27 Amendments of Nils TORVALDS related to 2016/0276(COD)
Amendment 72 #
Proposal for a regulation
Recital 2
Recital 2
(2) That positive momentum should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain. To foster growth three dimensions complementing each others and necessary to each others need to be worked on in parallel: a framework to finance investment and innovation (including CMU), structural reforms and a common policy mix.
Amendment 136 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. The purpose of additionality should be limited to ensuring that selected projects are those that could not have otherwise obtained financing on the market due to a higher risk profile. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
Amendment 175 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) It is appropriate to encourage partnerships with National Promotional Banks or Institutions including for setting up Investment Platforms and, where, on a case by case basis, the National Promotional Banks or Institutions could select projects thereafter.
Amendment 197 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) Investment platforms participating in EFSI shall be able to work in a cross- border basis in order to increase their efficiency and to reduce geographical imbalances.
Amendment 198 #
Proposal for a regulation
Recital 16 b (new)
Recital 16 b (new)
(16 b) In the framework of a partnership between the Investment Committee and an investment platform, a national promotional bank or an institution, the Investment Committee may at any time supervise the project selection procedure applied in order to guarantee the respect of this Regulation.
Amendment 199 #
Proposal for a regulation
Recital 16 c (new)
Recital 16 c (new)
(16 c) Simplification is needed in the procedures for processing operations so that the information which final beneficiaries, especially SMEs are required to provide is the minimum necessary to ensure their success without imposing an excessive bureaucratic burden on SMEs.
Amendment 214 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18 a) The annual country-by-country reports of EFSI will include the exact funding that every project has required.
Amendment 222 #
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focuaddress any shortcomings oin needs not covered adequately under current arrangementhe implementation of the EFSI. It should play an instrumental role in empowering project promoters to initiate and develop viable, sustainable and quality projects. It should pay particular attention to supporting the preparation of projects involving two or more Member States or regions and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, tThe EIAH should also contribute actively to the objective of sectorial and geographical diversification of the EFSI and proactively support the EIB where needed in originating projects and launching originating projectsperations. The EIAH activities should be complementary to the existing structures and overlaps to the services in the Member States should be avoided. It should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of Union funding with the EFSI. It is considered necessary for the EIAH to establish a strong local presence, where needed, to leverage local knowledge about the EFSI and better consider local needs. The EIAH should aim to conclude agreements with national and regional promotional banks or institutions in each Member State. To achieve those objectives, the staff capacity of the EIAH should be commensurate to the tasks that it is called upon to undertake.
Amendment 257 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a (new)
Article 1 – paragraph 1 – point 1 – point a a (new)
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point a – point iv
Article 4 – paragraph 2 – point a – point iv
(a a) in point (a), point (iv) is replaced by the following: ‘(iv) the pricing of EFSI backed operations under the EU guarantee, which is to be in line with the EIB's general pricing policy, taking into account that EFSI's aim is to address market failures and gaps, to stimulate adequate additional geographic and regional balance of EFSI backed operations, and therefore an integrated and streamlined approach to the aim of growth, jobs and investments is necessary;’;
Amendment 259 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a (new)
Article 1 – paragraph 1 – point 1 – point a a (new)
Regulation (EU) No 2017/1017
Article 4 – paragraph 2 – point b – point iii
Article 4 – paragraph 2 – point b – point iii
(a a) in point (b), point (iii) is replaced by the following: ‘(iii) a provision that the Steering Board is to take decisions by consensus; in the event that a consensus cannot be reached, the Steering Board shall decide by a three-fourths majority of its component members;’;
Amendment 267 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 2015/117
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
Amendment 274 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
To better address market failures or sub- optimal investment situations, whereby ensuring complementarity and thus avoiding crowding out vis-a-vis participants in the same market, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk-sharing instruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II in order to ensure additionality.
Amendment 303 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 2015/1017
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
(3 a) In Article 6, a new paragraph 2a is inserted: ‘2a. When a national court of audit or an independent council or any anti- corruption body of a Member State has expressed some concerns on a project, a type of investment or on a body having the responsibility of investing public money and these concerns are communicated to the EFSI. The Steering Board should take into account the opinions expressed and shall take a decision by consensus.’
Amendment 306 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point -a (new)
Article 1 – paragraph 1 – point 4 – point -a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
(-a) in paragraph 3, the first subparagraph is replaced by the following: ‘The Steering Board shall comprise four members: three appointed by the Commission and one by the EIB. Before the official nomination, the European Parliament shall be kept informed of the candidates, respecting strict confidentiality requirements. The Steering Board shall elect a Chairperson from among its members for a fixed term of three years, renewable once. The Steering Board shall strive to take its decisions by consensus. In the event that a consensus cannot be reached, the Steering Board shall decide by a three-fourths majority of its component members.’;
Amendment 311 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point -a (new)
Article 1 – paragraph 1 – point 4 – point -a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
Amendment 315 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point -a a (new)
Article 1 – paragraph 1 – point 4 – point -a a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 5 – subparagraph 2
Article 7 – paragraph 5 – subparagraph 2
(-aa) in paragraph 5, the second subparagraph is replaced by the following: ‘The Managing Ddirector shall be assisted by a deputy managing director. The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board.Both can, on their request, participate in the meetings of the Steering Board as non- voting members.’;
Amendment 317 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point -a b (new)Regulation (EU) No 2015/1017
Article 1 – paragraph 1 – point 4 – point -a b (new)Regulation (EU) No 2015/1017
Article 7 – paragraph 5 a (new)
(-ab) In article 7, a new paragraph 5a is inserted: ‘5a. The overall composition of the Steering Board, Managing Director and Deputy Managing Director shall strive for ensuring gender balance.’;
Amendment 341 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – introductory part
Article 9 – paragraph 2 – introductory part
(-a) In article 9, paragraph 2, introductory part is replaced by the following : The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Aarticle 7(7) or for funding or guarantees to the EIF in order to conduct EIB financing and investment operations in accordance with Article 11(3) and in accordance with the guidance of the Steering Board. Cooperation of the EIB with NPB/NPIs should be encouraged to leverage the deep market knowledge of these entities with the increased financing capacity of the EIB provide by the EU guarantee. The operations concerned shall be consistent with Union policies and support any of the following general objectives:.
Amendment 343 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – point b – point ii
Article 9 – paragraph 2 – point b – point ii
(-a) in Article 9, paragraph 2, point (b), point (ii) is amended as follows: ‘(ii) energy efficiency and energy savings (with a focus on reducing demand through demand-side management and the refurbishment of buildings including prisons);’
Amendment 371 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 40 % of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitments. The Steering Board shall provide detailed guidance to thatis end.
Amendment 373 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b a (new)
Article 1 – paragraph 1 – point 5 – point b a (new)
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 b (new)
Article 9 – paragraph 2 – subparagraph 1 b (new)
(b a) in paragraph 2, the following subparagraph is added: ‘The EIB shall use the EU guarantee for supporting investment platforms or funds and national promotional banks or institutions that invest in operations meeting the requirements of this Regulation (eligible vehicles), after approval by the Investment Committee. In order to strengthen its objective, the Investment Committee shall encourage cooperation with cross-border investment platforms.’
Amendment 424 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point ii
Article 1 – paragraph 1 – point 9 – point b – point ii
Regulation (EU) No 2015/1017
Article 14 – paragraph 2 – point e
Article 14 – paragraph 2 – point e
(e) providing pro-active support on the establishment of investment platforms, with a view also to supporting smaller scale projects;
Amendment 438 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point d a (new)
Article 1 – paragraph 1 – point 9 – point d a (new)
(ii a) the following paragraph is inserted after paragraph 6: ‘6a. In order to actively ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the EFSI, the local presence of the EIAH shall be established, where needed and taking into account existing support schemes, with a view to providing tangible, pro-active, tailor-made assistance on the ground.'.
Amendment 468 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) No 2015/1017
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
(11 a) In Article 21, the first subparagraph of paragraph 2 is replaced by the following: ‘2. OLAF may carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council ( 1 1), Council Regulation (Euratom, EC) No 2185/96 ( 2 2) and Council Regulation (EC, Euratom) No 2988/95 ( 3 3) in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, money laundering or any other illegal activity affecting the financial interests of the Union in connection with any financing and investment operations covered by this Regulation. OLAF may transmit any information obtained in the course of its investigations to the competent authorities of the Member States concerned. The competent authorities shall follow up on the information transmitted, unless not compatible with the national legal framework.’
Amendment 475 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13 a (new)
Article 1 – paragraph 1 – point 13 a (new)
Regulation (EU) No 2015/1017
Article 24 – paragraph 2
Article 24 – paragraph 2
(13 a) In Article 24, the second paragraph is replaced by the following: ‘2. The Commission shall assess the operations referred to in paragraph 1 and, where they comply with the eligibility criteria set out in Article 6, the general objectives set out in Article 9(2) and Annex II, Annex II, and the principles of operations' own merit, and without any geographic or sectorial allocation, decide that the EU guarantee coverage extends to them.’
Amendment 492 #
Proposal for a regulation
Annex II – point 1 b a (new)
Annex II – point 1 b a (new)
Regulation (EU) No 2015/1017
Annex II – section 2 – point 2 a (new)
Annex II – section 2 – point 2 a (new)
(b a) A new point is added: (2 a) The EIB shall use the EU guarantee for supporting investment platforms or funds and national promotional banks or institutions that invest in operations meeting the requirements of this Regulation (eligible vehicles), after approval by the Investment Committee. In order to avoid geographical concentration, Investment Committee shall encourage cooperation with cross-border investment platforms.
Amendment 496 #
Proposal for a regulation
Annex II – point 3
Annex II – point 3
Regulation (EU) No 2015/1017
Annex II – section 5 – paragraph 1 a (new)
Annex II – section 5 – paragraph 1 a (new)
The scoreboard shall be made public as soon as an operation under the EU guarantee is signed, with the exclusion of commercially sensitive information; a compilation of the scoreboard results shall be presented to MEPs in an annual basis.