Activities of Saïd EL KHADRAOUI related to 2013/0214(COD)
Plenary speeches (1)
European long-term investment funds (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Long-term Investment Funds PDF (403 KB) DOC (224 KB)
Amendments (6)
Amendment 105 #
Proposal for a regulation
Recital 25
Recital 25
(25) Investments in real assets require patient capital due to the absence of liquid secondary markets. Investment funds represent an essential source of financing for assets that require large capital expenditure. For these assets, capital pooling is often necessary to achieve the desired level of funding. Such investments require long periods of time due to the generally long economic cycle attached to these assets. It generally takes several years to amortize the investment in large real assets. In order to facilitate the development of such large assets, ELTIFs should be able to invest directly in real assets with a value of more than €10 million. In practice this would include assets such as infrastructure, real estate, ships, aircraft or rolling stock. For these reasons it is necessary to treat direct holdings in real assets and investments in qualifying portfolio undertakings in like manner.
Amendment 132 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2 a (7) "infrastructure" means basic physical and intangible organizational structures and facilities needed for the operation of a society or enterprise
Amendment 181 #
Proposal for a regulation
Article 10 – paragraph 1 – point c – point ii
Article 10 – paragraph 1 – point c – point ii
(ii) has signed an agreement with the home Member State of the manager of the ELTIF and with every other Member State in which the units or shares of the ELTIF are intended to be marketed to ensureprovided that the third country fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreemis a country - where there are no or nominal taxes, - where there is a lack of effective exchange of information with foreign tax authorities, - where there is a lack of transparency in legislative, judicial or administrative provisions, - where there is no requirement for a substantive local presence, - which acts as an offshore financial centsre.
Amendment 220 #
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
Investors shall not be able to ask for redemption of their units or shares before the end of life of the ELTIF. Redemption to investors shall be possible as of the day following the date defining the end of life of the ELTIF. Retail investors shall only be able to redeem before the end of the life of the ELTIF as long as the contribution of retail investors is not more than 10% of the total capital of the project. ESMA will elaborate further the conditions under which such early redemption can take place.
Amendment 235 #
Proposal for a regulation
Article 16 – paragraph 6 – subparagraph 2
Article 16 – paragraph 6 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by […].2015
Amendment 264 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 3
Article 22 – paragraph 4 – subparagraph 3
ESMA shall submit those draft regulatory technical standards to the Commission by […]2015.