735 Amendments of Brian HAYES
Amendment 43 #
2018/2219(DEC)
185. Notes that Court presented a very thorough and comprehensive piece of research (e.g. good sample size), and could be an example for future analysis in other areas of the IIA-BLM; also notes that the development of additionalBetter Law Making; is of the opinion that the existing performance indicators to monitor the implementation of the IIA-BLM should be consideredare sufficient;
Amendment 44 #
2018/2219(DEC)
Motion for a resolution
Paragraph 186
Paragraph 186
186. Is of the opinion that the active involvement and participation of the Court will benefit the IIA-BLM by enhancing its monitoring exercise; believWelcomes thate greater use of Court’s briefing papers may also contribute to achieving that objectivein the monitoring of the implementation of legislation by the Member States;
Amendment 52 #
2018/2167(DEC)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Welcomes the opening of the House of European History in May 2017 and the Simone Veil Parlamentarium in Strasbourg in July 2017; notes that between May and December the House of European History welcomed 99 344 visitors; regrets that its opening was delayed for more than one year; is concerned that 99 344 visitors seems few relative to costs of EUR 4,4 million in staff costs: EUR 2,7 million for permanent staff and EUR 1,7 million for contract agents (including the cost of the security agents); invites the Bureau to undertake a cost- benefit analysis and assess whether this significant amount of money is being spent wisely;
Amendment 130 #
2018/2167(DEC)
Motion for a resolution
Paragraph 67
Paragraph 67
67. Notes that the new Parliament’s travel service will start operating on 1 January 2019; welcomes the fact that the new contract contains strengthened conditions, in particular with regard to ticket pricing and the availability of the travel service’s call centre at all times, including at weekends; stresses again the importance of a simple and user-friendly complaints mechanism to quickly highlight shortfalls, which allows for speedy resolution of any problems; emphasises that attention needs to be paid to the specific requirements of Members and their need for tailor-made services; is doubtfuloptimistic that services will significantly improve since former BCD staff will be taken on by the new travel serviceimprove under the new leadership;
Amendment 171 #
2018/2166(DEC)
Motion for a resolution
Paragraph 75
Paragraph 75
75. Is deeply concerned by the factNotes that, according to the Court, 64 % of the total value of EFSI contracts that the EIB Group had signed by the end of 2017 was concentrated in six Member States: France, Italy, Spain, Germany, UK, Poland;
Amendment 173 #
2018/2166(DEC)
Motion for a resolution
Paragraph 76
Paragraph 76
76. Calls on the Commission to ensure that EFSI’s management bodies take into account the need for a proper geographical balance when signing contracts and to report back to the Parliament on the progress achieved;
Amendment 954 #
2018/2121(INI)
Motion for a resolution
Paragraph 149 a (new)
Paragraph 149 a (new)
149 a. Reiterates the proposals contained in its Resolution of 5 July 2018 “on the adverse effects of the US Foreign Account Tax Compliance Act (FATCA) on EU citizens and in particular ‘accidental Americans’” which calls on the Commission to take action to ensure that the fundamental rights of all citizens, in particular those of ‘accidental Americans’, are guaranteed, and calls on the Commission and the Council to present a joint EU approach to FATCA in order to adequately protect the rights of European citizens (in particular ‘accidental Americans’) and improve equal reciprocity in the automatic exchange of information by the US;
Amendment 4 #
2018/2095(INI)
Motion for a resolution
Citation 11
Citation 11
— having regard to the Council of Europe Convention on preventing and combating violence against women and domestic violence (Istanbul Convention), and Article 3 thereof, defining ‘gender’ as ‘the socially constructed roles, behaviours, activities and attributes that a given society considers appropriate for women and men’, and the Inter-American Convention on the Prevenmmunication from the Commission to the European Parliament, the Council and the European Economic and Social Committee “EU Action, Punishment, and Eradication of Violence against Women (Convention of Belem do Pará) of 1994lan 2017-2019 Tackling the gender pay gap”,
Amendment 7 #
2018/2095(INI)
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
— having regard to Council Directive 2004/113/EC of 13 December 2004 implementing the principle of equal treatment between men and women in the access to and supply of goods and services,
Amendment 8 #
2018/2095(INI)
Motion for a resolution
Citation 18 b (new)
Citation 18 b (new)
— having regard to the proposal for a Council Directive of 18 January 2018 amending Directive 2006/112/EC as regards rates of value added tax,
Amendment 13 #
2018/2095(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Articles 2 and 3 of the TEU acknowledge non-discrimination and, according to Articles 2, 3 (3) TEU and Article 21 of the Charter of Fundamental Rights equality between women and men ais essential values and aims of the Union; whereas Articles 8 and 11 of the TFEU oblige the European institutions to aim for gender equality, one of the core values on which the EU is founded and whereas in all its activities, the Union shall aim to eliminategrating equality between women and men into all the Union’s policies and activities inequalities and promote gender equality as enshrined in Article 8 (TFEU);
Amendment 17 #
2018/2095(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas across the European Union women remain underrepresented in the labour market with the overall employment rate of women still being almost 12 % lower than that of men; whereas in the EU 31.5 % of working women work part-time compared with 8.2% of working men;
Amendment 18 #
2018/2095(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas it is of utmost importance to address the gender employment gap and to narrow the gender pension gap which stands at a nearly 40% in the EU on average and results from accumulated inequalities throughout the course of women’s’ lives and their periods of absence in the labour market;
Amendment 19 #
2018/2095(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
Ac. whereas the gender pay gap in the EU stands at 16 % meaning that women in the EU, across the economy, earn on average 16% less per hour than men do;
Amendment 20 #
2018/2095(INI)
Motion for a resolution
Recital A d (new)
Recital A d (new)
Ad. whereas the cumulative effect of the multiple gaps affecting women (gender pay and employment gaps, career and childcare breaks, full time versus part timework) contributes substantially to the gender pay gap and gender pension gap, resulting in a higher risk of exposure to poverty and social exclusion for women, with negative impacts also extending to their children and families;
Amendment 22 #
2018/2095(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Beijing Platform for Action emphasiserecommends the need to analyse tax policies from a gender perspective and to adjust themfrom a gender perspective different policies and programmes, including those related to macroeconomic stability, structural adjustment, external debt problems, taxation, investments, employment, financial markets and all relevant sectors of the economy and adjust them, as appropriate, to promote a more equitable distribution of productive assets, wealth, opportunities, income and services;
Amendment 30 #
2018/2095(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the Commission staff working document ‘Strategic Engagement for Gender Equality (2016-2019)’ identifies key areas for gender equality, including taxation policies, but lacks bcalls for gender mainstreaming by incorporating gender equality considerations into impact assessments and evaluations; whereas the document also suggests examinding provisions or a call for commitment to ghow gender equality is integrated into various sectors such as taxation, transport, ender mainstreaming at Member State levelgy, education, health, agriculture, trade, regional policy, maritime affairs and the environment;
Amendment 35 #
2018/2095(INI)
Motion for a resolution
Recital D
Recital D
D. whereas taxation policies canmay have explicit or implicit gender biases; whereas an explicit bias means that a tax provision directly targets either men or women in a distinct way, while an implicit bias means that the provision nominally applies equally to all but in reality discriminates against wocould potentially have a bias against either women or men;
Amendment 37 #
2018/2095(INI)
Motion for a resolution
Recital E
Recital E
E. whereas policy choices to raise and redistribute revenues canmay impact women’s income and economic security disproportionately and reduce their access to quality public services, undermining their ability to exercise their economic and social rights and progress towards gender equalcertain groups in society disproportionately and may have a specific gender bias, which may in turn affect levels of income and economic security;
Amendment 40 #
2018/2095(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the lack ofintegrating a gender perspective in EU and national taxation policies reinforces current gender gaps (employment, income, unpaid work, pension, poverty, wealth, etc.), creates disto EU policies could effectively address gender gaps and stereotypes while also creating incentives for women or men to enter and remain in the labour market, and reproduces traditional gender roles and stereotypes;
Amendment 41 #
2018/2095(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the design of tax policies is an essential feature of the Europe 2020 strategy; whereas the main focus of thepriorities of the European Semester aremains ensuring compliance with the Stability and Growth Pact and whereas gendsound public finances, preventing excessive macroeconomic imbalances and boosting growth and investment; wher easpects tend to be disregarded in priori it should be regularly assessed whether the attainment of these objectives and re commendations, particularly those relating to taxationnsistent with gender equality and non- discrimination principles;
Amendment 44 #
2018/2095(INI)
Motion for a resolution
Recital H
Recital H
H. whereas regressive changes in the taxation of labour, corporations, consumption and wealth, observable in recent decades across th in some Member States, have resulted in a shift of the tax burden towards low-income groups, and therefore women in particular, on account of the unequal distribution of income between women and men, the small share of women among top-income earners, the above-average consumption ratios for women as regards basic goods and services and the comparatively high share of labour income and small share of capital income in women’s total income8 ; __________________ 8 European Parliament Policy Department C (2017) - Gender equality and taxation in the European Union.
Amendment 46 #
2018/2095(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas women in particular may suffer from economic inequalities because of the unequal distribution of income between women and men, the small share of women among top-income earners, and the comparatively high share of labour income and small share of capital income in women’s total income8a; 8a European Parliament Policy Department C (2017) - Gender equality and taxation in the European Union.
Amendment 48 #
2018/2095(INI)
Motion for a resolution
Recital I
Recital I
I. whereas on average corporate tax rates have fallen dramatically since the 1980s, from above 40 % to 21.9 % in 2018, while in contrast, the rate of consumption taxes (of which VAT is a large component) has increased since 2009, reaching 20.6 % in 20169 ; __________________ 9 https://ec.europa.eu/taxation_customs/sites/ taxation/files/taxation_trends_report_2018. pdf
Amendment 54 #
2018/2095(INI)
Motion for a resolution
Recital J
Recital J
J. whereas regressive tax policies, underfunded public services and cuts to social services disproportionately affect women, as they often fill the gaps in caregiving, education and other kinds of family support, typically without remuneration, perpetuating women’s disproportionate responsibility for carelow income groups, and can often have a disproportionate impact on caregiving, education and other kinds of family support, which in turn has a disproportionate effect on women as opposed to men10 ; __________________ 10 Institute of Development Studies (2016) Redistributing Unpaid Care Work – Why Tax Matters for Women’s Rights. Policy Briefing. Issue 109. January 2016.
Amendment 59 #
2018/2095(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the disproportionately high tax burden for secondary earners in mostsome Member States is one of the mainften a serious disincentives for women’sthe participation in the labour market11 , often caused by joint tax and benefit provisions and the costs and lack of universal childcare servicesof women and low income earners in the labour market11; __________________ 11 European Parliament Policy Department C (2017) - Gender equality and taxation in the European Union.
Amendment 64 #
2018/2095(INI)
Motion for a resolution
Recital L
Recital L
L. whereas personal income taxation may effectively tax women’s income at a higher rate than men’s when household income is pooled to calculathousehold income pooling in some Member States serves as a support mechanism for families to reduce their taxes owed and women’s income is seen as supplemental to that of a male breadwinner; whereas only Sweden and Finland can be considered to have a strictly individualised income tax system burden; whereas certain families may favour joint taxation while others may favour individual or separate taxation;
Amendment 68 #
2018/2095(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to support gender equality in all taxation policies and to issue specific guidelines and recommendations to Member States, including that they carry out gender audits of fiscal policies in order to eliminate tax-related gender biases and to ensure that no new tax, spending laws, programmes or practicerespect the tax neutrality principle in taxation policies and incorporate a gender perspective into all EU actions, including areas that increase market or after-tax income gender gapsving direct or indirect impact orn that reinforce the male breadwinner model are establishedaxation policies of the EU Member States;
Amendment 70 #
2018/2095(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stresses that, in accordance with the principle of subsidiarity as defined in Article 5(3) TEU, Member States are free to set the rules for their tax policies, provided they comply with EU rules. Furthermore, EU decisions on tax matters require unanimous agreement by all Member States;
Amendment 71 #
2018/2095(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Considers that all tax policies in the Union should follow a principle of gender neutrality whereby all taxpayers are treated equally, regardless of their sex;
Amendment 73 #
2018/2095(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission (DG TAXUD) to be explicitly mandated to cooperate with EIGE in order to monitor and regularly report on the impact of Member States’ taxation polices on gender equality; Calls on the Commission to increase the resources for EIGE for this purpose;liaise with EIGE in order to assess the impact of Member States’ taxation polices on gender equality
Amendment 76 #
2018/2095(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to promote EU ratification of the CEDAW Convention, as it has done for the UNCRPD and the Istanbul Conventionand the Member States to ensure that EU legislation on indirect and direct gender discrimination is properly implemented and its progress systematically monitored, in order to make sure that men and women are equal actors in the EU Single Market as well as Member States’ labour markets;
Amendment 80 #
2018/2095(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines the need for the nextEncourages the Commission to enhance the status of the Strategic Engagement for Gender Equality to include clear objectives, indicators and institutional mechanisms to ensure gender equality in taxation policies and calls again on the Commission to enhance the status of the Strategic Engagement by adopting it as a communicaby adopting it as a communication,12 and to propose key actions to enhance equality between women and men through a sectoral analysis, including taxation aspects, of all EU action12 s; __________________ 12 As called for in the Council conclusions on Gender Equality of 16 June 2016.
Amendment 83 #
Amendment 85 #
Amendment 93 #
2018/2095(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on all Member States to shift from joint taxation to individual taxation; believes that until tax systems are no longer based on the assumption that households pool and share their funds equally, tax fairness for women will not be achievedonsiders that, as a consequence of the gender pay gap and due to labour market inequalities, women may be disproportionately affected by certain tax policies. Believes that the appropriate way to tackle this problem is through reform of labour market policies;
Amendment 96 #
2018/2095(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes note of the Commission’s Communication of 20th November 2017 “EU Action Plan 2017-2019 Tackling the gender pay gap” which recognises eight areas for action and calls on Member States to step up their efforts to tackle the gender pay gap effectively in order to improve the economic situation of women and to safeguard their economic independence;
Amendment 98 #
2018/2095(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Calls on the Commission and the Member States to tackle horizontal and vertical segregation on the labour market by eliminating gender inequalities and discrimination in employment and encouraging, in particular through education and by raising awareness among girls and women to take up studies, jobs and careers in innovative growth sectors, including ICT and STEM;
Amendment 99 #
2018/2095(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Calls on the Commission to continuously monitor and strengthen the application of the equal pay principle in Member States, to ensure that inequalities are eradicated in both the labour market and taxation sectors;
Amendment 100 #
2018/2095(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5d. Considers that married taxpayers should have the ability to choose between joint taxation or individual taxation; considers that certain families may favour joint taxation while others may favour individual or separate taxation; believes that the right to choose is a vital part of a fair taxation system; likewise, calls on Member States to support single parent families through favourable tax treatment or tax incentives;
Amendment 106 #
2018/2095(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Acknowledges that transition perCalls for Member States and the Union institutiodns towards such an individual taxation system may be necessary in some Member States; calls, during these transition periods, for the elimination of all tax expenditures based on joint income and notes the need to gradually ensure that all tax benefits, cash benefits and in- kind government services are given to women as individuals in order to promote their financial autonomy promote studies on the effects of the gender gap on the pensions and financial independence of women, taking account of issues such as the ageing population, gender differences in health conditions and life expectancy, how family structures have changed and the number of single-occupancy homes has risen, and differences in women’s personal situations;
Amendment 107 #
2018/2095(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Member States to eliminnsure thate tax-related dis incentives to femalerelated to employment and to design refundable tax credits for secondary earners and single parents based on individual incomere gender neutral; furthermore, calls on Member States to look at different ways of tackling the issue of women’s underrepresentation in the labour market and to address potential economic disincentives for second earners, be it men or women, entering the labour market;
Amendment 111 #
2018/2095(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls ononsiders theat Member States should not to reduce the progressive nature of their personal income tax systems; e.g. by attempting to simplify personal income taxation;
Amendment 112 #
2018/2095(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for personal income tax (structure of rates, exemptions, deduction, allowances, credits, etc.) to be designed to actively proEmphasises that progressive tax systems based on the principle of ‘the motre an equal sharing of paid and unpaid work, income and pension rights between women and men, and to eliminate incentives that perpetuate unequal gender rolesyou earn the more you pay’ promote fairness and equality for all taxpayers, regardless of their sex;
Amendment 117 #
Amendment 120 #
2018/2095(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Reiterates the importance of corporate income tax as part of the total revenues available for Member States, which is a fundamental source of revenue for the well-functioning of welfare provisions; is concerned at the decrease in statutory and effective corporate tax rates in the EU over the past 35 years and the race to the bottom among Member States, winotes, however, that since corporations are legal entities that have no gender, the six of them having lowered theirtructure of corporate tax rasystems in 2017 and 15 having lowered them since 2009cannot be linked to issues related to gender inequality;
Amendment 123 #
2018/2095(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls for the Member States highlighted iWelcomes the Commission Communication on the 2018 European Semester for their aggressive tax planning provisions to amend their legislation and close these provisions as soon as possible13 ; is concerned by the risk that, while working on coordinating their corporate tax bases, Member States may find new provCountry Reports of 7 March 2018 13 and reiterates the concern of persistent gender employment gaps and labour market segmentation in some Member States; calls on the Commissions to facilitate aggressive tax planning by corporations, leaving it to Member States to find other sources of taxation (including consumption taxes), which have a disproportionate effect on womenmake detailed recommendations to those Member States in upcoming European Semester reports about how to address these problems and reduce gender inequality in the labour market; __________________ 13 European Commission (2018) European Semester: Country Reports, 7 March 2018.
Amendment 124 #
2018/2095(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 127 #
Amendment 128 #
2018/2095(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that corporation and wealth taxes can play a crucial role in reducing inequality through redistribution within the tax system and in providing revenues to fund social provisions and social transfers;
Amendment 132 #
2018/2095(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Deplores the persistence of gender gaps in women’s property ownership, particularly of major assets14 ; notes that the reduction of capital gains and property taxes primarily benefits men, as they are more likely to control such resources15 in developing countries14 ; notes that no sufficiently precise information exists regarding gender gaps in property ownership in the EU; __________________ 14 Action Aid. Making tax work for women’s rights. 15 Institute of Development Studies (2016) Redistributing Unpaid Care Work – Why Tax Matters for Women’s Rights. Policy Briefing. Issue 109.
Amendment 135 #
Amendment 137 #
2018/2095(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that the share of consumption taxes rose in the Union from 2009 to 2016; notes that VAT, a gender neutral tax, typically accounts for between two thirds and three quarters of consumption taxes in the Member States;
Amendment 141 #
2018/2095(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that VAT exertis a gender bias because of women’s consumption patterns, which differ from those of men as they purchase moreneutral tax which treats all consumers equally; notes that Council Directive 2004/113/EC of 13 December 2004 prohibits direct and indirect discrimination between men and women in the access to and supply of goods and services; with the aim of promoting health, education and nutrition16 ; is concerned that this combined with women’s lower income leads to women bearing a larger VAT burden; calls on the Member Stateselcomes the proposal of 18 January 2018 for a Council Directive amending Directive 2006/112/EC as regards rates of value added tax, which would give Member States more flexibility to provide for VAT exemptions, reduced rates and zero-rates for productgoods and services with positive social, health and/or environmental effects, in line with the ongoing revision of the EU VAT Directive; __________________ 16 La Fiscalidad en España desde una Perspectiva de Género (2016) - Institut per a l’estudi i la transformació d ela vida quotidiana / Ekona Consultoría.
Amendment 146 #
2018/2095(INI)
Motion for a resolution
Subheading 6
Subheading 6
Amendment 147 #
2018/2095(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 150 #
2018/2095(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Recalls its recommendations of 13 December 2017 following the inquiry into money laundering, tax avoidance and tax evasion18 , and those from previous special committees (TAX and TAX2) drawn up with a view to fighting tax evasion and avoidance in the EU; calls on the Member States to adopt public country-by-country reporting, an EU common consolidated corporate tax base (CCCTB) and a revised interest and royalties directive as soon as possible; __________________ 18 Texts adopted, P8_TA(2017)0491.
Amendment 153 #
2018/2095(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission and the Member States to promote gender-equneutral taxation reforms in all international fora, including the OECD and the UN, and to support the creation of a UN intergovernmentencourage the UN Committee of Experts on International tTax body with universal membership, equal voting rights and equal participation of women and men, which should be well-equipped to develop specific gender(UNTC) to assess the impact of the gender pay gap and labour market inequalities on taxation expertisepolicy;
Amendment 155 #
2018/2095(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that double taxation treaties between Member States and developing countries do not usually promote source taxation, therefore benefiting multinational corporations at the expense of mobilisation of domestic resources by developing countries; notes that the lack of domestic resource mobilisation prevents fully financed public services such as healthcare or education in these countries, which disproportionately impacts women and girls; urges the Member States to mandate the Commission to review existing double taxation treaties so as to examine and address these problems,Urges the Member States to review double taxation treaties and to ensure that future double taxation treaties include genderfairness and equality provisions in addition to general anti-abuse provisions;
Amendment 157 #
2018/2095(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls on the TAX3 special cWelcomes the progress made by the effective implementation of gender mainstreaming in the European Parliament’s activities; invites all European Parliament Committees to include a gender perspective in the formulation of its recommendationsir work;
Amendment 159 #
Amendment 164 #
2018/2095(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the Commission and the Member States to carry out gender impact assessments of fiscal policies before and after implementationontinuously ensure that direct or indirect discrimination does not feature in any fiscal policies in the EU;
Amendment 165 #
2018/2095(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on Member States to share best practices on the design of their labour markets and taxation systems to help reduce gender pay and pensions gaps which may therefore promote more fairness and equality in tax treatment between men and women;
Amendment 171 #
2018/2095(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. CRecalls onthat the Commission to mainstream gender aspects in the assessments of fundamental tax policy design conductedobjectives of the European Semester are the promotion of growth and employment in line within the European Semester; underlines that reviews of Member States’ tax systems within the European Semester, as well as country- specific recommendations, require thorough 2020 strategy, the promotion of sustainable public finances and the prevention of excessive macroeconomic imbalances; calls on the Commission to regularly assess and analyses with regard to effects on socioeconomic gender gaps, the prohibition of discrimination and the promotion of substantive gender equality and should also address the need for adequate institutional measures at Member State levelhether the attainment of these objectives are consistent with the principles of equality between men and women and non- discrimination;
Amendment 173 #
2018/2095(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls on the Commission to use the priorities of the Europe 2020 Strategy to tackle structural weaknesses in Europe’s economy, address the gender pay and pensions gap, improve the EU’s competitiveness and productivity and underpin a sustainable social market economy which benefits all women and men;
Amendment 179 #
2018/2095(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the Commission and the Member States to implement gender- responsive approaches to budgeting in a way that explicitly tracks what proportion of public funds are targeted at women and that ensures that all policies for mobilising resources and allocating expenditure promote gender equalitybudgeting in line with the principles of non- discrimination and equality between women and men;
Amendment 185 #
2018/2095(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Regrets that gender equality has not been recognised as a horizontal priority in the multiannual financial framework for the years 2021 to 2027 and urges the EU to immediately integrate gender budgeting with regard to revenues and expenditures inAsks that consideration be given to the proposal to recognise the principle of equality between men and women as a horizontal priority in the multiannual financial framework for the years 2021 to 2027 and to be integrated into the budgetary process, where possible, in line with the EU’s gender mainstreaming obligationobjectives;
Amendment 67 #
2018/2094(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Stresses that an ageing population and other demographic developments present a major challenge to sustainability of public finances, therefore emphasises the need for sustainable and adequate pensions; considering the economic and fiscal constraints of 1st pillar PAYG pensions, complementary retirement savings have to play a greater role in securing the future adequacy of pensions.
Amendment 14 #
2018/2037(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls the African Union – European Union Summit 2017 Declaration “Investing in Youth for Accelerated Inclusive Growth and Sustainable Development” - AU- EU/Decl.1(V);
Amendment 15 #
2018/2037(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Recognises that growth in food production is not matching growth in global population as the global population is expected to reach 9.6 billion by 2050. In order to meet the demands of providing food for this larger, more urban and richer population, food production will have to increase by 70%. New solutions need to be found to satisfy these demands without having any new land to use and without unsustainable ecological consequences;
Amendment 60 #
2018/2037(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Recognises the critical role space based technologies, such as the EU space and satellite programmes managed by the European GNSS Agency (GSA), ( Galileo, EGNOS and Copernicus),can play in the attainment of the UN’s Sustainable Development Goals by offering affordable solutions to move towards precision agriculture, thereby eliminating waste, saving time, reducing fatigue and optimising the use of equipment;
Amendment 62 #
2018/2037(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Calls on the European Commission to explore space science, technology and applications tools and the global partnership for the SDGs as a mechanism to help in the monitoring of crops, livestock, forestry, fisheries, aquaculture, and in supporting farmers, fisherfolk, foresters and policymakers in efforts to employ diverse methods of achieving sustainable food production and to respond to related challenges;
Amendment 66 #
2018/2037(INI)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Calls on the Commission to consider the applications of space based technologies to support global agricultural development through the United Nations Office for Outer Space Affairs (UNOOSA) Global Partnerships.
Amendment 14 #
2018/2002(INL)
Motion for a resolution
Paragraph 2 – indent 3
Paragraph 2 – indent 3
Amendment 253 #
2018/0225(COD)
Proposal for a decision
Recital 7
Recital 7
(7) Reflecting the important contribution that research and innovation should make to address challenges in food, agriculture, rural development and the bioeconomy, and to seize the corresponding research and innovation opportunities in close synergy with Common Agricultural Policy, relevant actions under the Specific Programme will be supported with EUR 10 billion for the cluster 'Food and Natural Resources' for the period 2021-2027. Sustainable food production is vital for our future. EU entities are leading the development of innovative solutions to global challenges. An EU-led infrastructure for agri-food innovation will ensure European actors maintain competitive advantage while facilitating the transfer of knowledge, know-how and best practice globally, in line with the SDGs and the WTO Agreement TRIPS Article 66.2. This will be supported with €200 million from the Horizon budget.
Amendment 316 #
2018/0225(COD)
Proposal for a decision
Article 2 – paragraph 2 – point h a (new)
Article 2 – paragraph 2 – point h a (new)
(h a) Supporting implementation of UN Sustainable Development Goals
Amendment 335 #
2018/0225(COD)
Proposal for a decision
Article 2 – paragraph 2 – point k a (new)
Article 2 – paragraph 2 – point k a (new)
(k a) Translating research outcomes into meaningful, tangible benefits for citizens
Amendment 579 #
2018/0225(COD)
Proposal for a decision
Annex I – paragraph 5
Annex I – paragraph 5
The Strategic Planning will help to develop and realise the implementation of policy for the relevant areas covered, at EU level as well as complementing policy and policy approaches in the Member States. EU policy priorities, including UN SDGs, will be taken into consideration during the Strategic Planning process to increase the contribution of research and innovation to the realisation of policy. It will also take into account foresight activities, studies and other scientific evidence and take account of relevant existing initiatives at EU and national level.
Amendment 607 #
2018/0225(COD)
Proposal for a decision
Annex I – paragraph 19
Annex I – paragraph 19
Greater impact will be obtained through aligning actions with other nations and regions of the world within an international cooperation effort of unprecedented scale. Based on mutual benefit, partners from across the world, to develop a shared future based on sustainable development bringing together knowledge capacity and infrastructure to support actions on both sides. Based on mutual benefit, partners from across the world, including research and education partners, industry, government and NGOs, will be invited to join EU efforts as an integral part of initiatives in support of EU action for sustainability, reinforced research and innovation excellence, and competitiveness. The transfer of knowledge, capacity and infrastructure between the partners internationally will drive shared approaches and regulation that will bring synergistic trading to both.
Amendment 610 #
2018/0225(COD)
Proposal for a decision
Annex I – paragraph 20
Annex I – paragraph 20
International joint action will ensure effective tackling of global societal challenges and Sustainable Development Goals, access to the world's best talents, expertise and resources, and enhanced supply and demand of innovative solutions. International collaboration and cooperation will be designed around common goals requiring international collaboration. This will facilitate European researchers to engage with the best researchers in their field.
Amendment 1517 #
2018/0225(COD)
Proposal for a decision
Annex I – part II – point 5 – point 5.1 – paragraph 1
Annex I – part II – point 5 – point 5.1 – paragraph 1
Human activities are exerting increasing pressure on soils, seas and oceans, water, air, biodiversity and other natural resources. Nourishing the planet's growing population is directly dependent on the health of natural systems and resources. However, combined with climate change, humanity's growing demand for natural resources creates environmental pressures that go far beyond sustainable levels, affecting ecosystems and their capacity to provide services for human well-being Growth in food production is not matching growth in the global population. This requires breakthroughs in intensification of production. The concepts of the circular economy, the bioeconomy and the blue economy provide an opportunity to balance environmental, social and economic goals and to set human activities on a path to sustainability. At the same time, we must ensure nutrition and health are central to how our food production systems are implemented.
Amendment 1645 #
2018/0225(COD)
Proposal for a decision
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 1
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 1
– Sustainable and healthy diets for people's well-being across their lifespan ensuring that food production and processing systems are designed from the ground up with nutritional needs in mind;
Amendment 1647 #
2018/0225(COD)
Proposal for a decision
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 2 a (new)
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 2 a (new)
- The use of new genomic and metabolomics technologies to recognise and meet the different needs of our global population to produce positive health impacts. Combining these two advancing technologies with the right regulatory, governance and knowledge transfer structures will create a powerful combination of healthy, nutritious food, targeted to specific population segments that takes full account of the local environment, culture and resources.
Amendment 1660 #
2018/0225(COD)
Proposal for a decision
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 7 a (new)
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 7 a (new)
- Addressing the four central challenges of sustainability, production, nutrition and economic growth at a global level through dedicated Sustainable Development Infrastructure for Agrifood (SDIA).Future economies will be built not on the physical resources of the past, but on data flows, knowledge and collaboration. The objective of the SDIAs will be to: - enable the EU and Lesser Developed Countries (LDCs) develop a shared future based on sustainable development - facilitate collaboration brining knowledge, capacity and infrastructure to support actions on both sides - meet regional and local needs, in such a way that allows the sharing of baseline knowledge across a network of institutes participating in the SDIA within Europe. This connected network will be the driver on ongoing European competitiveness in the crucial agrifood sector. - Develop synergies with the EU Neighbourhood, Development and International Co-operation Instrument (2021-27) under Horizon Europe rules
Amendment 1662 #
2018/0225(COD)
Proposal for a decision
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 7 b (new)
Annex I – part II – point 5 – point 5.2 – point 5.2.5 – paragraph 2 – indent 7 b (new)
- The development of the circular bioeconomy, maximising food production and processing cycles to optimise the value of our resources and minimise environmental impact
Amendment 63 #
2018/0224(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The conception and design of the Programme should respond to the need for establishing a critical mass of supported activities, throughout the EU Union and through international cooperation, in line with the UN Sustainable Development Goals (SDGs). Programme implementation should reinforce the pursuit of this aim.Horizon Europe should support and leverage national strategies for the fulfilment of the UN SDGs through common infrastructures and shared approaches. Programme implementation should reinforce the pursuit of this aim signalling the EU’s commitment to providing leadership in addressing global challenges of and to sharing its knowledge with the wider world
Amendment 66 #
2018/0224(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Activities supported under the Programme should contribute towards the achievement of the Union's objectives and priorities, the monitoring and assessment of progress against those objectives and priorities and for the development of revised or new priorities. European Research priorities should therefore be aligned with the Sustainable Development Goals in terms of establishing targets and measuring the impact of the Programme.
Amendment 73 #
2018/0224(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The pillar 'European research priorities extend beyond scientific ambitions. They include support for human well-being, environmental stability and economic sustainability. The pillar' Global Challenges and Industrial Competitiveness' should be established through clusters of research and innovation activities, in order to maximise integration across the respective work areas while securing high and sustainable levels of impact in relation to the resources that are expended. It will encourage cross- disalso faciplinary, cross-sectoral, cross-poltate the development of appropriate metricys and cross-border collaboration in pursuit of the UN SDGs and the competitiveness of the Union's industries thereinevaluation criteria methodologies to measure policy and programme impact on all dimensions of sustainable development, including human development.
Amendment 84 #
2018/0224(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The Programme should promote and integrate cooperation with third countries and international organisations and initiatives based on common interest, mutual benefit and global commitments to implement the UN SDGs. InternationGreater global co-operation should aim to strengthen the Union's research and innovation excellence, attrain science can lead to shared perspectiveness and economic and industrial competitiveness, to tackle global challenges, as embodied in the UN SDGs, and to support the Union's external policies. An approach of general opening for international participation and targeted international cooperation actions should be followed, including through appropriate eligibility for funding of entities established in low to middle income countries. At the same time, association of third countries to the Programme should be promotedfutures. Economic co-operation has the potential to limit conflict and scientific cooperation can be a new language of diplomacy. International collaboration and cooperation in Horizon Europe should be designed around common goals.
Amendment 90 #
2018/0224(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) The activities developed under the Programme should aim at eliminating gender inequalities and promoting equality between women and men in research and innovation, in compliance with Articles 2 and 3 of the Treaty on European Union and Article 8 of the TFEU. The gender dimension should be adequately integrated in research and innovation content and followed through at all stages of the research cycle. The Programme should include concrete measures to counteract unconscious gender bias.
Amendment 327 #
2018/0224(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The conception and design of the Programme should respond to the need for establishing a critical mass of supported activities, throughout the EU Union and through international cooperation, in line with the UN Sustainable Development Goals (SDGs). Programme implementation should reinforce the pursuit of this aimHorizon Europe should support and leverage national strategies for the fulfilment of the UN SDGs through common infrastructures and shared approaches. Programme implementation should reinforce the pursuit of this aim signalling the EU's commitment to providing leadership in addressing global challenges of and to sharing its knowledge with the wider world.
Amendment 333 #
2018/0224(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Activities supported under the Programme should contribute towards the achievement of the Union's objectives and priorities, the monitoring and assessment of progress against those objectives and priorities and for the development of revised or new priorities. European Research priorities should therefore be aligned with the Sustainable Development goals in terms of establishing targets and measuring the impact of the Programme.
Amendment 355 #
2018/0224(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) European research priorities extend beyond scientific ambitions. They include support for human well-being, environmental stability and economic sustainability. The pillar 'Global Challenges and Industrial Competitiveness' should be established through clusters of research and innovation activities, in order to maximise integration across the respective work areas while securing high and sustainable levels of impact in relation to the resources that are expended. It will encourage cross- disciplinary, cross- sectoral, cross-policy and cross-border collaboration in pursuit of the UN SDGs and the competitiveness of the Union's industries therein. It will also facilitate the development of appropriate metrics and evaluation criteria methodologies to measure policy and programme impact on all dimensions of sustainable development, including human development.
Amendment 370 #
2018/0224(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) Full engagement of industry in the Programme, at all levels from the individual entrepreneur and small and medium-sized enterprises to large scale enterprises, should constitute one of the main channels through which the Programme's objectives are to be realised, specifically towards in order to promote an innovative, competitive and resilient ecosystem in the EU and the creation of sustainable jobs and growth across the EU. Industry should contribute to the perspectives and priorities established through the strategic planning process which should support the development of work programmes. Such engagement by industry should see its participation in the actions supported at levels at least commensurate with those under the previous framework programme Horizon 2020 established by Regulation (EU) No 1291/2013 of the European Parliament and the Council13 ('Horizon 2020'). __________________ 13
Amendment 445 #
2018/0224(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The Programme should promote and integrate cooperation with third countries and international organisations and initiatives based on common interest, mutual benefit and global commitments to implement the UN SDGs. International cooperation should aim to strengthen the Union's research and innovation excellence, attractiveness and economic and industrial competitiveness, to tackle global challenges, as embodied in the UN SDGs, and to support the Union's external policiesGreater global co-operation in science can lead to shared perspectives and economic futures. Economic cooperation has the potential to limit conflict and scientific cooperation can be a new language of diplomacy. International collaboration and cooperation in Horizon Europe should be designed around common goals. International cooperation should aim to strengthen the Union's research and innovation excellence, attractiveness and economic and industrial competitiveness, to tackle global challenges, as embodied in the UN SDGs, and to support the Union's external policies and to promote the contribution of science to achieving the SDGs. The alignment of research priorities with the SDGs will facilitate the development of appropriate metrics to measure impact on all dimensions of sustainable development, including human development. An approach of general opening for international participation and targeted international cooperation actions including science capacity should be followed, including through appropriate eligibility for funding of entities established in low to middle income countries. At the same time, association of third countries to the Programme should be promoted, recognising the need for an enabling policy regulatory environment. This will facilitate European researchers to engage with the best researchers in their field.
Amendment 458 #
2018/0224(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) With the aim of deepening the relationship between science and society and maximising benefits of their interactions, the Programme should engage and involve citizens and civil society organisations in co-designing and co- creating responsible research and innovation agendas and contents, promoting science education, making scientific knowledge publicly accessible, and facilitating participation by citizens and civil society organisations in its activities. It should do so across the Programme and through dedicated activities in the part 'Strengthening the European Research Area'. The engagement of citizens and civil society in research and innovation should be coupled with public outreach activities to generate and sustain public support for the Programme. There should be a heavy emphasis on translating the research outcomes in to meaningful, tangible benefits for citizens. The programme should also seek to remove barriers and boost synergies between science, technology, culture and the arts to obtain a new quality of sustainable innovation.
Amendment 464 #
2018/0224(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) The activities developed under the Programme should aim at eliminating gender inequalities and promoting equality between women and men in research and innovation, in compliance with Articles 2 and 3 of the Treaty on European Union and Article 8 of the TFEU. The gender dimension should be adequately integrated in research and innovation content and followed through at all stages of the research cycle. The Programme should include concrete measures to counteract unconscious gender bias.
Amendment 580 #
2018/0224(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Programme’s general objective is to deliver scientific, economic and societal impact from the Union’s investments in research and innovation so as to strengthen the scientific and technological bases of the Union and foster its competitiveness, including in its industry, deliver on the Union strategic priorities, and contribute to tackling global challenges, includingtowards the fulfilment of the UN Sustainable Development Goals as outlined in Transforming our World: the 2030 Agenda for Sustainable Development.
Amendment 812 #
2018/0224(COD)
Proposal for a regulation
Article 7 – paragraph 3 – point a a (new)
Article 7 – paragraph 3 – point a a (new)
(aa) be aligned with the UN Sustainable Development Goals
Amendment 1520 #
2018/0224(COD)
Proposal for a regulation
Annex I – point 2 – paragraph 1
Annex I – point 2 – paragraph 1
Through the following activities, this pillar will, in line with Article 4, strengthen the impact of research and innovation in developing, supporting and implementing Union policies, contribute to the fulfilment of the UN 2030 Agenda for Sustainable Development, and support the uptake of innovative solutions in industry and society to address global challenges. It will also contribute to the other Programme's specific objectives as described in Article 3.
Amendment 1592 #
2018/0224(COD)
Proposal for a regulation
Annex I – point 2 – paragraph 4 – point e – paragraph 1
Annex I – point 2 – paragraph 4 – point e – paragraph 1
Areas of intervention: Environmental observation; Biodiversity and natural capital; Agriculture, forestry and rural areas; Sea and oceans; Food systems; Bio- based innovation systems; Circular systems; bio economy; precision agriculture; food and nutrition; food for health
Amendment 1723 #
2018/0224(COD)
Proposal for a regulation
Annex IV – point 11
Annex IV – point 11
11. Synergies with the Neighbourhood, Development and International Cooperation Instrument (the 'External Instrument') will ensure that the Programme's research and innovation activities with the participation of Third Countries and targeted international cooperation actions seek alignment and coherence with parallel market uptake and capacity-building actions strands under the External Instrument, based on joint definition of needs and areas of intervention commonly defined during the Programme's strategic research and innovation planning process and are fully aligned with the global goals of the 2030 Agenda on Sustainable Development. Such synergies will facilitate the fulfilment of Article 66.2 of the WTO TRIPS Agreement which notes the commitment by developed countries to provide incentives to their enterprises or institutions for the purpose of promoting and encouraging technology transfer to least-developed country members.
Amendment 1746 #
2018/0224(COD)
Proposal for a regulation
Annex V – table 2 – column 2 – row 2
Annex V – table 2 – column 2 – row 2
Table 2: Short-term Outputs - Number and share of outputs aimed at addressing specific EU policy priorities and the UN SDGs
Amendment 1751 #
2018/0224(COD)
Proposal for a regulation
Annex V – table 2 – column 3 – row 2
Annex V – table 2 – column 3 – row 2
Table 2: Medium-term Solutions - Number and share of innovations and scientific results addressing specific EU policy priorities and the UN SDGs
Amendment 1755 #
2018/0224(COD)
Proposal for a regulation
Annex V – table 2 – column 4 - row 2
Annex V – table 2 – column 4 - row 2
Table 2: Longer-term Benefits - Aggregated estimated effects from use of FP-funded results, on tackling specific EU policy priorities, including contribution to the policy and law-making cycle and the UN SDGs
Amendment 194 #
2018/0048(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
(d) crowdfunding offers with a consideration of more than EUR 18 000 000 per crowdfunding offer, which shall be calculated over a period of 12 months with in regard to a particular crowdfunding project.
Amendment 240 #
2018/0048(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Any legal person that intends to providebecome a crowdfunding services shall apply to ESMA provider in accordance with this Regulation shall apply to the national competent authority of the Member State where it is established for authorisation as ato provide crowd funding service providers.
Amendment 252 #
2018/0048(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. ESMAThe national competent authority shall, within 20 working days of receipt of the application referred to in paragraph 1, assess whether that application is complete. Where the application is not complete, ESMAthe national competent authority shall set a deadline by which the prospective crowdfunding service provider is to provide the missing information.
Amendment 254 #
2018/0048(COD)
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where an application as referred to in paragraph 1 is complete, ESMAthe national competent authority shall immediately notify the prospective crowdfunding service provider thereof.
Amendment 257 #
2018/0048(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. ESMAThe national competent authority shall, within two months from the receipt of a complete application, assess whether the prospective crowdfunding service provider complies with the requirements set out in this Regulation and shall adopt a fully reasoned decision granting or refusing authorisation as a crowdfunding service provider. ESMAThe national competent authority shall have the right to refuse authorisation if there are objective and demonstrable grounds for believing that the management of the crowdfunding service provider may pose a threat to its effective, sound and prudent management and business continuity and to the adequate consideration of the interest of its clients and the integrity of the market.
Amendment 261 #
2018/0048(COD)
Proposal for a regulation
Article 10 – paragraph 7
Article 10 – paragraph 7
7. ESMAThe national competent authority shall notify the prospective crowdfunding service provider of its decision within five working days after having taken that decision.
Amendment 262 #
2018/0048(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Amendment 265 #
2018/0048(COD)
1. ESMA shall establish a register of all crowdfunding service providers authorised by national competent authorities in accordance with Article 10 and, separately, of all third country crowdfunding service providers that are registered with ESMA in accordance with Article 10a. That register shall be publicly available on its website and shall be updated on a regular basis.
Amendment 268 #
2018/0048(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. CA crowdfunding service providers shall provide theirits services under the supervision of ESMAthe national competent authority of the Member State where the crowdfunding service provider has been authorised.
Amendment 84 #
2018/0045(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) Given that MMFs are established as either UCITS or AIFs and given the importance of cross-border provision of MMFs, it is necessary to ensure that in the event of negative money market rates, public debt CNAV MMFs and LVNAV MMFs can use a reverse distribution mechanism in order to offer returns in line with those negative money market rates while maintaining a constant net asset value. The cancellation of shares in order to counteract the impact of market movements is not permissible in any circumstances.
Amendment 180 #
2018/0045(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Regulation (EU) No 2017/1131
Article 2 – point 23 a (new) and Article 34 – paragraphs 3 a (new) and 3 b (new)
Article 2 – point 23 a (new) and Article 34 – paragraphs 3 a (new) and 3 b (new)
Amendment 183 #
2018/0045(COD)
Proposal for a regulation
Article 13 b (new)
Article 13 b (new)
Regulation (EU) No 1286/2014
Article 32 – paragraph 1, Article 33 – paragraphs 1, 2 and 4
Article 32 – paragraph 1, Article 33 – paragraphs 1, 2 and 4
Article 13 b Amendment to Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) Regulation (EU) No1286/2014 is amended as follows: (1) in Article 32(1),“31 December 2019” is replaced by “31 December 2021”; (2) in Article 33(1),“31 December 2018” is replaced by “31 December 2019”; (3) in Article 33(2),“31 December 2018” is replaced by “31 December 2019”; (4) in Article 33(4),“31 December 2018” is replaced by “31 December 2019”.
Amendment 143 #
2018/0043(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
For the purposes of point (b), Member States shall lay down rules ensuring the prompttimely filing and registration of mortgages, charges, liens or guarantee on assets in the cover pool.
Amendment 177 #
2018/0043(COD)
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States shall ensure investor protection by providing for a sufficient level of homogeneity of the assets in the cover pool so that they shall be of a similar nature in terms of structural features, lifetime of assets or risk profile. This Article shall not apply to public credit assets, derivative contracts or substitution assets comprised in the cover pool.
Amendment 183 #
2018/0043(COD)
Proposal for a directive
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) the derivative contracts are included in the cover pool exclusively for risk hedging purposes the valuation of which is calculated on a net cash flow basis;
Amendment 200 #
2018/0043(COD)
Proposal for a directive
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 209 #
2018/0043(COD)
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 236 #
2018/0043(COD)
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point c – point iv
Article 15 – paragraph 1 – subparagraph 1 – point c – point iv
Amendment 239 #
2018/0043(COD)
Proposal for a directive
Article 15 – paragraph 1 – subparagraph 1 – point c – point v
Article 15 – paragraph 1 – subparagraph 1 – point c – point v
Amendment 256 #
2018/0043(COD)
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 – point b
Article 16 – paragraph 3 – subparagraph 1 – point b
(b) exposures to credit institutions that qualify for the credit quality step 1 and step 2 exposures, in accordance with Article 129(1)(c) of Regulation (EU) No 575/2013.
Amendment 266 #
2018/0043(COD)
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Where the credit institution issuing covered bonds is subject to liquidity requirements set out in other acts of Union law, Member States may decide that the nassets used for the purposes of paragraph 1 may be used to fulfil those liquidity requirements set out in acts of Union law. National rules transposing paragraphs 1, 2 and 3 do not apply throughout the period foreseen in those acts of Union law.
Amendment 272 #
2018/0043(COD)
Proposal for a directive
Article 17 – paragraph 1 – point b a (new)
Article 17 – paragraph 1 – point b a (new)
(b a) The maturity extension may only be affected upon: (i) the insolvency of the credit institution issuing the covered bond; and (ii) breach of triggers in point (c)(i);
Amendment 283 #
2018/0043(COD)
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
Member States shall ensure that cover pools, cover bond programmes and covered bonds issued before XX [OP: please insert the date laid down in the second subparagraph of Article 32(1) of this Directive + 1 day"] and complying with the requirements laid down in Article 52(4) of Directive 2009/65/EC, in the version applicable on the date of their issue, are not subject to the requirements set out in Articles 5 to 12 and Articles 15, 16, 17 and 19 of this Directive, but may continue to be referred to as covered bonds in accordance with this Directive until their maturity.
Amendment 8 #
2017/2253(INI)
Motion for a resolution
Recital B
Recital B
B. whereas equivalence decisions do not confer ‘passport’ rights to financial institutions established in third countries; whereas equivalence, passporting rights and mutual recognition are distinctly different concepts, providing different rights to and obligations for financial institutions and market participants;
Amendment 22 #
2017/2253(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas the European Supervisory Authorities (ESAs) play a vital role in the EU’s equivalence framework by providing technical assessments for equivalence decisions, by monitoring further developments that may affect such decisions, and by regularly reviewing those decisions;
Amendment 25 #
2017/2253(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the Commission describes equivalence as “a key instrument to effectively manage cross-border activity of market players in a sound and secure prudential environment with third- country jurisdictions that adhere to, implement and enforce rigorously the same high standards of prudential rules as the EU”;
Amendment 169 #
2017/2226(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asks for a revision of the accounting standards (European System of National and Regional Accounts, ESA 2010) to ensure aCalls to improve the enforcement of the Stability and Growth Pact (SGP) with a focus on debt reduction; whilst allowing Member States under the preventive arm of the SGP to replace gross investments with the depreciation of the investments over a longer period, which would allow budgetary margins to recover and permit the realisation of infrastructure projects in their overall balance calculation which would permit the realisation of significant growth- enhancing infrastructure projects as Member States can spread the cost of the projects over the lifecycle of the investment;
Amendment 1 #
2017/2225(INI)
Draft opinion
Recital B
Recital B
B. wWhereas ,in addition to the more general cohesion policy funds, Northern Ireland has benefited, in particular, from special cross-border and inter-community programmes, including the Northern Ireland PEACE pProgramme; whereas these programmes have contributed decisively to the peace process in Northern Ireland and supporting the Good Friday Agreement and continue to support the reconciliation of the Catholic and Protestant communities;
Amendment 3 #
2017/2225(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Acknowledges the significant role that EU Cohesion Policy has had on sustaining peace in Northern Ireland and in facilitating cross community reconciliation to happen.
Amendment 5 #
2017/2225(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Is unable to anticipate what solution will be found for Northern Ireland post 2020;, in the context of the UK’s withdrawal from the EU and stresses the importance of a solution for the region which allows the important work of peace building to continue
Amendment 6 #
2017/2225(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Is convinced that it would be in the interests of the UK and the EUnited Kingdom, Ireland and the entire European Union to continue financing the Northern Ireland PEACE pProgramme and the INTERREG V-A programme for Northern Ireland, Ireland and Scotland with a view to supporting thea peaceful and prosperous development of these regions and calls on all parties to be imaginative in how funding for these important objectives can be obtained.
Amendment 7 #
2017/2225(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Emphasises that 85% of funding for the PEACE and INTERREG programmes comes from the EU and stresses that projects funded by the programmes could be jeopardised if EU funding is discontinued.
Amendment 15 #
2017/2191(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Strongly supports the independence of the Commission in its mission of shaping and enforcing the EU competition rules for the benefit of EU consumers; stresses that competition policy should be evidence-based and should be applied consistently in all Member States;
Amendment 158 #
2017/2191(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to closely monitor activities in the retail banking sector and financial services sector for any breaches of antitrust rules and cartel activity and to work closely with national competition authorities to enforce EU antitrust rules; notes the recent tracker mortgage scandal in Ireland and invites the Commission to investigate potential cartel activity and breaches of EU competition law;
Amendment 174 #
2017/2191(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to ensure that Google implements this remedy effectively; believes that the greatest danger now would be if the Commission were to settle for a partially effective remedy, failing to truly restore the level playing field required for competition and innovation to thriveto its shopping comparison service effectively;
Amendment 181 #
2017/2191(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Notes that, without full-blown structural separation between Google’s general and specialised search services, an auction-based approach cannot deliver equal treatment, since in the context of an auction, Google’s proposed functional separation would simply transfer profit from one Google business unit to another remedies on antitrust cases should restore a level playing field so that all companies in the EU are playing by the same rules;
Amendment 189 #
2017/2191(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to intervene in the other sectors, such as travel search and local search, where Google is allegedlyany sector where companies are deemed to be abusing itstheir dominancet market position;
Amendment 195 #
2017/2191(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the Commission to speed up and conclude the Android investigation by the spring of 2018; stresses that Google is accused of abusing its dominant position by imposing restrictions on Android device manufacturers and mobile network operators, and that Google Search is pre-installed and set as the default or the only search engine on most Android devices sold in Europeas quickly as possible; calls on the Commission to diligently conduct and conclude any other pending antitrust investigation and to ensure a level playing field for all companies;
Amendment 229 #
2017/2191(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Welcomes the revision of Regulation (EC) No 868/2004 on safeguarding fair competition, aimed at ensuring reciprocity and eliminating unfair practices, including alleged State aid to airlines from certain third countries; believes that transparency in the fair competition clause is an essential element to guarantee a level playing field; and that this Regulation or other appropriate legislative vehicles should prevent anti- competitive behaviour in ticket distribution, such as the imposition by certain airlines of surcharges or restricted access to information for those using booking channels other than their own;
Amendment 244 #
2017/2191(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28a. Stresses the importance of safeguarding the transparency of flight information, ensuring a level playing field in the market and ultimately protecting European consumers’ ability to make informed choices and therefore calls on the European Commission to abide by these principles when reviewing the Code of Conduct on CRS and the Air Services Regulation;
Amendment 2 #
2017/2182(DEC)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights with concern that out of the EUR 800 000 000 of in-kind and cash contributions to be made by the other members to the operational activities of the Joint Undertaking,Takes note that by the end of 2016, the gGoverning bBoard had validated in-kind contributions of justfrom other members of EUR 554 682 257, notes and that a further EUR 33 503 466 had been reported by the other members, and that other members’ cash contributions to the administrative costs were EUR 14 515 387;
Amendment 3 #
2017/2182(DEC)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the fact that, the governing board adopted a common anti- fraud strategy action plan in 2016; notes, moreover, that the Joint Undertaking’s staff participated in a survey on fraud prevention and detection organised by the Commission and coordinated internally byInternal Audit Capability (IAC) of the Jointernal audit officer (IAS) Undertaking as complementary measure to the common action plan, with a special focus on fraud in research projects;
Amendment 8 #
2017/2180(DEC)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes with dismaythe fact that an amount of EUR 6 600 000 000 in 2008 value or EUR 7 700 000 000 in current value was adopted by the Council in 2010 as a ceiling for the construction phase; notes with concern the Court’'s report finding that the results, which were presented to the Joint Undertaking’'s Governing Board in December 2016, indicated an expected additional funding requirement to that already committed of EUR 5 43 900 000 000 for the construction phase after 2020, which represents an increase of 82 % in relation to the approvedin 2008 value or EUR 6 65 400 000 000 budget; reiterates the fact that the amount of EUR 6 600 000 000 adopted by the Council in 2010 serves as a ceiling for the Joint Undertaking’s spending up toin current value for the construction phase of the project after 2020, above what has already been approved until 2020; recogniszes that the additional funding required to complete the ITER project must involve future Multiannual Financial Framework commitments;
Amendment 11 #
2017/2180(DEC)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that, as provided for in the ITER Agreement signed in 2006, in addition to the construction phase, the Joint Undertaking will have to contribute to the ITER operational phase after 203525, and to the subsequent ITER deactivation and decommissioning phases; considers it worrisome that those contributions are not yet estimated; calls on the Joint Undertaking to estimate the cost of such phases as soon as possible;
Amendment 128 #
2017/2124(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; considers that the ECB's monetary policy can be complemented by growth friendly fiscal policies in order to achieve the ECB's inflation target and notes that there is an onus on Member States to ensure compliance with the fiscal rules to support this objective;
Amendment 149 #
2017/2124(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that additional policy measures should be considered in order to move closer and more rapidlyConsiders that the ECB should use all tools at its disposal and within its remit in order to move towards theits inflation objective, including an increase in monthly purchases, the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loanstarget and to meet its objective of price stability;
Amendment 169 #
2017/2124(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 273 #
2017/2124(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 430 #
2017/2124(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the urgent need to proceed towardsat the Commission should explore the possibility of establishing a truly European safe asset for the Eeurozone’s banking union area;
Amendment 490 #
2017/2124(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 141 #
2017/2072(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. RWelcomes efforts to reduce the level of non-performing loans (NPLs) by various Member States but reiterates its concerns about the high level of non-performing loans (NPLs) in certain jurisdictions; agrees with the Commission that ‘Member States and banks themselves have a primary responsibility in tackling non-performing loans’4 ; welcomes, nonetheless, the work done by different EU institutions and bodies on this issue; calls on these actors and the Member States to duly implement the Council conclusions of 11 July 2017 on the action plan to tackle non-performing loans in Europe; _________________ 4 Commission communication on completing the Banking Union, 11 October 2017, p. 15 (COM(2017)0592).
Amendment 205 #
2017/2072(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the banking reform package proposed by the Commission in November 2016 and in particular the commitment by the European Commission to maintain and extend the SME Supporting Factor; underlines the importance of the fast-track procedure for the phasing- in of International Financial Reporting Standard (IFRS) 9 in order to avoid cliff effects on the regulatory capital of credit institutions; supports the efforts made to reduce the reporting burden for smaller banks; is concerned, however, about the proposed amendments to the waivers in Articles 7 and 8 of the CRR, and more generally, about the proposed shift in the home-host balance;
Amendment 220 #
2017/2072(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Supports efforts to date to streamline reporting requirements and particularly the idea behind the European Reporting Framework (ERF) and AnaCredit; calls on the institutions involved to ensure balance between user demands for the data and the efforts required to produce the data and to ensure that the data is processed in a way useful to all stakeholders;
Amendment 241 #
2017/2072(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Notes the upcoming EBA stress tests in 2018;in this regard recalls the need for a high level of transparency behind the results of the stress tests and that potential distortions of results are avoided as much as possible;
Amendment 320 #
2017/2072(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes the ongoing technical work by the Council on a common fiscal backstop for the Single Resolution Fund (SRF); calls for the ex-ante contributions to the Single Resolution Fund to be calculated in a transparent manner, through the provision of information on the calculation methodology, along with efforts to harmonise information on calculation outcomes;
Amendment 354 #
2017/2072(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that deposit protection is a common concern for all EU citizens and supports the principle of an EDIS as the third pillar of a fully completed and harmonised Banking Union; is currently debating the proposal on an EDIS at committee level; notes, in this respect, the Commission’s more proportionate ‘new approach’ to an EDIS as put forward in its communication of 11 October 2017;
Amendment 385 #
2017/2072(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes the potential benefits and the likely risks related to the introduction of an EDIS; considers, therefore, risk reduction measures to be essential building blocks laying the foundations for an EDIS;
Amendment 12 #
2017/2066(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the EU market in retail financial services remains underdeveloped and highly fragmented; whereas while there is work ongoing in different Member States, efficient action is therefore needed to facilitate innovation beneficial to end users, while unlocking the full potential of the single market;
Amendment 15 #
2017/2066(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a European retail financial services market wshould only be viable if it represented real added value for consumers by ensuring effective competition and consumer protection, notably in relation to products necessary for participation in economic life and for vulnerable consumers;
Amendment 30 #
2017/2066(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission Action Plan on consumer financial services as a means of addressing some of the challenges raised by Parliament in its report on the Green Paper on retail financial services, with the aim of striving towards a genuinerobust technology-enabled single market for retail financial services, while protecting consumers, lowering prices and fighting against tax fraud, tax evasion and tax avoidance;
Amendment 59 #
2017/2066(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers a high level of consumer protection and transparency key to the development of a single market in retail financial services; believes the enforcement of EU and national financial consumer legislation needs to be strengthened and, where necessary, harmonised across all Member States;
Amendment 95 #
2017/2066(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. UrEncourages the Commission to set up promptlyreview the range of existing, independent portals already in place in Member States and work to develop a well-organised and easy-to-use EU comparison portal covering the European retail financial markets in its entirety;
Amendment 143 #
2017/2066(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to present an all-inclusive FinTech Action Plan in the framework of its capital markets union (CMU) and digital single market (DSM) strategies, contributing to an effective and well-functioning integrated technology- driven single market of financial services benefiting all European end-users; stresses the need for regulatory certainty in the area of FinTech and considers that financial stability must be maintained in the regulatory response to new FinTech solutions;
Amendment 54 #
2017/0232(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1092/2010
Article 9 – paragraph 5
Article 9 – paragraph 5
(4) in Article 9, paragraph 5 is deleted;replaced by the following: “5. Participation in the work of the ESRB may be open to high-level representatives of the relevant authorities from third countries when relevant to the Union. Arrangements may be made by the ESRB specifying, in particular, the nature, scope and procedural aspects of the involvement of those third countries in the work of the ESRB. Such arrangements may provide for representation, on an ad-hoc basis, as an observer, on the General Board and should concern only items of relevance to the Union, excluding any case where the situation of individual financial institutions or Member States may be discussed.”
Amendment 304 #
2017/0230(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 307 #
2017/0230(COD)
Proposal for a regulation
Recital 22
Recital 22
Amendment 432 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 1093/2010
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The Authority shall, save in exceptional circumstances, conduct open public consultations regarding the guidelines and, recommendations, and where applicable, questions and answers which it issues and shall analyse the related potential costs and benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate in relation to the scope, nature and impact of the guidelines or recommendations. The Authority shall, save in exceptional circumstances, also request opinions or advice from the Banking Stakeholder Group referred to in Article 37.; (This amendment also applies throughout Article 2 and Article 3.)
Amendment 448 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1093/2010
Article 16 a (new)
Article 16 a (new)
Amendment 545 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No 1093/2010
Article 31a
Article 31a
Amendment 830 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 43 – point a
Article 1 – paragraph 1 – point 43 – point a
Regulation (EU) No 1093/2010
Article 62 – paragraph 1 – point a
Article 62 – paragraph 1 – point a
(a) a balancing contribution from the Union, entered in the General Budget of the Union (Commission section) which shall not exceedcomprise at least 40% of the estimated revenues of the Authority; (This amendment also applies throughout Article 2 and Article 3.)
Amendment 833 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 43 – point a
Article 1 – paragraph 1 – point 43 – point a
Regulation (EU) No 1093/2010
Article 62 – paragraph 1 – point a a (new)
Article 62 – paragraph 1 – point a a (new)
(a a) obligatory contributions of up to 60% of the estimated revenues of the Authority from the national public authorities competent for the supervision of financial institutions. (This amendment also applies throughout Article 2 and Article 3.)
Amendment 835 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 43 – point a
Article 1 – paragraph 1 – point 43 – point a
Regulation 1093/2010
Article 62 – paragraph 1 – point b
Article 62 – paragraph 1 – point b
Amendment 929 #
2017/0230(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 17
Article 2 – paragraph 1 – point 17
Regulation (EU) No 1094/2010
Article 31 a
Article 31 a
Amendment 1033 #
2017/0230(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 15
Article 3 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 31 a
Article 31 a
Amendment 1049 #
2017/0230(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 17
Article 3 – paragraph 1 – point 17
Regulation (EU) No 1095/2010
Article 32 – paragraph 2 a – subparagraph 1
Article 32 – paragraph 2 a – subparagraph 1
2a. At least annually, the Authority shall consider whether it is appropriate to carry out Union-wide assessments referred to in paragraph 2 and shall inform the European Parliament, the Council and the Commission of its reasoning. Where such Union-wide assessments are carried out and the Authority considers it appropriate to do so, it shall disclose the results for each participating financial institutionif it considers it appropriate with regard to the financial stability of the Union or of one or more of its Member States, market integrity or investor protection or the functioning of the internal market. It shall publish the results of the base scenario only. Upon the request, the results of any other scenario shall be made available to the European Parliament or the Council.
Amendment 1105 #
Amendment 1108 #
Amendment 1138 #
Amendment 1145 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 4
Article 8 – paragraph 1 – point 4
Amendment 1146 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Article 8 – paragraph 1 – point 5
Regulation (EU) No 2016/1011
Article 21
Article 21
Amendment 1147 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 6
Article 8 – paragraph 1 – point 6
Regulation (EU) No 2016/1011
Article 23
Article 23
Amendment 1153 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Article 8 – paragraph 1 – point 10
Regulation (EU) No 2016/1011
Article 33
Article 33
Amendment 1157 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 12
Article 8 – paragraph 1 – point 12
Regulation (EU) No 2016/1011
Article 40 – paragraph 1 – point c
Article 40 – paragraph 1 – point c
Amendment 1168 #
Amendment 231 #
2017/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”)national competent authorities, on the basis of a single set of rules.
Amendment 243 #
2017/0143(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP saver – through the portability of the PEPP, thus contributing to the safeguarding of personal pension rights of persons exercising their right to free movement under Articles 21 and 45 TFEU. Portability involves the PEPP saver changing residence to another Member State without changing PEPP providershile continuing to contribute to a PEPP, whereas the switching of PEPP providers does not necessarily involve a change of residence.
Amendment 246 #
2017/0143(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) A PEPP shouldmay comprise national compartments, each of them accommodating personal pension product features allowing that contributions to the PEPP qualify for incentives. At the level of the individual PEPP saver, a first compartment should be created upon opening of a PEPP granted by the PEPP provider.
Amendment 248 #
2017/0143(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply three years after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersUpon launching a PEPP, the provider should provide information on which national compartments are immediately available. If a PEPP provider cannot offer a national compartment in a certain Member State, it should provide the PEPP saver with alternative portability options, such as the possibility to continue saving into a PEPP through a partnership arrangement.
Amendment 259 #
2017/0143(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) In order to ensure optimal product transparency, PEPP manufacturproviders should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be responsible for the accuracy of the PEPP key information document. The PEPP key information document should replace and adapt the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 of the European Parliament and of the Council33 which would not have to be provided for PEPPsbe tailored to the requirements of the PEPP product. __________________ 33 Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), OJ L 352, 9.12.2014, p. 1.
Amendment 292 #
2017/0143(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision, including the number of investment options they can choose from. After the initial choice made upon the subscription of a PEPP, the PEPP saver should have the possibility to modify this choice at reasonable intervals (every five years), so that sufficient stability is offered to providers for their long-term investment strategy whilst at the same time investor protection is ensured.
Amendment 296 #
2017/0143(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) The default investment option should allow the PEPP saver to recoup the invested capital. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cover inflationBasic PEPP shall be a simple and safe product that can be easily acquired in each Member State. The risk mitigation techniques applied to the Basic PEPP may take the form of capital protection or de-risking investment strategies.
Amendment 303 #
2017/0143(COD)
Proposal for a regulation
Recital 41
Recital 41
(41) Where the PEPP provider is an institution for occupational retirement provision or an investment firm, it shouldmay appoint a depositary in relation to the safe- keeping of its assets. This is necessary for protecting consumers, since the sectorial legislation applicable to institutions for occupational retirement provision and investment firms does not provide for the appointment of a depositary.
Amendment 305 #
2017/0143(COD)
Proposal for a regulation
Recital 44
Recital 44
Amendment 312 #
2017/0143(COD)
Proposal for a regulation
Recital 53
Recital 53
(53) PEPP savers should be given the freedom to decide upon subscription of a PEPP about their pay-out choice (annuities, lump sum, or other) in the decumulation phase, but with a possibility to revise their choice once every fivthree years thereafter, in order to be able to best adapt their pay-out choice to their needs when they near retirement.
Amendment 318 #
2017/0143(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and politically feasible, as it preserves enough flexibility for Member States to decide about which decumulation options they wish to encourage. In order to ensure that PEPP constitutes a genuine retirement product, annual drawdowns during the decumulation phase should not exceed 10% of the value of the PEPP account, as calculated at the beginning of the decumulation phase by the PEPP provider.
Amendment 331 #
2017/0143(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the authorisation, manufacturing, distributprovision and supervision of personal pension products that are distributed in the Union under the designation “pan- European Personal Pension product” or “PEPP”.
Amendment 336 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point b
Article 2 – paragraph 1 – point 1 – point b
Amendment 337 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point c
Article 2 – paragraph 1 – point 1 – point c
(c) provides for long-term capital accumulation until retirement with only with the explimcited possibilities for early withdrawal before objective of providing income on retirement;.
Amendment 338 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point d
Article 2 – paragraph 1 – point 1 – point d
Amendment 341 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorisregulated under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability;
Amendment 346 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – introductory part
Article 2 – paragraph 1 – point 3 – introductory part
(3) “PEPP saver” means: any natural person;
Amendment 347 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Amendment 349 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Amendment 351 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) “PEPP scheme” means a contract, an agreement, or a trust deed or rulesbetween a PEPP saver and a PEPP provider stipulating which retirement benefits are granted and under which conditions on the basis of an individual retirement savings plan agreed with a PEPP provider;
Amendment 352 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) “PEPP account” means a personal pension account held in the name of a PEPP saver or a PEPP beneficiary which is used for the execution of transactions allowing the PEPP saver to contribute periodically sums towards his retirement and the PEPP beneficiary to receive his retirement benefits;
Amendment 353 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
(6a) “PEPP manufacturer” means a PEPP provider that sets out the conditions of a PEPP scheme in order to operate PEPP accounts on behalf of PEPP savers and beneficiaries;
Amendment 354 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
(8) “PEPP distribution” means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts for providing a PEPP, of concluding such contracts, or of assisting in the administration and performance of such contracts, including the provision of information concerning one or more pensionPEPP contracts in accordance with criteria selected by PEPP customers through a website or other media and the compilation of a pensionPEPP product ranking list, including price and product comparison, or a discount on the price of a pensionPEPP contract, when the PEPP customer is able to directly or indirectly conclude a pensionPEPP contract using a website or other media;
Amendment 356 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
(10) “accumulation phase” means the period during which assets (in-payments) are accumulated in a PEPP account and normally runs until the age of retirement of the PEPP beneficiary;
Amendment 357 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
(11) “decumulation phase” means the period during which assets accumulated in a PEPP account are drawn upon to fundreceive retirement or other income requiremenbenefits;
Amendment 360 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) “annuity” means a fixed or variable sum payable at specific intervals over a period, such as the PEPP beneficiary’s life or a certain number of years, in return for an investment;
Amendment 362 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
(13) “drawdown payments” means the possibility for the PEPP beneficiaries to draw discretionary amounts, up to a certain limit on a periodic basiswithdrawal of funds by a PEPP beneficiary during the decumulation phase;
Amendment 364 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
(15) “distributor of a PEPP” or “PEPP distributor” means a financial undertaking authorised to distribute PEPPs not manufactured by it, as well as an insurance, reinsurance or ancillaryor an insurance intermediary;
Amendment 367 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) “home Member State of the PEPP provider” means the Member State in which the PEPP provider has its registered officebeen authorised;
Amendment 371 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
(20) “compartment” means a section which is opened within each individual PEPP account and which corresponds to the legal requirements and conditions for using incentives fixed at national level for investing in a PEPP byof the Member State of the PEPP saver’s domicilplace of residence. Accordingly, an individual may be a PEPP saver or a PEPP beneficiary in each compartment, depending on the respective legal requirements for the accumulation and decumulation phases;
Amendment 372 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) “capital” means aggregate capitfinancial contributions and uncalled committed capitalthe investment return on those contributions, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
Amendment 375 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 23
Article 2 – paragraph 1 – point 23
Amendment 376 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
Amendment 378 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 26
Article 2 – paragraph 1 – point 26
(26) “switching providers” means, upon a PEPP customer’s request, transferring from one PEPP provider to another any positivthe balance from one PEPP account to the other, with or without closing the former PEPP account;
Amendment 379 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 27
Article 2 – paragraph 1 – point 27
(27) “advice” means the provision of a personal recommendation to a PEPP savcustomer, either upon his request or at the initiative of the PEPP provider or distributor, in respect of one or more contracts for subscribing PEPP;
Amendment 382 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28a) “partnership” means cooperation between PEPP providers to offer compartments in different Member States, in accordance with the portability service as outlined in Article 12.
Amendment 387 #
2017/0143(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) where authorised by this Regulation, the provisions of the contract for the provision of a PEPP concluded between a PEPP saver and a PEPP providerrules of a PEPP scheme,
Amendment 394 #
2017/0143(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by EIOPAthe competent authority of the home Member State of the PEPP provider in accordance with this Regulation.
Amendment 398 #
2017/0143(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Authorisation of a PEPP shall be valid in all Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by EIOPA.
Amendment 418 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakings listed in paragraph 1 shall submit their applications for authorisation of a PEPP to EIOPAtheir competent authority. The application shall include the following:
Amendment 421 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point b a (new)
Article 5 – paragraph 2 – point b a (new)
(ba) the value of the applicant’s assets under management;
Amendment 432 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point f
Article 5 – paragraph 2 – point f
(f) a list of Member States where the applicant PEPP initially intends to market the PEPP;
Amendment 434 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point i
Article 5 – paragraph 2 – point i
Amendment 435 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPAThe competent authority may request clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 437 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 440 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to EIOPAthe competent authority.
Amendment 444 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPAthe competent authority of the PEPP provider shall grant authorisation of the PEPP only where EIOPAthe competent authority is fully satisfied that the following conditions are met:
Amendment 452 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 457 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPAThe competent authority shall communicate to the applicant the reasons for any refusal to grant authorisation of a PEPP.
Amendment 460 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPAThe competent authority shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled.
Amendment 466 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPAThe competent authority shall, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1) ofEIOPA of the decisions to grant, refuse or withdraw authorisations pursuant to this RegulationArticle.
Amendment 468 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
Amendment 473 #
2017/0143(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authorised by EIOPA to be distributed under the designation “PEPP”the competent authority of the PEPP provider in accordance with this Regulation.
Amendment 475 #
2017/0143(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPAthe competent authority of the PEPP provider.
Amendment 479 #
2017/0143(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Without prejudice to this Regulation, PEPP providers and PEPP distributors shall comply at all times with the provisions of this Regulation, as well as with the relevant prudential regime applicable to them in accordance with the legislative acts referred to in Articles 5(1) and 8(2).
Amendment 483 #
2017/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP, the compartments available under each PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format. National competent authorities shall communicate the relevant information to EIOPA.
Amendment 487 #
2017/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
PEPP providers may provide and distribute and PEPP distributors may distribute PEPPs within the territory of a host Member State under the freedom to provide services or the freedom of establishment, provided they do so in compliance with the relevant rules and procedures established by or under the Union legislative acts applicable to them as referred to in Article 5(1) or 8(2).
Amendment 488 #
2017/0143(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The portability service allowsFor the purposes of this Section, the portability service is defined as the right of PEPP savers to continue contributing to thea PEPP which they have already contracted with its provider, while changing their domicilplace of residence by moving to another Member State.
Amendment 490 #
2017/0143(COD)
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. PEPP savers shall have the right to acquire or purchase PEPPs in a Member State other than the Member State of their place of residence.
Amendment 493 #
2017/0143(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are immediately availableportability options, including the national compartments they offer.
Amendment 498 #
2017/0143(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. Where a PEPP saver changes their place of residence to another Member State and the PEPP provider cannot offer a compartment in that Member State, the PEPP saver shall be offered the possibility to switch to another PEPP provider, in accordance with Article 45, free of charge.
Amendment 499 #
2017/0143(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 517 #
2017/0143(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure thahere a PEPP provider opens a new national compartment within eachan individual PEPP account a new compartment could be opened,, it shall ensure that this compartment correspondings to the legal requirements and conditions for using incentives fixed at national level for thefor a PEPP byof the Member State to which the PEPP saver moves their place of residence.
Amendment 524 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), immediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member StatesImmediately after receiving the PEPP saver’s request to use the portability service, the PEPP provider shall inform the PEPP saver about the possirtability to open a new compartment withoptions available to him or her, including the PEPP saver’s individual acpossibility to count and about the deadline within which such compartment could be openedinue saving in a new compartment or through a partnership.
Amendment 529 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. To make use of this possibility, the PEPP saver shall send to the PEPP provider a request, which shall includeWhere a PEPP saver signals their intention to avail of a compartment in another Member State, as offered by the PEPP provider, the PEPP provider shall obtain the following information:
Amendment 530 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the PEPP saver’s new Member State of domicilresidence;
Amendment 531 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) the date from which the investmentcontributions should be directed to the newly-opened compartment;
Amendment 532 #
2017/0143(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Not later than three months following the reception of the request underafter obtaining the information referred to in paragraph 2, the PEPP provider shall provide the PEPP saver with complete information free of charge and advice under Chapter IV, Sections II and III regarding the conditions applicable to the new compartment.
Amendment 535 #
2017/0143(COD)
Proposal for a regulation
Article 16 – title
Article 16 – title
Transfer of accumulated righassets between the compartments of the PEPP
Amendment 536 #
2017/0143(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. At the request of the PEPP saver, the PEPP provider shall propose to the PEPP saver to arrange for full or partial transfer of accumulated assets between different compartments of the individual PEPP account, so that all assets could be consolidated in one compartmeand, where applicable, the surrender value, to other compartments of the PEPP account.
Amendment 538 #
2017/0143(COD)
Proposal for a regulation
Article 17 – title
Article 17 – title
Provision of information on portability to the nationalcompetent authorities
Amendment 541 #
2017/0143(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over itEIOPA.
Amendment 547 #
2017/0143(COD)
Proposal for a regulation
Article 17 – paragraph 2 – introductory part
Article 17 – paragraph 2 – introductory part
2. The information under paragraph 1 shall be filed electronically in a central database held with the national supervisory authorityEIOPA within one month of opening the new compartment and. The database shall be accessible to the competent authorities. The database shall contain at least:
Amendment 549 #
2017/0143(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
When carrying out distribution activities for PEPPs, PEPP providers and PEPP distributors shall always act honestly, fairly and professionally in accordance with the best interests of their PEPP customers.
Amendment 550 #
2017/0143(COD)
Proposal for a regulation
Article 19 – title
Article 19 – title
Distribution regime applicable to different types of PEPP providers and PEPP distributors (This amendment applies throughout the text.)
Amendment 568 #
2017/0143(COD)
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1
Article 22 – paragraph 1 – subparagraph 1
PEPP providers shall maintain, operate and review a process for the internal approval of each PEPP, or significant adaptations of an existing PEPP, before it is distributed to PEPP customers.
Amendment 569 #
2017/0143(COD)
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 3
Article 22 – paragraph 1 – subparagraph 3
Amendment 575 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The PEPP providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading. It shall provide key information and shall be consistent with any binding contractual documents, with the relevant parts of the offer documents and with the terms and conditions of the PEPP.
Amendment 577 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
Amendment 601 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3a. The PEPP key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross- reference is related to the information required to be included in the PEPP key information document.
Amendment 605 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 4 a (new)
Article 23 – paragraph 4 a (new)
4a. The key information document shall contain information on the investment options and shall state where and how more detailed pre-contractual information related to the investment products backing the underlying investment options can be found.
Amendment 606 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering a minimum of five years, or, where the scheme has been operating for fewer than five years, coverThe PEPP key information document shall be written in a concise manner, using clear, succinct and comprehensible language and shall contain the key information that PEPP savers require. The key information document should be presented ing all the years that the scheme has been operating, as well as with information way that is easy to read and shall consist of a maximum onf three structure of costs borne by PEPP savers and PEPP beneficiariesides of A4-sized paper when printed.
Amendment 612 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
5a. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP, covering the years the PEPP has been operating.
Amendment 617 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 1
Article 23 – paragraph 6 – subparagraph 1
In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop draft implementingregulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraphs 3 and 4, together with the requirements needed to present that information in a standardised format allowing for comparison. (This amendments applies throughout Article 23, paragraph 6)
Amendment 620 #
2017/0143(COD)
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 3
Article 23 – paragraph 6 – subparagraph 3
The ESAs shall submit those draft implementingregulatory technical standards to the Commission by … .[OJ please insert date: 6 months after the date of entry into force of this Regulation]
Amendment 625 #
2017/0143(COD)
Proposal for a regulation
Article 23 a (new)
Article 23 a (new)
Article 23a Language Requirements for the PEPP Key Information Document 1. The PEPP key information document shall be written in one or more of the official languages of the Member State where the PEPP is distributed. 2. If a PEPP is promoted in a Member State through marketing documents written in one or more official languages of that Member State, the PEPP key information document shall at least be written in the corresponding official language(s).
Amendment 626 #
2017/0143(COD)
Proposal for a regulation
Article 23 b (new)
Article 23 b (new)
Amendment 628 #
2017/0143(COD)
Proposal for a regulation
Article 23 c (new)
Article 23 c (new)
Article 23c Marketing communication Marketing communications that contain specific information relating to the PEPP shall not include any statement that contradicts the information contained in the PEPP key information document or diminishes the significance of the PEPP key information document. Marketing communications shall indicate that a PEPP key information document is available and supply information on how and from where to obtain it, including the PEPP provider’s website.
Amendment 629 #
2017/0143(COD)
Proposal for a regulation
Article 23 d (new)
Article 23 d (new)
Amendment 630 #
2017/0143(COD)
Proposal for a regulation
Article 23 e (new)
Article 23 e (new)
Article 23e Provision of the PEPP key information document 1. A person advising on, or selling, a PEPP shall provide PEPP savers with the key information document a sufficient time before those PEPP savers are bound by any contract or offer relating to that PEPP. 2. A person advising on, or selling, a PEPP may satisfy the requirements of paragraph 1 by providing the PEPP key information document to a person with written authority to make investment decisions on behalf of the PEPP savers in respect of transactions concluded under that written authority.
Amendment 631 #
2017/0143(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. In good time before the conclusion of a PEPP-related contract, PEPP providers or distributors referred to in Article 19(c) of this Regulation shall provide PEPP savers or potential PEPP savers with at least the information in relation to the PEPP contract and themselves set out in Article 19 and in points (a) and (c) of the first subparagraph of Article 29(1) of Directive (EU) 2016/97 in relation to insurance contracts and insurance intermediaries. (This amendment applies throughout the text.)
Amendment 647 #
2017/0143(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Where advice is provided prior to the conclusion of any specific contract, tThe PEPP provider or distributor referred to in Article 19(c) of this Regulation shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP savers’s demands and needs.
Amendment 660 #
Amendment 671 #
2017/0143(COD)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. PEPP providers shall draw up a concise personalised document containing key information for each PEPP saver taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax lawlegislation (“PEPP Benefit Statement”). The title of the document shall contain the words “PEPP Benefit Statement”.
Amendment 674 #
2017/0143(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. For tThe exact date to which the information in the PEPP Benefit Statement refers to, the format of information contained in the PEPP Benefit Statement, and the treatment of any material shall be stated prominently. PEPP providers shall ensure that the information contained in the PEPP Benefit Statement is accurate, updated and made available to each PEPP saver and beneficiary free of chanrge to the information, Article 38, paragraphs 2-4 of Directive 2016/2341/EU shall be applied accordingly, where for the purposes of this Regulation “Pension Benefit Statement” means PEPP Benefit Statementhrough electronic means, including on a durable medium or by means of a website, or on paper, at least annually. A paper copy shall be provided to members on request in addition to any information through electronic means. Any material change to the information contained in the PEPP Benefit Statement compared to the previous year shall be clearly indicated.
Amendment 680 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point a
Article 28 – paragraph 1 – point a
(a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d), (e), (f) and (h) of Directive 2016/2341/EU shall be applied, where the “member” means the PEPP saver, the “IORP” means the PEPP provider, the “pension scheme” means the PEPP scheme and “the sponsoring undertaking” means any third party for the purposes of this Regulation and the name of the PEPP provider and its contact address;
Amendment 683 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point a a (new)
Article 28 – paragraph 1 – point a a (new)
(aa) a clear indication of the statutory retirement age of the PEPP saver, the retirement age laid down in the pension scheme or estimated by the PEPP provider, or the retirement age set by the PEPP saver, as applicable;;
Amendment 684 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point a b (new)
Article 28 – paragraph 1 – point a b (new)
(ab) information on pension benefit projections based on the retirement age as specified in point (a a), and a disclaimer that those projections may differ from the final value of the benefits received. If the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme;
Amendment 685 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point a c (new)
Article 28 – paragraph 1 – point a c (new)
(ac) information on the accrued entitlements or accumulated capital taking into consideration the specific nature of the PEPP scheme;
Amendment 686 #
2017/0143(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point a d (new)
Article 28 – paragraph 1 – point a d (new)
(ad) a breakdown of the costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits;
Amendment 698 #
2017/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) further practical information as set out in Article 40, paragraph 1(a) of Directive 2016/2341/EUbout the PEPP saver’s options provided under the PEPP scheme, including the portability options;
Amendment 701 #
2017/0143(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. PEPP savers shall receive information duringIn addition to the PEPP Benefit Statement, PEPP providers shall provide each PEPP saver, at least one year before the pre-retirement phasage as set outpecified in Article 42 of Directive 2016/2341/EU. 28, paragraph 1 (a a), or at the request of the PEPP saver, with information about the benefit pay-out options available in taking their retirement benefits.
Amendment 703 #
2017/0143(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. PEPP providers shall periodically provide PEPP beneficiaries with information, as set out in Article 43 of Directive 2016/2341/EU, where the “pay- out” means the decumulation for the purposes of this Regulationbout the benefits due to them and information about the status of their PEPP account.
Amendment 705 #
2017/0143(COD)
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. PEPP providers shall submit to the competent authoritiesy of the home Member State, and, where appropriate, to the competent authority of the host Member State, the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 712 #
2017/0143(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point a
Article 33 – paragraph 1 – point a
(a) the assets corresponding to the PEPP shall be invested in the best long- term interests of PEPP savers as a whole. In the case of a potential conflict of interest, a PEPP provider, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of PEPP savers;
Amendment 733 #
2017/0143(COD)
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to fand PEPP distributors shall offer a basic PEPP and may offer alternative investment options to PEPP savers.
Amendment 738 #
2017/0143(COD)
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
Amendment 751 #
2017/0143(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The PEPP saver shall be able to optterms for a modifferentication of the investment option once every five years of accumulationshall be listed in the PEPP contract.
Amendment 757 #
2017/0143(COD)
Proposal for a regulation
Article 36 – paragraph 2
Article 36 – paragraph 2
Amendment 759 #
Amendment 760 #
2017/0143(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensureBasic PEPP shall be a safe product that can be easily acquired, including through digital channels, in each Member State. The risk mitigation techniques applied to the Basic PEPP may take the form of capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategyinvestment strategies which gradually decrease investment risks (de-risking investment strategies). Regardless of the investment strategy, the PEPP provider shall always aim at ensuring capital protection for the PEPP saver, including costs and fees.
Amendment 775 #
2017/0143(COD)
Proposal for a regulation
Article 37 – paragraph 1 a (new)
Article 37 – paragraph 1 a (new)
1a. De-risking investment strategies for the PEPP shall be designed so as to build up a stable and adequate individual future retirement income from the PEPP and, where applicable, to ensure a fair treatment of all generations of PEPP savers. The applicable de-risking investment strategy shall include provisions (a) or (b), or a combination thereof, and may be complemented by provisions set out in (c): (a) provisions for automatically adapting the asset allocation to reduce the investment risks over the PEPP lifetime; (b) provisions establishing reserves from contributions or investment returns, which shall be allocated to PEPP savers in a fair and transparent manner, to mitigate investment losses; (c) provisions for using appropriate risk mitigation techniques to ensure the PEPP saver is able to recoup the capital invested, including fees, costs and inflation.
Amendment 805 #
2017/0143(COD)
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the risk-mitigation technique to ensure capital protection under the default investment options under Article 37(1a);
Amendment 821 #
2017/0143(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. Where the PEPP provider is an institution for occupational retirement provision or an investment firm as referred to in Article 5(1), it shallmay appoint one or more depositaries for the safe-keeping of assets and oversight duties.
Amendment 828 #
2017/0143(COD)
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2 a (new)
Article 45 – paragraph 1 – subparagraph 2 a (new)
In the case of domestic switching, PEPP providers are required to inform national competent authorities of any switching service they provide to PEPP savers. National competent authorities shall monitor the compliance of PEPP providers with this Chapter on a regular basis.
Amendment 829 #
2017/0143(COD)
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2 b (new)
Article 45 – paragraph 1 – subparagraph 2 b (new)
In the case of cross-border switching, PEPP providers are required to inform EIOPA of any switching service they provide to PEPP savers. EIOPA shall monitor the compliance of PEPP providers with this Chapter on a regular basis.
Amendment 833 #
2017/0143(COD)
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver may switch PEPP providers no more frequently than once every fivthree years after conclusion of the PEPP contract.
Amendment 838 #
2017/0143(COD)
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 1
Article 46 – paragraph 2 – subparagraph 1
The receiving PEPP provider shall initiate the switching service upon receipt of the authorisationrequest from the PEPP saver. (This amendment applies throughout this Chapter.)
Amendment 839 #
2017/0143(COD)
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 3
Article 46 – paragraph 2 – subparagraph 3
The authorisation shall allow the PEPP saver torequest shall provide specific consent to the performance by the transferring PEPP provider of each of the tasks referred to in paragraph 3 and to provide specific consent to the performance by the receiving PEPP provider of each of the tasks referred to in paragraph 5.
Amendment 840 #
2017/0143(COD)
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 4
Article 46 – paragraph 2 – subparagraph 4
The authorisation shall allow the PEPP saver to specifically identify asset portfolios and/or amounts that are to be switched. The authorisationrequest shall also allow PEPP savers to specify the date from which payments are to be executed to the PEPP account opened with the receiving PEPP provider. That date shall be at least six working days after the date on which the receiving PEPP provider receives the documents transferred from the transferring PEPP provider pursuant to paragraph 4. Member States may require the authorisationrequest from the PEPP saver to be in writing and that a copy of the authorisation be provided to the PEPP saver.
Amendment 863 #
Amendment 885 #
2017/0143(COD)
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. Notwithstanding paragraph 1, annual drawdowns by the PEPP saver during the decumulation phase should not exceed 10% of the value of the PEPP account, as calculated by the PEPP provider at the beginning of the decumulation phase.
Amendment 891 #
2017/0143(COD)
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
2. EIOPA shall monitor pension schemes established or distributed in the territory of the Union to verify that they do not use the designation “PEPP” or suggest that theyInstitutions for Occupation Retirement Provision established in the Union to verify that they do not use the designation “PEPP” for pension schemes which they operate or suggest that those pension schemes are a PEPP unless they are authorised under, and comply with, this Regulation.
Amendment 894 #
2017/0143(COD)
Proposal for a regulation
Article 53 – paragraph 3
Article 53 – paragraph 3
Amendment 897 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 1
Article 56 – paragraph 1 – subparagraph 1
Where athe competent authorityies of a PEPP provider or a PEPP distributor disagrees about the procedure orwith the content of an action or inaction of a competent authority of another Member State regarding the application of this Regulation, EIOPA, at the request of one or more of the competent authorities concerned, may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4Article 19 of Regulation (EU) No 1094/2010. In that case, EIOPA may act in accordance with the powers conferred on it by that Article.
Amendment 898 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 2
Article 56 – paragraph 1 – subparagraph 2
In cases involving cross-border situations, and where on the basis of objective criteria disagreement between competent authorities from different Member States can be identified, EIOPA may, on its own initiative or upon request of the European Supervisory Authority (European Banking Authority) or the European Supervisory Authority (European Securities and Markets Authority), assist the competent authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4Article 19 of Regulation (EU) No 1094/2010. In that case, EIOPA may act in accordance with the powers conferred on it by that Article.
Amendment 899 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 2
Article 56 – paragraph 2
Amendment 900 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 3
Article 56 – paragraph 3
Amendment 901 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 4
Article 56 – paragraph 4
Amendment 902 #
2017/0143(COD)
Proposal for a regulation
Article 56 – paragraph 5
Article 56 – paragraph 5
Amendment 49 #
2017/0090(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. Those transactions therefore do not significantly contribute to systemic risk and interconnectedness, yet the obligation to report those transactions imposes important costs and burdens on non- financial counterparties. IntragroupAll transactions between affiliates within the group where at least one of the counterparties is a non- financial counterparty should therefore be exempted from the reporting obligation, regardless of the place of establishment of a non-financial counterparty.
Amendment 58 #
2017/0090(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) To reduce the burden of reporting for small non-financial counterparties not subject to the clearing obligation, the financial counterparty should be responsible, and legally liable, for reporting on behalf of bothwith regard to OTC derivative contracts entered into by itself and the non-financial counterparty that is not subject to the clearing obligation with regard to OTC derivative contracts enter, as well as for ensuring the accuracy of the details reported. To ensure that the financial counterparty has the data necessary to fulfil its reporting obligation, the non-financial counterparty should provide the details relating to the OTC derivative transactions that the financial counterparty cannot be reasonably expected into by that non-financial counterparty as well as for ensuring the accuracy of the details reported. possess. However, it should be possible for non-financial counterparties to choose to report their OTC derivatives contracts on their own, in which case they should inform the financial counterparty accordingly. In such cases, the non-financial counterparty should remain responsible and legally liable for reporting that data and for ensuring its accuracy.
Amendment 81 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 648/2012
Article 2 – point 8
Article 2 – point 8
(1) In Article 2, point (8) is replaced by the following: ‘(8) “financial counterparty” means an investment firm authorised in accordance with Directive 2014/65/EC of the European Parliament and of the Council31 , a credit institution authorised in accordance with Regulation (EU) No 575/2013, an insurance of reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council32 , a UCITS authorised in accordance with Directive 2009/65/EC, an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, an AIF as defined in Article 4(1)(a) of directive 2011/61/EU, and a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council33 and a securitisation special purpose entity as defined in Article 4(1)(66) of Regulation (EU) No 575/2013 of the European Parliament and of the Council34 ;’. _________________ 31 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349). 32 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). 33 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257 28.8.2014, p. 1). 34Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (OJ L 176, 27.6.2013, p. 1).
Amendment 161 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
Amendment 169 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point b
Article 9 – paragraph 1a – subparagraph 1 – point b
(b) financial counterparties shall be responsible for reporting on behalf of both counterpartiesthe details of [OTC] derivative contracts concluded between a financial counterparty and a non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) shall be reported as follows: (i) financial counterparties shall be solely responsible and legally liable for reporting a single data set, as well as for ensuring the accuracy of the details reported; (ii) notwithstanding point (i), non- financial counterparties that do not meet the conditions referred to in the second subparagraph of Article 10(1) may elect to report the details of their OTC derivative contracts concluded with awith financial counterparties to a trade repository; (iii) where the non- financial counterparty that is not subject to the conditions referred to in the second subparagraph of Article 10(1) as well aselects to report the details of their OTC derivatives contracts as described in point (ii), they shall inform the financial counterparties with which they have concluded OTC derivatives contracts of their decision beforehand. The responsibility and legal liability for reporting and for ensuring the accuracy of those details reportedshall in this case remain with the non-financial counterparty;
Amendment 173 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point e
Article 9 – paragraph 1a – subparagraph 1 – point e
(e) counterparties and CCPs that report OTC derivatives contracts to a trade repository shall ensure that the details of their derivative contracts are reported accurately and without duplication.
Amendment 252 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b a (new)
Article 1 – paragraph 1 – point 19 – point b a (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 2a (new)
Article 85 – paragraph 2a (new)
(ba) paragraph 2a is inserted: 2 a. ESMA shall by [date of entry into force of this amending Regulation+ 12 months] submit a report to the Commission which assesses whether the list of financial instruments that are considered highly liquid with minimal credit and market risk, in accordance with Article 47, could be extended and whether this list could include money market funds as defined in Regulation (EU) 2017/1131.
Amendment 1 #
2017/0024(NLE)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) This Regulation responds proactively to a proposal made by the Bio- based Industries Consortium Aisbl. Programme delivery by the BBI Joint Undertaking should be achieved through better collaboration with stakeholders, in particular, small and medium-sized enterprises (SMEs) within the bio-based value chain.
Amendment 2 #
2017/0024(NLE)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The alternative mode of financing proposed by the BIC has informed this Regulation, while recognising the unique features of the BBI Joint Undertaking. The Commission should examine how that alternative mode of financing could apply to other joint undertakings, and, in particular, the Innovative Medicines Initiative Joint Undertaking.
Amendment 3 #
2017/0024(NLE)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In its joint undertaking process, the Commission set out the impact, effectiveness and lessons learnt from the proposed amendments. The Commission should submit a report to the European Parliament and to the Council with regard to the effectiveness of this Regulation, in light of the BIC’s obligation to deliver, by 31 December 2024, its financial contribution.
Amendment 4 #
2017/0024(NLE)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The Commission should conduct a cost-benefit analysis of the BBI Joint Undertaking’s remaining projects in light of the alternative mode of financing laid down in this Regulation.
Amendment 94 #
2016/2247(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes the high level of non- performing loans (NPLs) in some jurisdictions; considers that this issue is crucial and has yet to be solvedreducing this level is crucial and welcomes efforts to already reduce the level of NPLs in some countries; notes that differences exist between Member States in the legal framework and this can often affect potential Union-wide solutions to reducing NPL levels; welcomes the work of the SSM and its draft guidance on this issue; looks forward to the results of the work on a minimum EU insolvency framework; calls on Member States to improve their insolvency legislation and to stimulate growth in order to tackle NPLs;
Amendment 144 #
2016/2247(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers it essential to ensure the comparability of risk-weighted assets across institutions in order to allow for effective supervision; welcomes the work done internationally to streamline the resort to internal models, as well as the introduction of a leverage ratio to act as a backstop; recalls, however, that the regulatory changes planned should not result in significant increases in capital requirements, nor harm the ability of banks to finance the real economy, in particular SMEs; calls on the Commission to ensure European specificities are considered when transposing these new international standards in this area;
Amendment 151 #
2016/2247(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Underlines that the European banking sector plays a key role in financing the European economy and this is supported by a strong supervision system; therefore welcomes the intention of the Commission to maintain the SME Supporting Factor in the upcoming revision of CRD/CRR and to extend it beyond its current threshold;
Amendment 238 #
2016/2247(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Supports efforts to date to streamline reporting requirements and particularly the idea behind the European Reporting Framework (ERF) and AnaCredit; calls on the institutions involved to ensure that the relevant data is produced and that this data is processed in a way that is useful to all stakeholders;
Amendment 331 #
2016/2247(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Warns that the BRRD requirement of contractual recognition for bail-in powers on liabilities governed by non-EU legislation proves cumbersome to implement; welcomes efforts by the European Commission to address this; calls for clarification of the type of liabilities to which such requirement applies; considers this issue an immediate concern;
Amendment 335 #
2016/2247(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls for the ex-ante contributions to the Single Resolution Fund to be calculated in a strongly transparent manner with efforts to harmonise information on calculation outcomes and improve the understanding of the calculation methodology;
Amendment 369 #
2016/2247(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware of the potential benefits of an EDIS and supports the principle of an EDIS as the third pillar of a harmonised Banking Union; is nevertheless of the opinion that risk reduction measures are an indispensable counterparty to its establishment in order to prevent moral hazard, and that such measures should preferably precedebe developed in parallel with risk sharing;
Amendment 35 #
2016/2243(INI)
Motion for a resolution
Recital D
Recital D
D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hamperhile enhancing financial stability and while maintaining the highest possible level of consumer protection;
Amendment 38 #
2016/2243(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas FinTech can in particular support the continued development of a single market for goods and services by delivering efficient domestic and cross- border payment solutions;
Amendment 50 #
2016/2243(INI)
Motion for a resolution
Recital E
Recital E
E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs; emphasises that the consumer experience is the driving force for market players;
Amendment 85 #
2016/2243(INI)
Motion for a resolution
Recital L
Recital L
L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables online identification and authentication tools; in this context, emphasises the importance of technology in fostering a strong FinTech ecosystem in Europe;
Amendment 88 #
2016/2243(INI)
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas to date, the development of a FinTech ecosystem in Europe has been hampered by divergent regulation across different Member States and a lack of collaboration across markets; considers that decisive EU action with a view to fostering a common approach to FinTech is important in the development of a strong FinTech ecosystem in Europe;
Amendment 105 #
2016/2243(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that FinTech can help to enable the success of Capital Markets Union initiatives and encourages the Commission to harness the benefits of FinTech in driving forward the Capital Markets Union project;
Amendment 140 #
2016/2243(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends that the competent authorities allowshould encourage controlled experimentation with new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise;,
Amendment 145 #
2016/2243(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that regulatory sandboxes have the potential to bring together a wide range of market participants including start-ups, large financial services firms, technology firms and regulators to test new innovative approaches to FinTech; calls on Member States to consider the introduction of regulatory sandboxes as a way forward for developing FinTech solutions;
Amendment 167 #
2016/2243(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of supervisors havdeveloping sufficient technical expertise to adequately scrutinise increasingly complex FinTech services;
Amendment 178 #
2016/2243(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; supports efforts of the European Commission in addressing how the EU can help to improve choice, transparency and competition in retail financial services to the benefit of European consumers and emphasises that this goal should be complementary to the objective of enhancing the financial market through digitalisation and technology;
Amendment 181 #
2016/2243(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Considers that there is still considerable regulatory uncertainty around InsurTech and stresses that this needs to be addressed to ensure security, privacy, fair competition, and financial stability; emphasises that greater legal certainty will help to ensure that consumers of poorly regulated InsurTech firms do not fall victim to losses or mis- selling and will help both companies and consumers to better utilise InsurTech solutions;
Amendment 192 #
2016/2243(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Stresses the need to ensure that financial stability is enhanced alongside the development of FinTech solutions; encourages the examination of open source, peer-reviewed technology as a means of achieving this goal;
Amendment 221 #
2016/2243(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses that errors or biases in algorithms can cause systemicpotentially cause risk and harm consumers; asks the Commission and the European Supervisory Authorities (ESAs) to take these risks into account and assess the liability aspects of data use;
Amendment 247 #
2016/2243(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Highlights the need for the exchange of information and best practices between supervisors, regulators and Member State governments and market participants and between market participants themselves; calls on the Commission, the Member States, market participants and the EU Agency for Network and Information Security (ENISA) to set standards for major incident reporting and to remove barriers to information sharing; suggests exploring the potential benefits of a single point of contact for market participants in this regard;
Amendment 264 #
2016/2243(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Flags the need for better education and awareness about cyber risks both for citizens and businesses, especially among SMEs;
Amendment 273 #
2016/2243(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Considers that interoperability of FinTech services is a key condition for the future development of the European FinTech sector, both within Europe and through engagement with third-country jurisdictions;
Amendment 67 #
2016/2224(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses that communication between whistle-blowers and EU institutions and agencies must be strengthened; considers that complaints from citizens must be treated fairly and with respect and there should be a regular stream of contact from the EU institution or agency dealing with the complaint to the whistle-blower with regular updates on the case;
Amendment 3 #
2016/2201(DEC)
Motion for a resolution
Paragraph 4
Paragraph 4
4. NoteRegrets that the Court has once again only issued a qualified opinion on the legality and regularity of the transactions underlying the annual accounts on the grounds of the administrative agreements signed with the National Funding Authorities (NFAs) regarding ex-post audits of project payments and the fact that the Joint Undertaking audit strategies relied heavily on the NFAs;
Amendment 4 #
2016/2201(DEC)
Motion for a resolution
Paragraph 5
Paragraph 5
5. NotesExpresses concern that the Court's report finds that it was impossible for the Joint Undertaking to calculate a reliable weighted error rate or a residual error rate because of the significant variation in the methodologies and procedures used by the NFAs and thus the Court could not conclude whether ex-post audits were functioning effectively and whether this key control provided sufficient assurance as to the legality and regularity of the underlying transactions for Seventh Framework Programme projects; recognises that the issue is related to the Seventh Framework Programme legal framework setup and thus not caused by the Joint Undertaking’s performance;
Amendment 5 #
2016/2201(DEC)
Motion for a resolution
Paragraph 10
Paragraph 10
10. NoteRegrets that the 28 Participating States were required to make a financial contribution to the operational costs of the Joint Undertaking proportional to the Union’s financial contribution; notes furthermore that so far only 11 Participating States declared payments in total amount of EUR 15 800 000;
Amendment 8 #
2016/2201(DEC)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 9 #
2016/2201(DEC)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that in 2015 the Internal Audit Services (IAS) performed a risk assessment of the Joint Undertaking, and is concerned that as a result it identified two ‘high impact/high risk areas’ administrative processes (namely, its risk management and anti-fraud strategy) and two ‘high risk/high impact area’ operational processes (namely, ex-post controls and the coordination/implementation of CSC tools); welcomes, however, the Joint Undertaking's already implemented and ongoing efforts to mitigate these risks;
Amendment 5 #
2016/2198(DEC)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Regrets to discover that one case of suspicion of fraud was submitted to the European Anti-Fraud Office (OLAF) for assessment and the latter decided not to open an investigation; notes that the Joint Undertaking launched both a technical and a financial audit, and that the technical audit identified some scientific weaknesses in the work performed by a beneficiary, which resulted in the termination of participation of that beneficiary, with the corresponding costs disallowed and the amount of EUR 398 115,65 reimbursed to the Project Coordinator; notes that the financial audit of the project was concluded without any significant material findings; highlights in this respect the important role of whistle-blowers and internal auditing procedures in detecting and, reporting, and investigating irregularities related to Union budgetary expenditure, and furthermore, to the recovery of the misused funds;
Amendment 6 #
2016/2198(DEC)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that an audit on ex-ante controls for grant management and related processes was conducted by the Internal Audit Service (IAS); notes that the audit resulted in three recompoints out that the Joint Undertaking has previously had deficiencies in its documendtations and that th of ex- ante controls, and notes that the audit resulted in three recommendations which suggested that the Joint Undertaking should make its ex- ante controls more effective by using a more risk-based and balanced approach, it should reinforce control procedures for the certificates on financial statements, and it should enhance management reporting on the results of ex- ante controls; acknowledges from the Joint Undertaking that no critical recommendation was issued and that since March 2015 it has been implementing the IAS audit recommendations;
Amendment 4 #
2016/2197(DEC)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that private sector members face difficulties in presenting their IKOP figures by the deadline of 31 January, and is very concerned that this risks becoming a recurring issue for most joint undertakings; notes in this respect that, in combination with the regular reporting period for IKOPs (every 18 months), this double reporting goes against the general trend towards simplification;
Amendment 5 #
2016/2197(DEC)
Motion for a resolution
Paragraph 13
Paragraph 13
13. NotExpresses with concern that the 2015 administrative budget was prepared on the assumption that by the end of the year, all 22 Joint Undertaking staff would have been recruited and operational; notes that only 13 posts were occupied which had an obvious impact on staff-related costs, however, the unused budget appropriations were reactivated in the 2016 budget; welcomes that the Joint Undertaking proceeded with recruitment procedures in 2016 and has filled 20 out of 22 posts;
Amendment 7 #
2016/2195(DEC)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes from the Court’s report that in July 2015, that the Commission issued guidelines to the Joint Undertakings related to rules on conflicts of interest, including a common template for the declaration of absence of a conflict of interest; inviturges the Joint Undertaking to reflect those guidelines in its procedures and to report to the European Parliament on the completion of the aforementioned declarations;
Amendment 7 #
2016/2194(DEC)
Motion for a resolution
Paragraph 3
Paragraph 3
3. NotesExpresses concern that the Court’s report once again emphasises that the complexity of ITER activities puts the amount of the Joint Undertaking’s contribution to the construction phase of the project at significant risk of increasing, but also recognises that significant progress across a range of areas impacting the whole management structure of the project has been achieved;
Amendment 9 #
2016/2194(DEC)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Highlights that the Joint Undertaking is responsible for the management of the Union’s contribution to the ITER project and that the budget cap of EUR 6 600 000 000 until 2020 must be maintained; highlightstresses furthermore that the main challenge for the ITER project is to make sure that the realistic schedule and budgeting are kept and that any potential deviation or problem is detected at the earliest stage possible; acknowledges that the Court’s report once again notes in its ‘emphasis of matter’ that the doubling of initial budgeted costs for the construction phase in 2010 did not include contingency costs; notes with satisfactionsome progress, therefore, that the updated valuation to the Joint Undertaking’s contribution in 2015 is a more comprehensive figure; is aware that the changes that have recently been and that still are being introduced in this regard are key for the future success of the project;
Amendment 10 #
2016/2194(DEC)
Motion for a resolution
Paragraph 5
Paragraph 5
5. NoteExpresses serious concerns that the Court’s report states that in 2015, the Joint Undertaking launched a major exercise to calculate the estimated cost at completion of the Joint Undertaking’s contribution to the construction phase of the project, resulting in an expected cost increase of around EUR 2 375 000 000 which represents an increase of 35 % over the figure approved by the Council in 2010; notes that this amount is greater than the increase reported by the Joint Undertaking in November 2014, but acknowledges that this is due to the wider scope of the new calculation to cover the entire construction phase, rather than only estimated cost deviations on awarded contracts; welcomes the efforts taken by the Joint Undertaking to provide more global and realistic cost estimates;
Amendment 11 #
2016/2194(DEC)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights thatStrongly calls on the Commission shouldto present a Communication on ITER project as soon as possible which is essential for ensuring transparency of the whole project and setting out the way forward;
Amendment 16 #
2016/2194(DEC)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 17 #
2016/2194(DEC)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 18 #
2016/2194(DEC)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 20 #
2016/2194(DEC)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 21 #
2016/2194(DEC)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that the Joint Undertaking´s internal audit capability completed two engagements and performed three follow- up engagements in 2015; expects the Joint Undertaking to inform the discharge authority on the recommendations and progress made regarding these engagements; notes furthermore that the Commission´s internal audit service acknowledged the progress made by the Joint Undertaking in the sphere of procurements and concluded that seven out of nine audit recommendations from 2014 were adequately implemented;
Amendment 22 #
2016/2194(DEC)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Acknowledges that the Joint Undertaking is continuousfinally enhancing its internal control by focussing resources on the ITER deliveries required for the First Plasma milestones while respecting the capped budget until 2020; notes that the Joint Undertaking’s structure for ownership and responsibility was further enhanced in October 2016 with the creation of a new department focusing on commercial and financial issues; calls on the Joint Undertaking to report to the discharge authority on the developments achieved as the consequence of those organisational changes;
Amendment 24 #
2016/2194(DEC)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Acknowledges that the average time to contract for procurements above EUR 1 000 000 decreased significantlybut remains too long (from 240 to 140 days) during 2015 with respect to 2014, aligned with the Joint Undertaking’s average during the period 2009 to 2015 for this range of procedures and additionally points out that the average time to contract for procurements below EUR 1 000 000 and grants remained in line with 2014 figures;
Amendment 5 #
2016/2158(DEC)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes, however, the clear geographic imbalance at middle and senior management level, especiallyincluding the overrepresentation of managers coming from the Member State where the Ombudsman originates from (three Heads of Unit out of 10 managers); calls on the Ombudsman to ensure sustained correction of this situation;
Amendment 16 #
2016/2099(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Is concerned that the EIB’s funding may be biased in favour of larger enterprises by targeting the number of jobs sustained (which includes pre-existing jobs)Welcomes the fact that in recent years the EIB has placed greater emphasis on supporting SMEs; Is concerned that the EIB’s funding may be targeted more towards the number of jobs sustained; asks that the EIB target and report not only jobs sustained but also jobs created by its funding activities;
Amendment 34 #
2016/2099(INI)
Draft opinion
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Underlines the important role to be played by the EIB under the EU's proposed External Investment Plan in building more resilient economies that tackle root causes of poverty; stresses that EIB initiatives have to focus particularly on young people and women, with increased investment in socially important sectors like water, health and education – and stepping-up of support for entrepreneurship and the private sector;
Amendment 36 #
2016/2099(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Welcomes the EIB's renewed external lending mandate for 2014-2020, which provides an EU guarantee covering the EIB's external operations up to EUR 30 billion; Considers that the EIB as the financial arm of the EU must play its part towards achieving targets set through the UN Sustainable Development Goals; calls for the post-2015 development agenda to be given special attention in the review of the mid-term external lending mandate of the EIB in 2016/2017;
Amendment 37 #
2016/2099(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Calls on the EIB to focus its attention closely on developing countries, particularly those suffering from conflict and extreme poverty, and urges the EIB to continue to actively promote sustainable growth in developing countries; calls on the EIB to work alongside the African Development Bank (AfDB) to finance long-term investments in the service of economic development; welcomes the fact that EU grants are increasingly blended with EIB lending in order to achieve better project results in developing countries;
Amendment 60 #
2016/2094(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recognises the importance of a clear European external strategy requiring coherence of policies, notably on human rights, support to civil society and the rule of law, fight against inequality, peace and security, migration, trade, the environment and climate change, humanitarian assistance and development cooperation; reiterates, however, that development objectives are goals in their own right; recalls the treaty-based obligation enshrined in Article 208 TFEU to ‘'take account of the objectives of development cooperation in the policies that it implements which are likely to affect developing countries’'; recalls the principles of EU external action under Article 21(1) TFEU, namely democracy, the rule of law, the universality and indivisibility of human rights and fundamental freedoms, respect for human dignity, the principles of equality and solidarity, and respect for the principles of the United Nations Charter and international law;
Amendment 77 #
2016/2094(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses the need to fulfil EU's commitment to allocate 20% of its ODA to human development and social inclusion, with a focus on health and education;
Amendment 81 #
2016/2094(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls for a continued strong EU commitment to and promotion of rules- based global governance, whereby developing countries have an equal say and weight in multilateral bodies making decisions impacting them, and notably the Global Partnership for Sustainable Development;
Amendment 87 #
2016/2094(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Stresses the importance of environmental sustainability, including a stable climate, for poverty eradication and sustainable development; calls for environmental considerations to be integrated across all sectors of development cooperation; calls for the 2030 Agenda to be implemented as a whole and not selectively and in a coordinated and coherent manner with the Paris agreement on climate change;
Amendment 94 #
2016/2094(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recognises the special role of the good governance dimension of sustainable development; calls on the EU to strengthen the balance between economic, social and environmental domains by putting in placesupporting comprehensive national sustainable development strategies and supporting the right mechanisms and processes of good governance, with a central attention to civil society participation;
Amendment 103 #
2016/2094(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for EU development policy to continue to prioritise support to least developed and low-income countries (LDCs and LICs) while also finding new ways of cooperation with theddressing the diverse and specific needs of middle- income countries (MICs) in which the majority of the world’'s poor live, in line with the Addis Ababa Action Agenda;
Amendment 122 #
2016/2094(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls for gender equality and women’'s rights to be a cross-cutting goal in EU development policy in accordance with the EU Gender Action Plan, coupled with specific policy-driven action to target challenges in this area; calls for further EU efforts to promote the important role of women and youth as agents of development and change; underlines in this regard, that gender equality comprises women and men and girls and boygirls and boys and women and men of all ages and that programmes should encourage equal co-participation of rights and services, for example as in the case of access to education;
Amendment 124 #
2016/2094(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls for specific EU development strategies to better target, protect and support vulnerable and marginalised groups such as women of all ages, and children, the elderlyolder people, persons with disabilities, linguistic and ethnic minorities and indigenous peoples, in order to offer them the same opportunities and rights as everyone elensure that their rights are equally realised, in line with the principle of Leaving No- one Behind;
Amendment 142 #
2016/2094(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. In the light of demographic growthtransition [or 'change'], most notably in Africa and in the LDCs, taking into account the fact that of the 21 countries with the highest fertility, 19 are in Africa, that Nigeria is the country with the world’'s fastest-growing population, and that by 2050 more than half of global population growth is expected to be in Africa and this is a problem for sustainable development; and that the world's population is rapidly ageing with African countries expected to age at unprecedented rates; suggests that EU development cooperation should put more emphasis on programmes that address this topic;
Amendment 123 #
2016/2038(INI)
Motion for a resolution
Recital S
Recital S
S. whereas several studies from the Commission have clearly shown that the link between the patent box and R&D is in most casescan be arbitrary and/or artificial; whereas this inconsistency may lead to the assumption that these schemes are in most cases set up for tax avoidance reasons; whereas tax incentives for incomes generated by R&D, chiefly patent boxes, oftecan result in large decreases in tax revenue for all governments, including those engaging in such a policy; notes that European Commission studies have demonstrated that there are substantial opportunities for improving R&D tax structures across the EU, particularly in relation to the scope and organisation of such tax structures;
Amendment 188 #
2016/2038(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Urges the Commission to come forward with a proposal for a common corporate consolidated tax base (CCCTB) which would provide a comprehensive solution to harmful tax practices within the Union; believes that the consolidation of the CCCTB is essential and is becoming increasingly urgent; calls on the Member States to promptly reach an agreemCommission's two-step approach to the CCCTB proposal is a practical approach; calls on the Member States and the Commission to continue its technical work on CCCTB and ensure that before any proposal is presented on this and to swiftly implement itCCCTB that a sufficiently detailed impact assessment is completed; believes that the Commission, in the first instance, should identify areas where a consensus can be reached and develop proposals on that basis;
Amendment 225 #
2016/2038(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 292 #
2016/2038(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Member States to renegotisure thate their bilateral tax treaties with third countries in order to introducehave sufficiently robust anti- abuse clauses and thusto prevent ‘'treaty shopping’; stresses furthermore that this process would be expedited considerably if the Commission were mandated by Member States to negotiate such tax treaties on behalf of the Union';
Amendment 307 #
2016/2038(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recommends introducing an EU- wideMember States to introduce a withholding tax, in order to ensure that profits generated within the Union are taxed at least once beforewhen leaving it; notes that such a proposal sthe Union to third countries; notes that withhould include a refund systemg taxes may assist to prevent double taxation;
Amendment 314 #
2016/2038(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes that until now, patent, knowledge and R&D boxes may have not proven highly effective in fostering innovation in the Union, but are, rather, used by MNEs for profit-shifting through aggressive tax planning schemes, such as the well- known ‘double Irish with a Dutch sandwich’; considers that patent boxes are an ill-suited tool for achieving economic objectives; insists that R&D can be promoted through subsidies which should be given preference over patent boxes, as subsidies are less at risk of being abused by tax avoidance schemes; observes that the link between patent boxes and R&D activities is often arbitrary and that current models lead to a race to the bottom with regard to the effective tax contribution of MNEs;
Amendment 328 #
2016/2038(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to put forward proposals for binding Union legislation on patent boxes that goes beyondcomplies with the OECD Modified Nexus Approach, so as to prohibit the misuse of patent boxes and to ensure that if and when used they are linked to genuine economic activity;
Amendment 330 #
2016/2038(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 407 #
2016/2038(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. NotUrges the continuing lack ofo improve the transparency of the working methods of the Code of Conduct Group, which is preventing any concrete potential improvement in terms of tackling harmful tax practices;
Amendment 424 #
2016/2038(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Urges the Member States to reform, as soon as possible, the criteria and governance aspects of the Code of Conduct Group, in order to increase its transparency and accountability and ensure the strong involvement of Parliament;
Amendment 435 #
2016/2038(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Calls on the Commission, in case of an unsatisfactory response on the part of the Member States, to present a legislative proposal to incorporate the Code of Conduct Group into the Community methodkeep Parliament informed about measures to improve the accountability of the Code of Conduct Group;
Amendment 450 #
2016/2038(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls on the Commission to include in the framework of the European Semester reporting of what measures the Member States take towards effective taxation and to enhanceing efforts against harmful cross- border tax practices and tax evasion, including recommendations for strengthening national tax administrations;
Amendment 462 #
2016/2038(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Calls for the creation of a new Union Tax Policy Coherence and Coordination Centre to guarantee the proper and coherent functioning of the single market and the implementation of international standards; believes that this new body shcould be in charge of monitoring Member States’ tax policies at Union level, of ensuring that no newd with assessing whether harmful tax measures are being implemented by Member States, of monitoring compliance of Member States with the common Union list of uncooperative jurisdictions, of ensuring and fostering cooperation between national tax administrations (e.g. training and exchange of best practices), and of initiating academic programmes in the field; believes that by doing so this Centre could help prevent new tax loopholes emerging thanks to uncoordinated policy initiatives between Member States, and counteract tax practices and standards that would upset, obstruct or interfere in the proper functioning and rationale of the single market; considers that the Centre could benefit from the pooling of expertise at Union and national level, so as to reduce the burden on the taxpayer;
Amendment 487 #
2016/2038(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Calls on the OECD to start work on an ambitious BEPS II, to be based primarily on minimum standards and concrete objectives for implementationfocus on the successful implementation of BEPS to ensure that Member States have a coordinated approach against harmful tax practices;
Amendment 507 #
2016/2038(INI)
Motion for a resolution
Paragraph 46
Paragraph 46
46. Stresses the need for a comprehensive EU/US approach on the implementation of OECD standards and on beneficial ownership; stresses furthermore that good governance clauses and the full BEPS action plan should be included in the Transatlantic Trade Investment Partnership (TTIP) in order to ensure a level playing field, create more value for society as a whole and combat tax fraud and avoidance;
Amendment 29 #
2016/2033(INI)
Motion for a resolution
Recital H
Recital H
H. whereas, although unanimity in the European Council is required for the definitive VAT system to be established, 23 years after the introduction of the VAT Directive, the so called ‘standstill derogations’ are outdated;
Amendment 55 #
2016/2033(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that, over the last 23 years, the unanimity requirement in the Council has greatly hampered the necessary VAT reforms and that concerted effort concerted efforts between Member States are needed to reach agreement on a definitive VAT system;
Amendment 121 #
2016/2033(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes the view that the cComplete abolition of minimum tax rates as an alternative, as advocated by the Commission, might cause considerable distortions of competition and problems in the single market and can only be sanctioned if the reverse charge procedure is introduced for all levels and types of VAT and not only for individual sectors which are particularly susceptible to fraudmission should examine the various possible options to tackle the VAT gap and adapt the VAT system to the digital economy and the needs of SMEs as set out in the Commission's Action Plan;
Amendment 137 #
2016/2033(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls instead fofor an examination of whether a single list of reduced goods and services tocould be compiled which would allow far fewer exemptions than is currently the caseas an alternative to the current system of reduced VAT rates which could significantly improve efficiency of the VAT system;
Amendment 148 #
2016/2033(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Takes the view that the present complicated system could be considerably simplified if thsimplified if, in exceptional cases, some goods and services eligible for reduced tax rates were determined jointly at EU level;
Amendment 168 #
2016/2033(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 180 #
2016/2033(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 235 #
2016/2033(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 60 #
2016/0382(COD)
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
For the calculation of a Member State's gross final consumption of energy from renewable energy sources, the contribution from biofuels and bioliquids, as well as from biomass fuels consumed in transport, if produced from food or feed crops, shall be no more than 7% of final consumption of energy in road and rail transport in that Member State. This limit shall be reduced to 3,8% in 2030 following the trajectory set out in part A of Annex X. Member States may set a lower limit and may distinguish between different types of biofuels, bioliquids and biomass fuels produced from food and feed crops, for instance by setting a lower limit for the contribution from food or feed crop based biofuels produced from oil crops, taking into account indirect land use change.
Amendment 62 #
2016/0382(COD)
Proposal for a directive
Article 7 – paragraph 5 – subparagraph 3 a (new)
Article 7 – paragraph 5 – subparagraph 3 a (new)
The limit set out in paragraph 4 shall not apply to 'highly sustainable crop based biofuels' or to the feedstocks listed in Annex IX.
Amendment 67 #
2016/0382(COD)
Proposal for a directive
Article 25 – paragraph 1 – subparagraph 4 – point b – paragraph 1
Article 25 – paragraph 1 – subparagraph 4 – point b – paragraph 1
for the calculation of the numerator, the energy content of advanced biofuels and other biofuels and biogas produced from feedstock listed in Annex IX, renewable liquid and gaseous transport fuels of non- biological origin, waste based fossil fuels supplied to all transport sectors, and renewable electricity supplied to road vehicles, shall be taken into account.
Amendment 69 #
2016/0382(COD)
Proposal for a directive
Article 25 – paragraph 1 – subparagraph 4 – point b – paragraph 2
Article 25 – paragraph 1 – subparagraph 4 – point b – paragraph 2
For the calculation of the numerator, the contribution from biofuels and biogas produced from feedstock included in part B of Annex IX shall be limited to 1.7% of the energy content of transport fuels supplied for consumption or use on the market and the contribution of fuels supplied in the aviation and maritime sector shall be considered to be 1.2 times their energy content respectively.
Amendment 76 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 3
Article 26 – paragraph 1 – subparagraph 3
Biomass fuels shall have to fulfil the sustainability and greenhouse gas emissions saving criteria set out in paragraphs 2 to 7 only if used in installations producing electricity, heating and cooling or fuels with a fuel capacity equal to or exceeding 20 MW in case of solid biomass fuels and with an electrical capacity equal to or exceeding 0.5 MW in case of gaseous biomass fuels. Member States may apply the sustainability and greenhouse gas emission saving criteria to installations with lower fuel capacity.
Amendment 77 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 5 – point a – point i
Article 26 – paragraph 5 – point a – point i
i) harvesting is carried out in accordance to the conditions of the harvesting permit within legally gazetted boundarieslegally;
Amendment 78 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 5 – point a – point v
Article 26 – paragraph 5 – point a – point v
v) harvesting does not exceedmaintains or improves the long-term productionvity capacity of the forest;
Amendment 79 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 5 – point b – introductory part
Article 26 – paragraph 5 – point b – introductory part
(b) when evidence referred to in the first subparagraph is not available, the biofuels, bioliquids and biomass fuels produced from forest biomass shall be taken into account for the purposes referred to in points (a), (b) and (c) of paragraph 1 if managementappropriate control systems are in place at forest holdingsupply base level to ensure that:
Amendment 80 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 5 – point b – point i
Article 26 – paragraph 5 – point b – point i
i) the forest biomass has been harvested according to a legal permitlegally;
Amendment 81 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 5 – point b – point v
Article 26 – paragraph 5 – point b – point v
v) harvesting does not exceedmaintains or improves the long-term productionvity capacity of the forest.
Amendment 82 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 6 – subparagraph 2
Article 26 – paragraph 6 – subparagraph 2
When evidence referred to in the first subparagraph is not available, the biofuels, bioliquids and biomass fuels produced from forest biomass shall be taken into account for the purposes referred to in points (a), (b) and (c) of paragraph 1 if managementappropriate control systems are in place at forest holdingthe supply base level to ensure that carbon stocks and sinks levels in the forest are maintained.
Amendment 83 #
2016/0382(COD)
Proposal for a directive
Article 26 – paragraph 6 – subparagraph 4
Article 26 – paragraph 6 – subparagraph 4
Amendment 111 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 1
Article 21b – paragraph 1
1. Subject to paragraph 7, Member States shall require that two or more institutions in the Union, which are part of the same third country group, have an intermediate EU parent undertaking that is established in the Union.
Amendment 157 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 a (new)
Article 21b – paragraph 6 a (new)
6 a. Where the law or regulation of the home jurisdiction of a group requires structural separation of different activities, competent authorities shall permit the establishment of two intermediate EU parent undertakings provided: (a) the relevant resolution authorities are satisfied that the existence of two holding companies does not constitute an obstacle to resolution of the activities of the group headed by those holding companies and any requisite restructuring of those activities post-resolution; (b) the relevant supervisory authorities are satisfied that the existence of two holding companies does not constitute an obstacle to supervision of the activities of the group headed by those holding companies; (c) at least one of the parent undertakings is, or is a holding company in respect of, a credit institution.
Amendment 162 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 b (new)
Article 21b – paragraph 6 b (new)
6 b. Where two intermediate parent undertakings are permitted under this Article, they shall together be treated as a group subject to consolidated supervision in accordance with Chapter 3 of Title VII of this Directive, and the consolidating supervisor shall be determined according to those provisions.
Amendment 163 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 c (new)
Article 21b – paragraph 6 c (new)
6 c. Where two intermediate parent undertakings are permitted under this Article, they shall be regarded as a group for the purposes of Directive 2014/59/EU, a group resolution authority shall be designated in accordance with the provisions of that directive, and that group resolution authority shall have all of the powers and authorities as regards the IPUs as it would have had they constituted a group with an EU parent.
Amendment 164 #
2016/0364(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2013/36/EU
Article 21b – paragraph 6 d (new)
Article 21b – paragraph 6 d (new)
6 d. By way of derogation from paragraph 1, groups operating through more than one institution in the Union and with total value of assets exceeding EUR 30 billion on [date of entry into force of this directive] shall have an intermediate EU parent undertaking or, in the case referred to in paragraph 7, two intermediate EU parent undertakings by [date of application of Directive + four years].".
Amendment 129 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 18
Article 1 – paragraph 18
Directive 2014/59/EU
Article 27 – paragraph 1 – point i
Article 27 – paragraph 1 – point i
(i) where the conditions laid down in Article 29a are complied with, and where the measures in points (a), (b), (c) and (e) of this paragraph have been exhausted, suspend any payment or delivery obligation to which an institution or entity referred to in point (b), (c) or (d) of Article 1(1) is a party.
Amendment 146 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 2
Article 29a – paragraph 2
2. The suspension referred to in paragraph 1 shall not exceed the minimum period of time that the competent authority considers necessary to carry out the assessment referred to in point (a) of Article 27(1) or to make the determination referred to in point (a) of Article 32(1) and shall in any event not exceed 52 working days.
Amendment 155 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 4
Article 29a – paragraph 4
4. WhenIn determining whether to exercisinge a power under this Article, competent authorities shall have regard tocome to a decision on the basis of an assessment of the impact the exercise of that power might have on the orderly functioning of financial markets.
Amendment 160 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a, paragraph 7
Article 29a, paragraph 7
7. Member States shall ensure that competent authorities notifyconsult the resolution authorities about the exercise of any power referred to in paragraph 1 without delay.
Amendment 510 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 1 – point a
Article 55 – paragraph 1 – point a
(a) the liability is not excluded under Article 44(2)an eligible liability as referred to in Article 45b or any other category of liability which is material for the purpose of effective loss-absorption and recapitalisation;
Amendment 511 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 1 – point b
Article 55 – paragraph 1 – point b
Amendment 514 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2
Article 55 – paragraph 2
Amendment 47 #
2016/0360B(COD)
Proposal for a regulation
Recital 51
Recital 51
(51) The application of the expected credit loss provisioning introduced by the revised international accounting standards on financial instruments “IFRS9”, may lead to a sudden significant increase in the capital ratios of institutions. Whereas the Basel Committee is currently considering the longer-term regulatory capital treatment of expected credit loss provisions and while discussions are on- going on the appropriate prudential treatment of the impact of increased expected credit losses and to prevent an unwarranted detrimental effect on lending by credit institutions, the incremental provisioning for credit risk of IFRS9 should be phased in.
Amendment 50 #
2016/0360B(COD)
Proposal for a regulation
Recital 51 a (new)
Recital 51 a (new)
(51a) For institutions that have not applied transitional provisions for the incremental provisioning for credit risk of IFRS9 and in the case of a significant economic shock, those institutions should be given an option at a later date to apply transitional provisions, in accordance with the procedures set out in this Regulation and subject to the prior approval of the competent authority.
Amendment 91 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 1
Article 473a – paragraph 1
1. Until [date of application of this Article + 5 years]31 December 2022 institutions that prepare their accounts in conformity with the international accounting standards adopted in accordance with the procedure laid down in Article 6(2) of Regulation (EC) No 1606/2002 may add to their Common Equity Tier 1 capital the amount calculated in accordance with paragraph 2 of this Article multiplied by the applicable factor laid down in paragraph 3.
Amendment 95 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 2
Article 473a – paragraph 2
2. The amount referred to in paragraph 1 shall be calculated as the twelvethe greater of the following: (a) zero (b) the after-tax amount calculated in accordance with point (i) reduced by the amount calculated in accordance with point (ii): (i) the sum of the loss allowances for 12- month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex to Commission Regulation (EU) No …. / 2016 (32 ) and the amount of the loss allowance for financial instruments equal to the lifetime expected lo2016/2067 and the loss allowances for lifetime expected losses determined in accordance with paragraph 5.5.3 of the Annex to that Regulation for financial instruments that are not credit-impaired financial assets as defined in Appendix A of the Annex to that Regulation; (ii) the total amount of impairment losses on loans and receivables, held to maturity investments and available for sale assets determined in accordance with paragraph 5.5.3 ofs 63, 67 and 68 of IAS 39 adopted in the Union by Commission Regulation (EUC) No …. / 2016 (1). _________________ 32 Commission Regulation (EU) No …./2016 of .. …… 2016 adopting certain international accounting standards in accordance with1126/2008 as at 31 December 2017 or on the day before the first application of IFRS 9, reduced by the total amount of the loss allowances for lifetime expected losses of credit impaired financial instruments that are not credit- impaired financial assets determined in accordance with paragraph 5.5.3 of the Annex to Regulation (ECU) No 1602016/2002 of the European Parliament and of the Council (OJ L , ……, p. )67 as at 1 January 2018 or on the date of the first application of IFRS 9.
Amendment 108 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point a
Article 473a – paragraph 3 – point a
(a) 1 in the period from [date of application of this Article] to [ date of application of this Article + 1 year - 1 day]1 January 2018 to 31 December 2018;
Amendment 115 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point b
Article 473a – paragraph 3 – point b
(b) 0,89 in the period from [date of application of this Article + 1 year] to [date of application of this Article + 2 years - 1 day]1 January 2019 to 31 December 2019;
Amendment 127 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point c
Article 473a – paragraph 3 – point c
(c) 0,67 in the period from [date of application of this Article +2 years] to [date of application of this Article +3 years - 1 day]1 January 2020 to 31 December 2020;
Amendment 140 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point d
Article 473a – paragraph 3 – point d
(d) 0,45 in the period from [date of application of this Article +3 years] to [date of application of this Article +4 years - 1 day]1 January 2021 to 31 December 2021;
Amendment 154 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119
Article 1 – paragraph 1 – point 119
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – point e
Article 473a – paragraph 3 – point e
(e) 0,23 in the period from [date of application of this Article +4 years] to [date of application of this Article +5 years - 1 day]1 January 2022 to 31 December 2022.
Amendment 158 #
2016/0360B(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 119 (new)
Article 1 – paragraph 1 – point 119 (new)
Regulation (EU) No 575/2013
Article 473a – paragraph 3 – subparagraph 1 a (new)
Article 473a – paragraph 3 – subparagraph 1 a (new)
During the transitional period referred to in this paragraph, institutions that have not applied transitional provisions from the starting period referred to in point (a) of the first paragraph, may on a one-off basis apply the remaining transtitional provisions subject to the prior approval of the competent authority.
Amendment 183 #
2016/0360B(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b
Article 3 – paragraph 2 – subparagraph 1 – point b
(b) the provisions in point (119) concerning amendments to Article 473a of Regulation (EU) No 575/2013, which shall apply from the date of entry into force of this Regulation1 January 2018.
Amendment 222 #
2016/0360A(COD)
Proposal for a regulation
Recital 56 a (new)
Recital 56 a (new)
(56a) In line with the Fundamental Review of the Trading Book (FRTB) that the Basel Committee proposed in order to introduce the risk factor modellability assessment framework based on real price criteria, banks should be able to assess their required threshold for a risk factor based on reliable price data that reflects the market reality. Transaction data originated only from the bank may not suffice for a reliable risk assessment. This regulation should allow banks the use of data aggregators, that can also be provided by third parties, as an instrument that pools and sources real prices across the markets, broadens the view of the bank’s risk assessment and improves there liability of the data used to model the risk factor threshold.
Amendment 324 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) No 575/2013
Article 36 – paragraph 1 – point b – subparagraph 1 a (new)
Article 36 – paragraph 1 – point b – subparagraph 1 a (new)
Amendment 653 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 84
Article 1 – paragraph 1 – point 84
4. For the purposes of points (b) and (c) of paragraph 3, institutions may consider a price or a committed quote provided by a third party as a verifiable price, provided that the third party agrees to provide evidence of the transaction or a committed quote to competent authorities upon request. As evidence, the third party shall provide details of the transaction amount (needed to test that the transaction was not a negligible amount) and the transaction price (to assess the ‘realness’ of the transactions).
Amendment 72 #
Amendment 75 #
2016/0337(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) Companies which seek to do business across frontiers within the Union encounter serious obstacles and market distortions owing to the existence and interaction of 28 disparate corporate tax systems. Furthermore, tax planning structures have become ever-more sophisticated over time, as they develop across various jurisdictions and effectively take advantage of the technicalities of a tax system or of mismatches between two or more tax systems for the purpose of reducing the tax liability of companies. Although those situations highlight shortcomings that are completely different in nature, they both create obstacles which impede the proper functioning of the internal market. Action to rectify those problems should therefore address both types of market deficiencies without foregoing the fact that taxation is a national competence and without leading to de facto automatic transfers of tax revenues between Member States.
Amendment 82 #
2016/0337(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Companies, both big and small, which seek to do business irrespective of their location in the Union need first and foremost long-term legal clarity and certainty in order to stimulate (long-term) investments. Member States who are able to provide sound, long-term legal clarity and certainty will always be an attractive location for companies to operate from.
Amendment 83 #
2016/0337(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Tax policy and the ability to set corporate tax rates remains a national competence. While administrative simplification of corporate taxation systems may lead to greater efficiencies, the likely impact of a common consolidated tax base is an intrusion into Member States' tax policy and their ability to set corporate tax rates into the future.
Amendment 85 #
2016/0337(CNS)
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) Corporate tax rates within the Union paint a very diffuse picture of the different levels of tax burdens on companies. Effective tax rates, however, show different and in same cases even opposite results.
Amendment 88 #
2016/0337(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) To support the proper functioning of the internal market, the corporate tax environment in the Union should be shaped in accordance with the principle that companies pay their fair share of tax in the jurisdiction(s) where their profits are generated. It is therefore necessary to provide for mechanisms that discourage companies from taking advantage of mismatches amongst national tax systems in order to lower their tax liability. It is equally important to also stimulate growth and economic development in the internal market by facilitating cross-border trade and corporate investment. At the same time, a corporate tax environment in the Union must be competitive and allow Member States to define their own national corporate tax system in order to attract and keep investment in the Union. To this end, it is necessary to eliminate both double taxation and double non- taxation risks in the Union through eradicating disparities in the interaction of national corporate tax systems. At the same time, companies need an easily workable tax and legal framework for developing their commercial activity and expanding it across borders in the Union. In that context, remaining cases of discrimination should also be removed.
Amendment 114 #
2016/0337(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) Considering the need to act swiftly in order to ensuresupport a proper functioning of the internal market by making it, on the one hand, friendlier to trade and investment and, on the other hand, more resilient to tax avoidance schemes, it is necessary to divide the ambitious CCCTB initiative into two separate proposals. At a first stage, rules on a common corporate tax base should be enacted, before addressing, at a second stage, the issue of consolidation.
Amendment 115 #
2016/0337(CNS)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) It should be considered that no sufficiently detailed impact assessment has been conducted on either the CCTB or CCCTB proposals. To understand the true impact of the proposals, particularly in terms of the impact on Member State's corporate tax revenue, it is necessary for a detailed impact assessment to be conducted on a country-by-country basis, which considers all different national systems of corporate tax collection.
Amendment 120 #
2016/0337(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) Many aggressive tax planning structures tend to feature in a cross-border context, which implies that the participating groups of companies possess a minimum of resources. On this premise, for reasons of proportionality, the rules on a common base should be mandatory only for companies which belong to a group of a substantial size. For that purpose, a size-related threshold should be fixed on the basis of the total consolidated revenue of a group which files consolidated financial statements. In addition, to ensure coherence between the two steps of the CCCTB initiative, the rules on a common base should be mandatory for companies which would be considered as a group should the full initiative materialise. In order to better serve the aim of facilitating trade and investment in the internal market, the rules on a common corporate tax base should also be available, as an option, to companies which do not meet those criteriaoptional for all companies.
Amendment 129 #
2016/0337(CNS)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Aggressive tax planning by multinational companies is a global problem that requires a global solution. The ideal way to tackle this problem is on an internationally agreed basis through the OECD Base Erosion and Profit Shifting (BEPS) initiative.
Amendment 141 #
2016/0337(CNS)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) Taxing the digital economy at a global level has been a number one priority in the OECD BEPS Action Plan. Therefore, any attempt made to impose a new tax on the digital economy at EU level could put Europe at a mismatch to the rest of the world given that the digital economy is global in nature. As part of the OECD BEPS Action Plan, a report with recommendations on taxing the digital economy at a global level will be published in Spring 2018; any decision to plan for a tax on the digital economy at an EU level in advance of this report would be unnecessary and premature.
Amendment 185 #
2016/0337(CNS)
Proposal for a directive
Recital 21
Recital 21
Amendment 189 #
2016/0337(CNS)
Proposal for a directive
Recital 22 a (new)
Recital 22 a (new)
(22a) It should be acknowledged that seven Member State national parliaments have issued reasoned opinions to state that this legislative act does not comply with the principle of subsidiarity as defined in Article 5(3) TEU.
Amendment 193 #
2016/0337(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive establishes an optional system of a common base for the taxation of certain companies in the Union and lays down rules for the calculation of that base.
Amendment 198 #
2016/0337(CNS)
Proposal for a directive
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
1. The rules of this Directive shall apply tomay be applied by a company that is established under the laws of a Member State, including its permanent establishments in other Member States, where the company meets all of the following conditions:
Amendment 200 #
2016/0337(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
Amendment 210 #
2016/0337(CNS)
Proposal for a directive
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
This Directive shallmay also be apply toied by a company that is established under the laws of a third country in respect of its permanent establishments situated in one or more Member State where the company meets the conditions laid down in points (b) toand (d) of paragraph 1.
Amendment 212 #
2016/0337(CNS)
Proposal for a directive
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 261 #
2016/0337(CNS)
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The expenses referred to in paragraph 1 shall include all costs of sales and all expenses, net of deductible value added tax, that the taxpayer incurred with a view to obtaining or securing income, including costs for research and development - in accordance with the OECD's Modified Nexus Approach for IP regimes - and costs incurred in raising equity or debt for the purposes of the business.
Amendment 267 #
2016/0337(CNS)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 287 #
Amendment 407 #
2016/0337(CNS)
Proposal for a directive
Article 70 – paragraph 1 – subparagraph 1
Article 70 – paragraph 1 – subparagraph 1
Member States shall adopt and publish, by 31st December 201823 at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 411 #
2016/0337(CNS)
Proposal for a directive
Article 70 – paragraph 1 – subparagraph 2
Article 70 – paragraph 1 – subparagraph 2
They shall apply those provisions from 1st January 201924.
Amendment 33 #
Amendment 40 #
2016/0336(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) Companies which seek to do business across frontiers within the Union encounter serious obstacles and market distortions owing to the existence and interaction of 28 disparate corporate tax systems. Furthermore, tax planning structures have become ever-more sophisticated over time, as they develop across various jurisdictions and effectively take advantage of the technicalities of a tax system or of mismatches between two or more tax systems for the purpose of reducing the tax liability of companies. Although those situations highlight shortcomings that are completely different in nature, they both create obstacles which impede the proper functioning of the internal market. Action to rectify these problems should therefore address both these types of market deficiencies without foregoing the fact that taxation is a national competence and without leading to de facto automatic transfers of tax revenues between Member States.
Amendment 44 #
2016/0336(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Companies, both big and small, which seek to do business irrespective of their location in the Union need first and foremost long-term legal clarity and certainty in order to stimulate (long-term) investments. Member States who are able to provide legally sound, long-term legal clarity and certainty will always be an attractive location for companies to operate from.
Amendment 45 #
2016/0336(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Tax policy and the ability to set corporate tax rates remains a national competence. While administrative simplification of corporate taxation systems may lead to greater efficiencies, the likely impact of a common consolidated tax base is an intrusion into Member States' tax policy and their ability to set corporate tax rates into the future.
Amendment 48 #
2016/0336(CNS)
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) Corporate tax rates within the Union paint a very diffuse picture of the different levels of tax burdens on companies. Effective tax rates, however, show different and in some cases even opposite results.
Amendment 51 #
2016/0336(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) To support the proper functioning of the internal market, the corporate tax environment in the Union should be shaped in accordance with the principle that companies pay their fair share of tax in the jurisdiction(s) where their profits are generated. It is therefore necessary to provide for mechanisms that discourage companies from taking advantage of mismatches amongst national tax systems in order to lower their tax liability. It is equally important to also stimulate growth and economic development in the internal market by facilitating cross-border trade and corporate investment. At the same time, a corporate tax environment in the Union must be competitive and allow Member States to define their own national corporate tax system in order to attract and keep investment in the Union. To this end, it is necessary to eliminate both double taxation and double non- taxation risks in the Union through eradicating disparities in the interaction of national corporate tax systems. At the same time, companies need an easily workable tax and legal framework for developing their commercial activity and expanding it across borders in the Union. In that context, remaining cases of discrimination should also be removed.
Amendment 76 #
2016/0336(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) Considering the need to act swiftly in order to ensuresupport a proper functioning of the internal market by making it, on the one hand, friendlier to trade and investment and, on the other hand, more resilient to tax avoidance schemes, it is necessary to divide the ambitious CCCTB initiative into two separate proposals. At a first stage, rules on a common corporate tax base should be agreed, before addressing, at a second stage, the issue of consolidation.
Amendment 77 #
2016/0336(CNS)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) It should be considered that no sufficiently detailed impact assessment has been conducted on either the CCTB or CCCTB proposals. To understand the true impact of the proposals, particularly in terms of the impact on Member States' corporate tax revenue, it is necessary for a detailed impact assessment to be conducted on a country-by-country basis, which considers all different national systems of corporate tax collection.
Amendment 81 #
2016/0336(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) Many aggressive tax planning structures tend to feature in a cross-border context, which implies that the participating groups of companies possess a minimum of resources. On this premise, for reasons of proportionality, the rules on a CCCTB should be mandatory only for groups of companies of a substantial size. For that purpose, a size-related threshold should be fixed on the basis of the total consolidated revenue of a group which files consolidated financial statements. In addition, in order to better serve the aim of facilitating trade and investment in the internal market, the rules on a CCCTB should also be available, as an option, to those groups that fall short of the size- related thresholdoptional for all groups of companies.
Amendment 90 #
2016/0336(CNS)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Aggressive tax planning by multinational companies is a global problem that requires a global solution. The ideal way to tackle this problem is on an internationally agreed basis through the OECD Base Erosion and Profit Shifting (BEPS) initiative.
Amendment 99 #
2016/0336(CNS)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) Taxing the digital economy at a global level has been a number one priority in the OECD BEPS Action Plan. Therefore, any attempt made to impose a new tax on the digital economy at EU level could put Europe at a mismatch to the rest of the world given that the digital economy is global in nature. As part of the OECD BEPS Action Plan, a report with recommendations on taxing the digital economy at a global level will be published in Spring 2018; any decision to plan for a tax on the digital economy at an EU level in advance of this report would be unnecessary and premature.
Amendment 130 #
2016/0336(CNS)
Proposal for a directive
Recital 18
Recital 18
Amendment 132 #
2016/0336(CNS)
Proposal for a directive
Recital 19 a (new)
Recital 19 a (new)
(19a) It should be acknowledged that seven Member State national parliaments have issued reasoned opinions to state that this legislative act does not comply with the principle of subsidiarity as defined in Article 5(3) TEU.
Amendment 136 #
2016/0336(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive establishes an optional system for the consolidation of the tax bases, as referred to in Council Directive 2016/xx/EU,14 of companies that are members of a group and lays down rules on how a common consolidated corporate tax base shall be allocated to Member States and administered by the national tax authorities. __________________ 14 [full title of the Directive (OJ L [ ], [ ], p. [ ])].
Amendment 142 #
2016/0336(CNS)
Proposal for a directive
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
1. The rules of this Directive shall apply tomay be applied by a company that is established under the laws of a Member State, including its permanent establishments in other Member States, where the company meets all of the following conditions:
Amendment 143 #
2016/0336(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
Amendment 150 #
2016/0336(CNS)
Proposal for a directive
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
This Directive shallmay also be apply toied by a company that is established under the laws of a third country in respect of its permanent establishments situated in one or more Member States where the company meets the conditions laid down in points (b) toand (d) of paragraph 1.
Amendment 152 #
2016/0336(CNS)
Proposal for a directive
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 295 #
2016/0336(CNS)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 1
Article 80 – paragraph 1 – subparagraph 1
Member States shall adopt and publish, by 31st December 20205 at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 301 #
2016/0336(CNS)
Proposal for a directive
Article 80 – paragraph 1 – subparagraph 2
Article 80 – paragraph 1 – subparagraph 2
They shall apply those provisions from 1st January 20216.
Amendment 124 #
2016/0221(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) The appropriateness of the definition of marketing and discrepancies in the interpretation of that concept/definition by national competent authorities were identified as one of the significant barriers to the cross-border distribution of funds as part of the Commission's work on a Capital Markets Union. In order to facilitate the efficient cross-border marketing of qualifying venture capital funds, and to take into account the specificities of EuVECA funds and the venture capital fundraising process, the circulation of draft fund documentation that does not include subscription documents, that is where no subscription is possible at that point in time, should not be considered as marketing.
Amendment 145 #
2016/0221(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) No 345/2013
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
(2a) In Article 10, the following paragraph is added: "2a. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital funds is below EUR 250 000 000, own fund requirements shall represent one eighth of the preceding year's fixed overheads of the same manager."
Amendment 146 #
2016/0221(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 b (new)
Article 1 – paragraph 1 – point 2 b (new)
Regulation (EU) No 345/2013
Article 10 – paragraph 2b (new)
Article 10 – paragraph 2b (new)
(2b) In Article 10, the following paragraph is added: "2a. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital funds exceeds EUR 250 000 000, the manager shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0.02% of the amount by which the total value of the qualifying venture capital funds exceeds the EUR 250 000 000."
Amendment 157 #
2016/0221(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 345/2013
Article 10 – paragraph 3a (new)
Article 10 – paragraph 3a (new)
3a. In Article 10, the following paragraph is added: "3a. Managers of qualifying venture capital funds in so far as they manage qualifying venture capital funds before [date of entry into force of the amended Regulation] may however continue to manage such qualifying venture capital funds without complying with the requirement set out in paragraph 2b of Article 10. Those managers shall ensure that they are able to justify at all times the sufficiency of their own funds to maintain operational continuity."
Amendment 201 #
2016/0221(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) No 345/2013
Article 17 a (new)
Article 17 a (new)
Amendment 211 #
2016/0221(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 346/2013
Article 26 – paragraph 2 – subparagraph 1 a (new)
Article 26 – paragraph 2 – subparagraph 1 a (new)
(9a) In Article 26(2), the following subparagraph is added: "Parallel to the review in accordance with Article 69 of the Directive 2011/61/EU, the European Commission shall analyse and review the suitability of the definition of marketing for venture capital and the impact of this definition and differing national interpretations on the operation and viability of venture capital funds and on the cross-border distribution of EuVECA funds."
Amendment 72 #
2016/0208(COD)
Proposal for a directive
Recital 11
Recital 11
Amendment 94 #
2016/0208(COD)
Proposal for a directive
Recital 22
Recital 22
(22) Public access by way of compulsory disclosure of certain information on the beneficial ownership of companies provides additional guarantees to third parties wishing to do business with those companies. Certain Member States have taken steps or announced their intention to make information contained in registers of beneficial ownership available to the public. The fact that not all Member States would make information publicly available or differences in the information made available and its accessibility may lead to different levels of protection of third parties in the Union. In a well- functioning internal market, there is a need for coordination to avoid distortions.
Amendment 96 #
2016/0208(COD)
Proposal for a directive
Recital 23
Recital 23
(23) Public access also allows greater scrutiny of information by civil society, including by the press or civil society organisations, and contributes to preserving trust in the integrity of business transactions and of the financial system. It can contribute to combating the misuse of legal entities and legal arrangements both by helping investigations and through reputational effects, given that anyone who could enter into transactions with them is aware of the identity of the beneficial owners. It also facilitates the timely and efficient availability of information for financial institutions as well as authorities, including authorities of third countries, involved in the fight against these offences. A proportionate approach should be taken when it comes to access to small family- oriented trusts that hold low-risk assets, thus recognising an individual's right to privacy and emphasising the Union's respect for fundamental rights in accordance with Article 6 of the Treaty of the European Union.
Amendment 100 #
2016/0208(COD)
Proposal for a directive
Recital 26
Recital 26
(26) A fair balance should be sought in particular between the general public interest in corporate transparency and in the prevention of money laundering and the data subjects' fundamental rights. The set of data to be made available to the public shall be determined by Member States themselves and should be limited, clearly and exhaustively defined, and should be of a general nature, so as to minimize the potential prejudice to the beneficial owners. At the same time, information made accessible to the public should not significantly differ from the data currently collected. In order to limit the interference with the right to respect for their private life in general and to protection of their personal data in particular, that that information should relate essentially to the status of beneficial owners of businesses and, where there is a clear risk of money laundering or terrorist financing, trusts, and should strictly concern the sphere of economic activity in which the beneficial owners operate. Disclosure of information should always be consistent with the key objectives of this Directive which are to counter the financing of terrorism and to combat the laundering of money from criminal activities and should not exceed the international FATF standards which aim to promote a global consistency of approach.
Amendment 102 #
2016/0208(COD)
Proposal for a directive
Recital 28
Recital 28
(28) The personal data of beneficial owners should be publicly disclosed in order to enable third parties and civil society at large to know who the beneficial owners are. The enhanced public scrutinyenhanced scrutiny of beneficial ownership will contribute to preventing the misuse of legal entities and legal arrangements, including tax avoidance. Therefore, it is essential that this information remains publicly available to competent authorities and FIUs through the national registers and through the system of interconnection of registers for 10 years after the company has been struck off from the register. However, Member States should be able to provide by law for the processing of the information on beneficial ownership, including personal data for other purposes if such processing meets an objective of public interest and constitutes a necessary and proportionate measure in a democratic society to the legitimate aim pursued.
Amendment 104 #
2016/0208(COD)
Proposal for a directive
Recital 31
Recital 31
(31) As a consequence, natural persons whose personal data are held in the national registers as beneficial ownership information should be informed of the publication of their personal data on a national register only available to competent authorities or FIUs before that publication takes place. Furthermore, only the personal data that is up to date and corresponds to the actual beneficial owners should be made available and the beneficiaries should be informed about their rights under the current Union legal data protection framework, as set out in Regulation (EU) 2016/679 and Directive (EU) 2016/68031, and the procedures applicable for exercising these rights. __________________ 31 Directive (EU) 2016/680 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data, and repealing Council Framework Decision 2008/977/JHA (OJ L 119, 4.5.2016, p. 89).
Amendment 107 #
2016/0208(COD)
Proposal for a directive
Recital 33
Recital 33
(33) Currently, companies and similar legal entities active in the Union are under an obligation to register their beneficial ownership information, whereas the same obligation does not apply to all trusts and other legal arrangements which present similar characteristics such as Treuhand, fiducies or fideicomiso set up in the Union. With a view to ensure that the beneficial owners of all legal entities and legal arrangements operating in the Union are properly identified and monitored under a coherent and equivalent set of conditions, rules regarding the registration of the beneficial ownership information of trusts by their trustees should be consistent, where necessary, with those in place in respect of the registration of beneficial ownership information of companies.
Amendment 116 #
2016/0208(COD)
Proposal for a directive
Recital 35
Recital 35
(35) In order to ensure proportionality, thecertain beneficial ownership information in respect of any other trusts than those which consist of any property held by, or on behalf of, a person carrying on a business which consists of or includes the management of trusts, and acting as trustee of a trust in the course of that business with a view to gain profit should only be available to parties holding a legitimate interest. The legitimate interest with respect to money laundering, terrorist financing and the associated predicate offences should be justified by readily available means, such as statutes or mission statement of non-governmental organisations, or on the basis of demonstrated previous activities relevant to the fight against money laundering and terrorist financing or associated predicate offences, or a proven track record of surveys or actions in that fieldcompetent authorities and FIUs.
Amendment 117 #
2016/0208(COD)
Proposal for a directive
Recital 36
Recital 36
(36) With a view to ensure a coherent and efficient registration and information exchange, Member States should ensure that their authority in charge of the register set up forgranted access to the beneficial ownership information of trusts and other legal arrangements with a function or structure similar to trusts and that it cooperates with its counterparts in other Member States, sharing information concerning trusts governed by the law of the first Member State and administered in another Member State.
Amendment 150 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2015/849/EU
Article 3 – point 6 – point a – point i
Article 3 – point 6 – point a – point i
Amendment 207 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a – point i
Article 1 – paragraph 1 – point 3 – point a – point i
Directive 2015/849/EU
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) the payment instrument is not reloadable, or has a maximum monthly payment transactions limit of EUR 1250 which can be used only in that Member State;
Amendment 208 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a – point i
Article 1 – paragraph 1 – point 3 – point a – point i
Directive 2015/849/EU
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the maximum amount stored electronically does not exceed EUR 1250;
Amendment 211 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Directive 2015/849/EU
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Member States shall ensure that the derogation provided for in paragraph 1 is not applicable in the case either of online payment or of redemption in cash or cash withdrawal of the monetary value of the electronic money where the amount redeemed exceeds EUR 5100;
Amendment 288 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9 – point c
Article 1 – paragraph 1 – point 9 – point c
Directive 2015/849/EU
Article 30 – paragraph 9 – subparagraph 1
Article 30 – paragraph 9 – subparagraph 1
In exceptional circumstances to be laid down in national law, where the access referred to in point (b) and (c) of paragraph 5 would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable, Member States may provide for an exemption from such access to all or part of the information on the beneficial ownership on a case-by-case basis.
Amendment 297 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point a
Article 1 – paragraph 1 – point 10 – point a
Directive 2015/849/EU
Article 31 – paragraph 1 – subparagraph 1
Article 31 – paragraph 1 – subparagraph 1
Member States shall ensurequire that the provisions in this Article appliesy to trusts and other types of legal arrangements having a structure or functions similar to trusts, such as, inter alia, fiducie, Treuhand or fideicomiso.
Amendment 313 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point d
Article 1 – paragraph 1 – point 10 – point d
Directive 2015/849/EU
Article 31 – paragraph 4 a – subparagraph 1
Article 31 – paragraph 4 a – subparagraph 1
Amendment 321 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point d
Article 1 – paragraph 1 – point 10 – point d
Amendment 340 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point e
Article 1 – paragraph 1 – point 10 – point e
Directive 2015/849/EU
Article 31 – paragraph 7 a – subparagraph 1
Article 31 – paragraph 7 a – subparagraph 1
In exceptional circumstances laid down in national law, where the access referred to in paragraphs 4 and 4a would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable, Member States may provide for an exemption from such access to all or part of the information on the beneficial ownership on a case-by- case basis.
Amendment 458 #
2016/0208(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
5. The personal data of beneficial owners referred to in paragraph 1 shall be disclosed for the purpose of enabling third parties and civil society at large to know who are the beneficial owners, thus contributing to prevent the misuse of legal entities and legal arrangements through enhanced public scrutiny. For this purpose the information shall be publicly available through the national registers and through the system of interconnection of registers for no longer than 10 years after the company has been struck off from the register.
Amendment 466 #
2016/0208(COD)
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 1 Januaryune 201720 at the latest. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 151 #
2015/2344(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers, against this background, that shortcomings have existed in the Economic and Monetary Union (EMU) since its inception undtronger enforcement of existing fiscal rules such as the SGP, the Six-Pack and the Two-Pack is necessary, and not the transfer of more financial means; whereas the SGP is a set of rules designed to ensure that EU Member States pursue sound public finances and coordinate their fiscal policies, however, the Maastricht Treaty with the attribution of monetary policy to the European level, while budgetary policy remains within the competencies of the Member States and is only framed by provisions on light coordination of national policiesmain shortcoming is the non-implementation of existing rules as well as the underestimation of macroeconomic imbalances, which were not addressed in a sufficient and timely manner; whereas governments of euro countries are required by European economic governance rules to submit their draft budgetary plans for the following year to the European Commission by October 15 each year to ensure the coordination of fiscal and economic policies among euro countries and that EU economic governance rules are respected, but the implementation rate of the guidelines put forward by the European Commission subsequently has to be improved;
Amendment 167 #
2015/2344(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuafluctuation risks, exchange costs as well as risks and lack of transparency in cross- border transactions; reiteratstresses that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechbenefits of the euro are interconnected, as economic stability creates trust and credibility, reduces uncertainty for businesses and encourages companismes to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mixinvest, creates more employment and better-quality jobs for citizens and allows for long-term planning of governments; stresses that the need for convergence and competitiveness are conditions for the functionality of a common currency area, since a country cannot restore its competitiveness in a sustainable manner by simply devaluating its currency;
Amendment 179 #
2015/2344(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalancthe causes of the sovereign debt crisis were mainly unsustainable levels of public and private debt, lack of competitiveness and proper regulation in the banking and financial sectors; underlines, triggered by capital flows fhat high levels of debt limited the space of manoeuvre for eurom core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereuntries and led to an increase in financing costs, which impeded the repayment of debt at maturity; stresses that high costs of servicing debt due to high interest rates were too big of a burden given the overall debt level of some euro countries; whereas too hignh debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the merelevels entail high interest rates which have to be served instead of being able to invest in growth enhancing measures, social spending, healthcare and education; whereas the causes of the crises differed in existence of thet among euro area Member States;
Amendment 195 #
2015/2344(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro areaalone cannot lead to balanced growth or counter the lack of competitiveness of some euro countries, but supports cyclical recovery which facilitates the introduction of structural policies, as has repeatedly been called for by the President of the ECB; reiterates that mere coordination of national fiscal policies wi, notably throut credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economgh adhering to the fiscal rules such as the SGP and transposing relevant reforms as outlined in the country specific recommendations (CSRs), is necessary to boost competitiveness and structural convergence, making Member States more resilient against asymmetric shocks;
Amendment 283 #
2015/2344(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Argues that convergence, good governance and conditionality enforced through institutions being held democratically accountable at the euro- area and national level are key, notably to preventingthe enforcement of fiscal rules, the implementation of CSRs and good governance at euro area and national level are key to pursue sound fiscal responsibility, address macroeconomic imbalances, implement structural reforms and boost investment, in addition there is a need for monitoring and evaluating transposed reforms, notably to prevent and avoid any form of permanent transfers and moral hazard;
Amendment 346 #
2015/2344(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that three different functions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’' structural reforms should be incentivised in good economic times; argues, secondly, that differences in thmore efforts have to be made to stabilise business cycle movements of euro area Member States stemming from structural differences create the need for an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a wholeover time, since business cycle fluctuations across euro countries are highly correlated, but differ in variance, which explains why shocks in the euro area are of a more symmetric nature with differences in the boom-bust dynamics of growth rates in individual Member States, especially experienced by euro countries of the periphery; considers, thirdly, that symmetric shocks should be addressed at national level, while respecting the SGP and maintaining budgetary discipline, by making economies more competitive so as to increase the resilience of the euro area as a whole; adds that in the reform of the SGP in 2005, the European Council asked EU Member States to strengthen their domestic fiscal governance through fiscal rules and institutions at national level and further reinforced national fiscal frameworks following the adoption of the Budgetary Frameworks Directive, the Fiscal Compact and the Two-Pack;
Amendment 485 #
2015/2344(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Suggests that reforms advocated in the CSRs can be incentivised through financial and technical assistance facilitated by a fiscal capacity without Treaty change and therefore be realisable in the short-term; considers that fundamental attention should be given to the CSRs, which already emphasize thoroughly the areas in need of reform, however, since the implementation rate of these measures is not satisfactory and recent reflections have not yielded to any significant tools able to improve it, the fiscal capacity could leverage the transposition of CSRs by providing positive incentives in form of financial assistance for Member States to implement reforms, especially in years of economic growth; stresses that no compensation should be granted to countries that did not pursue budgetary discipline and postponed necessary reforms; emphasizes that convergence towards the level of the most competitive countries in the euro area should be fostered through reforms that are conducive to more investment, profitable projects, productivity enhancing and have the objective of reaching full employment;
Amendment 517 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 540 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
– labour market, including minimum wages,
Amendment 619 #
2015/2344(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Notes that the two models for the shock absorption function are featured most prominently in the academic literature: a Rainy Day Fund and a European Unemployment Benefit Schemet Member State level;
Amendment 637 #
2015/2344(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Points out that thea Rainy Day Fund shcould be funded by all theput in place by Member States themselves on the basis of a cyclically sensitive economic indicator and used for payments to all Member States suffering from economic downturns in order to protect their economies from potential shocks;
Amendment 641 #
2015/2344(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 56 #
2015/2140(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that a successfuln effective and credible competition policy must not be directed exclusively towards bringing down prices for consumers, but must also be mindful of the innovativeness of the European economy and special competitive conditionconducive to the competitiveness and innovativeness of the internal market and vast opportunities for small and medium-sized businesses;
Amendment 77 #
2015/2140(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to refine the internal market in areas where it is still fragmented and incomplete, and to end market restrictions and distortions of competition as soon as possible wherever they are found; notes that competition policy should be impartial and fact-based and should not lead to favouring incumbents to the detriment of innovative operators;
Amendment 111 #
2015/2140(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission to set clear procedures and speed up the investigation process and avoid unjustified extensions; calls for formal rights for all implicated victims and parties, with a particular focus on the principle of the presumption of innocence;
Amendment 113 #
2015/2140(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Notes that abuses of dominant position are prohibited and constitute a serious competition problem;
Amendment 114 #
2015/2140(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the original market models of the competition policy are frequentlymay be inappropriate for the digital economy, and the use of price-based indicators in this dynamic economic sector often fails to achieve the desired outcome; calls on the Commission to provide a comprehensive legal and economic assessment of fast- moving markets, in order to obtain a clear understanding of market structure and market trends, and to take appropriate measures to protect consumers;
Amendment 126 #
2015/2140(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Queries the long duration of the investigations into American Internet giant Google and regrets the fact that these investigations have already dragged on for several years with no result, because until 2014 the Commission was relgenerating uncertainty for all parties, notes that it should not become a standard and call on the Commission to diligently conduct ant to indicate its intentiond conclude any other pending antitrust investigation and to abolish market restrictions if established;
Amendment 134 #
2015/2140(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses that competition policy should be evidence-based and welcomes the European Commission’s sector inquiry into e-commerce on potential barriers to cross-border online trade in goods and services from electronics, clothing and shoes to digital content;
Amendment 2 #
2015/2127(INI)
Motion for a resolution
Recital B
Recital B
B. whereas all EIB-financed activities must be part of and consistent with the EU Treaties and the EU’s overarching objectives and priority areas, as defined by the Europe 2020 strategy and the Growth and Employment Facility;
Amendment 3 #
2015/2127(INI)
Motion for a resolution
Recital E
Recital E
E. whereas since 2008 the functioning ofeconomic crisis the EU has a ‘convergence machine’ has stalled and even gone into reverse, resulting in a serious increase in existing divergences between regions and Member States, as well as the emergence of deepening social and economic inequalities throughout the Union that are hampering economic recovery and further damaging social cohesionfaced serious budget constraints which has made it clear that the EIB has an essential role in contributing to the balanced and steady development of the internal market;
Amendment 4 #
2015/2127(INI)
Motion for a resolution
Recital G
Recital G
G. whereas under the present circumstances a qualitatively new degree of urgency now characterises the central role of the EIB for the effective implementation of the Investment Plan for Europe and for the efficient operation of the European Fund for Strategic Investments (EFSI), as the principal vehicle for boosting growth and, delivering decent jobs and overcoming the deepening social and territorial divisions within the Union;
Amendment 8 #
2015/2127(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the scale and complexity of the tasks facing the EIB at present call for a renewed commitment to strictly avoiding the funding of projects that violate the basic standards of sound financial management and provoke public controversy, thus damaging the EIB’s credibility as a Triple AAA public financial institution of unimpeachable reputation;
Amendment 9 #
2015/2127(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the EIB’s Annual Reports for 2014 and its achievements presented in them, and strongly encourages the EIB to redoublecontinue in its efforts to materially contribute to curbing the current atonic economic environment andincrease the low level of investment shortfallin the EU;
Amendment 11 #
2015/2127(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes, in particular, the fact that in 2014 the EIB signed contracts for 413 projects within the EU worth EUR 69 billion and 92 new projects outside the EU for a total of EUR 7.98 billion; also welcomes the fact that in the same year the EIF committed EUR 3.3 billion through its equity and guarantee activities for the benefit of smaller businesses, thus registering the successful implementation of one of the EIB’s most ambitious business plans, with a total of EUR 80.3 billion in EIB Group financing; welcomes the fact that the volume of loans granted by the EIB is at its highest level since 2009; endorses the EUR 10 billion increase in the EIB’s capital agreed by all the Member States in 2012;
Amendment 13 #
2015/2127(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 15 #
2015/2127(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the EIB to provide increased technical support at pre-approval stage for Member States that have a lower success rate for project approval and encourages the EIB to facilitate exchanges of best practice between Member States in relation to successful project development;
Amendment 19 #
2015/2127(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Emphasises that project funding approval should be based on adequate financial and risk analysis, financial viability and sound budgetary management; considers that projects approved for EIB funding should offer a clear added-value to the European economy;
Amendment 26 #
2015/2127(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Notes that SMEs in many parts of Europe face extreme difficulties accessing necessary finance; in this sense, welcomes the greater emphasis the EIB is placing on supporting SMEs; emphasises the importance of the EIB in facilitating partnerships for funding SME activity; furthermore, calls on the EIB to cooperate more closely with regional public institutions with a view to optimising the financing possibilities for SMEs;
Amendment 36 #
2015/2127(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Stresses that investment in sustainable infrastructure projects is key to improving competitiveness and restoring growth and jobs in Europe; calls, therefore, for EIB financing to be deployed towards the areas most affected by high unemployment, and for more social infrastructure projects; emphasises that EIB financing should focus primarily on those countries which are lagging behind in terms of infrastructure quality and developmenthowever, keeping in mind the principle of sound financial management and viability of projects;
Amendment 66 #
2015/2127(INI)
Motion for a resolution
Paragraph 48 a (new)
Paragraph 48 a (new)
48a. Considers that EIB Annual Reports should devote a greater focus to the outcomes of projects completed; in this context, calls on the EIB, in conjunction with project partners, to produce a set of results from each project completed which assesses the effectiveness of EIB funding;
Amendment 69 #
2015/2127(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Encourages the efforts being made by the parties involved to draw up an Interinstitutional Agreement between the European Parliament and the EIB, providing for enhanced cooperation between the two institutions and; furthermore calls for regular structured dialogue between the Prelevant committees of Parliament and EIB bodies with a view to reaching a final agreement in due coursesident of the EIB and the European Parliament to ensure increased parliamentary oversight of the EIB’s activities; furthermore, as part of this Interinstitutional Agreement; calls on the EIB to agree to sign an agreement with the Parliament to allow Members of Parliament to ask direct questions to its President with an agreed timeline for response, as already happens with the ECB President;
Amendment 43 #
2015/2106(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s Investment Package, including the Capital Markets Union (CMU); stresses that an efficient and effective financial services framework ensuring financial stability is a prerequisite in order to increase (long-term) investment and to foster growth in a competitive European economy; underlines the linkage between economic and financial stability; and the correlation between capital market size and economic development; acknowledges the important role that capital markets can play in addressing the financing needs of Member State economies;
Amendment 74 #
2015/2106(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that a sound and robust CMU has to acknowledge the interdependencies with other financial sectors and has to be based on well-established existing structures; stresses the need for a holistic view of EU financial services regulation; to that end, the Commission should work closely with the ESRB, ESAs and National Competent Authorities to resolve any mismatches in approach that could risk undermining the objectives of the CMU;
Amendment 110 #
2015/2106(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that a single market for financial services serves businesses, but ultimately has to benefit customers and investors; insists that barriers to cross- border access, marketing and investment have to be analysed and addressed and the re-development of local ecosystems needs to be considered further to enable the better functioning of markets for smaller companies seeking capital to grow;
Amendment 162 #
2015/2106(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Recognises the importance of the role of market makers in providing liquidity in European markets which needs to be considered when drafting policy initiatives to ensure there are no potential negative implications which could harm the provision of liquidity in European markets;
Amendment 170 #
2015/2106(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is concerned about the lack of available and attractive risk-appropriate (long-term) investments and savings products for consumers; reiterates the need for diversity in investor and consumer choices; and stresses that an environment must be fostered that stimulates and rewards financial product innovation and provides enhanced incentives for investments;
Amendment 185 #
2015/2106(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that a successful CMU should enable EU companies of all sizes and at different stages of growth, to increase in scale by accessing EU capital markets in a user-friendly, efficient and low-cost manner; stresses that a unified and streamlined primary market regulatory regime needs to be delivered to facilitate these companies seeking to raise funds while at the same time ensuring appropriate levels of protection for investors;
Amendment 230 #
2015/2106(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Believes companies should have access to an appropriate choice of market types in the EU depending on their size, complexity and fund-raising ambitions and stresses the need to have deeper, more integrated pan-European capital markets that are separate from but compatible with critically important regional local markets;
Amendment 244 #
2015/2106(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recognises the efforts made to establish a more transparent securitisation market; emphasises that stringent requirements for underlying high-quality assets and calibrations according to the actual risk profile are necessary, bearing in mind the riskiness of securitisation as shown during the crisis; stresses the need to consider independent certification of qualifying criteria and not rely on self-attestation; calls on the Commission to conduct a thorough assessment of the benefits of securitisation for SMEs and the marketability of securitisation instruments as a matter of priority, and to report to Parliament;
Amendment 270 #
2015/2106(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that efforts for a cultural change in the financial sector have to be pursued further; in order to encourage SME borrowers to seek funding from alternative sources to banks while acknowledgesing the benefits of relationship banking for consumers and SMEand a long-term partnership approach to funding for consumers and SMEs; supports the creation of an equity culture through active financial education of both investors and companies;
Amendment 285 #
2015/2106(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Demands a stronger focus on the global competitiveness of the EU financial sectors when making policy and welcomes the Commission’s focus on ensuring that European requirements are aligned with global standards and practices and interoperable with a global framework;
Amendment 305 #
2015/2106(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Asks the Commission to propose a consistent and, coherent and practical framework for decisions on third-country equivalence; demands that all equivalence decisions be adopted by means of delegated acts;
Amendment 317 #
2015/2106(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that better financial regulation starts with Member States applying the current acquis; considers that gold-plating does not facilitate the functioning of the internal market; and undermines fair competition;
Amendment 330 #
2015/2106(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the Commission to ensure balanced participation in consultations by reflecting the diversity of stakeholders and providing better conditions for small stakeholders to participate; calls on the Commission to provide better opportunities for early and developmental stage consultation with all relevant stakeholders;
Amendment 339 #
2015/2106(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the objectives of the better regulation agenda; underlines the role of REFIT in achieving an efficient and effective financial services regulation; stresses that the EU must not create an unintended compliance burden in the drive to bring about greater harmonisation under CMU;
Amendment 342 #
2015/2106(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Considers that any review of financial services legislation should include an evaluation of the appropriateness and effectiveness of the legislation, including whether it is achieving its goal in a proportionate manner; underlines that regulatory initiatives envisaged under CMU should undergo a thorough economic impact assessment and a thorough check for consistency with other legislation;
Amendment 346 #
2015/2106(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Believes that the ESAs and SSM have a crucial role to play in achieving the objectives of better regulation and supervision with a view to ensure consistency of approach and that the policy goals of CMU are not undermined by other actions;
Amendment 22 #
2015/2058(INI)
Motion for a resolution
Recital C
Recital C
C. whereas taxation can be a reliable and sustainable source of development financerevenue in developing countries if there is a pgrogressivewth- oriented and well-balanced taxation regime, an effective and efficient tax administration to promote tax compliance, and transparent, and a transparent, responsible and accountable use of public revenue;
Amendment 25 #
2015/2058(INI)
Motion for a resolution
Recital D
Recital D
D. whereas fairgrowth-oriented and well- balanced tax regimes provide vital finance to governments to cover citizens’ rights toneeds for basic services, such as healthcare and education for all, and whereas effective redistributive fiscal policies are essential in decreasing the effect of growing inequalities;
Amendment 29 #
2015/2058(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas tax regimes in developing countries should encourage the creation of jobs by attracting necessary foreign investments as well as by supporting micro, small and medium-sized enterprises;
Amendment 30 #
2015/2058(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas effective fiscal policies are essential in strengthening the social contract between government and citizens, in order to increase low taxpayer morale and to create a reciprocal link between tax, public and social services;
Amendment 33 #
2015/2058(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the potential benefits of taxation go beyond the increase in available resources to foster development, but have a direct positive side-effect on good governance and state-building by strengthening the rule of law and democratic institutions, promoting long- term independence from foreign assistance and allowing developing countries to assume ownership of their policy choices;
Amendment 36 #
2015/2058(INI)
Motion for a resolution
Recital F
Recital F
F. whereas developing countries face major political and administrative constraints in raising tax revenues as a result of insufficient human and financial resources to collect taxes, weak administrative capacity to deal with the complexity of imposcollecting taxes on certain activities of transnational companies, lack of tax collection infrastructurecapacities, a drain of skilled personnel away from tax administrations, corruption, lack of legitimacy of the political system, an uneveninadequate distribution of revenues and poor tax governance;
Amendment 42 #
2015/2058(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the gradual removal of trade barriers over the past decades has increased the amount of cross-border- traded goods and services, and hence has led to a widening of the tax base in developing countries;
Amendment 46 #
2015/2058(INI)
Motion for a resolution
Recital G
Recital G
G. whereas, comparatively speaking, developing countries raise substantially less revenue than advanced economies and are characterised by extremely narrow tax bases, and there is considerable potential for increasing the tax-to-GDP ratioamount of tax revenues in order to provide the necessary means for essential governmental responsibilities, especially in the least industrialised countries (LICs);
Amendment 49 #
2015/2058(INI)
Motion for a resolution
Recital H
Recital H
H. whereas developing countries have been offering various tax incentives and exemptions, leading to harmful tax competition and a ‘race to the bottom’ that brings greater benefit to multinational corporations (MNCs) than to developing countrieunsatisfactory outcomes in terms of effective and efficient tax systems;
Amendment 71 #
2015/2058(INI)
Motion for a resolution
Recital J
Recital J
J. whereas developing countries are heavily underrepresenshould be better supported in the existing structures and procedures of international tax cooperation, and do notin order to participate on an equal footing in the current global processes seeking to redefinfurther improve international tax rules, such as the OECD base erosion and profit shifting (BEPS) process;
Amendment 75 #
2015/2058(INI)
Motion for a resolution
Recital K
Recital K
K. whereas revenue raising can have an important role to play in rebalancing gender inequalitiecollecting sufficient levels of public finances can have an important role to play in having more equitable societies without discrimination between men and women and special support in particular for children and vulnerable groups;
Amendment 80 #
2015/2058(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to put forward an action plan, in the form of a communication, on supporting developing countries in fighting tax dodgingillicit capital flows and setting up fairerbetter-balanced tax systems, taking into account the work undertaken by the Development Assistance Committee of the OECD in advance of the Financing for Development Conference in Addis Ababa, Ethiopia, to be held from 13 to 16 July 2015, and the impact of international tax treaties on developing countries;
Amendment 90 #
2015/2058(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Underlines the necessity of having a well-balanced tax mixture with a significant share of the tax revenue in developing countries originating from value added tax (VAT); recalls that in contrary to income taxes, VAT equally puts the burden on imported goods and hence supports domestic economic activities in developing countries; however, takes into account the need for reduced rates for basic and necessary goods of daily consumption as well as the possibility of additional sin taxes in particular on tobacco or alcohol products;
Amendment 92 #
2015/2058(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Stresses the importance of efficient and growth-oriented tax regimes in developing countries in order to attract necessary foreign investments as well as to support micro, small and medium-sized enterprises;
Amendment 93 #
2015/2058(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Urges the Commission to support developing countries and regional tax administration frameworks in the fight against tax dodgingillegal capital flows, in developing fairerbetter-balanced tax policies, in promoting administrative reforms and in order to increase the share, in terms of aid and development, of financial and technical assistance to the national tax administrations of developing countries;
Amendment 98 #
2015/2058(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Regrets that only an estimated 0.1 percent (USD 118.4 million) of ODA was dedicated to capacity building in tax matters in 2012; calls for a significant increase of respective technical assistance programmes to 0.5 percent of provided ODA in order to strengthen tax administration and statistical capacities in developing countries;
Amendment 99 #
2015/2058(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Encourages the development of Twinning initiatives, beyond countries in enlargement negotiations or in the framework of the EU Neighbourhood Policy; calls for bringing together public sector expertise from EU Member States and beneficiary countries, aiming to enhance cooperative activities while yielding at preliminarily agreed and concrete operational results for beneficiary countries; supports workshops, training sessions, expert missions, study visits and counselling in order to bring about changes both in the structure of beneficiary institutions, as well as in the respective regulatory tax frameworks in developing countries;
Amendment 100 #
2015/2058(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Asks the Commission to give good governance in tax matters and faireffective tax collection a high place on the agenda in its policy dialogue (political, development and trade) and in all development cooperation agreements with partner countries;
Amendment 107 #
2015/2058(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Urges that information on beneficial ownership of companies, trusts and other institutions be made publicly available in open-data formats, in order to prevent anonymous shell companies and similar legal structurcomparable legal entities from being used to finance illegal activities;
Amendment 113 #
2015/2058(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the EU and the Member States to enforce the principle that multinational companies must adopt country-by-country reporting (CBCR) as standard, requiring them to publish as part of their annual reportadopt country-by-country reporting (CBCR) as a common practice, requiring large multinational companies onf all country-by-country basis for each territory in which they operate the names of all subsidiaries, their financial performance, relevant taxies and sectors to publish required information, assets and number of employees, and to ensure that this information is publicly available part of their annual report on a country-by-country basis;
Amendment 123 #
2015/2058(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the adoption of an Automatic Exchange of Information mechanism, a fundamental tool for enhancing global transparency and cooperation in the fight against tax avoidance and tax evasion; acknowledges, however, that support in terms of expertise and time is needed for developing countries to build the required capacity to send and process information;
Amendment 132 #
2015/2058(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges the Commission and all the Member States, following the example of some Member States and in conformity with Art. 5 (3) TEU, to conduct impact assessments of European tax policies on developing countries, in order to strengthen policy coherence for development and remove practices that have negative spilloverimprove current practices to take better into account the special needs onf developing countries;
Amendment 139 #
2015/2058(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses than when negotiating tax treaties with developing countries, source- country taxation rights should be preserved, and the UN Model Tax Conventionincome or profits resulting from cross-border activities should be preferrtaxed toin the OECD Model Tax Conventionsource country, in order to avoid a bias towards developed countries’ interests and to ensure a fair distribun effective collection of taxing right revenues;
Amendment 141 #
2015/2058(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Urges the EU and the Member States to ensure that the UN taxation committee is transformed into a genuine intergovernmental body equipped with additional resourcesbetter equipped with additional resources inside the framework of the UN Economic and Social Council, ensuring that developing countries can participate equally in the global reformmore effectively in the further global development of existing international tax rules;
Amendment 146 #
2015/2058(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that gender analysis should be made central to tax justicesufficient levels of public finance can contribute to an environment with less discrimination between men and women and with better support in particular for children and vulnerable groups in society;
Amendment 152 #
2015/2058(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the EIB to ensure that companies or other legal entities that receive EIB support do not participate in tax evasion via offshore centres and tax haveninteract with financial intermediaries established in offshore centres and tax havens in terms of illicit capital flows;
Amendment 153 #
2015/2044(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Encourages the Commission to strengthen the areas of tax administration, financial governance and public financial management through enhanced cooperation and capacity building in developing countries; stresses the need to accelerate and scale-up on-going efforts to improve budgetary reporting, including on results on the ground and the share of revenues and expenditure allocated to relevant age groups; calls for increased harmonization of budgetary reporting practices across countries;
Amendment 175 #
2015/2044(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the decisive importance of good governance, the rule of law, institutional framework and regulatory instruments; especially supports investment in capacity-building, education, health, nutrition, child protection, public services, social protection and the fights against poverty and inequality, including in terms of gender; recognises the need for infrastructures and selective public investments, as well as the sustainable use of natural resources, including by the extractive industries and targeting groups with the greatest needs, such as children;
Amendment 244 #
2015/2044(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Recalls the role of civil society, including community based NGOs, as an essential development partner; calls for an increased civil society voice in the discussions of development priorities and the set-up of operations on the ground; calls for an increased consultation of young people in the discussions on investment priorities for the Post-2015, even through innovative communication technologies;
Amendment 282 #
2015/2044(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for an agreement at the Addis Ababa conference on a robust monitoring and accountability framework for effective follow-up of the implementation of the SDG commitments and objectives; calls for an international initiative to improve the quality of statistics, data and information in order to track spending, investment and progress on specific commitments and objectives, in particular regarding gender- related issues and children; asks all parties to ensdure transparent and efficient implementation of aid and financing, in particular by signing and effectively implementing the provisions of the UN Convention against Corruption;
Amendment 38 #
2015/2010(INL)
Motion for a resolution
Recital G
Recital G
G. whereas aggressive tax planning consists in taking advantage of the technicalities of a tax system, or of mismatches between two or more tax systems, for the purpose of reducing tax liability; whereas aggressive tax planning schemes often result in the use of a combination of international tax mismatches, very favourable specific national tax rules and the use of tax havens; whereas, unlike aggressive tax planning, tax fraud and tax evasion constitute an illegal activity of evading tax liabilities;
Amendment 135 #
2015/2010(INL)
Motion for a resolution
Recital U – point i
Recital U – point i
(i) whereas a mandatory Union-wide Common Consolidated Corporate Tax Base (CCCTB) would be a major step towards solving those problems associated with aggressive tax planning within the Union; whereas the ultimate goal should remain a full, mandatory CCCTB with possible exemptions for small- and medium-sized enterprises and companies with no cross- border activity; whereas until a full CCCTB is in place, the Commission is considering temporary measures to counteract profit shifting opportunities; whereas it is necessary to ensure that those measures, including the offsetting of cross- border losses, do not increase the risk of BEPS;
Amendment 165 #
2015/2010(INL)
Motion for a resolution
Recital U – point ix
Recital U – point ix
(ix) whereas, in addition to the issues mentioned in this report, the Commission should clearly set out how it will implement all 15 of the OECD/G20 BEPS project deliverables, and consider in which areas; whereas Union action on corporate taxation must be in line with OECD BEPS principles; whereas the Commission should review the implementation of the OECD/G20 BEPS project deliverables after a number of years to examine if the Union should go further than the minimum standards which the OECD recommends;
Amendment 193 #
2015/2010(INL)
Motion for a resolution
Recital V – point vii
Recital V – point vii
(vii) whereas the Commission's ongoing investigations into alleged breaches of the Union state aid rules have revealed a degree of uncertainty regarding the way in which those rules should be applied; whereas to rectify thisin this regard, the Commission should publish binding guidelines to clarify how it will determine instances of tax-related state aidupdate its guidelines on state aid rules, thereby providing more legal certainty for companies and Member States alike;
Amendment 277 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 4 – indent 2 – point 2
Annex – title 1 – subtitle 4 – indent 2 – point 2
Amendment 323 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 1
Annex – title 2 – subtitle 1 – paragraph 1
Amendment 332 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 2
Annex – title 2 – subtitle 1 – paragraph 2
Amendment 342 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 3
Annex – title 2 – subtitle 1 – paragraph 3
Amendment 347 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 4
Annex – title 2 – subtitle 1 – paragraph 4
Amendment 373 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 1 – indent 1
Annex – title 3 – subtitle 1 – indent 1
Amendment 24 #
2015/2004(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recognises the important role local authorities have in developing countries; encourages the establishment of partnership arrangements between local authorities in EU Member States and local authorities in developing countries in areas such as training and human capacity to allow for greater benefits such as better environmental planning;
Amendment 247 #
2015/0270(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) The risk-based method for the calculation of contributions payable to participating DGSs for the reinsurance period only, to be specified through a Delegated Act, should be based on clear risk factors which should not negatively affect certain banking sectors over others in the Union.
Amendment 256 #
2015/0270(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) The initial and final target level of the Deposit Insurance Fund should be established as a percentage of the total minimum target levels of participating DGSs. It should progressively reach 20% of four ninth of the total minimum target levels by the end of the reinsurance period and the sum of all minimum target levels by the end of the co-insurance periodThe target level of the Deposit Insurance Fund should reach 62.5 % of the total minimum target levels that participating DGSs are to reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU. The possibility to apply for approval to authorise a lower target level in accordance with Article 10(6) of Directive 2014/49/EU should not be considered when setting the initial or final target levels of the Deposit Insurance Fund. An appropriate time frame should be set to reach the target level for the Deposit Insurance Fund.
Amendment 282 #
2015/0270(COD)
Proposal for a regulation
Recital 46
Recital 46
(46) In order for EDIS to function in an effective manner as of [….]1 January 2018, the provisions concerning the payment of contributions to the Deposit Insurance Fund, the establishment of all the relevant procedures and any other operational and institutional aspects should apply from XX.
Amendment 293 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – introductory part
Article 1 – paragraph 2 – subparagraph 1 – introductory part
2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in three successivewo stages:
Amendment 304 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Amendment 310 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Article 1 – paragraph 2 – subparagraph 1 – indent 3
- a fulln insurance scheme that provides the funding and covers the losses of participating deposit guarantee schemes in accordance with Article 41e.
Amendment 359 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 1
Article 41a – paragraph 1
1. As from the date of application set out in Article 99(5a), pParticipating DGSs are reinsured by EDIS in accordance with this Chapter for a period of threeat least four years (‘'reinsurance period’)'), from 1 January 2018 to the commencement of the insurance period referred to in Chapter 3.
Amendment 373 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 2 a (new)
Article 41a – paragraph 2 a (new)
2a. The share of coverage under the second paragraph shall increase during the reinsurance period as follows: - in the first year of the reinsurance period it shall be 25%; - in the second year of the reinsurance period it shall be 50%; - in the third year of the reinsurance period it shall be 75%; - in the fourth and subsequent years of the reinsurance period it shall be 100%.
Amendment 406 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 2
Part IIa – title I – chapter 2
Amendment 429 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 3 – title
Part IIa – title I – chapter 3 – title
Full insurance Insurance
Amendment 449 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h – paragraph 3 a (new)
Article 41h – paragraph 3 a (new)
3a. The share of coverage under paragraph 3 shall increase during the insurance period as follows: - in the first year of the insurance period it shall be 25%; - in the second year of the insurance period it shall be 50%; - in the third year of the insurance period it shall be 75%; - in the fourth and subsequent years of the insurance period it shall be 100%.
Amendment 598 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 1
Article 74 b – paragraph 1
1. By the end of the reinsurance period3 July 2024 the available financial means of the DIF shall reach an initial target level of 20% of four ninth of the sum of the62.5 % of the aggregated minimum target levels that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 659 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2 – subparagraph 3 a (new)
Article 74 c – paragraph 2 – subparagraph 3 a (new)
Up to 30 % of the contributions from participating DGSs to the DIF may be comprised of irrevocable payment commitments.
Amendment 710 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f a (new)
Article 74 c – paragraph 5 – subparagraph 4 – point f a (new)
(fa) the potential for a participating DGS to achieve a full and timely recovery from insolvency procedures;
Amendment 266 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point b
Article 1 – paragraph 3 – point b
(b) an offer of securities addressed to fewer than 15300 natural or legal persons per Member State, other than qualified investors;
Amendment 279 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point d
Article 1 – paragraph 3 – point d
(d) an offer of securities with a total consideration in the Union of less than EUR 510 000 000, which shall be calculated over a period of 12 months;
Amendment 290 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 4 – point b
Article 1 – paragraph 4 – point b
(b) shares resulting from the conversion or exchange of other securities or from the exercise of the rights conferred by other securities, where the resulting shares are of the same class as the shares already admitted to trading on the same regulated market, provided that the resulting shares represent, over a period of 12 months, less than 20 per cent of the number of shares of the same class already admitted to trading on the same regulated market. Where a prospectus was drawn up in accordance with either this Regulation or Directive 2003/71/EC upon the offer to the public or admission to trading of the securities giving access to the shares, or where the securities giving access to the shares were issued before the entry into force of this Regulation, this Regulation shall not apply to the admission to trading on a regulated market of the resulting shares irrespective of their proportion in relation to the number of shares of the same class already admitted to trading on the same regulated market.;
Amendment 331 #
2015/0268(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 365 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. Where the prospectus relates to the admission to trading on a regulated market of non-equity securities that are solely offered to qualified investors, there shall be no requirement to provide a summary.
Amendment 372 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 3 – point b a (new)
Article 7 – paragraph 3 – point b a (new)
(ba) The competent authority may grant a derogation to allow the issuer to provide a summary longer than six sides of A4-sized paper required in this paragraph in cases where the complexity of the issuer's activities or the nature of the issue or the nature of the securities offered requires a longer summary.
Amendment 399 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 6 – point c
Article 7 – paragraph 6 – point c
(c) under a sub-section titled 'What are the key risks that are specific to the issuer?' a brief description of no more than five of the most material risk factors specific to the issuer contained in the category of highest materiality according to Article 16.
Amendment 422 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 7 – subparagraph 1 – point d
Article 7 – paragraph 7 – subparagraph 1 – point d
(d) under a sub-section titled 'What are the key risks that are specific to the securities?' a brief description of no more than five of the most material risk factors specific to the securities, contained in the category of highest materiality according to Article 16.
Amendment 428 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 7 – subparagraph 1 a (new)
Article 7 – paragraph 7 – subparagraph 1 a (new)
The summary shall contain under the sub-sections titled 'What are the key risks that are specific to the issuer?' and 'What are the key risks that are specific to the securities?' a brief description of no more than 10 of the most material risk factors that are specific to the issuer or the securities.
Amendment 432 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 10
Article 7 – paragraph 10
10. The summary shall notmay contain cross- references to other parts of the prospectus or incorporate information by reference.
Amendment 443 #
2015/0268(COD)
Proposal for a regulation
Article 8 – paragraph 7
Article 8 – paragraph 7
7. A summary shall only be drawn up when the final terms are approved or filed and such a summary shall be specific to the individual issue.
Amendment 457 #
2015/0268(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2 – point b
Article 13 – paragraph 1 – subparagraph 2 – point b
(b) the various types and characteristics of offers and admissions to trading on a regulated market of non-equity securities. In particular, the information required in a prospectus relating to non-equity securities on, or being admitted to, a regulated market shall be adapted appropriately when the offer of securities is addressed to qualified investors;
Amendment 496 #
2015/0268(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. TIn the context of securities transactions, the risk factors featured in a prospectus shall be limited to risks which are both material and specific to the issuer and/or the securities and are material for taking an informed investment decision, as corroborated by the content of the registration document and the securities note. They shallose risks may be allocated across a maximum of three distinct categories which shall differentiate them by their relative materiality based on the issuer's assessment of the probability of their occurrence and the expected magnitude of their negative impactcording to the type of risk.
Amendment 516 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 1 a (new)
Article 19 – paragraph 5 – subparagraph 1 a (new)
A frequent issuer shall submit an application to the competent authority containing the necessary amendments to the universal registration document, where applicable, the securities note and the summary submitted for approval. A frequent issuer shall not be required to obtain approval for non-material amendments to the universal registration document. Where a prospectus has already been approved by the competent authority and a supplement is subsequently required to the universal registration document, a frequent issuer shall not be required to obtain approval from the competent authority for that supplement prior to the publication.
Amendment 523 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 11
Article 19 – paragraph 11
11. ESMA shall use its powers under Regulation (EU) No 1095/2010 to promote supervisory convergence with regard to the scrutiny and approval processes of competent authorities when assessing the completeness, consistency and comprehensibility of the information contained in a prospectus. To that effect, ESMA shall deliver guidance on vetting principles for competent authorities across the Union. In particular, ESMA shall foster convergence regarding the efficiency, methods and timing of the scrutiny by the competent authorities of the information given in a prospectus.
Amendment 533 #
2015/0268(COD)
Proposal for a regulation
Article 20 – paragraph 10
Article 20 – paragraph 10
10. A papern electronic copy of the prospectus shall be deliverprovided to any natural or legal person, upon request and free of charge, by the issuer, the offeror, the person asking for admission to trading or the financial intermediaries placing or selling the securities. DeliveryProvision shall be limited to jurisdictions in which the offer to the public is made or where the admission to trading is taking place under this Regulation.
Amendment 554 #
2015/0268(COD)
Proposal for a regulation
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. Where a prospectus is submitted for approval in one or more Member States and it contains a universal registration document which has already been approved in another Member State, the competent authority considering the application for approval of the prospectus shall not re-review the universal registration document and shall accept its prior approval.
Amendment 576 #
2015/0268(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 581 #
2015/0268(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 603 #
2015/0268(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – point d
Article 30 – paragraph 1 – subparagraph 1 – point d
(d) to suspend an offer to the public or admission to trading for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that the provisions of this Regulation have been infringed;
Amendment 143 #
2015/0226(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The ability of investors to exercise due diligence and thus make an informed assessment of the creditworthiness of a given securitisation instrument depends on their access to information on those instruments.. Based on the existing acquis, it is important to create a comprehensive system under which investors will have access to all the relevant information over the entire life of the transactions and to reduce originators, sponsors and SSPEs reporting tasks and to facilitate investors' continuous; easy and free access to reliable information on securitisations. ESMA should establish a European data repository on securitisations which is aligned with all relevant existing data repositories, specifically the European Data Warehouse in the ECB. Along with this data repository, ESMA should publish and keep up-to-date on its website a list of the competent authorities that Member States empower with the necessary supervisory, investigative and sanctioning powers.
Amendment 242 #
2015/0226(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The originator, sponsor or the original lender of a securitisation shall retain on an ongoing basis a material net economic interest in the securitisation of noat less thanast 5 %. Where the originator, sponsor or the original lender have not agreed between them who will retain the material net economic interest, the originator shall retain the material net economic interest. There shall be no multiple applications of the retention requirements for any given securitisation. The material net economic interest shall be measured at the origination and shall be determined by the notional value for off-balance sheet items. The material net economic interest shall not be split amongst different types of retainers and not be subject to any credit risk mitigation or hedging.
Amendment 416 #
2015/0226(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. A third party may be authorised to assess whether a securitisation complies with Articles 7 to 10 or Articles 11 to 13. In the case of third party authorisation, the STS notification shall include a statement that the compliance with the STS criteria was confirmed by that third party. The notification shall include the name of the authorised third party, its place of establishment and the name of the competent authority that authorised it.
Amendment 417 #
2015/0226(COD)
Proposal for a regulation
Article 14 – paragraph 1 b (new)
Article 14 – paragraph 1 b (new)
1b. A third party referred to in Article 14 (1)(a) shall be authorised by ESMA to assess the compliance of securitisations with the STS criteria laid down in Articles 7 to 10 or Articles 11 to 13 of this Regulation. ESMA shall grant authorisation provided the following conditions are met: (a) the third party only charges non- discriminatory and cost-based fees to the originators, sponsors or SSPEs involved in the securitisations which the third party assesses without differentiating fees depending on, or correlated to, the results of its assessment; (b) the third party is established for the sole purpose of assessing the compliance with STS criteria; (c) the members of the management body of the third party have professional qualifications, knowledge and experience that are adequate for the task of the third party and they are of good repute and integrity; (d) the management body of the third party includes a majority of independent directors representing experts and investors in the STS securitisation market; (e) the third party takes all necessary steps to ensure that the verification of STS compliance is not affected by any existing or potential conflicts of interest or business relationship involving the third party, its shareholders or members, managers, employees or any other natural persons whose services are placed at the disposal or under the control of the third party.
Amendment 472 #
2015/0226(COD)
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. In respect of securitisations which fulfil the STS criteria, and the securities of which were issued on or after 1 January 2011 and to securitisations issued before that date, where new underlying exposures have been added or substituted after 31 December 2014, Article 3 of this Regulation shall apply.
Amendment 150 #
2015/0225(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 575/2013
Article 257 – paragraph 2
Article 257 – paragraph 2
(2) By derogation from paragraph 1, iInstitutions shall onlmay use the final legal maturity of the tranche to determine its maturity (MT) in accordance with point (b) of paragraph 1 where the contractual payments due under the tranche are conditional or dependent upon the actual performance of the underlying exposures.
Amendment 153 #
2015/0225(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 575/2013
Article 258 – paragraph 1 – point b
Article 258 – paragraph 1 – point b
(b) there is sufficient public or private information publicly available in relation to the underlying exposures of the securitisation for the institution to be able to calculate KIRB; and
Amendment 169 #
2015/0225(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 575/2013
Article 262 – table 4
Article 262 – table 4
Table 4 Credit Quality Step Senior tranche Non-senior (thin) tranche Tranche maturity (MT) Tranche maturity (MT) 1 year 5 years 1 year 5 years 1 1 10% 15%0% 15 % 50% 2 1012% 120% 15% 55% 3 3 15% 215% 20% 75% 4 4 20% 320% 25% 90% 5 5 25% 325% 40% 105% 6 6 35% 435% 55% 120% 7 7 40% 45% 80% 140% 8 8 55% 65% 120% 185% 9 9 65% 75% 155% 220% 10 85% 100% 235% 300% 11 105% 120% 355% 440% 12 120% 135% 470% 580% 13 150% 170% 570% 650% 14 210% 235% 755% 800% 15 260% 285% 880% 880% 16 320% 355% 950% 950% 17 395% 430% 1,250% 1,250% All other 1,250% 1,250% 1,250% 1,250% 1,250%
Amendment 196 #
2015/0225(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
Amendment 8 #
2014/2233(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Recognises that private investments and finance are likely to be the key engine for growth, which is projected to be approximately 5 % in developing countries in the coming years; emphasises that the future public-private partnerships (PPPs) within the post-2015 development agenda must have a greater focus on poverty reduction; and other sustainable development outcomes and be aligned with partner countries own national strategies and reform agendas;
Amendment 26 #
2014/2233(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes that properly structured and efficiently implemented PPPs can bring many benefits such as innovation, greater efficiency in the use of resources as well as better quality assurance and scrutiny; outlines that PPPs in developing countries are so far concentrated mostly in the energy and telecommunications sectors, whereas private engagement in social infrastructure remains rare;
Amendment 40 #
2014/2233(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls for increased technical assistance to the governments of the partner countriepartner countries governments to raise their capacity to claim the ownership of the PPPs and to assume their share of responsibility for the management of the PPP projects;
Amendment 59 #
2014/2233(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Commission and the Member States to ensure that companies involved in PPPs respect corporate social responsibility (CSR) principles throughout the whole lifecycle of projects, including human rights, environmental protection and ILO standards;
Amendment 64 #
2014/2233(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. CDraws attention to the fact that SMEs are the driving force of job and wealth creation in developing countries and considers it therefore indispensable to increasingly engage with both local and European SMEs in PPPs;
Amendment 35 #
2014/2221(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s Annual Growth Survey 2015, which endeavours to promote a return to higher growth levels and to strengthen the recovery; supports the three main pillars approach (boosting investment, accelerating structural reforms and pursuing responsible growth friendly fiscal consolidation) as the right way to achieve these goals; welcomes the Commission’s suggestions for improving the European Semester by simplifying procedures and increasing national ownership as needed, while also facilitating a more meaningful horizontal exchange, considering that only 10-15 % of the Country Specific Recommendations are fully implemented by the Members States;
Amendment 49 #
2014/2221(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that the lack of investment is caused by low confidence, high indebtedness, slow deleveraging and, subdued expectations of demand and a lack of appropriate financing capacity;
Amendment 199 #
2014/2221(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Agrees with the Commission that most Member States need to continue to pursue growth-friendly fiscal consolidation; inviturges Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and boosting labour supply;
Amendment 234 #
2014/2221(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the Alert Mechanism Report; welcomes the gradual reduction of internal imbalances in the EU economy; draws attention to the external imbalances, including the large trade surpluses and a loss of global market shares;
Amendment 128 #
2014/2158(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls for a comprehensive legal and economic assessment of antitrust and cartels cases, particularly in fast-moving markets, in order to have a clear understanding of the market structure and market trends in order to take appropriate measures to protect consumers;
Amendment 129 #
2014/2158(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Notes that competition policy should be focused particularly on protecting consumers, improving consumer welfare, fostering innovation and stimulating economic growth;
Amendment 1 #
2014/2156(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Encourages an increased focus on social sustainability in the EIB's urban investment activities; acknowledges the improvement in EIB funding for social housing but emphasises the need to develop further research and activity on social sustainability in the context of sustainable urban regeneration;
Amendment 4 #
2014/2156(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Welcomes the decision to increase the EIF capital by EUR 1.5 billion, which should allow boosting of the fund’s activities at short term, in particular by unlocking and facilitating SMEs’ access to finance, but also requests to consequently adapt its risk-management system through an EIB Group risk mapping broken down by intervention policies; emphasises the importance of the EIB in facilitating partnerships for funding SME activity; points to an agreement between the Irish government and German bank KFW in 2014 to provide lending of €150 million to Irish businesses, developed in conjunction with the EIB, as a positive example of this system of lending;
Amendment 6 #
2014/2156(INI)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Highlights the importance of the EIB's role in developing educational infrastructure as a means of developing skills and tackling youth unemployment problems in Europe; welcomes increased EIB activity on developing educational facilities to address job shortages for young people;
Amendment 9 #
2014/2156(INI)
Draft opinion
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Proposes that regular structured dialogue between the President of the EIB and the European Parliament, similar to the quarterly monetary dialogue between the ECB and the European Parliament, is set up to ensure increased parliamentary oversight of the EIB's activities and to facilitate enhanced cooperation and coordination between the two institutions;
Amendment 6 #
2014/2059(INI)
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
- having regard to Regulation (EU) No 1303/2013 of the European parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council regulation (EC) No 1083/2006,
Amendment 7 #
2014/2059(INI)
Motion for a resolution
Citation 15 b (new)
Citation 15 b (new)
- having regard to the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on Guidelines on the application of the measures linking effectiveness of the European Structural and Investment Funds to sound economic governance according to Article 23 of Regulation (EU) 1301/ 2013, COM(2014)494 final, 30.07.2014,
Amendment 37 #
2014/2059(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas cohesion policy represents the main EU investment tool in the real economy, accounting for over one third of the EU Budget and the ESI Funds are key delivery instruments of Europe 2020 Strategy's goals of smart, sustainable and inclusive growth;
Amendment 38 #
2014/2059(INI)
Motion for a resolution
Recital G b (new)
Recital G b (new)
Gb. whereas support from the ESI Funds is closely linked to the respect of sound economic governance, so as to ensure the effectiveness of the EU expenditure;
Amendment 146 #
2014/2059(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12b. Stresses that cohesion policy provides for the necessary critical mass of growth friendly expenditure, including investments in innovation and research, digital agenda, expenditure to facilitate the access of SMEs to finance, investments in environmental sustainability, in priority Trans-European Transport links, as well as in education and social inclusion; points out that all its instruments (the ESI Funds) are now conditional on the respect of sound economic governance procedures;
Amendment 177 #
2014/2059(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes a growing number of CSR addressed to the regional level recognizing subnational competences; is concerned about growing regional disparities within Member States, which poses a real risk to convergence
Amendment 183 #
2014/2059(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission and the Members States to ensure from the programming stage of the ESI Funds, namely the adoption of Partnership Agreements and Programmes, the correct setting of priorities in order to adequately address the challenges identified in the relevant Country Specific Recommendations and relevant Council recommendations, so as to provide for full alignment with the economic governance procedures from the start and avoid reprogramming requests on short and medium term;
Amendment 359 #
2014/0091(COD)
Proposal for a directive
Recital 27
Recital 27
(27) Sufficient and appropriate assets to cover the technical provisions protect the interests of members and beneficiaries of the pension scheme if the sponsoring undertaking becomes insolvent. IAn particular in cases of cross-border activity, the mutual recognition of supervisory principles applied in Member States requires that the technical provisions be fully funded at all timesinstitution's technical provisions should be fully funded in respect of the total range of pension schemes operated at the moment when the institution starts operating a new or additional scheme. A new or additional scheme does not constitute a merger of two or more existing schemes or an addition of a new section to a scheme operated by the institution.
Amendment 97 #
2013/0306(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Money market funds (MMF) provide short-term finance to financial institutions, corporates or governments. By providing finance to these entities, money market funds contribute to the financing of the European economy. Such entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than solely relying on bank deposits.
Amendment 115 #
2013/0306(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In the absence of a Regulation setting out rules on MMFs, diverging measures might continue to be adopted at national level, which would continue to cause significant distortions of competition resulting from important differences in essential investment protection standards. Diverging requirements on portfolio composition, eligible assets, their maturity, liquidity and diversification, as well as on credit quality of issuers of money market instruments lead to different levels of investor protection because of the different levels of risk attached to the investment proposition associated with a money market fund. The failure to adopt strict common rules applicable to MMFs in the internal market prevents uniform investor protection and gives investors different incentives to redeem their investments and thereby trigger a run. It is therefore essential to avoid contagion into the short term funding market and to the sponsors of the MMF which would largely put at risk the stability of the Union's financial market by adopting a uniform set of rulesIt is therefore essential to adopt a uniform set of rules in order to avoid contagion into the short term funding market and to the sponsors of the MMF which would largely put at risk the stability of the Union's financial market. In order to mitigate systemic risk, Constant Net Asset Value MMFs (CNAV MMFs) should only be operated in the Union as a (1) Government CNAV MMF, (2) Retail CNAV MMF or (3) a Low Volatility NAV MMF from the date of entry into force of this Regulation. All references in this Regulation to CNAV MMFs relate to Government CNAV MMFs, Retail CNAV MMFs and Low Volatility NAV MMFs unless otherwise specified. Existing CNAV MMFs may also choose to operate as variable net asset value MMFs (VNAV MMFs) instead.
Amendment 119 #
2013/0306(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, certain types of high quality asset backed securities, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits or in the case of asset backed securities are eligible as high quality assets according to the liquidity rules in part six of Regulation (EU) No 575/2013 and are considered by the MMF to be of high credit quality.
Amendment 126 #
2013/0306(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) ACertain asset Bbacked Commercial Papers (ABCPs)securities that are of major significance for the real economy should be considered eligible money market instruments to the extent that they arespect additional requirements. Due to the fact that dur eligible as high quality liquid assets according to the liquidity rules in part six of Regulation (EU) No 575/2013, specified ing the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. Not all categories of underlying assets should be eligible because some were more confrontedCommission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013. This shall apply for qualified high quality liquid asset backed securities comprising one of the following subcategories of securitised underlying assets as referred to in Article 13, para. 2 (g) in point (iii) or (iv) of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013, namely auto loans and/or auto leases to borrowers or lessees established or resident in a Member State as referred to in point (iv) or commercial loans, leases or credit facilities to undertakings established in a Member State to finstabilityance capital expenditures or business operations other than others. For this reason the underlying assets should be exclusively composed of short-term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked acquisition or the development of commercial real estate as referred to in point (iii). The reference to certain subcategories of securitised underlying assets as referred to in the delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 is important to ensure a uniform definition of eligible underlying securitised assets for the purpose of the liquidity regulations for credit institutions and this regulation which in turn is of importance for the liquidity of such instruments to avoid impediments to real economy securitisations. Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the facquisition or financing of services or goods by consumers should not be eligiblet that during the crisis certain securitisations were particularly unstable, it is necessary to impose quality criteria on the underlying assets. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid. .
Amendment 147 #
2013/0306(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) In order to strengthen MMFs' ability to face redemptions and prevent MMFs assets from being liquidated at heavily discounted prices, MMFs should hold on an on-going basis a minimum amount of liquid assets that mature daily or weekly. To calculate the proportion of daily and weekly maturing assets, the legal redemption date of the asset should be used. The possibility for the manager to terminate a contract on a short term basis can be taken into consideration. For instance, if a reverse repurchase agreement can be terminated with a one day prior notice, it should count as a daily maturing asset. If the manager has the possibility to withdraw money from a deposit account with a one day prior notice, it can count as a daily maturing asset. Government securities may be included as daily maturing assets, where a MMF Manager has determined the government securities to be of high credit quality.
Amendment 154 #
2013/0306(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) It is important thatTo avoid the risk management of MMFs not bebeing biased by short-term decisions influenced by the possible rating of the MMF. Therefore, it is necessary to prohibit a MMF or its manager from requesting that the MMF is rated by a credit rating agency in order to avoid that this, controls shall be put in place to ensure the fairness and transparency of any external credit rating of the MMF on which investors in the MMF may seek to rely. Where a MMF seeks an external rating this used for marketing purposes. The MMF or its manager should also refrain from using alternative methods for obtaining a rating of the MMFwill be subject to and carried out in accordance with the requirements of the national competent authority of the credit rating agency. Should the MMF be awarded an unsolicited external rating, either on the own initiative of the credit rating agency or following request by a third party that is independent of the MMF or the manager and which does not act on behalf of any of them, the MMF manager should refrain from relying on criteria that would be attached to that external rating. For ensuring appropriate liquidity management it is necessary that the MMFs establish sound policies and procedures to know their investors. The policies that the manager has to put in place should help understanding the MMF's investor base, to the extent that large redemptions could be anticipated. In order to avoid that the MMF faces sudden massive redemptions, particular attention should be paid to large investors representing a substantial portion of the MMF's assets, as with one investor representing more than the proportion of daily maturing assets. In this case the MMF should increase its proportion of daily maturing assets to the proportion of that investor. The manager should whenever possible look at the identity of the investors, even if they are represented by nominee accounts, portals or any other indirect buyer.
Amendment 158 #
2013/0306(COD)
Proposal for a regulation
Recital 41
Recital 41
(41) In order to reflect the actual value of assets, the use of marking to market should be the preferred method for valuing the assets of MMFs. A manager should not be allowed to use the marking to model valuation method when marking to market provides a reliable value of the asset, as the mark to model method is prone to provide less accurate valuation. Assets such as treasury and local authority bills, medium- or short-term notes are generally the ones that are expected to have a reliable marking to market. For valuing commercial papers or certificates of deposit, the manager should check if accurate pricing is provided by a secondary market. The buy- back price offered by the issuer should also be considered to represent a good estimate of the value of the commercial paper. In all other cases tThe manager should estimate the value, for example using market data such as yields on comparable issues and comparable issuers and/or use the internationally regarded amortised cost accounting method as set out under recognised international accounting standards.
Amendment 184 #
2013/0306(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to at least 3% of its assets. The NAV buffer should serve as an absorbing mechanism for maintaining the constant NAV. All differences between the constamitigate client redemptions in times of market stress, whereby investors have a real choice of being able to invest in a CNAV or VNAV MMF whilst ensuring that CNAV MMF managers perform their fiduciary duty in terms of treating all shareholders fairly, the CNAV MMF, other than a Government CNAV per unit or share and the NAV per unit or share should be neutralized by using the NAV buffer. During stressed market situations, when the differences can rapidly increase, a procedure should ensure that the whole chain of management is involved. This escalation procedure should permit the senior management to take rapid remedy acMMF, shall have in place provisions for liquidity fees and redemption gates to prevent significant redemptions in times of market stress and to prevent other investors being unfairly exposed to the prevailing market conditions.
Amendment 192 #
2013/0306(COD)
Proposal for a regulation
Recital 46
Recital 46
(46) As a CNAV MMF that does not maintain the NAV buffer at the required level is not capable of sustaining a constant NAV per cannot meet the minimum amounit or share, it should be required to fluctuate the NAV anf weekly liquidity requirements should cease to be a CNAV MMF. Therefore, where despite the use of the escalation procedure the amount ofredemption gate, the CNAV buffer remains for one month below theMMF has not been requpaired 3% bywithin 105 bausis pointness days, the CNAV MMF should automatically convert into a MMF that is not allowed to use amortised cost accounting or rounding to the nearest percentage point. If before the end of the one month allowed for the replenishmentVNAV MMF or be liquidated. If a liquidity fee is implemented it may remain in place at least until the MMF meets the minimum weekly liquidity requirements. If a competent authority has justifiable reasons demonstrating the incapacability of the CNAV MMF to replenish the buffer, it should have the power to convert the CNAV MMF into a MMF other than a CNAV MMF. The NAV buffer is the only vehicle through which external support to a CNAV MMF can be providedmeet certain conditions, such conditions to be determined by the competent authorities, it should have the power to request the MMF manager to either convert the CNAV MMF into a MMF other than a CNAV MMF or to liquidate the CNAV MMF.
Amendment 205 #
2013/0306(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) Investors should be clearly informed, before they invest in a MMF, if the MMF is of a short-term nature or of a standard nature and if the MMF is of a CNAV type or not. In order to avoid misplaced expectations from the investor it must also be clearly stated in any marketing document that MMFs are not a guaranteed investment vehicle. CNAV MMFs should clearly explain to investors the buffer mechanism they are applying to maintain the constant NAV per unit or shareprovisions for liquidity fees and redemption gates. Investors should clearly acknowledge their understanding of the risk of this investment product.
Amendment 222 #
2013/0306(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) It is essential to carry out a review of this Regulation in order to assess the appropriateness of exempting certain CNAV MMFs that concentrate their investment portfolios on debt issuDebt issued or guaranteed by thea Member States from the requirement to establish a capital buffer that amounts to at least 3 % of the total value of the CNAV MMF's assets. Therefore, during the three years after the entry into force of this Regulation, the Commission should analyse the experience acquired in applying this Regulation and the impacts on the different economic aspects attached to the MMFs. The debt issued or guaranteed by the Member States, by its local authorities, by a third country or by a public international body represents a distinct category of investment displaying specific credit and liquidity traits. In addition, as sovereign debt plays a vital role in financing the Member States. The Commission should evaluate the evolution of the market for sovereign debt issued or guaranteed by the Member States and the possibility to create and in providing EU investors with a high quality and liquid pool of investable assets, a special framework for MMF that concentrate their investment policy on that type of debt should be created for Government CNAV MMFs, as defined in point (22 a) of Article 2.
Amendment 229 #
2013/0306(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Types of CNAV MMF As from the date of the entry into force of this Regulation, CNAV MMFs shall operate in the Union only as a (1) Government CNAV MMF, (2) Retail CNAV MMF or (3) a Low Volatility NAV MMF. All references in this Regulation to CNAV MMFs relate to Government CNAV MMFs, Retail CNAV MMFs and Low Volatility NAV MMFs, unless otherwise specified.
Amendment 235 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) "high quality liquid asset backed security" means a qualified asset-backed security referred to in Article 12, para. 1(a) meeting the requirements laid down in Article 13 of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013 defined for a uniform specification to be eligible transferable assets of high liquidity and credit quality according to Article 416, para. 1(d) of Regulation (EU) No 575/2013;
Amendment 242 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) "Retail CNAV MMF" means a CNAV MMF that is available for subscription only to charities, non-profit organisations, public authorities, public foundations and natural persons, including any account for which the ultimate beneficiary is a natural person;
Amendment 248 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12 b (new)
Article 2 – paragraph 1 – point 12 b (new)
(12b) "Low Volatility NAV MMF" means a MMF that is available for subscription to all investors but which: (a) is not permitted to utilise the amortised cost method of valuation for non-Government Securities with remaining maturities greater than 90 days and, (b) may not invest more than 25% of its NAV in non- Government Securities with remaining maturities greater than 90 days;
Amendment 257 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22a) "Government CNAV MMF" means a CNAV MMF which within 12 months of the adoption of this Regulation invests 99.5% of its assets in Government Securities, as defined in point (22b) and is subject to the diversification requirements outlined in Article 14(6).
Amendment 258 #
2013/0306(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 b (new)
Article 2 – paragraph 1 – point 22 b (new)
(22b) "Government Securities" means public debt instruments that are cash, government assets or reverse repos secured with government debt of any eligible sovereign, as determined by the manager of the MMF.
Amendment 267 #
2013/0306(COD)
Proposal for a regulation
Article 3 – paragraph 7 a (new)
Article 3 – paragraph 7 a (new)
7 a. Without prejudice to Article 3, paragraph 1, a Member State shall not be required to authorise a CNAV MMF.
Amendment 297 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point b – point ii a (new)
Article 9 – paragraph 1 – point b – point ii a (new)
(iia) it is eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 304 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while either not having a residual maturity exceeding 2 years or being eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 306 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Amendment 321 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. High quality liquid asset backed securities referred to in Article 2, paragraph 7 (a) shall be considered eligible provided that the underlying securitized assets consist of assets as referred to in Article 13, paragraph 2 (g) point (iii) or (iv) of Commission delegated regulation (EU) No... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013.
Amendment 322 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1 b. Asset Backed Commercial Papers shall be considered as eligible provided that they are liquid and that the underlying exposures are of high credit quality.
Amendment 325 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – introductory part
Article 10 – paragraph 2 – subparagraph 1 – introductory part
For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying: conditions determining when asset backed commercial papers are liquid and when the underlying debt is of high credit quality.
Amendment 326 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
Article 10 – paragraph 2 – subparagraph 1 – point a
Amendment 330 #
2013/0306(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
Article 10 – paragraph 2 – subparagraph 1 – point b
Amendment 379 #
2013/0306(COD)
Proposal for a regulation
Article 14 – paragraph 5 – introductory part
Article 14 – paragraph 5 – introductory part
5. Notwithstanding the individual limits laid down in paragraphs 1 and 3, a MMF shall not combine, where this would lead to investment of more than 105% of its assets in a single body, any of the following:
Amendment 384 #
2013/0306(COD)
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5 a. A MMF may not invest in unsecured paper issued by an affiliate of the manager of the MMF.
Amendment 392 #
2013/0306(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. A MMF may not hold more than 105% of the money market instruments issued by a single body.
Amendment 435 #
2013/0306(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point c
Article 21 – paragraph 1 – point c
(c) at least 10% of its assets shall be comprised of daily maturing assets. For the purpose of this calculation, government debt or government agency securities may be included within the daily maturing assets, providing they may be sold for settlement on a 'same-day' basis. A short-term MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the short-term MMF investing less than 10% of its portfolio in daily maturing assets;
Amendment 437 #
2013/0306(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point d
Article 21 – paragraph 1 – point d
(d) at least 230% of its assets shall be comprised of weekly maturing assets. A short-term MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the short-term MMF investing less than 230% of its portfolio in weekly maturing assets. For the purpose of this calculation, government debt or government agency securities may be included within the daily maturing assets, providing they may be sold for settlement within the next 5 business days.
Amendment 451 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point c
Article 22 – paragraph 1 – point c
(c) at least 105% of its assets shall be comprised of daily maturing assets. A standard MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the standard MMF investing less than 105% of its portfolio in daily maturing assets;
Amendment 455 #
2013/0306(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point d
Article 22 – paragraph 1 – point d
(d) at least 230% of its assets shall be comprised of weekly maturing assets. A standard MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the standard MMF investing less than 230% of its portfolio in weekly maturing assets.
Amendment 476 #
2013/0306(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
Amendment 503 #
2013/0306(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. In addition, in the case of CNAV MMFs, the stress tests shall estimate for different scenarios the difference between the constant NAV per unit or share and the NAV per unit or share, including the impact of the difference on the NAV buffer.
Amendment 515 #
2013/0306(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1
Article 26 – paragraph 3 – subparagraph 1
Amendment 516 #
2013/0306(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 2 – introductory part
Article 26 – paragraph 3 – subparagraph 2 – introductory part
When marking to market only quality market data provided by recognised independent pricing vendors shall be used. The quality of the market data shall be assessed on the basis of all of the following factors:
Amendment 518 #
2013/0306(COD)
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 3
Article 26 – paragraph 4 – subparagraph 3
Amendment 520 #
2013/0306(COD)
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 3 a (new)
Article 26 – paragraph 4 – subparagraph 3 a (new)
When marking to model, only pricing data from independent and recognised pricing vendors may be used and the model's pricing methodology should be subject to approval by the competent authority of the MMF.
Amendment 547 #
2013/0306(COD)
Proposal for a regulation
Article 27 – paragraph 6
Article 27 – paragraph 6
6. The difference between the constant NAV per unit or share and NAV per unit or share of a CNAV MMF shall be continuously monitored and its NAV per unit share ('shadow NAV') published daily on the website of the MMF.
Amendment 565 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
Amendment 574 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point a
Article 29 – paragraph 2 – point a
Amendment 580 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point b
Article 29 – paragraph 2 – point b
Amendment 585 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point c
Article 29 – paragraph 2 – point c
Amendment 590 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point d
Article 29 – paragraph 2 – point d
(d) the rules or instruments of incorporation of the CNAV MMF provide clear procedures for the conversion of the CNAV MMF into a MMF that is not allowed to use the amortised cost accounting or the rounding methodsVNAV MMF;
Amendment 593 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point f
Article 29 – paragraph 2 – point f
(f) the CNAV MMF has established clear and effective communication tools towards investors that ensure prompt information in relation to any use or replenishment of the NAV buffer and the conversion of the CNAV MMF;
Amendment 597 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 – point g
Article 29 – paragraph 2 – point g
Amendment 604 #
2013/0306(COD)
Proposal for a regulation
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
Amendment 609 #
Amendment 636 #
2013/0306(COD)
Proposal for a regulation
Article 31
Article 31
Amendment 652 #
2013/0306(COD)
Proposal for a regulation
Article 33
Article 33
Amendment 664 #
2013/0306(COD)
Proposal for a regulation
Article 34
Article 34
Amendment 683 #
2013/0306(COD)
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. A CNAV MMF may not receive external support other than in the form and under the conditionas laid down in Articles 30 to 345 (3).
Amendment 719 #
2013/0306(COD)
Proposal for a regulation
Article 37 – paragraph 2 – point c a (new)
Article 37 – paragraph 2 – point c a (new)
(ca) that investors can obtain information on the investment portfolio and the liquidity levels of the MMF on the website of the MMF.
Amendment 720 #
2013/0306(COD)
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. A MMF shall provide to investors on its website, and update at least weekly, - the liquidity levels of the fund, - the weighted average maturity (WAM) and weighted average life (WAL) of the MMF, - the portfolio of investments of the MMF.
Amendment 724 #
2013/0306(COD)
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. In addition to the information to be provided in accordance with paragraphs 1 to 4, a CNAV MMF shall explain clearly to investors and potential investors the use of the amortised cost method and/or of rounding. A CNAV MMF shall indicate the amount of its NAV buffer, the procedure to equalise the constant NAV per unit or share and the NAV per unit or share and shall state clearly the role of the buffer and the risks related to it. The CNAV MMF shall clearly indicate the modalities of replenishing the NAV buffer and the entity expected to fund the replenishment. It shall make available to investors all information concerning compliance with the conditions set out in Article 29(2)(a) to (g)procedure to apply liquidity fees and redemption gates and the circumstance under which these will be triggered.
Amendment 736 #
2013/0306(COD)
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point c
Article 38 – paragraph 2 – subparagraph 1 – point c
Amendment 762 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Within the six24 months following the date of entry into force of this Regulation, an existing UCITS or AIF that invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment shall submit an application to its competent authority together with all documents and evidence necessary to demonstrate the compliance with this Regulation.
Amendment 765 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
Amendment 782 #
2013/0306(COD)
Proposal for a regulation
Article 43 – paragraph 4
Article 43 – paragraph 4
Amendment 791 #
2013/0306(COD)
Proposal for a regulation
Article 45 – paragraph 1 – introductory part
Article 45 – paragraph 1 – introductory part
By three years after the entry into force of this Regulation, the Commission shall review the adequacy of this Regulation from a prudential and economic point of view. In particular the review shall consider the operation of the CNAV buffer and the operation of the CNAV buffer to those CNAV MMFs that, in future, might concentrate their portfolios on debt issued or guaranteed by the Member States. The review shall: