8 Amendments of Fabio Massimo CASTALDO related to 2020/0106(COD)
Amendment 129 #
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Safeguarding employment and support to cross-border activities should also be targeted.
Amendment 138 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) In order to circumvent potential conflicts of interest and maximise the effect on the real economy and on employment, companies that benefit from EFSI financing through the solvency support window should be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the guarantee.
Amendment 143 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) In order to ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress, impact and operations of the Solvency Support Instrument, in particular as regards the number of operation conducted, the geographical and sectoral coverage and the social impact, including clear indications on the aggregate share of employment retained or created in the firms obtaining solvency support. At the request of the European Parliament, the Chair of the Steering Board and the Managing Director should participate in hearings and reply to questions within a fixed period. The Commission should report annually on the situation of the guarantee fund.
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
Article 9 – paragraph 2 – subparagraph 3 – introductory part
The operations concerned shall be consistent with Union policies, including the European Green Deal9 , the European Pillar of Social Rights and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 209 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 a (new)
Article 1 – paragraph 1 – point 14 a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
(14a) in Article 9, the following paragraph is added: ‘7a. Beneficiaries that receive EFSI financing shall not make dividend payments, non-mandatory coupon payments or buy back shares. The remuneration of any member of the management of a beneficiary that receives EFSI financing shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of EFSI financing, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.’
Amendment 230 #
Proposal for a regulation
Article 1 – paragraph 1 – point 29 a (new)
Article 1 – paragraph 1 – point 29 a (new)
Regulation (EU) 2015/1017
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
Amendment 232 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 2 – point a
Article 1 – paragraph 1 – point 31 – point 2 – point a
Regulation (EU) 2015/1017
Annex II – Section 2 – point b – paragraph 1
Annex II – Section 2 – point b – paragraph 1
(b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support Window, financing shall aim at improving the equity base of companies and their solvency. The terms of the financing should avoid distorting competition between companies and be designed in ways that prevent market concentration. As a rule, the EU guarantee shall not be granted for supporting refinancing operations (such as replacing existing loan agreements or other forms of financial support for projects which have already partially or fully materialised), except under the Solvency Support Window or in exceptional and well-justified circumstances where it is demonstrated that such a transaction will enable a new investment of an amount at least equivalent to the amount of the transaction and that would fulfil the eligibility criteria and general objectives laid down in Article 6 and Article 9(2) respectively.
Amendment 242 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 5
Annex II – Section 6 – point d – indent 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouragrequired to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouragrequired to put in place, in the future, green transition plawithin a specified time frame, green transition plans, including measures to reduce carbon emissions. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.