10 Amendments of Frances FITZGERALD related to 2020/2036(INI)
Amendment 50 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas European companies continue to over rely on bank lending, with 88% of their new funding in 2018 coming from banks and only 12% from capital markets – a decline from 14% on average in 2013-20171a ; _________________ 1aCapital Markets Union Key Performance Indicators, The Association for Financial Markets in Europe (AFME). 16 October 2019
Amendment 133 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity; furthermore calls on the Commission to amend the Share Trading Obligation (STO) and Derivative Trading Obligation (DTO) in the Markets in Financial Instruments Regulation (MiFIR) in order to eliminate frictions that can impact the ability of EU companies to raise capital at this time, especially at the end of the transition period between the EU and the UK;
Amendment 150 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses that the Capital Markets Union should be aligned as much as possible with the European Green deal and in particular with the Sustainable Europe Investment Plan; considers that the CMU should aim to direct investments towards environmentally friendly projects, thereby contributing to the EU's sustainable agenda;
Amendment 172 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the need to promote pension provision, particularly when it comes to 2nd and 3rd pillar pensions, given the massive demographic changes that the Union faces; welcomes the Pan- European Personal Pension (PEPP) product; reminds Member States that PEPPs need to be subject to the same tax treatment as national pension products to become an option for savers;
Amendment 177 #
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 invest; believes that private pensions should be revitalised and made more attractive; recommends in particular the use of auto-enrolment schemes as a way to build up pension provision and coverage in the Union; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 202 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national supervisory authorities to overcome work togetheir differences; calls fortowards genuine supervisory convergence and to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross- border financial operations; notes the importance of ESMA, EIOPA and EBA in this process, while also respecting the role of National Competent Authorities as laid out in the recently agreed review of European System of Financial Supervision (ESFS);
Amendment 217 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Reiterates its call in the Parliament resolution on "Stocktaking and challenges of the EU Financial Services Regulation" of 19 January 2016, for the Commission to conduct, in cooperation with the ESAs, SSM and ESRB, a comprehensive quantitative and qualitative assessment every five years of the cumulative impact of EU financial services regulation on financial markets and its participants at EU and Member State level in order to identify shortcomings and loopholes, to assess the performance, effectiveness and efficiency of the financial services regulation and to ensure that it is not impeding fair competition and the development of the economy, and to report back to Parliament; regrets that no such assessment has been conducted thus far;
Amendment 238 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Emphasises that the single market for retail financial services is very underdeveloped; notes that purchasing retail financial services products such as mortgage loans or insurance products on a cross-border basis is very uncommon and embedded with obstacles; considers that retail market participants should be easily able to take full advantage of the single market to access retail financial services products on a cross-border basis in order to get more choice and better products; calls on the Commission to put in place a new Action Plan for retail financial services that sets out an ambitious strategy to remove obstacles for cross-border retail financial services along with the elimination of unnecessary and excessive fees for such services;
Amendment 248 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarios; notes the importance of ensuring that past performance information is available to investors while also ensuring that past performance cannot be used as an indicator to predict future returns; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders;
Amendment 295 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Encourages financial institutions to develop and implement programmes that aim to that expand financial literacy and capability and build opportunities for financial inclusion for all citizens;