516 Amendments of Renato SORU
Amendment 180 #
2018/2102(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission to continue giving particular attention to the delivery of services of general economic interest (SGEI) including energy, transport and telecommunication, when applying EU state aid rules, especially in the context of state support dedicated to isolated, remote or peripheral regions in the Union;
Amendment 3 #
2018/2094(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the approach presented during plenary debates on the ‘Future of Europe’, whereby the future EU budget should promote European added value, ensure finances for new challenges and continue supporting European solidarity, stability and growth as well as the modernisation of EU policieConsiders it necessary for the future Union budget, based on an increasing share of own resources, to promote European added value, ensuring the economic and social convergence of Member States and support for a more solidarity-based and inclusive Europe; takes the view, to that end, that the common budget can help to fund European automatic stabilisers;
Amendment 9 #
2018/2094(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers it important that the future Union budget should be able to achieve greater integration of the common European defence policy and the common migration management policy, thereby also contributing to the transition towards a more sustainable model of economic development from an environmental and social perspective;
Amendment 20 #
2018/2094(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Underlines the importance of commitment to the process of completing the Banking Union and the need to ensure openness and equal treatment of all Member States participating in the Banking Union; takes the view that the Banking Union can only be fully effective if the European Deposit Insurance Scheme (EDIS) is established;
Amendment 34 #
2018/2094(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Underlines the importance of continuing the process of deepening and completing the EMU in order to preserve the stability of the single currency and enhance the convergence of economic, fiscal and labour market policies among the Member States; supports further steps in the development of the ESM and the common backstop to the Single Resolution Fund (SRF) as confirmed by the European Council; is of the opinion that new governance-related arrangements and figures, such as a European Minister of Economy and Finance, may improve the process to coordinate economic policies and increase the effectiveness of parliamentary scrutiny at the various stages of the European Semester;
Amendment 45 #
2018/2094(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Reiterates the importance of the social dimension of the European Semester; points out that significant steps forward are still needed to reduce early school leaving, the number of NEETs and youth unemployment; highlights, in addition, the role of education as a tool for reducing economic inequalities and for the full exercise of citizens' rights, as also evidenced by the European Pillar of Social Rights;
Amendment 58 #
2018/2094(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses that a joint effort is needed to promote policies and investments that facilitate the acquisition of the skills that are necessary for participating in a labour market that is constantly evolving and greatly influenced by current technological innovation processes;
Amendment 2 #
2018/2007(INI)
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on the Mid-Term Review of the Capital Markets Union Action Plan of the 8 June 2017,
Amendment 15 #
2018/2007(INI)
Motion for a resolution
Citation 21 a (new)
Citation 21 a (new)
- having regard to the Opinion of the European Committee of the Regions "Climate finance: an essential tool for the implementation of the Paris Agreement" highlighting the role of local and regional governments in enhancing the investment pipeline for achieving the objectives of the Paris Agreement,
Amendment 16 #
2018/2007(INI)
Motion for a resolution
Citation 25
Citation 25
— having regard to the recommendation in the HLEG finterimal report of Julanuary 20178 that the Commission should conduct a sustainability test on all financial legislative proposals,
Amendment 17 #
2018/2007(INI)
Motion for a resolution
Citation 28 a (new)
Citation 28 a (new)
28 a - having regard to the UNISDR and CRED report "The Human Cost of Weather related Disasters" stating that 90% of recorded major disasters from 1995 to 2015 caused by natural hazards were linked to climate and weather and that globally, disasters cause between 250 and 300 billion USD in economic damages every year;
Amendment 18 #
2018/2007(INI)
Motion for a resolution
Citation 28 b (new)
Citation 28 b (new)
- having regard to the Sendai Framework for Disaster Risk reduction and "Priority 3: Investing in disaster risk reduction for resilience" including Article 30 stating the need "to promote, as appropriate, the integration of disaster risk reduction considerations and measures in financial and fiscal instruments",
Amendment 25 #
2018/2007(INI)
Motion for a resolution
Citation 32 a (new)
Citation 32 a (new)
- having regard to the report of the High-Level Task force on Investing in Social Infrastructure in Europe, which estimates the minimum gap in social infrastructure investment in the EU, at 100-150 billion Euro per year and a total gap of over 1,5 trillion Euro in 2018-2030,
Amendment 48 #
2018/2007(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas sustainable finance can be a mean to address societal challenges towards a long-term inclusive growth and to promote the citizens’ wellbeing;
Amendment 74 #
2018/2007(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Underlines that a meaningful offer of sustainable financial products may also have positive effects over the enhancement of the European social infrastructure understood as the set of initiatives and projects aiming at creating public value by boosting investment and innovation in the sectors which are strategic and crucial to the wellbeing and the resilience of people and communities, such as education, healthcare and housing;
Amendment 110 #
2018/2007(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Member States, in coordination with the Commission and the EIB, to evaluate their national and collective public investment needs to ensure that the EU is on track to meet its climate change goals within the next five years. Suggests to coordinate this process at European level and establish a system to track actual financial flows towards sustainable investments, enhancing experiences such as the EU Observatory on Sustainable Finance;
Amendment 112 #
2018/2007(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Member States, in coordination with the Commission and the EIB, to evaluate their national and collective public investment needs to ensure that the EU is on track to meet its climate change goals within the next five years; underlines the role that national promotional banks and institutions can play in facing this challenge;
Amendment 147 #
2018/2007(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the recent inclusion of sustainability issues in the PRIIPs and STS Regulations, as well as in Shareholders Rights Directive and the NFRD; applauds the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal integration of sustainable finance criteria in all legislation related to the financial sector. Calls in particular for a direct reference to ESG criteria in the "product oversight governance" (POG) of PRIIPs, IBIPs, investment products in the field of MIFID II and insurance products in IDD Directive, in order to consider those criteria in the entire process of creation, placement and monitoring of investment and insurance products;
Amendment 160 #
2018/2007(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
Amendment 161 #
2018/2007(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Welcomes the European Commission Statement at the "One Planet Summit" in Paris (December 2017) on the possible introduction of a "Green Supporting Factor" in prudential rules in order to boost lending and investments in low carbon assets;
Amendment 168 #
2018/2007(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Asks the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainabilityle investments´ economic solidity in terms of risks, within the framework of capital adequacy rules; stresses that capital adequacy rules must be based on and fully reflect demonstrated riskdemonstrated risks and need to consider positive externalities; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose;
Amendment 243 #
2018/2007(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Stresses the importance of the Social component of Sustainable finance; notes the potential of the development of new financial instruments especially dedicated to social infrastructures, such as social bonds, as endorsed by the Social Bond Principles (SBP) 2017;
Amendment 3 #
2018/2002(INL)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the applicable tax regime for the PEPP should be the one of the Member State where a PEPP saver resides;
Amendment 188 #
2017/2226(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines that the European Semester and the Country-Specific Recommendations should achieve the objectives set out in the Pillar of Social Rights; stresses the importance, to that end, of assessing the relevant indicators at all stages of the Semester;
Amendment 204 #
2017/2226(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Insists on the need to develop within the European sSemester a comprehensive strategy to support investment that enhances environmental sustainability and the conservation of natural resources and the landscape; calls on the Commission, in this respect, to demonstrate how its statement that ‘the SDGs are now fully integrated in the Semester’ (Commission communication of 22 May 2017, COM(2017)0500) is reflected in Annual Growth Survey 2018 and will be reflected in the subsequent Semester process;
Amendment 247 #
2017/2226(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Insists on a common effort to bring euro area expenditure on R&D closer to the EU2020 targets; calls for proper policies and investment to ensure equal access to higher education and training; takes the view, moreover, that such policies and investment should foster the attainment of the skills that are necessary in order to participate in a constantly evolving labour market that is strongly influenced by current technological innovation processes;
Amendment 260 #
2017/2226(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Recalls that the role of the Member States is to guarantee access to quality education and training and that these are an instrument which can both reduce economic and social inequalities and enable citizenship rights to be exercised in full;
Amendment 262 #
2017/2226(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers it necessary to make a special commitment to the new generations and younger citizens; hopes, therefore, that a common effort to reduce early school leaving, the number of NEETs and youth unemployment can help to increase social cohesion;
Amendment 285 #
2017/2226(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Emphasises the important role an efficient, effective and transparent general government sector plays in ensuring sustainable economic growth;
Amendment 301 #
2017/2226(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Underlines that a fiscal capacity – on top of existing capacities, and not through redeployments that would undermine the vital role currently played by structural funds and cohesion policy – represents a necessary tool for increasing incentives for convergence and to counter asymmetric or symmetric economic shocks and that these objectives can be achieved also by developing automatic stabilisers at EU level;
Amendment 316 #
2017/2226(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Reiterates the need to ensure that all EU citizens are entitled to a decent income, including when they have retired; acknowledges, to that end, the importance of the sustainable development of the various social security pillars, including the supplementary ones;
Amendment 341 #
2017/2124(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Is aware that the low interest rates resulting from the ECB's policies have helped to make sovereign debt sustainable;
Amendment 344 #
2017/2124(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Stresses that a gradual reduction in quantitative easing and a consequent rise in interest rates could, inter alia, have implications for systemic stability because of the greater difficulties in sustaining sovereign debt;
Amendment 39 #
2017/2072(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the stock of non- performing loans of significant institutions (SIs) stood at EUR 86795 billion at the end of March 2017June 2017 and has shown a declining trend;
Amendment 45 #
2017/2072(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the non-performing loans ratio of significant institutions (SIs) stood at 5.48% at the end of June 2017 and has shown a declining trend;
Amendment 351 #
2017/2072(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that deposit protection is a common concern for all EU citizens and that an EDIS would contribute to boost both the confidence in the banking system and the solidity of this sector, by reducing the depositors’ vulnerability and the link between banks and sovereigns; is currently debating the proposal on an EDIS at committee level; notes, in this respect, the Commission’s more proportionate ‘new approach’ to an EDIS as put forward in its communication of 11 October 2017;
Amendment 21 #
2017/2066(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas closer integration of cross-border retail financial services and better information in respect of the opportunities this market offers can help bolster informed demand which raises the bar in terms of quality standards in this field;
Amendment 24 #
2017/2066(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas applying technologies to the provision of retail financial services can potentially help overcome certain obstacles to the internal market and enhance the sector’s operational efficiency;
Amendment 57 #
2017/2066(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers a high level of consumer protection and transparency key to the development of a single market in retail financial services; believes the enforcement of EU and national financial consumer legislation needs to be strengthened across all Member States, including with assistance from new technologies, needs to be strengthened across all Member States so as to ensure that the regulatory framework fits the context and helps banish uncertainty and prevent fragmentation;
Amendment 1 #
2017/2053(INI)
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Whereas the European Union is a global actor and its action towards the protection, the empowerment and the defence of its citizens needs to be underpinned by a clear, solid and transparent system of own resources;
Amendment 2 #
2017/2053(INI)
Draft opinion
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Whereas the financing of the European budget broadly relies on the Gross National Income-based contributions and this trend has increased over the last twenty-five years;
Amendment 40 #
2017/2053(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Advocates the establishment of a budgetary capacity for the Eurozone that would perform functions of macroeconomic stabilisation and bring about economic and social convergence; considers, moreover, that this capacity should be financed through own resources specific to the euro area, such as a tax on financial transactions, a bank levy and a share of the ECB’s profits; underlines that such a system would also allow a better and more concrete coordination of the national economic policies;
Amendment 51 #
2017/2053(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Considers that the EU should be able to issue zero-risk debt assets in order to offset the volatility in own resources’ revenues and to boost the overall economic and financial stability;
Amendment 84 #
2017/2053(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Supports the proposal to create the post, within the Commission, of European Finance Minister, who would be tasked with managing the budgetary capacity and ensuring full democratic accountability of the EU’s economic governance, in particular towards the European Parliament; believes that a euro area treasury is needed in order to accomplish this mission;
Amendment 112 #
2017/2005(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recommends that market access barriers for issuers in developing CB and ESN markets outside the EEA be removed by providing equitable treatment to CBs and ESNs from issuers in third countries, provided their legal, institutional and supervisory environment passes a thorough equivalence assessment by a competent European institution, and by promoting the key principles of EU legislation so that they represent a potential gold standard for the CB market worldwide;
Amendment 39 #
2017/2003(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that, if developed in a responsible manner, the collaborative economy may create significant opportunities for citizens and consumers, who benefit from enhanced competition, tailored services and lower prices, furthermore believes this may happen only while preserving competition with traditional sectors and plurality of actors within the collaborative economy;
Amendment 60 #
2017/2003(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges, at the same time, that the collaborative economy is having a profound impact on long-established business models; underlines the risk of having different legal standards for similar economic actors; is concerned about the risk of reducing consumer protection, workers’' rights and tax compliance; is concerned by the presence of network effects that might support the development of monopolies; acknowledges the effects that collaborative businesses are having on the urban environment;
Amendment 81 #
2017/2003(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers the development of a dynamic and clear legal environment to be of paramount importance for the collaborative economy to flourish in the EU; supports efforts to maintain proportionality in regulation, opting for clear general principles and definitions, avoiding an excessively prescriptive approach for a new and changing sector;
Amendment 93 #
2017/2003(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the need to consider the collaborative economy not only as a business model but also as a new form of integration between the economy and society which is able to embed economic relations within social ones and to create new forms of community; believes the collaborative economy can be a driver for the development of social capital and economic growht;
Amendment 114 #
2017/2003(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Underlines that platforms generate more than proportional value based on the size of their network; recognises the risk of monopoly generation and supports all efforts to push for interoperability between platforms;
Amendment 120 #
2017/2003(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to encourage the collaborative economy as a whole, giving priority to sectors with more difficult access to financing such as non- profit, user-governed, collaborative practices aimed at building sharing and cooperation, and a commons- oriented approach to the collaborative economy, so as to foster the scalability of a social economy and access to open knowledge;
Amendment 235 #
2017/2003(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Strongly believes, at the same time, that this self-regulating capacity does not undercut the need for regulation, especially for market failures that platforms cannot address and for other normative goals (e.g. reversing inequalities, boosting fairness, inclusiveness, and openness, discouraging monopolies, etc.);
Amendment 271 #
2017/2003(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Is concerned about the difficulties that have emerged so far in relation to tax compliance and enforcement, despite the increased traceability of economic transactions via online platforms; supports the best practices in terms of platform- government cooperation already developed in certain countries;
Amendment 320 #
2017/2003(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Encourages the Member States to recognize that the collaborative economy will also bring disruption, therefore to prepare absorption measures for certain sectors, supporting training and outplacement;
Amendment 44 #
2017/0328(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
Regulation (EC) No 726/2004
Article 71a
Article 71a
The seat of the Agency shall have its seat in Amsterdam, the Netherlands. be located in a city of a European Union Member State on the basis of absolute assurance that: - it meets, without any exception or limitation, as from January 2019, all requirements, conditions and criteria necessary to ensure that the Agency can function effectively; - it ensures the full and immediate operational continuity of the Agency’s activities, which are highly important to society and of great scientific value. The Agency's remit shall relate to what is recognised as a fundamental right of European citizens to health protection. Its headquarters shall be selected under the ordinary legislative procedure pursuant to Articles 114 and 168(4)(b) TFEU.
Amendment 46 #
2017/0328(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
Regulation (EC) No 726/2004
Article 71a
Article 71a
The Agency shall have its seat in Amsterdam, the NetherlandsMilan, Italy.
Amendment 866 #
2017/0230(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Regulation (EU) 1094/2010
Article 1 – paragraph 2
Article 1 – paragraph 2
The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2009/138/EC with the exception of Title IV thereof, of Directives 2002/92/EC, 2003/41/EC, 2002/87/EC, Directive 2009/103/EC*, of Regulation (EU) No xxxx/xxxx of the European Parliament and of the Council on a pan- European Personal Pension Product (PEPP) and, to the extent that those acts apply to insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision and insurance intermediaries, within the relevant parts of Directives (EU) 2015/849 and 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority.
Amendment 880 #
2017/0230(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a – point v a (new)
Article 2 – paragraph 1 – point 5 – point a – point v a (new)
Regulation (EU) No 1094/2010
Article 8 – paragraph 1 – point m a (new)
Article 8 – paragraph 1 – point m a (new)
(va) the following point (ma) is inserted: ‘(ma) upon introduction of the pan- European Personal Pension Product (PEPP) into Union law, to grant product authorisation to PEPP providers;’
Amendment 211 #
2017/0143(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 215 #
2017/0143(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The Capital Markets Union (CMU) will help mobilise capital in Europe and channel it to all companies, including small and medium enterprises, infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMU is to increase investment and choices for retail investors by putting European savings to better use. For this purpose, a PEPP will represent a step forward for the enhancement of the capital markets integration due to its support to the long-term financing of the real economy.
Amendment 217 #
2017/0143(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 222 #
2017/0143(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Financial education can support the understanding and awareness of households’ saving choices in the area of voluntary personal pension schemes. Savers shall also have a fair chance to fully grasp the risks and the features related to a pan-European product.
Amendment 232 #
2017/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”), on the basis of a single set of rules and in cooperation with national competent authorities.
Amendment 237 #
2017/0143(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and the host Member States, if the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory, it should inform both EIOPA and the competent authority of the home Member State which should then be obliged to take the appropriate measures. Moreover, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 239 #
2017/0143(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this DirectiveRegulation does not confer responsibility on the host Member State, a close cooperation demands that that authority informs both EIOPA and the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 245 #
2017/0143(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP saver – through the portability of the PEPP, thus contributing to the safeguarding of personal pension rights of persons exercising their right to free movement under Articles 21 and 45 TFEU. Portability involves the PEPP saver changing residence to another Member State without changing PEPP providers, whereas the switching of PEPP providers does not necessarily involve a change of residence. In any case, the place of residence of a PEPP saver shall determine the applicable tax regime for the saver.
Amendment 247 #
2017/0143(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply three years afterUpon launching a PEPP, the provider should provide information on which national compartments are immediately available in the econtry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersact, in order to avoid a possible misleading of consumers. PEPP savers willing to open a national compartment should be allowed to switch provider free of charge when this national compartment is not made available by the PEPP provider with whom the contract has been initially signed.
Amendment 256 #
2017/0143(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post- retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 257 #
2017/0143(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice through the provision of advice assessing their saving demands and needs.
Amendment 272 #
2017/0143(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities, including those having a long term horizon. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 274 #
2017/0143(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) By setting the prudent person rule as the underlying principle for capital investment and making it possible for PEPP providers to operate across borders, the redirection of savings into the sector of personal retirement provision is encouraged, thereby contributing to economic and social progress. The prudent person rule should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 286 #
2017/0143(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to consider such factors in investment decisions and to take into account how they form part of their risk management system. This risk assessment should also be made available to EIOPA and to the competent authorities as well as to PEPP savers. Where relevant, it should also include risks related to climate change, use of resources, the environment, social risks, and risks related to the depreciation of assets due to regulatory change (‘stranded assets’).
Amendment 307 #
2017/0143(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) In order to find better conditions for their investments, thus also stimulating the competition among PEPP providers, PEPP savers should have the right to switch providers during the accumulation and the decumulation phases, through a clear, quick, low cost and safe procedure.
Amendment 317 #
2017/0143(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and politically feasible, as it preserves enough flexibility for Member States to decide about which decumulation options they wish to encourage. A fixed amount of annuities should be mandatory for the basic PEPP. Furthermore, out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income not allowing him to have good life standards.
Amendment 323 #
2017/0143(COD)
Proposal for a regulation
Recital 67
Recital 67
(67) Tax incentives can take different forms and play an important decisive role in encouraging the take-up of personal pension products ((PPPs) in a number of Member States. In many Member States the contributions paid for PPPs qualify for some form of tax relief, be it explicit or implicit.
Amendment 325 #
2017/0143(COD)
Proposal for a regulation
Recital 67 a (new)
Recital 67 a (new)
(67a) The tax regime applied to a PEPP shall be the one of the Member State a PEPP saver is resident in order to prevent any abuse due to the different national taxation systems.
Amendment 365 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 17
Article 2 – paragraph 1 – point 17
(17) “competent authorities” of the PEPP providers meansy” means the national authority or the national authorities (if more than one) designated by each Member State tofor the supervise PEPP providersion in the framework of this Regulation;
Amendment 377 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
(24) “default investment option” means an investment strategy applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account and on how to benefit from the decumulation phase;
Amendment 426 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
(d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 430 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point e
Article 5 – paragraph 2 – point e
(e) information about the investment strategies, the risk profile and other characteristics of the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 451 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP is based on an investment strategy that states to what extent environmental, social and governance factors are included in the proposed providers risk management system.
Amendment 455 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant by providing it with a copy of the application and all the relevant information needed for the consultation.
Amendment 463 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled. A competent authority may ask EIOPA to consider the withdrawal of a PEPP authorisation upon providing any relevant information motivating this request.
Amendment 464 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. When a PEPP authorisation is withdrawn, EIOPA shall coordinate the actions needed to safeguard the PEPP savers holding a contract with the PEPP provider of which the authorisation has been withdrawn.
Amendment 482 #
2017/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP and, the competent authority of the PEPP provider, the date of authorisation of the PEPP and the number of the available national compartments. The register shall be made publicly available in electronic format and shall be promptly updated if changes occur.
Amendment 508 #
2017/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon requese available compartments shall be listed in the contract between the PEPP saver and PEPP provider. The PEPP provider shall be obliged to offer at least the compartments listed in the contract. A PEPP saver willing to change domicile by moving to another Member State may exercise in any case his right of mobility by switching PEPP provider free of charge when the national compartment the saver is willing to open is not maddressed to the PEPP provider. e available neither by from the PEPP provider nor from a registered partner.
Amendment 519 #
2017/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 525 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), iImmediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 633 #
2017/0143(COD)
Proposal for a regulation
Chapter 4 – section 3 – title
Chapter 4 – section 3 – title
Advice and standards for sales where no advice is given
Amendment 642 #
2017/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 a (new)
Article 25 – paragraph 1 – subparagraph 2 a (new)
Without prejudice to Article 26, advice shall aim at assessing the risk aversion and the financial skills of a PEPP saver as well as at making him able to choose the investment option which better correspond to his risk profile.
Amendment 643 #
2017/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 b (new)
Article 25 – paragraph 1 – subparagraph 2 b (new)
Through advice, a PEPP saver shall be informed about the main features of the product.
Amendment 644 #
2017/0143(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 c (new)
Article 25 – paragraph 1 – subparagraph 2 c (new)
Advice may be provided also through digital channels.
Amendment 664 #
2017/0143(COD)
Proposal for a regulation
Article 26 – title
Article 26 – title
Amendment 665 #
2017/0143(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1
Article 26 – paragraph 1 – subparagraph 1
Amendment 666 #
2017/0143(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 2
Article 26 – paragraph 1 – subparagraph 2
Amendment 667 #
2017/0143(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 3
Article 26 – paragraph 1 – subparagraph 3
Where the PEPP provider or distributor referred to in Article 19(c) of this Regulation considers, on the basis of the information received under the first subparagraphArticle 25(1), that the product is not appropriate for the PEPP saver or potential PEPP saver, the PEPP provider or distributor shall warn the PEPP saver or potential PEPP saver to that effect. That warning may be provided in a standardised format.
Amendment 668 #
2017/0143(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 4
Article 26 – paragraph 1 – subparagraph 4
Where PEPP savers or potential PEPP savers do not provide the information referred to in the first subparagraphArticle 25(1), or where they provide insufficient information regarding their knowledge and experience, the PEPP provider or distributor shall warn them that it is not in a position to determine whether the PEPP envisaged is appropriate for them. That warning may be provided in a standardised format.
Amendment 669 #
2017/0143(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 675 #
2017/0143(COD)
Proposal for a regulation
Article 27 – paragraph 3 – point d
Article 27 – paragraph 3 – point d
(d) information on how the investment policy takes into account environmental, social and governance factors, including the role they play in the investment process as well as the long term impact and the externalities of the investment decisions.
Amendment 692 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
(ea) a summary on the PEPP provider’s investment-policy principles that are further described in the supplementary information in accordance with Article 29, point (c) of the present Regulation.
Amendment 702 #
2017/0143(COD)
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
1a. One year prior to the retirement phase, a communication shall be sent to the PEPP saver in order to inform him about the upcoming start of the decumulation phase and the possible forms of out-payments.
Amendment 714 #
2017/0143(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 718 #
2017/0143(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point c
Article 33 – paragraph 1 – point c
(c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levelshall not exceed 20% of the total assets;
Amendment 748 #
2017/0143(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The terms for modification of the investment option shall be listed in the PEPP contract. In any case, the PEPP saver shall be able to opt for a different investment option once every five years of accumulation in the PEPP.
Amendment 762 #
2017/0143(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP saver, on thbasic PEPP shall be a simple and safe product that can be beasis of a risk-mitigation technique that results in a safely acquired, including through digital channels, in each Member State. It represents the default investment strategyoption.
Amendment 779 #
2017/0143(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. Capital protection shallfor the basic PEPP shall aim at allowing the PEPP saver to recoup the capital invested according to the draft regulatory technical standards established by EIOPA.
Amendment 793 #
2017/0143(COD)
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
2. The alternative investment options shall include risk-mitigation techniques to be defined by PEPP providers according to the draft regulatory technical standards established by EIOPA.
Amendment 835 #
2017/0143(COD)
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver mayterms for switching PEPP providers no more frequently thanshall be listed in the PEPP contract. In any case, the PEPP saver shall be able to switch PEPP provider once every five years after conclusof accumulation ofin the PEPP contract.
Amendment 842 #
2017/0143(COD)
Proposal for a regulation
Article 48 – paragraph 3
Article 48 – paragraph 3
3. The total fees and charges applied by the transferring PEPP provider to the PEPP saver for the closure of the PEPP account held with it shall be limited to no more than 1.5 0.25% of the positive balance to be transferred to the receiving PEPP provider.
Amendment 846 #
2017/0143(COD)
Proposal for a regulation
Article 48 – paragraph 4
Article 48 – paragraph 4
4. Fees and charges, if any, applied by the transferring or the receiving PEPP provider to the PEPP saver for any service provided under Article 46, other thanIn the context of the switching process, services given by those referred to in paragraphs 1, 2 and 3 of this Article,ceiving PEPP provider shall be freasonable and in line with the actual costse of tchat PEPP providerrge.
Amendment 873 #
2017/0143(COD)
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the formFor the basic PEPP a minimum of 50% of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicablein the form of annuities shall be mandatory.
Amendment 884 #
2017/0143(COD)
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. Out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income which is equal or below the most recent “at-risk-of-poverty threshold” of the Member State where the PEPP saver benefits from the decumulation phase.
Amendment 896 #
2017/0143(COD)
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. EIOPA and the competent authority of the PEPP provider shall cooperatentribute to the consistent application of this Regulation throughout the Union, by cooperating with each other and by exchangeing information for the purpose of carrying out their duties under thise present Regulation.
Amendment 906 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 1
Article 63 – paragraph 1
Amendment 908 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 2
Article 63 – paragraph 2
Amendment 909 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point a (new)
Article 63 – paragraph 2 – point a (new)
(a) the contribution of the PEPP to the CMU, including sustainable finance;
Amendment 910 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point b (new)
Article 63 – paragraph 2 – point b (new)
(b) the development of the PEPP market both throughout the Union and at national level;
Amendment 911 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point c (new)
Article 63 – paragraph 2 – point c (new)
(c) the uptake of the functioning of the basic PEPP;
Amendment 912 #
2017/0143(COD)
Proposal for a regulation
Article 63 – paragraph 2 a (new)
Article 63 – paragraph 2 a (new)
Where the evaluation identifies important problems with the functioning of the Regulation, the Report should outline how the Commission is intending to address the identified problems, including steps and timings of the potential revision.
Amendment 325 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1
Article 21 a – paragraph 1
1. Competent authorities shall prepare and submit draft decisions to ESMA for consent prior to adoption of any of the following decisions: (a) Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 35, 49 and 54 of this Regulation and Articles 35 and 36 of Regdecisions adopted pursuant to or in the carrying out of their duties resulting from the requirements set out in Articles 35 and 36 of Regulation (EU) No 600/2014, Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 49, Titles IV and V, except 41, 44, 46, 50, 54 of this Regulation, 1a. Competent authorities may adopt, without prior submission to ESMA for consent or consultation (EU) No 600/2014; (b), decisions adopted pursuant to or in the carrying out of their duties resulting from the requirements set out in Article 16 and Titles IV and V.s 41, 44, 46, 50, 54 of this Regulation decisions adopted pursuant to any decisions adopted in the
Amendment 336 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2
Article 21 a – paragraph 2
Amendment 343 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 1 a (new)
Article 21 a – paragraph 2 – subparagraph 1 a (new)
Upon conclusion of the period for consulting the central banks of issue, the competent authority shall make every effort to comply with the amendments proposed by them.
Amendment 344 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 1 b (new)
Article 21 a – paragraph 2 – subparagraph 1 b (new)
Where the competent authority does not reflect in its draft decision to the amendments proposed by a central bank of issue, the competent authority shall inform that central bank of issue in writing stating its full reasons and an explanation of any significant deviation from these amendments.
Amendment 345 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 2
Article 21 a – paragraph 2 – subparagraph 2
Amendment 367 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b
Article 21 b
Amendment 383 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 1
Article 21 b – paragraph 1
Amendment 387 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 2
Article 21 b – paragraph 2
Amendment 15 #
2016/2305(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Deplores the situation created by the EU’s slow reaction to 4G, compared with other regions in the world which took the lead and are now reaping all the associated benefits; Underlines that the passage from 4G to 5G is even more critical as it represent an enabling technology for disruptive innovations such as artificial intelligence, virtual reality applications, e-health and autonomous driving and for further advancements;
Amendment 56 #
2016/2305(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Underlines the importance of the undertaking connected with a passage to the gigabit society; In order to incentivize investments towards a more efficient network, supports the focus on an infrastructure based competition, underlines the roles of NRAs for the surveillance during the deployment and commercial launch phase;
Amendment 59 #
2016/2305(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Emphasizes the need to foster competition allowing for a level playing field between sector player and in the short term allowing each actor technological flexibility in reaching the required connectivity standards; Believes the most promising technology route is connected with a wide deployment of fiber-to-the-home (FTTH);
Amendment 70 #
2016/2305(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Highlights the fact that according to the Commission the action plan to deploy 5G across the EU has the ‘potential to create‘support the creation of more than two million jobs’ by improving spite of the current consistent but low growth and high unemployment rates, especially among young peopleervices and enabling the development and commercial applications of new technologies; Underlines that the rapid deployment of 5G and the gigabit society is necessary, but not sufficient to ensure that Europe will be able to fully reap the opportunities of the digital sector;
Amendment 72 #
2016/2305(INI)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Supports the rapid deployment of gigabit speed connections in key areas such as schools, public authority buildings and business parks together with the rapid deployment of 5G in cities; Believes the Commission should support more ambitious plans in this area as it allows economic and education actors to access cutting edge enabling technologies;
Amendment 143 #
2016/2276(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines that the increasingly widespread use of smartphones and tablets has further extended access to online platforms, thereby enhancing their role in the economy and society, particularly among young people, and this relevance will further increase with the fast-paced development of the Intenet of Things which is expected to connect 30 billion objects by 2020;
Amendment 160 #
2016/2276(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Urges the Commission to assess the relevance of network effects and the role of high investment-zero marginal cost in the development of platforms that facilitates the creation of quasi- monopolistic positions and develop responses to create a level playing field in concerned sectors;
Amendment 165 #
2016/2276(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recognises the benefits that online platforms offer for SMEs; notes that online platforms allow SMEs to access global markets without excessive investments in costly digital infrastructure; underlines the importance of fair access to platforms for European SMEs;
Amendment 171 #
2016/2276(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the Commission to prioritise actions that allow European start-ups and new European online platforms to emerge and to scale up; stresses that facilitating investments in start-ups is vital to the development of online platforms in Europe; underlines as necessary elements in this respect, homogeneous rules for digital businesses in Europe, availability of sufficient connectivity, interopeability of existing applications and availability of open standards;
Amendment 363 #
2016/2276(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 93 #
2016/2270(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Points to the importance of factoring income inequality indicators into policy-making, not least where the European Semester is concerned;
Amendment 123 #
2016/2270(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls for assessment of the minimum income experiments being carried out in some Member States;
Amendment 22 #
2016/2269(INI)
Draft opinion
Recital B a (new)
Recital B a (new)
Ba. whereas the processes of globalisation and technological change constitute an element which, if it is not sufficiently guided, may be a source of potential inequality because it will increasingly call into question the typology of skills that people must possess in order to confront these far-reaching transformations without being left behind on an increasingly competitive and constantly changing labour market;
Amendment 37 #
2016/2269(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Points out that investment creates jobs and that unemployment is obviously one of the main causes of inequality both between the employed and unemployed, but also among workers themselves; notes that it is well known that high levels of unemployment exert downward pressure on wages and working conditions;
Amendment 68 #
2016/2269(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses the importance of education and training as instruments for learning, increasing and reinforcing the skills required in order to participate in the labour market successfully and to reduce inequalities, with particular reference to soft and digital skills geared to the changes that are currently occurring in the socioeconomic context;
Amendment 71 #
2016/2269(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Recognises that many of these skills may also be acquired and consolidated outside the traditional education system, and therefore considers it necessary to adopt appropriate lifelong learning policies, on-the-job training and training for adults to promote refreshment of skills and conversion of workers, particularly those who possess low to medium-level skills and those who are most exposed to the risk of social inequality;stresses furthermore the importance of digital technologies in implementing these policies.
Amendment 13 #
2016/2243(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Asks the Commission to consider the diversity of the Financial Technology sector and develop a more detailed sectorial analysis for the various segments that are part of the market, in order to support better and more tailored legislation;
Amendment 19 #
2016/2243(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Urges the Commission to support efforts towards the definition of common, open and interoperable standards for Financial Technology, in order to avoid abuse of network effects connected with the creation monopolies and oligopolies;
Amendment 12 #
2016/2032(INI)
Motion for a resolution
Recital A
Recital A
A. whereas micro, SMEs and mid-caps play an important role for the European economy in terms of employment and growth;
Amendment 14 #
2016/2032(INI)
Motion for a resolution
Recital B
Recital B
B. whereas micro and SME financing suffered more from the crisis than the financing of large enterprises;
Amendment 18 #
2016/2032(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas European SMEs are very diverse and include a vast number of micro-enterprises, which often operate in traditional sectors and a growing number of new start-ups and fast-growing innovative enterprises; whereas these business models face different problems and, therefore, have different financing needs;
Amendment 37 #
2016/2032(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Acknowledges the diversity of micro, SMEs and mid-caps in the Member States, which is reflected in their business models, size, geographical position, socioeconomic environment, stages of development, financial structure and legal form;
Amendment 45 #
2016/2032(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes differences in financing conditions and needs for SMEs between Member States, notably the quantity and cost of available funding, which are influenced by SME-specific and country- specific factors; highlights that capital markets are fragmented and regulated differently across the EU and that some of the integration achieved has been lost due to the crisis;
Amendment 48 #
2016/2032(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that in a comprehensive and well-designed Capital Markets Union all market participants with the same relevant characteristics should face a single set of rules, have equal access to a set of financial instruments or services and be treated equally when they are active in the market;
Amendment 53 #
2016/2032(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines the need for diverse public and private funding options for SMEs throughout their lifecycle; stresses that access to finance is also of importance for the transfer of businesses; calls on the Commission and the Member States to support SMEs in this process;
Amendment 63 #
2016/2032(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Encourages SMEs to consider the whole EU as their home market and to use the potential of the single market for their financing needs; welcomes the Commission’'s initiatives supporting SMEs and start-ups in an upgraded Single Market; underlines, in this context,emphasises that the Start-up initiative of the European Commission should favour not only the establishment of start-ups but also their development and growth; underlines the importance of the implementation of the Small Business Act; calls on the Commission for a follow- up to the Small Business Act which would further assist businesses to overcome both physical and regulatory barriers; recognises, in this context, that innovation is a key driver for sustainable growth and employment in the EU and that specific attention should be given to Innovative SMEs;
Amendment 68 #
2016/2032(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Underlines that overcoming information problems about SMEs will help to improve access to capital markets for those growing medium-sized firms that are most likely to benefit from easier access to finance; Supports the idea of creating a minimum, simple and shared set of data to build a credit scoring system available to SMEs interested in accessing capital markets, to be implemented through the creation of a common European platform, where SMEs looking for finance could voluntarily insert their data and keep them up to date; believes that such an instrument would allow companies to reach international pools of liquidity;
Amendment 72 #
2016/2032(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that start-ups in particularand micro- enterprises, especially those in economically depressed regions, find it difficult to obtain appropriate funding and to identify and meet regulatory financial requirements; encourages therefore Member States in their efforts to create one-stop shops as hubs for all regulatory requirements for entrepreneurs; welcomes the Commission’s plan to launch a European Pact for starts-ups to address these issues;
Amendment 78 #
2016/2032(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Notes that rules on bankruptcy, insolvency and second chance opportunities remain very fragmented across the EU, and that this also restricts cross border investments; Believes that simplified and harmonised rules in the area would support start-ups, micro, SMEs and improve the EU's business environment;
Amendment 82 #
2016/2032(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the Commission’'s initiative to identify undue barriers and obstacles to the financial sector providing funding to the real economy, in particular micro, SMEs; underlines the importance of simplifying or modifying rules which gave rise to unintended consequences;
Amendment 96 #
2016/2032(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges that bank lending is traditionally the most important external financing source for SMEs; underlines the important role of banks with specific regional and local knowledge and their long-term relationship with SMEs; highlights that bank-based and capital- based financing models should be complementary;
Amendment 98 #
2016/2032(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Highlights that the financial crisis has led to the fragmentation of the EU savings and credit markets; emphasises that despite unconventional measures by the ECB and the creation, yet to be completed, of the Banking Union, credit conditions continue to vary across the euro area, reflecting differences in risk perception and economic conditions;
Amendment 99 #
2016/2032(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Encourages banks to consider the whole EU as their home market and to use the potential of the single market to provide financing to SMEs, including SMEs that are not based in the same Member State as the bank in question;
Amendment 103 #
2016/2032(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Believes that the fragmentation of the EU savings and credit markets can only be addressed through completion of the baking union; highlights the need to implement the European Deposit Insurance Scheme (EDIS), the third pillar of the Banking Union; invites the Commission to consider the introduction of a financial backstop to further enhance the stability and reduce systemic risk;
Amendment 116 #
2016/2032(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Underlines that while digitalisation is advancing and therefore new sources of financing are emerging, the local presence of traditional credit institutions especially in islands and archipelagos as well as rural, remote and peripheral areas remains essential for SMEs' access to finance;
Amendment 123 #
2016/2032(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Emphasises the need to avoid double reporting requirements and multiple reporting channels, and more generally an unnecessary administrative burden on credit institutions, in particular smaller banks; Is concerned about multiple regulatory requirements for banks and possible negative effects on lending to SMEs; calls on the Commission to assess these effects on SME lending, with the support of the EBA and SSM;
Amendment 132 #
2016/2032(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Emphasises the importance of the SME Supporting Factor for maintaining and increasing bank lending to SMEs; calls on the Commission to examine the appropriate calibration of the factor, including size, threshold and possible interactions with other regulatory requirements; is concerned about the possible negative impact of its removal; calls on the Commission to explore the possibility of making this factor permanent; suggests that initiatives for improved SME funding should be expanded to start-ups, micro- enterprises and mid-cap companies;
Amendment 150 #
2016/2032(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls on EBA and the Commission to provide more guidance on the implementation of the current forbearance regulation; recalls that non-performing loans on banks' balance sheet are hampering the delivery of new loans, hence, stronger measures are needed to overcome the problem; asks the Commission to conduct an impact assessment of the current forbearance regime for non-performing loans; stresses that the introduction of a de minimis limit for minor violations would help to prevent an unnecessary und unjustified drop in the creditworthiness of the SME;
Amendment 153 #
2016/2032(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Notes that limits to the purchase of government bonds by banks or the increase of weighting of these bonds would increase the credit costs and increase the competitive gap in EU;
Amendment 158 #
2016/2032(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Welcomes the measures adopted by the ECB on 10 March 2016 and, in particular, the new series of four targeted longer-term refinancing operations (TLTRO II), which will reinforce the ECB's accommodative monetary policy stance and incentivise bank lending to the real economy; underlines that monetary policies alone would not be sufficient to boost growth and investments and that they have to be accompanied by appropriate fiscal policies;
Amendment 186 #
2016/2032(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission and the Member States to ensure enhanced coordination and consistency among all EU investment policies targeted at SMEs including the EFSI, EU regional funds, European Investment Fund (EIB), specific financial instruments foreseen by funding programmes such as COSME, Horizon 2020, EASI, Connecting Europe Facility;
Amendment 189 #
2016/2032(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Emphasises the potential of EU cohesion policy and the EU regional fund as a source for SME funding aimed at enhancing the competitiveness of SMEs, which is one of the goals of the EU cohesion policy; Underlines that more than 63 billion euro of ESI funds have been allocated in the 2014-2020 programming (plus almost 31 billion by national co-financing for a total of 94 billion euro);
Amendment 190 #
2016/2032(INI)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Considers the EFSI as an important source of funding for SMEs and calls on the Commission and the Member States to promote the use of the European Investment Project Portal which aims at putting in contact project promoters and investors; calls on the Commission to evaluate the possible extension of the EFSI beyond its expiry date;
Amendment 191 #
2016/2032(INI)
Motion for a resolution
Paragraph 21 d (new)
Paragraph 21 d (new)
21d. Calls on the Commission and Member States to promote a holistic approach to the dissemination of information on all EU funding opportunities (including Banking Union, Capital Markets Union and EU regional funds) at European, national, regional and local level;
Amendment 195 #
2016/2032(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Emphasises the importance of the transparency, standardisation and public availability of SME financing information for banks, investors, supervisors and other stakeholders in order to understand the risk profile and take informed decisions; welcomes the Commission’'s SME information strategy;
Amendment 212 #
2016/2032(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Points out that direct state aid, which does not distort the benefits of competition at EU level, is sometimes necessary in order to assure the needed funds for start- ups, microenterprises and SMEs, especially where the socioeconomic conditions do not allow for another source of access to finance;
Amendment 224 #
2016/2032(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the Commission’'s proposals for a framework for simple, transparent and standardised (STS) securitisation and the calibration of the prudential requirements for banks; notes the possible effects of SME securitisation for bank lending to SMEs; stresses the fact that small banks would not be able to issue securitization/covered bonds with the sufficient size to be interesting enough to investors to buy; calls for the introduction of a "Small Bank Solution" regime within the framework for simple, transparent and standardized (STS) securitization whereby a pool of banks may release joint re-securitizations pools, made of simple transparent standardized small securitization, thus sufficiently large in size for interested investors to buy, thereby avoiding an unlevelled playing field among smaller and bigger banks;
Amendment 237 #
2016/2032(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Welcomes the Commission's decision to launch a public consultation on a "start-up initiative" which is aimed at collecting stakeholders' views on how to create favourable conditions for entrepreneurs to start up and scale up their business in the EU;
Amendment 29 #
2016/2007(INI)
Motion for a resolution
Paragraph 1 – point c
Paragraph 1 – point c
(c) enhancing the speed and resilience of payment systems thanks to the inherently decentralised architecture of DLT, which might continue to operate reliably even if parts of its network were to malfunction or to be hacked;
Amendment 36 #
2016/2007(INI)
Motion for a resolution
Paragraph 1 – point f
Paragraph 1 – point f
(f) potentially allowing different types of traditional and innovative payment mechanisms, from credit cards to mobile solutions, to merge into one secure and user-friendly application, which in turn could favour the diffusion of e-commerce in Europe and the creation of a true Single Market;
Amendment 52 #
2016/2007(INI)
Motion for a resolution
Paragraph 2 – point d a (new)
Paragraph 2 – point d a (new)
(da) high volatility and rapid fluctuation against fiat currencies;
Amendment 57 #
2016/2007(INI)
Motion for a resolution
Paragraph 2 – subparagraph 1 a (new)
Paragraph 2 – subparagraph 1 a (new)
In addition, despite the fact that currently virtual currencies are not widely used and thus their impact on the system is negligible, their diffusion could potentially hamper the effectiveness of monetary policies;
Amendment 65 #
2016/2007(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Highlights that, in this regard, several initiatives have been put in place by private sector actors, invites competent authorities, both at European and at national level, to monitor such initiatives;
Amendment 68 #
2016/2007(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recognises the potential of DLT well beyond the financial sector, including the potential of smart contracts and the possible synergies with the development of the Internet of Things;
Amendment 75 #
2016/2007(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages government agencies to test DLT systems in order to improve the provision of services to citizens and e- government solutions, while cautioning on the outsourcing of public services to proprietary private DLT schemes;
Amendment 84 #
2016/2007(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Highlights the similarities between Distributed Ledger Technology (DLT), consisting of a set of nodes participating in a system and sharing a common database and the World Wide Web, defined as a global set of resources, logically interrelated by hyperlinks. Notes the both the DLT and the WWW are based on the Internet, a global system of interconnected mainframe, personal, and wireless computer networks;
Amendment 85 #
2016/2007(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Recalls that the Internet, despite the attempts to promote a multi-stakeholder approach, is still governed by the National Telecommunications and Information Administration, an agency of the United States Department of Commerce;
Amendment 86 #
2016/2007(INI)
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
9c. Welcomes the creation of a Dynamic Coalition on Blockchain Technologies at the Internet Governance Forum, invites the Commission to promote a shared and inclusive governance of the DLT, so to avoid problems previously encountered in the development of the Internet;
Amendment 93 #
2016/2007(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Considers that several virtual and local currencies have been created in Europe as a response to the financial crises and the related credit crunch problems;
Amendment 65 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5a
Article 2 – paragraph 5a
Amendment 93 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5b a (new)
Article 2 – paragraph 5b a (new)
5b a. This Directive shall not apply to an institution that the Commission includes in the list set out in Article 2(5) through a delegated act adopted pursuant to Article 148.
Amendment 96 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point d
Article 1 – paragraph 1 – point 1 – point d
Directive 2013/36/EU
Article 2 – paragraph 7
Article 2 – paragraph 7
Amendment 236 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point i a (new)
Article 1 – paragraph 1 – point 3 – point i a (new)
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 127 – point a
Article 4 – paragraph 1 – point 127 – point a
(ia) in point (127) of paragraph 1, point (a) is replaced by the following: "(127) 'cross-guarantee scheme' means a scheme that meets all the following conditions: (a) the institutions fall within the same institutional protection scheme as referred to in Article 113(7);" (http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0575&from= or are permanently affiliated with a network to a central body;" Or. en)
Amendment 242 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point j
Article 1 – paragraph 1 – point 3 – point j
(144a) “Massive disposals” means the ones implemented by institutions in the context of a multi-year program which aim to materially reduce the amount of defaulted exposures in their balance sheets and which has been previously notified by institutions to their competent authority.
Amendment 314 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 575/2013
Article 28 – paragraph 4
Article 28 – paragraph 4
(12a) In Article 28, paragraph 4 is replaced by the following: "4. For the purposes of point (h)(i) of paragraph 1, differentiated distributions shall only reflect differentiated voting rights or shall reward the uninterrupted and durable holding of the instrument. In this respect, higher distributions shall only apply to maximum of 5% of Common Equity Tier 1 instruments with fewer or no voting rights." (http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0575&from=, or shall reward the continuous holding of the instrument by the same person for a term at least equal to [four years], provided that the dividend increase does not constitute a disproportionate drag on capital." Or. en)
Amendment 321 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 575/2013
Article 36 – paragraph 1 – point b
Article 36 – paragraph 1 – point b
Amendment 468 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 38 a (new)
Article 1 – paragraph 1 – point 38 a (new)
Regulation (EU) No 575/2013
Article 85 – paragraph 3 a (new)
Article 85 – paragraph 3 a (new)
Amendment 472 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 38 b (new)
Article 1 – paragraph 1 – point 38 b (new)
Regulation (EU) No 575/2013
Article 87 – paragraph 3 a (new)
Article 87 – paragraph 3 a (new)
Amendment 595 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 57 a (new)
Article 1 – paragraph 1 – point 57 a (new)
Regulation (EU) No 575/2013
Article 181 – paragraph 1 – point a a (new)
Article 181 – paragraph 1 – point a a (new)
(57a) In paragraph 1 of Article 181 the following point a a is inserted: "(aa) notwithstanding Article 181(1)(a), massive disposals operations may be excluded for LGD estimation. Where institutions apply this exemption, they shall document the amount, composition and timing of such disposals."
Amendment 776 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a a (new)
Article 428 r – paragraph 1 – point a a (new)
(aa) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3), where those assets are collateralised by assets that qualify as Level 1 assets under Chapter 2 of Title II of Delegated Regulation(EU) 2015/61, excluding extremely high quality covered bonds referred to in point (f) of Article 10(1) of that Delegated Regulation , and where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428e (1) of this Regulation applies;
Amendment 780 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 r – paragraph 1 – point a b (new)
Article 428 r – paragraph 1 – point a b (new)
(ab) assets that have a residual maturity of less than six months resulting from secured lending transactions and capital market-driven transactions as defined in Article 192(2) and (3) with regulated financial entities, where the institution would be legally entitled and operationally able to reuse those assets for the life of the transaction, regardless of whether the collateral has already been reused. Institutions shall take those assets into account on a net basis where Article 428(1) of this Regulation applies;
Amendment 788 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 114
Article 1 – paragraph 1 – point 114
Regulation (EU) No 575/2013
Article 428 s – point b
Article 428 s – point b
Amendment 1057 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 127
Article 1 – paragraph 1 – point 127
Regulation (EU) No 575/2013
Article 501 d a (new)
Article 501 d a (new)
Article 501da Support factor for green assets 1. Risk weighted exposure amounts for green exposures, used for a unit that exists or was created to finance, refinance or operate green assets as described in paragraph 2, shall be adjusted in accordance with the factor 0.75. 2. For the purpose of this article, the following shall apply: Green assets are defined in accordance with the definition provided by the Climate Bonds Initiative. For the purpose of implementing the definition referred to in subparagraph 1, the EBA shall prepare draft technical regulatory standards. The EBA shall submit those draft regulatory technical standards to the Commission by... (one year after the entry into force of this Regulation). The Commission is empowered to supplement this Regulation by adopting delegated acts in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 with the regulatory technical standards specified in subparagraph 3 of this paragraph. 3. Institutions shall report the total amount of green assets, calculated in accordance with paragraph 2, to the relevant authorities every three months. 4. The EBA shall, (three years after entry into force of this regulation), report to the Commission on the impact of the own funds requirement on the financing of, and investment in, green assets. For the purposes of this article, the EBA report to the Commission shall include the following: (a) An analysis of the developments in financing and investments in green assets over the period specified in subparagraph I of this article; (b) An analysis of the effective risk profile of green assets over an entire economic cycle; (c) Any additional points which the EBA regards as important in this report. 5. The Commission shall submit this report to the European Parliament and the Council, accompanied by a legislative proposal if considered necessary. 6. The Green Support Factor cannot be combined with the SME support factor referred to in Article 501, the infrastructure support factor referred to in Article 501a or the support factor for social enterprises referred to in Article 501db
Amendment 324 #
2016/0276(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a – point ii
Article 1 – paragraph 1 – point 4 – point a – point ii
Regulation (EU) No 2015/1017
Article 7 – paragraph 8 – point l
Article 7 – paragraph 8 – point l
l) agriculture, fishery, forestry, zootechny and aquaculture;
Amendment 352 #
2016/0276(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – point h
Article 9 – paragraph 2 – point h
h) agriculture, fishery, forestry, zootechny and aquaculture;
Amendment 431 #
2016/0276(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point iii a (new)
Article 1 – paragraph 1 – point 9 – point b – point iii a (new)
Regulation (EU) No 2015/1017
Article 14 – paragraph 2 – point f a (new)
Article 14 – paragraph 2 – point f a (new)
iiia) The following point (fa) is added: "fa) mobilisation of communication and promotion actions devised to make potential beneficiaries more aware of the EFSI"
Amendment 325 #
2016/0152(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 a (new)
Article 3 – paragraph 2 – subparagraph 1 a (new)
In case the trader allows the expression of an explicit preference expressed by the customer on a personal account and modifiable at any moment by the customer, the trader shall be allowed to routinely redirect to a specific landing page, still allowing clear and simple access to the online interface the customer initially sought to access.
Amendment 340 #
2016/0152(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. Where a trader blocks or limits access of customers to an online interface or redirects customers to a different version of the online interface in compliance with paragraph 4, the trader shall provide a clear justification. That justification shall be given in the language of the online interface that the customer originally sought to access. In the case of a customer accessing a personal account on the trader's website, the justification shall be highlighted for the first visit and shall remain available to the customer.
Amendment 38 #
2016/0027(COD)
Proposal for a decision
Recital 2 a (new)
Recital 2 a (new)
(2a) Since outside Europe the 700Mhz frequency band is already allocated on a co-primary basis and increasingly used for mobile services, the 700 MHz frequency band represents an opportunity for globally harmonised and coordinated spectrum for mobile broadband offering economies of scale. That band should allow new innovative digital services to be developed in urban and in rural or remote areas, such as e-Health and mHealth, supported by mobile phones, patient monitoring devices and other wireless devices, as well as smart energy grids and other services relating to the Internet of Things.
Amendment 42 #
2016/0027(COD)
Proposal for a decision
Recital 2 b (new)
Recital 2 b (new)
(2b) The change in purpose for the 700MHz frequency band and better mobile internet connections in Europe represent an opportunity for DTT broadcasters to expand their efforts in the digital sector, using the transversal nature of the internet as an advantage. As such, DTT broadcasters should be supported in a controlled process of transmigration towards a stronger mixed internet/DTT broadcasting.
Amendment 60 #
2016/0027(COD)
Proposal for a decision
Recital 5
Recital 5
(5) Rapidly growing wireless broadband traffic and the increasing economic, industrial and social importance of the digital economy makes enhanced wireless network capacity a necessity. Spectrum in the 700 MHz frequency band provides both additional capacity and universal coverage, in particular for the economically challenging rural and remote areas, for indoor use and for wide-range machine- type communications. In this context, coherent measures for high-quality terrestrial wireless coverage across the Union, which build on best national practice for operators’ licence obligations, should aim to meet the RSPP objective that all citizens should have access to broadband speeds of not less than 30 Mb/s by 2020. In this way, the measures will promote innovative digital services and ensure long-term socioeconomic benefits.
Amendment 62 #
2016/0027(COD)
Proposal for a decision
Recital 5 a (new)
Recital 5 a (new)
(5a) The 700 MHz frequency band is vital for the development and availability of present technology and digital sectors, and at the same time is a necessary pre- requisite to prepare the next iteration of electronic communications networks such as 5G.
Amendment 63 #
2016/0027(COD)
Proposal for a decision
Recital 5 b (new)
Recital 5 b (new)
(5b) After a slow deployment of 4G technologies, Europe must remain at the forefront of technological innovation, using its spectrum in an efficient manner and supporting 5G, which will be at least 10 time faster than current technologies and will increase the creation of new services in Europe.
Amendment 154 #
2016/0027(COD)
Proposal for a decision
Article 2 – paragraph 1
Article 2 – paragraph 1
By 30 June 2022 at the latest, Member States shall allow the transfer or leasing of the rights of use of spectrum for terrestrial systems capable of providing wireless broadband electronic communications services in the 694-790 MHz frequency band as from the date of the granting of such rights.
Amendment 10 #
2015/2326(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Considers that the effectiveness of EU law is systematically undermined by its unsatisfactory application by Member Stfundamental in achieving an "ever closer" Union as enshrined in the TEU; recognizes the Charter of Fundamental Rights of the European Union of same legal value as the Treaties; n. Notes that thise lack of enforcement is at the root of a number of European crisesof EU law weakens the EU itself;
Amendment 17 #
2015/2326(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes with concern that 11 directives in the area of banking and finance legislation are being infringed by one or more Member States, with Germany being the only country to comply with all existing legislation in this field, and Austria the only other Member State with fewer than three infringements1 ; __________________ 1 Particularly worrying are the cases of Poland (10 infringements), Luxembourg (9) and Slovenia, Spain and Estonia (8 each).;
Amendment 19 #
2015/2326(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that the Late Payments Directive is still not implemented well in 11 Member States, and that the situation is worst in Italy, Cyprus, Spain, Portugal and Greeceis also correlated to the state of public finances affected by the economic crisis; notes as well that the delay in B2B payments is well above average; points out that also the directive on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, wthere the delay in B2B2 payments is well above average3 directive on requirements for budgetary framework of the Member States and the directive on consumer rights have not yet been transposed; __________________ 2 Business-to-business. 3 See ‘Transposition and implementation of the Directive on Late Payments in Commercial Transactions’, European Parliamentary Research Service.
Amendment 25 #
2015/2326(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Recalls that non-compliance with the Maastricht criteria, and the lenient enforcement of the Stability and Growth Pact rules by the Commission and the Council before 2010, contribufollowing the global financial crisis which led to a European debt crisis, the EU has further strengthened its economic coordination and banking supervision; stresses the importance of completing the Banking Union, deepening the EMU and creating a CMU that finances the real economy and growth in Europe; invites all Member Stateds to the emergence of the European debt crisis that followed the global financial crisismake full use of flexibility within the existing rules of the Stability and Growth Pact as per Commission's Communication COM (0215)12;
Amendment 36 #
2015/2326(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Points out that in 2014 only 10 of the 157 main recommendations made to Member States in the framework of the European Semester were fully implemented or showed substantial progress4 ; ; and believes that, in order to improve implementation, there is a need to better identify clearly articulated priorities at European level as well as to increase genuine public debate, political willingness and commitment at national level, leading to greater relevance and national ownership; welcomes the recommendation on the economic policy of the euro area, proposed by the Commission six months before country- specific recommendations, as a step to deepen policy coordination in the follow- up to the Five Presidents' Report and relevant resolutions of the European Parliament; __________________ 4 Success rate of around 6.5%: Zsolt Darvas and Alvaro Leandro, ‘The Limitations of Policy Coordination in the Euro Area under the European Semester’, Bruegel, November 2015.
Amendment 45 #
2015/2326(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Is very concerned by the fact that the Deposit Guarantee Scheme Directive (DGSD) has still not been implemented by 10 Member States6 , which undermines the efforts to build a, and calls on the Commission to ensure that it is implemented; welcomes the Commission proposal on European Deposit GuaInsurantece Scheme, that would complete the Banking Union; __________________ 6Belgium, Cyprus, Estonia, Greece, Italy, Luxembourg, Poland, Romania, Slovenia and Sweden; Commission press release, 10 December 2015.e third and final pillar of the Banking Union, needed to safeguard deposits throughout Europe;
Amendment 48 #
2015/2326(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Welcomes the European Commission's first proposals in the area of the Capital Markets Union and stresses the importance of encouraging more investments in the real economy;
Amendment 53 #
2015/2326(INI)
Draft opinion
Paragraph 8
Paragraph 8
Amendment 65 #
2015/2326(INI)
Draft opinion
Paragraph 10
Paragraph 10
10. Is of the opinion that financial penalties for non-compliance with EU law should include a multiplier for those Member States for which several procedures are openbe effective, proportionate and dissuasive;
Amendment 70 #
2015/2326(INI)
Draft opinion
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Considers that the number of formal infringement procedures decreased also due to the effectiveness of the structured dialogue with Member States via EU Pilot;
Amendment 71 #
2015/2326(INI)
Draft opinion
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Welcomes the Commission's efforts to improve access to information on the application of the Union Law. Encourages further efforts to enhance transparency;
Amendment 67 #
2015/2322(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas in order to make public investment as efficient as possible by taking the necessary measures to create a secure, sustainable and competitive energy market, it is vital to combine the EFSI with the other specific sources of energy funding, such as the Connecting Europe Facility;
Amendment 70 #
2015/2322(INI)
Motion for a resolution
Recital F
Recital F
F. whereas increased cooperation at regional level is indispensable, but should not lead to comprehensive European regulatory control;
Amendment 83 #
2015/2322(INI)
Motion for a resolution
Recital G
Recital G
G. whereas national duties, fixed prices, subsidies, feed-in priorities and lack of interconnectors, both across borders and between mainland and island regions, prevent a functioning internal market in electricity and thus delay the full market integration of largely CO2- free energy sources;
Amendment 196 #
2015/2322(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that a European internal market in electricity is possible on the basis of stronger price incentives and with the aim of creating a decentralised and democratic energy system; is aware, however, of the risks of unpredictable price surges and calls for meaningful pilot projects to be carried out before introducing prices that reflect the actual scarcity of supplies;
Amendment 348 #
2015/2322(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls for the further development of the energy-only market, based on the consistent application of existing legislation, the comprehensive expansion of transmission and interconnection infrastructure and greater regional cooperation which takes account of the particular features of the electricity markets of isolated regions, such as island regions, which are isolated from the national electricity system, thus promoting energy diversification and encouraging greater competition in order to increase security of supply;
Amendment 29 #
2015/2221(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the BU plays a key role in funding investment and therefore in fostering growth and job creation throughout the European Union;
Amendment 115 #
2015/2221(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Invites the Single Supervisor to extend the scope of the Asset Quality Review to include all Level 3 financial assets, including derivatives, and to recalibrate the stress test, considering additional factors, such as potential litigation costs, with the aim of better preventing banking crises;
Amendment 125 #
2015/2221(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that economic recovery is underway but is still fragile and modest, inflation remains below its target, credit dynamics are still subdued in many jurisdictions, while credit conditions still differ among European countries and a large stock of non- performing loans weighs on many European banks’ balance sheets, limiting their capacity to finance the economy;
Amendment 141 #
2015/2221(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that the Banking Structural Reform, which was conceived to reduce systemic risk and address the issue of "too big to fail" institutions, has yet to be implemented;
Amendment 142 #
2015/2221(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Stresses the need to continue the work aimed at cutting the links between the traditional banking system and the traditional one, as proposed by the Liikanen high-level expert Group;
Amendment 173 #
2015/2221(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Emphasises the importance of a level playing field within the Single Market and therefore calls for a continued effort aimed at achieving the Single Rule Book, through the removal of national options and discretions; such removal should in the first place ensure the establishment of a common set of rules and supervisory convergence between the EU Member States and the Banking Union and - within the latter - between banks under direct ECB supervision and banks not under direct ECB supervision; in addition, stresses that national options and discretions attributed to Member States prevent the ECB from developing a single coherent supervisory approach within the Banking Union and should therefore be eliminated in the future;
Amendment 174 #
2015/2221(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. In order to ensure that the situations and legal relationships governed by EU law remain foreseeable, calls on the ECB to attribute high importance to the principle of protection of the legitimate expectations by respecting and not revoking the transitional arrangements on which banks have relied in good faith when determining their capital planning; in this context, the maintenance of the non-application of fair value measurement for unrealized gains and losses on exposures to central governments classified in the "Available For Sale" category is of high importance; highlights that making such exposures mandatorily subject to fair value measurement (for capital requirement purposes), not only strengthens the link between banks and sovereigns, but may also lead to own funds volatility;
Amendment 175 #
2015/2221(INI)
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16c. Reminds that Regulation (EU) No 575/2013 grants a level playing field between conglomerates institutions and non-conglomerated institutions, which have holdings in insurance undertakings; stresses that the shortening of the transitional period for the exemption for the deduction of equity holdings in insurance companies from common equity Tier 1 items, provided for in Article 471 of Regulation (EU) No 575/2013, together with the confirmation of the exemption provided for in Article 49, would breach such level playing field, benefiting entities which form part of financial conglomerates to the detriment of other institutions; recalls that the shortening of the transitional period cannot in any case be established by regulations issued by a Supervisory Authority;
Amendment 176 #
2015/2221(INI)
Motion for a resolution
Paragraph 16 d (new)
Paragraph 16 d (new)
16d. Believes moreover that such change to Article 471 of Regulation (EU) No 575/2013 would negatively affect the "legitimate expectations" of supervised entities, that have already planned and targeted their capital requirements on the basis of the current regulation;
Amendment 242 #
2015/2221(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Acknowledges the traditional reliance of SMEs on bank funding on account of their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the ESAs, the ECB and national authorities, to assess the sufficiency of SME funding, to analyse the obstacles to, and benefits of the diversification of funding channels and how to enable banks and non-banks to increase SME funding, widening companies' choice among different methods of funding at different stages of their development; recalls the importance of tools such as the 'SME Supporting Factor'; suggests that the initiatives for improved SME funding should be expanded to start-ups, micro enterprises and mid-cap companies; highlights the potential of innovative and largely untapped venues for financing SMEs, including peer-to-peer lending, crowdfunding and private placement, and stresses the need to streamline the respective regulatory requirements;
Amendment 293 #
2015/2221(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. Stresses the need, as a consequence of the existence of the national compartments in the SRF, to rapidly put in place an adequate bridge financing mechanism in order to provide the fund, if necessary, with sufficient resources in the period before its completion; recalls that the Eurogroup and the Ecofin ministers identified, in their statement of 18 December 2013, the possibility of having recourse to national sources in the transition period, as well as to develop a common backstop during the same period;
Amendment 329 #
2015/2221(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Recalls that while breaking the link between sovereigns and banks at national level remains an important objective, all the measures directed at achieving this objective, have to take into account both the international context and the short term repercussion on financial stability; stresses in particular that the introduction of a risk weighting on the sovereign debt exposure of banks, by severing the link between debt and saving in any given Member State, may endanger debt sustainability and put financial stability at risk; furthermore considers that this measure should only be taken in conjunction with risk sharing measures;
Amendment 354 #
2015/2221(INI)
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40a. Recalls that the reduction of systemic risk, attained through regulatory changes and efforts made at national level, should proceed in parallel with the creation of risk sharing mechanism at European level1 a; __________________ 1a Among the others, Commissioner Jonathan Hill, Responsible for Financial Stability, Financial Services and Capital Markets Union recently stated that: "Step by step, we need to make sure that risk reduction goes hand in hand with risk sharing.”
Amendment 9 #
2015/2147(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Highlights the importance of the Digital Single Market for the European economy; recalls that according to estimates from the EC the development of the DSM could contribute € 415billion a year to the European economy and create 3.8 million new jobs. Underlines that not only is the digital sector growing at sustained rates, but that digital technologies offer new possibilities also in traditional sectors of the European economy;
Amendment 12 #
2015/2147(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Invites the EC to promote the "Digital first" approach in the functioning of public Institutions and in designing legislative acts; considers that the digital first strategy could bring benefits in terms of cost savings, environmental sustainability and better services, thus reducing the gap between citizens and European Institutions;
Amendment 27 #
2015/2147(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Points out that in spite of the high unemployment rates in the EU, many jobs remain vacant owing to the shortage of matching skills; notes that if the economic opportunities offered by the DSM are to be exploited, it is essential to pursue employment and education policies designed to improve Europeans’ digital skills; calls on the Commission to draw up programmes to help achieve those aims;
Amendment 41 #
2015/2147(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that cybersecurity is central to the establishment of the digital single market, especially in the banking and financial sector, payment systems, and e- commerce, and therefore calls on the Commission to monitor threats, first and foremost computerised fraud and cyber- attacks, strengthen prevention measures, lay down a framework making for a Europe-wide coordinated response to cybercrime, and devise Europe-wide awareness campaigns to alert EU citizens to the threats to cybersecurity;
Amendment 43 #
2015/2147(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Stresses that it is essential to have simple, efficient, and safe payment systems to enable the digital single market to develop and grow; welcomes the advances in terms of EU legislation on payment systems; and calls on the Commission to take these developments into account when implementing its DSM strategy;
Amendment 44 #
2015/2147(INI)
Draft opinion
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Considers that digital technologies will open up access to credit to many who have traditionally been excluded from the banking and financial system, thus promoting social and economic development; calls on the Commission to devise an inclusion strategy enabling weaker population groups to gain access to the digital single market and hence to new financial and banking services;
Amendment 66 #
2015/2147(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Invites the EC to bring forward a legislative proposal to adjust the definition of "permanent establishment" so that companies cannot artificially avoid having a taxable presence in Member States in which they have economic activity. In particular, this definition should address situations in which companies engaging in fully dematerialised digital activities, are considered to have a permanent establishment in a Member State if they maintain a significant digital presence in the economy of that Country;
Amendment 93 #
2015/2147(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses that education and training curricula must aim at the development of a critical thinking, approach, usage and thorough understanding of new media, digital and information devices and interfaces, whereby people can be active users of these new technologies and not simply end users;
Amendment 99 #
2015/2147(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Believes that European citizens should be offered an education in line with the needs of a modern, globalised society, therefore enjoying the opportunity to learn and to develop new skills, including digital ones, which will allow them to compete in today's labour market; stresses the need to ensure that teachers are enabled to improve their skills, especially digital ones, and are supported in facing the challenges this entails; therefore believes that an overall re-design of educational systems, training curricula and work methods in a holistic and ambitious way is necessary, with the aim of properly addressing the challenges of the digital revolution;
Amendment 104 #
2015/2147(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a clear connection is present between internet usage and coverage and in 2014 the 18,1% of Europeans never used the internet;
Amendment 106 #
2015/2147(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas in 2013 the market size of sharing economy was around 3.5 billion worldwide and today the European Commission is forecasting a growth potential that goes over 100 billion;
Amendment 112 #
2015/2147(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Points out that the economic principles which have defined the development and spread of the Internet, namely network neutrality, openness, and non-discrimination, are being undermined by the spread of closed ecosystems within the Web; maintains that the emergence and growth of such ecosystems, and the oligopoly-based structure that they have created on the market in digital services and goods, are adversely affecting consumer interests and innovation and in the long term, therefore, might even jeopardise the development of the DSM;
Amendment 115 #
2015/2147(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas in 2014 only 15,8 computers per 100 students were available in Europe in 2014;
Amendment 117 #
2015/2147(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Considers that the distinguishing characteristics of the digital economy, resulting in particular from the fact that marginal costs tend to diminish, falling down to zero, and network effects are strong, are conducive to economies of scale and hence to concentration; calls on the Commission to devise a competition policy taking into account the specific features of the digital economy and the related challenges;
Amendment 117 #
2015/2147(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas a growing number of services are migrating towards the internet and digital technologies are becoming increasingly pervasive in everyday lives;
Amendment 119 #
2015/2147(INI)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Points to the importance of the data economy for the development of the DSM; notes that the only way to surmount the challenges and threats to the establishment of a digital single market which have arisen out of the Court of Justice’s ‘Safe Harbour’ ruling is to adopt a common legislative approach at European level, and therefore calls on the Commission to work towards a regulatory framework serving both to ensure respect for user rights as regards data processing and to develop this sector of the digital economy;
Amendment 119 #
2015/2147(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that in order to allow for a fair competition in the data driven economy, internet companies with a relevant market position, as defined by the EC competition standards should make available their user generated data set as open data in an anonymized and aggregated form, while respecting all privacy requirements;
Amendment 120 #
2015/2147(INI)
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6d. Maintains that all data related to users and user-generated content constitute a historic, social, and economic heritage of intrinsic value to the reference communities and should therefore be considered a common good for the use of those communities;
Amendment 121 #
2015/2147(INI)
Draft opinion
Paragraph 6 e (new)
Paragraph 6 e (new)
6e. Welcomes the opportunities offered by the collaborative economy model, which makes for more efficient use of resources and environmentally and economically sustainable economic growth; points out that this model is particularly well suited to the management of public assets; calls on the Commission, therefore, to encourage public authorities to develop and use models of this type;
Amendment 122 #
2015/2147(INI)
Draft opinion
Paragraph 6 f (new)
Paragraph 6 f (new)
6f. Points out that overlapping collaborative and market economy models could distort free competition on some markets; calls on the Commission to work towards a regulatory framework which, while promoting the development of the collaborative economy, will keep the ‘playing field’ level and ensure compliance with EU legislation, in particular on tax and labour law matters;
Amendment 123 #
2015/2147(INI)
Draft opinion
Paragraph 6 g (new)
Paragraph 6 g (new)
6g. Notes that the development of the DSM could be helped if there were innovation clusters within the EU, that is to say, geographical areas with a high concentration of digital enterprise and skills; calls on the Commission to encourage the further development of such areas and the dissemination of best practice and knowledge;
Amendment 124 #
2015/2147(INI)
Draft opinion
Paragraph 6 h (new)
Paragraph 6 h (new)
6h. Points to the importance of business incubators, business angels, and a variety of stakeholders and agencies, both public and private, working to develop businesses in the digital sector; calls on the Commission to establish a strategy enabling these stakeholders to become involved in the development of the DSM and laying the foundations for a European network of business incubators;
Amendment 152 #
2015/2147(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Considers it necessary for the Commission to adopt a bidirectional approach to the subject of digital skills and abilities, investing in digital education programmes (starting with the training of teachers) and in digital infrastructure which serves educational purposes, inter alia including digital content and methods in existing school curricula;
Amendment 208 #
2015/2147(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that, in order to ensure the quality of European Legislation, the European Institutions should adopt and disseminate a "digital first" principle, re- designing all activities around the opportunities and challenges posed by digital technologies;
Amendment 247 #
2015/2147(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses the urgent need for the Commission and Member States to promote a more dynamic economy for innovation to flourish and for companies to scale up, through the development of e- government, a modernised regulatory framework fit for the emergence and scale- up, scale-up and access to market in a level playing field of innovative businesses, and a long term investment strategy in infrastructure, skills, research and innovation; underlines that the development of e-commerce represents a new frontier for businesses, especially SMEs;
Amendment 273 #
2015/2147(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Believes that improving connectivity has beneficial effects on employment and economic growth; therefore calls on the Commission to support investments in ultra-broadband in order to promote the European social and industrial fabric and new-generation electronic communication services that place citizens and consumers at the centre of the stage;
Amendment 287 #
2015/2147(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission, in cooperation with Member States, to further develop initiatives to boost entrepreneurship that range from changing the mind-set on how success is defined to promoting an entrepreneurial and innovation culture; believes, in addition, that the diversity and specific attributes of the different national innovation hubs, areas where pre-existing concentrations of businesses and skills is present and can be increased, could be turned into a real competitive advantage for the EU if they are effectively interconnected;
Amendment 331 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the Commission, in cooperation with Member States, to increase the availability and an efficient use of radio spectrum across the Union, with the aim to achieve a EU harmonised radio spectrum policy;
Amendment 338 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses that it is important that the creation of the Digital Single Market should not aggravate the digital divide but rather enhance and create infrastructure and training courses to enable all European citizens to benefit from the new opportunities made available, irrespective of age, gender, income or provenance from remote or peripheral regions;
Amendment 340 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Asks the Commission to address the different tax challenges raised by the digital economy and to closely monitor its continuous evolution to assess the impact on tax systems; in particular, urges the Commission to guarantee an effective level playing field and a fair fiscal treatment among all actors present in the digital market, aligning taxation with the economic activities and guaranteeing that taxes are paid where profits are generated;
Amendment 345 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Believes that Member States and the Commission should actively promote a broad process of reform of the global governance of Internet in order to reach a new, transparent and inclusive model of multi-stakeholder governance, based on the principle of Internet as a unique, open and free network;
Amendment 360 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Calls for measures to promote and encourage, by means of the creation of the Digital Single Market, the development of new models of work which will make it possible to reconcile the requirements of private and working life more effectively;
Amendment 362 #
2015/2147(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Calls on the Commission to secure that proposed regulatory actions minimise the barriers of entry for SMEs operating in the digital markets, leave enough room for innovation in the targeted sectors and respect the principles of technological, business model and content neutrality;
Amendment 513 #
2015/2147(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses that accessible, affordable, efficient and high-quality delivery services are an essential prerequisite for thriving cross-border e-commerce; supports the proposed measures to improve price transparency, interoperability and regulatory oversight that should target both the smooth functioning of cross-border parcel delivery markets and compliance with relevant social and labour rights, allowing enough flexibility for the delivery market to evolve and adapt to technological innovations; underlines that the new measures should ensure that any variation in the prices between domestic and cross-border delivery should be permitted only if duly justified and if it reflects the variation in actual costs incurred by the providers for delivering the service;
Amendment 574 #
2015/2147(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers that ambitious actions are needed to improve access to legal digital content, in particular by ending without delay geo- blocking practices and, unfair price discrimination based on geographical location and any practices that undermine country neutrality with regard to means of payments between Member States;
Amendment 658 #
2015/2147(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Emphasises that incentivising private investments in fast and ultra-fast communication networks is a requirement forto any digital progress and must be part of the European integration effort, with competition remaining the main driver of infrastructure investments, innovation, affordable prices and choices for consumers; considers that little evidence exists, in the still fragmented European telecommunications market, of a link between consolidation of operators and increased investment in networks;
Amendment 718 #
2015/2147(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that since the development of over-the-top services has increased demand and competition to the benefit of consumers, modernisation of the telecommunication framework should not lead to more regulatory burdens, but should drive innovation and fair competition, support pluralism and access to the market and strengthen the Fundamental rights in the digital environment;
Amendment 731 #
2015/2147(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Asks the Commission to guarantee equal treatment, also in fiscal terms, and the same level playing field between telecom operators and over-the-top services in order to assure non- discriminatory access to networks and contents;
Amendment 758 #
2015/2147(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Believes that, in order to achieve a real Digital Single Market, it is necessary to ensure access for all citizens in Europe, calls therefore to improve the efforts towards the networks development for those areas where sufficient connectivity it is not yet available;
Amendment 806 #
2015/2147(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Urges the Commission to develop an innovation-friendly policy that fosters competition between, and innovation in,between online platforms; considers that the priorities should be transparency and to support the freedom, openness and accessibility of the internet; considers that transparency, interoperability, unbundling, common standards, facilitation of switching between platforms or online services, access to platforms, and identifying and addressing barriers to the emergence and scale- up of platforms should be priorities; Underlines the fact that, in order to allow new businesses to emerge and thrive in existing digital sector, an assessment of the role network effects play in the openness of the digital economy will be key;
Amendment 819 #
2015/2147(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Urges the Commission to develop an innovation-friendly policy that fosters competition between, and innovation in, online platforms; considers that the priorities should be transparency, facilitation of switching between platforms or online services, access to platforms, the prevention of monopolies, and identifying and addressing barriers to the emergence and scale-up of platforms;
Amendment 843 #
2015/2147(INI)
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Calls the Commission to ensure the presence of minimum quality standards for services that emulate, on the web, other traditional services; Furthermore calls the Commission to support and incentivize interoperability for internet services and to combat the enclosing of the internet in silos;
Amendment 844 #
2015/2147(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Asks the Commission to safeguard the openness of the internet, ensuring the application of the principle of Net Neutrality at all levels of the web, ensuring equal access to fixed networks for all service providers and ensuring service neutrality for all services within internet platforms;
Amendment 884 #
2015/2147(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Encourages the Commission to analyse the need to protect consumers in the sharing economy and, where appropriate and if necessary, to come forward with proposalsStresses that Sharing Economy is reshaping old services and markets in ways not even thinkable just a few years ago; encourages the Commission to analyse the issues related to the sharing economy, to take action to enable citizens and business to take advantage of its opportunities and to protect consumers coming forward with proposals to ensure that Europe will play a role in the future of this sector; furthermore encourages the Commission to ensure the adequacy of the consumer-related legislation framework in the digital sphere, including possible abuses;
Amendment 893 #
2015/2147(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Encourages the Commission to analyse the need to protect consumers in the sharing economy and, where appropriate and if necessary, to come forward with proposals to ensure the adequacy of the consumer-related legislation framework in the digital sphere, including possible abuses; stresses the need to put forward a common approach to taxation in relation to sharing economy, in order to ensure a real level playing field and a well- functioning single market and that taxes are paid where profits are generated;
Amendment 907 #
2015/2147(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Underlines that the sharing economy brings clear opportunities towards a more circular EU economy;
Amendment 928 #
2015/2147(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Considers, in order to ensure trust in digital services, that increased resources from the public and private sector are required to strengthen the security of IT systems and online networks and the encryption of communication, to improve cyber-attack prevention and to increase knowledge of basic security processes among users of digital services; believes in this regard that particular efforts should be put in place in order to ensure full security for consumers in the use of electronic means of payment, through the achievement of a fully integrated and user-friendly EU market for payment services;
Amendment 959 #
2015/2147(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Urges the Commission to strengthen the competitiveness and security of the European big data infrastructure, including super computers, through Horizon 2020 and other public and private support mechanisms;
Amendment 62 #
2015/2140(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Considers that the specific nature of the digital economy, characterized by decreasing and tending to zero marginal costs and by strong network effects, favours the increase in the level of concentration in key markets; invites the EC to adapt its competition policy to the specificities of this sector;
Amendment 65 #
2015/2140(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Stresses that free and fair competition is an indispensable pre-requisite for the creation of a true digital single market; encourages the EC to encompass the key concepts of interoperability and net neutrality into all its future proposals on the digital single market;
Amendment 67 #
2015/2140(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Recalls that the data economy is an important part of the digital economy; considers that the property of user generated data should stay with the users and that portability of data should be ensured; highlights that accessibility of user generated data, in an anonymous and aggregated form, is instrumental in ensuring competition in this market segment is maintained;
Amendment 147 #
2015/2140(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Welcomes the simplified procedures utilised for the purpose of state-aid assessment of projects funded by the EFSI; highlights that the EFSI aims to overcome current market failures by addressing market gaps, thus favouring the well-functioning of the markets;
Amendment 209 #
2015/2140(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Considers that remarkable disparities between Member States in the use of State aid in the financial sector in recent years, can potentially distort competition in this sector; invites the EC to clarify the rules and the procedures under which State aid in the financial sector can be authorised;
Amendment 225 #
2015/2140(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Considers that, in order to grant fair competition among companies, in line with the Commission Regulation (EU) No 651/2014, companies located in regions experiencing temporary or permanent disadvantages should be supported and increased flexibility should be granted to Regions experiencing severe economic problems, such as the Regions included in the Convergence and in the Competitiveness Objective, and to insular regions;
Amendment 252 #
2015/2140(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Considers that fair competition can be hampered by tax planning; invites the EC to adjust the definition of ‘permanent establishment’ so that companies cannot artificially avoid having a taxable presence in Member States in which they have economic activity. This definition should also address the specific situations of the digital sector, so that companies engaging in fully dematerialised activities, are considered to have a permanent establishment in a Member State if they maintain a significant digital presence in the economy of that Country;
Amendment 275 #
2015/2140(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Considers that a favourable tax status, such as the one granted in special economic zones (SEZs), would attract investments, favouring economic convergence between EU regions and fair competition among companies; calls on the Commission to actively promote the use of favourable tax status in less developed regions and to develop guidelines for the implementation of favourable tax regime across the EU including the establishment of SEZs, in line with the Commission Regulation (EU) No 651/2014;
Amendment 5 #
2015/2127(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes note of the 2014 EIB Annualctivity Report and the increase by 6.92% to EUR 80.3 billion in the EIB Group’s lending; is very concerned at the increasingbout still very high unemployment, inequality and poverty levels, as well as weak investment in Europe and the continuous uncertainty in the financial markets, also in view of a worsening global economic outlook;
Amendment 18 #
2015/2127(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Regrets that overall EU investment in 2013 decreased by 13% compared with the pre- crisis period with investment in some countries decreasing 25% and even by as much as 60% in others, creating a dangerous investment imbalance in the EU; is of the opinion that this constitutes a major challenge for the EIB Group and will require extraordinary efforts from its side for the years to come, as part of an overall EU effort to implement a renewed long-term strategy for sustainable, convergent and inclusive growth;
Amendment 27 #
2015/2127(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the urgent need for an increase in EIB lending activityGroup investment activity, including innovative financial instruments with greater additional risk-bearing capacity, and for the improvement of its activity in line with Protocol (No 28) on Economic, Social and Territorial Cohesion;
Amendment 43 #
2015/2127(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on the EIB Group to re-examine its strategic planning programme, given the high degree of concentration of funding for the four biggest economies in the EU accounting for more than 45%, and the disproportionate rise in unemployment levels and investment gaps in some other countries which remains at alarming levels, and which could hamper economic convergence in the EU and further damage growth prospects and social cohesion in specific countries and regions in the EU;
Amendment 60 #
2015/2127(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes note ofWelcomes the establishment of the European Fund for Strategic Investment (EFSI) and emphasises the need for the EFSI to function in an effective, transparent and fair way, to honour fully the requirement of additionality, and to take into account that priority should be given to projects in strategic sectors, countries in adjustment programmewhere investment gaps have widened most during the economic crisis and regions which have difficulties in attracting funding because of their high risk environment; their geographical or historical disadvantage translates into a higher high risk profile in an economic environment marked by uncertainty; Regrets the selection procedure used to appoint the Managing Director and the Deputy Managing Director and stresses the need to finalise as soon as possible the inter-institutional agreement between the EIB and the Parliament on reporting and on the selection procedure for both positions;
Amendment 69 #
2015/2127(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Urges the EIB Group to develop an increased focus on economic and labour market resilience in the context of technological changes, environmental constraints, globalisation and demographic trends; calls on it to prioritise investment operations with high potential in terms of job creation and environmental sustainability, particularly in areas of greatest need, and to expand its cooperation with other development banks in this direction;
Amendment 70 #
2015/2127(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Calls on the EIB Group to consider strengthening non-financial criteria in its project assessment models, giving greater weight to projects' contribution to sustainable and inclusive development and cohesion in line with Protocol (No 28) on Economic, Social and Territorial Cohesion, while aiming at maximum transparency;
Amendment 87 #
2015/2127(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the EIB to refrain from cooperating with financial partners with a negative track record and to enforce prevention measures against tax havens, fraud and evasion as well as aggressive tax avoidance; calls for these prevention measures to include ensuring that no EIB funding can go to ultimate beneficiaries or financial intermediaries which make use of tax havens or harmful tax practices;
Amendment 88 #
2015/2127(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the EIB Group to refrain from cooperating with financial partners with a negative track record, particularly in the field of corporate taxation, and to enforce prevention measures against tax havens, tax fraud and tax evasion as well as aggressive tax avoidance; requests a list of outstanding EIB Group transactions involving counterparts established in jurisdictions featuring on the Commission's list of "top 30" tax havens around the world;
Amendment 91 #
2015/2127(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the EIB to adopt an effective and up-to-date Responsible Taxation Policy, to be overseen by a Tax Unit and detailed within an Annual Tax Report; calls for this policy to include regular country tax assessments in order to identify problematic jurisdictions; calls for this policy to involve the EIB actively using its relocation clause and systematically publishing the domicile of funds which benefit from EIB support, as well as the domicile of the ultimate beneficiaries of the funds if they are supported by financial intermediaries;
Amendment 112 #
2015/2127(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the EIB Group to further enhance transparency and access to information both internafor the Parliament and other EU institutions as welly ands for the public, especially regarding the selection, monitoring and evaluation of activities and programmes;
Amendment 127 #
2015/2127(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Requests the EIB to increase its reporting to Parliament regarding its decisions, progress achieved and the impact of its lending activities within and outside the EU; requests that this include regular reports to the European Parliament and other stakeholders on the implementation of its Non-Compliant Jurisdiction Policy, including the number of applications which have been turned down for failing to comply with this policy, as well as the number of relocations which have been requested and implemented.
Amendment 128 #
2015/2127(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Requests the EIB Group to increase its reporting to Parliament regarding its decisions, progress achieved and the impact of its lending activities within and outside the EU; calls on the EIB Group to engage in deeper dialogue with the Parliament on all its activities within the same scheme for reporting and accountability as set out in the EFSI regulation and to fully comply with the spirit and letter of the EFSI regulation, notably concerning inter-institutional cooperation with the Parliament.
Amendment 1 #
2015/2121(BUD)
Motion for a resolution
Recital A
Recital A
A. whereas Draft amending budget No 5/2015 aims to reinforce the Union's resources to manage migration and refugee flows, following recent tragedies in the Mediterranean and the increase in the dimension of migratory flows;
Amendment 3 #
2015/2121(BUD)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Amendment 4 #
2015/2121(BUD)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas in light of the macroeconomic forecast for the medium term and of the opposing demographic trends within the Union and in the neighboring areas, particularly in West and Central Africa, the increase in migration to Europe cannot be considered to be a temporary phenomenon;
Amendment 5 #
2015/2121(BUD)
Motion for a resolution
Recital E
Recital E
E. whereas Draft amending budget No 5/2015 also increases the staffing level of 3 agencies, namely 16 additional posts for FRONTEX, 4 posts for the European Asylum Support Office (EASO) and 3 posts for the European Police Office (Europol); whereas this increase in FRONTEX, Europol and EASO remains insufficient to properly address the emergency;
Amendment 6 #
2015/2121(BUD)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. Whereas, where migration flows are not managed in an effective and timely manner, they may lead to considerable costs in other areas such as public health and safety;
Amendment 10 #
2015/2121(BUD)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Regrets the divisions which have emerged between Member States in the Council on the proposal of the European Commission contained in the "European Agenda on Migration"; recalls that, due to the nature of the migration phenomenon, the emergency can only be effectively handled at Union level;
Amendment 16 #
2015/2115(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas low energy prices, while having a negative impact on inflation expectations, could potentially help the economic recovery;
Amendment 53 #
2015/2115(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that the unconventional measures adopted by the ECB had a positive impact on the European economy, but are insufficient to guarantee economic growth if not accompanied by coordinated, expansive fiscal policies;
Amendment 57 #
2015/2115(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies and the gap in financing rates granted to SMEs located in different countries; considers that this long-standing problem is cannot appropriatelybe addressed by the recent measures implemented by the ECB to boost bank lending;
Amendment 67 #
2015/2115(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Recalls that SMEs are the backbone of the European economy and that the banking system is instrumental in ensuring their competitiveness and their growth; welcomes the introduction of the SMEs Supporting Factor by the CRR; invites the ECB to adopt measures aimed at further facilitating financing to small and medium enterprises;
Amendment 71 #
2015/2115(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that, despite the ECB pursuing its actions in order to maintain favourable financing conditions, private investment in the euro area remains significantly below its levels prior to the current crisis;
Amendment 77 #
2015/2115(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. AcknowledgWelcomes that, in reaction to a complex environment of falling inflation, contraction of credit and sluggish economic growth, and with its interest rates close to the zero lower bound, the ECB resorted to non-conventional monetary policy instruments;
Amendment 93 #
2015/2115(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Invites the ECB to consider in its balance sheet expansion policy the purchase of EIB project bonds and the participation in projects funded by the EFSI, thus contributing to the general economic policies in the Union and to the achievement of their objectives, as per Article 282 TFEU;
Amendment 98 #
2015/2115(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Points out that the below-target level of inflation registered in past years and also expected for the coming years will have an impact on the debt reduction programmes of several Member States;
Amendment 116 #
2015/2115(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that the positive impact of the Asset Purchase Programme (APP) on money and credit dynamics remains modest, with new loans to enterprises still weak and with significant differences across euro area economies; notes that since the launch of the APP, medium-term inflation expectations have risen, gradually converging towards the target of 2 %, while the risks of a deflation trap have decreased; asks the ECB to apply the APP to all Member States, without discrimination;
Amendment 121 #
2015/2115(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that global economic growth is still sluggish, with downside risk for the emerging markets; highlights the possible repercussion on the European economy; invites the ECB to adjust the size, composition and duration of the Asset Purchase Programme (APP) accordingly;
Amendment 134 #
2015/2115(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that, according to the ECJ judgment of 16 June 2015 in Case C-62/14, when the ECB programme for the purchases of government bonds on secondary markets it is exposed to a significant risk of losses as well as to the risk of a debt cutdoes not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of Member States;
Amendment 139 #
2015/2115(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that the non-conventional monetary policy implemented by the ECB is not able to change this situationis situation cannot be address by the ECB, but it requires coordinated political decision at European level;
Amendment 159 #
2015/2108(INI)
Motion for a resolution
Paragraph 19 – subparagraph 1 (new)
Paragraph 19 – subparagraph 1 (new)
19a. Mediterranean Region Acknowledges that, due to demographic and GDP growth, expected energy demand in the South and East Mediterranean will double by 2022, with 20% of new generation capacity coming from RES; notes that, given the overcapacity in most European countries, the optimization of energy flows requires market integration through the development of new infrastructures; stresses the importance of new electricity interconnections between European and North African markets, as this would be beneficial from a strategic as well as economic point of view, contributing to security of supply and to the development of integrated RES systems between Europe and North Africa.
Amendment 4 #
2015/2106(INI)
Motion for a resolution
Citation 15
Citation 15
Amendment 23 #
2015/2106(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the crisis in the financial sector, which resulted in a sovereign debt crisis, has produced a serious and persistent recession and whereas, despite the outlook for growth in Europe having improved, full recovery has still not yet been achieved;
Amendment 65 #
2015/2106(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that increased supervision could lead to some financial activities moving away to the shadow banking system, as anticipated in the Liikanen Report; calls for reforms aimed at greater financial stability and already underway, including structural reform of the banking sector, to be completed;
Amendment 86 #
2015/2106(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that an effective and efficient EU financial services regulation should be coherent, consistent (also on a cross- sectoral basis), proportionate, and free of superfluous complexity; believes that it should enable intermediaries to fulfil their role in funding the real economy and serve savers and investors, at the same time preventing crises from occurring and the subsequent negative repercussions on the real economy; considers that it should contribute to the single market and focus on goals better achievable at European level;
Amendment 135 #
2015/2106(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights the benefits of asset diversification; emphasises that the purpose of prudential regulation is not to favour certain asset classes; calls for a risk-based approach to regulation, with the same rules being applied to the same risksto prevent further financial crises and their transfer to the real economy; believes that a more granular categorisation of asset classes is appropriate, in particular by establishing categories such as infrastructure;
Amendment 144 #
2015/2106(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 206 #
2015/2106(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the achievements in establishing a banking union; stresses that the next step has to be its full implementation, including full capitalisation of national Deposit Guarantee Schemes (DGS) and the Single Resolution Fund (SRF); emphasises the aim of avoiding moral hazard and ensuring that risk-takers bear the costs when their risks materialise; welcomes the analysis of the banking system carried out through the comprehensive assessment and the asset quality review, calls on the European Central Bank to continue such analyses and take them further;
Amendment 224 #
2015/2106(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe and wishes to see them participate in the creation of the single capital market, in particular in the proposals promoting high-quality securitisation; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase in SME funding, including via innovative instruments and methods such as crowdfunding; suggests that the initiatives for improved SME funding should be expanded to mid-cap companies;
Amendment 234 #
2015/2106(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Welcomes initiatives to raise the level of public and private investment, and in SMEs in particular, such as those initiated under the European Fund for Strategic Investments; calls on the Commission to expand and prolong such initiatives;
Amendment 275 #
2015/2106(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that efforts for a cultural change in the financial sector have to be pursued further; acknowledges the benefits of relationship banking for consumers and SMEs, thanks also to instruments available through new digital technologies;
Amendment 290 #
2015/2106(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Demands a stronger focus on the global competitiveness of the EU financial sectors, without detriment to financial stability, when making policy;
Amendment 341 #
2015/2106(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the objectives of the better regulation agenda; underlines the role of REFIT in achieving an efficient and effective financial services regulation; calls for the European Parliament to have a bigger role in the decisions and assessments intrinsic to this programme;
Amendment 349 #
2015/2106(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Believes that the ESAs and SSM have a crucial role to play in achieving the objectives of better regulation and supervision; calls on the Commission to furnish the ESAs with resources and staff commensurate with their growing supervisory responsibilities;
Amendment 408 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 7 – indent 2 a (new)
Annex – title 3 – subtitle 7 – indent 2 a (new)
In line with the Commission Regulation (EU) No 651/2014, increased flexibility should also be granted to Regions experiencing severe economic problems, such as the Regions included in the Convergence and in the Competitiveness Objective, and to insular regions;
Amendment 49 #
2015/0009(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers, in particular those regions more affected by the crisis, from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness. Investment is a crucial component that will not only stimulate rapid economic and social recovery from the crisis, but also stimulate the creation of more and better jobs across the Union.
Amendment 61 #
2015/0009(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to coordinate policies and instruments and to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 84 #
2015/0009(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion and energy and resource efficiency by transitioning into a sustainable, digital and circular economy.
Amendment 97 #
2015/0009(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achievingor operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union. The investments should guarantee high economic and social added value, promoting quality jobs, sustainable innovation, skills and high quality employment, integrating and completing the single market, boosting the competitiveness of the EU. These strategic projects should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achieve Union policy objectives.
Amendment 101 #
2015/0009(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) The Commission Communication (COM(2010/245)) on a Digital Agenda for Europe and the Commission Communication (COM(2015/442)) "Towards a thriving data driven economy" have stressed the importance of the digital sector as a tool for sustainable and high quality economic growth, furthermore, they stress the need for the creation of framework conditions for its development. In order to grasp that opportunity, a special focus on digital investment and digital framework conditions is needed by means of earmarking a share of the granted guarantees for investment in networks and skills; by providing technical assistance for the establishment of dedicated investment platforms for aggregated project for digital development; and by broadening the "investment clause" for digital sectors investments.
Amendment 110 #
2015/0009(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as small and/or innovative mid-cap companies, across the Union, particularly in Member States where SMEs face greater difficulties in accessing credit, require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB (and the European Investment Fund ('EIF') where relevant) to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 113 #
2015/0009(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required, especially in Countries with limited fiscal capacity, to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 116 #
2015/0009(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing financeprovision of EFSI funding to small and medium enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') and the EIB to benefit from its experience in these activities.
Amendment 126 #
2015/0009(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, sustainable and economic added value. In particular, the EFSI should target projects that promote jobsustainable high quality employment creation, long- term sustainable growth and competitiveness, which will help achieve the EU's climate, energy and digital agenda goals. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures and focusing on projects with a higher risk coefficient than the ones normally financed by the EIB so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 133 #
2015/0009(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) When selecting the projects eligible under EFSI support, specific attention should be given to energy efficiency and digital solutions; when deciding on projects, it should be assessed whether the goals in terms of security of supply cannot be reached in a more sustainable and cost-effective way by using new digital technologies and ICT instead; this to ensure that projects are competing on equal terms with projects that are aimed at increasing energy supply or developing new infrastructures.
Amendment 141 #
2015/0009(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments and finance the riskier tranche of them to ensure additionality and complementarity over existing operations. The EFSI should aim at financeing projects across the Union, including in the countries most affected by the financial crisiwhole of the Union, above all where investment in percentage of GDP has substantially declined by taking into account the criteria of additionality and high risk profile in its investment policies. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 164 #
2015/0009(COD)
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact. National co-financing of operations supported by the EFSI, including in the transition period, are eligible to the flexibility within the existing rules of the Stability and Growth Pact, provided for by the Commission Communication of 13 January 2015, in accordance with the conditions and limits there included.
Amendment 176 #
2015/0009(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing, with the aim of reducing unemployment level and boosting growth in Europe. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 178 #
2015/0009(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or in investment platforms related to specific geographic or thematic sectors. Special attention should be given to dedicated investment platforms that focus on transformative sectors with high economic and social added value and investment platforms that aggregate small scale sustainable and innovative projects, notably driven by regions, cities and SMEs also in the digital sector; for example projects for high speed internet connection aimed at reducing digital divide.
Amendment 180 #
2015/0009(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Provided that all relevant eligibility criteria are fulfilled, third parties may co- finance together with EFSI on a project- by-project basis or in investment platforms related to geographic or thematic sectors. Member States may use European Structural Investment Funds to contribute to the financing of eligible projects that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 187 #
2015/0009(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidanceelines on the set of core principles with a view to ensuring an efficient use of public funds that will have to ensure compliance with existing sectoral legislation on State aid in the case of projects that provide for the partial use of non-repayable public finance.
Amendment 189 #
2015/0009(COD)
Proposal for a regulation
Recital 23
Recital 23
Amendment 193 #
2015/0009(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created. The EIAH should provide strengthened support for project development and prepar, preparation and aggregation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and, the managing authorities of the European Structural and Investment Funds and best practices from projects such as ELENA (European Local Energy Assistance), InnovFin (EU Finance for Innovators) and the EEIF (European Energy Efficiency Fund). This should establish a single point of entry for questions related to technical assistance for investments within the Union.
Amendment 197 #
2015/0009(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives. or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union. The investment should guarantee high economic, social and environmental value added, promoting quality jobs, sustainable innovation, skills and high quality employment, integrating and completing the single market, boosting the competitiveness of the EU. These strategic projects should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achieve Union policy objectives, including economic convergence between Member States and social cohesion.
Amendment 224 #
2015/0009(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies,including unincorporated enterprises, as well as mid-cap companies, business clusters and networks across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 224 #
2015/0009(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and impact of the EFSI. To that end, a semestrial Report, indicating at least: What projects have been financed, the financial instruments used and the state of implementation of funded projects should be produced. In case of failed projects, the Report shall include a thorough analysis of the situation, highlighting possible repercussion on the Guarantee fund.
Amendment 238 #
2015/0009(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterpriseprovision of EFSI funding to small and medium enterprises, unincorporated enterprises, business clusters and networks and small mid-cap companies shouldmay be channelled through the European Investment Fund ('EIF') and the EIB to benefit from itstheir experience in these activities.
Amendment 242 #
2015/0009(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises, unincorporated enterprises, business clusters and networks and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 244 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union conducive to competitive and sustainable growth with a view to overcome the investment gap among the Member States of the Union and to ensure increased access to financing for companies having up to 3 000 employees, with a particular focus on small and medium as well as innovative enterprises, start-ups and clusters of enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 252 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, includingnotably national promotional banks or public agencies owned or controlled by Member States, dedicated investment platforms and private sector entities.
Amendment 260 #
2015/0009(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions For the purposes of this Regulation, the following definition apply; (a) ´national promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities, seeking to address market failures; (b)' Investment Platform' means a cofinancing arrangement established for financing projects through a special purpose vehicle, a managed account or a contract. An Investment Platform can be multi-country, regional, macro-regional (regrouping several Member States interested in large projects in a given geographic area), national (grouping certain investment projects on the territory of a given Member State) or sectorial (pooling across several Member States in one sector); (c) 'additionality' means the support by the EFSI of operations which address market failures or investment gaps and which could not have been carried out in that period under normal EIB instruments without EFSI support or to the same extent during that period under EIF and EU instruments. The projects supported by the EFSI, while striving to create jobs and growth, shall typically have a higher risk profile than projects supported by normal EIB operations
Amendment 265 #
2015/0009(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value and contributing to the objective of reducing unemployment. In particular, the EFSI should target projects that promote job creation, long- term growth and competitiveness and that favour convergence between European Regions. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 274 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
(g) requirements governing the use of the EU guarantee, including within specific time frames, key projects and fields of financing set out in article 5.2 and key performance indicators;
Amendment 281 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
The EFSI Agreement shall provide that EFSI activities conducted by the EIF are to be governed by the EIF governing bodies, in accordance with the disposition of the present Regulation, in particular in Article 5.
Amendment 287 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislfields and areas of EU legislation and policies with particular relevance for the objectives set out in article 5 paragraph 2. EIAH shall provide targeted support in those areas taking into account technical assistance needs and capacity building gaps whenever they surface across Europe, irrespective of their geographic location.
Amendment 289 #
2015/0009(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments and finance their riskier tranche to ensure additionality over existing operations. The EFSI should aim at financeing projects across the Union, including in the countries most affectwhole of the Union, above all where investment in percentage of GDP has substantially declined, by the financial crisiaking into account the criteria of additionality and high risk- profile in its investment policies. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 289 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds. and involve partners according to Article 5 of Regulation EU No 1303/2013. The EIAH shall especially build upon the good practices in programmes such as ELENA (European Local Energy Assistance), InnovFin (EU Finance for Innovators) and the EEIF (European Energy Efficiency Fund);
Amendment 313 #
2015/0009(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technic, technically and environmentally viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 317 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location. and taking into consideration the principle of overall harmonious development of all regions of the Union.
Amendment 331 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance, as well as in regional economic and social development and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 335 #
2015/0009(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation (‘EU guarantee’). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 339 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations, focused at fostering the transition towards a smart, sustainable and decarbonized economy and at speeding up the transition towards a digital economy, based on the smart use of new available technologies approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 343 #
2015/0009(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. In order to select the best projects and to ensure the achievement of the EFSI objectives, the Investment Committee should cooperate with national and sectorial investment platforms. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 355 #
2015/0009(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. This EUR 60 800 000 000 supported by the EFSI is expected to generate a total of at least EUR 315 000 000 000 in additional investment in the Union within the period 2015 to 2017. Additional Member State contributions to the EFSI's capital would increase this amount and thereby bring the Fund's investment closer to actual needs. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 358 #
2015/0009(COD)
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact. National co-financing of operations supported by the EFSI, including in the transition period, are eligible to the flexibility within the existing rules of the Stability and Growth Pact, provided for by the Commission Communication of 13 January 2015, in accordance with the conditions and limits there included.
Amendment 359 #
2015/0009(COD)
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) The European Central Bank has expressed its readiness to buy ESFSI bonds,
Amendment 364 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) development of knowledge and training hubs containing a strong concentration of both digital and entrepreneurial skills to start a virtuous development cycle aimed at developing strong innovative businesses in new, high tech sectors;
Amendment 384 #
2015/0009(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or in investment platforms related to specific geographic or thematic sectors.
Amendment 398 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiency;, with a particular focus on projects investing on fostering the circular economy.
Amendment 411 #
2015/0009(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds. In any case, projects receiving funding under the EFSI, including any national complementary support assessed under a simplified and accelerated State aid assessment, will have to fully comply with the current legislation on State aids.
Amendment 414 #
2015/0009(COD)
Proposal for a regulation
Recital 23
Recital 23
Amendment 421 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support offinancing and investment operations conducted by dedicated investment platforms and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms or institutions, approved by the Investment Committee referred to in Article 3(5). The operations concerned shall be consistent with Union policies and support the objectives under this paragraph, with a focus on transformative sectors with high added value such as small-scale energy efficiency and resource efficiency projects or based new technologies available thanks to the development of the Internet of Things. The Steering Board shall specify policies regarding eligible investment platforms and regarding operations of dedicated investment platforms and national promotional banks or institutions in order to enjoy the EU guarantee under this Article. Moreover, the EIB participation in dedicated investment platforms and national promotional banks can make use of the EU guarantee. Where applicable national or regional investment platforms shall involve competent public authorities, economic and social partners and relevant bodies representing civil society in line with Article 5 and Chapter II of Regulation (EU) No 1303/2013.
Amendment 424 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national promotional banks, via the EIB, and other similar structures that invest in operations meeting the requirements of this Regulation after approval by Investment Committee referred to in Article 3(5). In that case, the Steering Board shall specify policies, in accordance with Article 3(1), regarding eligible investment platforms.
Amendment 429 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
At least 30 % of the granted guarantees shall be reserved for projects furthering the transition towards a new digital economy, improving the European investment framework in sectors such as new communication technologies, new sources of energies and new modes of transportation.
Amendment 430 #
2015/0009(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluate activities supported by the EFSI and their overall contribution to the achievement of the EFSI objectives with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 445 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The Commission, the EIB and the Member States shall ensure that all the investments with the support of the EFSI take into consideration their impact by sector at local and regional level on economic, social and territorial cohesion, increasing demand without affecting supply, and foster synergies and effective coordination between the EFSI and the European Structural and Investment Funds, in order to ensure that they contribute to the achievement of the Union’s economic, social and territorial cohesion and to reduce unemployment;
Amendment 455 #
2015/0009(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget. The guarantee fund should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB. Any surplus in the guarantee fund or remaining remuneration should constitute internal assigned revenue for any lines of the European budget which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 472 #
2015/0009(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promoteestablish the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5). The criteria to select investment project shall take into account the added value in terms of economic and social sustainability.
Amendment 481 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the economic and societal added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis, that includes the impact on the creation of future oriented, sustainable and high quality employment, the results, in terms of improvements of the digital agenda scoreboard, deriving from the new investments, the increase of the competiveness and the innovation potential of the Union’s economy;
Amendment 482 #
2015/0009(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected toshould ensure a greaterlevel of investment in certainthe areas of their respective mandates th, namely research, development and is possible through the existing programmesnnovation and transport, telecommunications and energy infrastructure, at least equal to the contributions made from the Union budget. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 500 #
2015/0009(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to credit constraints in certain Member States or to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 514 #
2015/0009(COD)
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. In its financing and investment operations, the EIB shall not support activities that hamper the Union on its path towards sustainable economic, scientific and social progress; in that regard, the EIB shall not participate in any projects that create a lock-in into technologies, production processes or infrastructures that are at the risk of stranding as they are not in line with the EU’s digital, energy and climate objectives for 2020, 2030 and 2050
Amendment 533 #
2015/0009(COD)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 534 #
2015/0009(COD)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 567 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the ESFSI shall be to support counter-cyclical and development investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('ESFSI Agreement') and direct financing. The investments will prioritise Member States, regions, and municipalities that suffer high unemployment levels or sudden increases in the unemployment rate.
Amendment 574 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to boost growth and favour job creation, through the support for investments in the Union and to ensure, including projects between a Member State and a third country, and an increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 578 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2 – point 1 (new)
Article 1 – paragraph 1 – subparagraph 2 – point 1 (new)
(1) Definitions For the purposes of this Regulation, the following definitions apply: a)´EFSI Agreement´ means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; b) ´national promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities on a non-commercial basis, seeking to address market failures; c) ´investment platforms´ means special purpose vehicles, managed accounts, contract-based co-financing or risk sharing arrangements or arrangements established by any other means by which investors channel a financial contribution in order to finance a number of investment projects and which may include national platforms that regroup several investment projects on the territory of a given Member State, multi- country or regional platforms that regroup several Member States interested in large projects in a given geographic area, or thematic platforms, which could gather investment projects in a given sector; d) 'small and medium-sized enterprises (SMEs)' means micro, small and medium-sized enterprises as defined in Commission Recommendation 2003/361/EC; e) ´mid-cap companies´ means legal entities having up to 3000 employees and that are not SMEs. f) 'unincorporated enterprise' means a producer unit which is not incorporated as a legal entity separate from the owner (household, government or foreign resident); g) 'business cluster' means a network of connected businesses, suppliers, and associates in a specific field that are all located in the same geographical area.
Amendment 603 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The ESFSI may borrow from financial entities and markets, including through bond issuances.
Amendment 606 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 2 b (new)
Article 1 – paragraph 2 b (new)
2b. The ESFSI bond issuances shall include a minorist tranch so EU citizens and residents can purchase them.
Amendment 732 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States that become parties to the EFSI Agreement shall be able to provide their contribution, in particular, in the form of cash or a guarantee acceptable to the EIB. Other third parties shall be able to provide their contribution only in cash.
Amendment 762 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in order to maximise growth and job creation and in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 767 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to closing investment gaps and accounting for the prevailing business cycle conditions across Europe.
Amendment 844 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining any potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic locincluding the criteria of additionality, as determined by the Steering Board pursuant to Article 5(2a), as well as approving the support of the EU guarantee for operations under this regulation.
Amendment 865 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixeight independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Board for a renewable fixed term of three years. structuring and project financing, as well as macroeconomic expertise. The Investment Committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors, such as research and development, transport and SMEs. It shall be appointed by the Steering Board for a renewable fixed term of three years. When appointing the Committee, the Steering board shall take into account the gender balance of the members.
Amendment 889 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When carrying out their duties, the members of the Investment Committee shall act impartially, in good faith and in the interest of the objectives of the EFSI and of the European Union. The members shall be chosen from persons whose independence is beyond doubt and shall not have any conflict of interests. The members shall not seek nor take instructions from the EIB, the Union institutions, Member States or any other public or private body. EIB staff may assist with analytical, logistical, and administrative support. However, any project assessment conducted by EIB staff shall not be binding on the Investment Committee.
Amendment 900 #
2015/0009(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation ('EU guarantee'). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 1052 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects with a higher risk profile than existing EIB and Union instruments so as to ensure additionality over existing operations. The EFSI shall support projects which fulfil the following criteria: a) the pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high societal and economic value, the highest possible positive impact on quality job creation, economic convergence between European regions and EU added value; b) a focus on operations that could not have been carried out using the Union budget or by the ordinary activity of the EIB, nor financed by the market; c) be viable from an economic perspective, according to a comprehensive assessment in which not only the project itself but also its overall impact on the economy and its ability to trigger subsequent investments, such as from the private sector, is to be carried out; d) would not have received financing from any other existing Union fund due to a non-availability of the required financing in the market; e) has a higher risk profile than projects supported under existing EIB activity, taking account of the fact that real additionality can only be ensured when financial resources are concentrated on projects not financed otherwise; the design of the appropriate measures is to be elaborated under the procedures of Article 3(1); f) Projects with positive socio-economic impact, taking into consideration the specificities of the sector of the project; g) Projects that can contribute to close EU countries´ investment gaps and properly address market failures; 2b. Acknowledging that projects of any size can bring the European economy forward, there shall be no restrictions on the size of projects to be targeted by the EFSI.
Amendment 1087 #
2015/0009(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;
Amendment 1095 #
2015/0009(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point b a (new)
Article 6 – paragraph 2 – point b a (new)
(ba) loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations by dedicated investment platforms or national promotional banks in accordance with Article 5. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in compliance with this Regulation and where financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;
Amendment 1166 #
2015/0009(COD)
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
The Commission shall be empowered to adopt delegated acts in accordance with Article 17 adjustreducing the target amount provided for in paragraph 5 by a maximum of 10% to better reflect the potential risk of the EU guarantee being called.
Amendment 1182 #
2015/0009(COD)
Proposal for a regulation
Article 8 – paragraph 9 a (new)
Article 8 – paragraph 9 a (new)
9a. The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development, and to act as a single technical advisory hub for project financing within the Union. This shall include providing support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of Union legislation. EIAH shall provide targeted support in those areas taking into account technical assistance needs and capacity building gaps whenever they surface across Europe, irrespective of their geographic location. To meet the objective referred to in the first subparagraph, the EIAH shall engage the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds. Access to expertise from the EIAH shall be free of charge for project promoters. EIB shall ensure that the staff involved in carrying out the tasks of the EIAH shall be organisationally separate from, and be subject to separate reporting lines vis-a-vis, the staff involved in carrying out other tasks conferred upon EIB. In order to ensure the best possible regional and territorial reach across the Union for such advisory services and support, the work of the EIAH shall be reinforced by, and closely networked with, similar structures at national level, such as those provided by national promotional banks or adequate public agencies.
Amendment 1200 #
2015/0009(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5)o identify bankable and EU-added value projects for the pipeline, the Commission and the EIB should involve all relevant stakeholders. The pipeline is without prejudice to the final projects selected for support according to Article 3(5). The Commission and the EIB, with support from the Member States, shall also put in place promotional activities directed at potential investors to promote the EFSI and ensure the highest possible level of contributions to the fund.
Amendment 1216 #
2015/0009(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and structured basis, information on current and future investment projects in their territory, in order to increase the EFSI visibility and to assure its accountability towards EU citizens.
Amendment 1235 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis; this assessment should be accompanied by an opinion of an independent external auditor;
Amendment 1278 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year, send to the European Parliament, the Council and the Court of Auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year. In addition, the Commission shall include the EFSI in the annual evaluation report on the Union's finances. The assessment shall be based also on the results achieved in accordance with Article 318 TFEU, second subparagraph, in particular with reference to the underlying assumptions of the Plan in terms of new investment generated and jobs created.
Amendment 1350 #
2015/0009(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditorsexternal audit of the activities undertaken in accordance with the EFSI Regulation is carried out by the European Court of Auditors in accordance with Article 287 TFEU.
Amendment 1466 #
2015/0009(COD)
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
National co-financing of those operations will benefit from the flexibility within the existing rules of the SGP provided for by the Commission Communication of 13 January 2015 according to its terms and conditions.
Amendment 29 #
2014/2245(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Considers that austerity measures in several European countries are having a negative impact on industrial structures, resulting in a fall-off in investment and more difficult access to credit for manufacturers; believes that negative impact to be at the root of the spiralling recession that has occurred in many Member States;
Amendment 63 #
2014/2245(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls for more social and public investments, without which it will be impossible to reach the target of raising industry’s contribution to GDP to as much as 20 % by 2020; recalls that all investments and projects should enhance environmental protection; takes the view, furthermore, that investment efforts should focus on innovative sectors that are of key importance to creating the conditions for sustainable, green growth.
Amendment 58 #
2014/2209(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the fact that our economy will need to provide for an ever growing population – 9 billion people by 2050 – and that our natural resources are limited and therefore should be used in a very efficient way; points out that taking advantage of new innovative solutions to these challenges such as new products, production processes, business practices and services, and a new supporting legal framework and framework changing innovations in the digital sector such as the internet of things is the only way forward;
Amendment 98 #
2014/2209(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Emphasises that entrepreneurs, SMEs, business associations and support organisations should be more literate on financing possibilities for more performant technologies, or for contracting services such as consultancy, coaching and training on eco-design, resource management and green entrepreneurship and availability of green technologies, products and services that could be beneficial for their business; Emphasises also the need for simple and accessible sources of information and databases for these products and services;
Amendment 140 #
2014/2209(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Welcomes the Commission decision for withdrawing obsolete or overly burdensome legislative proposals; calls on the Commission to refrain from legislative proposals that would lead to an unnecessary administrative burden for businesses and SMEs and to continuously review existing legislation with the objective of decreasingimproving the quality and effectiveness of the current administrative burden and adapting this to new business models; stresses, nonetheless, the need for ambitious actions to reach the EU’s environmental targets;
Amendment 168 #
2014/2209(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Believes that developing entrepreneurship skills and programmes to learn how the market, the economy and the financial system operate, function and interact and how new technologies can boost effective, innovative and green opportunities, along with environmental awareness, should be included in basic education systems; believes that a well prepared business plan is the first step towards better access to finance and viability; calls on the Commission and the Member States to include financial education in their education programmes without delay; supports in this connection the ‘Erasmus for Young Entrepreneurs’ programme, designed to promote an entrepreneurial culture and develop the single market and competitiveness;
Amendment 176 #
2014/2209(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes the importance of addressing unsustainable consumption patterns and promoting a change in consumer behaviourdeveloping incentives to nudge consumer behaviour towards sustainable habits; stresses the need for adequate consumer education and the need to encourage measures for greener consumption;
Amendment 183 #
2014/2209(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls on the Commission to study and identify the sectors of European industry whereand geographical areas where the conditions are met for the creation of new clusters and hubs can be createdd support their development;
Amendment 1 #
2014/2157(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the Statute of the European System of Central Banks and of the European Central Bank, in particular Article 15 thereof,
Amendment 4 #
2014/2157(INI)
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission services’ springautumn 2014 forecast, GDP in the euro area fell by 0.4 % in 2013 after a decline of 0.7 % in 2012, and whereas the Commission services expect a recovery, withreal GDP rising by 1.2 % ingrowth is expected to reach 0.8% in the euro area for 2014 and by 1.7 1.1% in 2015;
Amendment 11 #
2014/2157(INI)
Motion for a resolution
Recital C
Recital C
C. whereas there are major disparities among the unemployment rates in different Member States, with figures varying between 5 % and 26 %; whereas percentages for youth unemployment are even higher; notices that the difference in unemployment rates causes further economic divergence amongst Member States;
Amendment 15 #
2014/2157(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas lowered real interest rates have not been translating neither into looser credit for households and businesses, nor into GDP growth and job creation;
Amendment 23 #
2014/2157(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a low of 0.3 % in September and will stay well below target in 2015;
Amendment 36 #
2014/2157(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas facilitating credit flow to SMEs is fundamental as they employ 72% of the eurozone's labour force and have a higher gross job creation than large enterprises;
Amendment 38 #
2014/2157(INI)
Motion for a resolution
Recital I
Recital I
I. whereas financial fragmentation is still a major problem, with SMEs suffering much higher borrowing costs depending on the, in particular in countryies of the eurozone in which they are situated, creating distortions in the single marketalready affected by severe economic conditions, creating distortions in the single market, slowing the recovery and amplifying divergence;
Amendment 49 #
2014/2157(INI)
Motion for a resolution
Recital L
Recital L
L. whereas Article 282 TFEU states that the primary objective of the ECB is to maintain price stability and to support the general economic policies of the Union; whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the ECB prohibit the monetary financing of governments;
Amendment 51 #
2014/2157(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the swift reaction of the ECB in the face of a very challenging environment, and the fact that monetary policy has succeededits efforts in reducing the level of stress in financial markets of the euro area, and in restoring investors’ confidence in the soundness of the single currency; notes that this was reflected in the positive general reduction of long-term domestic yields – notably in the most indebted countries of the euro area – to unprecedented levels since the beginning of the crisis; highlights that low yields have not resulted into job creation and growth and that the lack thereof poses threats to financial stability; encourages further efforts by the ECB aimed at reviving aggregate demand and facilitate growth;
Amendment 59 #
2014/2157(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Remains deeply concerned by the fact that economic activity remains sluggish, with the euro area posting negative GDP growth in 2013, for the second year in a row, and with high unemployment rates in many euro-area Member States reaching levels that threaten the stability of the eurozone and undermines popular and political support to the European Project;
Amendment 66 #
2014/2157(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Warns against the risk of deflation; recalls that an inflation rate of close to zero in the euro area hampers the effectiveness of monetary policy; understands that the ECB attributes the reason for a very low inflation to short-term effects, and that it is confident that the medium-term objective will be met without a deflationary phasenotices that inflation expectations for 2015 and 2016 were revised downwards further by the ECB by between 0.1 and 0.2%;
Amendment 71 #
2014/2157(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Points out that the below-target level of inflation foreseen for the next years will have an impact on the debt reduction programmes of several Member States;
Amendment 79 #
2014/2157(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area, both public and private; calls on the ECB, in this context, to pursue its actions in order to maintain favourable financing conditions and to reduce the financial fragmentation that remains highly penalising for private borrowers in many Member States;
Amendment 82 #
2014/2157(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies; on the demand side, monetary policy can and should play a central role, which currently means an accommodative monetary policy for an extended period of time; there is scope for fiscal policy to play a greater role alongside monetary policy; and no amount of fiscal or monetary accommodation can compensate for the necessary action on the supply side through structural reforms in the euro area;
Amendment 86 #
2014/2157(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Agrees with President Draghi that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms;
Amendment 87 #
2014/2157(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Agrees with President Draghi that there is leeway to achieve a more growth- friendly composition of fiscal policies and to lower the tax burden in a budget- neutral way;
Amendment 88 #
2014/2157(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Agrees with President Draghi that complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme;
Amendment 89 #
2014/2157(INI)
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Stresses that there cannot be recovery without a revamp of public investments to both trigger private investments and to facilitate the implementation of national structural reforms;
Amendment 101 #
2014/2157(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledges that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim; encourages the ECB to create further incentives for the banks to transfer liquidity to the real economy;
Amendment 103 #
2014/2157(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls ECB to support governments efforts to raise equity for companies - especially for SMEs - possibly by funding venture capital, private equity and other financial vehicles which aim to increase equity level in the European Economy
Amendment 107 #
2014/2157(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. NotesWelcomes the announcement that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit- easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheet;
Amendment 121 #
2014/2157(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. UnderlinesWelcomes the fact that, with the measures announced in June 2014, the ECB balance sheet is expected to move towards the size it used to have at the beginning of 2012; notes that this projected increase requires strong vigilance by the ECB with respect to the credit risks it ultimately bearsremains confident that under the ECB vigilance, credit risk will be properly assessed and minimized;
Amendment 128 #
2014/2157(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the fact that the ECB has repeatedly stated its readiness to use additional unconventional instruments within its mandate, and to alter the size or composition of its interventions, in the event of an excessively lengthy period of low inflation; awaits for the ECB to make urgent use of additional unconventional measures considering the on-going lengthy period of low inflation;
Amendment 134 #
2014/2157(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimatedshould not be overestimated and that should not be conducted for an extended period of time; stresses that such measures are transitory in nature and that their main advantage is that they can give Member States time to consolidate their fiscal situation and implement structural reforms that will create conditions for economic activity to reboundy should be paired with appropriate fiscal policies and structural reforms in order to stimulate economic growth and improvements in the labour market;
Amendment 138 #
2014/2157(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 150 #
2014/2157(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal stimulus and structural national reforms and policies;
Amendment 161 #
2014/2157(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
Amendment 167 #
2014/2157(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the complexity of monetary policy instruments makes it difficult for the citizen of the euro area to understand the ECB’s actions; asks the ECB to strengthen its communication efforts in order to make its actions more transparent; welcomes the announcement that the European Central Bank will publish non-attributed minutes of its governing council meetings, in line with the transparency policies adopted by UK, US and Japan Central Banks;
Amendment 179 #
2014/2157(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Notes that the AQR and the stress test conducted by the European Banking Authority (EBA) in cooperation with the SSM, have revealed remaining fragilities in the European Banking System;
Amendment 180 #
2014/2157(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Calls for improvements in the methodology used for the AQR and the stress test; highlights that the exclusion of high-risk investments, especially of derivatives, from the AQR, leads to underestimate threats to financial stability;
Amendment 189 #
2014/2157(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Believes that, in line with its new responsibilities, the ECB should act as a lender of last resort, in an effort to restore confidence in the financial markets and thus strengthening stability;
Amendment 195 #
2014/2157(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that, despite relatively low profitability, euro area banks have steadily continued to strengthen their capital positions through a combination of capital increases and reductions in risk-weighted assets; acknowledges that in several cases capital increases were carried out in the context of financial assistance programmes from the Member States;
Amendment 199 #
2014/2157(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Considers auspicable the creation of a Capital Market Union, in order to reduce the excessive dependence of the economies of the euro zone on the banking system;
Amendment 204 #
2014/2157(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Welcomes the legislative proposal on Banking Structural Reform from the European Commission; notices that similar reforms have already been introduced in several Member States; invites the ECB to collaborate with the other relevant institutions towards sustainable structural reform on a European level that ends subsidies to trading activities of large financial institutions and levels the playing field for financial services;
Amendment 207 #
2014/2157(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Recalls that the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, will come into force by the beginning of 2015; stresses the need to continue developingurgency of developing the Deposit Guarantee Scheme, the third pillar of the Banking Union;
Amendment 80 #
2014/2145(INI)
Motion for a resolution
Recital B
Recital B
B. whereas huge differences will continue to prevail between the Member States, also following the Troika’s intervention, with forecasted GDP growth rates in 2014 ranging between -2.8 % in Cyprus and +4.6 % in Ireland reflecting increasingly undermining growing internal divergences;
Amendment 102 #
2014/2145(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. Whereas, youth unemployment in many Member States remains at a very high level, posing threats for both the economic recovery in the short term and for the prospects of a sustained growth in the long term;
Amendment 103 #
2014/2145(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. Whereas, low levels of inflation in conjunction with the high average Debt in several Member States jeopardize sustainability of the Debt itself, harming efforts made towards a reduction of the debt;
Amendment 128 #
2014/2145(INI)
Motion for a resolution
Recital D
Recital D
D. whereas a European investment plan is being put in place to raise EUR 315 billion in new investments over the next three years; whereas, if the proposed financial objectives of the Plan are achieved, it would only make up for a fraction of the accumulated investment gap;
Amendment 200 #
2014/2145(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights the fact that the current economic governance framework does not allow for a proper debate on the economic perspective of the euro area or on an aggregate fiscal stance and does not address the different economic and fiscal situations on an equal footing;
Amendment 208 #
2014/2145(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that simultaneous fiscal consolidation unintendedly contributed to reduce total output and thus to the overall increase in debt level;
Amendment 229 #
2014/2145(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that major policy initiatives which included policy recommendations were based on economic forecasts that had not anticipated the low growth and inflation experienced and have not fully taken into account the underestimation of the size of the fiscal multiplier, the importance of spillover effects across countries in a period of synchronised consolidation and the deflationary impact of cumulative structural reforms;
Amendment 237 #
2014/2145(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that the methodology adopted for the calculation of Output Gap, fundamental in assessing Countries and formulating Country Specific Recommendations, differs significantly from methodologies used by other international Institutions, such as the IMF and OECD;
Amendment 254 #
2014/2145(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the current situation calls for closer and inclusive economic coordination (to increase aggregate demand, favour convergence between Member States, improve fiscal sustainability and allow for fair and sustainable structural reforms and related investments) and for swift reactions so as to correct the most obvious fault lines in the economic governance framework;
Amendment 328 #
2014/2145(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the fact that in its interpretative communication on flexibility, the Commission acknowledges that the way in which the current fiscal rules are interpreted is crucial in bridging the investment gap in the EU and implementing growth-enhancing structural reforms;
Amendment 340 #
2014/2145(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Underlines the importance of taking into account the overall economic situation in the Union in interpreting fiscal rules, as clarified by the EC communication on flexibility;
Amendment 491 #
2014/2145(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Asks the Commission to verify whether the current 1/20 rule on debt reduction is sustainable and whether it needs to be reconsidered;
Amendment 503 #
2014/2145(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Invites the Commission analyse and discuss the economic results of a possible mutualisation of the sovereign debts, with particular reference to the overall sustainability of the debt itself;
Amendment 705 #
2014/2145(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Recalls that a ‘genuine Economic and Monetary Union’ (EMU) cannot simply be limited to a system of rules but also requires an increased euro area fiscal capacity; Welcomes the work of the Group EU own resources, chaired by Mario Monti, invites the Commission, in the effort of strengthening the EMU, to explore possible mechanism to create fiscal capacity at EU level;
Amendment 104 #
2014/0020(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The on-going banking regulatory reform agenda will significantly increase the resilience of both individual banks and the banking sector as a whole. However, a limited subset of the largest and most complex Union banking groups still remain too-big- to-fail, too-big-to-save and too- complex to manage, supervise and resolve. Structural reform is therefore an important complement to other regulatory initiatives and measures, as it would offer one way of more directly addressing intra-group complexity, intra-group and government subsidies, and excessive risk-taking incentives, mispricing of capital, distorted conditions of competition within the financial sector and threats arising from institutions operating under the jurisdiction of multiple regulatory regimes and supervisors. A number of Member States have adopted or are considering adopting measures to introduce structural reform in their respective banking systems. Structural reform is a unique opportunity to strengthen the Banking Union.
Amendment 129 #
2014/0020(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States or the competent authorities may decide to impose similar measures also on smallother credit institutions.
Amendment 252 #
2014/0020(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive yearhas or within any period of the last three years, but not retroactively covering any period before this regulation entered into force, has hasd total assets amounting at least to EUR 30 billion and has trading activities calculated on a non-risk weighted basis according to Articles 22 and 23 amounting at least to EUR 70 billion or 10 per cent of its total assets:
Amendment 278 #
2014/0020(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the soleprimary purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web-based. This definition includes any such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in the short term or in the longer term, or is in fact realised. Unless an institution demonstrates and proves to the satisfaction of the competent authority that an activity is not covered by this definition it shall be deemed to be proprietary trading platforms; ;
Amendment 323 #
2014/0020(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii a (new)
Article 6 – paragraph 1 – point b – point iii a (new)
(iii a) engage in lending to, grant guarantees to, or hold any financial instrument other than those listed in point (ii) of this paragraph issued by an AIF.
Amendment 465 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point h a (new)
Article 9 – paragraph 2 – point h a (new)
(h a) the exposure to derivatives as measured by notional outstanding divided by total assets;
Amendment 466 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point h b (new)
Article 9 – paragraph 2 – point h b (new)
(h b) the exposure to derivatives as measured by the sum of derivatives assets and derivatives liabilities divided by total assets;
Amendment 471 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point h c (new)
Article 9 – paragraph 2 – point h c (new)
(h c) the non-bank loan to total asset ratio.
Amendment 474 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point h d (new)
Article 9 – paragraph 2 – point h d (new)
(h d) the ratio of corporate and investment banking revenues to total revenues
Amendment 475 #
2014/0020(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point h e (new)
Article 9 – paragraph 2 – point h e (new)
(h e) the ratio of derivatives assets to total assets, where derivatives assets are derivatives with positive replacement values not identified as hedging or embedded derivatives.
Amendment 499 #
2014/0020(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h b) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 521 #
2014/0020(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justifiedactivities referred to in paragraphs 1 and 2 of this Article do not pose a threat to financial stability of the core credit institution or to the whole or part of the Union financial system, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 547 #
2014/0020(COD)
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4 a. Notwithstanding separation decisions, the competent authority may impose additional capital and liquidity requirements that it deems necessary to counter a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 548 #
2014/0020(COD)
Proposal for a regulation
Article 10 – paragraph 4 b (new)
Article 10 – paragraph 4 b (new)
4 b. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the metric referred to in point h c) of Article 9(2) falls below 40 percent or the metric referred to in point h d) of Article 9(2) exceeds 30 percent or the metric referred to in point h e) of Article 9(2) exceeds 15 percent, it shall no later than two months after the finalisation of that assessment adopt a final decision addressing the core credit institution and requiring it not to carry out certain trading activities and publicly disclose it.
Amendment 701 #
2014/0020(COD)
Proposal for a regulation
Article 21 – title
Article 21 – title
Amendment 706 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to a credit institution taking deposits from individuals and SMEs that areis subject to national primary legislation adopted before 29 January 2014 when the national legislation complies withrequiring structural separation of deposits and adopted before 29 January 2014 shall be deemed compliant with the requirements in this Chapter as regards to the requirement not to carry out trading activities or certain trading activities when the institution meets the following requirements:
Amendment 710 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point a
Article 21 – paragraph 1 – point a
(a) its structure aims at preventing financial stress or failure and systemic risk referred to in Article 1;
Amendment 714 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
(b) its structure prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide forits structure may foresee limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers;
Amendment 717 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point c – introductory part
Article 21 – paragraph 1 – point c – introductory part
(c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group, ithe group's structure ensures that the credit institution is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets, and the national legislation specifiguarantees the following:
Amendment 720 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
Amendment 725 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Article 21 – paragraph 2 – subparagraph 2
Once the Commission has all the information it considers necessary for appraisal of the request for derogat decision, it shall within one month notify the requesting Member Statecredit institution that it is satisfied with the information.
Amendment 729 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Article 21 – paragraph 2 – subparagraph 3
Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt an implementingthe decision declaring the national legislation not incompatible with this Chapter and granting the derogation to the credit institutions specified in the request referred to in paragraph 1. Where the Commission intends to declare the national legislacompliance of the credit institution with this Chapter. Where the Commission intends not to affirm the credit institution in's compatible and to not grant the derogationliance referred to in paragraph 1, it shall set out its objections in detail and provide the requesting Member Statecredit institution with the opportunity to submit written comments within one month from the date of notification of the Commission objections. The Commission shall within three months from the end of the time limit for submission adopt an implementing further decision granting or rejecting the derogationrequest for an affirmation of compliance referred to in subparagraph 1.
Amendment 734 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Article 21 – paragraph 2 – subparagraph 4
Where the national legislation is amended, the Member Staterelevant structure of the credit institution is changed or is foreseen to be changed, the credit institution shall notify the amendmentchanges to the Commission. TAs a consequence, the Commission may review the implementingany decision referred to in the third subparagraphis paragraph and withdraw it.
Amendment 738 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Article 21 – paragraph 2 – subparagraph 5
Where the national legislation not declared incompatiblecredit institution that was declared to be compliant with this Chapter is no longer applies to a credit institution that has been granted derogation from the requirements of this Chaptersubject to the national legislation referred to in paragraph 1, thate derogation shall be withdrawn with regard to that credit institutiocision of compliance shall be withdrawn.
Amendment 742 #
2014/0020(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
Article 21 – paragraph 2 – subparagraph 6
The Commission shall notify the EBA of its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a derogationreceived a decision concerning their compliance in accordance with this Articleparagraph. The list shall be continuously kept up-to-date.
Amendment 744 #
2014/0020(COD)
Proposal for a regulation
Chapter 3 a (new)
Chapter 3 a (new)
Amendment 789 #
2014/0020(COD)
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b
Article 28 – paragraph 1 – subparagraph 1 – point b
(b) any holding back or manipulation of information to be submitted in accordance with Article 24(1).
Amendment 791 #
2014/0020(COD)
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
(b a) breach of the duty to uphold the objectives of separation referred to in Article 13(9).
Amendment 793 #
2014/0020(COD)
Proposal for a regulation
Article 28 – paragraph 3 – subparagraph 1
Article 28 – paragraph 3 – subparagraph 1
Where Member States have chosen to lay down criminal sanctions for the breaches of the provisions referred to in paragraph 1, they shall ensure that appropriate measures are in place so that a competent authority has all the necessary powers to liaise with judicial authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for possible violations of Article 6 and f, for holding back or manipulating information to be submitted in accordance with 24(1) and breaching the duty to uphold the objectives of separation referred to in Article 13(9), and to provide the same to other competent authorities and EBA to fulfil their obligation to cooperate with each other and, where relevant with EBA for the purposes of paragraph 1.
Amendment 795 #
2014/0020(COD)
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point b
Article 28 – paragraph 4 – subparagraph 1 – point b
(b) the disgorgement of the profits gained or losses avoided due to the breach in so far asas estimated by they can be determinedompetent authority;
Amendment 803 #
2014/0020(COD)
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point h
Article 28 – paragraph 4 – subparagraph 1 – point h
(h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR 510 000 000 or in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry to force of this Regulation;
Amendment 817 #
2014/0020(COD)
Proposal for a regulation
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) appropriate protection for persons working under a contract of employment, who report breaches or who are accused of breaches, against retaliation, discrimination or other types of unfair treatment. This includes prohibiting an institution from trying to investigate the source of the information;
Amendment 819 #
2014/0020(COD)
Proposal for a regulation
Article 30 – paragraph 4
Article 30 – paragraph 4
4. Member States mayshall provide for financial incentives to persons who offer relevant information about potential breaches of this Regulation to be granted in accordance with national law where such persons do not have other pre-existing legal or contractual duties to report such information, and provided that the information is new, and it results in the imposition of an administrative sanction or other measure taken for a breach of this Regulation or a criminal sanction. Should the information reported result in a pecuniary penalty, the financial incentive shall be calculated as a proportion of this pecuniary penalty of no less than 15 % of the penalty imposed. Should the information reported result in a non- pecuniary penalty, the financial incentive shall reflect the gravity and duration of the breach, and it will be paid by the natural or legal person that committed the breach.
Amendment 153 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3a (new)
Article 4 – paragraph 1 – subparagraph 3a (new)
Where a financial counterparty concludes an SFT with a non-financial counterparty which on its balance sheet dates does not exceed the limits of at least two of the three criteria defined in Article 3(3) of Directive 2013/34/EU, the reporting obligations of both counterparties apply only to the financial counterparty.
Amendment 228 #
2014/0017(COD)
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 2 a (new)
Article 20 – paragraph 4 – subparagraph 2 a (new)
The powers conferred on competent authorities as set out in this paragraph are without prejudice to the exclusive competence of the ECB, pursuant to Article 4(1)(a) of Council Regulation (EU) No 1024/2013, to withdraw authorisations of credit institutions for prudential supervisory purposes.