26 Amendments of Victor NEGRESCU related to 2020/0108(COD)
Amendment 46 #
Proposal for a regulation
Recital 3
Recital 3
(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'A Digital Education Action Plan 2018-2020', 'Shaping Europe’s digital future', 'European Education Area', 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 60 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation, education and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessivetargeting a balanced sectoral or geographical concentrationverage at EU level and should facilitate access of projects composed of partner entities in multiple regions across the EU.
Amendment 68 #
Proposal for a regulation
Recital 6
Recital 6
(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The impact on the cultural and creative sector was even more severe in the less developed countries and regions, therefore requiring more support coming from EU level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.
Amendment 82 #
Proposal for a regulation
Recital 9
Recital 9
(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the reorientation of private capital towards sustainable investments in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan. Special actions are needed to address this issue in the EU countries with a weaker financing system.
Amendment 97 #
Proposal for a regulation
Recital 11
Recital 11
(11) The contribution of the InvestEU Fund to the achievement of the climate target will be tracked through a Union climate tracking system to be developed by the Commission in cooperation with potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. Particular attention and support will be given to the countries having difficulties in achieving the climate objectives. _________________ 25 COM(2018)353.
Amendment 171 #
Proposal for a regulation
Recital 24
Recital 24
(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to c ounteract the risk of an asymmetric recovery and reduce the gaps between Member States. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.
Amendment 206 #
Proposal for a regulation
Recital 32
Recital 32
(32) The Member State compartment should be specifically designed to allow the use of funds under shared management to provision a guarantee issued by the Union. That possibility would increase the value added of the EU guarantee by providing support under it to a wider range of financial recipients and projects and diversifying the means of achieving the objectives of the funds under shared management, while ensuring a consistent risk management of the contingent liabilities by implementing the EU guarantee under indirect management. The Union should guarantee the financing and investment operations provided for in the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment. The funds under shared management should provide the provisioning for the guarantee, following a provisioning rate determined by the Commission and set out in the contribution agreement concluded with the Member State, based on the nature of the operations and the resulting expected losses and by taking into consideration the diverse socio-economic situations of each Member State. The Member State would assume losses above the expected losses by issuing a back-to- back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned on the basis of the rules of the InvestEU Fund, and any regional ring-fencing. The setting out of the provisioning rate on a case-by- case basis requires a derogation from Article 211(1) of Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council30 (the Financial Regulation). This set-up provides also a single set of rules for budgetary guarantees supported by funds that are managed centrally or by funds under shared management, which would facilitate their combination. _________________ 30Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1).
Amendment 260 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28 a) ‘companies’ means for the purposes of the solvency support window companies, project companies, public- private partnerships and other legal structures.
Amendment 293 #
Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)
Article 3 – paragraph 2 – point e a (new)
(e a) to support the solvency of companies established in a Member State and operating in the Union supporting any of the objectives referred to in this paragraph.
Amendment 295 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. While recognising the demand- driven nature of the InvestEU, the EIB shall: (a) target that at least 40 % of InvestEU financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21).InvestEU financing for SMEs and small mid- cap companies shall not be included in that computation.The EIB shall use its internationally agreed methodology to identify those climate action project components or cost shares; (b) ensure that the majority of InvestEU financing under the solvency support window is utilised to support eligible companies in Member States and sectors economically most hit by the Covid-19 pandemic; (c) ensure that the majority of InvestEU financing under the solvency support window is utilised to support eligible companies in Member States where the availability of State solvency support is more limited. The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c).
Amendment 300 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 785 153 85423 310 000 (current prices). It shall be provisioned at the rate of 45 35%. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate.
Amendment 386 #
Proposal for a regulation
Article 7 – paragraph 1 – point e a (new)
Article 7 – paragraph 1 – point e a (new)
Amendment 434 #
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1 – point b a (new)
Article 12 – paragraph 2 – subparagraph 1 – point b a (new)
(b a) for the solvency support window;
Amendment 442 #
Proposal for a regulation
Article 13 – paragraph 2 – introductory part
Article 13 – paragraph 2 – introductory part
2. In addition to projects situated in the Union, or in an overseas country or territory linked to a Member State as set out in Annex II to the TFEU, the InvestEU Fund may support the following projects and operations through financing and investment operations under other windows than the strategic European investment window or the Solvency Support Instrument :
Amendment 451 #
Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 1 a (new)
Article 13 – paragraph 3 – subparagraph 1 a (new)
Notwithstanding the second and third paragraphs, only companies established in a Member State and operating in the Union can be supported by the financing and investment operations under the solvency support window.
Amendment 454 #
Proposal for a regulation
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2 a. The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3.2(f).
Amendment 455 #
Proposal for a regulation
Article 15 – paragraph 2 b (new)
Article 15 – paragraph 2 b (new)
2 b. The intermediaries under the solvency support window shall be established in a Member State and operate in the Union. The Steering Board shall set any necessary requirements relating to the control of intermediaries (funds, special purpose vehicles and others) in the light of any applicable public order or security considerations.
Amendment 467 #
Proposal for a regulation
Article 20 – paragraph 3 – point f a (new)
Article 20 – paragraph 3 – point f a (new)
(f a) determine the guidance referred to in Section 6 point d of Annex I.
Amendment 481 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. The Commission shall establish the InvestEU Advisory Hub. The InvestEU Advisory Hub shall provide advisory support for the identification, preparation, development, structuring, procuring and implementation of investment projects, and for enhancing the capacity of project promoters and financial intermediaries to implement financing and investment operations. Such support may cover any stage of the life-cycle of a project or financing of a supported entity. A dedicated multi-language website providing support and information should be envisaged.
Amendment 482 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. Education and training represent a key feature of any sustainable recovery at EU level, being a sector that was severely hit in the context of the COVID- 19 pandemic. The Invest EU Programme should contribute to strengthening its long-term competitiveness by supporting operations promoting sustainable, innovative and digital education and training. Special support should be envisaged for SMEs and organizations in the field in need of financing to continue and develop their activities.
Amendment 487 #
Proposal for a regulation
Article 24 – paragraph 2 – point i a (new)
Article 24 – paragraph 2 – point i a (new)
(i a) providing support to financing and investment operations under the solvency support window.
Amendment 489 #
Proposal for a regulation
Article 24 a (new)
Article 24 a (new)
Article 24 a Financing of advisory services and technical assistance An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also be available to support the green and digital transformation of companies financed under this window. The Commission shall implement this amount under direct or indirect management as referred to in points (a) and (c) of Article62(1) of the Financial Regulation. An amount of EUR 80 000 000 out of the amount referred to in the first subparagraph shall constitute an external assigned revenue in accordance with Article 21(5) of the Financial Regulation and shall be subject to Article 4(4) and (8) of the [EURI] Regulation.
Amendment 490 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. At the request of the European Parliament or of the Council, the Chairperson of the Steering Board shall report on the performance of the InvestEU Fund to the requesting institution, including by participating in a hearing before the European Parliament. Periodical evaluations should be presented to the European Parliament and made public.
Amendment 497 #
Proposal for a regulation
Article 27 – paragraph 5 – indent 1 (new)
Article 27 – paragraph 5 – indent 1 (new)
- Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement.
Amendment 504 #
Proposal for a regulation
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
1 a. To increase transparency the instrument should have a public database containing information regarding the allocation per Member States and should be included in the European Commission’s Financial Transparency System (FTS).
Amendment 524 #
(e a) up to EUR 4 900 000 000 for objectives referred to in point(e) of Article 3(2).