179 Amendments of Marco ZANNI related to 2015/0009(COD)
Amendment 10 #
Proposal for a regulation
Citation 4
Citation 4
Having regard to the opinions of the European Economic and Social Committee and, the Committee of the Regions and the European Court of Auditors,
Amendment 15 #
Proposal for a regulation
Recital 6
Recital 6
Amendment 23 #
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 madelarge projects should be made, in a transparent manner, by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projectshave been appropriately selected in accordance with the principle of accountability and are knowledgeable and experienced in the areas of investment projects. They should be approved only after a hearing and vote in the European Parliament. 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, medium and mediumicro enterprises and small mid-cap companieinnovative start-ups.
Amendment 25 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, environmentally sustainable and socially inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable and environmentally sustainable investment projects.
Amendment 29 #
Proposal for a regulation
Recital 5
Recital 5
Amendment 30 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI should be managed in accordance with the EIB’s own rules and procedures, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank. It therefore needs to be established without delay that the new transparency policies adopted recently by the EIB have not been watered down in any way.
Amendment 31 #
Proposal for a regulation
Recital 6
Recital 6
Amendment 32 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB and the Investment Committee should regularly evaluate and report on activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to public accountability and analysis of economic, environmental and social sustainability.
Amendment 32 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 37 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion and to achieving the EUʼs 2050 goals on climate change, reducing and optimising use of natural resources, and protecting biodiversity.
Amendment 45 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure that there is a public consultation and participation process and should regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 51 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high environmental and economic value added contributing to achieving Union policy objectives in support of the green economy.
Amendment 56 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 61 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
Amendment 61 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many micro, 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 riskwith greater environmental and societal value added. 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.
Amendment 62 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to micro, small and medium enterprises and small mid-cap compancommitted to environmentally and socially sustainable and inclusive activities should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 63 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 64 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
Amendment 68 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson. , consisting of one representative of the EIB, one of the Commission and one for each Member State, shall elect one of its members to be Chairperson and shall be subject to the binding approval of the European Parliament.
Amendment 73 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
The Steering Board shall take decisions by consensus and shall make its decisions public and accessible.
Amendment 74 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote green job creation, long- termsustainable growth and competitivenessthe green economy. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 79 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB, subject to the prior approval of the European Parliament, for a once renewable fixed term of three years.
Amendment 83 #
Proposal for a regulation
Citation 4
Citation 4
Having regard to the opinions of the European Economic and Social Committee and, the Committee of the Regions and the European Court of Auditors,
Amendment 85 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slowthe fiscal constraints and austerity policies imposed on Member States, which have depressed aggregate demand and increased market uncertainty regarding the economic future. This lack of investment, which is particularly evident in the most crisis-stricken Member States, curbs economic recovery and negatively affects job creation, long-term growth prospects and , competitiveness and the scompetitiveness for maintaining an adequate social safety net, which in some cases has led to absolute poverty.
Amendment 86 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instrumentsclear environmental and societal value added to ensure additionality over existing operations. The EFSI should finance sustainable projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 87 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3
Article 3 – paragraph 5 – subparagraph 3
Decisions of the Investment Committee shall be taken by simple majority and its decisions shall be public and accessible.
Amendment 88 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economicnvironmentally, socially and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing provided these are clearly intended to support the green and circular economy.
Amendment 95 #
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 projects in the green and circular economy. 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 with high environmental and societal value added.
Amendment 99 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 102 #
Proposal for a regulation
Recital 21
Recital 21
Amendment 105 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions forIn order to stimulatinge investment. Along with a renewed impetus towards investment financing, these preconditions can contribute, it is necessary to abolish EU austerity policies and revive measures that can help to establishing a virtuous circle, where investment projects help support long-term employment and demand and, leading to a sustained increase in growth and development potential.
Amendment 107 #
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) EIB funding to the EIF enabling it to undertake loans, guarantees, counter- guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations. The use of credit enhancement instruments shall only be permitted after careful assessment of the results of the Project Bond Initiative. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, in compliance with this Regulation and where EIF financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled.
Amendment 110 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
The coverage of the guarantee over a particular type of instrument portfolio, referred to in Article 6, shall be determined by the risk of that portfolio. The EU guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee. The EU guarantee may be granted on a pari passu basis with other contributors.
Amendment 111 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of environmental, social and economic sustainability.
Amendment 113 #
Proposal for a regulation
Recital 26
Recital 26
Amendment 116 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) paymentfines arising from violations of EU competition law and contributions from the general budget of the Union,
Amendment 120 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has madfailed to make appropriate efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach forthereby betraying also the spirit of the Europe 2020 strategy, which aimed to achieve smart, sustainable and inclusive growth. TNot even the European Investment Bank ('EIB') has also strengthenedbeen able appropriately to play its role in instigating and promoting investment within the Union, partly by wayin spite of anthe increase in capital in January 2013. Further action is thus required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projectenvironmentally and socially viable investment projects with the emphasis on innovative start-ups and micro enterprises.
Amendment 122 #
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 EFSIvised to aid only high environmental and societal value added research and development projects. However, the reductvision of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates green and circular economy than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and environmental innovation and sustainable transport, telecommunications and, energy saving and efficiency and renewable 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 126 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects capable of promoting the green and circular economy that are not being financed due to a lack of certainty and transparency with respect to such projectsinformation. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union and areas of the green and circular economy suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 129 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB and the Steering Board, in cooperation with the EIF as appropriate, shall report semi-annualquarterly to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators established pursuant to Article 2(1)(g). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.
Amendment 129 #
Proposal for a regulation
Recital 32
Recital 32
(32) Member States have also begun work at national level on establishing and promoting project pipelines for environmentally innovative projects of national significance. The information prepared by the Commission and the EIB should provide links to the accompanying national project pipelines.
Amendment 130 #
Proposal for a regulation
Recital 5
Recital 5
Amendment 131 #
Proposal for a regulation
Recital 6
Recital 6
Amendment 131 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB and the Steering Committee, in cooperation with the EIF as appropriate, shall report semi-annually to the European Parliament and to the Council on EIB financing and investment operations. The report shall be made public and accessible and shall include:
Amendment 131 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB in the identification and selection of environmentally sustainable EFSI supported projects, the project pipeline should have a broader scope of identifying environmentally sustainable projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to environmentally sustainable projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 135 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 135 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure that there is a public consultation and participation process similar to the one in force for the disbursement of Structural and Investment Funds and regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 136 #
Proposal for a regulation
Recital 35
Recital 35
Amendment 139 #
Proposal for a regulation
Recital 36
Recital 36
Amendment 140 #
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI ishould be part of a comprehensive approach to address uncertainty surrounding public and private investments. The strategy has three pillars: mobilising finance for investment, making investment reach the real economy and improving the investment environment in the Union. Special attention should be paid to the Member States which have been the most adversely affected by the crisis, which are in greater need of new investments and support for growth.
Amendment 144 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') that are environmentally sustainable.
Amendment 147 #
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 green and circular economy investments in the Union and to ensure increased access to financing for companies having up to 300250 employees, with a particular focus on micro, small and medium enterprises capable of developing projects with high environmental and social content, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 155 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing all barriers to investment, reinforcing the Single Marketfirst by abolishing the fiscal constraints imposed on Member States and subsequently by reinforcing the Single Market in a targeted and conditional manner and by enhancing regulatory predictability. The work of the EFSI, andbut especially investments across Europe generally, should benefit from this accompanying work.
Amendment 155 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, and at least twice each year, the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 158 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 159 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within fiveour weeks of receipt of a question.
Amendment 161 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
Amendment 164 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;
Amendment 166 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular, to the benefit tof small and medium enterprises. It is also appropriate to extendnsure in particular that the benefit of such increased access is extended to financing to mid-cap companies, which are companies having up to 3000 employeesinnovative start-ups, which by their nature are encountering greater difficulties in accessing credit. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion, thereby assisting those having greater difficulty.
Amendment 166 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, including the use of endowments according to Article 8(9). The Commission shall submit its evaluation to the European Parliament and the Council.
Amendment 169 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 172 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
Amendment 174 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 177 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 181 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited annually by the Court of Auditors.
Amendment 183 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
Amendment 184 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic, societal and environmental value added contributing to achieving Union policy objectives in terms of increasing employment and boosting the economy.
Amendment 184 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
The Commission shall report annually to the European Parliament on the functioning of the EFSI and shall have discharge responsibility for it;
Amendment 191 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Where such illegal activities are proven, the EIB and the Commission shall undertake recovery efforts with respect to its operations supported by the EU guarantee.
Amendment 195 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Green and Circular Economy 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 high environmental and societal value added project finance and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 196 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasionfinancing of activities connected with organised crime, tax fraud, evasion and avoidance, corruption, or fraud affecting the financial interests of the Union. In particular, the EIB shall not participate in any financing or investment operation through a vehicle located in a non-cooperative jurisdiction or in Member States that adopt aggressive tax planning, such as Luxembourg, Ireland and the Netherlands, in line with its policy towards weakly regulated or non-cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 197 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Amendment 198 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 214 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small, medium and mediumicro 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.
Amendment 214 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of green infrastructure, including in the areas of sustainable transport, particularly in industrial centres; energy, in particular energy interconnectiondevelopment of smart grids; and digital infrastructure;
Amendment 219 #
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 of sustainable technology, goods and services, information and communications technology, and innovation aimed at achieving the 2050 goals on climate change, protection of biodiversity and efficient use of natural resources;
Amendment 226 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and, energy and resource efficiencysavings and efficiency and natural resources;
Amendment 233 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and, medium and micro enterprises and small mid-cap companies shinnovative start-ups could be channmodelled throughon that of the European Investment Fund ('EIF') to benefit from its experience in these activities while also improving some critical issues.
Amendment 234 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) sustainable infrastructure projects in the fields of environmental, natural resources, improvement and protection, biodiversity protection, sustainable use of natural resources and sustainable, high societal value added urban development and social fieldsmobility;
Amendment 244 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and, economic and environmental value. In particular, the EFSI should target projects that promote quality job creation, long- term sustainable growth and competitiveness. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 245 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of green and circular economy development dedicated investment platforms and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms.
Amendment 249 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 267 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promote the creation of a transparent pipeline of environmentally sustainable current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 271 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and structured basis, information on current and future investments which significantly contribute to achieving EU 2050 policy objectives on climate change, protection of the environment and biodiversity, and sustainable use of natural resources.
Amendment 274 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance sustainable projects across the Union, includingparticularly in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonfavourable terms.
Amendment 275 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and structured basis, information on current and future green and circular economy investment projects in their territory.
Amendment 281 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added environmental and societal 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;
Amendment 286 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 290 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities to develop airport infrastructure, produce thermoelectric or thermonuclear power, build new motorways, or transport gas over long distances. Nor shall any activities carried out for illegal purposes be funded, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 291 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Amendment 292 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 296 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
a) Excellent science, to protect the environment and biodiversity, develop low-carbon technologies, reduce and optimise natural resources and protect biodiversity EUR 23 897,0 million in current prices;
Amendment 297 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
b) IndustrialGreen and circular economy leadership, EUR 16 430,5 million in current prices;
Amendment 298 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point c
Article 6 – paragraph 2 – point c
c) Societal and environmental sustainability challenges, EUR 28 560,7 million in current prices.
Amendment 299 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point i
Article 6 – paragraph 2 – point i
i) Spreading excellence to mitigate and adapt climate change, protect biodiversity and reduce and optimise natural resources, and widening public participation in all stages of the process, EUR 782,3 million in current prices;
Amendment 305 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
a) sustainable transport sector: EUR 23 550 582 000, of which EUR 11 305 500 000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund;
Amendment 306 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically, socially and environmentally sustainable and technically viable, which may in some cases entail a high degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 306 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
c) energy saving and efficiency and promotion of renewable energy sector: EUR 5 350 075 000.
Amendment 327 #
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 madelarge projects should be made, in a transparent manner, by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projectshave been appropriately selected in accordance with the principle of accountability and are knowledgeable and experienced in the areas of investment projects. They should be approved only after a hearing and vote in the European Parliament. 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 and micro enterprises and small mid-cap companieinnovative start-ups.
Amendment 348 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. TIt is expected that this EUR 60 800 000 000 supported by the EFSI is expectedwill be able to generate a total of EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 366 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national and regional promotional banks or, public agencies owned or controlled by Member States, private sector entities and entities outside the Union and regional authorities and private sector entities, subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 390 #
Proposal for a regulation
Recital 21
Recital 21
Amendment 418 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI should be managed in accordance with the EIB’s own rules and procedures, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank. It therefore needs to be established without delay that the new transparency policies adopted recently by the EIB have not been watered down in any way.
Amendment 422 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB and the Investment Committee should regularly evaluate and report on activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to public accountability and analysis of economic, environmental and social sustainability.
Amendment 433 #
Proposal for a regulation
Recital 26
Recital 26
Amendment 472 #
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 FramewInstrument fork 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,e- accession Assistance (IPA II) provided by Regulation (EU) No 12316/20134 of the European Parliament and of the Council32, should be reduced. Those programmes serve purposesGiven that aPre not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. 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 compsident Juncker has himself stated that no new accessions to the EU are planned during his term of office, part of the funding currently earmarked 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 EFSIfor that instrument could be used to support the EFSI, with a view to boosting the EU economy. __________________ 32 Regulation (EU) No 12316/20134 of the European Parliament and of the Council of 11 DecemberMarch 20134 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). 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/ECan Instrument for Pre-accession Assistance (IPA II) (OJ L 3477, 20.1215.3.20134, p. 1041).
Amendment 504 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB in the identification and selection of EFSI supported projects, the project pipeline should have a broader scope of identifying projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 515 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure that there is a public consultation and participation process and should regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 521 #
Proposal for a regulation
Recital 35
Recital 35
Amendment 525 #
Proposal for a regulation
Recital 36
Recital 36
Amendment 555 #
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 300250 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement')micro- enterprises and innovative start-ups.
Amendment 661 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 693 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
Amendment 708 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 718 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
Amendment 747 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson, consisting of one representative of the EIB, one of the Commission and one for each Member State, shall elect one of its members to be Chairperson and shall be subject to the binding approval of the European Parliament.
Amendment 774 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 788 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
The Steering Board shall take decisions by consensus and shall make its decisions public and accessible.
Amendment 792 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 803 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
Amendment 821 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB, subject to the prior approval of the European Parliament, for a once renewable fixed term of three years.
Amendment 831 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic locationgiving priority to investments in areas that have been particularly affected by the crisis.
Amendment 853 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixeight independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance andsolid experience in the assessment and financing of innovative projects of high environmental and social value and shall be appointed by the Steering Board for a once renewable fixed term of three years.
Amendment 879 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3
Article 3 – paragraph 5 – subparagraph 3
Decisions of the Investment Committee shall be taken by simple majority and its decisions shall be public and accessible.
Amendment 933 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of digital infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure and of environmentally- and socially-sustainable infrastructure, notably in the transport and energy sectors;
Amendment 961 #
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 relating solely to the effective development and energy efficiency of school buildings, research and development, information and communications technology and innovation;
Amendment 977 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of integrated renewable energy and energy and resource efficiency;
Amendment 989 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructursustainable projects in the environmental, natural resources field, relating in particular to the ‘zero waste’ objective, and in the natural resources and hydrogeological instability prevention, urban development and social fields;
Amendment 1020 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national and regional promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms, in which the competent public authorities, the relevant social and economic partners and the representatives of civil society must be involved.
Amendment 1065 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 1084 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, microfinance and any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;.
Amendment 1090 #
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) EIB funding to the EIF enabling it to undertake loans, guarantees, counter- guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations. The use of credit enhancement instruments shall only be permitted after careful assessment of the results of the Project Bond Initiative. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, in compliance with this Regulation and where EIF financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled.
Amendment 1101 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The EU guarantee to the EIB shall be of an amount equal to EUR 16 000 000 000, of which a maxinimum amount of EUR 2 58 000 000 000 may be allocated for EIB funding to the EIF in accordance with paragraph 2; at least 25% of the latter amount, which is to say EUR 2 000 000 000, must be set aside for micro enterprises as defined in Recommendation 2003/361/EC and for innovative start-ups. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.
Amendment 1106 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
The coverage of the guarantee over a particular type of instrument portfolio, referred to in Article 6, shall be determined by the risk of that portfolio. The EU guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee. The EU guarantee may be granted on a pari passu basis with other contributors.
Amendment 1110 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Where the EIB provides funding to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on funding by the EIB provided that an equal amount of funding is provided by the EIB without EU guarantee. The amount covered by the EU guarantee shall not exceed EUR 2 500 000 000.
Amendment 1122 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) paymentfines arising from violations of EU competition law and contributions from the general budget of the Union,
Amendment 1130 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentcontributions received by the Union in accordance with the EFSI Agreement.
Amendment 1195 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and the local authorities, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 1212 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, together with the local authorities, update and disseminate, on a regular and structured basis, information on current and future investment projects in their territory.
Amendment 1220 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB and the Steering Board, in cooperation with the EIF as appropriate, shall report semi-annualquarterly to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators established pursuant to Article 2(1)(g). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.
Amendment 1227 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB and the Steering Committee, in cooperation with the EIF as appropriate, shall report semi-annually to the European Parliament and to the Council on EIB financing and investment operations. The report shall be made public and accessible include:
Amendment 1233 #
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 economic, social and environmental outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 1245 #
Proposal for a regulation
Article 10 – paragraph 2 – point c
Article 10 – paragraph 2 – point c
(c) an assessment of the financial benefit transferred to beneficiaries of EIB financing and investment operations on an aggregated basis;
Amendment 1274 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June1 March of each year, send to the European Parliament, the Council and the Court of Auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year.
Amendment 1283 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, and at least twice each year, the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 1290 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within fiveour weeks of receipt of a question.
Amendment 1307 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;
Amendment 1311 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, including the use of endowments according to Article 8(9). The Commission shall submit its evaluation to the European Parliament and the Council.
Amendment 1333 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 1349 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited annually by the Court of Auditors.
Amendment 1358 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
The Commission shall report annually to the European Parliament on the functioning of the EFSI and shall have discharge responsibility for it;
Amendment 1364 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Where such illegal activities are proven, the EIB and the Commission shall undertake recovery efforts with respect to its operations supported by the EU guarantee.
Amendment 1368 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, financing of activities in connection with organised crime, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the EUnion. In particular, the EIB shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on EU policies, of the Unionr in Member States that adopt aggressive tax planning, such as Luxembourg, Ireland and the Netherlands, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 1381 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Amendment 1386 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 1400 #
Proposal for a regulation
Article 18 – paragraph 1 – introductory part Regulation (EU) No 231/2014
Article 18 – paragraph 1 – introductory part Regulation (EU) No 231/2014
Regulation (EU) No 129231/20134 is hereby amended as follows:
Amendment 1401 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1 – introductory part
Article 18 – paragraph 1 – point 1 – introductory part
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
1) In Article 615, paragraphs 1, 2 and 3 are is replaced by the following:
Amendment 1402 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
The financial envelope for the implementation of Horizon 2020 is set at EUR 74 328,3 million in current prices, of which a maximum of EUR 71 966,9 million shall be allocated to activities under Title XIX TFEUthis Regulation for the period 2014 to 2020 is set at EUR 5 698 668 000 at current prices. Up to 4% of the financial envelope shall be allocated to cross-border cooperation programmes between the beneficiaries listed in Annex I and the Member States, in line with their needs and priorities.
Amendment 1404 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1407 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1409 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1412 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1414 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1415 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1417 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1419 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1420 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1422 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1424 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1427 #
Proposal for a regulation
Article 18 – paragraph 1 – point 2
Article 18 – paragraph 1 – point 2
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1434 #
Proposal for a regulation
Article 19
Article 19
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1445 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1447 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1449 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1450 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1452 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1454 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1458 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)
Amendment 1461 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15(1)
Article 15(1)