47 Amendments of Kaja KALLAS related to 2015/0009(COD)
Amendment 16 #
Proposal for a regulation
Recital 5
Recital 5
(5) On 15 July 2014, the then President- elect of the European Commission presented a set of Political Guidelines for the European Commission to the European Parliament. These Political Guidelines called for an Energy Union, a connected Digital Single Market, and the mobilisation of ‘up to EUR 300 billion in additional public and private investment in the real economy over the next three years’ to stimulate investment for the purpose of job creation.
Amendment 17 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing barriers to investment, reinforcing the Single Market and by enhancing regulatory predictability, in particular in energy, digital, and capital markets, by enhancing regulatory predictability and promoting a mentality shift towards a risk-taking culture. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 24 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI. The EFSI should also ensure that the specificity of funding at different stages that innovative businesses, such as start-ups, need is taken into account.
Amendment 29 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projectsproject structuring and project financing, and investment projects, and in different sectors, such as research and development, energy, transport and ICT. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 30 #
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) For the purposes of the transparency, accountability and independence of the Steering Board and the Investment Committee, a system for the prevention of conflicts of interest should be adopted and implemented.
Amendment 32 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistentcomply with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 33 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected toshould ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes, including energy interconnections, the synchronisation of energy systems and digital highways. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 35 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and impact of the EFSI and its complementarity with other instruments and programmes.
Amendment 37 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall concludebe empowered to adopt delegated acts in accordance with Article 20a concerning an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI').
Amendment 44 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments that create growth and jobs in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, and innovative enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 52 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation. Particular focus should be given to information to, and support for, innovative entrepreneurs.
Amendment 53 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 54 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 59 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance andstructuring and project financing. The Investment Committee shall have expertise in different sectors, with a particular focus on research and development, energy, ICT and transport. It shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 60 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3 a (new)
Article 3 – paragraph 5 – subparagraph 3 a (new)
The Investment Committee shall be accountable to the Steering Board of the EFSI, which shall supervise the achievement of the EFSI's objectives, but when implementing the guidelines adopted by the Steering Board, the Investment Committee shall not take instructions from the EIB, the Member States, other EU institutions or any other body.
Amendment 61 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The investment operations concerned shall be complementary to existing EU programmes, bring EU added value, be consistent with Union policies and support any of the following general objectives:
Amendment 62 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The EFSI shall target projects with a higher risk profile than existing EIB and Union instruments or programmes so as to ensure additionality over existing operations. The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 63 #
Proposal for a regulation
Recital 5
Recital 5
(5) On 15 July 2014, the then President- elect of the European Commission presented a set of Political Guidelines for the European Commission to the European Parliament. These Political Guidelines called for an Energy Union, a connected Digital single market, and the mobilisation of ‘up to EUR 300 billion in additional public and private investment in the real economy over the next three years’ to stimulate investment for the purpose of job creation.
Amendment 67 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections and the synchronisation of energy systems; and digital infrastructure;
Amendment 68 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing barriers to investment, reinforcing the Single Market and by enhancing regulatory predictabilityin particular in energy, digital, and capital markets, by enhancing regulatory predictability and promoting a mentality shift towards a risk-taking culture. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 75 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providing financial support for the companies referred to in Article 1(1), including working capital risk financing, as appropriate in relation to the different stages of development of those companies.
Amendment 90 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The EIB shall notify OLAF promptly and provide it with the necessary information when, at any stage of the preparation, implementation or closure of operations subject to the EU guarantee, it has grounds to suspect that there is a potential case of conflict of interests, fraud, corruption, money laundering or other illegal activity that may affect the financial interests of the Union.
Amendment 95 #
Proposal for a regulation
Article 20 a (new)
Article 20 a (new)
Article 20 a Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 1(1) shall be conferred on the Commission for an indeterminate period of time. 3. The delegation of power referred to in Article 1(1) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 1(1) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.
Amendment 96 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives. Substantial investment in broadband and digital service infrastructures is needed to meet the EU policy objectives in the digital sector, the EFSI should therefore give a particular focus to investment in telecommunication networks.
Amendment 153 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projectsproject structuring and project financing, investment projects and in different sectors, such as research and development, energy, transport and ICT. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 159 #
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) For the purpose of transparency, accountability and independence of the Steering board and the Investment committee, a system of prevention of conflict of interest should be adopted and implemented.
Amendment 185 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistentcomply with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 222 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and impact of the EFSI and its complementarity with other instruments and programmes.
Amendment 239 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises and innovative companies, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States, under the terms laid out in the EFSI Agreement. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
Amendment 257 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 284 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation. A particular focus should be given to information and support of innovative entrepreneurs.
Amendment 297 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Eligibility criteria for the use of the EU guarantee The EFSI Agreement shall provide that EFSI is to support projects which: (a) are consistent with Union policies, (b) are economically and technically viable, (c) provide additionality, and (d) maximise where possible the mobilisation of private sector capital.
Amendment 303 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 306 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 309 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board and the European Parliament.
Amendment 325 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance andstructuring and project financing. The Investment Committee shall have an expertise in different sectors, with a particular focus on research and development, energy, ICT and transport. It shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 340 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The EFSI shall target projects with a higher risk profile than existing EIB and Union instruments or programmes so as to ensure additionality over existing operations. The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 356 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructuresynchronisation of energy grids;
Amendment 363 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) development of telecommunications infrastructures, in particular broadband networks and digital service infrastructures.
Amendment 376 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, including research infrastructure; information and communications technology and innovation;
Amendment 416 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providing financial support for the companies referred to in Article 1(1), including working capital risk financing, appropriate according to the different stages of development of companies.
Amendment 433 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
EIB financing and investment opportunities on the territory of a Member State according to this Regulation shall only be approved if the relevant Member State is in compliance with Council recommendations under Regulation (EC) No 1466/97, Regulation (EU) No 1176/2011 and has made significant progress regarding the country specific recommendations under the European Semester.
Amendment 484 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;, and by project level where disclosure of data is allowed.
Amendment 494 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European ParliamenOn a quarterly basis or upon specific request, the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 511 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The EIB shall notify OLAF promptly and provide it with the necessary information when, at any stage of the preparation, implementation or closure of operations subject to the EU guarantee, it has grounds to suspect that there is a potential case of conflict of interests, fraud, corruption, money laundering or other illegal activity that may affect the financial interests of the Union.