BETA

Activities of Eva-Maria Alexandrova POPTCHEVA related to 2022/0411(COD)

Shadow reports (1)

2023/10/26
Committee: ECON
Dossiers: 2022/0411(COD)
Documents: PDF(439 KB) DOC(136 KB)
Authors: [{'name': 'Alfred SANT', 'mepid': 124781}]

Amendments (39)

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 8

(8) To foster clarity and convergence across the Union and to reduce unnecessary burden for companies, a single harmonised threshold of EUR 12 000 000 should be set out at Union level and should replace the existing optional thresholds. Below that threshold, offers of securities to the public should be exempted from the obligation to publish a prospectus, provided that those offers do not require passporting. In the case of such an exemption, however, Member States should be able to require othe~~r disclosure requirements at national level to the extent that such requirements do not constitute a disproportionate or unnecessary burden~~ publication of a summary as referred to in Article 7 of Regulation (EU) 2017/1129.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 9

(9) Cross-border offers of securities to the public that are exempted from the obligation to publish a prospectus should be subject to the national disclosure requirements set out by the concerned Member States, where applicable. However, iIssuers, offerors or persons asking for the admission to trading on a regulated market of securities which are not subject to the obligation to publish a prospectus should benefit from the single passport where they choose to draw up a prospectus on a voluntary basis.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 16

(16) In certain cases, the prospectus or its related documents may reach massive sizes, becoming ~~unfit for investors to take an informed investment decision. To improve the readability of the prospectus and make it easier for investors to analyse it and navigate through it~~too expensive for issuers to produce due to the inherent expense associated with lengthy prospectuses. In addition, the length of prospectuses and their format varies greatly accross the EU, which is contrary to the objective of fostering convergence within EU capital markets. To improve the readability of the prospectus, reduce the costs related to their drafting for issuers and create convergence accross EU capital markets, it is necessary to set out a maximum page limit. However, such page limit should only be introduced for offers to the public or admissions to trading on a regulated market of shares. A page limit would not be appropriate for equity securities other than shares or non- equity securities, which include a broad range of different instruments, including complex ones. Furthermore, the summary, information incorporated by reference or information to be provided when the issuer has a complex financial history or has made a significant financial commitment should be excluded from the page limit.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 25

(25) The EU Recovery prospectus referred to in Article 14a of Regulation (EU) 2017/1129 may no longer be used after 31 December 2022. That EU Recovery prospectus had the advantage that is was composed of a single document that was limited in size, making it easy for issuers to draw it up and easy for investors to understand it. For those reasons, the EU Follow-on prospectus should follow the same model, and should be subject to the same reduced scrutiny period as the EU Recovery prospectus. However, the requirements for the EU Follow-on prospectus should for obvious reasons not require Covid-19 crisis-related disclosures. As the EU Follow-on prospectus should replace both the simplified prospectus for secondary issuances and the EU Recovery prospectus, it should be permanent and available for both secondary issuances of equity and non-equity securities. In addition, its use should not be subject to any restrictions beyond the requirement of the minimum and continuous period of admission of the securities concerned to trading on a regulated market or an SME growth market.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 27

(27) In order to make the EU Follow-on prospectus a harmonised document and facilitate its readability for investors across the Union, irrespective of the jurisdiction where securities are offered to the public or admitted to trading on a regulated market, its format should be standardised for both equity and non-equity securities. For the same reason, the information in the EU Follow-on prospectus should be disclosed in a standardised sequence. To improve the readability of the EU Follow-on prospectus and to make it easier for investors to analyse it and navigate through it, the number of pages of such prospectus should be limited for secondary issuances of shares. Such a page limit would, however, be inappropriate for the broad category of equity securities other than shares or non- equity securities, which include a wide range of different instruments, including complex ones. Furthermore, the summary, information incorporated by reference or information to be provided when the issuer has a complex financial history or has made a significant financial commitment should be excluded from the page limit. To enable investor protection, the Follow-on prospectus to be published by issuers seeking to make a transition from an SME growth market to a regulated market should be subject to an extended page limit.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 31

(31) The EU Growth issuance document should contain a ~~short-form~~ summary, as a useful source of information for retail investors, having the same format and content as the summary of the EU Follow- on prospectus. That summary should be set out at the beginning of the EU Growth issuance document and should focus on key information enabling investors to decide which offers to the public and admissions to trading of shares to study further, and subsequently to review the EU Growth issuance document as a whole in order to take an informed investment decision.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 48

(48) An effective cooperation with supervisory authorities of third countries concerning the exchange of information with those authorities and the enforcement of obligations arising under Regulation (EU) 2017/1129 in third countries is necessary to protect investors in the Union and ensure level playing field between issuers established in the Union and third country issuers. In order to ensure an efficient and consistent exchange of information with supervisory authorities, ESMA should establish cooperation arrangements with the supervisory authorities of third countries concerned, and the Commission should be empowered to determine the minimum content and the template to be used for such arrangements. However, in order to ensure investor protection, it is crucial that third countries that are in the list of jurisdictions which have strategic deficiencies in their national anti-money laundering and in countering the financing of terrorism regimes that pose significant threats to the financial system of the Union should be excluded from such cooperation arrangements.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 51

(51) The Commission should, after an appropriate time period after the date of application of this amending Regulation, review the application of Regulation (EU) 2017/1129 and assess in particular whether the provisions on the prospectus summary, on the disclosure regimes for the EU Follow-on prospectus, on the EU Growth issuance documents and on the universal registration document remain appropriate to meet the objectives pursued by those provisions. It is also necessary to lay down that that report should analyse the relevant data, trends and costs in relation the EU Follow-on prospectus and for the EU Growth issuance document. In particular, that report should assess whether those new regimes strike a proper balance between investor protection and the reduction of administrative burdens. The report should also analyse how to create further synergies between Regulation (EU) 2017/1129 and the European Single Access Point European Single Access Point (‘ESAP’), as regards the availability of relevant disclosure documents. Moreover, the Commission should also assess whether further harmonisation of the provisions for prospectus liability could be warranted and, if relevant, propose amendments to the liability provisions set out in Article 11 of Regulation (EU) 2017/1129.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 61

(61) Article 17(4) of Regulation (EU) No 596/2014 provides that an issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that specified conditions are met. In such a case, an issuer is obliged to inform the competent authority that disclosure of the information was delayed and to provide a written explanation of how the conditions set out in that Article were met immediately after the information is disclosed to the public. To enable competent authorities to receive information on delays in a timely manner an issuer should notify the competent authority immediately after that issuer takes the decision to delay disclosure. However, competent authorities should not be required to authorise those delays.deleted

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 62

(62) Article 18(1) of Regulation (EU) No 596/2014 obliges issuers and any person acting on their behalf or on their account to draw up and to keep updated a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise perform tasks through which they have access to inside information, including advisers, accountants and credit rating agencies. Article 18(6) of Regulation (EU) No 596/2014, however, restricts that obligation for issuers whose financial instruments are admitted to trading on an SME growth market. Those issuers are to include in their insider lists only those persons who, due to the nature of their function or position within the issuer, have regular access to inside information. Given the availability of other existing supervisory enforcement tools, it is appropriate to use the same approach for all issuers, rather than only for issuers whose financial instruments are admitted to trading on an SME growth market.deleted

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 63

(63) In some Member States, insider lists are considered particularly important for ensuring a high level of market integrity. For that reason, Article 18(6), second subparagraph, of Regulation (EU) No 596/2014 allows Member States to require issuers on SME growth markets to draw up the more extensive insider lists that include all persons who have access to inside information, however, on the basis of an alleviated format, requiring less information. To avoid excessive regulatory burden, while maintaining the essential information for competent authorities to investigate market abuse breaches, such an alleviated format should be used for all insider lists. Nevertheless, the option for Member States set out in Article 18(6), second subparagraph, of Regulation (EU) No 596/2014 should be maintained, provided that its use is justified by national market integrity concerns, and provided that it is only used in relation to issuers whose securities have been admitted to trading on a regulated market for at least the last 5 years. To ensure proportionate treatment of SMEs, that option should not be used for SME growth markets. To facilitate companies’ first time access to regulated markets as well as the companies’ transition from SME growth markets to regulated markets, issuers whose securities have been admitted to trading on a regulated market for less than 5 years should also not be obliged to draw up more extensive lists.deleted

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 69

(69) The monitoring of order book data across both multilateral and bilateral trading systems is crucial for the surveillance of market activity. Competent authorities should therefore have easy access to data that they need for their supervisory activity. Some of those data concern instruments that are traded in a trading venue, a systematic internaliser and other over the counter (OTC) markets, located in another Member State. To enhance the effectiveness of supervision, competent authorities should set up a mechanism to exchange order book data on an ongoing basis. Considering its technical expertise, ESMA should draft implementing technical standards specifying the arrangements required by that mechanism for the exchange of order book among competent authorities. To ensure that the scope of that mechanism for exchanging order book data is proportionate in relation to its use, only competent authorities that supervise markets that have a high level of cross- border activity should be obliged to participate to that mechanism. The level of cross-border dimensions should be determined by the Commission in a delegated act. Furthermore, that mechanism for exchanging order book data should at first only concern shares, bonds and futures, considering the relevance of those financial instruments in terms of both cross-border trading and market manipulation. However, to ensure that such mechanism for exchanging order book data takes into account developments in financial markets and the capacity of competent authorities to process new data, the Commission should be empowered to broaden the scope of instruments the order book data of which can be exchanged through that mechanism.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 74

(74) In order to specify the requirements set out in this Regulation, in accordance with its objectives, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of revising the format and content of the prospectus, specifying the documents and information to be made available on the European Single Access Point upon entry into force of Regulation EU(XXX/XXX), specifying the reduced content and the standardised format of the EU Follow-on prospectus and the EU Growth Issuance document, fostering convergence in the scrutiny and approval of the prospectus by competent authorities, further specifying general equivalence criteria for prospectuses drawn up by third country issuers, determining the minimum content of cooperation arrangements between ESMA and third country supervisory authorities, pursuant to Regulation (EU) 2017/1129, as well as revising the alleviated template setting out the list of persons who have access to inside information, and expanding the list of financial instruments to enable competent authorities to obtain order book data, pursuant to Regulation (EU) No 596/2014. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making59 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. __________________ 59 OJ L 123, 12.5.2016, p. 1.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 3

Where an offer of securities to the public is exempted from the obligation to publish a prospectus pursuant to the first subparagraph, a Member State may require othe~~r disclosure requirements at national level, to the extent that such requirements do not constitute a disproportionate or unnecessary burden~~ issuer to file a summary containing the information set out in paragraphs 3 to 12 of Article (7) and to make it available to the public in accordance with the arrangements set out in Article 21(2).;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point h

Regulation (EU) 2017/1129
Article 7 – paragraph 12b – subparagraph 2

The summary of an EU Follow-on prospectus or of an EU Growth issuance document shall be drawn up as a short document written in a concise manner and of a maximum length of 57 sides of A4- sized paper when printed.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point h

Regulation (EU) 2017/1129
Article 7 – paragraph 12b – subparagraph 3 – point c – point i

(i) an introduction, containing all of the information referred to in paragraph 5 of this Article, including warnings and the date of approval of the EU ~~Secondary~~Follow-on prospectus or of the EU Growth issuance document;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point a – point i

Regulation (EU) 2017/1129
Article 13 – paragraph 1 – subparagraph 1

The Commission shall by [18 months after entry into force of this amending Regulation] adopt delegated acts in accordance with Article 44 to supplement this Regulation regarding the standardised format and standardised sequence of the prospectus, the base prospectus and the final terms, and the schedules defining the specific information to be included in a prospectus, including LEIs and ISINs, avoiding duplication of information when a prospectus is composed of separate documents.;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 12

Regulation (EU) 2017/1129
Article 14b – paragraph 5

5. An EU Follow-on prospectus that relates to shares or other transferable securities equivalent to shares in companies shall be of maximum length of 50 sides of A4-sized paper when printed and shall be presented and laid out in a way that is easy to read, using characters of readable size. Where an issuer uses a Follow-on prospectus to transfer from an SME growth market to a regulated market the maximum length of 75 sides of A-4 sized paper shall apply.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 1 – paragraph 1 – point 12

Regulation(EU) 2017/1129
Article 14b – paragraph 7a

7 a. The Commission shall, by ... [18 months after the date of entry into force this amending Regulation], adopt delegated acts in accordance with Article 44 to supplement this Regulation by specifying the content, format and sequence for the EU Follow-on prospectus, as well as the reduced content and the standardised format of the specific summary. Those delegated acts shall be based on Annexes IV and V.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) 2017/1129
Article 15a – paragraph 7a (new)

7 a. The Commission shall, by ... [18 months after the date of entry into force of this amending Regulation], adopt delegated acts in accordance with Article 44 to supplement this Regulation by specifying the reduced content and the standardised format and sequence for the EU Growth issuance document, as well as the reduced content and the standardised format of the specific summary. Those delegated acts shall be based on Annexes VII and VIII.’;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a a (new)

Regulation (EU) 2017/1129
Article 21 – paragraph 2 a (new)

(a a) the following paragraph is inserted: 2a. The Commission is empowered to adopt delegated acts to establish the list of documents that shall be made available in the European Single Access point referred to in Regulation (EU) XXX/XXX of the European Parliament and of the Council [ESAP Regulation].

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a

Regulation (EU) 2017/1129
Article 44 – paragraph 2

2. The power to adopt delegated acts referred to in Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) shall be conferred on the Commission for an indeterminate period from 20 July 2017.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a

Regulation (EU) 2017/1129
Article 44 – paragraph 3

3. The delegation of powers referred to in Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point b

Regulation (EU) 2017/1129
Article 44 – paragraph 6

6. A delegated act adopted pursuant to Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 1 – paragraph 1 – point 29

Regulation (EU) 2017/1129
Article 48 – paragraph 2 a (new)

The following paragraph is added: 2a. The Commission shall, by 31 December 2025, present a report to the European Parliament and to the Council analysing the issue of liability for the information given in a prospectus, assessing whether further harmonisation of the prospectus liability in the Union could be warranted and, if relevant, propose amendments to the liability provisions set out in Article 11 of this Regulation.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b

Regulation (EU) 596/2014
Article 11 – paragraph 4 – second subparagraph

In case of compliance with all those conditions, the market participant shall be deemed to have disclosed inside information made in the course of a market sounding in the normal exercise of a person’s employment, profession or duties for the purposes of Article 10(1). Where the market participant chooses not to comply with all the conditions set out in the first subparagraph, there shall be no presumption of unlawful disclosure.;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a

Regulation (EU) 596/2014
Article 17 – paragraph 1 – subparagraph 1

An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. That requirement shall not apply to intermediate steps in a protracted process as referred to in Article 7(2) and (3) where those steps are connected with bringing about a set of circumstances or an event. In a protracted process, only the final event shall be disclosed immediately after it has occurred.’;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point b

Regulation (EU) 596/2014
Article 17 – paragraph 1b

1b. An issuer shall ensure the confidentiality of the information which meets the criteria of inside information set out in Article 7 until that information is disclosed pursuant to paragraph 1. ~~Where the confidentiality of that inside information is no longer ensured, the issuer shall disclose that inside information to the public as soon as possible.~~;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c

Regulation(EU) 596/2014
Article 17 – paragraph 4

(c) paragraph 4 is replaced by the following: ‘ 4. An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met: (a) prejudice the legitimate interests of the issuer or emission allowance market participant; (b) issuer intends to delay meets the following conditions: (i) the previous public announcement of the issuer on the matter to which the inside information refers to; (ii) issuer’s financial objectives are not likely to be met, where such objectives were previously publicly announced; (iii) market’s expectations, where such expectations are based on signals that the issuer has previously sent to the market, including interviews, roadshows or any other type of communication organised by the issuer or with its approval; (c) the issuer or emission allowance market participant is able to ensure the confidentiality of that information. Where an issuer or emission allowance market participant intends to delay the disclosure of inside information under this paragraph, it shall inform the competent authority specified in accordance with paragraph 3 of its intention to delay the disclosure of inside information and shall provide a written explanation of how the conditions set out in this paragraph were met, immediately after the decision to delay is taken.; ’deleted immediate disclosure is likely to the inside information that the it is not materially different from it does not regard the fact that the it is not in contrast with the

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA, Gilles BOYER, Stéphanie YON-COURTIN

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c a (new)

Regulation(EU) 596/2014
Article 17 – paragraph 4a (new)

(c a) The following paragraph is inserted: 4a. ESMA shall develop draft regulatory standards to establish a non-exhaustive list of situations in which delay of disclosure of inside information is likely to mislead the public, as referred to in paragraph 4, point (b). ESMA shall submit those draft regulatory technical standards to the Commission by ...[18 months from date of the entry into force of this amending Regulation]. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a

Regulation (EU) No 596/2014
Article 18 – paragraph 1

~~(a) paragraph 1 is replaced by the following: ‘ 1. (a) due to the nature of their function or positi~~deleted Issuers shall: draw up a list of all persons w~~ithin the issuer, have regular access to inside information (permanent insider list); (b) insider list in accordance wi~~ho, promptly update the permanent provide the p~~aragraph 4; and (c) to the competent authority as soon as possible upon its request.; ’~~ermanent insider list

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b

Regulation (EU) No 596/2014
Article 18 – paragraphs 1a and 1b

(b) the following paragraphs 1a and 1b are inserted: ‘ 1a. behalf or on the issuer’s account shall draw up its own list of all persons having access to inside information that directly concerns that issuer. Paragraph 1, points (b) and (c), shall apply. 1b. paragraph 1, and where justified by specific national market integrity concerns, Member States may require issuers whose securities have been admitted to trading on a regulated market for at least the last 5 years to draw up a list of all persons having access to inside information and working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, including advisers, accountants or credit rating agencies (full insider list). Paragraph 1, points (b) and (c), shall apply.; ’deleted Any person acting on the issuer’s By way of derogation from

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point c

Regulation (EU) No 596/2014
Article 18 – paragraph 2 – subparagraph 1

(c) in paragraph 2, the first subparagraph is replaced by the following: ‘ Issuers and any person acting on their behalf or on their account shall request from the persons on the insider list the acknowledgement of their legal and regulatory duties entailed in a durable medium. Persons included in the insider list shall acknowledge their legal and regulatory duties in a durable medium without undue delays.; ’deleted

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d

Regulation (EU) No 596/2014
Article 17 – paragraph 6

~~(d) paragraph 6 is~~ deleted;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point e

Regulation (EU) No 596/2014
Article 18 – paragraph 9 – subparagraph 1

ESMA shall review the implementing technical standards on the alleviated format of the insider lists for issuers admitted to trading on SME growth markets ~~to extend the use of such a format to all insider lists~~ referred to in paragraph~~s 1, 1a and 1b~~ 6.

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a – introductory part

Regulation (EU) No 596/2014
Article 19 – paragraph 8

(a) paragraphs 8 ~~and 9 are~~is replaced by the following:

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a

Regulation (EU) No 596/2014
Article 19 – paragraph 9

9. A competent authority may decide to increase the threshold set out in paragraph 8 to EUR 50 000 and shall inform ESMA of its decision and the justification for its decision, with specific reference to market conditions, to adopt the higher threshold prior to its application. ESMA shall publish on its website the list of thresholds that apply in accordance with this Article and the justifications provided by competent authorities for such thresholds.deleted;

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a a (new)

Regulation (EU) 596/2014
Article 19 – paragraph 9

~~9. A competent authority may decide to increase the threshold set out in paragraph 8 to EUR 50 000 and shall inform ESMA of~~(a a) paragraph 9 its decision and the justification for its decision, with specific reference to market conditions, to adopt the higher threshold prior to its application. ESMA shall publish on its website the list of thresholds that apply in accordance with this Article and the justifications provided by competent authorities for such thresholds.;leted

2023/07/13
Committee: ECON

Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 596/2014
Article 25a – paragraph 1 – subparagraph 2

Where a competent authority submits a request for data under paragraph 2, the requested competent authority shall provide that data in a timely manner and not later than 13 calendar days from the date of the request. The request for ongoing data from a competent authority may be submitted for a specific set of instruments.

2023/07/13
Committee: ECON