17 Amendments of Marco VALLI related to 2018/0178(COD)
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity is environmentally sustainable for the purposes of establishing the degree of environmental sustainability of an investment.
Amendment 258 #
Proposal for a regulation
Article 1 – paragraph 2 – point a
Article 1 – paragraph 2 – point a
(a) measures adopted by Member States or by the Union setting out any sustainability requirements on market actors in respect of financial products or corporate bonds that are marketed as environmentally and socially sustainable.
Amendment 272 #
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering financial products as environmentally and socially sustainable investments or as investments having similar characteristics.
Amendment 291 #
Proposal for a regulation
Article 2 – paragraph 1 – point a a (new)
Article 2 – paragraph 1 – point a a (new)
(a a) ‘socially sustainable investment’ means an investment that funds one or several economic activities that qualify under this Regulation as socially sustainable;
Amendment 315 #
Proposal for a regulation
Chapter 2 – title
Chapter 2 – title
Environmentally and socially sustainable economic activities
Amendment 336 #
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3 a Criteria for socially sustainable economic activities For the purposes of establishing the degree of social sustainability of an investment, an economic activity shall be socially sustainable where that activity complies with all of the following criteria: (a) the economic activity contributes substantially to the social objectives set out in Article 5 in accordance with Articles 11a; (b) the economic activity does not significantly harm any of the environmental objectives set out in Article 5 in accordance with Article 12, nor the social objectives set out in Article 11a; (c) the economic activity is carried out in compliance with the minimum safeguards laid down in Article 13 and does not lead to denial of basic needs including food, shelter and medical care, does not use conflict minerals, nor is carried out in cooperation with parties that infringe political and civil rights or supply strategic products and services to parties that directly contribute to the violation of political and civil rights; (d) does not relate to speculative financial activities, such as high frequency trading, short selling or speculative trading on commodities; (e) the economic activity meets the requirements of sound and transparent management structures and due diligence procedures, employee relations, transparent remuneration policies of relevant staff and tax compliance, whose ratio does not exceed the value of 5:1; (f) the economic activity complies with technical screening criteria, where the Commission has specified those in accordance with Articles 11a.
Amendment 341 #
Proposal for a regulation
Article 4 – title
Article 4 – title
4 Use of the criteria for environmentally and socially sustainable economic activities
Amendment 347 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall apply the criteria for determining environmentally or socially sustainable economic activities set out in Article 3 for the purposes of any measures setting out requirements on market actors in respect of financial products or corporate bonds that are marketed as ‘environmentally sustainable’ or ‘socially sustainable’.
Amendment 358 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Financial market participants offering financial products as environmentally or socially sustainable investments, or as investments having similar characteristics, shall disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 and the criteria for socially sustainable economic activities set out in Article 3a are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable or socially sustainable, they may inform the Commission.
Amendment 387 #
Proposal for a regulation
Article 5 – title
Article 5 – title
5 Environmental and social objectives
Amendment 391 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
For the purposes of this Regulation, the following shall be environmental and social objectives:
Amendment 399 #
Proposal for a regulation
Article 5 – paragraph 1 – point 6 a (new)
Article 5 – paragraph 1 – point 6 a (new)
(6 a) promoting social development, social inclusion and equality.
Amendment 497 #
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11 a Substantial contribution to social objectives An economic activity shall be considered to contribute substantially to social objectives where that activity contributes to a high level of social development, social inclusion and equality through any of the following means: (a) reducing socio-economic inequality, social exclusion and marginalization; (c) promoting equal opportunities for all and/or improving social cohesion and social inclusion of disadvantaged groups and communities, including through micro-finance; (d) reducing poverty in all its forms, including income poverty, material deprivations and low work intensity; (e) supporting the development of social economy organisations and social enterprises, as defined in the Communication from the Commission of 25 October 2011 on social business; (f) promoting equitable access to food security, health care, quality education and training, affordable housing and social protection; (g) promoting equitable access to other essential services of good quality, including water, sanitation, energy, transport, financial services and digital communications. 2. The Commission shall adopt a delegated act in accordance with Article 16 to: (a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to social objectives; (b) supplement Article 12 to establish technical screening criteria, for each relevant social objective, for determining whether an economic activity in respect of which screening criteria are established pursuant to point (a) of this paragraph is considered, for the purposes of this Regulation, to cause significant harm to one or more of those objectives. 3. The Commission shall adopt the delegated act referred to in paragraph 2 by [1 July 2021], with a view to ensure its entry into application on [31 December 2021].
Amendment 501 #
Proposal for a regulation
Article 12 – title
Article 12 – title
Significant harm to environmental and social objectives
Amendment 515 #
Proposal for a regulation
Article 12 – paragraph 1 – point f a (new)
Article 12 – paragraph 1 – point f a (new)
(f a) the achievement of a high level of social development, social inclusion and equality, where that activity leads to increased socio-economic inequality and social exclusion, or significantly increases deprivations among the affected population or significantly restricts access to essential goods and services;
Amendment 621 #
Proposal for a regulation
Article 17 – paragraph -1 (new)
Article 17 – paragraph -1 (new)
-1. By 31 December 2019, the Commission shall submit a report to the European Parliament and to the Council on the opportunity of extending the scope of this Regulation to cover all sustainability objectives, including social objectives, in the view to establish an integrated EU taxonomy for sustainable investments. The report shall be accompanied, where appropriate, by a legislative proposal to amend this Regulation.
Amendment 634 #
Proposal for a regulation
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) the appropriateness of extendingextension of the scope of this Regulation to cover other sustainability objectives, in particular social objectives;