24 Amendments of Philippe LAMBERTS related to 2013/0214(COD)
Amendment 85 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) In order for ELTIF to effectively contribute to a sustainable, smart and inclusive European growth, each fund should implement a process for assessing the social impact of eligible investments, taking into account its environmental, social and governance characteristics. In particular, the ELTIF manager should be able to demonstrate the inherent contribution of the selected asset to the objectives of the European model of growth (i.e. enhancing social infrastructures, sustainable mobility, renewable energy production and distribution, energy efficiency processes, as well as firms operating in sectors fostering environmental and social solutions, or having a high potential of innovation);
Amendment 136 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
ESMA shall keep a central public register identifying each ELTIF authorised under this Regulation, its manager, the information provided under Article 4 paragraph 2 and the competent authority of the ELTIF. The register shall be made available in electronic format.
Amendment 137 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 – point b
Article 4 – paragraph 1 – subparagraph 2 – point b
(b) information on the identity of the manager, their current and previous fund management history and experience relevant to long term investment;
Amendment 146 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2 – point c
Article 4 – paragraph 2 – subparagraph 2 – point c
(c) information about the proposed investment targets, investment strategies, the risk profile and other characteristics of AIFs that the AIFM is authorised to manage.
Amendment 149 #
Proposal for a regulation
Article 5 – paragraph 1 – point b a (new)
Article 5 – paragraph 1 – point b a (new)
(ba) is satisfied that the manager or a person exercising a management function within the manager has not previously been the subject of sanctions for infringements of national or Union legislation governing fund management
Amendment 157 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) using financial derivative instruments, except where the underlying instrument consists of interest rates or currencies and it solely serves the purpose of hedging the duration and exchange risks inherent to other investments of the ELTIF.
Amendment 160 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying: criteria for establishing when derivative contracts are objectively measurable as hedging risks inherent to the investments referred to in paragraph 2 point d; After conducting an open public consultation, ESMA shall submit those draft regulatory technical standards to the Commission by 3 months after entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 163 #
Proposal for a regulation
Article 9 – paragraph 1 – point b
Article 9 – paragraph 1 – point b
(b) debt instruments issued by a qualifying portfolio undertaking with a maturity aligned to the maturity of the ELTIF;
Amendment 165 #
Proposal for a regulation
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) loans granted by the ELTIF to a qualifying portfolio undertaking with a maturity aligned to the maturity of the ELTIF;
Amendment 167 #
Proposal for a regulation
Article 9 – paragraph 1 – point e
Article 9 – paragraph 1 – point e
(e) direct holdings of individual real assets that require up-front capital expenditure of at least EUR 10 million or its equivalent in the currency, and at the time, in which the expenditure is incurred. and provide regular predictable returns;
Amendment 174 #
Proposal for a regulation
Article 10 – paragraph 1 – point a
Article 10 – paragraph 1 – point a
(a) it is not a financial undertaking other than the European multilateral development banks referred to in Regulation (EU) No 575/2013 [CRR] Article 117 paragraph 2 points f, i, j and k;
Amendment 187 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. An ELTIF shall invest at least 70% of its capital in eligible investment assets and at least 50% its capital in eligible portfolio undertakings established in the Union.
Amendment 200 #
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. The aggregate risk exposure to a counterparty of the ELTIF stemming from over the counter (OTC) derivative transactions or reverse repurchase agreements shall not exceed 5% of its capital.
Amendment 211 #
Proposal for a regulation
Article 14 – paragraph 1 – point e a (new)
Article 14 – paragraph 1 – point e a (new)
(ea) it has a maturity aligned with that of the ELTIF;
Amendment 212 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
(a) apply by the date specified in the ELTIF rules or instruments of incorporation, where this date shall take account of the peculiarities and characteristics of the assets to be invested by the ELTIF and shall not be later than five years or half the life of the ELTIF as determined in accordance with Article 16 paragraph 2, whichever is the earlier, after the authorisation of the ELTIF. In exceptional circumstances, the competent authority of the ELTIF, upon submission of a duly justified investment plan, may approve an extension of this time limit by no more than one additional year;
Amendment 231 #
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 3 a (new)
Article 16 – paragraph 1 – subparagraph 3 a (new)
The ELTIF rules or instruments of incorporation and disclosures to investors shall lay down the procedures for reinvesting the proceeds from investment in qualifying portfolio undertakings, either in further qualifying portfolio undertakings or high quality liquid assets, where such investments mature prior to the end of life of the ELTIF.
Amendment 237 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The ELTIF rules or instrument of incorporation shall not prevent units or shares of an ELTIF from being admitted to trading on a regulated market as defined in Article 4(14) of Directive 2004/39/EC or on a multilateral trading facility as defined in Article 4(15) of Directive 2004/39/EC or on an organised trading facility as defined in point (…) of Regulation (…).
Amendment 238 #
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. The ELTIF shall regularly publish an explanation of any significant difference between the market value of listed shares or units and its own estimate of its net asset value
Amendment 246 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The income distribution policy shall be designed to minimise the volatility of returns to investors. The income shall not be distributed to the extent that it is required for future commitments of the ELTIF.
Amendment 258 #
Proposal for a regulation
Article 21 – paragraph 4 – subparagraph 2 – point f a (new)
Article 21 – paragraph 4 – subparagraph 2 – point f a (new)
(fa) set out the procedures by which the fund assesses the long-term economic, social and environmental impact of eligible portfolio undertakings, as well as its corporate governance
Amendment 261 #
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4a. inform investors regularly, at least once a year, of the progress of each investment project, the value of the individual qualifying portfolio investments and the value of other assets in which spare cash is placed as well as the nature, purpose and value of any derivatives used
Amendment 262 #
Proposal for a regulation
Article 21 – paragraph 4 b (new)
Article 21 – paragraph 4 b (new)
Amendment 283 #
Proposal for a regulation
Article 25 a (new)
Article 25 a (new)
Article 25 a Administrative measures and sanctions 1. Member States shall lay down the rules on administrative measures and sanctions applicable to breaches of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The measures and sanctions provided for shall be effective, proportionate and dissuasive. 2. By [24 months after entry into force of this Regulation] the Member States shall notify the rules referred to in paragraph 1 to the Commission and ESMA. They shall notify the Commission and ESMA without delay of any subsequent amendment thereto.
Amendment 284 #
Proposal for a regulation
Article 25 b (new)
Article 25 b (new)