Activities of Saïd EL KHADRAOUI related to 2011/0418(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Social Entrepreneurship Funds PDF (366 KB) DOC (325 KB)
Amendments (10)
Amendment 42 #
Proposal for a regulation
Recital 8
Recital 8
(8) SA social undertakings include a large r is an enterprise the primary objective of which is to achieve social impact rather than ge of undertakings, taking various legal forms, that provide social services or goods to vulnerable or marginalised personsnerate profit for owners and shareholders. It operates in the market through the production of goods and services in an entrepreneurial and innovative way, and uses surpluses mainly to achieve social goals. It is managed in an accountable and transparent way, in particular by involving workers, customers and stakeholders affected by its business activity. Such services include access to housing, healthcare, assistance for elderly or disabled persons, child care, access to employment and training as well as dependency management. Social undertakings also include undertakings that employ a method of production of goods or services with a social objective, but whose activities may be outside the realm of the provision of social goods or services. Those activities include social and professional integration by means of access to employment for people disadvantaged in particular by insufficient qualifications or social or professional problems leading to exclusion and marginalisation.
Amendment 47 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) By their nature, EuSEFs do not participate in systemically important banking activities outside the usual prudential regulatory framework (so- called 'shadow banking'). Neither do they follow typical private equity strategies, such as leveraged buyouts, since their core focus is instead on providing finance to social undertakings through primary investments. This Regulation therefore focuses on allowing such typical core activities of EuSEFs. It follows that activities such as 'shadow banking' and leveraged buyouts are not permitted.
Amendment 48 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Where a EuSEF manager intends to delegate functions to third parties, the manager's liability towards the EuSEF and its investors should not be affected by the fact that the EuSEF manager has delegated functions to a third party. Moreover, the EuSEF manager should not delegate functions to the extent that, in essence, it can no longer be considered to be the EuSEF manager and has become a letter-box entity. The EuSEF manager should remain responsible for the proper performance of delegated functions and compliance with this Regulation at all time. The delegation of functions should not undermine the effectiveness of supervision of the EuSEF manager, and, in particular, should not prevent the EuSEF manager from acting, or the EuSEF from being managed, in the best interests of its investors.
Amendment 57 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) ‘European Social Entrepreneurship Fund’ (EuSEF) means a collective investment undertaking that invests at least 70 percentover the whole investing period at least on a rolling average of 70 of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments;
Amendment 74 #
Proposal for a regulation
Article 3 – paragraph k a (new)
Article 3 – paragraph k a (new)
(ka) 'social enterprise' means an enterprise whose primary objective is to achieve social impact rather than generate profit for its owners and shareholders, operating in the market through the production of goods and services in an entrepreneurial and innovative way, using surpluses mainly to achieve social goals, and being managed in an accountable and transparent way, in particular by involving workers, customers and stakeholders affected by its business activities.
Amendment 89 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
EuSEF managers shall market the units and shares of the EuSEFs under management exclusively to investors which are considered to be professional clients in accordance of Section I of Annex II of Directive 2004/39/EC, or may, on request, be treated as professional clients in accordance with Section II of Annex II of Directive 2004/39/EC, or to other investors where: (a) t. Those other investors shall commit to invest a minimum of EUR 100.000; (b) those other investors state in writing, in a separate document from the contract that is concluded for the commitment to invest, that they are aware of the risks associated with the envisaged commitment; (c) the EuSEF manager undertakes an assessment of the expertise, experience and knowledge of the investor, without presuming that the investor has the market knowledge and experience of those listed in Section I of Annex II of Directive 2004/39/EC; (d) the EuSEF manager is reasonably assured, in light of the nature of the commitment envisaged, that the investor is capable of making his own investment decisions and understanding the risks involved, and that a commitment of this kind is appropriate for such an investor; (e) the EuSEF manager confirms in writing that he has undertaken the assessment referred to in point (c) and has reached the conclusion referred to in point (d)50 000. The fund manager shall provide key investor information (KII) in the form of a simple document setting out key facts to investors in a clear and understandable manner, in order to assist investors in making an informed investment decision.
Amendment 99 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) conduct of their business activities so as to promote the best interests of the EuSEFs they manage, the investors in those EuSEFs, they manage and the integrity of the market; treat the investors equally;
Amendment 113 #
Proposal for a regulation
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
(c) the positive social impact being targeted by the investment policy of the EuSEF based on objective measurable indicators, including where relevant, projections of such outcomes as may be reasonable, and information on past performance in this area;
Amendment 116 #
Proposal for a regulation
Article 13 – paragraph 1 – point i
Article 13 – paragraph 1 – point i
(i) a description of how the remuneration of the EuSEF manager is calculated; as well as a disclosure of the profits of the venture capital fund;
Amendment 124 #
Proposal for a regulation
Article 17
Article 17
ESMA shall maintain a central database, publicly accessible on the internet, listing all EuSEFventure capital fund managers registered in the Union as well as the countries in which they operate, in accordance with this Regulation.