Activities of Sirpa PIETIKÄINEN related to 2020/0155(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic
Amendments (9)
Amendment 30 #
Proposal for a regulation
Recital 3
Recital 3
(3) Credit institutions have been active in the recovery to support companies that needed financing and are expected to be a fundamental pillar of the recovery. Regulation (EU) 2017/1129 entitles credit institutions to an exemption from the obligation to publish a prospectus in case of an offer of certain non-equity securities issued in a continuous or repeated manner up to an aggregated amount of EUR 75 million in a 12 month-period. That exemption threshold should be increased for a limited period of time in order to foster fundraising for credit institutions and bring them a breathing space to support their clients in the real economy. As that measure is limited to the recovery phase, it should therefore be available for a limitfixed time period of 18 months, ending by latest on 31 December 2022.
Amendment 32 #
Proposal for a regulation
Recital 4
Recital 4
(4) In order to swiftly address the severe economic impact of the COVID-19 pandemic, it is important to introduce measures to facilitate investments in the real economy, allow for a rapid recapitalisation of companies in the Union and enable issuers to tap into public markets at an early stage in the recovery process. In order to achieve those objectives, it is appropriate to create a new short-form prospectus (‘EU Recovery prospectus’) that is easy to produce for issuers, easy to understand for investors who want to finance them and easy to scrutinise and approve for competent authorities. However, the EU Recovery prospectus should not be seen as the stimulant of re-equitizing, rather it is a facilitator albeit one that needs careful monitoring to ensure the investor's information needs are met. Moreover, the Regulation on the EU Recovery prospectus should not be a shortcut of changes of Prospectus Regulation as the revision will need to be done with proper, careful impact assessment.
Amendment 38 #
Proposal for a regulation
Recital 7
Recital 7
(7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors. The EU Recovery prospectus should safeguard the functionality of current Prospectus Regulation vis-à-vis retail investor protection needs while avoiding excessive administrative burden. That summary should be a self-contained part of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by reviewing the EU Recovery prospectus as a whole to take their decision. It should be supervised that the planned summary will not worsen the investor protection nor give misleading impression of the role of the investor. This means higher diligence requirements for prospectus providers.
Amendment 42 #
Proposal for a regulation
Recital 10
Recital 10
(10) Regulation (EU) 2017/1129 requires financial intermediaries to inform investors of the possibility of a supplement and, under certain circumstances, to contact investors on the same day that a supplement is published. The scope of investors to contact as well as the deadline to contact them can raise difficulties. In order to provide relief and free up resources for financial intermediaries while maintaining a high level of investor protection, a more proportionate regime should be laid down. Such regime should specify which investors should be contacted by financial intermediaries when a supplement is published and extend the deadline to contact those investors. It needs to be taken into account that this might create a bias in fairness of providing the same information to all investors.
Amendment 46 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the EU Recovery prospectus is limited to the recovery phase, the regime of this prospectus should expire 18 months after the date of application of this Regulationby 31 December 2022. In order to ensure the continuity of EU Recovery prospectuses, the ones approved before the expiration of the regime should benefit from a grandfathering provision.
Amendment 49 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2017/1129
Article 1 – paragraph 4 – point k
Article 1 – paragraph 4 – point k
(k) from [date of application of this Regulation] to [18 months from the date of application of this Regulation]31 December 2022 non- equity securities issued in a continuous or repeated manner by a credit institution, where the total aggregated consideration in the Union for the securities offered is less than EUR 150 000 000 per credit institution calculated over a period of 12 months, provided that those securities:
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2017/1129
Article 47a – paragraph 1
Article 47a – paragraph 1
The regime set out in Article 14a expires on [18 months from the date of application of this Regulation]31 December 2022.
Amendment 94 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2017/1129
Article 47a – paragraph 2
Article 47a – paragraph 2
EU Recovery Prospectuses drawn up in accordance with Article 14a and approved between [date of application of this Regulation] and [18 months after the date of application of this Regulation]31 December 2022 shall continue to be governed in accordance with that Article until the end of their validity or until twelve months have elapsed after [18 months after date of application of this Regulation]31 December 2022, whichever occurs first.
Amendment 96 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point b
Article 48 – paragraph 2 – point b
(b) an analysis of whether the EU Growth prospectus strikes a proper balance between investor protection and the reduction of administrative burdens for the persons entitled to use it; to gather experience about the EU Recovery Prospectus for post-evaluation and the basis of analysing the possible needs to develop the Prospectus Regulation.