Activities of Cora van NIEUWENHUIZEN related to 2015/2106(INI)
Shadow opinions (1)
OPINION on Stocktaking and challenges of the EU Financial Services Regulation: Impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union
Amendments (19)
Amendment 18 #
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the need to take into account the wider global context; calls for a set of measures to improve the investment climate, attracting capital flows into the EU and restoring the international competitiveness ofinternational regulatory context; in particular when it comes to the timing and substance of legislative proposals to safeguard the international competitiveness of the EU´s financial sector, improve the investment climate of and attract capital flows into the Union;
Amendment 28 #
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes the envisaged diversification of funding channels, which should be complementary to the existing ones and promote instruments which have proved their usefulness; underlines the need to reduce administrative burdens and foster the application of the principles of subsidiarity, proportionality, coherence and practicability in EU legislation, in the interests of efficient, liquid and cost- effective capital markets;
Amendment 34 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Considers that the Capital Markets Union should also ensure, by removing restrictions and barriers to the possible use of financial instruments such as for instance bond or stocks, that businesses are able to choose between types of financing;
Amendment 41 #
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs and Midcaps; supports broadening the funding options available for SMEs and Midcaps; calls in this respect to consider 'SME benchmarks' enabling banks to compare and price credit, instead of the less realistic SME credit registry; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding; asks the Commission to embed the 'Funding Escalator' concept within Capital Markets Union, addressing the diversity of companies' financing needs throughout their stages of development;
Amendment 44 #
Draft opinion
Paragraph 4
Paragraph 4
4. WSupports broadening the funding options available for SMEs; therefore welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs; supports broadening the funding options available for SME; calls for an ambitious effort to revive securitisation markets, which requires the avoidance of an overly prescriptive and detailed definition of simple, transparent and standardised (STS) securitisations; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding;
Amendment 60 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the Commission to take into account the specificities of individual markets and propose changes only in those areas that require intervention in order to eliminate the existing barriers; believes that the bottom-up approach and, sharing national best practices and the strengthening of local capital markets and local ecosystems should be at the core of the Capital Markets Union initiative;
Amendment 63 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to propose a coherent framework to enhance the quality and practicability of legislation, which should ensure greater and structural participation of ESAs during the level 1 phase and sufficient opportunity for ESAs to review as well as respond to unintended consequences that may arise during and following the implementation phase;
Amendment 227 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase SME funding; calls in this respect to consider ‘SME benchmarks’ enabling banks to compare and price credit, instead of the less realistic SME credit registry; suggests that the initiatives for improved SME funding should be expanded to mid-cap companies;
Amendment 232 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Asks the Commission to embed the ‘Funding Escalator’ concept within CMU, addressing the diversity of companies’ financing needs throughout their stages of development;
Amendment 266 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Asks the Commission and supervisors to address the interaction between International Financial Reporting Standards (IFRS) and prudential requirements, and to review the impact of tax accounting on own fundsespecially for SMEs where EU accounting standards are incompatible with IFRS, and to review the impact of tax accounting on own funds; in response to its proposals in the recent Tax Action Plan (European Commission Communication on A Fair and Efficient Corporate Tax System in the European Union: 5 Key Areas for Action), requests the Commission to address the corporate debt equity bias in order to strengthen CMU; further calls on the Commission to review the structural bias against share holdings in the Solvency II framework;
Amendment 288 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Demands a stronger focus on the global competitiveness of the EU financial sectors when making policy, particularly with regards to ensuring EU businesses are not at a competitive disadvantage to firms elsewhere; Stresses the importance of alignment of global regulation through international fora such as the G20 in order to ensure a level playing field and to support the development of capital markets worldwide;
Amendment 296 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines the importance of the international framework with respect to its scope, methodologies and implications on the EU framework; calls on the Commission and ESAs to coordinate more closely with Member States and international bodies promotingin order to avoid unnecessary adverse impacts on competitiveness of the EU finterestsancial sector;
Amendment 302 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Points to the importance of equivalence decisions in addressing obstacles regarding market access and the respective regulatory frameworks, bearing in mindhighlights that equivalence with other jurisdictions has the potential to increase capital inflows and attract further investment into Europe, but cautions that such unilateral decisions must benefit European businesses and consumers;
Amendment 307 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Requests that the Commission propose a coherent framework for dealing with third countries; stresses that such a framework should extend beyond equivalence provisions and, where possible, incorporate international standards or agreements;
Amendment 325 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the Commission to ensure balanced participation in consultations by reflecting the diversity of stakeholders, as well as facilitating and providing better conditions for the participation of small stakeholders to participate;
Amendment 352 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Calls on the Commission to propose a coherent framework to enhance the quality and implementability of legislation, which should ensure greater and structural participation of ESAs during the level 1 phase and sufficient opportunity for ESAs to review as well as respond to unintended consequences that may arise during and following the implementation phase;
Amendment 366 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Emphasises that an early legal review by the Commission should not reduce the transparency of the process vis-à-vis Parliament; requests that during the drafting process the ESAs proactively provide Parliament with provisional drafts;
Amendment 421 #
Motion for a resolution
Paragraph 43 – indent 8
Paragraph 43 – indent 8
– the effectiveness and appropriateness of the framework for retail investors, institutional investors and consumers, including the effect on access to finance for SMEs and mid-cap companies,
Amendment 427 #
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– the transparency of the legislative process, including consistency between the basic acts as adopted by the co- legislators and any associated level 2 measures,