BETA

44 Amendments of Johan VAN OVERTVELDT related to 2022/0411(COD)

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 35

(35) Under Article 17(1) of Regulation (EU) 2017/1129, where the final offer price and amount of securities offered to the public cannot be included in the prospectus, the investor has a withdrawal right which can be exercised within 2 working days after the final offer price or amount of securities to be offered to the public has been filed. To increase the level of investor protection, the period during which investor can exercise that withdrawal right should be extended. It is however important to limit the administrative burdens for issuers. ~~Therefore, where the final offer price of securities only differs slightly from the maximum price that was disclosed in the prospectus, issuers should not be required to publish a supplement.~~

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 56

(56) Article 11(4) of Regulation (EU) No 596/2014 provides that the disclosure of inside information in the course of a market sounding is deemed to be made in the normal exercise of a person’s employment, profession or duties, and therefore does not constitute unlawful disclosure of inside information, where the disclosing market participant complies with the requirements laid down in Article 11(3) and (5) of that Regulation. In order to avoid an interpretation whereby disclosing market participants carrying out market sounding are obliged to comply with all the requirements set out in Article 11(5) of Regulation (EU) No 596/2014, it should be specified that the market sounding regime and the related requirements are a mere option for the disclosing market participants to benefit from the protection from the allegation of unlawful disclosure of inside information. At the same time, while there should be no presumption that disclosing market participants that do not comply with the requirements set out in Article 11 of Regulation (EU) No 596/2014 when conducting a market sounding have unlawfully disclosed inside information, those disclosing market participants should not be able to take advantage of the protection afforded to those that choose to comply with those requirements. To ensure the possibility for competent authorities to obtain an audit trail of a process that may imply disclosure of inside information to third parties, it should also be specified that the requirements set out in Article 11(3) of Regulation (EU) No 596/2014 are mandatory for all disclosing market participants.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 58

(58) The prohibition of insider dealing has the objective to prevent any possible exploitation of inside information and should apply as soon as that information is available. The requirement to disclose inside information aims to ~~enable investors to take well-informed decisions. When information is disclosed at a very early stage and is of a preliminary nature, it may mislead investors, rather than~~ contribute to efficient price formation ~~and~~by addressing the information asymmetry. In a protracted process, given the different iterations information has still to go through, the information related to intermediate steps is not sufficiently mature and hence should not be disclosed. In that case, the issuer should only disclose the information related to the event that this protracted process intends to bring about, at the moment when such information is sufficiently precise, such as when the management board has taken the relevant decision to bring about that event. In the case of non-protracted processes related to one-off events, notably when the occurrence of those events does not depend on the issuer, the disclosure should take place as soon as the issuer becomes aware of that event, thus enabling investors to take well-informed decisions in a timely manner.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 59

(59) To facilitate the assessment of the moment of disclosure of the relevant information by the issuer and ensure a consistent interpretation of the requirement, the Commission should be empowered to adopt a delegated act to set out a non-exhaustive list of relevant information, and, for each information, the moment when the issuer could be reasonably expected to disclose it.deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 62

(62) Article 18(1) of Regulation (EU) No 596/2014 obliges issuers and any person acting on their behalf or on their account to draw up and to keep updated a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise perform tasks through which they have access to inside information, including advisers, accountants and credit rating agencies. Article 18(6) of Regulation (EU) No 596/2014, however, restricts that obligation for issuers whose financial instruments are admitted to trading on an SME growth market. Those issuers are to include in their insider lists only those persons who, due to the nature of their function or position within the issuer, have regular access to inside information. Given the availability of other existing supervisory enforcement tools, it is appropriate to use the same approach for all issuers, rather than only for issuers whose financial instruments are admitted to trading on an SME growth market.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 63

(63) In some Member States, insider lists are considered particularly important for ensuring a high level of market integrity. For that reason, Article 18(6), second subparagraph, of Regulation (EU) No 596/2014 allows Member States to require issuers on SME growth markets to draw up the more extensive insider lists that include all persons who have access to inside information, however, on the basis of an alleviated format, requiring less information. To avoid excessive regulatory burden, while maintaining the essential information for competent authorities to investigate market abuse breaches, such an alleviated format should be used for all insider lists. Nevertheless, the option for Member States set out in Article 18(6), second subparagraph, of Regulation (EU) No 596/2014 should be maintained, provided that its use is justified by national market integrity concerns, and provided that it is only used in relation to issuers whose securities have been admitted to trading on a regulated market for at least the last 5 years. To ensure proportionate treatment of SMEs, that option should not be used for SME growth markets. To facilitate companies’ first time access to regulated markets as well as the companies’ transition from SME growth markets to regulated markets, issuers whose securities have been admitted to trading on a regulated market for less than 5 years should also not be obliged to draw up more extensive lists.deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 68

(68) The increasing integration of markets heightens the risk of cross-border market abuses. To protect market integrity, competent authorities should cooperate in a swift and timely manner, also with ESMA. To strengthen such cooperation, ESMA should be able to act, on its own initiative or on request by one or more competent authorities, to facilitate the collaboration of competent authorities with a possibility to coordinate the investigation or inspection that has cross-border effect. Collaboration platforms established by the European Insurance and Occupational Pensions Authority have proven to be useful as a supervisory tool to strengthen the exchange of information and to enhance collaboration among authorities. It is therefore appropriate to introduce the possibility also for ESMA, on its own initiative or on request by one or more competent authorities, to set up and coordinate such platforms in the field of securities markets when there are concerns about market integrity or the good functioning of markets. Considering the strong relations between financial and spot markets, ESMA should also be able to set up such platforms also with public bodies monitoring wholesale commodity markets, including the Agency for the Cooperation of Energy Regulators (ACER), when such concerns affect both financial and spot markets.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 69

(69) The monitoring of order book data is crucial for the surveillance of market activity across both multilateral and bilateral trading systems. Competent authorities should therefore have easy access to data that they need for their supervisory activity. Some of those data concern instruments that are traded in a ~~trading~~n execution venue located in another Member State. To enhance the effectiveness of supervision, competent authorities should set up a mechanism to exchange order book data on an ongoing basis. Considering its technical expertise, ESMA should draft implementing technical standards specifying the arrangements required by that mechanism for the exchange of order book among competent authorities. To ensure that the scope of that mechanism for exchanging order book data is proportionate in relation to its use, only competent authorities that supervise markets that have a high level of cross-border activity should be obliged to participate to that mechanism. The level of cross-border dimensions should be determined by the Commission in a delegated act. Furthermore, that mechanism for exchanging order book data should at first only concern shares, bonds and futures, considering the relevance of those financial instruments in terms of both cross-border trading and market manipulation. However, to ensure that such mechanism for exchanging order book data takes into account developments in financial markets and the capacity of competent authorities to process new data, the Commission should be empowered to broaden the scope of instruments the order book data of which can be exchanged through that mechanism.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 71

(71) Administrative sanctions imposed in cases of infringements related to the disclosure regime (public disclosure of inside information, insider lists and managers’ transactions) are set out as a minimum of the maximum, which allows Member States to set a higher level of the maximum sanctions in national law. The risk of inadvertent breach of disclosure requirements under Regulation (EU) No 596/2014 and associated administrative sanctions are an important factor that dissuades companies from seeking admission to trading. To avoid an excessive burden on companies, in particular SMEs, the sanctions for infringements committed by legal persons in relation to disclosure requirements should be proportionate to the size of the company, while considering all relevant circumstances under Article 31 of Regulation (EU) No 596/2014. Those sanctions should be determined based on the total annual turnover of the company. The sanctions determined based on absolute amounts should be applied ~~exceptionally and~~ only if competent authorities deem that the amount of the administrative sanction based on the total annual turnover would be disproportionately low in light of the circumstances set out in Article 31 of Regulation (EU) No 596/2014. In those cases, it is also appropriate to lower the minimum of the maximum level of sanctions for SMEs, as expressed in absolute amounts, in order to ensure their proportionate treatment.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point d

Regulation (EU) 2017/1129
Article 1 – paragraph 6

6. The exemptions from the obligation to publish a prospectus that are set out in paragraphs 4 and 5 may be combined together. However, the exemptions that are set out in paragraphs 4 and 5 may not be combined with the exemption set out in the second paragraph of Article 3. Moreover, the exemptions in paragraph 5, first subparagraph, points (a) and (b), shall not be combined together where such combination could lead to the immediate or deferred admission to trading on a regulated market over a period of 12 months of more than 40 % of the number of shares of the same class already admitted to trading on the same regulated market, without a prospectus being published.;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 1 – introductory part

Without prejudice to Article 4, ~~a Member State shall exempt~~ offers of securities to the public shall be exempted from the obligation to publish a prospectus set out in paragraph 1 provided that:

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 1 – point b

(b) the total aggregated consideration in the Union for the securities offered is less than EUR 126 000 000 per issuer or offeror calculated over a period of 12 months.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 2

The total aggregated consideration for the securities offered to the public, as referred to in the first subparagraph, point (b), shall take into account the total aggregated consideration of all ongoing offers and offers of securities made to the public with~~at have been made~~ in the 12 months preceding the start date of a new offer of securities to the public, except for those offers of securities to the public that were subject to any exemption from the obligation to publish a prospectus pursuant to Article 1(4), first subparagraph and offers for which a prospectus has been published.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) 2017/1129
Article 15a – title

Article 15a EU Growth ~~issuance document~~Prospectus (This amendment applies throughout the text.)

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) 2017/1129
Article 15a – paragraph 1 – subparagraph 3

The total aggregated consideration for the securities offered to the public, as referred to in the first subparagraph, point (c), shall take into account the total aggregated consideration of all ongoing offers and offers of securities made to the public with~~at have been made~~ in the 12 months preceding the start date of a new offer of securities to the public, except for those offers of securities to the public that were subject to any exemption from the obligation to publish a prospectus in accordance with Article 1(4), first subparagraph, or pursuant to Article 3(2) and offers for which a prospectus has been published.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 16 – point b

Regulation (EU) 2017/1129
Article 17 – paragraph 2

(b) in paragraph 2, the following subparagraph is added: ‘ Where the final offer price referred to in the first subparagraph differs by no more than 20 % from the maximum price disclosed in the prospectus as referred to in paragraph 1, point (b)(i), the issuer shall not be required to publish a supplement in accordance with Article 23(1).; ’deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point a – point i

(i) the introductory wording is replaced by the following: ‘ Information that is to be included in a prospectus pursuant to this Regulation and the delegated acts adopted on the basis of it, shall be incorporated by reference in that prospectus where it has been previously or simultaneously published electronically, drawn up in a language fulfilling the requirements of Article 27 and where it is contained in one of the following documents:; ’deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b

Regulation (EU) 2017/1129
Article 19 – paragraph 1b

1b. An issuer, an offeror or a person asking for admission to trading on a regulated market shall not be required to publish a supplement pursuant to Article 23(1) for updating the annual or interim financial information incorporated by reference in a base prospectus that is still valid under Article 12(1).;deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point b

Regulation (EU) 2017/1129
Article 20 – paragraph 6b

(b) the following paragraph 6b is inserted: ‘ 6b. By way of derogation from paragraphs 2 and 4, the time limits set out in paragraph 2, first subparagraph, and paragraph 4 shall be reduced to 7 working days for an EU Follow-on prospectus. The issuer shall inform the competent authority at least 5 working days before the date envisaged for the submission of an application for approval.; ’deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point c

Regulation (EU) 2017/1129
Article 20 – paragraph 11 – subparagraph 1 – point c

(c) the maximum timeframe for a competent authority to finalise the scrutiny of the prospectus and to reach a decision on whether that prospectus is approved, or whether the approval is refused and the review process terminadeleted.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point c

Regulation (EU) 2017/1129
Article 20 – paragraph 11 – subparagraph 2

The maximum timeframe referred to in point (c) shall include any competent authority’s requests to issuers to change the prospectus or provide supplementary information, as referred to in paragraph 4.;deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point d

Regulation (EU) 2017/1129
Article 20 – paragraph 13

(d) paragraph 13 is replaced by the following: ‘ 13. Regulation (EU) No 1095/2010, ESMA shall organise and conduct, at least once every 3 years, one peer review of the scrutiny and approval procedures of competent authorities, including notifications of approval between competent authorities. The peer review shall also assess the impact of different approaches with regard to scrutiny and approval by competent authorities on issuers’ ability to raise capital in the Union. The report on the peer review shall be published by [3 years after the date of entry into force of this amending Regulation] and every 3 years thereafter. In the context of the peer review, ESMA shall take into account the advice from the Securities and Markets Stakeholder Group referred to indeleted Without prejudice to Article 370 of ~~Regulation (EU) No 1095/2010.; ’~~

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b

Regulation (EU) No 596/2014
Article 11 – paragraph 4 – introductory part

A market participant ~~may choose to~~shall comply with all of the following conditions:

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a

Regulation (EU) No 596/2014
Article 17 – paragraph 1 – subparagraph 1

An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. That requirement shall not apply to intermediate steps in a protracted process as referred to in Article 7(2) and (3) where those steps are connected with bringing about a set of circumstances or an event.;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point b

Regulation (EU) No 596/2014
Article 17 – paragraph 1a

~~1a. The Commission shall be empowered to adopt a~~ delegated ~~act to set out and review, where necessary, a non- exhaustive list of relevant information and, for each information, the moment when the issuer can be reasonably expected to disclose it.~~

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c

Regulation (EU) No 596/2014
Article 17 – paragraph 4

(c) paragraph 4 is replaced by the following: ‘ 4. An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met: (a) prejudice the legitimate interests of the issuer or emission allowance market participant; (b) issuer intends to delay meets the following conditions: (i) the previous public announcement of the issuer on the matter to which the inside information refers to; (ii) issuer’s financial objectives are not likely to be met, where such objectives were previously publicly announced; (iii) market’s expectations, where such expectations are based on signals that the issuer has previously sent to the market, including interviews, roadshows or any other type of communication organised by the issuer or with its approval; (c) market participant is able to ensure the confidentiality of that information. Where an issuer or emission allowance market participant intends to delay the disclosure of inside information under this paragraph, it shall inform the competent authority specified in accordance with paragraph 3 of its intention to delay the disclosure of inside information and shall provide a written explanation of how the conditions set out in this paragraph were met, immediately after the decision to delay is taken.; ’deleted immediate disclosure is likely to the inside information that the it is not materially different from it does not regard the fact that the it is not in contrast with the the issuer or emission allowance

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point f

Regulation (EU) No 596/2014
Article 17 – paragraph 11

~~(f) paragraph 11 is replaced by the following: ‘ 11. establish a non-exhaustive indicative list of the legitimate interests of issuers, as referred to paragraph 4, point (a).; ’~~deleted ESMA shall issue guidelines to

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a

Regulation (EU) No 596/2014
Article 18 – paragraph 1 – introductory part

1. Issuers, and any person acting on their behalf or on their account, shall:

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a

Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point a

(a) draw up a list of all persons who~~, due to the nature of their function or position within the issuer, have regular access to inside information (permanent~~ have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, such as advisers, accountants or credit rating agencies (insider list);

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a

Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point b

(b) promptly update the ~~permanent~~ insider list in accordance with paragraph 4; and

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a

Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point c

(c) provide the ~~permanent~~ insider list to the competent authority as soon as possible upon its request.;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b

Regulation (EU) No 596/2014
Article 18 – paragraphs 1a and 1b

(b) the following paragraphs 1a and 1b are inserted: ‘ 1a. behalf or on the issuer’s account shall draw up its own list of all persons having access to inside information that directly concerns that issuer. Paragraph 1, points (b) and (c), shall apply. 1b. paragraph 1, and where justified by specific national market integrity concerns, Member States may require issuers whose securities have been admitted to trading on a regulated market for at least the last 5 years to draw up a list of all persons having access to inside information and working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, including advisers, accountants or credit rating agencies (full insider list). Paragraph 1, points (b) and (c), shall apply.; ’deleted Any person acting on the issuer’s By way of derogation from

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point c

Regulation (EU) No 596/2014
Article 18 – paragraph 2 – subparagraph 1

(c) in paragraph 2, the first subparagraph is replaced by the following: ‘ Issuers and any person acting on their behalf or on their account shall request from the persons on the insider list the acknowledgement of their legal and regulatory duties entailed in a durable medium. Persons included in the insider list shall acknowledge their legal and regulatory duties in a durable medium without undue delays.; ’deleted

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d

Regulation (EU) No 596/2014
Article 18 – paragraph 6

~~(d) paragraph 6 is~~ deleted;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point b

Regulation (EU) No 596/2014
Article 19 – paragraph 12 – point c

(c) where those transactions or trade activities do not imply active investment decisions by the person discharging managerial responsibilities, or result exclusively from external factors or third parties, or are the exercise of derivatives based on predetermined terms.;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 596/2014
Article 25a – paragraph 1 – subparagraph 1

1. Competent authorities supervising trading venues and systemic internalisers trading financial instruments with a significant cross- border dimension shall, by [12 months from the date of entry into force of this Regulation], set up a mechanism to permit ongoing and timely exchange of order book data referred to in paragraph 2 and collected from those ~~trading~~execution venues in accordance with Article 25 of Regulation (EU) No 600/2014 with respect to the instruments traded in such market. Competent authorities may delegate the set-up of the mechanism to ESMA.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 596/2014
Article 25a – paragraph 2

2. A competent authority may obtain order book data originating from a ~~trading~~n execution venue that has a cross-border dimension when that competent authority is the competent authority of the most relevant market referred to in Article 26 of Regulation (EU) No 600/2014 for the following financial instruments:

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 596/2014
Article 25a – paragraph 3 – subparagraph 1

3. A Member State may decide that its competent authority participates in the mechanism set up pursuant to paragraph 1 even if none of the ~~trading~~execution venues under the supervision of such competent authority has a significant cross-border dimension. Such decision shall be communicated to ESMA which shall make it public on its website.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 596/2014
Article 25a – paragraph 5

5. The Commission is empowered to adopt delegated acts to establish a list of designated ~~trading~~execution venues that have a significant cross-border dimension in the supervision of market abuse, by taking into account at least the market share of the ~~trading~~execution venues on the instruments. The Commission shall review such list at least every 4 years.

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii

Regulation (EU) No 596/2014
Article 30 –paragraph 2 – point j – point iii

(iii) for infringements of Article 17, 2 % of its total annual turnover according to the last available accounts approved by the management body. Instead of the minimum amount based on the total annual turnover, competent authorities may ~~exceptionally impose~~impose maximum administrative sanctions of at least EUR 2 500 000, or, where the legal person is an SME, EUR 1 000 000, or in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014 if they deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), (d), (e), (f), (g) and (h);

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii

Regulation (EU) No 596/2014
Article 30 –paragraph 2 – point j – point iv

(iv) for infringements of Articles 18 and 19, 0,8 % of its total annual turnover according to the last available accounts approved by the management body. Instead of the minimum amount based on the total annual turnover, competent authorities may ~~exceptionally impose~~impose maximum administrative sanctions of at least EUR 1 000 000, or where the legal person is an SME, EUR 400 000, or in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014 if they deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), (d), (e), (f), (g) and (h);

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii a (new)

Regulation (EU) No 596/2014
Article 30 – paragraph 2 – subparagraph 3

(ii a) The third subparagraph is replaced by the following: ' For the purposes of points (j)(i) ~~and (ii~~to (v) of the first subparagraph, where the legal person is a parent undertaking or a subsidiary undertaking which is required to prepare consolidated financial accounts pursuant to Directive 2013/34/EU ~~( 13 )~~, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting directives – Council Directive 86/635/EEC ~~( 14 )~~ for banks and Council Directive 91/674/EEC ~~( 15 )~~ for insurance companies – according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.'

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 3 – paragraph 1 – point 1

Regulation (EU) No 600/2014
Article 25 – paragraph 2

2. The operator of a trading venue shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems. TAt the request of the competent authority of the trading venue ~~may request those data~~, the operator of the trading venue shall provide those data free of charge on an ongoing basis. The records shall contain the relevant data that constitute the characteristics of the order, including those that link an order with the executed transactions that stem from that order and the details of which shall be reported in accordance with Article 26(1) and (3). ESMA shall perform a facilitation and coordination role in relation to the access by competent authorities to information under this paragraph.;

2023/07/13
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 3 – paragraph 1 – point 1 a (new)

(1 a) the following paragraph is added: '2a Paragraph 2 shall also apply to systemic internalisers in respect of quote data'.

2023/07/13
Committee: ECON