2 Amendments of Frances FITZGERALD related to 2020/0155(COD)
Amendment 24 #
Proposal for a regulation
Recital 1
Recital 1
(1) The COVID-19 pandemic is severely affecting people, companies, health systems and the economies of Member States. The Commission, in its Communication to the European Parliament, the European Council, the Council, the European economic and social committee and the Committee of the regions of 27 May 2020 entitled ‘Europe's moment: Repair and Prepare for the Next Generation’13 stressed that liquidity and access to finance will be a continued challenge in the months to come. It is therefore crucial to support the recovery from the severe economic shock caused by the COVID-19 pandemic by introducing targeted amendments to existing pieces of financial legislation to ensure that European companies have access to a diverse range of funding mechanisms at this vital time. In order to avoid any extraterritorial conflicts, Article 23 of Regulation (EU) No 600/2014 should be amended to clarify the scope of the share trading obligation. In particular it should be clarified that the scope of Article 23 of Regulation (EU) No 600/2014 only applies to trades in shares with an ISIN code from an EEA country or to trades in shares denominated in a non-EU currency or if the share was admitted to trading on a third country trading venue before 31 December 2020 and traded in an EU currency. This package of measures is adopted under the label “Capital Markets Recovery Package”. _________________ 13 COM/2020/456 final of 27.5.2020.
Amendment 115 #
Proposal for a regulation
Article 1 b (new)
Article 1 b (new)
Regulation (EU) 600/2014
Article 23 – paragraph 1
Article 23 – paragraph 1
Article 1 b (new) Amendment to Regulation (EU) 600/2014 Article 23(1) is replaced by the following: ""1. An investment firm shall ensure the trades it undertakes in shares with an ISIN that contains the country code of an EEA country admitted to trading on a regulated market or traded on a trading venue shall take place on a regulated market, MTF or systematic internaliser, or a third-country trading venue assessed as equivalent in accordance with Article 25(4)(a) of Directive 2014/65/EU, as appropriate, unless their characteristics include that they: (a) are non-systematic, ad-hoc, irregular and infrequent; or (b) are carried out between eligible and/or professional counterparties and do not contribute to the price discovery process. are carried out on a third country trading venue in the home currency of the third country in which the trading venue is located; or (b) are carried out between eligible and/or professional counterparties and do not contribute to the price discovery process. The obligation laid down in the first subparagraph is satisfied in relation to trades in shares de-nominated in the national currency of a third country or when the share was admitted to trading before 31 December 2020 where such trades take place on a trading venue located in that third country."" Or. en (32014R0600)