30 Amendments of Nils TORVALDS related to 2020/0106(COD)
Amendment 24 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
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 35 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point a
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 its internationally agreed methodologythe criteria provided for in Regulation (EU) 2020/852 to identify those climate action project components or cost shares;
Amendment 67 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – section 6 – point d – indent 5
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,comply with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include the respect of the “do no significant harm" principle referred to in Regulation (EU) 2020/852 and 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 plansput in place green transition plans which demonstrate on an annual basis how the public support received is used to align their operations with the Union’s climate and environmental objectives and the Paris Agreement. 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 95 #
Proposal for a regulation
Recital 4 a (new)
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 105 #
Proposal for a regulation
Recital 4 b (new)
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)
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 126 #
Proposal for a regulation
Recital 10
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. SDue to the interconnectedness of the Union economy, support to cross-border activities should also be targeted to prevent potential spill-over effects and to maximise the benefits of cross-border supply chains.
Amendment 130 #
Proposal for a regulation
Recital 10
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 144 #
Proposal for a regulation
Recital 14
Recital 14
Amendment 146 #
Proposal for a regulation
Recital 14 a (new)
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 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 157 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 3 – paragraph 1 – point c
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 161 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 3 – indent 3
Article 5 – paragraph 1 – subparagraph 3 – indent 3
– support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window. , especially those facilitating investment in Member States and sectors most adversely affected by the COVID-19 pandemic.
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) 2015/1017
Article 5 – paragraph 2 – subparagraph 1
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 market failures and sub-optimal investment situations including problems resulting from financial fragmentation and, for the purposes of the solvency support window, to take into account the impact of a prolongation or resurgence of the COVID-19 pandemic. When carrying out that adjustment, the Steering Board shall avoid an approach which would be riskier than necessary. " Or. en (32015R1017)
Amendment 174 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 7
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. " Or. en (32015R1017)
Amendment 177 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 8 – subparagraph 3 – point l a (new)
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 179 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2015/1017
Article 8 – paragraph 3
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 189 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv
Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv
(vi) tourism; 10a) In the third subparagraph of Article 9(2), point (g)(vi) is amended as follows: "(vi) tourism and hospitality;" Or. en (32015R1017)
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point -a (new)
Article 1 – paragraph 1 – point 25 – point -a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
(-a) in paragraph 1, the first subparagraph is amended as follows: "The European Investment Advisory Hub (EIAH) shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for the identification, preparation and development of investment projects and to act as a single technical advisory hub for project financing within the Union. Such support shall include the provision of targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments, on the use of public-private partnerships and on the provision of information, as appropriate, on relevant issues relating to Union law, and for the purposes of the solvency support window, on the setting up, structuring and management of special purpose vehicles, funds, investment platforms and other vehicles, taking into account the specificities and needs of Member States with less developed financial markets, as well as the situation in different sectors. " Or. en (32017R2396)
Amendment 215 #
Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point b a (new)
Article 1 – paragraph 1 – point 25 – point b a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 6 a
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. " Or. en (32017R2396)
Amendment 221 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 (new)
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. and shall additionally include:
Amendment 222 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27 b (new)
Article 1 – paragraph 1 – point 27 b (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point a (new)
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)
Article 1 – paragraph 1 – point 27 c (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point b (new)
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)
Article 1 – paragraph 1 – point 27 d (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point c (new)
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 238 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 3
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 244 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 5
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 lighproportionater 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 also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 246 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – intend 5
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 be encouraged to put in place, in the future,put in place green transition plans. Companies shall also be strongly encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 4
Article 1 – paragraph 1 – point 31 – point 4
Regulation (EU) 2015/1017
Annex II – Section 8 – point b – subparagraph 2
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 255 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 a (new)
Article 1 – paragraph 1 – point 31 a (new)
Regulation (EU) 2015/1017
Annex III (new)
Annex III (new)