5 Amendments of Kateřina KONEČNÁ related to 2020/0155(COD)
Amendment 15 #
Proposal for a regulation
Recital 5
Recital 5
(5) Companies that have had shares admitted to trading on a regulated market or traded on an SME Growth market continuously for at least the last 18 months before the offer of shares or admission to trading, should have complied with periodic and ongoing disclosure requirements under Regulation (EU) No 596/2014 of the European Parliament and the Council15 , Directive 2004/109/EC of the European Parliament and of the Council16 or Commission Delegated Regulation (EU) 2017/56517 . Hence, many of the required content of a prospectus will already be publicly available and investors will be trading on the basis of that information. Therefore, the EU Recovery prospectus should only be used for secondary issuances and should only focus on essential, accurate, and up-to-date information that any investors need to make informed investment decisions. Information should be provided in a clear and intelligible manner so as to enable individual investors to assess and understand the risks in their own capacity. The information should be made easily accessible to any citizens by the competent authority of the Member State where the offer is issued, and by the issuer, where possible. __________________ 15Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1). 16 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38). 17Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
Amendment 18 #
Proposal for a regulation
Recital 7
Recital 7
(7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors, savers, SMEs and start-ups. That summary should be a self-contained part of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by reviewing the EU Recovery prospectus as a whole to take their decision.
Amendment 20 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Unharmonised practices regarding the structure of the information presented in the EU Recovery Prospectus could be to the detriment of investors’ clear understanding and increase market fragmentation. In order to provide an appropriate level of clarity throughout the Union, issuers should present information from Annex Va in the same order as presented in that Annex.
Amendment 37 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 2 – subparagraph 2
Article 14 a – paragraph 2 – subparagraph 2
The information contained in the EU Recovery prospectus shall be written and presented in an intelligible, easily analysable, concise and comprehensible form and shall enable investorsy investors, in particular SMEs and savers, in order to make an informed investment decision. The competent authority shall also take into account whether the issuer has disclosed the regulated information to the public pursuant to Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, information referred to in Commission Delegated Regulation (EU) 2017/565. The competent authority shall ensure that the Recovery prospectus is easily accessible to any investors.
Amendment 67 #
Proposal for a regulation
Annex I
Annex I
Regulation (EU) 2017/1129
Annex Va – section I – paragraph 1
Annex Va – section I – paragraph 1
The purpose is to promote greater transparency and identify the company issuing shares, including its legal entity identifier (‘LEI’), its Member State of incorporation and the website where investors can find information on the company’s business operations, the products it makes or the services it provides, the principal markets where it competes, its organisational structure and, where applicable, information incorporated by reference.