2020/0106(COD) Solvency Support Instrument
Lead committee dossier:
Progress: Procedure lapsed or withdrawn
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Joint Responsible Committee | ['BUDG', 'ECON'] |
FERNANDES José Manuel ( EPP),
TINAGLI Irene ( S&D),
TORVALDS Nils ( Renew)
|
FITZGERALD Frances ( EPP),
NEGRESCU Victor ( S&D),
KELLEHER Billy ( Renew),
GRUFFAT Claude ( Verts/ALE),
HAHN Henrike ( Verts/ALE),
BECK Gunnar ( ID),
LAPORTE Hélène ( ID),
RZOŃCA Bogdan ( ECR),
VAN OVERTVELDT Johan ( ECR),
GUSMÃO José ( GUE/NGL),
PAPADIMOULIS Dimitrios ( GUE/NGL)
|
| Committee Opinion | ENVI |
CANFIN Pascal ( Renew)
|
Simona BONAFÈ ( S&D)
|
| Committee Opinion | EMPL | ||
| Committee Opinion | ITRE |
HAJŠEL Robert ( S&D)
|
Joëlle MÉLIN ( ID),
Jessica STEGRUD ( ECR)
|
| Committee Opinion | IMCO | ||
| Committee Opinion | TRAN | ||
| Committee Opinion | REGI | ||
| Committee Opinion | CONT |
Lead committee dossier:
Legal Basis:
RoP 57, RoP 58, TFEU 172, TFEU 173-p3, TFEU 175-p3, TFEU 182-p1
Legal Basis:
RoP 57, RoP 58, TFEU 172, TFEU 173-p3, TFEU 175-p3, TFEU 182-p1Subjects
Events
2022/05/30
EC - Proposal withdrawn by Commission
2020/07/23
PT_PARLIAMENT - Contribution
Documents
2020/07/23
EP - Referral to associated committees announced in Parliament
2020/07/23
EP - Referral to joint committee announced in Parliament
2020/07/22
EP - FERNANDES José Manuel (EPP) appointed as rapporteur in ['BUDG', 'ECON']
2020/07/22
EP - TINAGLI Irene (S&D) appointed as rapporteur in ['BUDG', 'ECON']
2020/07/22
EP - TORVALDS Nils (Renew) appointed as rapporteur in ['BUDG', 'ECON']
2020/07/15
ESC - Economic and Social Committee: opinion, report
Documents
2020/07/06
ES_PARLIAMENT - Contribution
Documents
2020/07/06
EP - HAJŠEL Robert (S&D) appointed as rapporteur in ITRE
2020/06/17
EP - Committee referral announced in Parliament, 1st reading
2020/06/10
EP - CANFIN Pascal (Renew) appointed as rapporteur in ENVI
2020/05/29
EC - Legislative proposal published
Details
PURPOSE: to create a new solvency support instrument to help viable companies suffering the consequences of the coronavirus crisis.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure on an equal footing with the Council.
BACKGROUND: the coronavirus pandemic is putting many otherwise healthy businesses at risk of short-term financial difficulties. The problems shall increase as long as the restrictions on economic and social activities remain in place and the rules on distancing continue to affect them.
In order to prevent these companies from going bankrupt, many of them will need to recapitalise by raising new capital. The Commission estimates that the need to re-capitalise may amount to around EUR 720 billion in 2020 alone. These needs would be higher if lockdown measures stay in place for a longer period or in case of a second wave of the pandemic. In a stress scenario of a 15.5% GDP contraction, the direct impact on companies' equity could rise to EUR 1.2 trillion. These are estimates based on the best information available today.
If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. The impact of the capital shortfall will be uneven across sectors, regions, industrial ecosystems and Member States, leading to divergences in the Single Market. This is compounded by the fact that the capacity of Member States to provide state aid differs greater.
The proposed new solvency support instrument, which will be based on the existing European Strategic Investment Fund (EFSI), is part of the package of measures to combat the negative economic consequences of the COVID-19 pandemic and constitutes a crisis instrument.
CONTENT: this proposal to amend Regulation (EU) 2015/1017 (EFSI Regulation) aims to create a new solvency support instrument accessible to all Member States that will help viable companies in all economic sectors to cope with their solvency problems caused by the coronavirus pandemic.
The target is to mobilise up to EUR 300 billion in the real economy under the solvency support window.
Establishment of a third tier (solvency support) under the EFSI
The instrument shall operate through the granting of a Union guarantee to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support shall be a separate component of the EFSI, aimed at mobilising private capital.
The EIB Group shall use the guarantee to provide funding directly, or to invest in investment funds, special purpose vehicles, investment platforms or national development banks. These intermediary funds or entities shall be established and operate within the Union.
The EIB would implement the Solvency Support Instrument either directly or through the European Investment Fund (EIF). The governance structure of the EFSI would be maintained and would apply to the third strand.
In order to facilitate the implementation of the instrument, Member States could (i) create national special purpose entities that could apply for support under the Solvency Support Strand; (ii) in parallel with the guarantee or investment by the EIB Group, invest in funds or special purpose entities in compliance with State aid rules, either directly or through a national development bank or institution; and (iii) facilitate the creation of investment funds or special purpose entities by targeting institutional investors.
Conditions of support and investment guidelines
To be eligible for solvency support, companies need to: (i) be established and operate in the Union, (ii) have a viable business model and (iii) not be in difficulty within the meaning of the State aid rules by the end of 2019.
Priority shall be given to those Member States most economically affected by the pandemic and where the availability of State solvency support is more limited. The instrument shall also focus on green and digital transitions, which are EU priorities, and on supporting cross-border economic activities.
Duration of the instrument
The Commission proposes that, given its temporary nature, the instrument be put in place as soon as possible in 2020 and that it can be deployed at full capacity quickly in the course of 2021.
The investment period in relation to the solvency support window runs in general until end-2024 in terms of approvals by the Investment Committee and the governing bodies of EIB/EIF and until end-2026 in terms of signature of the operations. However, 60 % of the financing and investment operations must have been approved already by end-2022.
Budgetary implications
- the EU guarantee in relation to the solvency support window amounts to EUR 66.4 billion. Its introduction brings the total EU guarantee to maximum EUR 92.4 billion. The corresponding provisioning (at 50 % provisioning rate as regards the increase of the EU guarantee) amounts to EUR 33.2 billion, bringing the EFSI guarantee fund to EUR 42.3 billion in total. Consequently, the overall provisioning rate is adjusted to 45.8 %;
- a separate amount of EUR 100 million is foreseen to cover costs, advisory services and technical assistance linked to the set-up and management of funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support instrument. It shall also support the green and digital transformation of companies financed under the solvency support window;
- lastly, the EU’s participation in a possible capital increase of the EIF shall require a financial envelope of up to EUR 500 million in the revised multiannual financial framework for the current period.
Documents
Documents
- Contribution: COM(2020)0404
- Economic and Social Committee: opinion, report: CES2866/2020
- Contribution: COM(2020)0404
- Legislative proposal published: COM(2020)0404
- Legislative proposal published: EUR-Lex
- Economic and Social Committee: opinion, report: CES2866/2020
- Contribution: COM(2020)0404
- Contribution: COM(2020)0404
| Amendments | Dossier |
| 386 |
2020/0106(COD)
2020/07/20
ENVI
187 amendments...
Amendment 1 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the C
Amendment 10 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union
Amendment 100 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 c (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point g b (new) (10c) In Article 9, point (g b) is added to the third subparagraph of paragraph 2 as follows: (gb) retail trade;’
Amendment 102 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that
Amendment 103 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that at least
Amendment 104 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that at least
Amendment 105 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a a (new) (aa) ensure that the EFSI financing is aligned with the EIB lending criteria and with the “do no significant harm principle” as defined in the EU Taxonomy Regulation, and that investments financed under the EFSI are subject to a sustainability screening to determine if they have any detrimental environmental, climate or social impacts;
Amendment 106 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a b (new) (ab) ensure that at least 50% of the financing under the solvency support window supports activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852;
Amendment 107 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies
Amendment 108 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular micro and SMEs, in Member States and sectors socially and economically most hit by the Covid-19 pandemic;
Amendment 109 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs, in Member States and sectors economically most hit by the Covid-19 pandemic;
Amendment 11 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should
Amendment 110 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c Amendment 111 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular micro and SMEs, in Member States and regions where the availability of State solvency support is more limited.
Amendment 112 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States where the availability of State solvency support is more limited.
Amendment 113 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c a (new) (ca) ensure that technical assistance is provided to Members State and companies, in particular SMEs, to facilitate the widespread distribution and absorption of funding from the Solvency Support Instrument, by using existing instruments under EFSI such as the European Investment Advisory Hub (EIAH);
Amendment 114 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c b (new) (cb) target that at least 65% of EFSI financing under the solvency support window is utilised to support eligible small and medium-sized enterprises (SMEs) as defined in EU recommendation 2003/361.
Amendment 115 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c c (new) (cc) The EIB shall provide clear and objective parameters regarding the allocation of EFSI financing under the solvency support window.
Amendment 116 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c d (new) (cd) ensure that EFSI financing under the solvency support window is utilised to support eligible companies aiming to contribute to climate and energy targets in Member States which have committed to and are implementing the climate neutrality objective by 2050 at the latest
Amendment 117 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (ce) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States which commit to maintaining or creating sustainable and quality jobs within their EU-based activities.
Amendment 118 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (
Amendment 119 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the EU climate objectives shall not be eligible for support under this Regulation.
Amendment 12 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal, the EU Biodiversity Strategy for 2030 and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 120 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – subparagraph 3 (new) The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window. In the case of financing or guarantees provided to institutions, investment platforms, SPVs or funds that are majority-owned or controlled by a Member State, only hybrid capital instruments, such as preferred stocks, profit participation rights, or silent participations, which ensure a passive role of the Member State, shall be eligible under the solvency support window. The Steering Board shall provide detailed guidance concerning this point.
Amendment 121 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window and if they fulfil the agreed upon rules in application in the concerned Member States.
Amendment 122 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 123 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 124 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 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
Amendment 125 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 126 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 127 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 (new) Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. Operations financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimising detrimental impacts and maximizing benefits for the Union’s environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU)2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU)2019/2088. Projects below a certain size, as defined in the guidance, shall be excluded from the proofing.
Amendment 128 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 a (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 a (new) (27a) In Article 16, the following third subparagraph is added to paragraph 2: Such separate report shall in particular contain a detailed assessment of the solvency support window contribution to the green and digital transition of the companies benefiting under the scheme as appropriate on the basis of the transition and just plans established by the supported companies.
Amendment 129 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and
Amendment 13 #
Proposal for a regulation Recital 10 (10) The
Amendment 130 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support
Amendment 131 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point b Regulation (EU) 2015/1017 Annex II – section 2 – point c (c) The EU guarantee shall support a wide range of products to allow the EFSI to adapt to market needs while encouraging private investment in projects, without crowding out private market finance. In this context, it is expected that the EIB will provide financing under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment under the Infrastructure and Innovation Window and under the SME Window together, which includes financing mobilised through the EIF under EFSI operations relating to the instruments
Amendment 132 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 1 — The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds,
Amendment 133 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation, and the support and creation of sustainable and quality jobs, shall be particularly targeted under the Solvency Support Window.
Amendment 134 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union, small and medium-sized enterprises (SMEs) and/or companies which have high potential for green or digital transformation shall be particularly targeted under the Solvency Support Window.
Amendment 135 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for or are in the midst of a green or digital transformation shall be particularly targeted under the Solvency Support Window.
Amendment 136 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12 and its recent third modification as adopted by the European Commission on the 29th of June 2020, while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. __________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 137 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid
Amendment 138 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 139 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 14 #
Proposal for a regulation Recital 10 a (new) (10a) Large companies benefitting from the Solvency Support Instrument should be obliged to adopt binding transition plans, elaborating how they align their economic activities with the Union's climate objectives, and contribute to a more circular economy and biodiverse ecosystem. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe.
Amendment 140 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should
Amendment 141 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 142 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 7 a (new) — Companies registered in tax havens, or active either directly or through subsidiaries in tax havens without advance proof of substantial activity in the concerned countries, shall not be eligible for support under the Solvency Support Window. Share buybacks and the payment of dividends to shareholders or executive bonuses are incompatible with support under the Solvency Support Window.
Amendment 143 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 1 EFSI-supported operations shall not be concentrated in any specific territory at the end of the investment period concerned. To this end the Steering Board shall adopt
Amendment 144 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)
Amendment 145 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. Therefore, the Steering Board shall pre
Amendment 146 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States or markets. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on
Amendment 147 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 3 The Steering Board shall without delay make this analysis available and explain its decisions relating to the indicative and Solvency Support Window specific limits to the European Parliament and the Council in writing. The EFSI should
Amendment 148 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – Section 8 – point b – subparagraph 3 a (new) The Steering Board shall report at regular intervals at least once a year to the European Parliament and the Council on the beneficiaries of this instrument and on the supported activities, to ensure complete, correct and timely transparency of the programme.
Amendment 15 #
Proposal for a regulation Recital 10 b (new) (10b) Companies benefiting from the Solvency Support Instrument should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise, when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the Solvency Support Instrument should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 16 #
Proposal for a regulation Recital 13 (13) An amount of EUR 100 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets,
Amendment 17 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies, with a particular focus on SMEs, established in a Member State and operating in the Union.
Amendment 18 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic;
Amendment 19 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 2 #
Proposal for a regulation Recital 1 a (new) (1a) The disruptive economic and social effect of the COVID-19 crisis weakens public and private investment capacity thus limiting the financial resources essential for the transition to a climate neutral and resource efficient Union. In this regard, in the framework of Next Generation EU, the Solvency Support Instrument should contribute to reducing this gap and enable Member States to undertake the necessary investments to foster the achievement of the Union's long-term sustainability priorities.
Amendment 20 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 21 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point b (
Amendment 22 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 b (new)Regulation (EU) 2015/1017 Article 6 – paragraph 1 a (new) (5b) In Article 6, the following paragraph is inserted: 1a. The Commission shall develop a separate scoreboard specific to the solvency support window, in order to rate potential beneficiary companies under the solvency support window for the purpose of Article 7(12) of this Regulation. Only companies reaching a minimum score are eligible for support under the Solvency Support Instrument.
Amendment 23 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part Amendment 24 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the respect of the “do not significant harm" principle referred to in Regulation (EU) 2020/852 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies
Amendment 26 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall
Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with and shall contribute to the goals of the Union policies, including the European Green Deal9, in particular the EU Biodiversity Strategy for 20309a, and the Strategy on shaping Europe’s digital future10, as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 9a COM(2020) 380 final. 10 COM(2020)67 final.
Amendment 28 #
The operations concerned shall be consistent with Union policies, including the European Green Deal9and its commitment to achieve climate neutrality by 2050 at the latest, and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the Strategy on shaping Europe’s digital future10
Amendment 3 #
Proposal for a regulation Recital 1 b (new) (1b) If left unaddressed, the COVID-19 negative economic effects can jeopardise efforts to achieve climate, energy and environmental targets in the Union. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be fully consistent with Union policies, in
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing under the
Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI 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). EFSI financing for SMEs and small mid- cap companies shall not be included in that computation. The EIB shall use
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing
Amendment 36 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. This would have particularly negative effects on SMEs at the core of European industry, whereby reduced investments in research and innovation would lead to technological regression and to loss of technological edge in global competition. The impact of the capital shortfall will be uneven across sectors and Member States, leading to divergences and distortions in the single market. This is compounded by the fact that the capacity of Member States to provide State aid differs greatly. The allocation of resources within the framework of the Solvency Support Instrument should avoid to the largest extent possible any negative impacts on the internal market.
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 37 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment
Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing
Amendment 38 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 39 #
Proposal for a regulation Recital 1 a (new) (1a) The Covid-19 pandemic has had a significant, sudden and unforeseen impact upon the EU economy which has in turn significantly hindered the ability of the EU to make progress on policy priorities, in particular the European Green Deal and related objectives such as climate targets, the development of energy infrastructure, hydrogen strategy, etc., the Strategy on shaping Europe’s digital future, the SME Strategy for a sustainable and digital Europe, the new Industrial Strategy for a green and digital Europe, and delivering open strategic autonomy for a competitive, dynamic and sustainable EU economy. The Solvency Support Instrument should serve as a vital tool to ensure progress towards these policy goals can be maintained and/or accelerated.
Amendment 4 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, small and medium-sized enterprises (SMEs) in particular, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States,
Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 40 #
Proposal for a regulation Recital 1 a (new) (1a) If left unaddressed, the COVID-19 negative economic effects may jeopardise efforts to achieve climate, energy and environmental targets in the EU. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point b (b) ensure that the majority of EFSI 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 considering the latest European Economic Forecast;
Amendment 41 #
Proposal for a regulation Recital 1 b (new) (1b) In line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the Solvency Support Instrument should contribute to mainstream climate actions and to the achievement of the target of 30% climate mainstreaming target for the MFF 2021-2027, and therefore at least 50% of EFSI financing under the solvency support window support project components should contribute to climate action in line with reaching climate neutrality by 2040 at the latest.
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point b (b) ensure that
Amendment 42 #
Proposal for a regulation Recital 1 c (new) (1c) The primary aim of the Solvency Support Instrument should be to preserve as many jobs in the Union as possible by providing policy-driven support to companies across all Member States that are otherwise viable in the long term, and enable them to return to capacity, strengthen productivity and innovation and drive employment across the Union. No support should be provided under the Solvency Support Instrument for activities that are inconsistent with Union policies.
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 (ba) ensure that at least 50 % of the financing under the solvency support window supports activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852;
Amendment 43 #
Proposal for a regulation Recital 2 (2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the solvency support window of the European Fund for Strategic Investments should be carried out to address the unprecedented impact of the COVID-19 crisis. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that
Amendment 44 #
Proposal for a regulation Recital 2 (2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the solvency support window of the European Fund for Strategic Investments should be carried out to address the unprecedented economic impact of the COVID-19 crisis with a particular focus on preserving jobs and livelihoods by supporting SMEs, as they provide two out of three jobs in the EU. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].
Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States wh
Amendment 45 #
Proposal for a regulation Recital 2 a (new) (2a) EFSI has been particularly successful in mobilising both private and public investments worth more than €500 billion as of June 2020, and benefiting around 1.4 million small and medium sized enterprises (SMEs). The participation of the private sector to mobilise investment following the Covid- 19 pandemic is particularly important to counter the negative impacts on the EU economy, and therefore a key focus of the Solvency Support Instrument should be on crowding in private investment.
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that
Amendment 46 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, in particular SMEs and especially innovative and technology-based micro and family- run business entities, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c a (new) (ca) ensure that investments are in line with the “do no significant harm” principle and the EU taxonomy for sustainable investment established by Regulation (EU) 2020/852 both for the infrastructure and innovation window and the solvency support window;
Amendment 47 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies and in particular SMEs, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 48 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c b (new) (cb) ensure that EFSI financing under the solvency support window is used to support eligible companies respecting the "do no significant harm" principle referred to in Regulation (EU) 2020/852.
Amendment 48 #
Proposal for a regulation Recital 3 a (new) (3a) The Solvency Support Instrument is designed to overcome the economic impact of the Covid-19 pandemic. It is an instrument to prevent viable companies from bankruptcy and thus an instrument to prevent EU citizens from unemployment. The instrument is not designed to steer the economies of Member States in another direction. Any action taken in light of the Solvency Support Instrument shall be to prevent higher unemployment rates.
Amendment 49 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the achievement of the Union's climate objectives shall not be eligible for support under this Regulation.
Amendment 49 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis
Amendment 5 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic and social consequences of the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 50 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 2 The Steering Board shall, where
Amendment 50 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument, the majority of which should be SMEs, should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should not be part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions6a and should maintain substantial activities in the Union for the duration of the support. They should also, where relevant, suspend dividends distribution, bonuses to top executives and buy-back of shares for a period of 2 years after benefiting from the scheme. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019 nor should they have been involved or engaged in money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis, surging unemployment rates and/or where the availability of State solvency support is more limited.
Amendment 51 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – subparagraph 3 The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window and if they fulfil the agreed upon rules applied in the Member States concerned.
Amendment 51 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. They should also comply with Union social and environmental standards and legislation. Support
Amendment 52 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 52 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. In case of micro or small enterprises, they could have been in difficulty already on 31 December 2019 provided that they are not subject to collective insolvency procedure under national law, and that they have not received rescue aid or restructuring aid. Support
Amendment 53 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 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
Amendment 53 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and
Amendment 54 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 54 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in
Amendment 55 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. This reporting shall in particular contain a detailed assessment of the contribution to the green and digital transition of the companies benefiting under the scheme, as appropriate on the basis of the transition plans established by the supported companies.
Amendment 55 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable
Amendment 56 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 a (new) Operations financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimise adverse impacts and maximise benefits for the Union's environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU) 2020/852. Projects below a certain size, as defined in the guidance, shall be excluded from the proofing.
Amendment 56 #
Proposal for a regulation Recital 4 a (new) (4a) Small and medium-sized Enterprises (SMEs) are the backbone of the Union economy and will be central to a jobs-led economic recovery. However, SMEs have been particularly impacted by the COVID-19 crisis with up to 90% of EU SMEs reportedly impacted economically, notably in the services sector, manufacturing, construction, tourism, and the cultural and creative sectors. The Solvency Support Instrument forms part of a strategic Union recovery policy focused on getting people back to work as quickly as possible, particularly by providing adequate support to SMEs.
Amendment 57 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – subparagraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be
Amendment 57 #
Proposal for a regulation Recital 4 b (new) (4b) Support provided under the Solvency Support Instrument should aim to preserve the efficiency and competitiveness of EU markets. The Instrument should avoid enabling companies in stronger market positions to consolidate their market dominance over their competitors. The Steering Board should therefore ensure that the SSI avoids contributing to market concentration.
Amendment 58 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – Section 2 – point b – subparagraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, both greenfield investments (asset creation)
Amendment 58 #
Proposal for a regulation Recital 7 (7) The amount of the EU guarantee available under the solvency support window is expected to mobilise up to EUR 300 000 000 000 of investment in the real economy. The Solvency Support Instrument shall contribute to investments in the real economy. The Solvency Support window shall specifically not contribute to the refinancing of existing debts in any form or way.
Amendment 59 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a a (new) Regulation (EU) 2015/1017 Annex II – Section 2 – point b a (new) (aa) The following point is inserted: (ba) All investments shall be subject to the EU taxonomy for sustainable investments and the EU Paris-aligned and EU Climate Transition Benchmarks. They shall all abide by the ‘do no significant harm’ principle and shall not undermine the efforts made for the just transition to an economy with net-zero greenhouse gas emissions.
Amendment 59 #
Proposal for a regulation Recital 8 (8) The EIB and the Commission should carry out communication and technical assistance activities to support the widespread distribution and absorption of the SSI funding, particularly by SMEs. The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives, including its impact on the achievement of the Union's climate objectives.
Amendment 6 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument, the majority of which should be SMEs, should be
Amendment 60 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 1 — The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds, special purpose vehicles or other investment platforms, including through national promotional banks or institutions or other relevant arrangements, that provide equity and equity-type investments in companies. The use of the EU guarantee does not affect the decision- making independence and autonomy of the beneficiary.
Amendment 60 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. However a long-standing focus on competitiveness and market- based approaches has proven unable to bridge divergences between Member States and regions, causing the loss of numerous jobs and reinforcing the de- industrialization of entire regions.
Amendment 61 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for
Amendment 61 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. Delivery modes should also exclude costs or at least minimise the impact of costs for potential beneficiaries of the SSI, especially for micro and small business entities and SMEs in general, which would discourage or prevent them from using SSI. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided.
Amendment 62 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation, and the support and creation of sustainable and quality jobs, shall be particularly targeted under the Solvency Support Window.
Amendment 62 #
Proposal for a regulation Recital 8 a (new) (8a) Only a strong public industrial strategy can guarantee a truly equal, sustainable and just industrial development, including high quality jobs, and ambitious social and environmental objectives;
Amendment 63 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with
Amendment 63 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping. The Commission should exercise regular oversight and control of the use of funds and take necessary steps to sanction the misuse of funds by participating actors.
Amendment 64 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 64 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock
Amendment 65 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 65 #
Proposal for a regulation Recital 9 (9) The equity funds, fintechs, hedge funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping.
Amendment 66 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 66 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out
Amendment 67 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 67 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union
Amendment 68 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 68 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be
Amendment 69 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply
Amendment 69 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal
Amendment 7 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model
Amendment 70 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall be required to respect collective bargaining principles when engaging in countries where such principles are in force. They shall, as recipients of the funds, not pay out bonuses to staff or dividends to shareholders. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 70 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal, the European Pillar of Social Rights, the European Social Charter (Revised) and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 71 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d –indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future,
Amendment 71 #
Proposal for a regulation Recital 10 a (new) (10a) Large companies benefitting from the SSI should be obliged to adopt binding transition plans, elaborating how they align their economic activities to the Union's climate objectives, and contribute to a more circular economy and biodiverse ecosystem. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU Framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe.
Amendment 72 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 72 #
Proposal for a regulation Recital 10 b (new) (10b) Companies benefiting from the SSI should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the SSI should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 73 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 73 #
Proposal for a regulation Recital 11 a (new) (11a) At least 60% of financing and investment operations under the solvency support window should target SMEs and mid-cap enterprises.
Amendment 74 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment
Amendment 74 #
Proposal for a regulation Recital 13 (13) An amount of EUR 100 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets
Amendment 75 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be
Amendment 75 #
Proposal for a regulation Recital 14 (14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. The Investment Committee should set out measures in a way that secures the attractiveness of the SSI to potential beneficiaries by avoiding red tape, excessive costs and administrative burdens on one side and on the other side ensure transparency and accountability in achieving the goals of the SSI.
Amendment 76 #
Proposal for a regulation Recital 14 (14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. This Committee should guarantee an active participation of all stakeholders, especially trade unions.
Amendment 77 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2015/1017 Article 2 – paragraph 1 – point 9 (9) ‘companies’ means for the purposes of the solvency support window companies, micro and SMEs, project companies, public-
Amendment 78 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – point c (c) the post COVID-19 solvency of companies with a particular focus on SMEs established in a Member State and operating in the Union.
Amendment 79 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – point c (c) the solvency of companies established in a Member State and operating in the Union, with a particular focus on SMEs.
Amendment 8 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives, including its impact on the achievement of the Union's climate objectives.
Amendment 80 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2015/1017 Article 5 – paragraph 1 – subparagraph 3 – indent 3 a (new) — support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window; in particular for projects involving SMEs and contributing to the achievement of the 2030 and 2050 energy and climate objectives.
Amendment 81 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 82 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic. Support under the solvency support window shall be granted as well to the benefit of companies already in difficulty on 31 December 2019 if their difficulties have been aggravated by the COVID-19 outbreak. Any newly created undertaking shall not fall within the meaning "in difficulty" for the first three years following the start of operations in the relevant field of activity; __________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).
Amendment 83 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019
Amendment 84 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019, or to micro or small enterprises that were already in difficulty on 31 December 2019 provided that they are not subject to collective insolvency procedure under national law, and that they have not received rescue aid or restructuring aid, but since then face significant solvency risks due to the crisis
Amendment 85 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at
Amendment 86 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 b (new) Moreover, support under the solvency support window shall only be granted to companies that: - adopt plans according to the guidance referred to in Section 6 point d of Annex II; - have not been involved in or are currently investigated or prosecuted for money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion; companies having a consolidated turnover of or exceeding EUR 750 000 000 shall draw up and make publicly available free of charge a report on income tax information on an annual basis in accordance with Article 89 of Directive2013/36/EU; - are not part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions1a; - are not paying out dividends and reserves, bonuses or buying back shares for at least the next 2 years after benefiting from the support -under the SSI; - comply with the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852; - do not carry out a relocalisation or transfer of jobs, capital and production processes from one Member State to another or outside the Union during the duration of the support. - commit to and implement equal pay between women and men for work of equal value __________________ 1ahttps://eur-lex.europa.eu/legal- content/en/TXT/?uri=CELEX:52020XG0 227(01)
Amendment 87 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point b Amendment 88 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 b (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 a (new) (5b) In Article 6 the following paragraph is inserted after paragraph 1: 1a. The Commission shall develop a separate scoreboard specific to the solvency support window, in order to rate potential beneficiary companies under the solvency support window for the purpose of Article 7 (12) of this Regulation. Only companies reaching a minimum score should become eligible for support under the SSI.
Amendment 89 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Amendment 9 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and
Amendment 90 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 Article 7 – paragraph 12 – subparagraph 2 (new) (7a) In Article 7(12), the following subparagraph is inserted after subparagraph 2: The scoreboard, which is a tool for the Investment Committee to prioritise the use of the EU guarantee for operations, including the support provided by solvency window to specific undertakings, that display higher scores and added value, shall be publicly available after the signature of a project. The publication shall not contain commercially sensitive information.
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 b (new) Regulation (EU) 2015/1017 Article 7 – paragraph 14 – subparagraph 1 (7b) In Article 7 the first subparagraph of the paragraph 14 is amended as follows: The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing a scoreboard of indicators to be used by the Investment Committee to ensure an independent and transparent assessment of the potential and actual use of the EU guarantee including its use in the solvency support window by providing a methodological framework to score undertakings that may be supported by the solvency support window. Such delegated acts shall be prepared in close dialogue with the EIB.
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 c (new) (7c) In Article 7(14), the second subparagraph is replaced by the following: The Steering Board may, upon request from the EIB, allow the Investment Committee to examine a project or an undertaking under the solvency window whose score in any of the pillars is below the minimum score when the global assessment contained in the scoreboard concludes that the operation related to that project would either address a significant market failure or present a high level of additionality.
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part Amendment 94 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with the Union policies
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9
Amendment 96 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9
Amendment 97 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives. A specific priority and support should be given to operation benefiting undertakings in key sector of national industries:
Amendment 98 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) (10a) In Article 9, point (c a) is added to the third subparagraph of paragraph 2 as follows: ‘(ca) development of space infrastructure and downstream applications;’
Amendment 99 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 b (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point g a (new) (10b) In Article 9, point (g a) is added to the third subparagraph of paragraph 2 as follows: ‘(ga) fashion;
source: 655.624
2020/08/27
BUDG, ECON
199 amendments...
Amendment 100 #
Proposal for a regulation Recital 4 a (new) (4a) The Commission should include clear priorities on geographical distribution, sectoral composition and size of firms targeted under the programme with support in line with the European Green Deal, the New Industrial Strategy for Europe, the Strategy on shaping Europe’s digital future and European Pillar of Social rights.
Amendment 101 #
Proposal for a regulation Recital 4 a (new) (4a) Support provided under the solvency support window should allow for a higher degree of risk than normal EIB operations. Support should only be provided under the Solvency Support Instrument to activities that are consistent with the Union’s policies and its Treaty- based fundamental values.
Amendment 102 #
Proposal for a regulation Recital 4 a (new) (4a) Companies that benefit from EFSI financing through the solvency support window should be subject to restrictions on dividend payments and executive pay and bonuses, as well as being banned from engaging in share buy-backs during this period.
Amendment 103 #
Proposal for a regulation Recital 4 a (new) (4a) In order to have an instrument that is as flexible as possible, there should be no geographical earmarking of funds under this instrument.
Amendment 104 #
Proposal for a regulation Recital 4 b (new) (4b) EFSI financing under the solvency support window should focus mainly on the sectors showing the greatest share of firms facing liquidity and working capital shortfalls such as accommodation and food service activities, arts, entertainment and recreation, transportation, manufacturing, startups and newly created companies and wholesale and retail trade.
Amendment 105 #
Proposal for a regulation Recital 4 b (new) (4b) The Investment Committee under the Invest EU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. (Moved from Recital 14.)
Amendment 106 #
Proposal for a regulation Recital 4 c (new) (4c) When selecting eligible companies, the Investment Committee should give due consideration to whether the company or parent company of the EU subsidiary has received foreign subsidies since the outbreak of the COVID-19 pandemic.
Amendment 107 #
(4d) The Steering Board should set any necessary requirements relating to the control of the beneficiary company in light of any applicable public order or security concerns.
Amendment 108 #
Proposal for a regulation Recital 5 Amendment 109 #
Proposal for a regulation Recital 5 (5) The EU guarantee granted to the European Investment Bank (EIB) should be increased by EUR 66 436 320 000 in order to create the third window of the EFSI – the solvency support window – under which solvency support should be provided. The EIB should publish all data relating to financed projects so that the economic, environmental and social impact of its investments can be assessed.
Amendment 110 #
Proposal for a regulation Recital 5 (5) The EU guarantee granted to the European Investment Bank (EIB) should be increased by EUR 66 436 320 000 in order to create the third window of the EFSI – the solvency support window – under which solvency support should be provided. This figure may need to be increased further depending on how the pandemic evolves and the challenges it presents for European companies.
Amendment 111 #
Proposal for a regulation Recital 6 Amendment 112 #
Proposal for a regulation Recital 6 a (new) (6a) Without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact, any contributions by Member States, either by a Member State or by national promotional banks classified in the general government sector or acting on behalf of a Member State, into the EFSI, thematic or multi- country investment platforms, special purpose vehicles or funds as well as other arrangements established for the implementation of the solvency support window, should in principle be treated as regular government expenditure for the purposes of the Stability and Growth Pact and should not enjoy any favourable treatment.
Amendment 113 #
Proposal for a regulation Recital 7 (7) The amount of the EU guarantee available under the solvency support window is expected to mobilise up to EUR 300 000 000 000 of investment in the real economy. Parliament's review of the results of this support will be necessary.
Amendment 114 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles set up by the EIB group or by National promotional banks and institutions (NPBIs) that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level by the EIB group or NPBIs with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance any direct intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument and during the three subsequent years, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives including its impact on the achievement of the Union's climate objectives.
Amendment 115 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States Supported companies should, however, undertake not to carry out dismissals or pay dividends over the period concerned. Moreover, the support granted should not run counter to the Paris Agreement. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided.
Amendment 116 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies.
Amendment 117 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States and in order to ensure that support can be channelled to eligible companies without bureaucratic difficulties. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could
Amendment 118 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be
Amendment 119 #
Proposal for a regulation Recital 8 a (new) (8a) Underlines that the EIB is the bank of the Member States and not an EU Institution; remains fully committed to the independence of the EIB and its board members in taking appropriate investment decisions; renounces any political meddling with their investment portfolios and strategies.
Amendment 120 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping. Public support to the private sector inevitably raises the issue of moral hazard; transparency and compatibility of incentives will be crucial to prevent this risk. Long-term equity instruments seem appropriate to avoid excessive corporate leverage and to preserve financial stability.
Amendment 121 #
Proposal for a regulation Recital 9 (9) The Solvency Support Instrument ensures that equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions
Amendment 122 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity
Amendment 123 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities and objectives of the Union such as the European Green Deal, the Sustainable Development Goals, the Paris Agreement, the “do no significant harm” principle, the European Pillar of Social Rights, the just transition to a carbon-neutral economy by 2050 at the latest and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 124 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union
Amendment 125 #
Proposal for a regulation Recital 10 (10)
Amendment 126 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on
Amendment 127 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal
Amendment 128 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future, public health, and, in particular, research or new mobilities with the future that hydrogen represents. Support to cross-border activities should also be
Amendment 129 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Safeguarding employment and support to cross-border activities should also be targeted.
Amendment 130 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be fully aligned with current policy priorities and targets of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 131 #
Proposal for a regulation Recital 10 a (new) (10a) Large companies benefitting from the SSI should be obliged to adopt binding transition plans, elaborating how they align their economic activities to the Union's climate and environmental objectives. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU Framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe. The plans should also include quality job conservation measures, gender equality and Corporate Social Responsibility targets. SMEs should be subject to simplified and proportionate obligations.
Amendment 132 #
Proposal for a regulation Recital 10 a (new) Amendment 133 #
Proposal for a regulation Recital 10 b (new) (10b) Companies benefiting from the SSI should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the SSI should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 134 #
Proposal for a regulation Recital 11 (11) Financing and investment operations under the solvency support window should be decided upon until end- 202
Amendment 135 #
Proposal for a regulation Recital 11 a (new) (11a) At least 70% of EFSI financing under the solvency support window should be earmarked for SMEs.
Amendment 136 #
Proposal for a regulation Recital 12 (12) In order to
Amendment 137 #
Proposal for a regulation Recital 12 (12) In order to be able to channel support to the European economy through the European Investment Fund (EIF), the Commission should, after obtaining the opinion of the European Parliament, be in a position to participate in one or more possible capital increases of the EIF in order to allow it to continue supporting the European economy and its recovery. The Union should be able to maintain its overall share in the EIF capital. A sufficient financial envelope to this effect should be foreseen in the revised Multiannual Financial Framework for the current period.
Amendment 138 #
Proposal for a regulation Recital 12 a (new) (12a) In order to circumvent potential conflicts of interest and maximise the effect on the real economy and on employment, companies that benefit from EFSI financing through the solvency support window should be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the guarantee.
Amendment 139 #
Proposal for a regulation Recital 12 a (new) (12a) In order to avoid abuse and maximize the effect on the real economy and on employment, temporary payout restrictions may be put in place by the Investment Committee for the investee companies receiving EFSI financing through the solvency support window.
Amendment 140 #
Proposal for a regulation Recital 13 Amendment 141 #
Proposal for a regulation Recital 13 (13) An amount of EUR 100 000 000 should be established to support the set-up
Amendment 142 #
Proposal for a regulation Recital 13 (13) An amount of EUR 1
Amendment 143 #
Proposal for a regulation Recital 13 a (new) (13a) In order to ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress, impact and operations of the Solvency Support Instrument, in particular as regards the number of operation conducted, the geographical and sectoral coverage and the social impact, including clear indications on the aggregate share of employment retained or created in the firms obtaining solvency support. At the request of the European Parliament, the Chair of the Steering Board and the Managing Director should participate in hearings and reply to questions within a fixed period. The Commission should report annually on the situation of the guarantee fund.
Amendment 144 #
Proposal for a regulation Recital 14 Amendment 145 #
Proposal for a regulation Recital 14 (14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. With a view to ensure adequate expertise and choices, a dedicated sub-committee should be created for the solvency support window.
Amendment 146 #
Proposal for a regulation Recital 14 a (new) (14a) Support granted under the solvency support window should include provisions to ensure that efforts to curb tax avoidance, money laundering, fraud and abuse are pursued and that proper functioning of the internal market is maintained. As such, entities benefitting from support, or financial intermediaries or approved eligible vehicles carrying out projects under the solvency support window shall not be established, incorporated, or be controlled by shareholders in jurisdictions listed under the relevant Union policy on non- cooperative jurisdictions, or jurisdictions identified as high-risk third countries that have strategic deficiencies in their national anti-money laundering and counter terrorist financing regimes, pursuant to Directive (EU) 2015/849. The EIB should regulatory report to the European Parliament and Council on the continuous measures being taken to detect and prevent fraud.
Amendment 147 #
Proposal for a regulation Recital 14 a (new) (14a) The EIB should report regularly to the European Parliament and Council on the implementation, impact and activities of the Solvency Support Instrument in order to provide proper democratic accountability. The EIB should, in particular, provide details of the number of operations conducted, the geographical coverage across the Union, the amount of support provide to SMEs and how the Instrument aligns with the Union's priorities such as the EU Green Deal and the Strategy on Shaping Europe's Digital future. At the request of the European Parliament, the Chair of the Steering Board and the Managing Director should participate in hearings and reply to questions within a fixed period. The Commission should report annually on the situation of the guarantee fund.
Amendment 148 #
(14a) In order to ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress, impact and operations of the Solvency Support Instrument, in particular as regards the number of operations conducted, the geographical and sectoral coverage and the social impact, with a special focus on job positions preserved due to the access to the solvency support window. At the request of the European Parliament, the Chair of the Steering Board and the Managing Director should participate in hearings and reply to questions within a fixed period. The Commission should report annually on the situation of the guarantee fund.
Amendment 149 #
Proposal for a regulation Recital 14 a (new) (14a) In order to ensure a high degree of democratic accountability and transparency, the EIB should prepare an annual report on the deployment of funds under the SSI. Upon request from the competent committee of the European Parliament, the Chair of the Steering Board and the Managing Director should make themselves available for hearings to report on the state of play of the instrument.
Amendment 150 #
Proposal for a regulation Recital 14 a (new) (14a) Support granted under the solvency support window should actively participate in maintaining highest levels of employment possible or support companies that offer clear opportunities to retrain in case the level of employment preceding the pandemic cannot be maintained.
Amendment 151 #
Proposal for a regulation Recital 14 b (new) (14b) To avoid any fragmentation of the Single market and guarantee the adequate distribution of investments guaranteed by the solvency support window, a list of final beneficiaries should be made accessible by the EIB Group on an annual basis.
Amendment 152 #
(16a) In order to supplement the non- essential elements of this Regulation in relation to determining the Member States and sectors economically most hit and the Member States where the possibility of State solvency support is more limited, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of establishing indicators and a methodology for the application thereof. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility. It is of particular importance that the Commission carryout appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
Amendment 153 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2015/1017 Article 2 – paragraph 1 – point 9 (9) ‘companies’ means for the purposes of the solvency support window companies, project companies, public- private partnerships and other legal structures established in Member States respecting the fundamental values of the Union and the rule of law.
Amendment 154 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2015/1017 Article 2 – paragraph 1 – point 9 (9) ‘companies’ means for the purposes of the solvency support window companies, SMEs, project companies, public-
Amendment 155 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies established in a Member State and
Amendment 156 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies established in a Member State and operating in the Union, with a particular focus on SMEs that shall represent at least 50% of the support provided.
Amendment 157 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies established in a Member State and operating in the Union that have been adversely affected by the COVID-19 pandemic.
Amendment 158 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies established in a Member State and operating in the Union, with a particular focus on SMEs.
Amendment 159 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) 2015/1017 Article 4 – paragraph 2 – point a – point iv (iv) the pricing of operations under the EU guarantee which is to be in line with the EIB’s pricing policy;
Amendment 160 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) 2015/1017 Article 4 – paragraph 2 – point a – point v (3a) In Article 4, point (v) of point (a) of paragraph 2 is amended as follows: "(v) the procedures to contribute, without prejudice to Protocol No 5 on the Statute of the European Investment Bank annexed to the TEU and to the TFEU and the EIB prerogatives set out therein, to a reduction of the financing cost of the operation borne by the beneficiary of the EIB financing under EFSI, in particular by modulating the remuneration of the EU guarantee, where necessary in particular in situations where stressed financial market conditions would prevent the realisation of a viable project or where necessary to facilitate the establishment of investment platforms or the funding of companies and projects in sectors or areas experiencing a significant market failure or suboptimal investment situation, to the extent it does not significantly impact the necessary financing of the provisioning of the Guarantee Fund;
Amendment 161 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2015/1017 Article 5 – paragraph 1 – subparagraph 3 – indent 3 – support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window
Amendment 162 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2015/1017 Article 5 – paragraph 1 – subparagraph 3 – indent 3 – support to funds, special purpose vehicles, investment platforms or other arrangements set up by the EIB group or by NPBIs under the solvency support window.
Amendment 163 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) 2015/1017 Article 5 – paragraph 2 – subparagraph 1 (4a) In Article 5, the first subparagraph of paragraph 2 is amended as follows: "In line with the investment guidelines laid down in Annex II, the Steering Board shall adjust the project mix as regards sectors and countries, on the basis of an ongoing monitoring of the developments of market conditions in the Member States and of the investment environment to help overcome
Amendment 164 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) 2015/1017 Article 5 – paragraph 2 a (new) (4a) In Article 5, the following paragraph is added: "2a. Under the solvency support window, the Steering Board shall adjust the project mix in order to ensure that priority for support is granted to companies with high potential for green or digital transformation."
Amendment 165 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic subject to the condition that their leverage levels do not exceed five times their capital levels; Moreover, support under the solvency support window shall only be granted to companies: - that adopt plans according to the guidance referred to in Section 6 point d of Annex II; - that comply with the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852; - that have not been involved in or are currently investigated or prosecuted for money laundering, terrorism financing, tax avoidance tax fraud or tax evasion; companies with a consolidated turnover exceeding EUR 750 000 000 shall draw up and make publicly available free of charge a report with the information referred to in paragraph 1 of Article 89 of Directive 2013/36/EU; - that are not part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions; - that are not paying out dividends and reserves, bonuses or buying back shares for at least the next 2 years after benefiting from the support under the SSI; _________________ 8As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain
Amendment 166 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic
Amendment 167 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 However, support under the solvency support window shall only be granted if it is to the benefit of companies that are financially viable in the long-term and that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic; _________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).
Amendment 168 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of viable companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic; _________________ 8As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain
Amendment 169 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 b (new) Amendment 170 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point b (5a) In Article 6(1), point b is amended as follows: (b) are consistent with Union policies, including the objective of smart, sustainable and inclusive growth, quality job creation,
Amendment 171 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) 2015/1017 Article 6 – paragraph 3 3.
Amendment 172 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) 2015/1017 Article 6 – paragraph 3 3. Notwithstanding paragraph 2, the sub-operations by the financial intermediaries m
Amendment 173 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 (7a) In Article 7 paragraph 2 is amended as follows: "2. The EFSI Agreement shall provide that the EFSI is to be governed by a gender balanced composed steering board, which, for the purpose of the use of the EU guarantee, is to determine, in conformity with the general objectives set out in Article 9(2):"
Amendment 174 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 Article 7 – paragraph 7 (7a) Paragraph 7 of Article 7 is amended as follows: "The EFSI Agreement shall provide that the EFSI is to have an investment committee, which is to be responsible for examining potential projects in line with the EFSI investment policies and for approving the support of the EU guarantee for EIB operations for projects that comply with the requirements of Articles 6 and 9, irrespective of the geographic location, in accordance with Article 8, of such projects, with the exception of projects under the solvency support window for which geographical location is a relevant factor for consideration. Furthermore, the Investment Committee shall be the competent body for approving operations with investment platforms and national promotional banks or institutions.
Amendment 175 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 Article 7 – paragraph 8 – subparagraph 1 a (new) (7a) In Article 7(8), the following subparagraph is inserted after the first subparagraph: "‘When in need of specific analysis and expertise, the Investment Committee is assisted by a dedicated sub-committee; a subcommittee on solvency support should be created once this Regulation enters into force."
Amendment 176 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 b (new) Regulation (EU) 2015/1017 Article 7 – paragraph 8 – subparagraph 3 – point i Amendment 177 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 Article 7 – paragraph 8 – subparagraph 3 – point l a (new) (7a) In the third subparagraph of Article 7(8), the following point is added: "(la) tourism and hospitality;"
Amendment 178 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 d (new) Regulation (EU) 2015/1017 Article 7 – paragraph 14 (7d) In Article 7(14), the first subparagraph is amended as follows: "14. The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing a scoreboard of indicators to be used by the Investment Committee to ensure an independent and transparent
Amendment 179 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2015/1017 Article 8 – paragraph 3 Notwithstanding the first paragraph, 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. The Steering Committee shall determine any necessary requirements relating to the ultimate control of the company being supported in light of any applicable public order or security concerns.
Amendment 180 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2015/1017 Article 8 – paragraph 3 Notwithstanding the first paragraph, only companies established in a Member State and
Amendment 181 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2015/1017 Article 8 – paragraph 3 Notwithstanding the first paragraph, only companies established in a Member State and operating in the Union subject to the conditions of Article 6 can be supported by the financing and investment operations under the solvency support window.
Amendment 182 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory sentence Amendment 183 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies and objectives, including the European Green Deal9, the Sustainable Development Goals, the Paris Agreement, the “do no significant harm” principle, the European Pillar of Social Rights, the just transition to a carbon-neutral economy by 2050 at the latest, the New Industrial Strategy for Europe9a and the Strategy on shaping Europe’s digital future10
Amendment 184 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies,
Amendment 185 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9
Amendment 186 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 , the European Pillar of Social Rights and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 187 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point b – introductory part (10a) In the third subparagraph of Article 9(2), the introductory part of point (b) is amended as follows: "(b) development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, and the 2020, 2030 and 2050 climate and energy frameworks, the Green New Deal and the EIB energy lending policy, in particular through:"
Amendment 188 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point c – introductory part (10a) In the third subparagraph of Article 9(2), the introductory part of point (c) is amended as follows: "(c) development of transport infrastructures, and equipment and innovative technologies for transport as well as transforming the transport sector towards climate neutrality, in particular through:"
Amendment 189 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv (
Amendment 190 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point a (a)
Amendment 191 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point a (a) target that at least 40 % of EFSI financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the
Amendment 192 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point a (a) target that at least
Amendment 193 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point b (b) ensure that the majority of EFSI 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 while ensuring a balanced geographical spread of support across Member States. The Steering Board shall regularly monitor the geographical and sectoral coverage of support and shall update diversification and concentration limits where necessary in accordance with Annex II Section 8, point b;
Amendment 194 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, which undertake not to carry out dismissals or pay dividends over the period concerned, in Member States and sectors economically most hit by the Covid-19 pandemic;
Amendment 195 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States and sectors economically most hit by the Covid-19 pandemic;
Amendment 196 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point b a (new) (12a) In Article 9, paragraph 2a, a new point (ba) is added: (ba) ensure that at least 50% of the financing under the solvency support window is spent to support activities that qualify as environmentally sustainable pursuant to the Taxonomy Regulation.
Amendment 197 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c (c) ensure that the majority of EFSI 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 instrument does not directly or indirectly support projects involving fossil fuels.
Amendment 198 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c (c) ensure that the majority of EFSI
Amendment 199 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States where the availability of State solvency support is more limited.
Amendment 200 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, particularly SMEs, in Member States where the availability of State solvency support is
Amendment 201 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 b (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c a (new) (12b) In Article 9, paragraph 2a, a new point ca is added: (ca) ensure that technical assistance is provided to Members State and companies, in particular SMEs, to facilitate the widespread distribution and absorption of funding from the Solvency Support Instrument, by using existing instruments under EFSI such as The European Investment Advisory Hub (EIAH);
Amendment 202 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 b (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c a (new) (12b) In Article 9, paragraph 2a, a new point ca is added: (ca) ensure that the majority of EFSI financing under the solvency support window is utilised to target the support for firms in those Member States in which state aid has been more limited since the beginning of the COVID-19 pandemic, in order to secure a more symmetric recovery.
Amendment 203 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 b (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c a (new) (12b) In Article 9, paragraph 2a, a new point ca is added: (ca) ensure that at least 70% of EFSI financing under the solvency support window is utilised to support eligible small and medium-sized enterprises (SMEs) as defined in EU recommendation 2003/361.
Amendment 204 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 c (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c b (new) (12c) In Article 9, paragraph 2a, a new point cb is added: (cb) ensure that the majority of EFSI financing under the solvency support window is utilised to secure jobs, to avoid market concentration and to put firms on a growth path in line with the European Green Deal, the New Industrial Strategy for Europe and the Strategy on shaping Europe’s digital future.
Amendment 205 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 c (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – point c b (new) (12c) In Article 9, paragraph 2a, a new point cb is added: (cb) ensure that EFSI financing under the solvency support window is utilised to support eligible companies aiming to contribute to climate and energy targets in Member States which have committed to and are implementing the climate neutrality objective by 2040 at the latest
Amendment 206 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c).
Amendment 207 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 a (new) Regulation (EU) 2015/1017 Article 9 – paragraph 7 a (14a) in Article 9, the following paragraph is added: ‘7a. Beneficiaries that receive EFSI financing shall not make dividend payments or buy back shares. The remuneration of any member of the management of a beneficiary that receives EFSI financing shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of EFSI financing, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.’
Amendment 208 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 a (new) Regulation (EU) 2015/1017 (14a) in Article 9, the following paragraph is added: ‘7a. Beneficiaries that receive EFSI financing shall not make dividend payments, non-mandatory coupon payments or buy back shares during the period of the guarantee. The remuneration of any member of the management of a beneficiary that receives EFSI financing shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of EFSI financing, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.’
Amendment 209 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 a (new) Regulation (EU) 2015/1017 Article 9 – paragraph 7 a (new) (14a) in Article 9, the following paragraph is added: ‘7a. Beneficiaries that receive EFSI financing shall not make dividend payments, non-mandatory coupon payments or buy back shares. The remuneration of any member of the management of a beneficiary that receives EFSI financing shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of EFSI financing, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.’
Amendment 210 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – point b (b) EIB funding or guarantees to the EIF enabling it to undertake loans, guarantees, counter-guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms, or funds or special purpose vehicles set up by the EIB group or by NPBIs;
Amendment 211 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – point c (c) EIB guarantees to national promotional banks or institutions, investment
Amendment 212 #
Proposal for a regulation Article 1 – paragraph 1 – point 17 Regulation (EU) 2015/1017 Article 10 – paragraph 4 Under the solvency support window, the EIF may grant a guarantee to funds and special purpose vehicles set up by the EIB group or by NPBIs.
Amendment 213 #
Proposal for a regulation Article 1 – paragraph 1 – point 25 – point -a (new) Regulation (EU) 2015/1017 Article 14 – paragraph 1 – subparagraph 1 (-a) in paragraph 1, the first subparagraph is amended as follows: "The European Investment Advisory Hub
Amendment 214 #
Proposal for a regulation Article 1 – paragraph 1 – point 24 – point -a (new) Regulation (EU) 2015/1017 Article 14 – paragraph 1 – subparagraph 2 (-a) in paragraph 1, the second subparagraph is amended as follows: ‘The EIAH shall be able to provide technical assistance in the areas listed in Article 9(2), in particular energy efficiency, TEN-T and urban mobility. It shall also support the preparation of
Amendment 215 #
Proposal for a regulation Article 1 – paragraph 1 – point 25 – point b a (new) Regulation (EU) 2015/1017 Article 14 – paragraph 6 a (ba) paragraph 6a is amended as follows: "In order to develop a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the EFSI, a local presence of the EIAH shall be ensured where necessary, taking into account existing support schemes, with a view to providing tangible, proactive, tailor-made assistance on the ground. It shall be established in particular in Member States or regions that face difficulties in developing projects under the EFSI and, for the purposes of the solvency support window, in Member States most adversely economically affected by the COVID-19 pandemic. The EIAH shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise.
Amendment 216 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14 a – paragraph 1 An amount of up to EUR 1
Amendment 217 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 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 set up by the EIB group or by NPBIs 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
Amendment 218 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 a (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – point c (26a) In article 16(2), point (c) is amended as follows: ‘(c) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the general objectives set out in Article 9(2), in particular the European Green Deal and the Strategy on shaping Europe’s digital future, including an assessment of the level of EFSI investments in the areas of research, development and innovation and transport
Amendment 219 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 (new) Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement.
Amendment 220 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 (new) Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. Each year, the EIB Group shall report publically to the co-legislators the list of final beneficiaries of the solvency support window via a database.
Amendment 221 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 (new) Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement
Amendment 222 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 b (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 – point a (new) (27b) In the second subparagraph of Article 16(2), the following point is added: ‘(a) a description of the measures taken to detect and prevent fraudulent practices and money-laundering in the investment chain of the EIB investment operations in accordance with Article 21;’
Amendment 223 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 c (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 – point b (new) (27c) In the second subparagraph of Article 16(2), the following point is added: ‘(b) an assessment of the compliance with and contribution to the European Green Deal and the commitments under the Paris Agreement;’
Amendment 224 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 d (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 – point c (new) (27d) In the second subparagraph of Article 16(2), the following point is added: ‘(c) an assessment of the contribution to the digital transformation of the Union economy.’
Amendment 225 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 a (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 a (new) (27a) In Article 16 the following paragraph is inserted: ‘2 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing the reporting requirements provided in paragraph 2.’
Amendment 226 #
Proposal for a regulation Article 1 – paragraph 1 – point 28 a (new) Regulation (EU) 2015/1017 Article 16 – paragraph 6 (28a) In Article 16(6), the following sentence is added: "By 31 December 2021, and annually thereafter, the Commission shall submit a report on the deployment of the funds under the Solvency Support Instrument to the European Parliament, to the Council, and to the Court of Auditors."
Amendment 227 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 a (new) Regulation (EU) 2015/1017 Article 18 – paragraph 3 – point a (29a) in Article 18(3), point a is amended as follows: "(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on sustainable investment in the Union, sustainable employment creation
Amendment 228 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 a (new) Regulation (EU) 2015/1017 Article 18 – paragraph 3 – point b (29a) in Article18(3), point b is amended as follows: (b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund and its impact on the recovery of the Union in a post COVID-19 context, the solvency of companies in the Union, the participation to the delivery of the Green New Deal objective as well as the Strategy on shaping Europe’s digital future.
Amendment 229 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 b (new) Regulation (EU) 2015/1017 Article 18 – paragraph 3 – point b (29b) in Article 18(3), point b is amended as follows: ‘(b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund and its impact on the sustainable recovery of the Union and the sustainable solvency of companies in the Union benefitting of this guarantee.’
Amendment 230 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 a (new) Regulation (EU) 2015/1017 Article 19 – paragraph 2 a (new) Amendment 231 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 c (new) Regulation (EU) 2015/1017 Article 22 a (new) Amendment 232 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – Section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and
Amendment 233 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – Section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support Window, financing shall
Amendment 234 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point b Regulation (EU) 2015/1017 Annex II – paragraph 2 – point c (c) The EU guarantee shall support a wide range of products to allow the EFSI to adapt to market needs while encouraging private investment in projects, without crowding out private market finance. In this context, it is expected that the EIB will provide financing under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment under the Infrastructure and Innovation Window and under the SME Window together, which includes financing mobilised through the EIF under EFSI operations relating to the instruments referred to in Article 10(2)(b), national
Amendment 235 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point c Regulation (EU) 2015/1017 Annex II – Section 6 – point d (d) National promotional banks or institutions, investment platforms, funds
Amendment 236 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 1 – The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds, special purpose vehicles or other investment platforms
Amendment 237 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 2 Amendment 238 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 3 – The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12 , while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. Member States involved in the funds, special purpose vehicles or investment platforms shall do so in accordance with the requirements in Annex III of this Regulation. _________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 239 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 3 – The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms except for SMEs or on terms consistent with the State aid Temporary Framework12 , while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. _________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 240 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 241 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 –
Amendment 242 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall be
Amendment 243 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with
Amendment 244 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including
Amendment 245 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply
Amendment 246 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – intend 5 – Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall
Amendment 247 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 a (new) – Companies targeted by funds, special purpose vehicles or investment platforms and that are large undertakings as defined in Directive 2013/34 shall be required to propose job maintenance plans aiming at keeping employees in work and proposing clear opportunities to retrain.
Amendment 248 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d – indent 5 a (new) - The EIB shall be required to present an update of its projects to the European Parliament every three months, including: (a) a social, economic and environmental assessment of its lending activities; (b) its methodology for preventing conflicts of interest, in particular among members of the EFSI Investment Committee and the EIB Board of Directors; and proposals to incorporate stricter rules on conflicts of interest.
Amendment 249 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 a (new) Regulation (EU) 2015/1017 Annex II – Section 8 – paragraph 1 – point a (3a) In Section 8, point a is amended as follows: ‘(a) Sectoral Concentration In order to manage sector diversification
Amendment 250 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – Section 8 – point b Amendment 251 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 1 EFSI-supported operations shall not be concentrated in any specific territory at the end of the investment period concerned. To this end the Steering Board shall adopt indicative geographical diversification and concentration guidelines with the aim of ensuring a balanced geographical spread of support. The Steering Board may decide to modify these indicative limits, after consulting the Investment Committee.
Amendment 252 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – Section 8 – point b – paragraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. For that purpose, it shall monitor indicators such as the population, the inverse of GDP per capita and the deviation of Member States unemployment rate from the EU average during the period going from 2015 to 2019. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.
Amendment 253 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – Section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly, and at least on a quarterly basis, take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.
Amendment 254 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) No 2015/1017 Annex II – Section 8 – point b – paragraph 4 new The Steering Board shall report at regular intervals at least once a year to the European Parliament and the Council on the beneficiaries of this instrument and on the intermediaries’ activities, to ensure complete, correct and timely transparency of the programme.
Amendment 255 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 a (new) Regulation (EU) 2015/1017 Annex III (new) Amendment 58 #
Proposal for a regulation Recital 1 (1) Based on its spring 2020 economic forecast, Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go significantly higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. Moreover, the Commission’s summer 2020 economic forecast projects a significantly greater contraction of the EU economy in 2020 and a less robust recovery in 2021 than initially predicted, leading to an even deeper recession with wider divergences. In a stress scenario, in which 2020 GDP growth would be projected at -15.5%, the direct impact on equity of all incorporated companies (listed and non-listed) in the Union could rise to EUR 1.2 trillion. If left unaddressed these capital shortfalls
Amendment 59 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the economic effects of the national and regional lockdown measures in response to the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed or necessary, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment, more speculative investments since investors will keep looking for yields on the market, which could lead to asset bubbles, and higher unemployment. The impact of the capital shortfall will be uneven across sectors and Member States, leading to further divergences in the single market
Amendment 60 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If
Amendment 61 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data, source of which must be properly referenced and duly disclosed to the public, suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to
Amendment 62 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment
Amendment 63 #
Proposal for a regulation Recital 1 a (new) (1a) The core objective of the Solvency Support Instrument is to preserve jobs and prevent widespread business failures in the Union, while also aiming to protect the Single Market and strengthen cohesion. EFSI financing under the solvency support window will address the recapitalisation needs to companies that are viable in the long-term but facing solvency risks due to the COVID-19 pandemic. The EIB should aim to maximise the amount of private investment mobilised as part of the Solvency Support Instrument, given that it is a market-based instrument as part of EFSI, in order to address the investment needs of the Union given the severe economic challenges presented by the COVID-19 pandemic.
Amendment 64 #
Proposal for a regulation Recital 1 a (new) (1a) The EFSI steering committee will have to define limits of geographical concentration to ensure that the distribution of investments respects these principles. As the situation is evolving rapidly, the limits of geographical concentration may be reviewed in the light of the evolution of the effects of the COVID-19 pandemic throughout the Union. This recapitalisation support is intended to avoid the fragmentation of the single market which is based, and is a weakness in the event of a major systemic economic crisis, on the interdependence of national economies.
Amendment 65 #
Proposal for a regulation Recital 1 a (new) (1a) The support should provide fresh liquidity in the form of equity support for firms hit by the pandemic and help companies and workers through the crisis without the negative side effects of increasing corporate indebtedness. The SSI should target support for firms in those Member States in which state aid has been more limited, in order to secure a more symmetric recovery.
Amendment 66 #
Proposal for a regulation Recital 1 a (new) (1a) If left unaddressed, the COVID-19 negative economic effects may jeopardise efforts to achieve climate, energy and environmental targets in the Union. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 67 #
Proposal for a regulation Recital 1 b (new) (1b) In line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the Solvency Support Instrument should contribute to mainstreaming climate actions and to the achievement of the target of 50 % climate mainstreaming target for the MFF 2021-2027, and therefore at least 50% of EFSI financing under the solvency support window support project components should contribute to climate action in line with reaching climate neutrality by 2040 at the latest.
Amendment 68 #
Proposal for a regulation Recital 2 (2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated
Amendment 69 #
Proposal for a regulation Recital 2 (2) In
Amendment 70 #
Proposal for a regulation Recital 2 a (new) (2a) The conclusions of the European Council of 17-21 July 2020 do not include the Solvency Support Instrument within the instruments forming the recovery package. This is a regrettable decision made by the Heads of State and Government, necessitated by a decision to prioritise funding elsewhere. Nevertheless, support especially for SMEs will continue to be needed in many Member States and in particular in smaller Member States, whose fiscal capacities are more limited.
Amendment 71 #
Proposal for a regulation Recital 2 b (new) (2b) Businesses who find themselves in liquidity issues may find themselves unable to access public support and become targets for private equity investors from third countries. This represents a considerable threat to the strength of European economies and the innovative capacities of many Member States
Amendment 72 #
Proposal for a regulation Recital 2 c (new) (2c) Solvent businesses able to withstand liquidity problems continue to face other challenges, including barriers to market access and regulatory burdens, which continue to place those companies at risk of collapse if the economic recovery falters.
Amendment 73 #
Proposal for a regulation Recital 2 d (new) (2d) Given the importance of securing the competitive position of European companies, assets and innovative capacity, together with the need to support Member States across the Union in supporting their national economies and by extension the Single Market, the proposal for the Solvency Support Instrument remains a relevant intervention should the need for further instruments to bolster the recovery be identified
Amendment 74 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient
Amendment 75 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, and/or debt financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI. The tourism sector which has suffered severe economic consequences due to the COVID-19 pandemic should be given specific attention.
Amendment 76 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic and social consequences of the Covid-19 pandemic in the Union, companies
Amendment 77 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the economic crisis caused by the pandemic
Amendment 78 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies and in particular SMEs that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 79 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, in particular SMEs, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States,
Amendment 80 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the national and regional lockdown measures in response to the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the
Amendment 81 #
Proposal for a regulation Recital 3 a (new) (3a) The purpose of the Solvency Support Instrument is to help companies to overcome this difficult period so that they are in a position to carry the recovery, to safeguard employment levels, and to counter-balance the expected distortions in the single market, given that not all companies have, by definition, the same level of access to market financing and certain Member States may not have sufficient budgetary means available to provide adequate support to companies in need. The possibility of national solvency support measures for companies may therefore differ substantially across Member States and sectors and lead to an uneven playing field. Furthermore, as there is a considerable risk that the impact of the COVID-19 outbreak will be long- lasting and to a certain extent, unpredictable, this lack of capacity to help viable companies can lead to systemic distortions, creating new disparities or cementing existing ones. Given the strong interdependence of the Union economy, an economic downturn in one part of the Union or in a specific sector would have negative spill-over effects on cross-border supply chains or on other sectors, respectively, and therefore on the Union economy as a whole. Conversely, for the same reason, support in one part of the Union or in a specific sector would also have positive spill-over effects on cross- border supply chains or on other sectors, respectively, and therefore on the Union economy as a whole.
Amendment 82 #
Proposal for a regulation Recital 3 a (new) (3a) The Solvency Support Instrument is intended to support firms during the downturn in order to foster the economic recovery. In this sense, it is of utmost importance to safeguard employment levels across the Union. In addition, the SSI is crucial to counter-balance the distortions in the single market that are already taking place, since some core Member States with lower indebtedness levels and higher fiscal space have a sizeable advantage in supporting their companies when compared to highly- indebted peripheral countries. Given the risk of widening the gap between richer and poorer Member-States due to the impact of the COVID-19 pandemic, the SSI must be designed in such a way as to support the latter and promote convergence within the Union.
Amendment 83 #
Proposal for a regulation Recital 3 a (new) (3a) The Solvency Support Instrument should place special emphasis on SMEs given that they represent over 99 % of businesses in the Union and their economic value is significant and crucial. SMEs have been particularly impacted by the COVID-19 crisis with up to 90% of Union SMEs reportedly impacted economically, notably in the services sector, manufacturing, construction, tourism, and the cultural and creative sectors. A core objective of the Solvency Support Instrument is to preserve jobs in the SME sector while also continuing to foster competitiveness and innovation with a focus on the green and digital economy.
Amendment 84 #
Proposal for a regulation Recital 3 a (new) (3a) The purpose of the Solvency Support Instrument is to help viable companies to overcome this difficult period so that they are in a position to carry the recovery, to safeguard sustainable employment levels, and to counter-balance the expected distortions in the single market.
Amendment 85 #
Proposal for a regulation Recital 3 a (new) (3a) The SSI should ensure that public support secures jobs, avoids market concentration and puts firms on a growth path in line with the European Green Deal, the New Industrial Strategy for Europe and the Strategy on shaping Europe’s digital future.
Amendment 86 #
(3b) Notes that the longer the COVID- 19 pandemic continues, the greater the risk to the sustainability of European companies, particularly SMEs. Considers that as the pandemic evolves, the EU guarantee under the solvency support window may need to be increased to respond to ongoing challenges arising from the pandemic.
Amendment 87 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument the majority of which should be SMEs should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should not be part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions and should maintain substantial activities in the Union for the duration of the support. They should also suspend dividends distribution, bonuses payments and buy-back of shares for at least two years after benefiting from the scheme. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model with a leverage below five times their capital and not have been in difficulty in terms of the State aid framework
Amendment 88 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in a preponderant manner in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and
Amendment 89 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should also target companies that have been newly created before the end of 2020, which have acquired or are managing assets or branches of companies in difficulty in terms of the State aid framework already at the end of 2019, provided that there has been a change in management. Micro or small enterprises that were already in difficulty on 31 December 2019 should also be eligible, subject to certain conditions, since they are eligible for State aid under the Temporary Framework for State aid measures7a. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the
Amendment 90 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Companies registered in offshore jurisdictions should be excluded from any public support. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the availability of State solvency support is more limited. In addition, companies supported under this program should be prohibited from dismissing employees or reducing wages. _________________ 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187,
Amendment 91 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation.
Amendment 92 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should
Amendment 93 #
Proposal for a regulation Recital 4 (4)
Amendment 94 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis
Amendment 95 #
Proposal for a regulation Recital 4 a (new) (4a) The Steering Board should set specific geographical concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the majority of the EU guarantee under the Solvency Support Instrument supports eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19 pandemic and that the majority of that guarantee supports eligible companies in Member States where the possibility of State solvency support is most limited. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility1a.The limits shall be reviewed on a regular basis and updated to reflect any evolving COVID-19 economic impacts and/or subsequent waves of the virus. _________________ 1aCouncil Regulation []establishing a European Union Recovery Instrument to support the recovery in the aftermath of the COVID-19 pandemic
Amendment 96 #
Proposal for a regulation Recital 4 a (new) (4a) The Steering Board should set specific geographical and sectoral concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the majority of the EU guarantee under the Solvency Support Instrument supports eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19 pandemic and that the majority of that guarantee supports eligible companies in Member States, where the possibility of State solvency support and access to market financing are most limited. The limits can be updated over time in view of the COVID- 19 impacts.
Amendment 97 #
Proposal for a regulation Recital 4 a (new) (4a) The Steering Board should set specific geographical concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the EU guarantee under the Solvency Support Instrument supports only eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19 pandemic and that guarantee supports only eligible companies in Member States, where the possibility of State solvency support is most limited.
Amendment 98 #
Proposal for a regulation Recital 4 a (new) (4a) Underlines that in no way, the Solvency Support Instrument should be used as rogue State Aid for Member States who did not manage their public finances well over the last years, and therefore have less budgetary space to provide State Aid. This would create an incentive for Member States not to pursue sound budgetary policies, but speculate on future EU emergency programs, mainly financed by those Member States who did pursue sound budgetary policies.
Amendment 99 #
Proposal for a regulation Recital 4 a (new) (4a) In return for the recapitalisation of the company necessary to overcome the crisis and in the interests of fairness, the directors or corporate officers of companies benefiting from the solvency support instrument will have to cap their fixed remuneration for the years 2020 and 2021 on the basis of their fixed remuneration in 2019.
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False
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2020-07-31Show (3) Changes | Timetravel
| docs/1/docs/0/url |
https://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE655.850
|
| events/2 |
|
| events/3 |
|
2020-07-30Show (1) Changes | Timetravel
| docs/0 |
|
2020-07-29Show (1) Changes | Timetravel
| docs/0/date |
Old
2020-07-27T00:00:00New
2020-07-29T00:00:00 |
2020-07-27Show (2) Changes | Timetravel
| docs/0 |
|
| docs/0 |
|
2020-07-23Show (8) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
| committees/1 |
|
| committees/1 |
|
| procedure/dossier_of_the_committee/0 |
CJ16/9/03555
|
| procedure/dossier_of_the_committee/0 |
ECON/9/03206
|
| procedure/legal_basis/0 |
Rules of Procedure EP 57
|
| procedure/legal_basis/1 |
Rules of Procedure EP 58
|
2020-07-07Show (4) Changes | Timetravel
| committees/4 |
|
| committees/4 |
|
| committees/5 |
|
| committees/5/rapporteur |
|
2020-07-01Show (1) Changes | Timetravel
| committees/3/opinion |
False
|
2020-06-30Show (1) Changes | Timetravel
| committees/6/opinion |
False
|
2020-06-25Show (1) Changes | Timetravel
| committees/5/opinion |
False
|
2020-06-24Show (4) Changes | Timetravel
| committees/6/opinion |
False
|
| events/1 |
|
| procedure/dossier_of_the_committee |
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2020-06-17Show (1) Changes
| events/0/summary |
|