25 Amendments of Monica SEMEDO related to 2020/2036(INI)
Amendment 2 #
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
Amendment 11 #
Motion for a resolution
Recital A
Recital A
A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers, as their objectiveto incentivise financial participation and to turn savers into investors; whereas access to equity financing for SMEs, entrepreneurs and the social economy has become even more crucial for the COVID-19 recovery;
Amendment 29 #
Motion for a resolution
Recital B
Recital B
B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
Amendment 42 #
Motion for a resolution
Recital C
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
Amendment 67 #
Motion for a resolution
Recital C f (new)
Recital C f (new)
Cf. whereas bringing the Capital Markets Union project closer to EU citizens is crucial to increase their confidence in capital market and equity financing; whereas the Commission should explore further opportunities to communicate on the benefits of the CMU project, for example with a change of name highlighting the direct link between EU citizens' savings and investments in the economic growth and post-COVID recovery;
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for SMEstart-ups, SMEs and mid-caps, in order to promote SMEs’their ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerablnotes that necessary measures include facilitating investment research, streamlining the definition of SMEs across relevant EU legislation, and easing issuance requirements to ensure that start-ups, SMEs and mid-caps find their way to public markets; calls on the Member States to rebalance debt-equity bias in taxation; points out that the current situation makes SMEs more fragile and vulnerable; calls on the introduction of an ‘SME test’ for impact assessments on each CMU initiative;
Amendment 80 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls on the Commission and Member States to take due consideration of the transition towards a sustainable and resilient economy, in line with the EU Green Deal and with the EU taxonomy for sustainable activities, when designing, adopting, implementing and enforcing policies related to financial market integration, protection and promotion; notes the importance of the contribution of the private sector in financing this transition;
Amendment 85 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
Amendment 113 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for a review of the ELTIF Regulation and of related prudential calibrations in the banking and insurance regulatory frameworks to enhance the take-up and attractiveness of this innovative European label; notes that creating of a new additional ELTIF regime, based on an open-ended fund structure with the possibility to redeem at set intervals, could offer a new opportunity for retail investors to benefit from a diversified portfolio of long-term investments;
Amendment 122 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 127 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation tohat could help expedite the recovery after the COVID-19 crisis; supports as part of a broad package of measures to increase public and private financing; welcomes targeted changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), and the Securitisation Regulation and the Market Abuse Regulations long as they aim to preserve market liquidity and transparency, and to facilitate investments in the real economy, in particular in SMEs, and tomid-caps; notes that, allowing newcomers and new products to enter the markets, preserving consumer protection and market integrity; incumbent market players to offer new innovative products while preserving consumer protection and market integrity, is one of the strongest assets of the EU single market;
Amendment 158 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Emphasises that innovative and competitive EU financial products with global reach, such as UCITS and green bonds using the future EU Green Bond Standard, are channels to extend the EU’s influence on the global stage and to strengthen the international role of the euro; calls on the Commission to draw inspiration from these examples, if necessary through amending the respective legislation, in order to bring the same level of international recognition to other EU financial products such as ELTIFs and STS securitisations, and prospective future instruments such as social bonds;
Amendment 176 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to and personal pension schemes, as a way to deepen the pools of European capital available for investment in strategic sectors through incentives for long-term investments; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policiincentive policies promoting a level playing field across providers and product types;
Amendment 188 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs and mid-caps, to ensure that incentives for insurers and pension funds do not penalise equity investments; strongly calls on insurers and re-insurers to draw conclusions from the COVID-19 crisis, including on the coverage of pandemic-related risks; encourages the rapid phasing out of national exemptions and to the reduction of ‘gold-plating’ in national implementation of Solvency II, to foster harmonisation and integration of the EU insurance and re-insurance market;
Amendment 200 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national ssupervisory convergence to promote a common European model, highlights the crucial role of the European Supervisory aAuthorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA),(ESAs) in facilitating this; recalls the additional competences given and structural changes made to the ESAs by the recently adopted Regulation (EU) 2019/2175; calls on the ESAs, together with the national supervisory authorities, to implement and exercise these changes as soon as possible to allow the ESAs to act swiftly to preserve financial stability and the orderly functioning and integrity of the market, and to reduce the existing obstacles to cross-border financial operations;
Amendment 219 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
Amendment 226 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; calls on the Commission to put forward initiatives specifically targeting retail investors, including facilitating the development of independent web-based EU comparison tools, to help retail investors determine the most appropriate products in terms of risk, return on investment and value for their particular needs, and promoting incentives for ESG products and products typically associated with better value for money;
Amendment 231 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Notes that various studies consistently show that a significant majority of retail investors mention sustainability preferences when asked about their investment preferences, and considers that this is an opportunity to further incentivise retail investors to be more active in financial markets;
Amendment 236 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
Amendment 251 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission to make clear the differentiation betweenintroduce more proportionality on the rules for professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to, while avoiding a fundamental change in MiFID categorisation; suggests that the Commission consider the introduction of an opt-in regime, allowing retail investors to choose to be treated as professional investors, notably in the areality of participation on the financial marke of information requirements;
Amendment 259 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinionRecognises claims that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) ismay be very costly and complex, which could hindering the effectiveness of the system; believes that a simplification thereof is necessarycalls on the Commission to explore whether a simplification thereof and streamlining across legislation is necessary, while ensuring that financial stability and market transparency is preserved at all times; highlights that any assessment of reporting and transparency in financial markets would not be complete without a proper review on the cost and availability of market data for all market participants;
Amendment 267 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and, to ensure that distributors do not promote financial products manufactured 'in-house' without a thorough assessment of products from other manufacturers, and to ensuringe a fair marketing of financial products; notes that ESMA adopted a nuanced view on a potential ban on inducements, and calls on the Commission to explore alternative approaches, with similar effects on aligning interests across the entire distribution chain;
Amendment 286 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; notes that employee share ownership programmes are amongst the most effective means to increase financial awareness and literacy for EU adult citizens;
Amendment 290 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the Member States to include financial literacy programs in school curriculain all curricula from school to university, with evolutive programs adapted to the needs of pupils and students and aimed at developing autonomy in financial matters; suggests the inclusion of this topic in the Programme for International Student Assessment (PISA) study;
Amendment 334 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;