[ParlTrack]

Proposal for a regulation
Recital 5

(5) In order to keep a high level of investor protection, those managers should continue to be subject to the requirements of Directive 2011/61/EU while complying with certain provisions of Regulation (EU) No 345/2013 or Regulation (EU) No 346/2013, namely the provisions concerning eligible investments, targeted investors and information requirements. Eligible investors should continue to be subject to the rules laid out in Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013.

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Recital 10

(10) It is necessary to clarify that the prohibition for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds in its territory includes the prohibition to impose fees and other charges on the managers of those funds.deleted

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Recital 11 a (new)

(11a) Managers of qualifying venture capital funds and qualifying social entrepreneurship funds which are not authorised in accordance with Directive 2011/61/EU may market such funds throughout the Union, but are not allowed to manage such funds cross-border.

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)

Regulation (EU) No 345/2013
Article 10 – paragraph 2

"2. At all times, managers of qualifying venture capital funds shall ensure that they are able to justify the sufficiency of their own funds to maintain operational continuity and disclose their reasoning as to why those funds are sufficient as specified in Article 13." (2a) Article 10(2) is replaced by the following: "2. Both internally managed qualifying venture capital funds and external managers of qualifying venture capital funds shall have an initial capital of EUR 60 000. 2a. The own funds shall never be less than one sixth of the preceding year's fixed overheads of the same manager. The competent authorities may adjust the requirement in the event of a material change in a firm´s business since the preceding year. Where a manager of a qualifying venture capital fund has not completed a year's business, the requirement shall be a fourth of the fixed overheads projected in his business plan, unless an adjustment to that plan is required by the competent authority of the home member state of the manager. 2b. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital fund exceeds EUR 300 000 000, the manager shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,015% of the amount by which the total value of the qualifying venture capital funds exceeds the EUR 300 000 000. 2c. Own funds shall not include speculative positions." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)

Regulation (EU) No 345/2013
Article 14 – paragraph 1 – point e

(3a) In Article 14(1), point (e) is deleted.

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)

Regulation (EU) No 346/2013
Article 11 – paragraph 2

" 2. At all times, managers of qualifying social entrepreneurship funds shall ensure that they are able to justify the sufficiency of their own funds to maintain operational continuity and disclose their reasoning as to why those funds are sufficient as specified in Article 14." (2a) In Article 11, paragraph 2 is deleted and the following paragraphs are inserted: " 2a. Both internally managed qualifying social entrepreneurship funds and external managers of qualifying social entrepreneurship funds shall have an initial capital of EUR 60 000. 2b. The own funds shall never be less than one sixth of the preceding year's fixed overheads of the same manager. The competent authorities may adjust the requirement in the event of a material change in a firm´s business since the preceding year. Where a manager of a qualifying social entrepreneurship fund has not completed a year's business, the requirement shall be a fourth of the fixed overheads projected in his business plan, unless an adjustment to that plan is required by the competent authority of the home member state of the manager. 2c. Where the value of the qualifying social entrepreneurship funds managed by the manager of qualifying social entrepreneurship fund exceeds EUR 300 000 000, the manager shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,015% of the amount by which the total value of the qualifying social entrepreneurship funds exceeds the EUR 300 000 000. 2d. Own funds shall not include speculative positions." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 2 – paragraph 1 – point 3

Regulation (EU) No 346/2013
Article 11 – paragraph 3

(3) In Article 11, the following paragraph 3 is added: ‘3. ESMA shall develop draft regulatory technical standards specifying the methodologies to determine what constitutes sufficient own funds. Those methodologies shall: (a) distinguish between what constitutes sufficient own funds for internally managed qualifying social entrepreneurship funds and sufficient own funds for managers of qualifying social entrepreneurship funds which are external managers; (b) take into account the size and internal organisation of the managers referred to in paragraph 1 of Article 2 in order to ensure neutral conditions of competition between those managers and managers referred to in paragraph 2 of that Article; (c) ensure that the amounts resulting from the application of those methodologies do not exceed the amounts laid down in Article 9 of Directive 2011/61/EU. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the date of entry into application of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.;’deleted

2017/01/31
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)

Regulation (EU) No 346/2013
Article 15 – paragraph 1 – point e

~~" (e) a list of Member States where the manager of a qualifying social entrepreneurship fund has established, or intends to establish, qualifying social entrepreneurship funds.~~ (3a) In Article 15, the point (e) of paragraph 1 is deleted. " " Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

8 Amendments of Alain CADEC related to 2016/0221(COD)

ParlTrack - 2011-2024