8 Amendments of Valentino GRANT related to 2020/0106(COD)
Amendment 68 #
Proposal for a regulation
Recital 2
Recital 2
(2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the solvency support window of the European Fund for Strategic Investments should be carried out to address the unprecedented impact of the COVID-19 crisis. Such additionalnational and regional lockdown measures in response to the COVID-19 pandemic. These resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].
Amendment 88 #
Proposal for a regulation
Recital 4
Recital 4
(4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in a preponderant manner in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the availability of State solvency support is more limited. In order to ensure its additionality (the equity financing would not have taken place to the same extent without the support of EFSI), the instrument will also take into account the disparity of equity markets in Europe. Finally, it would be legitimate not to automatically exclude companies already in difficulty, within the meaning of the State aid rules, at the end of 2019, before the start of the pandemic, which would be worse off than post-Covid-19 companies, even though this definition does not prejudge a company that is irremediably compromised. _________________ 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).
Amendment 94 #
Proposal for a regulation
Recital 4
Recital 4
(4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the availability of State solvency support is more limitedin terms of the effect of the lockdown measures on GDP. _________________ 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).
Amendment 99 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In return for the recapitalisation of the company necessary to overcome the crisis and in the interests of fairness, the directors or corporate officers of companies benefiting from the solvency support instrument will have to cap their fixed remuneration for the years 2020 and 2021 on the basis of their fixed remuneration in 2019.
Amendment 122 #
Proposal for a regulation
Recital 9
Recital 9
(9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping and excluding quasi-equity and debt-financing; these investments should not be diverted to operations outside the Union.
Amendment 125 #
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 134 #
Proposal for a regulation
Recital 11
Recital 11
(11) Financing and investment operations under the solvency support window should be decided upon until end- 20243 with at least 60 % of financing and investment operations to be decided by end-20221 to allow for a rapid reaction to the economic crisis caused by the Covid-19 pandemic.
Amendment 136 #
Proposal for a regulation
Recital 12
Recital 12
(12) In order to be able to channel support to the European economy through the European Investment Fund (EIF),ensure a stable and sustainable economic recovery across the Union, political meddling with investment decisions should be avoided, therefore the Commission should be in a positionnot be allowed to participate in one or more possible capital increases of the EIF in order to allow it to continue supporting the European economy and its recovery. The Union should be able to maintain its overall share in the EIF capital. A sufficient financial envelope to this effect should be foreseen in the revised Multiannual Financial Framework for the current perioduropean Investment Fund (EIF). The Union should gradually and swiftly decrease its overall share in the EIF capital.