to the competent authorities of the Member States in which it has engaged in pre-marketing activities. A manager of a qualifying venture capital fund shall ensure that its pre-marketing activities are adequately documented, including references to the Member States, the periods of time in which the pre-marketing activities took place, as well as a brief summary description of those activities, including the information on the investment strategies presented and, where relevant, a list of the EuVECAs and compartments of EuVECAs presented.
Amendment 154 #
Proposal for a regulation
Article 13 – paragraph 1 – point 1
Article 13 – paragraph 1 – point 1
Regulation (EU) 346/2013
Article 3 – point o
Article 3 – point o
(o) ‘pre-marketing’ means a direct or indirect provision of information or communication on investment strategies or investment ideas by the manager of a qualifying social entrepreneurship fund, or on its behalf, to potential investors domiciled or with a registered office in the Union in order to test their interest in a not yet registered qualifying social entrepreneurship fund or in a registered qualifying social entrepreneurship fund, which is not yet notified for marketing in accordance with Article 16 in that Member State where the potential investors are domiciled or have their registered office, and which in each case does not amount to an offer or placement to the investor to invest in units or shares of that qualifying venture capital fund;
Amendment 161 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point a
Article 4a – paragraph 1 – point a
Amendment 163 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – point b
Article 4a – paragraph 1 – point b
Amendment 168 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) 346/2013
Article 4a – paragraph 1 – point d
Article 4a – paragraph 1 – point d
(d) amounts to the final form of a prospectus, constitutional documents ofr offering documents of a not yet registered qualifying social entrepreneurship funds, offering documents,r amounts to subscription forms or similar documents whether in a draft or a final form allowing investors to take an investment decisioninvest in the units or shares of a social entrepreneurship fund.
Amendment 170 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) No 346/2013
Article 4a – paragraph 1 – subparagraph 1 a (new)
Article 4a – paragraph 1 – subparagraph 1 a (new)
Where a draft prospectus or offering document as referred to in point (d) of the first subparagraph is provided, such documents shall not contain all relevant information allowing investors to take an investment decision and shall clearly state that the information presented is incomplete and should therefore not be relied upon, as well as that the document does not constitute an offer or an invitation to subscribe to units or shares of a qualifying social entrepreneurship fund.
Amendment 171 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) 346/2013
Article 4a – paragraph 2
Article 4a – paragraph 2
2. Competent authorities shall not requireA manager of a qualifying social entrepreneurship fund shall send a simple letter in paper form or by electronic means before it engagers of qualifying social entrepreneurship funds to notify their intention to engage inin pre-marketing activities, stating the Member State or Member States in which it will conduct these activities, to the competent authorities of its home Member State with a copy to the competent authorities of the Member State or Member States in which it will undertake those pre-marketing. activities.
Amendment 174 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
3. Subscription by investors to units or shareshat were subject to pre-marketing, within 18 months after the manager of a qualifying social entrepreneurship funds registered following the pre-marketing in accordance with paragraph 1 or to the engaged in pre-marketing, to units or shares of a registered qualifying social entrepreneurship funds managed and marketed by referred to in the information provided in the context of pre-marketing activities by the managers of qualifyingthe social entrepreneurship funds that engaged in pre-marketing of not yet registered qualifying social entrepreneurship funds with the similar featur or on its behalf, or of qualifying social entrepreneurship funds established as a result of those pre-marketing activities, shall be considered the result of marketing.
Amendment 176 #
Proposal for a regulation
Article 13 – paragraph 1 – point 2
Article 13 – paragraph 1 – point 2
Regulation (EU) 345/2013
Article 4a – paragraph 3 a (new)
Article 4a – paragraph 3 a (new)
3 a. A manager of a qualifying social entrepreneurship fund shall ensure that information relating to its pre-marketing activities is available, and provided upon request, to the competent authorities of its home Member State and to the competent authorities of the Member States in which it has engaged in pre-marketing activities. A manager of a qualifying social entrepreneurship fund shall ensure that its pre-marketing activities are adequately documented, including references to the Member States, the periods of time in which the pre-marketing activities took place, as well as a brief summary description of those activities, including the information on the investment strategies presented and, where relevant, a list of the EuSEFs and compartments of EuSEFs presented.
Amendment 185 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 (new)
Article 14 – paragraph 1 – subparagraph 1 (new)
By [PO: Please insert date 24 months after the date of entry into force] the Commission shall, on the basis of a consultation of competent authorities, ESMA and other relevant stakeholders, issue a report on the phenomenon of reverse solicitation and demand on the own initiative of an investor, specifying the extent of this form of subscriptions to funds, its geographical distribution, including third countries, and its potential to be used to circumvent provisions connected to the passport.