Activities of Paloma LÓPEZ BERMEJO related to 2016/0276(COD)
Plenary speeches (1)
Extension of the duration of the European Fund for Strategic Investments (A8-0198/2017 - Udo Bullmann, José Manuel Fernandes) ES
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub
Amendments (57)
Amendment 18 #
Proposal for a regulation
Recital 1
Recital 1
(1) Since the Investment Plan for Europe was presented in November 20143 , the conditions for an uptake in investment have improved and confidence in Europe’s economy and growth are returningof Europe’s economy have remained largely unchanged. The Union is now in its fourth year of moderate recovery, with Gross Domestic Product growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate, but unemployment rates remain above their pre-crisis levels. Investment is expected to pick up gradually throughout 2016 and 2017 although ibut remains below historical levels. __________________ 3 COM(2014) 903 final.
Amendment 24 #
Proposal for a regulation
Recital 2
Recital 2
(2) That positive momentum should be maintained and eEfforts need to be continued to bring investment back to its long-terma sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continuadapted to ensure the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.
Amendment 28 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track to delivercould reach the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid- 2018, but concerns over its true contribution and the additionality of chosen projects remains. The market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of Regulation (EU) No 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
Amendment 33 #
Proposal for a regulation
Recital 6
Recital 6
(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, tThe Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priority.
Amendment 37 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’s future job creation – including for the youth –, growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union's ambitious targets set at the Paris Climate Conference (COP21) should be reinforced. Energy interconnection prioritRenewable energy projects and energy efficiency projects should also be increasingly targeted. In addition, EFSI support to motorways should be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transportlarge infrastructure projects should only be carried out after a wide public consultation, particularly when the projects involving at least one cohesion countryes private investors. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support.
Amendment 47 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 53 #
Proposal for a regulation
–
–
The European Parliament rejects the Commission proposal.
Amendment 53 #
Proposal for a regulation
Recital 11
Recital 11
(11) In order to reinforce the take-up of the EFSI in less-developed and transition regions, the scope of the general objectives eligible for EFSI support should be enlarged and technical and administrative support to these regions should be enhanced. Regional cohesion should become a transversal goal of EFSI in order to obtain a balanced selection of projects.
Amendment 55 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Social cohesion should become an explicit goal of EFSI management. This should be achieved by targeting investments to those regions with highest levels of unemployment or poverty, and by ensuring workers engaged are employed in compliance with the social rights recognised by the EU Charter of Fundamental Rights and in line with the principles of the European Social Charter, as well as the relevant labour law or collective agreements of the respective Member States.
Amendment 58 #
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(–1) There is an investment gap in the EU that is compromising the resumption of economic growth.
Amendment 59 #
Proposal for a regulation
Recital -1 a (new)
Recital -1 a (new)
(–1a) There is a liquidity surplus in the banking system, which does not suggest market failure at investment level.
Amendment 59 #
Proposal for a regulation
Recital 13
Recital 13
Amendment 60 #
Proposal for a regulation
Recital -1 b (new)
Recital -1 b (new)
(–1b) There are some reservations with regard to the implementation of the EFSI, particularly in relation to additionality, excessive geographical and thematic concentration and the governance model, concerns which have also been expressed in the Court of Auditors report.
Amendment 61 #
Proposal for a regulation
Recital -1 c (new)
Recital -1 c (new)
(–1c) The plan to turn the EFSI into a permanent instrument could transform it into a further anti-democratic element in the distribution among the Member States of private investment with public support.
Amendment 61 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to partly finance the contribution from the general budget of the Union to the EU guarantee fund for the additional investments to be made, a transfer should be made from the available envelope of the Connecting Europe Facility (CEF), provided for in Regulation (EU) No 1316/2013 of the European Parliament and of the Council4. Moreover, EUR 1 145 797 000 of appropriations should be transferred from the CEF financial instruments to the grant part of the CEF with a view to facilitating blending with the EFSI or to other relevant instruments, in particular those dedicated to energy efficiency. without affecting other EU priorities, only unused budgetary lines within the current MFF may be reallocated to the EFSI guarantee. __________________ 4 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, 12.2013, p. 129.
Amendment 62 #
Proposal for a regulation
Recital -1 d (new)
Recital -1 d (new)
(–1d) Only a genuinely public investment plan geared to social, economic and territorial cohesion will be capable of helping to increase aggregate demand and carry out investment in public infrastructure, which may subsequently leverage and boost private investment. Only a plan of this nature can be effective in reviving growth, fighting unemployment and combating social, economic and territorial inequalities.
Amendment 68 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
Amendment 72 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 83 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 –subparagraph 3
Article 5 – paragraph 1 –subparagraph 3
To better address market failures or sub- optimal investment situations, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk- shararget strategic investments that the market is unable to provide and in particularly internalization of technological, social or environmental externalities and loosening iconstruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex IIaints on public spending. This requires strengthened planning capacities and an improved selection of projects, which shall be developed by involving the social partners and public authorities in the selection and definition of projects as well as priority to those regions with highest unemployment or poverty rates and a re- balancing of investments to those regions with lowest GDP per capita, as laid out in Articles 9 and 14 of this Regulation.
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 –subparagraph 5
Article 5 – paragraph 1 –subparagraph 5
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – point d
Article 9 – paragraph 2 – point d
(-a) in paragraph 2 point (d) is replaced by the following: (d) financial support through the EIFI and the EIB to entitiSMEs and cooperatives having up to 3 000 employees, with ain particular focus on SMEs and small mid-cap companies, in particular through:through provision of working capital and investment and to ensure technological leadership in innovative and sustainable sectors.
Amendment 99 #
Proposal for a regulation
Recital 18
Recital 18
(18) With a view to enhancing the transparency of EFSI operations, the Investment Committee should explain in its decisions, which are made public and accessible, the reasons why it deems that an operation should be granted the EU guarantee, with particular focus on compliance with the additionality criterion. The scoreboard of indicators should be made public once an operation under the EU guarantee is signapproved.
Amendment 105 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b a (new)
Article 1 – paragraph 1 – point 5 – point b a (new)
(ba) the following paragraph is added: “2a. In order to ensure that EFSI contributes to the creation of quality employment through a clear recognition of workers’ rights, all projects eligible shall comply with the European Charter of Fundamental Rights, particularly Title IV, and shall be in line with the European Social Charter.”
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d a (new)
Article 1 – paragraph 1 – point 5 – point d a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
(da) the following paragraph is added: “7a. Overall, the EU guarantee shall support projects contributing to regional and social cohesion in the Union. Therefore, specific targets shall be set in order to guarantee that financing is available, in priority, to those regions with higher unemployment or poverty rates or with lower incomes per capita, in line with social and cohesion policy priorities. When appropriate, quotas shall be introduced and specific financial and technical support shall be made available.”
Amendment 108 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d b (new)
Article 1 – paragraph 1 – point 5 – point d b (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 7 b (new)
Article 9 – paragraph 7 b (new)
(db) the following paragraph is added: “7b. The EU guarantee shall not be used to open up for privatisation of those sectors under public control or that serve a legitimate public interest including, inter alia, healthcare, social and environmental services, education, infrastructure and other public investments. Thus, EFSI support in these fields shall be made available as direct loan provision for public authorities, especially those that may have difficulty in accessing private finance, in line with Article 5.”
Amendment 109 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, and equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds;;
Amendment 113 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Such support shall include providing targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less-developed financial markets.;
Amendment 124 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point c
Article 1 – paragraph 1 – point 9 – point c
Regulation (EU) 2015/1017
Article 14 – paragraph 5
Article 14 – paragraph 5
5. In order to achieve the objective referred to in paragraph 1 and to facilitate the provision of advisory support at local level, the EIAH shall seek to use the expertise of the EIB, the Commission, national promotional banks or other institutions, and the managing authorities of the European Structural and Investment Funds.; It shall also engage in meaningful dialogue on investment projects with the social partners at the relevant level (regional, national, European) to ensure projects contribute to the creation of quality employment and shall be responsible for ensuring public consultations are carried out on largely investment projects which may have large environmental or social impacts.
Amendment 128 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 5
Article 5 – paragraph 1 – subparagraph 5
Amendment 129 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13 a (new)
Article 1 – paragraph 1 – point 13 a (new)
Regulation (EU) 2015/1017
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
(13a) in Article 23, the following paragraph is added: “5a. This Scoreboard shall be public in order to facilitate accountability, transparency and a better understanding of additionally, as defined by Article 3, for all actors.”
Amendment 130 #
Proposal for a regulation
Article 2
Article 2
Amendment 132 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Only public operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union. EFSI should not finance public-private- partnership projects in infrastructure, given that these are in general more expensive for tax payers and consumers.
Amendment 132 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – subparagraph 1 a (new)
Article 6 – paragraph 1 – subparagraph 1 a (new)
(3a) In Article 6(1) the following subparagraph is added: The Investment Committee shall be responsible to ensure that overall, projects under the EU guarantee foster European social and regional cohesion.
Amendment 147 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 148 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 480 % of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitmentscluding at least 35% of EFSI financing to support energy efficiency projects, are in line with the COP21 commitments and the EU 2050 commitments to reduce greenhouse gas emission by 80-95%. The Steering Board shall provide detailed guidance to that end.
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participationsany other form of funding instrument, including in favour of national promotional banks or institutions, investment platforms or funds;
Amendment 161 #
Proposal for a regulation
Recital 11
Recital 11
(11) In order to reinforce the take-up of the EFSI in less-developed and transition regions, and to encourage social and regional cohesion through the creation of quality jobs and the broadening and improvement of the productive base of Member States, especially those most affected by the crisis, the scope of the general objectives eligible for EFSI support should be enlarged.
Amendment 174 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i
Article 1 – paragraph 1 – point 9 – point b – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 2 – point c
Article 14 – paragraph 2 – point c
(c) leveraging local knowledge to facilitate EFSI support across the Union and contributing where possible to the objective of sectorial and geographical diversification of the EFSI referred to in Section 8 of Annex II by supporting the EIB to originate operations;
Amendment 186 #
Proposal for a regulation
Recital 14
Recital 14
Amendment 190 #
Proposal for a regulation
Recital 16
Recital 16
(16) In line with the exceptional market demand for SME financing under the EFSI which is expected to continue, the EFSI SME Window should be enhanced. Particular attention should be paid to social enterprises, including through the development and deployment of new instrument with additional resources, as well as the support capacities for SME of the advisory hub. Particular attention should be paid to social enterprises.
Amendment 191 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) 2015/1017
Article 19 – paragraph 1 b (new) –
Article 19 – paragraph 1 b (new) –
(11a) in Article 19, the following paragraph is added: In its financing and investment operations, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicable. In its financing and investment operations under the EFSI and through investment platforms and national promotional banks, the EIB shall make both direct funding or funding via intermediaries contingent upon the disclosure of both country-by-country tax relevant data along the lines of the CRD IV provision for credit institutions, as well as disclosure of beneficial ownership information according to the EU Anti- Money Laundering Directive.
Amendment 193 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) 2015/1017
Article 22 – paragraph 2 a (new)
Article 22 – paragraph 2 a (new)
(12a) in Article 22(2) the following subparagraph is added after the second subparagraph: The EIB shall terminate with financial intermediaries having a negative track record in terms of transparency, tax evasion and aggressive tax planning practices, or use other harmful tax practices such as ‘tax rulings’ and abusive transfer pricing.
Amendment 197 #
Proposal for a regulation
Article 2
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 210 #
Proposal for a regulation
Recital 18
Recital 18
(18) With a view to enhancing the transparency of EFSI operations, the Investment Committee should explain in its decisions, which are made public and accessible, the reasons why it deems that an operation should be granted the EU guarantee, with particular focus on compliance with the additionality criterion. The scoreboard of indicators should be made public once an operation under the EU guarantee is signapproved.
Amendment 248 #
Proposal for a regulation
Recital 22
Recital 22
(22) Regulation (EU) No 1316/2013 and Regulation (EU) No 2015/1017 should therefore be amended accordingly,
Amendment 288 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 5
Article 5 – paragraph 1 – subparagraph 5
Amendment 296 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 2015/1017
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
Amendment 335 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d
Article 1 – paragraph 1 – point 4 – point d
Regulation (EU) No 2015/1017
Article 7 – paragraph 12 – subparagraph 2 – second sentence
Article 7 – paragraph 12 – subparagraph 2 – second sentence
Decisions approving the use of the EU guarantee shall be public and accessible, and include the rationale for the decision, with particular focus on compliance with the additionality criterion. The publication shall not contain commercially sensitive information. In reaching its decision, the Investment Committee shall be supported by the documentation provided by the EIB.
Amendment 345 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – point c – introductory part
Article 9 – paragraph 2 – point c – introductory part
(-a) in Article 9, in paragraph 2 point (c) is replaced by the following: ‘(c) development of transport infrastructures, and equipment and innovative technologies for transport, avoiding any finance to intensive fossil fuel infrastructures such as motorway and airports, in particular through:’
Amendment 364 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 480 % of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitmentscluding at least 35% of EFSI financing to support energy efficiency projects, are in line with the COP21 commitments and the EU 2050 commitments to reduce greenhouse gas emission by 80-95%. The Steering Board shall provide detailed guidance to that end.
Amendment 391 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 2015/1017
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participationsany other form of funding instrument, including in favour of national promotional banks or institutions, investment platforms or funds;
Amendment 406 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) No 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Such support shall include providing targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less-developed financial markets technical assistance available.
Amendment 418 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i
Article 1 – paragraph 1 – point 9 – point b – point i
Regulation (EU) No 2015/1017
Article 14 – paragraph 2 – point c
Article 14 – paragraph 2 – point c
(c) leveraging local knowledge to facilitate EFSI support across the Union and contributing where possible to the objective of sectorial and geographical diversification of the EFSI referred to in Section 8 of Annex II by supporting the EIB to originate operations;;
Amendment 446 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 2015/1017
Article 16 – paragraph 2 – point j a (new)
Article 16 – paragraph 2 – point j a (new)
(9 a) in Article 16(2) the following point is added: ‘(ja) detailed information on the tax payments resulting from its investment and lending operations under the EFSI;’
Amendment 461 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 2015/1017
Article 22 – paragraph 1 – subparagraph 2
Article 22 – paragraph 1 – subparagraph 2
In particular the EIB and the EIF shall not participate in any financing or investment operation through a vehicle located in a jurisdiction that does not co-operate with the Union in relation to the application of the internationally agreed tax standards s whose legal framework or administrative practices facilitate or tolerate tax evasion, tax avoidance or money laundering. In this context, the EIB's and the EIF's policy towards weakly regulated or non-cooperative jurisdictions shall be based on policies of the Union, the Organisation for Economic Co-operation and Development or the Financial Action Task Force and go beyond transparency and exchange of information. hose recommendations if necessary to detect further risks of tax evasion, tax avoidance and money laundering.
Amendment 467 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 2015/1017
Article 22 – paragraph 2
Article 22 – paragraph 2
(12 a) paragraph 2 is replaced by: ‘2. In its financing and investment operations covered by this Regulation, the EIB and the EIF shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and in particular in Regulation (EU) 2015/847 of the European Parliament and of the Council (18) and Directive (EU) 2015/849 of the European Parliament and of the Council (19). In particular, the EIB and the EIF shall make both direct funding and funding via intermediaries under this Regulation contingent upon the disclosure of beneficial ownership information in accordance with Directive (EU) 2015/849. and country-by-country reporting data equivalent to the provisions for credit institutions in Directive (EU) 2013/36 (CRD IV) .’
Amendment 478 #
Proposal for a regulation
Article 2
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Article 5 – paragraph 1