12 Amendments of Sirpa PIETIKÄINEN related to 2011/0417(COD)
Amendment 48 #
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 dedicateinvest at least 70 percent55 % of their aggregate capital contributions and uncalled committed capital to investments in sin such undertakings in the form of equity or quasi equity instruments. Such fundertakings in the form of equity or quasi equity instruments should be able to hold assets in the form of cash in the periods awaiting investment or following the return of investment proceeds.
Amendment 52 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Quasi equity instruments comprise a type of financing instrument, where the return on the instrument is linked to the profit or loss of the qualifying portfolio undertaking, and where the repayment of the instrument in the event of default is not fully secured. Such instruments include a variety of financing instruments such as subordinated loans, silent participations, participating loans, profit participating rights, convertible bonds and bonds with warrants.
Amendment 55 #
Proposal for a regulation
Recital 10
Recital 10
(10) In order to allow venture capital fund managers a certain degree of flexibility in the investment and liquidity management of their qualifying venture capital funds, secondary trading should be permitted up to a maximum threshold not exceeding 30 percent of aggregate capital contributions and uncalled capital45 % of capital drawn down for investment purposes. Short term holdings of cash and cash equivalents as well as capital drawn to cover costs and expenses should not be taken into account when calculating this limit.
Amendment 62 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure that qualifying venture capital funds are marketed to investors who have the knowledge, experience and capacity to take on the risks these funds carry, and in order to maintain investor confidence and trust in qualifying venture capital funds, certain specific safeguards should be laid down. Therefore, qualifying venture capital funds should in general only be marketed to investors who are professional clients or who can be treated as professional clients under Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. This category includes venture capital fund managers who themselves invest into venture capital funds. However, in order to have a sufficiently broad investor base for investment into venture capital funds it is also desirable that certain other investors have access to qualifying venture capital funds, including high net worth individuals. For those other investors, however, specific safeguards should be laid down in order to ensure that qualifying venture capital funds are only marketed to investors that have the appropriate profile for making such investments. These safeguards exclude marketing through the use of periodic savings plans. Furthermore, investments made by executives, directors or employees of a venture capital fund manager should be possible when investing in the qualifying venture capital fund they manage, as such individuals are knowledgeable enough to participate in venture capital investments.
Amendment 78 #
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 percent55 % of its aggregate capital contributions and uncalled committed capitaldrawn down for investment purposes in assets that are qualifying investments or in cash;
Amendment 86 #
Proposal for a regulation
Article 3 – point c – point i
Article 3 – point c – point i
(i) issued by a qualifying portfolio undertaking and acquired directly byfor the benefit of the qualifying venture capital fund from the qualifying portfolio undertaking, or
Amendment 89 #
Proposal for a regulation
Article 3 – point c – point iii
Article 3 – point c – point iii
(iii) issued by an undertaking of which the qualifying portfolio undertaking is a majority-owned subsidiary and which is acquired byfor the benefit of the qualifying venture capital fund in exchange for an equity instrument issued by the qualifying portfolio undertaking;
Amendment 110 #
Proposal for a regulation
Article 6 – introductory part
Article 6 – introductory part
Venture capital fund managers shall market on a cross-border basis the units and shares of qualifying venture capital funds exclusively to investors in another Member State which are considered to be professional clients in accordance with 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:
Amendment 116 #
Proposal for a regulation
Article 6 – point a
Article 6 – point a
(a) those other investors commit to invest a minimum of EUR 100.50 000;
Amendment 123 #
Proposal for a regulation
Article 6 – point d
Article 6 – point d
Amendment 126 #
Proposal for a regulation
Article 6 – point e
Article 6 – point e
(e) the venture capital fund manager confirms in writing that he has undertaken the assessment referred to in point (c) and that the conditions set out in point (d) are fulfilled.
Amendment 128 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Paragraph 1 shall not apply to investments made by executives, directors or employees of a venture capital fund manager when investing in the qualifying venture capital funds that they manage.