6 Amendments of Isabel BENJUMEA BENJUMEA related to 2022/0405(COD)
Amendment 20 #
Proposal for a directive
Recital 5
Recital 5
(5) In addition, to further support the coverage of small and medium capitalisation companies by investment research, research material paid fully or partially by issuers should be labelled as ‘issuer-sponsored research’. To ensure an adequate level of objectivity and independence of such research material, such material should be produced in line with a code of conduct developed or endorsed by a market operator registered in a Member State or by a competent authority. In order to support more visibility of the issuer-sponsored research, issuers should have the possibility to submit their issuer-sponsored research to the relevant collection body as defined32 in [Article 2 (2) of the proposal for a Regulation33 on a European Single Access Point]. ESMA should develop minimum standards for the code of conduct in order to establish a minimum level of convergence across jurisdictions. __________________ 32 See Article2.2 o proposal for a Regulation [2021.78.COD] 33 Proposal for a Regulation [2021/03.78.COD]
Amendment 21 #
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6 a) Shares in SMEs are often illiquid as they have a smaller market capitalisation, a narrower investor base, and a lower trading volume. Issuers should therefore be given the opportunity to maximise their access to capital by having their instruments available for trading for the greatest number of investors, whilst needing to be protected if being traded on another trading venue would subject them to additional disclosures obligations or responsibilities. Member States should therefore be able to require that, until the consolidated tape for shares and ETFs is established, a share of an issuer which is admitted to trading on an SME growth market may also be traded on another trading venue that imposes new obligations or responsibilities on the issuer only if the issuer has been notified and has not objected. Where admission to trading on another venue does not impose any new obligations or responsibilities, no such notification will be required.
Amendment 24 #
Proposal for a directive
Recital 9
Recital 9
(9) To allow for more flexibility for issuers and to make Union capital markets more competitive, the minimum free float requirement should be decreased to 10%, which is a threshold that ensures for a sufficient level of liquidity in the market. In some cases, Member States should be able to allow a lower free float rate to be applied as long as alternative requirements are met to ensure a well- functioning capital market. The free float requirement laid down in Directive 2001/34/EC that a sufficient number of shares is to be distributed to the public in one or more Member States refers to the public within the Union and the European Economic Area (EU/EEA). That geographical restriction of the free float requirement to the EU/EEA should not be maintained as Directive 2014/65/EU does not provide for such restriction for financial instruments admitted to trading. The requirement that a company is to have published or filed its annual accounts for a specific period of time should not be transferred to Directive 2014/65/EU since Regulation (EU) 2017/1129 of the European Parliament and of the Council37 already contains a provision to that effect. Directive 2014/65/EU already lays down provisions to designate competent authorities. Thus, the provisions laid down in Directive 2001/34/EC to appoint one or more competent authorities are redundant. The requirement for debt securities that the amount of the loan is not be less than EUR 200 000 are considered obsolete in light of current market practice. __________________ 37 Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 31 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 b – subparagraph 3 (new)
Article 24 – paragraph 3 b – subparagraph 3 (new)
ESMA shall develop guidelines to establish minimum standards for the code of conduct for issuer-sponsored research.
Amendment 52 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c a (new)
Article 1 – paragraph 1 – point 3 – point c a (new)
Directive 2014/65/EU
Article 33 – paragraph 6 a (new)
Article 33 – paragraph 6 a (new)
(c a) the following paragraph is inserted as follows: '6a. Member States shall require that a share of an issuer which is admitted to trading on an SME growth market may also be traded on another trading venue that imposes new obligations or responsibilities on the issuer only if the issuer has been notified and has not objected. Where admission to trading on another venue does not impose any new obligations or responsibilities, the notification as referred to in the first subparagraph shall not be required. For shares, the requirements as referred to in the first and second subparagraphs of this paragraph shall only apply until the consolidated tape for shares and ETFs, as referred to in Regulation (EU) 600/2014, is operational.’
Amendment 55 #
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2014/65/EU
Article 51a – paragraph 4
Article 51a – paragraph 4
4. Member States shall requiensure that regulated markets ensurequire that at any time at least 10% of the subscribed capital represented by the class of shares concerned by the application for admission to trading is held by the public at the time of admission.