Activities of Saïd EL KHADRAOUI related to 2011/0417(COD)
Plenary speeches (1)
European Venture Capital Funds - European Social Entrepreneurship Funds (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Venture Capital Funds PDF (312 KB) DOC (200 KB)
Amendments (15)
Amendment 35 #
Proposal for a regulation
Recital 1
Recital 1
(1) Venture capital provides finance to undertakings that are generally very small, in the initial stages of their corporate existence and display a strong potential for growth and expansion. In addition, venture capital funds provide these undertakings with valuable expertise and knowledge, business contacts, brand-equity and strategic advice. By providing finance and advice to these undertakings, venture capital funds stimulates economic growth, contribute to the creation of jobs, boost innovative undertakings, increase their investment in research and development and foster entrepreneurship, innovation and competitiveness in the Union. In order to boost investment into small and medium- sized enterprises (SMEs), this Regulation on European venture capital funds should be integrated in the investments to be made by the Commission in the context of the Horizon 2020 Framework Programme for Research and Innovation. The Commission should put forward an integrated strategy on financial instruments for SMEs and evaluate the impact of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)1, Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business credit institutions2 and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions3, on the availability of risk capital. ________ 1 OJ L 335, 17.12.2009, p. 1. 2 OJ L 177, 30.6.2006, p. 1. 3 OJ L 177, 30.6.2006, p. 201.
Amendment 41 #
Proposal for a regulation
Recital 4
Recital 4
(4) Defining the quality requirements for the use of the designation ‘European Venture Capital Fund’ in the form of a Regulation would ensure that those requirements will be directly applicable to the managers of collective investment undertakings that raise funds using this designation. This would ensure uniform conditions for the use of this designation by preventing diverging national requirements as a result of the transposition of a Directive. This Regulation would entail that managers of collective investment undertakings that use this designation would need to follow the same rules in all of the Union, which would also boost confidence of investors that wish to invest in venture capital funds. A Regulation would also reduce regulatory complexity and the managers' cost of compliance with often divergent national rules governing venture capital funds, especially for those managers that want to raise capital on a cross-border basis. A Regulation should also contribute to eliminating competitive distortions. The Commission should put forward, by the end of 2012, a report on the tax barriers confronting venture capital funds in the different Member States and should continue to work towards a fiscal level playing field.
Amendment 44 #
Proposal for a regulation
Recital 6
Recital 6
(6) Where managers of collective investment undertakings do not wish to use the designation ‘European Venture Capital Fund’, this Regulation should not apply. In these cases, existing national rules and general Union rules should continue to apply. However, in order to support the use of this pan-European designation, the European Investment Fund (EIF) should be encouraged to invest in European venture capital funds.
Amendment 49 #
Proposal for a regulation
Recital 8
Recital 8
(8) In line with the aim of precisely circumscribing the collective investment undertakings which will be covered by this Regulation and in order to ensure their focus on providing capital to small undertakings in the initial stages of their corporate existence, the designation ‘European Venture Capital Fund’ should be restricted only to those funds that dedicate at leastduring the whole investing period at least, on a rolling average, 70 percent of their aggregate capital contributions and uncalled committed capital to investments in such undertakings in the form of equity or quasi equity instruments.
Amendment 70 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 a (new)
Article 1 – paragraph 1 – subparagraph 1 a (new)
The European Investment Bank and the Commission as main shareholders of the EIF shall ensure, where the EIF invests in venture capital funds, that it gives priority to investments into European venture capital funds.
Amendment 77 #
Proposal for a regulation
Article 3 – point a
Article 3 – point a
(a) ‘qualifying venture capital fund’ means a collective investment undertaking that invests at least 70 percentover the whole investing period at least, on a rolling average, 70 % of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments;
Amendment 84 #
Proposal for a regulation
Article 3 – point c – introductory part
Article 3 – point c – introductory part
(c) ‘qualifying investments’ means equity or, quasi equity instruments or subordinated debt that are:
Amendment 112 #
Proposal for a regulation
Article 6 – point a
Article 6 – point a
(a) those other investors commit to invest a minimum of EUR 100.00050 000 and the fund manager provides them with key investor information (KII) in the form of a simple document giving key facts to investors in a clear and understandable manner in order to assist them in making an informed investment decision;
Amendment 117 #
Proposal for a regulation
Article 6 – point b
Article 6 – point b
Amendment 120 #
Proposal for a regulation
Article 6 – point c
Article 6 – point c
Amendment 122 #
Proposal for a regulation
Article 6 – point d
Article 6 – point d
Amendment 125 #
Proposal for a regulation
Article 6 – point e
Article 6 – point e
Amendment 131 #
Proposal for a regulation
Article 7 – point c
Article 7 – point c
(c) conduct their business activities so as to promote the best interests of the qualifying venture capital funds they manage, the investors in those qualifying venture capital funds they manage and the integrity of the market; treat the investors equally;
Amendment 139 #
Proposal for a regulation
Article 12 – paragraph 1 – point e
Article 12 – paragraph 1 – point e
(e) a description of how the remuneration of the venture capital fund manager is calculated as well as a disclosure of the profits of the venture capital fund;
Amendment 141 #
Proposal for a regulation
Article 16
Article 16
ESMA shall maintain a central database, publicly accessible on the internet, listing all venture capital fund managers registered in the Union and indicating the countries in which they operate, in accordance with this Regulation.