Activities of Olle SCHMIDT related to 2011/0417(COD)
Plenary speeches (1)
European Venture Capital Funds - European Social Entrepreneurship Funds (debate)
Amendments (12)
Amendment 45 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
Amendment 46 #
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 least 750 percent% of their aggregate capital contributions and uncalled committed capital to investments in such undertakings in the form of equity or quasi equity instruments. The limit should be calculated on the basis of amounts investible after deduction of all relevant costs and within a deadline laid down in the constituting documents of the qualifying venture capital fund. Fees, charges and expenses which are directly or indirectly borne by investors and which are agreed between the manager of the qualifying venture capital fund and the investors should be considered to be relevant fees.
Amendment 58 #
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 350 percent% of aggregate capital contributions and uncalled capital investments. Short term holdings of cash and cash equivalents should not be taken into account when calculating this limit.
Amendment 63 #
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 the executives, directors or employees of a venture capital fund manager should be possible when investing in the qualifying venture capital fund that they manage.
Amendment 66 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to specify the requirements set out in this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the methods to be used for calculating and monitoring the threshold as referred to in this Regulation, and specifying the types of conflicts of interests venture capital funds managers need to avoid and the steps to be taken in that respect. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level.
Amendment 80 #
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 750 percent% of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments;
Amendment 103 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The venture capital fund manager shall ensure that, when acquiring assets other than qualifying investments, no more than 350 percent% of the fund's aggregate capital contributions and uncalled committed capital is used for the acquisition of assets other than qualifying investments; short term holdings in cash and cash equivalents shall not be taken into account for calculating this limit. The limit shall be calculated on the basis of amounts investible after deduction of all relevant costs and within a deadline laid down in the constituting documents of the qualifying venture capital fund. Fees, charges and expenses which are directly or indirectly borne by investors and which are agreed between the manager and the qualifying venture capital fund and investors shall be considered to constitute relevant costs.
Amendment 106 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The venture capital fund manager shall notbe allowed only to borrow, issue debt obligations, or provide guarantees, at the level of the qualifying venture capital fund, nor employ at the level of the qualifying venture capital fund any method by which the exposure of the fund will be increased, whether through borrowing of cash or securities, the engagement into derivative positions or by any other meanprovided that such borrowings, guarantees or exposures are covered by uncalled commitments and thus do not increase the exposure of the fund beyond its commitments.
Amendment 127 #
Proposal for a regulation
Article 6 – point e a (new)
Article 6 – point e a (new)
(ea) those other investors present to the venture capital fund manager written confirmation certifying their expertise, their experience and their knowledge in adequately appraising an investment in risk capital.
Amendment 129 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Paragraph 1 shall not apply to the investments made by executives, directors and employees of a venture capital fund manager when investing in the qualifying venture capital funds that they manage.
Amendment 137 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Amendment 140 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
ESMA shall maintain a central database, publicly accessiavailable on thean interanet to all competent authorities, listing all venture capital fund managers registered in the Union in accordance with this Regulation.